Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

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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)

Microsoft Excel
Jun 28, 2025 Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Sep 24, 2022 Jun 25, 2022 Mar 26, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018
Accounts payable
Other current liabilities
Deferred revenue
Commercial paper
Current portion of term debt
Current liabilities
Non-current portion of term debt
Other non-current liabilities
Non-current liabilities
Total liabilities
Common stock and additional paid-in capital, $0.00001 par value
Retained earnings (accumulated deficit)
Accumulated other comprehensive income (loss)
Shareholders’ equity
Total liabilities and shareholders’ equity

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.