Balance Sheet: Assets
Quarterly Data
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Income Statement
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Apple Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28).
- Cash and Cash Equivalents
- The cash and cash equivalents balance exhibits fluctuations across the periods, with peaks and troughs observed. Initially, the balance was relatively stable around the range of approximately US$33 billion to US$40 billion from late 2019 through 2021. However, a significant decline occurred in early 2022, reaching a low point near US$20 billion by the end of 2022, after which the balance recovered moderately, reaching back above US$40 billion by the end of 2023. Subsequent quarters show variability but with a generally maintained level above US$25 billion, indicating strategic liquidity management amidst market conditions.
- Current Marketable Securities
- This category shows a downward trend overall, starting from about US$67 billion at the end of 2019 and declining notably to roughly US$19 billion at the end of 2025. The decline is steady with minor fluctuations, indicating a reduction in liquid investments classified as current marketable securities. This decline may reflect shifts in portfolio allocation or prioritization of other asset types for near-term liquidity.
- Accounts Receivable, Net
- Receivables demonstrate variability over the quarters, with notable spikes occurring at the end of 2020 and late 2021, where balances rise above US$27 billion and US$30 billion respectively. Post the early 2020 spike, balances moderate and show a gradual upward trend toward the final periods, culminating in a peak near US$40 billion by Q3 2025. This trend suggests increasing sales on credit or extended payment terms, requiring attention for credit risk assessment.
- Vendor Non-Trade Receivables
- Vendor non-trade receivables also show marked variability, with pronounced increases at several points such as late 2020 and 2022, reaching upwards of US$35 billion. The values fluctuate but maintain elevated levels compared to early periods, ending near the mid US$30 billion mark by Q3 2025. These fluctuations indicate changing working capital dynamics and possibly adjustments in vendor-related operational transactions.
- Inventories
- Inventory levels have generally increased from just over US$4 billion in late 2019 to peaks above US$7 billion in 2023. Although some quarters experience dips, the overall trend is upward, indicating increased stocking or production possibly in response to growth strategies or supply chain considerations.
- Other Current Assets
- Other current assets exhibit moderate fluctuations with a rising trend from about US$12 billion to peaks above US$21 billion in late 2022, before stabilizing around US$14-15 billion in recent quarters. The variability suggests changes in operational or short-term asset composition affecting current asset liquidity.
- Current Assets
- The aggregate current assets profile shows notable volatility. After peaking near US$154 billion in late 2020, current assets decline sharply in early 2021, hover at lower levels through 2022, then climb back above US$150 billion by late 2024. This pattern reflects the combined impact of changes in cash, marketable securities, receivables, and inventories, indicating dynamic working capital management in response to external and internal factors.
- Non-Current Marketable Securities
- Non-current marketable securities have a decreasing trajectory over the periods analyzed, falling from near US$100 billion at the start to approximately US$77 billion toward the end of the timeline. This decline points to a gradual reduction in longer-term liquid investments, possibly reallocations or liquidations aligned with corporate financial strategy.
- Property, Plant, and Equipment, Net
- Property, plant and equipment (net) increases steadily from about US$37 billion at the end of 2019 to nearly US$50 billion by the end of the timeline. The growth is consistent, indicating ongoing capital expenditures, asset acquisition, and potential expansion of production or operational capacity.
- Other Non-Current Assets
- Other non-current assets show consistent growth, starting around US$40 billion and increasing to over US$83 billion by late 2025. This significant rise suggests increasing investments or accruals in long-term assets beyond property and securities, reflecting expanded commitments or capitalization of intangible assets.
- Non-Current Assets
- Total non-current assets show a fairly stable trend with slight fluctuations but an overall moderate increase from approximately US$177 billion to above US$211 billion. The balance between various components underlines continued investment in long-term value generation assets, supporting sustainability and growth.
- Total Assets
- Total assets experience multiple cycles of increase and decrease through the reported quarters. Starting near US$341 billion, assets dip in early 2021, rise again toward late 2021, then decrease through 2022 before rising once more and peaking near US$364 billion by late 2024. The overall pattern indicates dynamic asset management responding to market conditions, investments, and operational shifts.