Debt to Equity
since 2005
Calculation
Apple Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|
| Sep 26, 2026 | 0.71 | = | 80,111) | ÷ | 112,093) |
| Sep 27, 2025 | 1.34 | = | 98,657) | ÷ | 73,733) |
| Sep 28, 2024 | 1.87 | = | 106,629) | ÷ | 56,950) |
| Sep 30, 2023 | 1.79 | = | 111,088) | ÷ | 62,146) |
| Sep 24, 2022 | 2.37 | = | 120,069) | ÷ | 50,672) |
| Sep 25, 2021 | 1.98 | = | 124,719) | ÷ | 63,090) |
| Sep 26, 2020 | 1.72 | = | 112,436) | ÷ | 65,339) |
| Sep 28, 2019 | 1.19 | = | 108,047) | ÷ | 90,488) |
| Sep 29, 2018 | 1.07 | = | 114,483) | ÷ | 107,147) |
| Sep 30, 2017 | 0.86 | = | 115,680) | ÷ | 134,047) |
| Sep 24, 2016 | 0.68 | = | 87,032) | ÷ | 128,249) |
| Sep 26, 2015 | 0.54 | = | 64,462) | ÷ | 119,355) |
| Sep 27, 2014 | 0.32 | = | 35,295) | ÷ | 111,547) |
| Sep 28, 2013 | 0.14 | = | 16,960) | ÷ | 123,549) |
| Sep 29, 2012 | 0.00 | = | —) | ÷ | 118,210) |
| Sep 24, 2011 | 0.00 | = | —) | ÷ | 76,615) |
| Sep 25, 2010 | 0.00 | = | —) | ÷ | 47,791) |
| Sep 26, 2009 | 0.00 | = | —) | ÷ | 27,832) |
| Sep 27, 2008 | 0.00 | = | —) | ÷ | 21,030) |
| Sep 29, 2007 | 0.00 | = | —) | ÷ | 14,532) |
| Sep 30, 2006 | 0.00 | = | —) | ÷ | 9,984) |
| Sep 24, 2005 | 0.00 | = | —) | ÷ | 7,466) |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 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), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
1 US$ in millions
The financial trajectory from 2005 to 2026 reveals a distinct cyclical shift in leverage and capital structure. While the early period was characterized by organic equity growth and minimal debt, the subsequent decade saw a strategic increase in borrowing and a significant reduction in equity, culminating in a peak leverage ratio before a recent trend toward deleveraging.
- Total Debt Trends
- Total debt remained undocumented until 2013, at which point it stood at 16,960 million US dollars. A period of rapid expansion followed, with debt levels increasing nearly seven-fold to peak at 124,719 million US dollars by 2021. Following this peak, a consistent downward trend is observed, with total debt reducing to 80,111 million US dollars by 2026.
- Shareholders' Equity Trends
- Equity exhibited steady and substantial growth from 2005, rising from 7,466 million US dollars to a peak of 134,047 million US dollars in 2017. However, a sharp contraction occurred between 2018 and 2022, with equity falling to a low of 50,672 million US dollars. A recovery phase is evident from 2023 onward, with equity climbing back to 112,093 million US dollars by 2026.
- Debt to Equity Ratio Analysis
- The debt to equity ratio mirrors the inverse relationship between rising debt and falling equity. Starting at a conservative 0.14 in 2013, the ratio climbed steadily to exceed 1.00 by 2018. The ratio peaked at 2.37 in 2022, indicating a period where total debt significantly outweighed shareholders' equity. Since 2022, the ratio has declined sharply to 0.71 by 2026, driven by the simultaneous reduction of total liabilities and the restoration of the equity base.
The divergence between debt and equity from 2017 to 2022 suggests a period of aggressive capital reallocation, where equity was reduced while debt was maintained or increased. The current trend indicates a reversal of this strategy, moving toward a more balanced capital structure with lower systemic leverage.
