Apple Inc. (AAPL) Balance Sheet
AAPL balance sheet, FY2025
September 30, 2025 · U.S. dollars$359.24B assets = $285.51B liabilities + $73.73B equity
Both columns are drawn to the same scale: what AAPL owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AAPL financial health
Current ratio0.89
Tight · current assets cover current liabilities 0.89×
Debt / equity1.52
High leverage · $1.52 of debt for each $1 of equity
Equity / assets20.5%
Balanced · of assets funded by shareholders
Cash / debt48.7%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
AAPL balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $321.69BFY2016 | $359.24BFY2025 | +1.2%/yr | |
| Total liabilities | $193.44BFY2016 | $285.51BFY2025 | +4.4%/yr | |
| Shareholders’ equity | $128.25BFY2016 | $73.73BFY2025 | −6.0%/yr | |
| Cash & short-term investments | $67.16BFY2016 | $54.70BFY2025 | −2.3%/yr | |
| Total debt | $87.03BFY2016 | $112.38BFY2025 | +2.9%/yr | |
| Net cash (debt) | −$19.88BFY2016 | −$57.68BFY2025 | −$37.8B | |
| Working capital | $27.86BFY2016 | −$17.67BFY2025 | −$45.5B | |
| Book value per share | $5.83FY2016 | $4.91FY2025 | −1.9%/yr | |
| Current ratio | 1.35FY2016 | 0.89FY2025 | −0.46 | |
| Debt / equity | 0.68FY2016 | 1.52FY2025 | +0.85 | |
| Shares outstanding | 22.00BFY2016 | 15.00BFY2025 | −4.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AAPL assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
AAPL liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
AAPL debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AAPL balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $54.70B | $65.17B | $61.55B | $48.30B | $62.64B | $90.94B | $100.56B | $66.30B | $74.18B | $67.16B |
| Cash & equivalents | $35.93B | $29.94B | $29.96B | $23.65B | $34.94B | $38.02B | $48.84B | $25.91B | $20.29B | $20.48B |
| Short-term investments | $18.76B | $35.23B | $31.59B | $24.66B | $27.70B | $52.93B | $51.71B | $40.39B | $53.89B | $46.67B |
| Receivables | $72.96B | $66.24B | $29.51B | $28.18B | $26.28B | $16.12B | $22.93B | $23.19B | $35.67B | $29.30B |
| Inventory | $5.72B | $7.29B | $6.33B | $4.95B | $6.58B | $4.06B | $4.11B | $3.96B | $4.86B | $2.13B |
| Other current assets | $14.59B | $14.29B | $46.17B | $53.97B | $39.34B | $32.59B | $35.23B | $37.90B | $13.94B | $8.28B |
| Total current assets | $147.96B | $152.99B | $143.57B | $135.41B | $134.84B | $143.71B | $162.82B | $131.34B | $128.65B | $106.87B |
| Property, plant & equipment (net) | $49.83B | $45.68B | $43.72B | $42.12B | $39.44B | $36.77B | $37.38B | $41.30B | $33.78B | $27.01B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $8.02B | $8.62B |
| Long-term investments | $77.72B | $91.48B | $100.54B | $120.81B | $127.88B | $100.89B | $105.34B | $170.80B | $194.71B | $170.43B |
| Other non-current assets | $83.73B | $74.83B | $64.76B | $54.43B | $48.85B | $42.52B | $32.98B | $22.28B | $10.16B | $8.76B |
| Total assets | $359.24B | $364.98B | $352.58B | $352.75B | $351.00B | $323.89B | $338.52B | $365.73B | $375.32B | $321.69B |
