Apple Inc. (AAPL) Cash Flow Statement
Where AAPL’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $111.48B −5.7% vs FY2024
- Capital expenditures
- $12.71B 3.1% of revenue
- Free cash flow
- $98.77B 23.7% margin
- Returned to shareholders
- $106.13B 107% of free cash flow
- Change in cash
- $5.99B cash at year-end $35.93B
Cash from operations
$111.48B
Capital expenditures
−$12.71B
Investments (net)
+$29.39B
Acquisitions & other
−$1.48B
Dividends
−$15.42B
Share buybacks (net)
−$90.71B
Net borrowing (repayment)
−$8.48B
Other financing
−$6.07B
Change in cash
$5.99B
Drawn to scale: where the cash came from and how it was used. Hover for values.
AAPL operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
AAPL cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $65.82BFY2016 | $111.48BFY2025 | +6.0%/yr | |
| Capital expenditures | $12.73BFY2016 | $12.71BFY2025 | −0.0%/yr | |
| Free cash flow | $52.28BFY2016 | $98.77BFY2025 | +7.3%/yr | |
| Free cash flow margin | 24.2%FY2016 | 23.7%FY2025 | −0.5 pts | |
| Operating cash flow / net income | 1.44FY2016 | 1.00FY2025 | −0.45 | |
| Stock-based compensation | $4.21BFY2016 | $12.86BFY2025 | +13.2%/yr | |
| Dividends paid | $12.15BFY2016 | $15.42BFY2025 | +2.7%/yr | |
| Share buybacks (net) | $29.72BFY2016 | $90.71BFY2025 | +13.2%/yr | |
| Capex / revenue | 5.9%FY2016 | 3.1%FY2025 | −2.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AAPL cash flow by activity
OperatingInvestingFinancingChange in cash
AAPL net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AAPL cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $112.01B | $93.74B | $97.00B | $99.80B | $94.68B | $57.41B | $55.26B | $59.53B | $48.35B | $45.69B |
| Depreciation & amortization | $11.70B | $11.45B | $11.52B | $11.10B | $11.28B | $11.06B | $12.55B | $10.90B | $10.16B | $10.51B |
| Stock-based compensation | $12.86B | $11.69B | $10.83B | $9.04B | $7.91B | $6.83B | $6.07B | $5.34B | $4.84B | $4.21B |
| Change in working capital | −$25.00B | $3.65B | −$6.58B | $1.20B | −$4.91B | $5.69B | −$3.49B | $34.69B | −$5.55B | $484.0M |
| Other non-cash items | −$89.0M | −$2.27B | −$2.23B | $1.01B | −$4.92B | −$312.0M | −$992.0M | −$33.03B | $5.80B | $4.94B |
| Cash from operating activities | $111.48B | $118.25B | $110.54B | $122.15B | $104.04B | $80.67B | $69.39B | $77.43B | $63.60B | $65.82B |
| Investing activities | ||||||||||
| Capital expenditures | −$12.71B | −$9.45B | −$10.96B | −$10.71B | −$11.09B | −$7.31B | −$10.49B | −$13.31B | −$12.45B | −$12.73B |
| Investments (net) | $29.39B | $13.69B | $16.00B | −$9.56B | −$14.54B | −$4.29B | $45.90B | $30.84B | −$33.54B | −$32.02B |
| Acquisitions & other investing | −$1.48B | −$1.31B | −$1.34B | −$2.09B | $11.09B | $7.31B | $10.49B | −$1.47B | −$453.0M | −$1.22B |
| Cash from investing activities | $15.20B | $2.94B | $3.71B | −$22.35B | −$14.54B | −$4.29B | $45.90B | $16.07B | −$46.45B | −$45.98B |
| Financing activities | ||||||||||
