Tim Cook "Not Religious" About Holding Cash; 66% of Apple's $81B in Cash is Held Overseas

It's a frequent parlor game amongst Apple analysts and watchers to guess and suggest and hypothesize what Apple should do with its huge and growing cash reserves. As of September 24, 2011, Apple is sitting on $81.57 billion in cash. Apple added $5.4 billion to its cash reserves in the last 3 months, and that would have been significantly higher if, as Horace Dediu points out, not for the more than 6,000 Nortel patents Apple purchased the rights to.

To be more precise, Apple CFO Peter Oppenheimer oversees $9.815 billion in cash and cash equivalents, $16.137 billion in short-term marketable securities, and $55.618 billion in long-term marketable securities. In the earnings call with analysts this afternoon, Apple CEO Tim Cook said the cash wasn't "burning a hole in our pocket" and that the company invested very conservatively and didn't want to do "silly things" with the money.

pudong
Cook noted that in recent months Apple had acquired several companies, acquired intellectual property, invested in the supply chain, and invested in new stores. In his first comments as CEO about the cash pile Cook said he wasn't "religious about holding or not holding cash," but Apple would continually ask ourselves what is in Apple's best interest and act accordingly.

"It's a topic for the board on an ongoing basis and we will continue to discuss it," Cook said in response to an analyst question. Apple CFO Peter Oppenheimer jumped in after Cook was finished answering the question, to point out that more than two-thirds of Apple's $81 billion cash pile was sitting offshore.

The question of offshore cash is an important one, as explained by Reuters:

The U.S. government taxes U.S. businesses on income earned worldwide, but allows them to defer taxes on the money until it is brought back to the United States. As a result, American corporations like to keep the money abroad, particularly as they increase investment overseas.

A number of companies, led by Apple, Google and Cisco have been pushing for a tax holiday on overseas cash holdings to allow the companies to repatriate the money to the United States tax-free.

Popular Stories

iOS 26

6 New Things Your iPhone Can Do in iOS 26.1

Wednesday October 29, 2025 4:22 am PDT by
Apple is about to drop iOS 26.1, the first major point release since iOS 26 was rolled out in September, and there are at least six notable changes and improvements to look forward to. We've rounded them up below. Apple has already provided developers and public beta testers with the release candidate version of iOS 26.1, which means Apple will likely roll out the update to all compatible...
ios 26 1 slide to stop

iOS 26.1 Brings Back 2007 Feature in New Way

Friday October 31, 2025 1:40 pm PDT by
The upcoming iOS 26.1 update includes a small but helpful change for iPhones, and it could prevent you from running late to something important. Specifically, when an alarm goes off in the Clock app, there is a new "slide to stop" control on the screen for turning off the alarm. On previous iOS 26 versions, there is simply a large "stop" button, which could be accidentally tapped. The new ...
iOS 26

iOS 26.1 Coming Soon: New Features for Your iPhone and Release Date

Monday October 27, 2025 7:55 am PDT by
The upcoming iOS 26.1 update includes a handful of new features and changes for iPhones, including a toggle for changing the appearance of the Liquid Glass design, "slide to stop" for alarms in the Clock app, and more. Below, we outline key details about iOS 26.1. Release Date Given that Apple has yet to seed an iOS 26.1 Release Candidate, which is typically the final beta version, the...
M5 MacBook Pro

Waiting for New Macs? Apple Just Shared Bad News

Friday October 31, 2025 7:32 am PDT by
Apple has just given a strong indication that it will not be releasing any additional new Macs for the remainder of the year. Apple's CFO Kevan Parekh dropped the hint during the company's earnings call on Thursday:On Mac, keep in mind, we expect to face a very difficult compare against the M4 MacBook Pro, Mac mini, and iMac launches in the year-ago quarter.Parekh essentially gave a heads up ...
iPhone 17 Pro Cosmic Orange

