Despite erratic working capital cycles, the company maintains robust liquidity with a 35.9% free cash flow margin in 2026Q1, while consistently deploying over $20 billion per quarter toward share repurchases.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Cash from Operations | 140.22B | 111.48B | 118.25B | 110.54B | 122.15B | 104.04B | 80.67B | 69.39B | 77.43B | 64.22B | 66.23B | 81.27B | 59.71B | 53.67B | 50.86B | 37.53B | 18.59B | 10.16B | 9.6B | 5.47B | 2.22B | 2.54B | 934M | 289M | 89M | 185M | 868M | 822M | 775M | 154M | 408M |
| Operating CF Margin % | - | 26.79% | 30.24% | 28.84% | 30.98% | 28.44% | 29.39% | 26.67% | 29.15% | 28.02% | 30.71% | 34.77% | 32.67% | 31.4% | 32.49% | 34.67% | 28.51% | 23.85% | 29.55% | 22.79% | 11.49% | 18.2% | 11.28% | 4.66% | 1.55% | 3.45% | 10.87% | 13.4% | 13.04% | 2.17% | 4.15% |
| Operating CF Growth % | 107.42% | -5.73% | 6.98% | -9.5% | 17.41% | 28.96% | 16.26% | -10.39% | 20.57% | -3.03% | -18.5% | 36.09% | 11.27% | 5.53% | 35.51% | 101.82% | 83.04% | 5.87% | 75.43% | 146.4% | -12.43% | 171.41% | 223.18% | 224.72% | -51.89% | -78.69% | 5.6% | 6.06% | 403.25% | -62.25% | 270% |
| Net Income | 122.58B | 112.01B | 93.74B | 97B | 99.8B | 94.68B | 57.41B | 55.26B | 59.53B | 48.35B | 45.69B | 53.39B | 39.51B | 37.04B | 41.73B | 25.92B | 14.01B | 8.23B | 6.12B | 3.5B | 1.99B | 1.33B | 266M | 68M | 65M | -37M | 786M | 601M | 309M | -1.04B | -816M |
| Depreciation & Amortization | 12.61B | 11.7B | 11.45B | 11.52B | 11.1B | 11.28B | 11.06B | 12.55B | 10.9B | 10.16B | 10.51B | 11.26B | 7.95B | 6.76B | 3.28B | 1.81B | 1.03B | 734M | 496M | 317M | 225M | 179M | 150M | 113M | 114M | 100M | 84M | 85M | 111M | 118M | 116M |
| Stock-Based Compensation | 13.47B | 12.86B | 11.69B | 10.83B | 9.04B | 7.91B | 6.83B | 6.07B | 5.34B | 4.84B | 4.21B | 3.59B | 2.86B | 2.25B | 1.74B | 1.17B | 879M | 710M | 516M | 242M | 163M | 49M | 46M | 16M | 5M | 2M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 895M | -4.77B | -215M | -340M | -32.59B | 5.97B | 4.94B | 1.38B | 2.35B | 1.14B | 4.41B | 2.87B | 1.44B | 1.04B | 398M | 78M | 53M | 50M | 19M | -4M | -34M | -36M | 163M | -35M | 1M | -50M | -437M |
| Other Non-Cash Items | 411M | -89M | -2.27B | -2.23B | 111M | -147M | -97M | -652M | -444M | -166M | 486M | 385M | 0 | 0 | 0 | 0 | 0 | 26M | 22M | 12M | 15M | 437M | 85M | -23M | 51M | -55M | -357M | -230M | -33M | 412M | 16M |
| Working Capital Changes | -8.85B | -25B | 3.65B | -6.58B | 1.2B | -4.91B | 5.69B | -3.49B | 34.69B | -4.92B | 405M | 11.26B | 7.05B | 6.48B | -299M | 5.76B | 1.24B | -586M | 2.04B | 1.32B | -225M | 492M | 368M | 119M | -112M | 211M | 192M | 401M | 387M | 719M | 1.53B |
| Change in Receivables | -4.16B | -7.03B | -5.14B | -417M | -9.34B | -14.03B | 8.47B | 3.18B | -13.33B | -6.35B | 476M | -3.32B | -6.45B | -1.95B | -6.96B | -1.79B | -4.86B | -353M | -675M | -385M | -357M | -121M | -8M | -201M | -99M | 487M | -272M | 274M | 72M | 469M | 435M |
