Cash Flow Statement

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

US$ in millions

12 months ended:	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020	Sep 28, 2019
Net income	93,736)	96,995)	99,803)	94,680)	57,411)	55,256)
Depreciation and amortization	11,445)	11,519)	11,104)	11,284)	11,056)	12,547)
Share-based compensation expense	11,688)	10,833)	9,038)	7,906)	6,829)	6,068)
Other	(2,266)	(2,227)	1,006)	(4,921)	(312)	(992)
Accounts receivable, net	(3,788)	(1,688)	(1,823)	(10,125)	6,917)	245)
Vendor non-trade receivables	(1,356)	1,271)	(7,520)	(3,903)	1,553)	2,931)
Inventories	(1,046)	(1,618)	1,484)	(2,642)	(127)	(289)
Other current and non-current assets	(11,731)	(5,684)	(6,499)	(8,042)	(9,588)	873)
Accounts payable	6,020)	(1,889)	9,448)	12,326)	(4,062)	(1,923)
Other current and non-current liabilities	15,552)	3,031)	6,110)	7,475)	10,997)	(5,325)
Changes in operating assets and liabilities	3,651)	(6,577)	1,200)	(4,911)	5,690)	(3,488)
Adjustments to reconcile net income to cash generated by operating activities	24,518)	13,548)	22,348)	9,358)	23,263)	14,135)
Cash generated by operating activities	118,254)	110,543)	122,151)	104,038)	80,674)	69,391)
Purchases of marketable securities	(48,656)	(29,513)	(76,923)	(109,558)	(114,938)	(39,630)
Proceeds from maturities of marketable securities	51,211)	39,686)	29,917)	59,023)	69,918)	40,102)
Proceeds from sales of marketable securities	11,135)	5,828)	37,446)	47,460)	50,473)	56,988)
Payments for acquisition of property, plant and equipment	(9,447)	(10,959)	(10,708)	(11,085)	(7,309)	(10,495)
Other	(1,308)	(1,337)	(2,086)	(385)	(2,433)	(1,069)
Cash (used in) generated by investing activities	2,935)	3,705)	(22,354)	(14,545)	(4,289)	45,896)
Payments for taxes related to net share settlement of equity awards	(5,441)	(5,431)	(6,223)	(6,556)	(3,634)	(2,817)
Payments for dividends and dividend equivalents	(15,234)	(15,025)	(14,841)	(14,467)	(14,081)	(14,119)
Repurchases of common stock	(94,949)	(77,550)	(89,402)	(85,971)	(72,358)	(66,897)
Proceeds from issuance of term debt, net	—)	5,228)	5,465)	20,393)	16,091)	6,963)
Repayments of term debt	(9,958)	(11,151)	(9,543)	(8,750)	(12,629)	(8,805)
Proceeds from (repayments of) commercial paper, net	3,960)	(3,978)	3,955)	1,022)	(963)	(5,977)
Other	(361)	(581)	(160)	976)	754)	676)
Cash used in financing activities	(121,983)	(108,488)	(110,749)	(93,353)	(86,820)	(90,976)
Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	(794)	5,760)	(10,952)	(3,860)	(10,435)	24,311)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances	30,737)	25,977)	35,929)	39,789)	50,224)	25,913)
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	29,943)	31,737)	24,977)	35,929)	39,789)	50,224)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

The analysis of the financial data over the six-year period reveals several key trends and insights regarding the company’s operational performance, investing, and financing activities.

Net Income: Net income experiences an upward trajectory from 2019 to 2022, peaking at 99,803 million USD, followed by a gradual decline through 2023 and 2024, ending at 93,736 million USD. This indicates strong profitability growth initially, with some recent pressure on earnings.
Depreciation and Amortization: There is a slight decrease from 12,547 million USD in 2019 to around 11,000-11,500 million USD in later years, showing relative stability in asset depreciation expenses.
Share-based Compensation Expense: This expense shows a consistent upward trend from 6,068 million USD in 2019 to 11,688 million USD in 2024, which may reflect increased employee compensation through equity awards or growth in workforce size.
Other Operating Items: Fluctuations in “Other” and the components under changes in operating assets and liabilities indicate volatile working capital dynamics. Accounts receivable and vendor non-trade receivables display considerable fluctuations and even shift to negative values, suggesting irregular cash inflows from receivables management.
Cash from Operating Activities: Cash generated by operating activities shows a clear upward trend, rising from 69,391 million USD in 2019 to a high of 122,151 million USD in 2022, followed by a modest decline but remaining robust at 118,254 million USD in 2024. This indicates strong cash generation capability throughout the period.
Investing Activities: Purchases of marketable securities fall drastically after 2020, decreasing from over 114,000 million USD to 29,513 million USD in 2023, before slightly increasing again. Proceeds from maturities and sales of marketable securities fluctuate but generally provide consistent inflows. Capital expenditures (property, plant, and equipment purchases) remain relatively stable, averaging around 9,000 to 11,000 million USD annually, reflecting steady investment in physical assets.
Cash from Investing Activities: Initially positive in 2019 due to net inflows from securities, cash flows become negative from 2020 through 2022, indicating net investment outflows, but revert to mildly positive values in the last two years, signifying reduced investment outflows or increased liquidation of assets.
Financing Activities: The company consistently utilizes significant cash outflows for repurchasing common stock, peaking at nearly 95,000 million USD in 2024. Dividend payments gradually increase over the years, reflecting a steady distribution policy. Term debt proceeds and repayments vary but generally show net repayments, indicating a focus on debt reduction. Issuance and repayment of commercial paper display minor fluctuations, with net activity close to zero in recent years.
Net Cash and Cash Equivalents: Cash balances show substantial growth in 2019, followed by declines until 2022. In the last two years, cash ending balances rebound to about 30,000 million USD but do not surpass the peak of 50,224 million USD seen in 2019, indicating moderate liquidity levels relative to prior highs.

Overall, the data suggests strong operational cash flow generation with strategic capital investments and significant shareholder returns through stock repurchases and dividends. The company appears to be managing its capital structure prudently, balancing debt repayments and equity financing while maintaining solid liquidity.

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Apple Inc. (NASDAQ:AAPL)

Cash Flow Statement