Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

$24.99

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)

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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: 2025-03-29), 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.