Apple free cash flow analysis
Apple free cash flow
26 days ago
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| ($B) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Operating Cash Flow | 104.0 | 122.2 | 110.5 | 118.3 | 111.5 |
| Capital Expenditures | (11.1) | (10.7) | (11.0) | (9.5) | (12.7) |
| Free Cash Flow | 92.95 | 111.44 | 99.58 | 108.81 | 98.77 |
Apple's FCF peaked at $111.4B in FY22, dipped in FY23 amid working capital headwinds, recovered to $108.8B in FY24, then declined to $98.8B in FY25 as capex stepped up (likely tied to AI infrastructure investments). FCF margin remains industry-leading at roughly 27% of revenue.
about 1 month ago