Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Apple Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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 composition of liabilities and shareholders’ equity exhibited notable shifts over the observed period from December 2019 to September 2025. Overall, total liabilities generally increased as a percentage of the total, while shareholders’ equity experienced more fluctuation, particularly a decline in the latter half of the period. Current liabilities consistently represented a significant portion of total liabilities, with a general upward trend, while non-current liabilities remained relatively stable.
- Current Liabilities
- Current liabilities, as a percentage of total liabilities and shareholders’ equity, demonstrated a consistent increase from 29.99% in December 2019 to a peak of 48.33% in June 2024. This indicates a growing reliance on short-term financing. A slight decrease was observed in subsequent periods, settling at 46.11% in September 2025, but remained elevated compared to the beginning of the period. Accounts payable and other current liabilities were the primary drivers of this trend, both increasing substantially over time.
- Non-Current Liabilities
- Non-current liabilities showed less volatility than current liabilities, fluctuating between approximately 41% and 48% of the total. A slight downward trend is discernible in the latter part of the period, decreasing from 41.98% in September 2022 to 33.37% in September 2025. The non-current portion of term debt contributed significantly to this category, remaining relatively stable until a noticeable decline in the final periods.
- Shareholders’ Equity
- Shareholders’ equity experienced a more pronounced decline as a percentage of the total. Starting at 26.28% in December 2019, it decreased to a low of 15.60% in June 2024. While a partial recovery occurred, reaching 20.52% in September 2025, it remained significantly lower than the initial value. This decline was primarily driven by changes in retained earnings, which decreased substantially, and, to a lesser extent, by fluctuations in accumulated other comprehensive income (loss). Common stock and additional paid-in capital remained relatively stable as a percentage of the total, but was insufficient to offset the decline in retained earnings.
- Specific Liability Accounts
- Accounts payable increased from 13.24% to 19.45% before decreasing to 19.45% in September 2025, indicating increased obligations to suppliers. Other current liabilities also showed a consistent increase, rising from 10.65% to 21.45% in June 2024, before decreasing to 18.48% in September 2025. Deferred revenue remained relatively stable, fluctuating between 1.64% and 2.71%. Commercial paper exhibited more volatility, with peaks in March 2020 and June 2022, but generally decreased in the later periods. The current portion of term debt showed moderate fluctuations, remaining within a range of 2.37% to 4.17%.
In summary, the company’s financial structure shifted towards greater reliance on liabilities, particularly short-term obligations, while shareholders’ equity decreased as a proportion of the total. This trend suggests a potential increase in financial risk and a possible change in financing strategies.