Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Apple Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-K (reporting date: 2026-09-26), 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26).
The capital structure demonstrates a gradual shift from a high-leverage position toward a more equity-heavy composition over the analyzed period. Total liabilities, which initially represented 81.30% of total liabilities and shareholders' equity in December 2020, declined to 72.29% by September 2026. This trend is primarily driven by a consistent reduction in non-current obligations and a corresponding increase in the proportion of shareholders' equity.
- Liability Composition and Debt Management
- Non-current liabilities exhibit a significant downward trend, falling from 43.87% in December 2020 to 30.29% by September 2026. A primary driver of this reduction is the non-current portion of term debt, which decreased from 28.04% to 16.86% over the same period, suggesting a strategic reduction in long-term borrowing.
- Current liabilities show higher volatility, fluctuating between 31.55% and 48.33%. Accounts payable exhibit seasonal patterns, typically peaking in the September and December quarters, reaching a high of 20.33% in September 2026. Other current liabilities also trended upward for much of the period, peaking at 21.45% in September 2024 before stabilizing.
- Commercial paper remains a minor component of the capital structure, generally staying below 3%, with a noticeable contraction to below 0.60% in several quarters starting from late 2022.
- Equity Dynamics and Retained Earnings
- Shareholders' equity increased from 18.70% in December 2020 to 27.71% by September 2026. This growth is largely attributed to an increase in common stock and additional paid-in capital, which rose from 14.61% to 25.91%.
- Retained earnings experienced substantial volatility, transitioning from a positive 4.04% in December 2020 to an accumulated deficit that persisted intermittently between September 2022 and June 2025, reaching a low of -5.31% in June 2025. A recovery is observed toward the end of the period, with retained earnings returning to a positive 3.39% by September 2026.
- Accumulated other comprehensive income remained consistently negative for the majority of the period, fluctuating between -0.08% and -3.72%, which slightly offset the gains in other equity components.
Overall, the financial trajectory indicates a deleveraging process characterized by the repayment or reduction of long-term debt and an expansion of the equity base, despite periods of volatility in retained earnings.
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