Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Apple Inc., liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-06-27), 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).
The liquidity profile over the analyzed period exhibits cyclical volatility, characterized by a general decline in short-term coverage ratios from late 2020 through mid-2022, followed by periods of recovery and subsequent contractions.
- Current Ratio
- A downward trend is observed from December 2020, where the ratio stood at 1.16, falling to a trough of 0.86 by June 2022. A subsequent recovery phase saw the ratio climb back above 1.00, peaking at 1.07 in December 2023. Another contraction occurred toward March 2025, reaching 0.82, before stabilizing at 1.00 by June 2026. This fluctuation indicates a variable capacity to cover short-term liabilities with current assets.
- Quick Ratio
- The quick ratio closely mirrors the trajectory of the current ratio, starting at 1.02 in December 2020 and declining to 0.70 in June 2022. Recovery was noted through December 2023, reaching 0.92, followed by a decline to 0.68 in March 2025. The period concluded with a ratio of 0.81. The consistent gap between the current and quick ratios suggests that inventory levels maintain a steady contribution to total current assets.
- Cash Ratio
- The cash ratio demonstrates the highest degree of volatility and a more pronounced overall decline in immediate liquidity. From an initial 0.58 in December 2020, the ratio reached a low of 0.31 in September 2022. Despite a recovery to 0.55 by December 2023, the ratio remained unstable, fluctuating between a low of 0.33 in September 2025 and a high of 0.51 in March 2026, before ending the period at 0.42.
Overall, the convergence of these ratios toward lower levels compared to the 2020 baseline suggests a strategic shift in liquidity management or an increase in short-term obligations relative to liquid asset holdings. The recurring patterns of decline and recovery suggest seasonal or cyclical operational adjustments.
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Current Ratio
Apple Inc., current ratio calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Current assets | 149,818) | 144,114) | 158,104) | 147,957) | 122,491) | 118,674) | 133,240) | 152,987) | 125,435) | 128,416) | 143,692) | 143,566) | 122,659) | 112,913) | 128,777) | 135,405) | 112,292) | 118,180) | 153,154) | 134,836) | 114,423) | 121,465) | 154,106) | |||||||
| Current liabilities | 149,326) | 134,641) | 162,367) | 165,631) | 141,120) | 144,571) | 144,365) | 176,392) | 131,624) | 123,822) | 133,973) | 145,308) | 124,963) | 120,075) | 137,286) | 153,982) | 129,873) | 127,508) | 147,574) | 125,481) | 107,754) | 106,385) | 132,507) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Current ratio1 | 1.00 | 1.07 | 0.97 | 0.89 | 0.87 | 0.82 | 0.92 | 0.87 | 0.95 | 1.04 | 1.07 | 0.99 | 0.98 | 0.94 | 0.94 | 0.88 | 0.86 | 0.93 | 1.04 | 1.07 | 1.06 | 1.14 | 1.16 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Current Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 2.96 | 2.83 | 3.05 | 3.25 | 3.33 | 3.93 | 4.36 | 4.47 | 4.55 | 5.01 | 4.39 | 4.15 | 4.14 | 3.96 | 4.29 | 4.01 | 3.70 | 3.73 | — | — | — | — | |||||||
| Cisco Systems Inc. | 0.92 | 0.96 | 0.93 | 1.00 | 0.95 | 0.87 | 0.88 | 0.91 | 0.89 | 1.37 | 1.47 | 1.38 | 1.39 | 1.41 | 1.45 | 1.43 | 1.49 | 1.42 | 1.62 | 1.49 | 1.53 | 1.61 | 1.59 | |||||||
| Dell Technologies Inc. | 0.85 | 0.83 | 0.85 | 0.78 | 0.77 | 0.72 | 0.73 | 0.74 | 0.76 | 0.77 | 0.80 | 0.82 | 0.75 | 0.77 | 0.78 | 0.80 | 0.82 | 0.79 | 0.77 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 1.14 | 0.61 | 1.37 | 4.37 | 4.72 | 4.76 | 5.36 | 5.90 | 5.20 | 3.13 | 4.53 | 4.38 | 3.20 | 3.06 | 3.04 | 4.38 | 4.69 | 3.87 | 3.96 | 3.67 | 3.81 | 3.50 | 7.38 | |||||||
| Super Micro Computer Inc. | 2.66 | 1.70 | 5.39 | 5.25 | 6.66 | 6.38 | 3.43 | 3.81 | 4.69 | 2.43 | 2.23 | 2.31 | 2.49 | 2.89 | 2.13 | 1.91 | 1.79 | 1.91 | 1.85 | 1.93 | 2.10 | 2.29 | 2.51 | |||||||
Based on: 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 149,818 ÷ 149,326 = 1.00
2 Click competitor name to see calculations.
The current ratio exhibits a pattern of moderate volatility over the analyzed period, oscillating primarily between 0.82 and 1.16. A general downward trend was observed from December 2020 through June 2022, during which the ratio declined from 1.16 to a period low of 0.86. This decline indicates a transition from a position of surplus short-term liquidity to a state where current liabilities exceeded current assets.
