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-K (reporting date: 2026-09-26), 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).
The liquidity profile exhibits a cyclical pattern over the analyzed period, with metrics frequently fluctuating in alignment with seasonal operational requirements. A recurring trend is observed where liquidity ratios decline during the middle of the calendar year and recover toward the end of the fourth quarter, suggesting a consistent cycle of working capital utilization and replenishment.
- Current Ratio
- The current ratio oscillates between a high of 1.07 and a low of 0.82. A period of contraction occurred between December 2021 and June 2022, falling from 1.04 to 0.86. This was followed by a recovery phase peaking in December 2023 at 1.07. A second notable dip occurred in March 2025, reaching 0.82, before trending upward again to close at 1.02 in September 2026. The frequent movement around the 1.0 threshold indicates a lean approach to current asset management relative to short-term obligations.
- Quick Ratio
- The quick ratio mirrors the trajectory of the current ratio but remains consistently lower, ranging from 0.68 to 0.92. The gap between the current and quick ratios suggests that inventory represents a significant portion of current assets. The ratio reached its lowest point of 0.68 in March 2025, coinciding with the minimum of the current ratio, and showed a recovery to 0.83 by September 2026. This trend confirms that immediate liquidity, excluding inventory, remains below a 1:1 coverage ratio throughout the majority of the period.
- Cash Ratio
- The cash ratio demonstrates the highest volatility and the most conservative liquidity position, with values ranging from 0.31 to 0.55. A peak of 0.55 was observed in December 2023, indicating a temporary surge in cash and cash equivalents. Subsequent declines led to a trough of 0.33 in September 2025 and September 2026. The persistent gap between the cash ratio and the quick ratio highlights that a substantial amount of highly liquid assets are held in marketable securities rather than pure cash.
Overall, the liquidity position is characterized by a disciplined management of short-term assets. While the ratios occasionally dip below 1.0, the consistent cyclical recovery suggests that the entity effectively manages its cash flows to meet obligations despite a lean current asset base.
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Current Ratio
Apple Inc., current ratio calculation (quarterly data)
| Sep 26, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Current assets | 173,857) | 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) | ||||||
| Current liabilities | 169,915) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Current ratio1 | 1.02 | 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 | ||||||
| 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. | 0.93 | 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 | ||||||
| Dell Technologies Inc. | 0.91 | 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. | 1.68 | 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 | ||||||
| Super Micro Computer Inc. | 3.87 | 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 | ||||||
Based on: 10-K (reporting date: 2026-09-26), 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).
1 Q4 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 173,857 ÷ 169,915 = 1.02
2 Click competitor name to see calculations.
The liquidity profile exhibits a cyclical pattern characterized by fluctuations around the 1.00 threshold. The current ratio indicates a strategy of tight working capital management, where current assets and current liabilities remain closely aligned throughout the observed period.
- Current Ratio Volatility
- The current ratio demonstrates periodic instability, starting at 1.04 in December 2021 before experiencing a decline to a low of 0.86 by June 2022. A recovery phase followed, peaking at 1.07 in December 2023. This was followed by another downward trend that reached the period's minimum of 0.82 in March 2025, before rebounding to 1.02 by September 2026.
- Asset and Liability Dynamics
- Current assets show significant variance, ranging from a low of 112,292 million US$ in June 2022 to a peak of 173,857 million US$ in September 2026. Current liabilities followed a similar trajectory, peaking at 176,392 million US$ in September 2024. The correlation between these two figures suggests that increases in short-term obligations are often mirrored by increases in liquid assets, though not always in a linear proportion.
- Liquidity Pressure Intervals
- Periods of relative liquidity pressure are evident when the ratio falls below 1.00, most notably between March 2022 and September 2023, and again from June 2024 through December 2025. During these intervals, current liabilities exceeded current assets, suggesting a reliance on cash flow generation or short-term financing to meet immediate obligations.
- Recovery and Stabilization Patterns
- A recurring pattern of stabilization is observed toward the end of calendar years. Recoveries to or above the 1.00 mark are noted in December 2023, December 2025, and September 2026, indicating periodic rebalancing of the short-term balance sheet to ensure sufficient coverage of liabilities.