| Liabilities | ||||||||||
| Accounts payable | $69.86B | $68.96B | $62.61B | $64.11B | $54.76B | $42.30B | $46.24B | $55.89B | $44.24B | $37.29B |
| Short-term debt | $22.45B | $22.51B | $15.81B | $21.11B | $15.61B | $13.77B | $16.24B | $20.75B | $18.47B | $11.61B |
| Deferred revenue | $9.05B | $8.25B | $8.06B | $7.91B | $7.61B | $6.64B | $5.52B | $7.54B | $7.55B | $8.08B |
| Total current liabilities | $165.63B | $176.39B | $145.31B | $153.98B | $125.48B | $105.39B | $105.72B | $116.87B | $100.81B | $79.01B |
| Long-term debt | $79.02B | $86.50B | $96.14B | $99.77B | $109.11B | $98.67B | $91.81B | $93.73B | $97.21B | $75.43B |
| Lease obligations | — | — | $12.84B | $12.41B | $11.80B | $9.84B | — | — | — | — |
| Other long-term liabilities | $40.86B | $45.14B | $48.99B | $48.33B | $53.33B | $54.49B | $50.50B | $47.98B | $43.25B | $39.00B |
| Total liabilities | $285.51B | $308.03B | $290.44B | $302.08B | $287.91B | $258.55B | $248.03B | $258.58B | $241.27B | $193.44B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $93.57B | $83.28B | $73.81B | $64.85B | $57.37B | $50.78B | $45.17B | $40.20B | $35.87B | $31.25B |
| Retained earnings (deficit) | −$14.26B | −$19.15B | −$214.0M | −$3.07B | $5.56B | $14.97B | $45.90B | $70.40B | $98.33B | $96.36B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | — |
| Accumulated other comprehensive income | −$5.57B | −$7.17B | −$11.45B | −$11.11B | $163.0M | −$406.0M | −$584.0M | −$3.45B | −$150.0M | $634.0M |
| Total shareholders' equity | $73.73B | $56.95B | $62.15B | $50.67B | $63.09B | $65.34B | $90.49B | $107.15B | $134.05B | $128.25B |
| Key figures | ||||||||||
| Total debt | $112.38B | $119.06B | $111.95B | $120.88B | $124.72B | $112.44B | $108.05B | $114.48B | $115.68B | $87.03B |
| Net cash (debt) | −$57.68B | −$53.89B | −$50.39B | −$72.58B | −$62.08B | −$21.49B | −$7.49B | −$48.18B | −$41.50B | −$19.88B |
| Working capital | −$17.67B | −$23.41B | −$1.74B | −$18.58B | $9.36B | $38.32B | $57.10B | $14.47B | $27.83B | $27.86B |
| Tangible book value | $73.73B | $56.95B | $62.15B | $50.67B | $63.09B | $65.34B | $90.49B | $107.15B | $126.03B | $119.63B |
| Book value per share | $4.91 | $3.70 | $3.93 | $3.10 | $3.74 | $3.73 | $4.87 | $5.36 | $6.38 | $5.83 |
| Shares outstanding | 15.00B | 15.41B | 15.81B | 16.33B | 16.86B | 17.53B | 18.60B | 20.00B | 21.01B | 22.00B |
| Current ratio | 0.89 | 0.87 | 0.99 | 0.88 | 1.07 | 1.36 | 1.54 | 1.12 | 1.28 | 1.35 |
| Quick ratio | 0.77 | 0.75 | 0.63 | 0.50 | 0.71 | 1.02 | 1.17 | 0.77 | 1.09 | 1.22 |
| Debt / equity | 1.52 | 2.09 | 1.80 | 2.39 | 1.98 | 1.72 | 1.19 | 1.07 | 0.86 | 0.68 |
| Equity / assets | 20.5% | 15.6% | 17.6% | 14.4% | 18.0% | 20.2% | 26.7% | 29.3% | 35.7% | 39.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $62.40B | $68.51B | $66.91B | $54.70B | $55.37B | $48.50B | $53.77B | $65.17B | $61.80B | $67.15B | $73.10B | $61.55B |
| Cash & equivalents | $39.54B | $36.33B | $45.32B | $35.93B | $36.27B | $28.16B | $30.30B | $29.94B | $25.57B | $32.70B | $40.76B | $29.96B |