8 Reasons to Wait for Next Year's iPhone 18 Pro

Thursday October 30, 2025 4:42 am PDT by
Apple's iPhone development roadmap runs several years into the future and the company is continually working with suppliers on several successive iPhone models at the same time, which is why we often get rumored features months ahead of launch. The iPhone 18 series is no different, and we already have a good idea of what to expect for the iPhone 18 Pro and iPhone 18 Pro Max. One thing worth...
maxresdefault

Apple TV 4K Could Still Launch Before 2025 Ends: All the Rumored Features

Monday October 27, 2025 4:51 pm PDT by
Apple is designing an updated version of the Apple TV 4K, and rumors suggest that it could come out sometime in the next couple of months. We're not expecting a major overhaul with design changes, but even a simple chip upgrade will bring major improvements to Apple's set-top box. Subscribe to the MacRumors YouTube channel for more videos. We've rounded up all the latest Apple TV rumors. ...
ipad mini 7 feature blue

OLED iPad Mini: Release Date, Pricing, and What to Expect

Wednesday October 29, 2025 7:13 am PDT by
Rumors are stoking excitement for the next-generation iPad mini that Apple is reportedly close to launching. So what should we expect from the successor to the iPad mini 7 that Apple released over a year ago? Read on to find out. Processor and Performance Apple is working on a next-generation version of the iPad mini (codename J510/J511) that features the A19 Pro chip, according to...
Coffee Burgundy and Purple iPhone 18 Pro Mock 1

Leaker Outlines Potential New Colors for iPhone 18 Pro

Friday October 31, 2025 8:28 am PDT by
Apple's iPhone 18 Pro models could be available in new rich and warm color option, according to a known leaker. The Weibo user known as "Instant Digital" today suggested that next-year's iPhone 18 Pro models will be available in at least one of the following color options: Coffee, purple, and burgundy. The iPhone XR, iPhone 11, iPhone 12, iPhone 14, and iPhone 14 Pro were all available in ...
iOS 26

Apple Seeds iOS 26.1, iPadOS 26.1, and macOS Tahoe 26.1 Release Candidates

Tuesday October 28, 2025 1:07 pm PDT by
Apple today provided developers and public beta testers with the release candidate versions of upcoming iOS 26.1, iPadOS 26.1, macOS Tahoe 26.1, tvOS 26.1, watchOS 26.1, and visionOS 26.1 updates for testing purposes. The RCs betas come a week after Apple released the fourth betas. The new betas can be downloaded from the Settings app on a compatible device by going to General > Software...

Top Rated Comments

hobo.hopkins Avatar
183 months ago
It's too bad that the American tax system incentivises not bringing the money back into the United States.
Score: 23 Votes (Like | Disagree)
42streetsdown Avatar
183 months ago
They could spend some of that on building an apple store closer to me.
Score: 17 Votes (Like | Disagree)
hobo.hopkins Avatar
183 months ago
So you would rather they not pay taxes on earnings?

Did I say that? I just said that it's a shame that the tax system doesn't incentivise bringing back money from overseas. Incentives could be a temporary lower rate to provide instant benefits, for example. I didn't say they shouldn't pay any taxes; I believe that's creating a false dilemma.
Score: 12 Votes (Like | Disagree)
Robbrinson Avatar
183 months ago
Why pay the 12 big ones to our Govt? They will just stimulate a few ill conceived green energy initiatives, bail out a bank, or get a new campaign bus from Canada (sorry McFrankshe). Just use it to delevop a smaller iPad.
Score: 7 Votes (Like | Disagree)
Juan007 Avatar
183 months ago
All of this money was earned overseas, ex. China sales. Why should Apple pay US tax for goods made and sold in China? The net effect is that the money stays offshore and never gets invested back into the US. A disaster of a tax system.
Score: 7 Votes (Like | Disagree)
TheMirrorsTruth Avatar
183 months ago
Funny how the U.S. can tax revenue that never actually existed in the U.S. Gotta love "repatriation!"
Score: 7 Votes (Like | Disagree)