Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Apple Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

	Dec 27, 2025	Sep 27, 2025	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
Accounts payable	70,587)	69,860)	50,374)	54,126)	61,910)	68,960)	47,574)	45,753)	58,146)	62,611)	46,699)	42,945)	57,918)	64,115)	48,343)	52,682)	74,362)	54,763)	40,409)	40,127)	63,846)	42,296)	35,325)	32,421)	45,111)
Other current liabilities	68,543)	66,387)	62,499)	61,849)	61,151)	78,304)	60,889)	57,298)	54,611)	58,829)	58,897)	56,425)	59,893)	60,845)	48,811)	50,248)	49,167)	47,493)	43,625)	45,660)	48,504)	42,684)	35,005)	37,324)	36,263)
Deferred revenue	9,413)	9,055)	8,979)	8,976)	8,461)	8,249)	8,053)	8,012)	8,264)	8,061)	8,158)	8,131)	7,992)	7,912)	7,728)	7,920)	7,876)	7,612)	7,681)	7,595)	7,395)	6,643)	6,313)	5,928)	5,573)
Commercial paper	1,997)	7,979)	9,923)	5,982)	1,995)	9,967)	2,994)	1,997)	1,998)	5,985)	3,993)	1,996)	1,743)	9,982)	10,982)	6,999)	5,000)	6,000)	8,000)	5,000)	5,000)	4,996)	11,166)	10,029)	4,990)
Current portion of term debt	11,827)	12,350)	9,345)	13,638)	10,848)	10,912)	12,114)	10,762)	10,954)	9,822)	7,216)	10,578)	9,740)	11,128)	14,009)	9,659)	11,169)	9,613)	8,039)	8,003)	7,762)	8,773)	7,509)	10,392)	10,224)
Current liabilities	162,367)	165,631)	141,120)	144,571)	144,365)	176,392)	131,624)	123,822)	133,973)	145,308)	124,963)	120,075)	137,286)	153,982)	129,873)	127,508)	147,574)	125,481)	107,754)	106,385)	132,507)	105,392)	95,318)	96,094)	102,161)
Non-current portion of term debt	76,685)	78,328)	82,430)	78,566)	83,956)	85,750)	86,196)	91,831)	95,088)	95,281)	98,071)	97,041)	99,627)	98,959)	94,700)	103,323)	106,629)	109,106)	105,752)	108,642)	99,281)	98,667)	94,048)	89,086)	93,078)
Other non-current liabilities	52,055)	41,549)	42,115)	41,300)	49,006)	45,888)	47,084)	47,564)	50,353)	49,848)	51,730)	52,886)	53,107)	49,142)	53,629)	52,432)	55,056)	53,325)	52,054)	52,953)	56,042)	54,490)	55,696)	56,795)	55,848)
Non-current liabilities	128,740)	119,877)	124,545)	119,866)	132,962)	131,638)	133,280)	139,395)	145,441)	145,129)	149,801)	149,927)	152,734)	148,101)	148,329)	155,755)	161,685)	162,431)	157,806)	161,595)	155,323)	153,157)	149,744)	145,881)	148,926)
Total liabilities	291,107)	285,508)	265,665)	264,437)	277,327)	308,030)	264,904)	263,217)	279,414)	290,437)	274,764)	270,002)	290,020)	302,083)	278,202)	283,263)	309,259)	287,912)	265,560)	267,980)	287,830)	258,549)	245,062)	241,975)	251,087)
Common stock and additional paid-in capital, $0.00001 par value	95,221)	93,568)	89,806)	88,711)	84,768)	83,276)	79,850)	78,815)	75,236)	73,812)	70,667)	69,568)	66,399)	64,849)	62,115)	61,181)	58,424)	57,365)	54,989)	54,203)	51,744)	50,779)	48,696)	48,032)	45,972)
Retained earnings (accumulated deficit)	(2,177)	(14,264)	(17,607)	(15,552)	(11,221)	(19,154)	(4,726)	4,339)	8,242)	(214)	1,408)	4,336)	3,240)	(3,068)	5,289)	12,712)	14,435)	5,562)	9,233)	15,261)	14,301)	14,966)	24,136)	33,182)	43,977)
Accumulated other comprehensive income (loss)	(4,854)	(5,571)	(6,369)	(6,363)	(6,789)	(7,172)	(8,416)	(8,960)	(9,378)	(11,452)	(11,801)	(11,746)	(12,912)	(11,109)	(9,297)	(6,494)	(927)	163)	58)	(286)	179)	(406)	(550)	(2,789)	(418)
Shareholders’ equity	88,190)	73,733)	65,830)	66,796)	66,758)	56,950)	66,708)	74,194)	74,100)	62,146)	60,274)	62,158)	56,727)	50,672)	58,107)	67,399)	71,932)	63,090)	64,280)	69,178)	66,224)	65,339)	72,282)	78,425)	89,531)
Total liabilities and shareholders’ equity	379,297)	359,241)	331,495)	331,233)	344,085)	364,980)	331,612)	337,411)	353,514)	352,583)	335,038)	332,160)	346,747)	352,755)	336,309)	350,662)	381,191)	351,002)	329,840)	337,158)	354,054)	323,888)	317,344)	320,400)	340,618)

