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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- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
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Apple Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-28), 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).
The financial structure reflects a strategic shift in liability composition and a volatile trajectory in shareholders' equity over the analyzed period. While total liabilities and shareholders' equity have grown from 340,618 million in December 2019 to 371,082 million by March 2026, the internal distribution of these funds indicates specific trends in debt management and capital return policies.
- Liability Structure and Debt Trends
- A noticeable migration from long-term to short-term obligations is observed. Non-current portion of term debt declined steadily from 93,078 million in December 2019 to 74,404 million in March 2026. Conversely, current liabilities exhibited a general upward trend, rising from 102,161 million to 134,641 million over the same period, with a significant peak of 176,392 million in September 2024. This suggests a transition toward utilizing short-term financing and operational credit.
- Accounts payable demonstrates strong seasonality, typically peaking in the September and December quarters, which aligns with hardware product cycles. Other current liabilities have grown consistently, increasing from 36,263 million in 2019 to a peak of 78,304 million in September 2024, indicating an expansion in short-term operational commitments.
- Commercial paper remains highly volatile, fluctuating between lows of approximately 1,700 million and highs near 11,000 million, suggesting its use as a tactical tool for liquidity management rather than a primary long-term funding source.
- Shareholders' Equity and Capital Management
- Common stock and additional paid-in capital show a consistent and aggressive upward trajectory, growing from 45,972 million in December 2019 to 99,507 million by March 2026. This represents a steady increase in the contributed capital base.
- Retained earnings exhibit extreme volatility, transitioning from a positive balance of 43,977 million in 2019 to a period of accumulated deficits between September 2022 and September 2025. The deficit reached its lowest point of -19,154 million in September 2024 before recovering to a positive 12,359 million by March 2026. This pattern is characteristic of an aggressive capital return program, where share repurchases and dividends exceeded net income for several consecutive quarters.
- Accumulated other comprehensive income remained predominantly negative throughout the period, reaching a trough of -12,912 million in December 2022 before moderating to -5,375 million by March 2026.
- Overall Solvency and Balance Sheet Health
- Total shareholders' equity experienced a significant contraction from 89,531 million in 2019 to a low of 50,672 million in September 2022, followed by a strong recovery to 106,491 million by March 2026. This recovery, paired with the reduction in non-current term debt, indicates a strengthening of the equity position toward the end of the analyzed period.
- Deferred revenue has maintained a steady, incremental growth pattern, rising from 5,573 million in 2019 to 9,331 million in 2026, reflecting a consistent expansion in the company's services and subscription-based revenue streams.