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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- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Apple Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Net Income
- 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.