Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
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Apple Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 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).
- Current Liabilities
- The proportion of current liabilities to total liabilities and shareholders’ equity displays a rising trend over the analyzed periods. Starting at approximately 29% in late 2018, it peaks near 48% by the end of 2024. This growth suggests an increasing short-term financial obligation relative to the overall capital structure, with notable fluctuations but a general upward trajectory.
- Accounts Payable and Other Current Liabilities
- Accounts payable as a percentage of the total has shown variability, with lows around 8.9% and highs approaching 19.5%. Other current liabilities demonstrate a somewhat steadier increase from roughly 9.8% to nearly 21.5%, indicating expanding miscellaneous short-term obligations. Both contribute significantly to the rise in current liabilities.
- Deferred Revenue
- This component exhibits a gradual increase from 1.48% to about 2.7%, reflecting a slow but steady growth in revenue received in advance, which may relate to subscription services or product prepayments.
- Commercial Paper and Current Portion of Term Debt
- Commercial paper fluctuates between approximately 0.5% and 3.5%, lacking a consistent trend but with occasional increases. The current portion of term debt shows mild volatility, generally maintaining a range between about 2% and 4%, contributing to current liabilities but without a clear directional trend.
- Non-current Liabilities
- Non-current liabilities, encompassing the non-current portion of term debt and other long-term obligations, remain relatively stable, fluctuating around 36% to 47%. While there is some variability, the ratio suggests consistent leverage on long-term obligations relative to total capital.
- Term Debt (Current and Non-current Portions)
- The non-current portion of term debt holds the largest share of non-current liabilities, ranging roughly from 23.5% to 32%. The current portion remains smaller, usually below 5%. Together, term debt composes a significant and stable portion of liabilities over the period.
- Shareholders’ Equity
- Shareholders’ equity as a percentage of total capital has experienced a decline from about 31.5% in 2018 to values fluctuating between 15% and 21% in later periods. This reduction indicates a relative decrease in equity financing, offset by higher liabilities, which could imply increased leverage or return of capital to shareholders.
- Common Stock and Additional Paid-in Capital
- This component shows an increasing trend from roughly 11% to 27%, suggesting ongoing capital injections or equity issuances. The growth in paid-in capital contrasts with the declining retained earnings, highlighting a shift in equity composition.
- Retained Earnings
- Retained earnings exhibit a marked decline from over 21% down to negative values reaching approximately -5%. This decline points towards accumulated deficits or losses over the periods, likely affected by financial performance or distributions exceeding earnings.
- Accumulated Other Comprehensive Income (Loss)
- Displayed as a minor negative percentage throughout, this item has slightly increased in absolute negative value, ranging from about -1% to near -3.7%, reflecting unrealized losses or adjustments that slightly reduce equity.
- Total Liabilities and Shareholders' Equity
- The overall balance remains fixed at 100% by definition, facilitating comparative proportion analysis of liability and equity components over time.
- Summary Insights
- The financial structure reveals a gradual increase in liabilities, particularly current liabilities, implying more short-term obligations. Non-current liabilities stay steady, while shareholders’ equity proportion declines, driven largely by decreasing retained earnings despite rises in contributed capital. The pattern suggests a strategic shift potentially towards increased leverage and altered equity financing, warranting attention to liquidity management and profitability to sustain financial stability.