- Liquidity Threshold Analysis
- The current ratio frequently crossed the 1.00 threshold, which serves as a critical benchmark for short-term solvency. Periods of liquidity compression are evident in mid-2022 (reaching 0.86) and throughout 2024 and early 2025, with a significant trough of 0.82 recorded in March 2025. These dips coincide with periods where current liabilities increased more rapidly than current assets, suggesting an aggressive working capital strategy or an increase in short-term obligations.
- Asset and Liability Correlation
- Fluctuations in the current ratio are driven by the non-linear movement of current assets and current liabilities. For instance, between September 2024 and December 2024, the ratio improved from 0.87 to 0.92, reflecting a decrease in current liabilities from 176,392 million to 144,365 million, despite a simultaneous decrease in current assets. This suggests that liquidity improvements during certain quarters were achieved through the reduction of short-term debt rather than the accumulation of liquid assets.
- Cyclical Recovery Patterns
- The data reveals a cyclical recovery trend. Following the low point in June 2022, the ratio climbed back to 1.07 by December 2023. A similar recovery pattern is observed following the March 2025 low of 0.82, with the ratio ascending to 1.07 by March 2026 before stabilizing at 1.00 in June 2026. These recoveries indicate an episodic realignment of the balance sheet to ensure short-term obligations are covered.
Overall, the liquidity profile is characterized by periodic fluctuations rather than a sustained decline. While the ratio has spent a significant portion of the latter half of the period below 1.00, the recurring returns to parity suggest a managed approach to short-term liquidity.
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Quick Ratio
Apple Inc., quick ratio calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | 39,544) | 45,572) | 45,317) | 35,934) | 36,269) | 28,162) | 30,299) | 29,943) | 25,565) | 32,695) | 40,760) | 29,965) | 28,408) | 24,687) | 20,535) | 23,646) | 27,502) | 28,098) | 37,119) | 34,940) | 34,050) | 38,466) | 36,010) | |||||||
| Current marketable securities | 22,855) | 22,935) | 21,590) | 18,763) | 19,103) | 20,336) | 23,476) | 35,228) | 36,236) | 34,455) | 32,340) | 31,590) | 34,074) | 31,185) | 30,820) | 24,658) | 20,729) | 23,413) | 26,794) | 27,699) | 27,646) | 31,368) | 40,816) | |||||||
| Accounts receivable, net | 31,398) | 30,339) | 39,921) | 39,777) | 27,557) | 26,136) | 29,639) | 33,410) | 22,795) | 21,837) | 23,194) | 29,508) | 19,549) | 17,936) | 23,752) | 28,184) | 21,803) | 20,815) | 30,213) | 26,278) | 17,475) | 18,503) | 27,101) | |||||||
| Vendor non-trade receivables | 27,509) | 23,172) | 30,399) | 33,180) | 19,278) | 23,662) | 29,667) | 32,833) | 20,377) | 19,313) | 26,908) | 31,477) | 19,637) | 17,963) | 30,428) | 32,748) | 20,439) | 24,585) | 35,040) | 25,228) | 16,433) | 14,533) | 31,519) | |||||||
| Total quick assets | 121,306) | 122,018) | 137,227) | 127,654) | 102,207) | 98,296) | 113,081) | 131,414) | 104,973) | 108,300) | 123,202) | 122,540) | 101,668) | 91,771) | 105,535) | 109,236) | 90,473) | 96,911) | 129,166) | 114,145) | 95,604) | 102,870) | 135,446) | |||||||