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Comparison to Competitors
Apple Inc., debt to equity, long-term trends, comparison to competitors
| Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|
| Sep 26, 2026 | 0.71 | — | 0.59 | — | 0.35 | 0.60 |
| Sep 27, 2025 | 1.34 | 0.00 | 0.60 | — | 2.27 | 0.75 |
| Sep 28, 2024 | 1.87 | 0.00 | 0.68 | — | 2.61 | 0.40 |
| Sep 30, 2023 | 1.79 | 0.00 | 0.19 | — | 0.23 | 0.15 |
| Sep 24, 2022 | 2.37 | 0.00 | 0.24 | — | 1.00 | 0.42 |
| Sep 25, 2021 | 1.98 | 0.00 | 0.28 | 19.36 | 0.60 | 0.09 |
| Sep 26, 2020 | 1.72 | 0.00 | 0.38 | — | 0.64 | 0.03 |
| Sep 28, 2019 | 1.19 | 0.00 | 0.73 | — | 0.56 | 0.03 |
| Sep 29, 2018 | 1.07 | 0.02 | 0.59 | — | 0.36 | 0.14 |
| Sep 30, 2017 | 0.86 | 0.02 | 0.51 | — | 0.51 | 0.21 |
| Sep 24, 2016 | 0.68 | 0.04 | 0.45 | — | 0.00 | 0.13 |
| Sep 26, 2015 | 0.54 | 0.05 | 0.42 | — | 0.00 | 0.15 |
| Sep 27, 2014 | 0.32 | 0.08 | 0.37 | — | — | 0.10 |
| Sep 28, 2013 | 0.14 | — | 0.27 | — | — | 0.09 |
| Sep 29, 2012 | 0.00 | — | 0.32 | — | — | 0.10 |
| Sep 24, 2011 | 0.00 | — | 0.36 | — | — | 0.10 |
| Sep 25, 2010 | 0.00 | — | 0.35 | — | — | 0.08 |
| Sep 26, 2009 | 0.00 | — | 0.27 | — | — | 0.06 |
| Sep 27, 2008 | 0.00 | — | 0.20 | — | — | 0.07 |
| Sep 29, 2007 | 0.00 | — | 0.20 | — | — | 0.10 |
| Sep 30, 2006 | 0.00 | — | 0.26 | — | — | — |
| Sep 24, 2005 | 0.00 | — | 0.00 | — | — | — |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 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), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
Comparison to Sector (Technology Hardware & Equipment)
Apple Inc., debt to equity, long-term trends, comparison to sector (technology hardware & equipment)
| Apple Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Sep 26, 2026 | 0.71 | — |
| Sep 27, 2025 | 1.34 | 1.14 |
| Sep 28, 2024 | 1.87 | 1.45 |
| Sep 30, 2023 | 1.79 | 1.31 |
| Sep 24, 2022 | 2.37 | 1.64 |
| Sep 25, 2021 | 1.98 | 1.63 |
| Sep 26, 2020 | 1.72 | 1.67 |
| Sep 28, 2019 | 1.19 | 1.51 |
| Sep 29, 2018 | 1.07 | 0.91 |
| Sep 30, 2017 | 0.86 | 0.74 |
| Sep 24, 2016 | 0.68 | 0.60 |
| Sep 26, 2015 | 0.54 | 0.50 |
| Sep 27, 2014 | 0.32 | 0.33 |
| Sep 28, 2013 | 0.14 | 0.18 |
| Sep 29, 2012 | 0.00 | 0.10 |
| Sep 24, 2011 | 0.00 | 0.14 |
| Sep 25, 2010 | 0.00 | 0.17 |
| Sep 26, 2009 | 0.00 | 0.15 |
| Sep 27, 2008 | 0.00 | 0.12 |
| Sep 29, 2007 | 0.00 | 0.14 |
| Sep 30, 2006 | 0.00 | 0.19 |
| Sep 24, 2005 | 0.00 | 0.00 |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 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), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
Comparison to Industry (Information Technology)
Apple Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Apple Inc. | Information Technology | |
|---|---|---|
| Sep 26, 2026 | 0.71 | — |
| Sep 27, 2025 | 1.34 | 0.52 |
| Sep 28, 2024 | 1.87 | 0.61 |
| Sep 30, 2023 | 1.79 | 0.65 |
| Sep 24, 2022 | 2.37 | 0.70 |
| Sep 25, 2021 | 1.98 | 0.82 |
| Sep 26, 2020 | 1.72 | 0.95 |
| Sep 28, 2019 | 1.19 | 0.97 |
| Sep 29, 2018 | 1.07 | 0.82 |
| Sep 30, 2017 | 0.86 | 0.80 |
| Sep 24, 2016 | 0.68 | 0.65 |
| Sep 26, 2015 | 0.54 | 0.56 |
| Sep 27, 2014 | 0.32 | 0.38 |
| Sep 28, 2013 | 0.14 | 0.28 |
| Sep 29, 2012 | 0.00 | 0.24 |
| Sep 24, 2011 | 0.00 | 0.27 |
| Sep 25, 2010 | 0.00 | 0.24 |
| Sep 26, 2009 | 0.00 | 0.25 |
| Sep 27, 2008 | 0.00 | 0.28 |
| Sep 29, 2007 | 0.00 | 0.26 |
| Sep 30, 2006 | 0.00 | 0.19 |
| Sep 24, 2005 | 0.00 | 0.15 |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 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), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).