Apple Inc.

Information Technology Technology Hardware, Storage & Peripherals Cupertino, California Last filing Oct 31, 2025 · FY2025

                    Revenue
                    FY2025
                
$416.2B
                    3y CAGR +1.8%
                    
                    P29
                    
                    +6.4%
                    
                    Net income
                    FY2025
                
$112.0B
                    Net margin +26.9%
                    
                    P80
                    
                    +19.5%
                    
                    Total assets
                    FY2025
                
$359.2B
                    ROA +31.2%
                    
                    P95
                    
                    -1.6%
                    
                    Operating cash flow
                    FY2025
                
$111.5B
                    FCF margin +23.7%
                    
                    P55
                    
                    -5.7%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

23 accounts · 5 years

Total assets $359.2B

Total liabilities $285.5B

Shareholders equity $73.7B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$35.9B 20.0%	$29.9B -0.1%	$30.0B 26.7%	$23.6B -32.3%	$34.9B
Short Term Investments	$18.8B -46.7%	$35.2B 11.5%	$31.6B 28.1%	$24.7B -11.0%	$27.7B
Accounts Receivable	$39.8B 19.1%	$33.4B 13.2%	$29.5B 4.7%	$28.2B 7.3%	$26.3B
Inventory	$5.7B -21.5%	$7.3B 15.1%	$6.3B 28.0%	$4.9B -24.8%	$6.6B
Other Current Assets	$47.8B 1.4%	$47.1B 2.1%	$46.2B -14.5%	$54.0B 37.2%	$39.3B
Total Current Assets	$148.0B -3.3%	$153.0B 6.6%	$143.6B 6.0%	$135.4B 0.4%	$134.8B
Property,Plant and Equipment	$49.8B 9.1%	$45.7B 4.5%	$43.7B 3.8%	$42.1B 6.8%	$39.4B
Long Term Investments	$77.7B -15.0%	$91.5B -9.0%	$100.5B -16.8%	$120.8B -5.5%	$127.9B
Other Noncurrent Assets	$83.7B 11.9%	$74.8B 15.6%	$64.8B 19.0%	$54.4B 11.4%	$48.8B
Total Assets	$359.2B -1.6%	$365.0B 3.5%	$352.6B 0.0%	$352.8B 0.5%	$351.0B
Liabilities
Accounts Payable	$69.9B 1.3%	$69.0B 10.1%	$62.6B -2.3%	$64.1B 17.1%	$54.8B
Deferred Revenue	$9.1B 9.8%	$8.2B 2.3%	$8.1B 1.9%	$7.9B 3.9%	$7.6B
Current Portion of Long Term Debt	$20.3B -2.6%	$20.9B 32.1%	$15.8B -25.1%	$21.1B 35.2%	$15.6B
Other Current Liabilities	$66.4B -15.2%	$78.3B 33.1%	$58.8B -3.3%	$60.8B 28.1%	$47.5B
Total Current Liabilities	$165.6B -6.1%	$176.4B 21.4%	$145.3B -5.6%	$154.0B 22.7%	$125.5B
Long Term Debt	$78.3B -8.7%	$85.8B -10.0%	$95.3B -3.7%	$99.0B -9.3%	$109.1B
Other Noncurrent Liabilities	$41.5B -9.5%	$45.9B -7.9%	$49.8B 1.4%	$49.1B -7.8%	$53.3B
Total Liabilities	$285.5B -7.3%	$308.0B 6.1%	$290.4B -3.9%	$302.1B 4.9%	$287.9B
Equity
Common Stock	$93.6B 12.4%	$83.3B 12.8%	$73.8B 13.8%	$64.8B 13.0%	$57.4B
Retained Earnings	$-14.3B 25.5%	$-19.2B -8850.5%	$-214.0M 93.0%	$-3.1B -155.2%	$5.6B
Accumulated Other Comprehensive Income	$-5.6B 22.3%	$-7.2B 37.4%	$-11.5B -3.1%	$-11.1B -6915.3%	$163.0M
Total Stockholders Equity	$73.7B 29.5%	$57.0B -8.4%	$62.1B 22.6%	$50.7B -19.7%	$63.1B
Total Liabilitiesand Equity	$359.2B -1.6%	$365.0B 3.5%	$352.6B 0.0%	$352.8B 0.5%	$351.0B

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $416.2B

Operating income $133.1B

Net income $112.0B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$416.2B 6.4%	$391.0B 2.0%	$383.3B -2.8%	$394.3B 7.8%	$365.8B
Expenses Cost of Revenue	$221.0B 5.0%	$210.4B -1.8%	$214.1B -4.2%	$223.5B 5.0%	$213.0B
Other Income Expense Gross Profit	$195.2B 8.0%	$180.7B 6.8%	$169.1B -1.0%	$170.8B 11.7%	$152.8B
Expenses Research and Development	$34.5B 10.1%	$31.4B 4.9%	$29.9B 14.0%	$26.3B 19.8%	$21.9B
Expenses Selling,General and Administrative	$27.6B 5.8%	$26.1B 4.7%	$24.9B -0.6%	$25.1B 14.2%	$22.0B
Expenses Operating Expenses	$62.2B 8.2%	$57.5B 4.8%	$54.8B 6.8%	$51.3B 17.0%	$43.9B
Other Income Expense Operating Income	$133.1B 8.0%	$123.2B 7.8%	$114.3B -4.3%	$119.4B 9.6%	$108.9B
Other Income Expense Other Income/expense	$-321.0M -219.3%	$269.0M 147.6%	$-565.0M -69.2%	$-334.0M -229.5%	$258.0M
Other Income Expense Income Before Tax	$132.7B 7.5%	$123.5B 8.6%	$113.7B -4.5%	$119.1B 9.1%	$109.2B
Income Tax Income Tax Expense	$20.7B -30.4%	$29.7B 77.7%	$16.7B -13.3%	$19.3B 32.9%	$14.5B
net Income net Income	$112.0B 19.5%	$93.7B -3.4%	$97.0B -2.8%	$99.8B 5.4%	$94.7B
net Income Comprehensive Income	$113.6B 15.9%	$98.0B 1.4%	$96.7B 9.2%	$88.5B -7.1%	$95.2B
Earnings Per Share Basic Eps	$7 22.6%	$6 -0.8%	$6 0.2%	$6 8.5%	$6
Earnings Per Share Diluted Eps	$7 22.7%	$6 -0.8%	$6 0.3%	$6 8.9%	$6
Earnings Per Share Weighted Average Shares Diluted	$15.0B -2.6%	$15.4B -2.6%	$15.8B -3.1%	$16.3B -3.2%	$16.9B