An examination of the provided financial information reveals notable trends in liabilities and stockholders’ equity over the observed period. Total liabilities generally increased from December 2019 through September 2021, followed by some fluctuation before increasing again towards the end of the period. Stockholders’ equity exhibited more volatility, with a decline from December 2019 to June 2022, followed by a recovery and subsequent fluctuations.

Current Liabilities: Current liabilities demonstrated a generally increasing trend, peaking in September 2021 and again in June 2024. A significant increase occurred between September 2020 and December 2020. While there were quarterly declines, the overall trajectory points upward. Accounts payable and other current liabilities were the primary drivers of this trend, with both components showing consistent increases over much of the period. Deferred revenue remained relatively stable, with a gradual increase over time.
Non-Current Liabilities: Non-current liabilities remained relatively stable between December 2019 and June 2022, with fluctuations within a narrow range. A noticeable increase occurred between June 2022 and September 2025. Both the non-current portion of term debt and other non-current liabilities contributed to this trend, though the term debt component showed more pronounced variations.
Stockholders’ Equity – Common Stock & Additional Paid-In Capital: Common stock and additional paid-in capital consistently increased throughout the period, indicating ongoing investment or share issuance. The rate of increase appeared to accelerate in the later quarters, particularly from March 2024 onwards.
Stockholders’ Equity – Retained Earnings: Retained earnings experienced a substantial decline from December 2019 to June 2022, even showing a deficit in June 2022. A recovery began in September 2022, but the component remained volatile, with fluctuations throughout the remainder of the period. The negative values indicate periods where accumulated losses exceeded accumulated profits.
Stockholders’ Equity – Accumulated Other Comprehensive Income (Loss): Accumulated other comprehensive income (loss) was consistently negative throughout the period, with the magnitude of the loss fluctuating. The losses generally decreased in absolute value towards the end of the period, but remained negative.
Commercial Paper & Current Portion of Term Debt: Commercial paper exhibited significant volatility, with peaks in March 2020 and June 2022. The current portion of term debt remained relatively stable, with moderate fluctuations, generally increasing from 2023 onwards. These short-term financing instruments appear to be utilized strategically to manage liquidity.

Overall, the company demonstrated a growing reliance on both short-term and long-term debt financing. While stockholders’ equity experienced periods of decline, it ultimately recovered and showed growth, driven primarily by increases in common stock and additional paid-in capital. The volatility in retained earnings warrants further investigation to understand the underlying factors contributing to the fluctuations in profitability.

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Apple Inc. (NASDAQ:AAPL)

Balance Sheet: Liabilities and Stockholders’ Equity Quarterly Data

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data