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.
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- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Apple Inc., consolidated cash flow statement (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).
Over the observed period, spanning from December 2019 to September 2025, the financial performance exhibits considerable fluctuation across key cash flow statement items. Net income demonstrates volatility, peaking at US$42,097 million in December 2025, but experiencing significant declines in earlier periods, notably March 2020 (US$11,249 million). Depreciation and amortization remains relatively stable, with a slight upward trend towards the end of the period. Share-based compensation expense generally increases over time, reaching US$3,594 million by December 2025. Operating cash flow shows a generally positive trend, with substantial amounts generated in most quarters, although it is impacted by significant working capital movements.
- Operating Cash Flow & Working Capital
- Cash generated by operating activities generally remains positive, fluctuating between US$13,311 million and US$46,966 million. However, significant changes in accounts receivable, vendor non-trade receivables, and other current/non-current assets introduce substantial volatility. Notably, large increases in accounts receivable are observed in March 2020 and September 2021, followed by substantial decreases in subsequent periods. Vendor non-trade receivables also exhibit large swings, with significant increases and decreases throughout the period. These working capital fluctuations significantly impact the overall cash flow from operations.
- Investing Activities
- Investing activities are heavily influenced by purchases and maturities of marketable securities. Large outflows are consistently observed from purchases of marketable securities, often exceeding US$15 billion per quarter. Proceeds from maturities and sales of marketable securities partially offset these outflows, but the net effect is generally a substantial use of cash in investing activities. Payments for property, plant, and equipment remain relatively consistent, averaging around US$2-3 billion per quarter. Overall, cash used in investing activities is substantial, though with periods of positive cash flow in certain quarters.
- Financing Activities
- Financing activities are dominated by share repurchases, dividend payments, and debt management. Repurchases of common stock consistently represent a significant cash outflow, often exceeding US$20 billion per quarter. Dividend payments also contribute to substantial cash outflows. The company engages in both issuance and repayment of debt, with notable debt issuance in certain periods, such as March 2021 and July 2023, and consistent repayments throughout the period. Overall, financing activities consistently represent a significant use of cash.
The period between December 2023 and September 2025 shows a trend of increasing net income and cash generated by operating activities. However, this is coupled with continued substantial cash outflows from financing activities, particularly share repurchases and dividend payments. The company’s management of marketable securities continues to be a significant driver of cash flow, with large purchases and maturities impacting overall investing cash flow. The fluctuations in working capital accounts, particularly accounts receivable and vendor non-trade receivables, require ongoing monitoring due to their impact on operating cash flow.