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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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Apple Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 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 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.