Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Apple Inc., consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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
Net income	27,466)	23,434)	24,780)	36,330)	14,736)	21,448)	23,636)	33,916)	22,956)	19,881)	24,160)	29,998)	20,721)	19,442)	25,010)	34,630)	20,551)	21,744)	23,630)	28,755)	12,673)	11,253)	11,249)	22,236)
Depreciation and amortization	3,127)	2,830)	2,661)	3,080)	2,911)	2,850)	2,836)	2,848)	2,653)	3,052)	2,898)	2,916)	2,865)	2,805)	2,737)	2,697)	2,989)	2,832)	2,797)	2,666)	2,702)	2,752)	2,786)	2,816)
Share-based compensation expense	3,183)	3,168)	3,226)	3,286)	2,858)	2,869)	2,964)	2,997)	2,625)	2,617)	2,686)	2,905)	2,278)	2,243)	2,252)	2,265)	1,945)	1,960)	1,981)	2,020)	1,724)	1,698)	1,697)	1,710)
Other	1,659)	469)	(208)	(2,009)	(302)	7)	(982)	(989)	(576)	81)	(1,415)	(317)	(1,689)	1,627)	219)	849)	(3,495)	(745)	(648)	(33)	(400)	998)	(419)	(491)
Accounts receivable, net	(12,367)	(1,581)	3,669)	3,597)	(10,485)	(1,030)	1,172)	6,555)	(9,297)	(1,987)	5,321)	4,275)	(6,384)	(981)	9,476)	(3,934)	(8,809)	1,031)	8,598)	(10,945)	1,768)	(2,135)	5,269)	2,015)
Vendor non-trade receivables	(13,902)	4,384)	6,005)	3,166)	(12,456)	(1,064)	7,595)	4,569)	(11,840)	(1,674)	12,465)	2,320)	(12,309)	4,146)	10,455)	(9,812)	(8,795)	(1,900)	16,986)	(10,194)	(7,132)	762)	4,021)	3,902)
Inventories	177)	365)	643)	215)	(1,087)	(12)	190)	(137)	952)	(22)	(741)	(1,807)	435)	(16)	384)	681)	(1,429)	13)	(276)	(950)	(137)	(689)	727)	(28)
Other current and non-current assets	(3,081)	(1,745)	(5,310)	939)	(6,105)	(1,188)	(2,981)	(1,457)	(821)	(771)	7)	(4,099)	(3,210)	253)	1,379)	(4,921)	(2,143)	(1,566)	(807)	(3,526)	(2,828)	2,106)	(1,812)	(7,054)
Accounts payable	19,381)	(3,875)	(7,933)	(6,671)	21,191)	1,539)	(12,168)	(4,542)	14,901)	3,974)	(14,689)	(6,075)	15,556)	(4,358)	(21,563)	19,813)	14,112)	211)	(23,667)	21,670)	6,725)	2,733)	(12,431)	(1,089)
Other current and non-current liabilities	4,085)	418)	(3,581)	(11,998)	15,550)	3,439)	428)	(3,865)	45)	1,229)	(2,132)	3,889)	5,864)	(2,269)	(2,183)	4,698)	5,274)	(2,486)	(4,613)	9,300)	5,481)	(3,207)	2,224)	6,499)
Changes in operating assets and liabilities	(5,707)	(2,034)	(6,507)	(10,752)	6,608)	1,684)	(5,764)	1,123)	(6,060)	749)	231)	(1,497)	(48)	(3,225)	(2,052)	6,525)	(1,790)	(4,697)	(3,779)	5,355)	3,877)	(430)	(2,002)	4,245)
Adjustments to reconcile net income to cash generated by operating activities	2,262)	4,433)	(828)	(6,395)	12,075)	7,410)	(946)	5,979)	(1,358)	6,499)	4,400)	4,007)	3,406)	3,450)	3,156)	12,336)	(351)	(650)	351)	10,008)	7,903)	5,018)	2,062)	8,280)
Cash generated by operating activities	29,728)	27,867)	23,952)	29,935)	26,811)	28,858)	22,690)	39,895)	21,598)	26,380)	28,560)	34,005)	24,127)	22,892)	28,166)	46,966)	20,200)	21,094)	23,981)	38,763)	20,576)	16,271)	13,311)	30,516)
Purchases of marketable securities	(6,816)	(5,149)	(6,318)	(6,124)	(10,582)	(13,032)	(15,262)	(9,780)	(8,557)	(9,759)	(6,044)	(5,153)	(6,745)	(8,191)	(27,074)	(34,913)	(15,506)	(19,628)	(34,624)	(39,800)	(18,332)	(30,117)	(29,073)	(37,416)