| Change in Inventory | -542M | 1.4B | -1.05B | -1.62B | 1.48B | -2.64B | -127M | -289M | 828M | -2.72B | 217M | -238M | -76M | -973M | -15M | 275M | -596M | 54M | -163M | -76M | -105M | -64M | -45M | -11M | -34M | 22M | -13M | 58M | 359M | 225M | 1.11B |
| Change in Payables | 3.21B | 902M | 6.02B | -1.89B | 9.45B | 12.33B | -4.06B | -1.92B | 9.18B | 8.97B | 2.12B | 5B | 5.94B | 2.34B | 4.47B | 2.52B | 6.31B | 92M | 596M | 1.49B | 1.61B | 328M | 297M | 243M | 110M | -356M | 318M | 95M | 34M | -107M | -373M |
| Cash from Investing | -8.57B | 15.2B | 2.94B | 3.71B | -22.35B | -14.54B | -4.29B | 45.9B | 16.07B | -46.45B | -45.98B | -56.27B | -22.58B | -33.77B | -48.23B | -40.42B | -13.85B | -17.43B | -8.19B | -3.25B | 357M | -2.56B | -1.49B | 828M | -252M | 892M | -972M | -988M | -543M | -499M | -8M |
| Capital Expenditures | -11.05B | -12.71B | -9.45B | -10.96B | -10.71B | -11.09B | -7.31B | -10.49B | -13.31B | -12.79B | -13.55B | -11.49B | -9.81B | -9.08B | -9.4B | -7.45B | -2.12B | -1.21B | -1.2B | -986M | -657M | -260M | -176M | -164M | -174M | -232M | -107M | -47M | -56M | -53M | -67M |
| CapEx % of Revenue | 2.45% | 3.06% | 2.42% | 2.86% | 2.72% | 3.03% | 2.66% | 4.03% | 5.01% | 5.58% | 6.28% | 4.92% | 5.37% | 5.31% | 6.01% | 6.88% | 3.25% | 2.85% | 3.69% | 4.11% | 3.4% | 1.87% | 2.13% | 2.64% | 3.03% | 4.33% | 1.34% | 0.77% | 0.94% | 0.75% | 0.68% |
| Acquisitions | 0 | 0 | 0 | 0 | -306M | -33M | -1.52B | -624M | -721M | -329M | -297M | -343M | -3.77B | -496M | -350M | -244M | -638M | 0 | -220M | 0 | 40M | 0 | 0 | 0 | -52M | -19M | 372M | 245M | 24M | -384M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.43B | -1.48B | -1.31B | -1.34B | -1.78B | -352M | -909M | -1.08B | -745M | -124M | -924M | -26M | 26M | -160M | -48M | -259M | -20M | -74M | -10M | 49M | 10M | -21M | 11M | 33M | -7M | -18M | -34M | 8M | -20M | -73M | 9M |
| Cash from Financing | -114.24B | -120.69B | -121.98B | -108.49B | -110.75B | -93.35B | -86.82B | -90.98B | -87.88B | -17.97B | -20.89B | -17.72B | -37.55B | -16.38B | -1.7B | 1.44B | 1.26B | 663M | 1.12B | 739M | 324M | 543M | 127M | 27M | 105M | 42M | -31M | 11M | 19M | 23M | 396M |
| Debt Issued (Net) | -14.33B | -8.48B | -6B | -9.9B | -123M | 12.66B | 2.5B | -7.82B | 432M | 25.16B | 22.06B | 29.3B | 11.96B | 16.9B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300M | 0 | 0 | 0 | 0 | 0 | -22M | -161M | 371M |
| Equity Issued (Net) | -78.2B | -90.71B | -94.95B | -77.55B | -89.4B | -84.87B | -71.48B | -66.12B | -72.07B | -34.77B | -31.29B | -36.75B | -46.16B | -23.94B | 665M | 831M | 912M | 475M | 483M | 365M | -37M | 543M | 427M | 27M | 105M | 42M | -31M | 11M | 41M | 184M | 39M |
| Dividends Paid | -15.55B | -15.42B | -15.23B | -15.03B | -14.84B | -14.47B | -14.08B | -14.12B | -13.71B | -12.77B | -12.15B | -11.56B | -11.13B | -10.56B | -2.49B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14M |
