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-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), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28).
The capital structure exhibits a notable shift in the composition of liabilities and equity over the analyzed period. Total liabilities initially trended upward, peaking at 85.64% of total liabilities and shareholders' equity in September 2022, before entering a period of gradual decline to reach 71.30% by March 2026. This trend indicates a strategic shift toward increasing the proportion of equity financing relative to total funding.
- Current Liabilities Trends
- Current liabilities demonstrate significant volatility and an overall upward trajectory in their share of the balance sheet. Starting at 29.99% in December 2019, these obligations peaked at 48.33% in September 2024. This increase is primarily driven by growth in accounts payable and other current liabilities, which frequently fluctuate in alignment with seasonal operational cycles. Other current liabilities, in particular, showed a sustained increase from 10.65% in 2019 to a peak of 21.45% in September 2024, suggesting a higher reliance on short-term operational funding.
- Non-Current Liabilities and Debt Obligations
- A consistent reduction in non-current liabilities is observed, falling from a high of 47.93% in March 2021 to 35.02% by March 2026. This decline is largely attributed to a reduction in the non-current portion of term debt, which decreased from approximately 27% to 20% over the period. Commercial paper remains a volatile component of the short-term debt profile, fluctuating between negligible amounts and peaks of approximately 3.52%, indicating opportunistic use of short-term credit markets.
- Shareholders' Equity Dynamics
- Shareholders' equity experienced a U-shaped trajectory, declining from 26.28% in December 2019 to a low of 14.36% in September 2022, before recovering to 28.70% by March 2026. A critical observation is the behavior of retained earnings, which transitioned from 12.91% to a period of accumulated deficits, reaching a low of -5.31% in June 2023. This suggests a period where distributions to shareholders or buybacks exceeded retained profits relative to the total balance sheet size. The subsequent recovery to 3.33% by March 2026 reflects a return to positive equity accumulation.
- Capital Composition Summary
- The overall financial position has moved from a highly leveraged state in 2022 toward a more equity-heavy structure by 2026. While short-term operational liabilities have increased as a percentage of the total, the systematic reduction in long-term term debt and the recovery of shareholders' equity indicate a strengthening of the long-term solvency profile.
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