Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Apple Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Sep 27, 2025	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020
Net income	112,010)	93,736)	96,995)	99,803)	94,680)	57,411)
Depreciation and amortization	11,698)	11,445)	11,519)	11,104)	11,284)	11,056)
Share-based compensation expense	12,863)	11,688)	10,833)	9,038)	7,906)	6,829)
Other	(89)	(2,266)	(2,227)	1,006)	(4,921)	(312)
Accounts receivable, net	(6,682)	(3,788)	(1,688)	(1,823)	(10,125)	6,917)
Vendor non-trade receivables	(347)	(1,356)	1,271)	(7,520)	(3,903)	1,553)
Inventories	1,400)	(1,046)	(1,618)	1,484)	(2,642)	(127)
Other current and non-current assets	(9,197)	(11,731)	(5,684)	(6,499)	(8,042)	(9,588)
Accounts payable	902)	6,020)	(1,889)	9,448)	12,326)	(4,062)
Other current and non-current liabilities	(11,076)	15,552)	3,031)	6,110)	7,475)	10,997)
Changes in operating assets and liabilities	(25,000)	3,651)	(6,577)	1,200)	(4,911)	5,690)
Adjustments to reconcile net income to cash generated by operating activities	(528)	24,518)	13,548)	22,348)	9,358)	23,263)
Cash generated by operating activities	111,482)	118,254)	110,543)	122,151)	104,038)	80,674)
Purchases of marketable securities	(24,407)	(48,656)	(29,513)	(76,923)	(109,558)	(114,938)
Proceeds from maturities of marketable securities	40,907)	51,211)	39,686)	29,917)	59,023)	69,918)
Proceeds from sales of marketable securities	12,890)	11,135)	5,828)	37,446)	47,460)	50,473)
Payments for acquisition of property, plant and equipment	(12,715)	(9,447)	(10,959)	(10,708)	(11,085)	(7,309)
Other	(1,480)	(1,308)	(1,337)	(2,086)	(385)	(2,433)
Cash (used in) generated by investing activities	15,195)	2,935)	3,705)	(22,354)	(14,545)	(4,289)
Payments for taxes related to net share settlement of equity awards	(5,960)	(5,441)	(5,431)	(6,223)	(6,556)	(3,634)
Payments for dividends and dividend equivalents	(15,421)	(15,234)	(15,025)	(14,841)	(14,467)	(14,081)
Repurchases of common stock	(90,711)	(94,949)	(77,550)	(89,402)	(85,971)	(72,358)
Proceeds from issuance of term debt, net	4,481)	—)	5,228)	5,465)	20,393)	16,091)
Repayments of term debt	(10,932)	(9,958)	(11,151)	(9,543)	(8,750)	(12,629)
Proceeds from (repayments of) commercial paper, net	(2,032)	3,960)	(3,978)	3,955)	1,022)	(963)
Other	(111)	(361)	(581)	(160)	976)	754)
Cash used in financing activities	(120,686)	(121,983)	(108,488)	(110,749)	(93,353)	(86,820)
Increase (decrease) in cash, cash equivalents, and restricted cash and cash equivalents	5,991)	(794)	5,760)	(10,952)	(3,860)	(10,435)
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances	29,943)	30,737)	25,977)	35,929)	39,789)	50,224)
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	35,934)	29,943)	31,737)	24,977)	35,929)	39,789)

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 financial data presents a comprehensive view of key performance indicators over six consecutive years, reflecting various trends in profitability, operational efficiency, investing, and financing activities.

Net Income

Net income showed a generally positive trajectory, increasing substantially from 57,411 million USD in 2020 to 112,010 million USD by 2025, despite some fluctuations with a slight dip in 2023 and 2024. The overall upward trend indicates ongoing profitability growth over the period.

Depreciation and Amortization

This expense remained relatively stable over the years, fluctuating narrowly around 11,000 to 12,000 million USD, signaling consistent capital asset usage and expense recognition without significant variation.

Share-based Compensation Expense

Share-based compensation steadily increased from 6,829 million USD in 2020 to 12,863 million USD in 2025, indicating growing employee stock-based incentives or expanded workforce compensation through equity.

Working Capital Items

Accounts Receivable and Vendor Non-trade Receivables: These items showed considerable volatility, with accounts receivable ranging from positive to negative values, reflecting irregular collection patterns or reclassifications. Vendor non-trade receivables shifted from positive to negative values and back, indicating fluctuations in related party transactions or settlement timing.
Inventories: Inventories fluctuated throughout the period, alternating between negative and positive values, which may suggest changing inventory management strategies or varying demand and supply chain dynamics.
Accounts Payable and Other Liabilities: Accounts payable showed inconsistency, moving from negative to positive values and back again, indicating changes in payment cycles or supplier credit terms. Other current and non-current liabilities generally declined over time but showed a notable spike in 2024 before reversing sharply in 2025.
Changes in Operating Assets and Liabilities: This metric reflected volatile cash flow impacts, with values swinging between positive and negative, underscoring varying working capital requirements year to year.

Cash Generated by Operating Activities

Operating cash flow showed strong growth from 80,674 million USD in 2020 to a peak in 2022 at 122,151 million USD, maintaining relatively high levels thereafter but with slight reductions through 2025, consistent with profitable operations supporting cash generation.

Investing Activities

Marketable Securities

Purchases of marketable securities consistently exceeded proceeds from sales and maturities until around 2023, reflecting a shift in investment strategy with reduced purchases and increased liquidations in more recent years, resulting in positive net cash flow from investing in 2023 through 2025.

Property, Plant, and Equipment Purchases

Capital expenditures remained significant and relatively steady, fluctuating between 7,300 and 12,700 million USD, indicating ongoing investment in fixed assets to support operations.

Net Cash from Investing Activities

After several years of net cash outflow from investing, there was a notable positive cash flow in 2023, remaining positive in subsequent years, suggesting a strategic shift towards liquidity or asset sales.

Financing Activities

Dividends and Equity Repurchases: Dividend payments increased steadily from 14,081 million USD in 2020 to 15,421 million USD in 2025, illustrating a commitment to shareholder returns. Stock repurchases also remained high, consistently exceeding 70,000 million USD annually, highlighting aggressive capital return policies.
Debt Transactions: There was variability in term debt issuance and repayments with repayments generally exceeding issuances, indicating net debt reduction. Commercial paper activity showed minor fluctuations but overall contributed limited net cash impact.
Net Cash Used in Financing: The net cash used in financing activities remained substantially negative throughout, exceeding 86,000 million USD annually, predominantly driven by stock repurchases and dividend payments, underscoring the focus on returning capital to shareholders.
Cash Balances: Beginning and ending cash balances decreased initially from 50,224 million USD in 2020, bottoming out at 24,977 million USD in 2022, before recovering to 35,934 million USD by 2025. The net change in cash was negative for the first three years but turned positive from 2023 onward, corresponding with improved investing cash flow and stable operating cash flow.

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Apple Inc. (NASDAQ:AAPL)

Cash Flow Statement