Proceeds from maturities of marketable securities	5,871)	8,449)	10,620)	15,967)	11,373)	12,376)	14,416)	13,046)	11,829)	10,733)	9,997)	7,127)	5,714)	6,203)	6,691)	11,309)	9,143)	10,275)	14,428)	25,177)	15,053)	15,127)	19,998)	19,740)
Proceeds from sales of marketable securities	2,105)	5,575)	1,718)	3,492)	3,753)	3,068)	2,977)	1,337)	1,869)	2,062)	1,388)	509)	3,837)	8,941)	13,993)	10,675)	10,715)	15,100)	12,301)	9,344)	10,713)	11,998)	20,482)	7,280)
Payments for acquisition of property, plant and equipment	(3,242)	(3,462)	(3,071)	(2,940)	(2,908)	(2,151)	(1,996)	(2,392)	(2,163)	(2,093)	(2,916)	(3,787)	(3,289)	(2,102)	(2,514)	(2,803)	(3,223)	(2,093)	(2,269)	(3,500)	(1,784)	(1,565)	(1,853)	(2,107)
Other	(505)	(340)	(32)	(603)	(191)	(388)	(445)	(284)	(584)	(506)	(106)	(141)	(734)	(617)	(361)	(374)	(294)	(82)	(204)	195)	(119)	(608)	(541)	(1,165)
Cash (used in) generated by investing activities	(2,587)	5,073)	2,917)	9,792)	1,445)	(127)	(310)	1,927)	2,394)	437)	2,319)	(1,445)	(1,217)	4,234)	(9,265)	(16,106)	835)	3,572)	(10,368)	(8,584)	5,531)	(5,165)	9,013)	(13,668)
Payments for taxes related to net share settlement of equity awards	(241)	(2,514)	(284)	(2,921)	(278)	(2,288)	(284)	(2,591)	(312)	(2,385)	(418)	(2,316)	(308)	(2,697)	(330)	(2,888)	(701)	(2,695)	(299)	(2,861)	(400)	(1,668)	(187)	(1,379)
Payments for dividends and dividend equivalents	(3,862)	(3,945)	(3,758)	(3,856)	(3,804)	(3,895)	(3,710)	(3,825)	(3,758)	(3,849)	(3,650)	(3,768)	(3,703)	(3,811)	(3,595)	(3,732)	(3,640)	(3,767)	(3,447)	(3,613)	(3,511)	(3,656)	(3,375)	(3,539)
Repurchases of common stock	(20,132)	(21,075)	(25,898)	(23,606)	(25,083)	(26,522)	(23,205)	(20,139)	(21,003)	(17,478)	(19,594)	(19,475)	(24,428)	(21,865)	(22,631)	(20,478)	(19,748)	(22,900)	(18,548)	(24,775)	(17,187)	(15,891)	(18,574)	(20,706)
Proceeds from issuance of term debt, net	—)	4,481)	—)	—)	—)	—)	—)	—)	—)	5,228)	—)	—)	5,465)	—)	—)	—)	6,470)	—)	13,923)	—)	5,456)	8,425)	—)	2,210)
Repayments of term debt	(1,250)	(5,673)	(3,000)	(1,009)	(2,558)	(4,250)	(3,150)	—)	—)	(7,500)	(2,250)	(1,401)	(2,793)	(3,000)	(3,750)	—)	(1,250)	(3,000)	(3,500)	(1,000)	—)	(7,379)	(4,250)	(1,000)
Proceeds from (repayments of) commercial paper, net	(1,967)	3,903)	3,976)	(7,944)	6,945)	997)	2)	(3,984)	1,993)	1,989)	254)	(8,214)	(1,015)	3,971)	1,999)	(1,000)	(2,000)	3,000)	—)	22)	(994)	(1,487)	2,497)	(979)
Proceeds from repurchase agreement	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(5,165)	2,609)	2,556)	—)
Other	(24)	(10)	(42)	(35)	(170)	(59)	(86)	(46)	(73)	(53)	(66)	(389)	(12)	(43)	(44)	(61)	487)	(34)	545)	(22)	444)	(69)	393)	(14)
Cash used in financing activities	(27,476)	(24,833)	(29,006)	(39,371)	(24,948)	(36,017)	(30,433)	(30,585)	(23,153)	(24,048)	(25,724)	(35,563)	(26,794)	(27,445)	(28,351)	(28,159)	(20,382)	(29,396)	(11,326)	(32,249)	(21,357)	(19,116)	(20,940)	(25,407)
Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	(335)	8,107)	(2,137)	356)	3,308)	(7,286)	(8,053)	11,237)	839)	2,769)	5,155)	(3,003)	(3,884)	(319)	(9,450)	2,701)	653)	(4,730)	2,287)	(2,070)	4,750)	(8,010)	1,384)	(8,559)