| Dividends paid | −$15.42B | −$15.23B | −$15.03B | −$14.84B | −$14.47B | −$14.08B | −$14.12B | −$13.71B | −$12.77B | −$12.15B |
| Share repurchases & issuance (net) | −$90.71B | −$94.95B | −$77.55B | −$89.40B | −$85.97B | −$72.36B | −$66.90B | −$72.74B | −$32.34B | −$29.72B |
| Net borrowing (repayment) | −$8.48B | −$6.00B | −$9.90B | −$123.0M | $12.66B | $2.50B | −$7.82B | $432.0M | $29.01B | $22.06B |
| Shares issued | $0 | $0 | $0 | $0 | $1.10B | $880.0M | $781.0M | $669.0M | $0 | $0 |
| Other financing | −$6.07B | −$5.80B | −$6.01B | −$6.38B | −$6.68B | −$3.76B | −$2.92B | −$2.53B | −$1.25B | −$668.0M |
| Cash from financing activities | −$120.69B | −$121.98B | −$108.49B | −$110.75B | −$93.35B | −$86.82B | −$90.98B | −$87.88B | −$17.35B | −$20.48B |
| Summary | ||||||||||
| Net change in cash | $5.99B | −$794.0M | $5.76B | −$10.95B | −$3.86B | −$10.44B | $24.31B | $5.62B | −$195.0M | −$636.0M |
| Cash at end of period | $35.93B | $29.94B | $30.74B | $24.98B | $35.93B | $39.79B | $50.22B | $25.91B | $20.29B | $20.48B |
| Free cash flow | $98.77B | $108.81B | $99.58B | $111.44B | $92.95B | $73.36B | $58.90B | $64.12B | $50.80B | $52.28B |
| Free cash flow margin | 23.7% | 27.8% | 26.0% | 28.3% | 25.4% | 26.7% | 22.6% | 24.1% | 22.2% | 24.2% |
| Capex / revenue | 3.1% | 2.4% | 2.9% | 2.7% | 3.0% | 2.7% | 4.0% | 5.0% | 5.4% | 5.9% |
| Operating cash flow / net income | 1.00 | 1.26 | 1.14 | 1.22 | 1.10 | 1.41 | 1.26 | 1.30 | 1.32 | 1.44 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $29.79B | $29.58B | $42.10B | $27.47B | $23.43B | $24.78B | $36.33B | $14.74B | $21.45B | $23.64B | $33.92B | $22.96B |
| Depreciation & amortization | $3.32B | $3.44B | $3.21B | $3.13B | $2.83B | $2.66B | $3.08B | $2.91B | $2.85B | $2.84B | $2.85B | $2.65B |
| Stock-based compensation | $3.40B | $3.53B | $3.59B | $3.18B | $3.17B | $3.23B | $3.29B | $2.86B | $2.87B | $2.96B | $3.00B | $2.62B |
| Change in working capital | −$1.82B | −$6.65B | $5.55B | −$5.71B | −$2.03B | −$6.51B | −$10.75B | $6.61B | $1.68B | −$5.76B | $1.12B | −$6.06B |
| Other non-cash items | −$320.0M | −$1.19B | −$528.0M | $1.66B | $469.0M | −$208.0M | −$2.01B | −$302.0M | $7.0M | −$982.0M | −$989.0M | −$576.0M |
| Cash from operating activities | $34.37B | $28.70B | $53.92B | $29.73B | $27.87B | $23.95B | $29.93B | $26.81B | $28.86B | $22.69B | $39.90B | $21.60B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.46B | −$1.97B | −$2.37B | −$3.24B | −$3.46B | −$3.07B | −$2.94B | −$2.91B | −$2.15B | −$2.00B | −$2.39B | −$2.16B |
| Investments (net) | −$5.11B | −$2.77B | −$2.36B | −$2.59B | $5.07B | $2.92B | $9.79B | $1.45B | −$127.0M | −$310.0M | $1.93B | $2.39B |
| Acquisitions & other investing | −$196.0M | −$1.43B | −$154.0M | $3.24B | $3.46B | $3.07B | $2.94B | $2.91B | $2.15B | $2.00B | $2.39B | $3.47B |
| Cash from investing activities | −$7.76B | −$6.17B | −$4.89B | −$2.59B | $5.07B | $2.92B | $9.79B | $1.45B | −$127.0M | −$310.0M | $1.93B | $3.71B |
| Financing activities | ||||||||||||
