Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Apple Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Liabilities Trends
- Overall, total liabilities as a percentage of total liabilities and shareholders' equity show a general upward trend from 68.45% in late 2018, peaking at 85.64% in late 2022, before moderating to approximately 79.83% by early 2025. This indicates an increasing reliance on liabilities in the capital structure until 2022, with some retrenchment thereafter.
- Within liabilities, current liabilities have increased notably, rising from 28.97% in late 2018 to a high of 48.33% by late 2024, before slightly decreasing but remaining elevated at 43.65% by early 2025. This suggests a growing proportion of liabilities maturing within one year, which may imply increased liquidity risk or operational gearing.
- Non-current liabilities fluctuate but remain fairly stable as a proportion of total liabilities and shareholders' equity, increasing from 39.48% to peaks around mid-40% levels mostly through 2019 to 2023, before declining to about 36.19% by early 2025.
- Key Components of Current Liabilities
- Accounts payable display volatility but a general upward trajectory, rising from around 11.85% in late 2018 to a peak of 19.51% by late 2021, and again reaching near 18.89% in late 2024. This suggests increased operational liabilities or vendor financing during these periods.
- Other current liabilities remain relatively stable initially, increasing gradually from roughly 9.82% in late 2018 to a higher level of 21.45% by late 2024, indicating growing short-term obligations beyond accounts payable.
- Deferred revenue shows a slow and steady increase over the entire period from 1.48% to 2.71%, reflecting possibly expanding prepayments or subscription-based revenues.
- Commercial paper issuance fluctuates considerably, peaking at 3.52% around mid-2020 but falling back to lower levels around 0.58%-1.81% toward 2024-2025, signifying variable short-term debt financing strategies.
- The current portion of term debt varies modestly, mostly in the 2-4% range, but peaks at 4.17% in mid-2022 and again at 4.12% by early 2025, indicating some maturing long-term debt shifted to current liabilities.
- Key Components of Non-current Liabilities
- The non-current portion of term debt maintains a sizable portion throughout the periods, ranging between approximately 23.49% and 32.22%, peaking around early 2021. The trend after that shows a gradual decline down to about 23.72% by early 2025.
- Other non-current liabilities remain relatively steady between roughly 12.47% and 17.73%, with no significant long-term trend over the years, although some minor decreases are notable toward the later periods.
- Shareholders’ Equity Composition and Trends
- Shareholders' equity as a percentage of total capitalization declines from about 31.55% in late 2018 to a trough near 14.36% in late 2022, followed by a rebound to near 20.17% by early 2025. This inverse relationship to total liabilities suggests shifts in capital structure possibly due to buybacks, earnings volatility, or capital transactions.
- Common stock and additional paid-in capital show a steady increase from 10.96% to 26.78%, reflecting ongoing equity financing or capital injections enhancing the paid-in capital base.
- Retained earnings display a continuous downward trend, starting at 21.54% and decreasing to negative values around -5.25% by late 2024, with slight recovery attempts thereafter. This implies erosion of accumulated profits or distributions exceeding earnings in recent periods.
- Accumulated other comprehensive income (loss) remains a small negative component throughout, widening its negative balance from roughly -0.96% to around -3.72% and stabilizing near -1.92%, indicating persistent but limited unrealized losses or adjustments.
- Summary of Capital Structure Dynamics
- The period under review illustrates a growing emphasis on liabilities in financing operations, particularly increasing current liabilities, potentially elevating short-term financial risk. The decrease and later partial recovery of shareholders’ equity suggest fluctuating profitability or capital management strategies. The continuous rise in paid-in capital juxtaposed with declining retained earnings indicates mixed drivers behind equity changes, possibly including new capital issuance concurrent with negative earnings retention or distributions.
- Overall, the trends reflect a dynamic financial structure with increments in short-term obligations and adjustments in equity components that merit close monitoring from a liquidity and solvency perspective.