| Current liabilities | 149,326) | 134,641) | 162,367) | 165,631) | 141,120) | 144,571) | 144,365) | 176,392) | 131,624) | 123,822) | 133,973) | 145,308) | 124,963) | 120,075) | 137,286) | 153,982) | 129,873) | 127,508) | 147,574) | 125,481) | 107,754) | 106,385) | 132,507) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Quick ratio1 | 0.81 | 0.91 | 0.85 | 0.77 | 0.72 | 0.68 | 0.78 | 0.75 | 0.80 | 0.87 | 0.92 | 0.84 | 0.81 | 0.76 | 0.77 | 0.71 | 0.70 | 0.76 | 0.88 | 0.91 | 0.89 | 0.97 | 1.02 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Quick Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 2.29 | 2.18 | 2.35 | 2.48 | 2.58 | 3.07 | 3.46 | 3.52 | 3.47 | 3.67 | 3.16 | 2.86 | 2.73 | 2.65 | 3.05 | 2.89 | 2.73 | 2.97 | — | — | — | — | |||||||
| Cisco Systems Inc. | 0.66 | 0.69 | 0.67 | 0.74 | 0.69 | 0.64 | 0.65 | 0.69 | 0.68 | 1.10 | 1.18 | 1.13 | 1.11 | 1.13 | 1.16 | 1.16 | 1.23 | 1.20 | 1.41 | 1.32 | 1.35 | 1.46 | 1.45 | |||||||
| Dell Technologies Inc. | 0.55 | 0.53 | 0.45 | 0.41 | 0.43 | 0.40 | 0.40 | 0.44 | 0.47 | 0.47 | 0.48 | 0.52 | 0.41 | 0.44 | 0.44 | 0.49 | 0.60 | 0.53 | 0.55 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 0.93 | 0.41 | 0.94 | 2.87 | 3.18 | 3.24 | 3.65 | 4.02 | 3.47 | 2.24 | 3.65 | 3.57 | 2.53 | 2.47 | 2.45 | 3.92 | 4.25 | 3.44 | 3.51 | 3.25 | 3.38 | 3.05 | 6.39 | |||||||
| Super Micro Computer Inc. | 1.19 | 0.98 | 2.86 | 3.14 | 3.63 | 3.31 | 1.68 | 1.88 | 2.19 | 1.12 | 0.87 | 1.16 | 0.95 | 1.17 | 0.72 | 0.75 | 0.62 | 0.62 | 0.66 | 0.72 | 0.75 | 0.95 | 1.06 | |||||||
Based on: 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 121,306 ÷ 149,326 = 0.81
2 Click competitor name to see calculations.
The analyzed period reveals a general decline in immediate liquidity, characterized by a quick ratio that spent the majority of the timeframe below the 1.0 threshold. While the period began with a ratio of 1.02 in December 2020, a sustained downward trajectory followed, leading to increased volatility and a recurring struggle to maintain a one-to-one coverage of current liabilities with quick assets.
- Quick Ratio Trends
- The quick ratio experienced an initial contraction from 1.02 in December 2020 to a low of 0.70 by June 2022. A recovery phase occurred between September 2022 and December 2023, where the ratio climbed back to 0.92. However, a subsequent decline led to the series minimum of 0.68 in March 2025, before rebounding to 0.91 in March 2026 and settling at 0.81 by June 2026.
- Quick Asset Fluctuations
- Total quick assets demonstrated significant cyclicality. Assets peaked at 137,227 million US dollars in December 2025, while the lowest liquidity position was recorded in June 2022 at 90,473 million US dollars. These fluctuations suggest periodic shifts in cash management or short-term investment strategies.
- Current Liability Expansion
- Current liabilities exhibited a general upward trend over the long term. Starting at 132,507 million US dollars in December 2020, liabilities peaked at 176,392 million US dollars in September 2024. The expansion of the liability base often outpaced the growth of quick assets, contributing to the overall compression of the quick ratio.
- Liquidity Correlation
- The most pronounced dips in the quick ratio correlate with periods of peaking current liabilities. For instance, the decline toward the 0.68 mark in early 2025 followed a period of elevated liabilities exceeding 140,000 million US dollars, illustrating a heightened reliance on non-quick current assets or operational cash flow to meet short-term obligations.