| Short-term investments | $22.86B | $32.18B | $21.59B | $18.76B | $24.91B | $20.34B | $23.48B | $35.23B | $36.24B | $34.45B | $32.34B | $31.59B |
| Receivables | $58.91B | $53.51B | $70.32B | $72.96B | $46.84B | $49.80B | $59.31B | $66.24B | $43.17B | $41.15B | $50.10B | $60.98B |
| Inventory | $11.09B | $6.75B | $5.88B | $5.72B | $5.92B | $6.27B | $6.91B | $7.29B | $6.17B | $6.23B | $6.51B | $6.33B |
| Other current assets | $17.42B | $15.35B | $15.00B | $14.59B | $14.36B | $14.11B | $13.25B | $14.29B | $14.30B | $13.88B | $13.98B | $14.70B |
| Total current assets | $149.82B | $144.11B | $158.10B | $147.96B | $122.49B | $118.67B | $133.24B | $152.99B | $125.44B | $128.42B | $143.69B | $143.57B |
| Property, plant & equipment (net) | $51.43B | $50.12B | $50.16B | $49.83B | $48.51B | $46.88B | $46.07B | $45.68B | $44.50B | $43.55B | $43.67B | $54.38B |
| Goodwill & intangible assets | $20.34B | $21.33B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $84.12B | $78.09B | $77.89B | $77.72B | $77.61B | $84.42B | $87.59B | $91.48B | $91.24B | $95.19B | $99.47B | $100.54B |
| Other non-current assets | $77.56B | $77.43B | $93.15B | $83.73B | $82.88B | $81.26B | $77.18B | $74.83B | $70.44B | $70.26B | $66.68B | $54.10B |
| Total assets | $383.27B | $371.08B | $379.30B | $359.24B | $331.50B | $331.23B | $344.08B | $364.98B | $331.61B | $337.41B | $353.51B | $352.58B |
| Liabilities | ||||||||||||
| Accounts payable | $64.53B | $57.35B | $70.59B | $69.86B | $50.37B | $54.13B | $61.91B | $68.96B | $47.57B | $45.75B | $58.15B | $62.61B |
| Short-term debt | $12.97B | $10.31B | $13.82B | $22.45B | $19.27B | $19.62B | $12.84B | $22.51B | $15.11B | $12.76B | $12.95B | $17.38B |
| Deferred revenue | $9.54B | $9.33B | $9.41B | $9.05B | $8.98B | $8.98B | $8.46B | $8.25B | $8.05B | $8.01B | $8.26B | $8.06B |
| Total current liabilities | $149.33B | $134.64B | $162.37B | $165.63B | $141.12B | $144.57B | $144.37B | $176.39B | $131.62B | $123.82B | $133.97B | $145.31B |
| Long-term debt | $71.34B | $74.40B | $76.69B | $78.33B | $82.43B | $78.57B | $83.96B | $85.75B | $86.20B | $91.83B | $95.09B | $95.28B |
| Lease obligations | — | — | — | — | — | — | — | — | — | — | — | $12.84B |
| Other long-term liabilities | $55.08B | $55.55B | $52.05B | $41.55B | $42.12B | $41.30B | $49.01B | $45.89B | $47.08B | $47.56B | $50.35B | $49.85B |
| Total liabilities | $275.75B | $264.59B | $291.11B | $285.51B | $265.67B | $264.44B | $277.33B | $308.03B | $264.90B | $263.22B | $279.41B | $290.44B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $100.70B | $99.51B | $95.22B | $93.57B | $89.81B | $88.71B | $84.77B | $83.28B | $79.85B | $78.81B | $75.24B | $73.81B |
| Retained earnings (deficit) | $11.33B | $12.36B | −$2.18B | −$14.26B | −$17.61B | −$15.55B | −$11.22B | −$19.15B | −$4.73B | $4.34B | $8.24B | −$214.0M |
| Accumulated other comprehensive income | −$4.51B | −$5.38B | −$4.85B | −$5.57B | −$6.37B | −$6.36B | −$6.79B | −$7.17B | −$8.42B | −$8.96B | −$9.38B | −$11.45B |
