Apple is set to report today (2 May) that its cash pile has surpassed the quarter of a trillion dollar mark for the first time.

The iPhone maker, which is already the richest company in the world, is expected to announce in its quarterly earnings calls that it made $10bn in the last three months, according to WSJ, growing its reserves to around $255bn.

Its cash pile now dwarfs the foreign-currency reserves of the UK and Canadian governments combined.

In January, Apple announced that its cash pile had increased to $246bn, 93% of which ($230bn) was stowed away in offshore subsidiaries.

The Trump administration is seeking to lower corporation tax from 35% to 15% in a bid to encourage companies like Apple to repatriate their holdings.

During the firm’s last earnings call in January, CEO Tim Cook said he thought tax reform would be “good for the country and good for Apple”. But the move to slash corporation tax is expected to meet stiff opposition in Congress.

Apple’s holdings have more than doubled in the last five years. 

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