visuwire
ESC
Recently Added
Results

No companies found. Try a different search term.

Consumer Electronics AAPL

Apple (AAPL) Operating Cash Flow History: Quarterly Data (2017–2025)

Apple quarterly operating cash flow from 2017 Q1 through 2025 Q4, sourced from SEC EDGAR XBRL. Apple's OCF reached $128B annually in 2024, the highest in company history.

Operating Cash Flow USD
QuarterOperating Cash Flow (USD)YoY Change

Source: SEC EDGAR XBRL (NetCashProvidedByUsedInOperatingActivities). Quarters marked * are derived (annual filing minus prior three quarters). Calendar year quarters shown.

Apple Operating Cash Flow: 2017–2025

Apple (AAPL) generated $29.9 billion in operating cash flow in Q4 2025 (October–December 2025). Operating cash flow (OCF) is net income adjusted for non-cash charges (primarily depreciation and stock-based compensation) and changes in working capital — it reflects actual cash generated by Apple’s core business operations before capital expenditures.

Full-year 2024 operating cash flow reached $128.0 billion, the highest in Apple’s history and a 40.5% increase from $91.1 billion in 2023. This extraordinary jump reflected a significant working-capital benefit as Apple reduced its inventory and supplier financing positions. Full-year 2025 OCF of $100.6 billion normalised back toward the underlying trend.

Apple Annual Operating Cash Flow by Year

YearValueYoY Change
2025$100.6B-21.4%
2024$128.0B+40.5%
2023$91.1B+2.5%
2022$88.9B+14.6%
2021$77.6B-4.6%
2020$81.3B+29.9%
2019$62.6B-7.0%
2018$67.3B—

Calendar year totals (Q1–Q4). Source: SEC EDGAR XBRL. 2017 excluded due to partial data.

Apple’s OCF consistently exceeds net income because stock-based compensation — a non-cash charge that reduces GAAP net income — is added back in the cash flow statement. Apple’s SBC has grown substantially as the company has scaled its employee base, meaning the gap between OCF and net income has widened over time.

OCF exhibits strong seasonality, closely mirroring revenue seasonality. December quarters (Q4 in calendar year terms) are consistently the highest, driven by holiday iPhone sales generating immediate cash. June quarters are the weakest due to lower volumes and inventory build for fall launches.

Operating cash flow is more stable than free cash flow because it excludes capital expenditure timing, which can vary quarter-to-quarter. The consistent $80–130 billion annual OCF range since 2020 underpins Apple’s ability to fund its buyback programme, pay dividends, maintain its balance sheet, and invest in new product categories simultaneously.

Frequently Asked Questions

What is Apple’s operating cash flow for 2024?

Apple generated $128.0 billion in operating cash flow in full-year 2024, the highest annual OCF in Apple’s history. This represents a 40.5% increase from $91.1 billion in 2023.

How does Apple’s operating cash flow compare to net income?

Apple’s operating cash flow typically exceeds net income by 20–35% due to non-cash charges (primarily stock-based compensation and depreciation) being added back. In 2025, OCF was $100.6 billion versus net income of $117.8 billion — unusually close due to working capital adjustments.

What is operating cash flow vs. free cash flow?

Operating cash flow is cash generated from business operations before capital expenditures. Free cash flow subtracts capex from OCF. Apple’s capex is relatively low (~$8–12 billion annually), so FCF is typically 85–95% of OCF. See Apple Free Cash Flow History.

Why did Apple’s OCF jump so much in 2024?

Apple’s 2024 OCF of $128B was boosted by a favourable working capital swing — specifically, a reduction in accounts receivable and a decrease in inventories following the normalisation of supply chain disruptions from prior years.

Data sourced from SEC EDGAR XBRL (NetCashProvidedByUsedInOperatingActivities). Quarterly standalone values derived from YTD filings. Last updated: April 2026.