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 5 years

Operating cash flow $111.5B

Investing cash flow $15.2B

Financing cash flow $-120.7B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$112.0B 19.5%	$93.7B -3.4%	$97.0B -2.8%	$99.8B 5.4%	$94.7B
Operating Activities Depreciation and Amortization	$11.7B 2.2%	$11.4B -0.6%	$11.5B 3.7%	$11.1B -1.6%	$11.3B
Operating Activities Stock Based Compensation	$12.9B 10.1%	$11.7B 7.9%	$10.8B 19.9%	$9.0B 14.3%	$7.9B
Operating Activities Changes In Operating Assets and Liabilities	$-25.0B -784.7%	$3.7B 155.5%	$-6.6B -648.1%	$1.2B 124.4%	$-4.9B
Operating Activities Other Non Cash Items	$-89.0M 96.1%	$-2.3B -1.8%	$-2.2B -321.4%	$1.0B 120.4%	$-4.9B
Operating Activities net Cash From Operating Activities	$111.5B -5.7%	$118.3B 7.0%	$110.5B -9.5%	$122.2B 17.4%	$104.0B
Investing Activities Capital Expenditures	$-12.7B -34.6%	$-9.4B 13.8%	$-11.0B -2.3%	$-10.7B 3.4%	$-11.1B
Investing Activities Purchases of Investments	$-24.4B 49.8%	$-48.7B -64.9%	$-29.5B 61.6%	$-76.9B 29.8%	$-109.6B
Investing Activities Proceeds From Sale of Investments	$53.8B -13.7%	$62.3B 37.0%	$45.5B -32.4%	$67.4B -36.7%	$106.5B
Investing Activities Other Investing Activities	$-1.5B -13.1%	$-1.3B 2.2%	$-1.3B 35.9%	$-2.1B -441.8%	$-385.0M
Investing Activities net Cash From Investing Activities	$15.2B 417.7%	$2.9B -20.8%	$3.7B 116.6%	$-22.4B -53.7%	$-14.5B
Financing Activities Proceeds From Debt	$2.4B -38.2%	$4.0B 216.8%	$1.2B -86.7%	$9.4B -56.0%	$21.4B
Financing Activities Repayment of Debt	$-10.9B -9.8%	$-10.0B 10.7%	$-11.2B -16.9%	$-9.5B -9.1%	$-8.8B
Financing Activities Repurchase of Common Stock	$-90.7B 4.5%	$-94.9B -22.4%	$-77.5B 13.3%	$-89.4B -4.0%	$-86.0B
Financing Activities Dividends Paid	$-15.4B -1.2%	$-15.2B -1.4%	$-15.0B -1.2%	$-14.8B -2.6%	$-14.5B
Financing Activities Tax Withholding On Stock Based Compensation	$-6.0B -9.5%	$-5.4B -0.2%	$-5.4B 12.7%	$-6.2B 5.1%	$-6.6B
Financing Activities Other Financing Activities	$-111.0M 69.3%	$-361.0M 37.9%	$-581.0M -263.1%	$-160.0M -116.4%	$976.0M
Financing Activities net Cash From Financing Activities	$-120.7B 1.1%	$-122.0B -12.4%	$-108.5B 2.0%	$-110.7B -18.6%	$-93.4B
Cash Reconciliation net Change In Cash	$6.0B 854.5%	$-794.0M -113.8%	$5.8B 152.6%	$-11.0B -183.7%	$-3.9B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+46.9%	+46.2%	+44.1%	+43.3%	+41.8%
Operating margin	+32.0%	+31.5%	+29.8%	+30.3%	+29.8%
Net margin	+26.9%	+24.0%	+25.3%	+25.3%	+25.9%
FCF margin	+23.7%	+27.8%	+26.0%	+28.3%	+25.4%
Growth
Revenue CAGR (3y)	+1.8%	+2.2%	+11.8%	+14.9%	+11.3%
Returns
ROE	+151.9%	+164.6%	+156.1%	+197.0%	+150.1%
ROA	+31.2%	+25.7%	+27.5%	+28.3%	+27.0%
ROIC	+82.3%	+70.0%	+68.0%	+68.0%	+61.8%
Liquidity
Current ratio	0.89x	0.87x	0.99x	0.88x	1.07x
Quick ratio	0.46x	0.36x	0.41x	0.34x	0.49x
Leverage
D/E	3.87x	5.41x	4.67x	5.96x	4.56x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	1.16x	1.07x	1.09x	1.12x	1.04x
Cash conversion cycle	-71d	-76d	-68d	-71d	-56d

Valuation

Price against fundamentals

AAPL $270 · 2026-04-17 · 197d old · FY2025

Market cap $4.1T

P/E 36.20x

P/S 9.74x

P/B 54.99x

EV $4.1T

EV/EBITDA —

FCF yield +2.4%

Dividend yield +0.4%

Notes

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