| Share Repurchases | -78.2B | -90.71B | -94.95B | -77.55B | -89.4B | -85.97B | -72.36B | -66.9B | -72.74B | -32.9B | -29.72B | -35.25B | -45B | -22.86B | 0 | 0 | 0 | 0 | 0 | -3M | -355M | 0 | 0 | -26M | 0 | 0 | -116M | -75M | 0 | 0 | 0 |
| Other Financing | -6.17B | -6.07B | -5.8B | -6.01B | -6.38B | -6.68B | -3.76B | -2.92B | -2.53B | 4.41B | 495M | 1.29B | 7.78B | 1.23B | 125M | 613M | 345M | 188M | 633M | 374M | 6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 17.41B | 5.99B | -794M | 5.76B | -10.95B | -3.86B | -10.44B | 24.31B | 5.62B | -195M | -636M | 7.28B | -415M | 3.51B | 931M | -1.45B | 6B | -6.61B | 2.52B | 2.96B | 2.9B | 522M | -427M | 1.14B | -58M | 1.12B | -135M | -155M | 251M | -322M | 796M |
| Free Cash Flow | 129.17B | 98.77B | 108.81B | 99.58B | 111.44B | 92.95B | 73.36B | 58.9B | 64.12B | 51.43B | 52.68B | 69.78B | 49.9B | 44.59B | 41.45B | 30.08B | 16.47B | 8.95B | 8.4B | 4.48B | 1.56B | 2.27B | 758M | 125M | -85M | -47M | 761M | 775M | 719M | 101M | 341M |
| FCF Margin % | 28.61% | 23.73% | 27.83% | 25.98% | 28.26% | 25.41% | 26.73% | 22.64% | 24.14% | 22.44% | 24.43% | 29.86% | 27.3% | 26.09% | 26.49% | 27.79% | 25.26% | 21% | 25.85% | 18.68% | 8.09% | 16.33% | 9.16% | 2.01% | -1.48% | -0.88% | 9.53% | 12.63% | 12.1% | 1.43% | 3.47% |
| FCF Growth % | 31.16% | -9.23% | 9.26% | -10.64% | 19.89% | 26.7% | 24.57% | -8.15% | 24.68% | -2.38% | -24.5% | 39.84% | 11.91% | 7.56% | 37.83% | 82.57% | 84.15% | 6.54% | 87.27% | 186.88% | -31.3% | 200.13% | 506.4% | 247.06% | -80.85% | -106.18% | -1.81% | 7.79% | 611.88% | -70.38% | 185.46% |
| FCF per Share | 8.75 | 6.58 | 7.06 | 6.30 | 6.83 | 5.51 | 4.19 | 3.17 | 3.21 | 2.45 | 2.39 | 3.01 | 2.04 | 1.71 | 1.57 | 1.15 | 0.64 | 0.35 | 0.33 | 0.18 | 0.06 | 0.09 | 0.03 | 0.01 | -0.00 | -0.00 | 0.04 | 0.04 | 0.04 | 0.01 | 0.02 |
| FCF Conversion (FCF/Net Income) | 1.05x | 1.00x | 1.26x | 1.14x | 1.22x | 1.10x | 1.41x | 1.26x | 1.30x | 1.33x | 1.45x | 1.52x | 1.51x | 1.45x | 1.22x | 1.45x | 1.33x | 1.23x | 1.99x | 1.57x | 1.12x | 1.91x | 3.51x | 4.19x | 1.37x | -7.40x | 1.10x | 1.37x | 2.51x | -0.15x | -0.50x |
| Interest Paid | 0 | 0 | 0 | 3.8B | 2.87B | 2.69B | 3B | 3.42B | 3.02B | 2.09B | 1.32B | 514M | 339M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20M | 20M | 20M | 20M | 58M | 59M | 0 | 49M |
| Taxes Paid | -11.29B | 43.37B | 26.1B | 18.68B | 19.57B | 25.39B | 9.5B | 15.26B | 10.42B | 11.59B | 10.44B | 13.25B | 10.03B | 9.13B | 7.68B | 3.34B | 2.7B | 3B | 1.27B | 863M | 194M | 17M | 0 | 45M | 11M | 42M | 47M | 33M | -15M | 0 | 33M |
Regulatory App Store Scrutiny
According to recent SEC filings, AAPL's operating cash flow to net income ratio has fluctuated significantly, reaching a low of 0.82 in 2025Q1 and a high of 1.82 in 2024Q4, which suggests that reported net income is frequently decoupled from actual cash generation.
The volatility in the OCF/NI ratio appears driven by substantial working capital swings and the timing of component prepayments. Investors should monitor whether this divergence indicates aggressive revenue recognition or simply the inherent lumpiness of a global hardware supply chain.
