Apple Inc. Debt Disclosure
| 2025 | 2024 | 2023 | |||||||||||||||
| Maturities 90 days or less: | |||||||||||||||||
| Proceeds from/(Repayments of) commercial paper, net | $ | (5,820) | $ | 3,960 | $ | (1,333) | |||||||||||
| Maturities greater than 90 days: | |||||||||||||||||
| Proceeds from commercial paper | 5,836 | — | — | ||||||||||||||
| Repayments of commercial paper | (2,048) | — | (2,645) | ||||||||||||||
| Proceeds from/(Repayments of) commercial paper, net | 3,788 | — | (2,645) | ||||||||||||||
| Total proceeds from/(repayments of) commercial paper, net | $ | (2,032) | $ | 3,960 | $ | (3,978) | |||||||||||
Maturities (calendar year) | 2025 | 2024 | |||||||||||||||||||||||||||
Amount (in millions) | Effective Interest Rate | Amount (in millions) | Effective Interest Rate | ||||||||||||||||||||||||||
2013 – 2023 debt issuances: | |||||||||||||||||||||||||||||
Fixed-rate 0.000% – 4.850% notes | 2025 – 2062 | $ | 86,781 | 0.03% – 5.75% | $ | 97,341 | 0.03% – 6.65% | ||||||||||||||||||||||
2025 debt issuance: | |||||||||||||||||||||||||||||
Fixed-rate 4.000% – 4.750% notes | 2028 – 2035 | 4,500 | 4.07% – 4.83% | — | |||||||||||||||||||||||||
Total term debt principal | 91,281 | 97,341 | |||||||||||||||||||||||||||
| Unamortized premium/(discount) and issuance costs, net | (309) | (321) | |||||||||||||||||||||||||||
| Hedge accounting fair value adjustments | (294) | (358) | |||||||||||||||||||||||||||
Total term debt | 90,678 | 96,662 | |||||||||||||||||||||||||||
| Less: Current portion of term debt | (12,350) | (10,912) | |||||||||||||||||||||||||||
| Total non-current portion of term debt | $ | 78,328 | $ | 85,750 | |||||||||||||||||||||||||
| 2026 | $ | 12,393 | |||
| 2027 | 10,078 | ||||
| 2028 | 9,300 | ||||
| 2029 | 5,235 | ||||
| 2030 | 4,972 | ||||
| Thereafter | 49,303 | ||||
| Total term debt principal | $ | 91,281 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Oct 31, 2025 | Showing above |
| 2024 | Nov 1, 2024 | |
| 2023 | Nov 3, 2023 | |
| 2022 | Oct 28, 2022 | |
| 2021 | Oct 29, 2021 | |
| 2020 | Oct 30, 2020 | |
| 2019 | Oct 31, 2019 | |
| 2018 | Nov 5, 2018 | |
| 2017 | Nov 3, 2017 | |
| 2016 | Oct 26, 2016 | |
| 2015 | Oct 28, 2015 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.