Apple Inc. Financial Statements and Financial Ratios Analyzed

Apple Inc. Financial Statements and Financial Ratios Analyzed

Hey All,

Thanks for visiting my Apple Inc. Financial Report page. On this page, you will be able to find preliminary information about Apple's current financial performance as well as some historical track records and trends. 

For a more detailed examination of Apple's financial performance, I offer two reports, which are "A Beginner's Guide to Apple Inc. Financial Analysis" and "Apple Inc. Financial Report by Paul Borosky, MBA."  Both reports are written by myself, Paul Borosky, MBA., Doctoral Candidate and published author, and include:

  • Summarized income statements for the last 5 years.
  • Summarized balance sheets for the last 5 years.
  • Five years’ worth of over twenty common financial ratios presented with formulas, calculations, and analysis tips for each ratio.
  • Line-by-line description, explanation, and analysis tip for most financial statement line items and financial ratios.
  • Professional financial analysis tips are provided in each section to help YOU conduct your OWN financial analysis!
  • Each section includes an “in other words” segment.  This is where I use plain English to explain concepts.


For a MORE in-depth review of the company's financial statements and ratios, make sure to buy my "Apple Inc. Financial Report".  The financial report includes all aspects of my "Beginner's Guide" plus a whole lot more...

  • Professional financial analysis of important income statements, balance sheets, and financial ratio trends.
  • "Letter Grade" is assigned to most financial statement line items and financial ratios to help you better understand their overall trends for the last 5 years.
  • Overall financial analysis summary for the company.

Enjoy the preliminary information and for a more detailed analysis, buy the financial report!


Paul, MBA.

PDF/Downloadable Versions

A Beginners Guide to Apple Financial Analysis 2022 by Paul Borosky, MBA.

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Downloadable PDF Price!!

Apple Inc. Financial Report by Paul Borosky, MBA.

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Downloadable PDF Price!!

Sample Financial Report

Sample Financial Report by Paul Borosky, MBA.
Financial Report Sample 2

***Summary analysis is not included in the "Beginner's Guide" version.

Apple Inc.: Brief Summary

Apple Inc. is currently located at One Apple Park Way in Cupertino, CA. the organization competes in the consumer electronics industry.  Currently, the firm employs over 150,000 individuals.  Their CEO is Tim Cook.  As for CFO, this would be Luca Maestri. Finally, their chief operating officer is Jeffrey Williams.

Apple Inc. designs, manufactures and sells iPhones, Macs, iPods, watches, and complementary accessories the world over.  Apple Inc. also sells various related services like Apple TV and iPads, AppleCare support services, and cloud services store services. 

Currently, our Apple financial analysis has found that the company has a market capitalization of approximately $2.6T.  The company’s beta is 1.20.  This indicates that the firm is slightly riskier as compared to the overall market.  As for earnings, the firm has current earnings per share of 5.61 (1/22).

Apple Financial Report Sources

“A Beginner's Guide to Analyzing Apple's Financial Statements and Financial Ratios” and "Apple Inc. Financial Report" were written by Paul Borosky, MBA., and owner of Quality Business Plan.  In this report, I used Apple’s 2022 10k, Apple’s 2021 10k annual report, Apple’s 2020 10k annual report, Apple’s 2019 10k annual report, and Apple’s 2018 10k annual report as the basis for information gathering. 


Snipits From Apple Inc. Financial Report by Paul Borosky, MBA.

Section 1: Apple Inc. Income Statement Analyzed

In this section, I walk through a broad definition of what an income statement is and why it is important.  From this, I then discuss and define income statement line items, such as revenues, gross profits, etc., in detail.  After each line item is defined and discussed, I finally offer a summary analysis of Apple’s important income statement line item trends.

