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.
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Apple Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Analysis of Revenues
- Analysis of Debt
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Apple Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 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).
An analysis of the liabilities and stockholders' equity reveals a strategic shift in capital structure, characterized by a reduction in long-term debt and significant volatility in retained earnings, offset by a steady increase in paid-in capital.
- Liability Structure and Trends
- Total liabilities exhibit a cyclical pattern, peaking at 309,259 million USD in December 2021 before stabilizing around 275,746 million USD by June 2026. Current liabilities show marked seasonality, particularly within accounts payable, which frequently spikes in the September and December quarters. A notable trend is the gradual decline of non-current term debt, which decreased from 93,078 million USD in December 2019 to 71,340 million USD by June 2026, indicating a systematic reduction in long-term borrowing.
- Shareholders' Equity and Capital Management
- Total shareholders' equity experienced significant fluctuations, reaching a low of 50,672 million USD in September 2022 before recovering to 107,520 million USD by June 2026. This volatility is primarily driven by the movement in retained earnings, which transitioned from 43,977 million USD in December 2019 to an accumulated deficit peaking at -19,154 million USD in September 2024, before rebounding to 11,326 million USD by June 2026. This pattern suggests aggressive capital return programs, such as share repurchases, that occasionally exceeded net income.
- Paid-in Capital and Comprehensive Income
- Common stock and additional paid-in capital demonstrate a consistent upward trajectory, growing from 45,972 million USD in December 2019 to 100,702 million USD by June 2026. This represents a steady increase in the company's contributed capital. Simultaneously, accumulated other comprehensive income remained predominantly negative throughout the period, though it showed improvement from a trough of -12,912 million USD in December 2022 to -4,508 million USD by June 2026.
- Overall Solvency and Balance Sheet Composition
- The total balance sheet size expanded from 340,618 million USD in December 2019 to 383,266 million USD by June 2026. The composition of the balance sheet shows a transition toward a higher proportion of equity relative to long-term debt in the final quarters of the observed period, strengthening the long-term solvency profile despite the periodic volatility in retained earnings.