Cramer's Apple vs Hyperscaler Debt Claim Put to the Test

Jim Cramer recently praised Apple's balance sheet as 'pristine' and accused hyperscalers of wrecking theirs to build data centers. However, a closer look at the filings reveals that Apple actually carries nearly twice the total debt of Alphabet.

According to the financial statements, Apple closed FY2025 with $112.377 billion in total debt and $73.733 billion in equity, while Alphabet had $415.265 billion in equity and only $59.291 billion in debt. Apple's debt-to-equity ratio is 1.5241 compared to Alphabet's 0.1428.

Apple's balance sheet has been impacted by its massive buyback program, which has seen the company repurchase over $62.094 billion of stock in just nine months. In contrast, Alphabet suspended its own buyback program in Q2 2026 due to concerns about liquidity.

Cramer's framing of Apple as financially sound is supported by the fact that the company holds a significant cash reserve of $39.544 billion and long-term investments of $84.118 billion. Net debt to EBITDA for Apple sits at 0.528, indicating that the company remains financially stable.