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:
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
Sep 28, 2019
Jun 29, 2019
Mar 30, 2019
Dec 29, 2018
Net income
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)
13,686)
10,044)
11,561)
19,965)
Depreciation and amortization
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)
3,179)
2,933)
3,040)
3,395)
Share-based compensation expense
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)
1,499)
1,496)
1,514)
1,559)
Other
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)
(614)
(39)
(338)
(1)
Accounts receivable, net
(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)
(8,768)
919)
2,964)
5,130)
Vendor non-trade receivables
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)
(10,552)
(1,133)
7,711)
6,905)
Inventories
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)
(785)
1,502)
70)
(1,076)
Other current and non-current assets
(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)
180)
1,410)
169)
(886)
Accounts payable
(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)
17,881)
220)
(11,523)
(8,501)
Other current and non-current liabilities
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)
4,204)
(5,716)
(4,013)
200)
Changes in operating assets and liabilities
(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)
2,160)
(2,798)
(4,622)
1,772)
Adjustments to reconcile net income to cash generated by operating activities
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)
6,224)
1,592)
(406)
6,725)
Cash generated by operating activities
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)
19,910)
11,636)
11,155)
26,690)
Purchases of marketable securities
(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)
(17,728)
(8,048)
(6,777)
(7,077)
Proceeds from maturities of marketable securities
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)
13,319)
9,903)
9,677)
7,203)
Proceeds from sales of marketable securities
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)
7,472)
26,881)
12,912)
9,723)
Payments for acquisition of property, plant and equipment
(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)
(2,777)
(2,000)
(2,363)
(3,355)
Other
(340)
(32)
(603)
(191)
(388)
(445)
(284)
(584)
(506)
(106)
(141)
(734)
(617)
(361)
(374)
(294)
(82)
(204)
195)
(119)
(608)
(541)
(1,165)
(1,084)
766)
(101)
(650)
Cash (used in) generated by investing activities
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)
(798)
27,502)
13,348)
5,844)
Payments for taxes related to net share settlement of equity awards
(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)
(191)
(1,199)
(109)
(1,318)
Payments for dividends and dividend equivalents
(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)
(3,479)
(3,629)
(3,443)
(3,568)
Repurchases of common stock
(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)
(17,444)
(16,955)
(23,702)
(8,796)
Proceeds from issuance of term debt, net
4,481)
—)
—)
—)
—)
—)
—)
—)
5,228)
—)
—)
5,465)
—)
—)
—)
6,470)
—)
13,923)
—)
5,456)
8,425)
—)
2,210)
6,963)
—)
—)
—)
Repayments of term debt
(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)
(3,305)
(3,000)
(2,500)
—)
Proceeds from (repayments of) commercial paper, net
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)
(3,951)
(1,990)
(42)
6)
Proceeds from repurchase agreement
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
—)
(5,165)
2,609)
2,556)
—)
—)
—)
—)
—)
Other
(10)
(42)
(35)
(170)
(59)
(86)
(46)
(73)
(53)
(66)
(389)
(12)
(43)
(44)
(61)
487)
(34)
545)
(22)
444)
(69)
393)
(14)
368)
(31)
339)
—)
Cash used in financing activities
(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)
(21,039)
(26,804)
(29,457)
(13,676)
Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents
Net income displayed significant volatility over the reported periods, with sharp increases in certain quarters such as December 2020, December 2021, and December 2024, peaking around $34.6 billion, $34.3 billion, and $36.3 billion respectively. Conversely, some quarters exhibited declines, notably in mid-2019 and fluctuating values thereafter, reflecting an overall cyclical pattern possibly associated with seasonal factors or market conditions.
Depreciation and Amortization
The depreciation and amortization expenses remained relatively stable, showing minor fluctuations generally within $2.6 billion to $3.4 billion. This steadiness indicates consistent asset utilization and capital management practices across the periods under review.
Share-Based Compensation Expense
Share-based compensation expenses showed a gradual increasing trend from 2018 through late 2022, rising from approximately $1.5 billion to around $3.3 billion by 2025, reflecting an increase in employee compensation costs, likely tied to company growth and stock performance incentives.
Accounts Receivable, Net
Accounts receivable exhibited considerable fluctuations, including several quarters with negative values, particularly in mid to late 2019 and several subsequent periods. These swings suggest variability in collection timing or write-offs, leading to irregular cash inflows from receivables.
Vendor Non-Trade Receivables
This category showed erratic behavior with significant positive and negative values over time, indicating irregular vendor settlements or adjustments that could impact working capital management.
Inventories
Inventory levels fluctuated mildly without clear long-term trends, indicating no significant accumulation or depletion cycles. Occasional dips below zero may reflect inventory adjustments or returns.
Accounts Payable
Accounts payable underwent broad fluctuations with several quarters reflecting substantial negative or positive values, especially large positive spikes in quarters like September 2019 and December 2020. This volatility points to variability in payment timing to suppliers and management of short-term liabilities.
Cash Generated by Operating Activities
Operating cash flow generally followed an upward trajectory with distinct peaks in December quarters of 2020, 2021, and 2024, reaching upwards of approximately $47 billion. This aligns with increased net income during these periods, denoting effective conversion of profits into operating cash.
Investing Activities
Investing cash flows were highly variable, marked by large inflows related to proceeds from marketable securities and outflows from purchases and property plant and equipment investments. The pattern suggests active portfolio and capital expenditure management, with strategic asset reallocations across quarters.
Financing Activities
Cash used in financing activities remained predominantly negative, reflecting substantial repurchases of common stock, dividend payments, and debt repayments. Stock repurchase programs were consistent and significant in scale, ensuring shareholder value return, albeit creating sizable cash outflows.
Liquidity and Cash Position
Fluctuations in cash and cash equivalents generally corresponded with the combined effects of operating, investing, and financing cash flows. Despite some quarters of cash decreases, there was an overall ability to maintain liquidity, as indicated by the mixed but generally positive increases in cash in some key periods.
Overall Analysis
The data reveals a pattern of strong profitability and cash flow generation, balanced by aggressive capital return policies through stock repurchases and dividends. Working capital elements such as accounts receivable, payable, and inventories display volatility indicative of dynamic operational management. Investing and financing activities underline strategic allocation and shareholder return priorities. These trends collectively suggest a financially robust position with active management of resources and shareholder engagement over the reported quarters.