As reported in financial statements, AAPL's free cash flow margin reached 35.9% in 2026Q1, demonstrating a strong ability to convert revenue into liquidity despite the capital-intensive nature of its hardware-centric business model and ongoing investments in proprietary silicon development.
The trajectory of FCF margins suggests that the company maintains significant pricing power, allowing it to absorb supply chain costs while sustaining high cash conversion. This trend appears to support the company's ability to fund massive capital returns without relying on external financing.
Based on AAPL's reported figures, capital expenditures as a percentage of revenue have remained remarkably low, averaging approximately 2.5% over the last ten quarters, which indicates a highly efficient asset-light manufacturing strategy despite the complexity of its global hardware operations.
The relatively stable CapEx levels suggest that the company is successfully leveraging its existing manufacturing infrastructure while focusing investment on R&D rather than physical capacity expansion. This capital efficiency appears to be a primary driver of the company's superior free cash flow generation.
As indicated by historical cash flow data, AAPL consistently deployed over $20 billion per quarter in share repurchases throughout 2025, a trend that suggests management prioritizes shareholder yield as the primary mechanism for utilizing its substantial excess cash reserves.
The scale of these buybacks appears to be the dominant factor in EPS growth, potentially masking the underlying organic growth of the business. Investors should consider whether this reliance on financial engineering may limit the company's flexibility to pursue large-scale strategic acquisitions in the future.
Based on an analysis of quarterly cash flow statements, working capital changes have been highly erratic, ranging from a $10.8 billion outflow in 2025Q1 to a $6.6 billion inflow in 2024Q4, reflecting the company's sensitivity to seasonal inventory and payment cycles.
These fluctuations suggest that the company's cash flow is heavily influenced by the timing of product launches and the associated inventory build-up. Analysts should monitor these swings to distinguish between temporary operational timing differences and potential shifts in underlying demand for hardware products.
Quick answers to the most common questions about buying AAPL stock.
Apple Inc. (AAPL) generated $111.48B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Apple Inc. (AAPL) generated $98.77B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Apple Inc. (AAPL) spent $12.71B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Apple Inc. (AAPL) returned $15.42B to shareholders via cash dividends and spent $90.71B on share repurchases. This shows the company's commitment to returning capital to its equity investors.