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Apple cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$25.9B in Q4 FY26

Operating cash flow$28.1B
Capital spending−$2.2B
Free cash flow+$25.9B
Cash / net income0.9×
Cash conversion cycle-63 days

Analysis

In Q4 FY26, Apple generated $28.1B of operating cash flow and spent $2.2B on capital projects, leaving free cash flow of $25.9B.

Operating cash flow was $28.1B against net income of $30.7B — 0.9× profit, roughly in line with earnings. The largest differences: payables +$17.4B, receivables −$12.3B, prepaid and other assets −$4.9B.

Its cash conversion cycle was -63 days (receivables 30 + inventory 20 − payables 112): suppliers fund its working capital.

Free cash flow

Apple: free cash flow by quarterApple: free cash flow by quarter$27.0BQ1 FY25$20.9BQ2 FY25$24.4BQ3 FY25$26.5BQ4 FY25$51.6BQ1 FY26$26.7BQ2 FY26$31.9BQ3 FY26$25.9BQ4 FY26
Operating cash flow less capital spending.
Apple: operating cash flow against capital spendingApple: operating cash flow against capital spendingOperating cash flowCapital spending$29.9B$2.9BQ1 FY25$24.0B$3.1BQ2 FY25$27.9B$3.5BQ3 FY25$29.7B$3.2BQ4 FY25$53.9B$2.4BQ1 FY26$28.7B$2.0BQ2 FY26$34.4B$2.5BQ3 FY26$28.1B$2.2BQ4 FY26
Latest (Q4 FY26): Operating cash flow $28.1B, Capital spending $2.2B.

Capital allocation, year by year

Apple: where the cash came from (up) and went (down), by fiscal yearApple: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $122.2BFY22: Capital spending −$10.7BFY22: Acquisitions −$306MFY22: Buybacks −$89.4BFY22: Dividends −$14.8B$122.2BFY22FY23: Operating cash flow $110.5BFY23: Net borrowing −$9.9BFY23: Capital spending −$11.0BFY23: Buybacks −$77.5BFY23: Dividends −$15.0B$110.5BFY23FY24: Operating cash flow $118.3BFY24: Net borrowing −$6.0BFY24: Capital spending −$9.4BFY24: Buybacks −$94.9BFY24: Dividends −$15.2B$118.3BFY24FY25: Operating cash flow $111.5BFY25: Net borrowing −$8.5BFY25: Capital spending −$12.7BFY25: Buybacks −$90.7BFY25: Dividends −$15.4B$111.5BFY25FY26: Operating cash flow $145.1BFY26: Net borrowing −$18.3BFY26: Capital spending −$9.0BFY26: Buybacks −$86.4BFY26: Dividends −$15.7B$145.1BFY26
Over these 5 years operating cash flow totalled $607.5B; the largest uses were buybacks ($439.0B) and dividends ($76.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$56.7B
Debt$80.1B
Net debt$23.4B
Due within a year$10.0B

Apple funds itself: free cash flow was — over the last twelve months, and $56.7B of cash and investments stands against $80.1B of debt ($10.0B due within a year, 5.7× covered by cash).

Apple: debt maturities by year (FY26)Apple: debt maturities by year (FY26)$10.0BYear 1$9.3BYear 2$5.2BYear 3$5.0BYear 4$3.8BYear 5$45.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $56.7B of cash and investments now.

Where the cash came from and went

Apple: sources (+) and uses (−) of cash, Q4 FY26Apple: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$28.1BBuybacks−$24.3BNet borrowing (+) / repaid (−)−$4.2BDividends−$3.9BOther investing$3.8BCash drawn (+) / kept (−)$3.2BCapital spending−$2.2BTaxes on employees’ shares−$331MOther financing−$51.0M

From profit to cash

Apple: net income to operating cash flow, Q4 FY26Apple: net income to operating cash flow, Q4 FY26Net income$30.7BDepreciation & amortization$3.5BStock-based pay$3.3BOther non-cash$2.6BReceivables−$12.3BInventory−$3.4BPayables$17.4BPrepaid and other assets−$4.9BOther liabilities$3.7BOperating cash flow$28.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY263020112-63
Q3 FY262615101-61
Q2 FY262910103-64
Q1 FY2625786-53
Q4 FY253010101-61
Q3 FY25261194-57
Q2 FY252712105-66
Q1 FY25231090-57

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q4 FY26$28.1B−$2.2B−$24.3B−$3.9B−$4.2B$3.2B$25.9B
Q3 FY26$34.4B−$2.5B−$25.1B−$4.0B−$232M$6.0B$31.9B
Q2 FY26$28.7B−$2.0B−$12.3B−$3.8B−$5.8B−$255M$26.7B
Q1 FY26$53.9B−$2.4B−$24.7B−$3.9B−$8.1B−$9.4B$51.6B
Q4 FY25$29.7B−$3.2B−$20.1B−$3.9B−$3.2B$335M$26.5B
Q3 FY25$27.9B−$3.5B−$21.1B−$3.9B−$3.5B−$8.1B$24.4B
Q2 FY25$24.0B−$3.1B−$25.9B−$3.8B$976M$2.1B$20.9B
Q1 FY25$29.9B−$2.9B−$23.6B−$3.9B−$9.0B−$356M$27.0B

Apple: income statement and cash flow

Apple, Q4 FY26: revenue $114.5B (+12% year over year), operating margin 31.1%. The chart follows the revenue to costs, profit and cash.

Apple: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.