| Total shareholders' equity | $107.52B | $106.49B | $88.19B | $73.73B | $65.83B | $66.80B | $66.76B | $56.95B | $66.71B | $74.19B | $74.10B | $62.15B |
| Key figures | ||||||||||||
| Total debt | $84.31B | $84.71B | $90.51B | $112.38B | $101.70B | $98.19B | $96.80B | $106.63B | $101.30B | $104.59B | $108.04B | $123.93B |
| Net cash (debt) | −$21.91B | −$16.20B | −$23.60B | −$57.68B | −$46.33B | −$49.69B | −$43.02B | −$41.46B | −$39.50B | −$37.44B | −$34.94B | −$62.38B |
| Working capital | $492.0M | $9.47B | −$4.26B | −$17.67B | −$18.63B | −$25.90B | −$11.12B | −$23.41B | −$6.19B | $4.59B | $9.72B | −$1.74B |
| Tangible book value | $87.18B | $85.16B | $88.19B | $73.73B | $65.83B | $66.80B | $66.76B | $56.95B | $66.71B | $74.19B | $74.10B | $62.15B |
| Book value per share | $7.29 | $7.21 | $5.95 | $4.91 | $4.40 | $4.44 | $4.41 | $3.70 | $4.35 | $4.80 | $4.76 | $3.97 |
| Shares outstanding | 14.75B | 14.77B | 14.81B | 15.00B | 14.95B | 15.06B | 15.15B | 15.41B | 15.35B | 15.46B | 15.58B | 15.67B |
| Current ratio | 1.00 | 1.07 | 0.97 | 0.89 | 0.87 | 0.82 | 0.92 | 0.87 | 0.95 | 1.04 | 1.07 | 0.99 |
| Quick ratio | 0.81 | 0.91 | 0.85 | 0.77 | 0.72 | 0.68 | 0.78 | 0.75 | 0.80 | 0.87 | 0.92 | 0.84 |
| Debt / equity | 0.78 | 0.80 | 1.03 | 1.52 | 1.54 | 1.47 | 1.45 | 1.87 | 1.52 | 1.41 | 1.46 | 1.99 |
| Equity / assets | 28.1% | 28.7% | 23.3% | 20.5% | 19.9% | 20.2% | 19.4% | 15.6% | 20.1% | 22.0% | 21.0% | 17.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed October 31, 2025); data from EODHD.
AAPL financial position
At the end of fiscal 2025 (September 30, 2025), Apple had total assets of $359.2 billion (down 1.6% from a year earlier), total liabilities of $285.5 billion and shareholders' equity of $73.7 billion. It held $54.7 billion in cash and short-term investments against $112.4 billion of debt, net debt of $57.7 billion. Its current ratio was 0.89. In the latest quarter (ended June 30, 2026) total assets were $383.3 billion and equity $107.5 billion.
Related: AAPL income statement, AAPL cash flow statement, AAPL key metrics. See the AAPL stock overview for the latest quote and news.
AAPL balance sheet FAQ
What are Apple's total assets?
Apple reported total assets of $359.2 billion at the end of fiscal 2025 (September 30, 2025), compared with $365.0 billion a year earlier.
How much debt does Apple have?
Apple had $112.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.52.
How much cash does Apple have?
Apple held $54.7 billion in cash and short-term investments at the end of fiscal 2025; with $112.4 billion of debt that is net debt of $57.7 billion.
What is Apple's book value?
Apple's shareholders' equity (book value) was $73.7 billion at the end of fiscal 2025, or $4.91 per share.
What is Apple's current ratio?
Apple had current assets of $148.0 billion and current liabilities of $165.6 billion, a current ratio of 0.89 (current liabilities exceed current assets).