The financial data reveals several noteworthy trends across the reported quarters. Net income displays a pattern of volatility with notable peaks in December 2020, December 2021, and December 2024, reaching values above 34 billion US dollars, suggesting strong seasonal or year-end performance. Between these peaks, net income experiences dips but generally maintains a positive trajectory over the period examined.

Depreciation and amortization expenses remain relatively stable over time, fluctuating only slightly around the 2.7 to 3.1 billion US dollars range, indicating steady investment in long-term assets and consistent usage of existing capital equipment.

Share-based compensation expense shows a gradual increase from approximately 1.7 billion to over 3.2 billion US dollars, reflecting either an increase in stock-based incentive programs or growing employee compensation costs.

The items categorized under "Other" show extreme fluctuations with large negative and positive values. Such volatility might indicate irregular or nonrecurring transactions, suggesting a need for further investigation to understand their specific nature.

Accounts receivable and vendor non-trade receivables demonstrate marked variability with large positive and negative swings. This volatility points to changes in credit policies, sales cycles, or large singular events affecting collections and payables. The negative values in some quarters may indicate substantial write-offs, returns, or adjustments.

Inventories generally oscillate near zero, predominantly showing small negative or positive values, likely signifying efficient inventory management with no significant buildup or depletion trends.

Other current and non-current assets and liabilities fluctuate significantly, showing occasional sharp increases or decreases, which suggests either reclassification of items, impairments, or acquisition/disposal activity over the periods.

Changes in operating assets and liabilities, as well as adjustments to reconcile net income to operating cash flow, show considerable variability but maintain their role in smoothing the relationship between reported earnings and cash generated by operations.

Cash generated by operating activities follows a general upward trend with peaks notably in December 2020 and December 2021, aligning with net income surges. Despite some quarter-to-quarter decreases, the operating cash flow remains robust, supporting ongoing business activities.

Investing activities reflect consistent cash outflows with intermittent inflows, particularly driven by purchases and proceeds from marketable securities and property, plant, and equipment acquisitions. The purchases of marketable securities show substantial cash outflows that intensify toward the later periods, whereas proceeds from maturities and sales fluctuate but generally provide liquidity support.

Financing activities consistently present sizeable cash outflows mainly due to stock repurchases, dividend payments, and repayments of debt. Stock repurchases remain substantial throughout the periods, peaking near 26 billion US dollars in some quarters, indicating a strong capital return policy.

Dividends show a steady pattern with moderate increases and minor fluctuations, reflecting a commitment to returning cash to shareholders. Debt issuance and repayments occur irregularly but collectively manage the company's leverage profile without drastic shifts.

The net effect of all activities results in fluctuations in cash and cash equivalents, with periods of both sizeable increases and decreases. The quarterly changes in cash bear relationship to the operational income trends and investment and financing cash flows, reflecting active cash management consistent with strategic financial goals.

Profitability:: Net income is cyclical but overall strong, peaking at year-end quarters and supporting consistent profitability.
Capital expenditures:: Relatively stable depreciation expenses combined with fluctuating property and equipment purchases suggest ongoing investment balanced with asset utilization.
Liquidity and working capital:: Volatility in receivables and payables implies dynamic working capital management, possibly influenced by specific business conditions or strategic decisions.
Cash flow profile:: Operating cash flows remain most robust, funding investing activities and shareholder returns, showcasing operational strength despite market fluctuations.
Shareholder returns:: Consistent dividends alongside significant stock repurchases indicate a strong focus on shareholder value through diverse return mechanisms.

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Apple Inc. (NASDAQ:AAPL)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data