Balance Sheet: Liabilities and Stockholders’ Equity
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.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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- Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
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Apple Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Accounts Payable
- Accounts payable exhibits a fluctuating pattern with notable peaks at the end of several years, particularly in December 2020 (63,846 million USD) and December 2021 (74,362 million USD). After reaching highs in late 2021 and early 2022, there is a moderate decline and variability through 2023 and into mid-2025, with values generally ranging between 42,000 and 68,000 million USD.
- Other Current Liabilities
- Other current liabilities show a generally upward movement over the observed periods. From around 36,000 million USD in late 2018, the values increase steadily to approximately 78,304 million USD by late 2024. The trend signals increasing short-term obligations alongside some periodic stabilization and minor dips.
- Deferred Revenue
- Deferred revenue maintains a gradual but consistent upward trajectory. Starting near 5,500 million USD at the end of 2018, it progressively reaches around 8,979 million USD by mid-2025. This suggests increasing receipts in advance, perhaps linked to subscription or service offerings that grow over time.
- Commercial Paper
- The commercial paper figures present significant volatility and irregular peaks. After a high near 12,000 million USD at the end of 2018, it declines and fluctuates sharply, with a low near 1,743 million USD in early 2022 and spikes again — notably 10,982 million USD in mid-2021 and 9,923 million USD in mid-2025. This irregular pattern indicates varying short-term debt issuance possibly linked to funding strategies or market conditions.
- Current Portion of Term Debt
- Current portion of term debt demonstrates substantial variance, with values oscillating between approximately 7,216 million USD and 14,009 million USD during the period. Peaks around mid-2022 with gradual normalization toward mid-2025 suggest refinancing or repayments occurring irregularly but without a clear trend of either build-up or reduction.
- Current Liabilities
- The total current liabilities reflect notable growth highlighted by significant spikes at the end of calendar years 2020, 2021, 2022, and 2024. After an initial range around 90,000 to 105,000 million USD in 2018-2019, liabilities surge to over 176,000 million USD by the end of 2024, indicating an increase in short-term financial obligations that may influence liquidity management.
- Non-Current Portion of Term Debt
- This liability category shows a downward trend from approximately 93,000 million USD at the end of 2018 to around 78,000 million USD by mid-2025. The decline suggests steady repayment or refinancing of longer-term obligations over time, with occasional minor recoveries.
- Other Non-Current Liabilities
- Other non-current liabilities display a fluctuating yet decreasing trend from about 54,555 million USD at the end of 2018 toward approximately 42,000 million USD in mid-2025. Periodic dips and rebounds indicate ongoing adjustments, but the general decline points to reduced long-term contingent liabilities or other obligations.
- Non-Current Liabilities
- The total non-current liabilities show a gradual decrease from roughly 147,544 million USD at 2018 year-end to about 124,545 million USD by mid-2025. This reduction is consistent with the observed decreases in the non-current portion of term debt and other non-current liabilities, implying debt servicing and liability management over the medium term.
- Total Liabilities
- Total liabilities experience considerable fluctuations with notable increases near the turn of each calendar year, especially peaking at approximately 309,259 million USD in December 2021 and again above 308,000 million USD at the end of 2024. Despite interim decreases, the overall liability base remains elevated, likely reflecting operational scale and financial structuring.
- Common Stock and Additional Paid-in Capital
- Equity capital steadily increases over the period from around 41,000 million USD at 2018 year-end to nearly 90,000 million USD by mid-2025. This reflects ongoing capital contributions or capital stock issuance, supporting the growth in shareholders’ equity despite periodic fluctuations elsewhere.
- Retained Earnings (Accumulated Deficit)
- Retained earnings decline significantly from 80,510 million USD at the end of 2018 to negative territory by late 2022, reaching deficits as large as -19,154 million USD in early 2025. Some recovery fluctuations occur after periods of negative balances, indicating volatile earnings retention likely impacted by expenses, write-downs, or dividend payments over time.
- Accumulated Other Comprehensive Income (Loss)
- This component shows persistent negative values throughout the dataset, with losses deepening over the years, moving from -3,588 million USD at the end of 2018 to around -6,369 million USD by mid-2025. The widening negative balance points to ongoing unfavorable adjustments from foreign currency translation, hedging, or valuation changes.
- Shareholders’ Equity
- Shareholders’ equity fluctuates but overall trends downward from 117,892 million USD at the end of 2018 to about 65,830 million USD in mid-2025. Peaks and troughs correspond to changes in retained earnings and capital stock, with notable declines during periods of negative retained earnings, indicating profitability pressures outweighing capital increases.
- Total Liabilities and Shareholders’ Equity
- The total sum of liabilities and equity shows steady growth with occasional quarterly dips. From roughly 373,719 million USD at the end of 2018, the total grows to above 364,980 million USD by late 2024 before slightly declining into mid-2025. The pattern suggests expansion in the balance sheet size over the period with adjustments to both liability and equity components.