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:
Dec 27, 2025
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
42,097)
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
3,214)
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
3,594)
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
(528)
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
(153)
(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
2,781)
(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
(211)
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
(10,250)
(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
848)
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
12,533)
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
5,548)
(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
11,828)
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
53,925)
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
(12,693)
(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
7,510)
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
2,824)
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
(2,373)
(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
(154)
(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
(4,886)
(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
(2,922)
(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
(3,921)
(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
(24,701)
(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
(2,164)
(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
(5,910)
(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
(38)
(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
(39,656)
(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
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.
