Analysis of Debt
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Total Debt (Carrying Amount)
Apple Inc., balance sheet: debt
US$ in millions
Based on: 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).
The annual debt data exhibits several notable trends over the six-year period. The current portion of finance leases shows a marked increase from 24 million USD in 2020 to 538 million USD by 2025, indicating a rising short-term lease liability. This suggests that the company is either entering into more finance lease agreements or restructuring existing ones into current obligations.
Commercial paper balances fluctuate significantly. After an increase from approximately 5 billion USD in 2020 to nearly 10 billion USD in 2022, the value dips around 2023 but rises again to just under 10 billion USD in 2024 before declining to around 8 billion USD in 2025. This pattern might reflect altered short-term financing strategies influenced by market conditions or liquidity needs.
The current portion of term debt generally grows over the period, moving from about 8.8 billion USD in 2020 to 12.4 billion USD in 2025, with some variability in intermediate years. This upward trend indicates a growing near-term debt repayment obligation.
In contrast, the non-current portion of term debt consistently declines, falling from approximately 98.7 billion USD in 2020 to around 78.3 billion USD in 2025. This steady reduction suggests efforts to reduce long-term leverage or scheduled maturities being paid down without equivalent refinancing at long maturities.
The non-current portion of finance leases remains relatively stable, hovering between 637 million USD and 859 million USD through most years, before declining slightly to 692 million USD by 2025. This stability indicates a relatively consistent level of long-term lease obligations.
Overall, total commercial paper, term debt, and finance leases combined show a downward trend from a peak of approximately 125.6 billion USD in 2021 to about 99.9 billion USD in 2025. This suggests a gradual deleveraging over the latter half of the period, reflecting possible strategic debt reduction or improved cash flow management.
- Current Portion of Finance Leases
- Significant increase across the period, indicating rising short-term lease liabilities.
- Commercial Paper
- Fluctuating amounts with peaks near 10 billion USD, suggesting changing short-term financing needs.
- Current Portion of Term Debt
- Overall increasing trend, implying growing near-term debt obligations.
- Non-current Portion of Term Debt
- Steady decrease, reflecting reduced long-term leverage.
- Non-current Portion of Finance Leases
- Stable with a slight decline towards the end, indicating consistent long-term lease commitments.
- Total Debt Including Commercial Paper and Leases
- Declining from the 2021 peak, denoting a trend towards debt reduction or improved liability management.
Total Debt (Fair Value)
| Sep 27, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Commercial paper | |
| Notes | |
| Finance lease liabilities | |
| Total commercial paper, term debt, and finance leases (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-09-27).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt and finance lease liabilities:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-09-27).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =