Apple 2023 10-K Takeaways
Quarterly Cash Dividends. Regarding Apple’s quarterly cash dividend (a 0.5% dividend yield given Apple’s current stock price), Apple’s share repurchases have led to a declining share count which makes it less costly to pay the same amount of cash dividends. Despite the quarterly cash dividend increasing by 154% since being reinstated in 2012, Apple’s dividend expense has increased by just 40%.
Here is Apple’s annual dividend expense:
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2013: $11B
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2014: $11B
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2015: $12B
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2016: $12B
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2017: $13B
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2018: $14B
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2019: $14B
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2020: $14B
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2021: $14B
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2022: $15B
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2023: $15B
Debt. In 2023, Apple issued $5.3B of debt (floating- and fixed-rate notes) while repaying $11.2B of debt and $4.0B of net repayments of commercial paper.
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