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Quick Ratio
Apple Inc., quick ratio calculation (quarterly data)
| Sep 26, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 36,305) | 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) | ||||||
| Current marketable securities | 20,417) | 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) | ||||||
| Accounts receivable, net | 43,817) | 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) | ||||||
| Vendor non-trade receivables | 39,896) | 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) | ||||||
| Total quick assets | 140,435) | 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) | ||||||
| Current liabilities | 169,915) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Quick ratio1 | 0.83 | 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 | ||||||
| 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. | 0.64 | 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 | ||||||
| Dell Technologies Inc. | 0.59 | 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. | 1.31 | 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 | ||||||
| Super Micro Computer Inc. | 1.91 | 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 | ||||||
Based on: 10-K (reporting date: 2026-09-26), 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).
1 Q4 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 140,435 ÷ 169,915 = 0.83
2 Click competitor name to see calculations.
The quick ratio exhibits a recurring cyclical pattern over the period from December 2021 to September 2026, consistently remaining below the 1.0 threshold. While the ratio fluctuates, it maintains a general range between 0.68 and 0.92, suggesting a consistent operational approach to the maintenance of highly liquid assets relative to short-term obligations.
- Liquidity Trends and Volatility
- The quick ratio reached its maximum value of 0.92 in December 2023 and its minimum of 0.68 in December 2024. Despite these variances, the liquidity position demonstrates a pattern of recovery following significant contractions, as seen in the progression from the December 2024 low back to 0.83 by September 2026.
- Asset and Liability Dynamics
- Total quick assets display significant fluctuation, ranging from a low of 90,473 million USD in June 2022 to a peak of 140,435 million USD in September 2026. Current liabilities have generally trended upward over the long term, rising from 147,574 million USD in December 2021 to a peak of 176,392 million USD in September 2024, indicating that the growth in short-term obligations has largely mirrored the volatility in liquid asset holdings.
- Seasonal Observations
- A distinct seasonal trend is observable, characterized by periodic dips in the quick ratio during the spring and summer months followed by recoveries toward the end of the calendar year. This is evidenced by the ratios in June 2022 (0.70) and June 2024 (0.80), which were both superseded by higher ratios in the subsequent December periods (0.77 in 2022 and 0.92 in 2023).
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Cash Ratio
Apple Inc., cash ratio calculation (quarterly data)
| Sep 26, 2026 | 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||
| Cash and cash equivalents | 36,305) | 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) | ||||||
| Current marketable securities | 20,417) | 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) | ||||||
| Total cash assets | 56,722) | 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) | ||||||
| Current liabilities | 169,915) | 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) | ||||||
| Liquidity Ratio | ||||||||||||||||||||||||||
| Cash ratio1 | 0.33 | 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 | ||||||
| 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. | 0.38 | 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 | ||||||
| Dell Technologies Inc. | 0.18 | 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. | 1.10 | 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 | ||||||
| Super Micro Computer Inc. | 1.05 | 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 | ||||||
Based on: 10-K (reporting date: 2026-09-26), 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).
1 Q4 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 56,722 ÷ 169,915 = 0.33
2 Click competitor name to see calculations.
The liquidity position from December 2021 to September 2026 is characterized by significant volatility in both liquid asset holdings and short-term obligations, resulting in a fluctuating cash ratio that reflects varying levels of immediate solvency.
- Cash Asset Trends
- Total cash assets experienced several cycles of expansion and contraction. A notable low occurred in June 2022 at 48,231 million USD, followed by a steady climb to a peak of 73,100 million USD by December 2023. Subsequent periods showed a general decline and stabilization, with assets ending the observed period at 56,722 million USD in September 2026.
- Current Liabilities Analysis
- Short-term obligations demonstrated an overall upward trajectory with periodic dips. Current liabilities reached a minimum of 120,075 million USD in April 2023 before escalating to a peak of 176,392 million USD in September 2024. The liabilities remained elevated through 2025 and 2026, closing at 169,915 million USD, which exerted downward pressure on the liquidity ratios.
- Cash Ratio Interpretation
- The cash ratio varied between a low of 0.31 in September 2022 and a high of 0.55 in December 2023. An improvement in the liquidity profile was evident between April 2023 and March 2024, where the ratio consistently remained above 0.47. However, this trend reversed in the latter half of the period; a downward trend is observed from March 2024 onwards, culminating in a ratio of 0.33 by September 2026. This indicates a decreasing proportion of current liabilities covered by cash and cash equivalents over the final two years of the analyzed period.
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