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Cash Ratio
Apple Inc., cash ratio calculation (quarterly data)
| Jun 27, 2026 | Mar 28, 2026 | Dec 27, 2025 | Sep 27, 2025 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||
| Cash and cash equivalents | 39,544) | 45,572) | 45,317) | 35,934) | 36,269) | 28,162) | 30,299) | 29,943) | 25,565) | 32,695) | 40,760) | 29,965) | 28,408) | 24,687) | 20,535) | 23,646) | 27,502) | 28,098) | 37,119) | 34,940) | 34,050) | 38,466) | 36,010) | |||||||
| Current marketable securities | 22,855) | 22,935) | 21,590) | 18,763) | 19,103) | 20,336) | 23,476) | 35,228) | 36,236) | 34,455) | 32,340) | 31,590) | 34,074) | 31,185) | 30,820) | 24,658) | 20,729) | 23,413) | 26,794) | 27,699) | 27,646) | 31,368) | 40,816) | |||||||
| Total cash assets | 62,399) | 68,507) | 66,907) | 54,697) | 55,372) | 48,498) | 53,775) | 65,171) | 61,801) | 67,150) | 73,100) | 61,555) | 62,482) | 55,872) | 51,355) | 48,304) | 48,231) | 51,511) | 63,913) | 62,639) | 61,696) | 69,834) | 76,826) | |||||||
| Current liabilities | 149,326) | 134,641) | 162,367) | 165,631) | 141,120) | 144,571) | 144,365) | 176,392) | 131,624) | 123,822) | 133,973) | 145,308) | 124,963) | 120,075) | 137,286) | 153,982) | 129,873) | 127,508) | 147,574) | 125,481) | 107,754) | 106,385) | 132,507) | |||||||
| Liquidity Ratio | ||||||||||||||||||||||||||||||
| Cash ratio1 | 0.42 | 0.51 | 0.41 | 0.33 | 0.39 | 0.34 | 0.37 | 0.37 | 0.47 | 0.54 | 0.55 | 0.42 | 0.50 | 0.47 | 0.37 | 0.31 | 0.37 | 0.40 | 0.43 | 0.50 | 0.57 | 0.66 | 0.58 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| Cash Ratio, Competitors2 | ||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 1.96 | 1.88 | 2.00 | 2.17 | 2.18 | 2.61 | 3.04 | 3.05 | 2.90 | 3.06 | 2.62 | 2.41 | 2.26 | 2.10 | 2.34 | 2.37 | 2.27 | 2.50 | — | — | — | — | |||||||
| Cisco Systems Inc. | 0.42 | 0.43 | 0.44 | 0.46 | 0.45 | 0.42 | 0.46 | 0.44 | 0.47 | 0.83 | 0.87 | 0.84 | 0.81 | 0.81 | 0.79 | 0.75 | 0.83 | 0.81 | 1.00 | 0.93 | 0.97 | 1.12 | 1.11 | |||||||
| Dell Technologies Inc. | 0.19 | 0.15 | 0.15 | 0.08 | 0.11 | 0.09 | 0.12 | 0.15 | 0.17 | 0.16 | 0.16 | 0.17 | 0.09 | 0.10 | 0.13 | 0.17 | 0.32 | 0.21 | 0.26 | — | — | — | — | |||||||
| Lumentum Holdings Inc. | 0.82 | 0.31 | 0.74 | 2.23 | 2.46 | 2.58 | 3.00 | 3.29 | 2.74 | 1.86 | 3.27 | 3.18 | 2.17 | 2.06 | 2.02 | 3.56 | 3.88 | 3.08 | 3.08 | 2.93 | 3.05 | 2.63 | 5.49 | |||||||
| Super Micro Computer Inc. | 0.16 | 0.27 | 1.79 | 2.20 | 1.78 | 1.05 | 0.73 | 0.71 | 1.23 | 0.36 | 0.34 | 0.32 | 0.33 | 0.33 | 0.18 | 0.18 | 0.17 | 0.21 | 0.25 | 0.24 | 0.23 | 0.47 | 0.51 | |||||||
Based on: 10-Q (reporting date: 2026-06-27), 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).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 62,399 ÷ 149,326 = 0.42
2 Click competitor name to see calculations.
The cash ratio exhibits significant volatility over the analyzed period, oscillating between a peak of 0.66 in March 2021 and a trough of 0.31 in September 2022. This trend indicates a fluctuating capacity to meet immediate short-term obligations using only the most liquid assets.
- Primary Decline Phase (2021–2022)
- A consistent downward trend in the cash ratio is observed from March 2021 through September 2022. During this interval, the ratio decreased from 0.66 to 0.31, driven by a contraction in total cash assets—which fell from 69.8 billion to 48.3 billion—and a general increase in current liabilities.
- Recovery and Peak (2023)
- A notable recovery occurred throughout 2023, with the cash ratio rising to 0.55 by December 30, 2023. This improvement was primarily supported by a substantial increase in total cash assets, which reached 73.1 billion in the fourth quarter of that year, effectively offsetting the impact of current liabilities.
- Recent Volatility and Stabilization (2024–2026)
- Between March 2024 and June 2026, the liquidity position remained unstable. The ratio experienced sharp dips, reaching 0.37 in September 2024 and 0.33 in June 2025. These declines correlate with periods of heightened current liabilities, most notably the peak of 176.4 billion observed in September 2024. The period concludes with a cash ratio of 0.42 as of June 2026, reflecting a moderate stabilization of liquid reserves relative to short-term debt.
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