Apple 2022 Summary Income Statement

Column1 2022 2021 2020 2019 2018
Revenues                  394,328                  365,817                  274,515                  260,174                    265,595
COGS                  223,546                  212,981                  169,559                  161,782                    163,756
Gross Profit                  170,782                  152,836                  104,956                    98,392                    101,839
SG&A                    25,094                    21,973                    19,916                    18,245                      16,705
Depreciation                    11,104                    11,284                    11,056                    12,547                      10,903
R & D                    26,251                    21,914                    18,273                    16,217                      14,236
Other                            -                            -                            -                            -                             -
Total Operating Expenses                    51,345                    43,887                    38,668                    34,462                      41,844
EBIT                  119,437                  108,949                    66,288                    63,930                      59,995
Other Income                        (334)                         258                         803                      1,807                        2,005
Interest Expense                      9,543                      8,750                    12,629                      8,805                        6,500
EBT                  119,103                  109,207                    67,091                    65,737                      55,500
Taxes                    19,300                    14,527                      9,680                    10,481                      13,372
Net Income                   99,803                   94,680                   57,411                   55,256                    59,531

Revenue Growth for Apple:

Apple’s revenues increased at an impressive 15.9% growth rate from 2017 to 2018.  Also, the organization’s revenue growth rate decreased in 2019 by approximately 2%.  Finally, in the last five years, Apple’s annual average growth rate for revenues was approximately 13.1%, which is an impressive annual revenue growth rate for a mature company.

Analyst Grade: A

Section 2: Apple Inc. Balance Sheet Analyzed

For Apple Inc. balance sheet, I again go through each important line item from the balance sheet.  In reviewing each line item, I will define Apple’s balance sheet line item, such as cash, property, plant and equipment, and liabilities.  Next, I then offer a summary analysis of Apple’s important balance sheet line items.


Apple’s cash position grew substantially between 2017 and 2019.  The substantial cash position increase, well above previous years’ trends, may indicate that the firm mismanaged this balance sheet line item.  A better strategy would have been to allocate excessive cash funds to short-term investments.

Analyst Grade: A


Apple 2022 Summary Balance Sheet

Column1 2022 2021 2020 2019 2018
Cash                      23,646                  34,940                  38,016                  48,844                  25,913
Short Term Investment                      24,658                  27,699                  52,927                  51,713                  40,388
Account Receivable                      28,184                  26,278                  16,120                  22,926                  23,186
Inventory                        4,946                    6,580                    4,061                    4,106                    3,956
Other                              -                         -                         -                         -                         -
Current Assets                  135,405              134,836              143,713              162,819                93,443
Net PPE                      42,117                  39,440                  36,766                  37,378                  41,304
Goodwill                              -                         -                         -                         -                         -
Other                              -                         -
Total Assets                  352,755              351,002              323,888              338,516              365,725
Accounts Payable                      64,115                  54,763                  42,296                  46,236                  55,888
Accrued Expense                              -                         -                         -                         -                  32,687
Accrued Taxes                              -                         -                         -                         -                         -
Notes Payable                        9,982                    6,000                    4,996                    5,980                  11,964
LT Debt - Current                      11,128                    9,613                    8,773                  10,260                    8,784
Other                         -                         -
Total Current Liabilities                    153,982                125,481                105,392                105,718                116,866
LT Debt                      98,959                109,106                  98,667                  91,807                  93,735
Total Liabilities                  302,083              287,912              258,549              248,028              258,578
Common Stock                      64,849                  57,365                  50,779                  45,174                  40,201
Treasury                              -                         -                         -                         -                         -
Retained Earnings                      (3,068)                    5,562                  14,966                  45,898                  70,400
Total Equity                    50,672                63,090                65,339                90,488              110,601
Total Equity & Liability                  352,755              351,002              323,888              338,516              365,725


Section 3: Apple Inc. Financial Ratios Analyzed

For this section, I have chosen several different financial ratios to review for Apple Inc.  In reviewing each of Apple’s financial ratios, I first start with defining the financial ratio.  Next, I supply the financial formula for calculating the specific ratio.  Finally, I offer a brief analysis of Apple’s Important Financial ratios.

Apple's Current Ratio:

Apple’s current ratio was 1.07 as of 2021.  This indicates that the organization has sufficient short-term assets to cover short-term liabilities—an excellent position for the organization.

Analyst Grade: A

Apple's Return on Assets:

Apple’s return on assets ended 2017 at 12.88%.  Over the next five years, the organization would substantially improve its return on assets ending 2021 at 26.97%.  This shows that the firm is doing an excellent job not only with growing sales with fewer assets but also in controlling asset growth as well.

Analyst Grade: A