What does Apple do with its cash?

Cash conversion (operating CF ÷ operating income)

83.8%

Cash vs. profit gap

-$528M（純利益の -0.5%）

Shareholder returns

of net income 94.8% · of FCF 107.5%

Shareholder payments — dividends

of net income 13.8% · of FCF 15.6%

CapEx intensity (capex ÷ revenue)

3.1%

Investing CF relative to operating CF

13.6%

Nonpositive profit and free cash flow are omitted as ratio denominators. Amounts use the period's reported currency.

• Operating cash flow is the cash the core business actually brought in, including changes in receivables and inventory.
• Free cash flow = operating cash flow − capital expenditure: a gauge of cash available for other uses.
• Large "borrowing" or "cash drawdown" flows mean the company spent more than it generated that year.