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
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Sales (P/S) 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: 2026-03-28), 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).
Operating cash flow demonstrates significant strength and a recurring seasonal pattern, with peak performance consistently occurring in the December quarters. Net income exhibits this volatility, reaching a high of 42,097 million in December 2025, while cash generated by operating activities remains robust throughout the period, peaking at 53,925 million in the same quarter. The reconciliation of net income to operating cash is supported by steady non-cash charges, specifically depreciation and amortization and share-based compensation, the latter of which has trended upward from approximately 1.7 billion in 2019 to over 3.5 billion by 2026.
- Operating Activity Trends
- Cash generation is primarily driven by high net income, though it is frequently impacted by significant fluctuations in working capital. Accounts receivable and vendor non-trade receivables show high volatility, often swinging between large inflows and outflows, reflecting the cyclical nature of inventory management and payment terms. Adjustments to reconcile net income generally remain positive, ensuring that cash flow from operations consistently exceeds net income.
- Investing Activity Patterns
- Investing activities are dominated by the active management of marketable securities. Large quarterly outflows for the purchase of securities are periodically offset by proceeds from maturities and sales. Capital expenditure, represented by payments for the acquisition of property, plant, and equipment, remains relatively stable and disciplined, typically ranging between 1.9 billion and 3.7 billion per quarter, indicating a consistent level of investment in infrastructure.
- Financing Activity and Capital Allocation
- Financing activities consistently result in net cash outflows, driven by a strategic priority to return capital to shareholders. Repurchases of common stock represent the largest expenditure, frequently exceeding 20 billion per quarter, although a notable dip to 12,288 million is observed in March 2026. Dividend payments are highly stable, maintaining a narrow range between 3.3 billion and 3.9 billion per quarter. Debt management is characterized by opportunistic issuances of term debt balanced by periodic repayments and the use of commercial paper.
The overall financial trajectory reveals a company with an immense capacity to generate liquidity from its core operations, which is then aggressively deployed toward shareholder returns and the maintenance of a liquid portfolio of marketable securities. The balance between operating inflows and financing outflows suggests a mature financial strategy focused on value distribution and liquidity optimization.