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Consumer Electronics AAPL

Apple (AAPL) Total Debt History: Quarterly Data (2017–2025)

Apple total debt history from 2017 Q1 through 2025 Q4. Apple's debt peaked at $118.7B in 2021 Q3 and has declined to $88.5B by 2025. Source: SEC EDGAR XBRL.

Quarter()YoY Change

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

Apple Total Debt: 2017–2025

Apple (AAPL) carried $88.5 billion in total debt as of Q4 2025 (December 2025), down -6.6% year-over-year from $94.8 billion in Q4 2024 — the lowest total debt balance in Apple’s modern leveraged era. Total debt here represents the sum of current and non-current long-term debt obligations as reported on Apple’s balance sheet. It excludes operating lease liabilities and accounts payable.

Apple’s total debt peaked at approximately $118.7 billion in Q3 2021 (July–September 2021) and has been in a sustained declining trend as free cash flow generation outpaces new issuance needs.

Apple Total Debt by Quarter (Year-End Values)

YearTotal Debt (Year-End)Change
2025$88.5B-6.6%
2024$94.8B-2.0%
2023$96.7B-5.3%
2022$102.0B-9.4%
2021$112.6B+5.5%
2020$106.7B+3.4%
2019$103.2B-3.0%
2018$106.4B+8.3%
2017$98.2B—

End-of-year (Q4) balance sheet values. Source: SEC EDGAR XBRL (LongTermDebtCurrent + LongTermDebtNoncurrent).

Apple famously had zero long-term debt prior to 2013. The borrowing programme began under Tim Cook as a tax-efficient mechanism to fund shareholder returns without repatriating overseas cash that would have triggered US corporate tax. Apple could borrow at near-Treasury rates given its AAA-equivalent credit profile, making leverage accretive even when funded returns were primarily buybacks.

The plateau at $95–120 billion from 2017 to 2022 reflects a deliberate capital structure: Apple issued new debt to replace maturities rather than to net-expand leverage. The stated policy of being “net cash neutral” over time (cash minus debt = $0) has been the guiding framework, though Apple has not publicly specified a timeline.

The decline since 2021 reflects Apple’s extraordinary free cash flow generation exceeding buyback and dividend needs, allowing some net debt reduction. With $88.5B in gross debt and approximately $40–50B in cash and marketable securities, Apple remains materially net indebted — meaning it carries more debt than liquid assets — which is a deliberate choice given the tax efficiency and low cost of its borrowings.

Frequently Asked Questions

What is Apple’s total debt?

As of Q4 2025 (December 2025), Apple’s total long-term debt (current + non-current) was $88.5 billion, the lowest level since Apple began its leveraged capital structure in 2013.

Why does Apple have so much debt?

Apple began borrowing in 2013 to fund buybacks and dividends without repatriating overseas cash that would have triggered US corporate tax. Even post-2017 tax reform, Apple has maintained leverage as its borrowing costs are very low and funded buybacks are accretive to EPS.

Is Apple’s debt level dangerous?

No. Apple’s debt is modest relative to its annual free cash flow of $89–119 billion. Apple could theoretically repay its entire debt load from a single year of free cash flow. Apple maintains investment-grade (AAA-equivalent) credit ratings.

Has Apple’s debt been increasing or decreasing?

Apple’s total debt peaked at approximately $118.7 billion in Q3 2021 and has declined steadily to $88.5 billion by Q4 2025 as free cash flow generation exceeds capital return and issuance needs.

Data sourced from SEC EDGAR XBRL (LongTermDebtCurrent + LongTermDebtNoncurrent). Balance sheet point-in-time values at end of each calendar quarter. Last updated: April 2026.