The walk (FY24 reported figures)
Net cash provided by operating activities$118,254
Less: payments for acquisition of property, plant and equipment($9,447)
Subtotal$108,807
FCF (Standard)$108,807
USD millions. Source: Apple Inc. FY24 10-K cash flow statement.
Conversion ratio
Reported net income FY24: $93.7B. FCF / Net income = 108.8 / 93.7 = 116%. The ratio above 100% reflects D&A running above replacement CapEx (Apple is an asset-light platform; product manufacture is contracted out).
Capital return split (FY24)
- Share repurchases: roughly $95B.
- Dividends paid: roughly $15B.
- Total capital return: roughly $110B.
Apple distributed slightly above FY24 FCF, funded by balance-sheet cash. Investor relations confirms the same pattern across recent fiscal years[Apple IR].