| Dividends paid | −$4.04B | −$3.82B | −$3.92B | −$3.86B | −$3.94B | −$3.76B | −$3.86B | −$3.80B | −$3.90B | −$3.71B | −$3.83B | −$3.76B |
| Share repurchases & issuance (net) | −$25.11B | −$12.29B | −$24.70B | −$20.13B | −$21.07B | −$25.90B | −$23.61B | −$25.08B | −$26.52B | −$23.20B | −$20.14B | −$21.00B |
| Net borrowing (repayment) | −$232.0M | −$5.75B | −$8.07B | −$3.22B | $2.71B | $976.0M | −$8.95B | $4.39B | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$3.27B | −$418.0M | −$2.96B | −$265.0M | −$2.52B | −$326.0M | −$2.96B | −$448.0M | −$5.60B | −$3.52B | −$6.62B | $1.61B |
| Cash from financing activities | −$32.64B | −$22.28B | −$39.66B | −$27.48B | −$24.83B | −$29.01B | −$39.37B | −$24.95B | −$36.02B | −$30.43B | −$30.59B | −$23.15B |
| Summary | ||||||||||||
| Net change in cash | −$6.03B | $255.0M | $9.38B | −$335.0M | $8.11B | −$2.14B | $356.0M | $3.31B | −$7.29B | −$8.05B | $11.24B | $839.0M |
| Cash at end of period | $39.54B | $45.57B | $45.32B | $35.93B | $36.27B | $28.16B | $30.30B | $29.94B | $26.64B | $33.92B | $41.97B | $30.74B |
| Free cash flow | $31.91B | $26.73B | $51.55B | $26.49B | $24.41B | $20.88B | $27.00B | $23.90B | $26.71B | $20.69B | $37.50B | $19.43B |
| Free cash flow margin | 29.2% | 24.0% | 35.9% | 25.8% | 26.0% | 21.9% | 21.7% | 25.2% | 31.1% | 22.8% | 31.4% | 21.7% |
| Capex / revenue | 2.2% | 1.8% | 1.7% | 3.2% | 3.7% | 3.2% | 2.4% | 3.1% | 2.5% | 2.2% | 2.0% | 2.4% |
| Operating cash flow / net income | 1.15 | 0.97 | 1.28 | 1.08 | 1.19 | 0.97 | 0.82 | 1.82 | 1.35 | 0.96 | 1.18 | 0.94 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
AAPL cash generation
In fiscal 2025 (ended September 30, 2025), Apple generated $111.5 billion of cash from operations (down 5.7%) and spent $12.7 billion on capital expenditures, leaving free cash flow of $98.8 billion, 23.7% of revenue. It returned $106.1 billion to shareholders through dividends ($15.4 billion) and net share buybacks ($90.7 billion). Cash and equivalents rose by $6.0 billion over the year.
Related: AAPL income statement, AAPL balance sheet, AAPL dividend history. See the AAPL stock overview for the latest quote and news.
AAPL cash flow FAQ
What is Apple's free cash flow?
Apple's free cash flow was $98.8 billion in fiscal 2025: $111.5 billion of operating cash flow minus $12.7 billion of capital expenditures It was $108.8 billion a year earlier..
How much cash does Apple generate from operations?
Apple generated $111.5 billion of cash from operating activities in fiscal 2025, 1.00 times its net income of $112.0 billion.
How much does Apple spend on capital expenditures?
Apple spent $12.7 billion on capital expenditures in fiscal 2025, 3.1% of revenue, compared with $9.4 billion the year before.
How much stock does Apple buy back?
Apple spent $90.7 billion on net share repurchases in fiscal 2025.
How much does Apple pay in dividends?
Apple paid $15.4 billion in dividends in fiscal 2025, 15.6% of free cash flow.