Apple Inc.

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

                    Revenue
                    FY2025
                
$416.2B
                    3y CAGR +1.8%
                    
                    P32
                    
                    +6.4%
                    
                    Net income
                    FY2025
                
$112.0B
                    Net margin +26.9%
                    
                    P79
                    
                    +19.5%
                    
                    Total assets
                    FY2025
                
$359.2B
                    ROA +31.2%
                    
                    P95
                    
                    -1.6%
                    
                    Operating cash flow
                    FY2025
                
$111.5B
                    FCF margin +23.7%
                    
                    P59
                    
                    -5.7%

20 yrs · FY2006–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $359.2B

Total liabilities $285.5B

Shareholders equity $73.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	10.0%	8.2%	8.5%	6.7%	10.0%	11.7%	14.4%	7.1%	5.4%	6.4%
Short Term Investments	0.0%	—	—	—	—	—	—	—	—	—
Accounts Receivable	11.1%	9.2%	8.4%	8.0%	7.5%	5.0%	6.8%	6.3%	4.8%	4.9%
Inventory	1.6%	2.0%	1.8%	1.4%	1.9%	1.3%	1.2%	1.1%	1.3%	0.7%
Prepaid Expenses	4.1%	3.9%	4.2%	6.0%	4.0%	3.5%	3.6%	3.3%	3.7%	2.6%
Other Current Assets	4.1%	3.9%	4.2%	6.0%	4.0%	3.5%	3.6%	3.3%	3.7%	2.6%
Total Current Assets	41.2%	41.9%	40.7%	38.4%	38.4%	44.4%	48.1%	35.9%	34.3%	33.2%
Property,Plant and Equipment	13.9%	12.5%	12.4%	11.9%	11.2%	11.4%	11.0%	11.3%	9.0%	8.4%
Goodwill	0.0%	—	—	—	—	—	—	—	1.5%	1.7%
Intangible Assets	0.0%	—	—	—	—	—	—	—	0.6%	1.0%
Long Term Investments	0.0%	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	23.3%	20.5%	18.4%	15.4%	13.9%	13.1%	9.7%	6.1%	4.8%	2.7%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	19.4%	18.9%	17.8%	18.2%	15.6%	13.1%	13.7%	15.3%	11.8%	11.6%
Accrued Liabilities	0.0%	14.2%	14.2%	15.4%	—	—	—	—	6.9%	6.8%
Deferred Revenue	2.5%	2.3%	2.3%	2.2%	2.2%	2.1%	1.6%	1.6%	—	—
Current Portion of Long Term Debt	3.4%	3.0%	2.8%	3.2%	2.7%	2.7%	3.0%	2.4%	1.7%	1.1%
Other Current Liabilities	18.5%	21.5%	16.7%	17.2%	13.5%	13.2%	11.1%	9.1%	8.1%	—
Total Current Liabilities	46.1%	48.3%	41.2%	43.7%	35.7%	32.5%	31.2%	31.7%	26.9%	24.6%
Long Term Debt	21.8%	23.5%	27.0%	28.1%	31.1%	30.5%	27.1%	25.6%	25.9%	23.4%
Deferred Revenue Noncurrent	2.5%	—	—	—	—	—	—	—	—	—
Deferred Tax Liabilities	0.0%	1.9%	2.0%	2.0%	2.1%	3.1%	3.4%	0.2%	9.7%	9.9%
Other Noncurrent Liabilities	11.6%	12.6%	14.1%	13.9%	15.2%	16.8%	14.9%	13.4%	10.8%	11.2%
Total Liabilities	79.5%	84.4%	82.4%	85.6%	82.0%	79.8%	73.3%	70.7%	64.3%	60.1%
Equity
Preferred Stock	0.0%	—	—	—	—	—	—	—	—	—
Common Stock	26.0%	22.8%	20.9%	18.4%	16.3%	15.7%	13.3%	11.0%	9.6%	9.7%
Additional Paid In Capital	0.0%	—	—	—	—	—	—	1.5%	1.3%	1.3%
Retained Earnings	-4.0%	-5.2%	-0.1%	-0.9%	1.6%	4.6%	13.6%	19.2%	26.2%	30.0%
Accumulated Other Comprehensive Income	-1.6%	-2.0%	-3.2%	-3.1%	0.0%	-0.1%	-0.2%	-0.9%	-0.0%	0.2%
Total Stockholders Equity	20.5%	15.6%	17.6%	14.4%	18.0%	20.2%	26.7%	29.3%	35.7%	39.9%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 10 years

Revenue $416.2B

Operating income $133.1B

Net income $112.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	115.8%	107.1%	108.7%	111.8%	104.2%	84.8%	76.9%	72.6%	61.1%	—
Expenses Cost of Revenue	61.5%	57.6%	60.7%	63.4%	60.7%	52.4%	47.8%	44.8%	37.6%	40.8%
Expenses Research and Development	9.6%	8.6%	8.5%	7.4%	6.2%	5.8%	4.8%	3.9%	3.1%	3.1%
Expenses Selling,General and Administrative	7.7%	7.2%	7.1%	7.1%	6.3%	6.1%	5.4%	4.6%	4.1%	4.4%
Expenses Depreciation and Amortization	3.3%	3.1%	3.3%	3.1%	3.2%	3.4%	3.7%	3.0%	2.7%	3.3%
Expenses Share Based Compensation	3.6%	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	17.3%	15.7%	15.6%	14.6%	12.5%	11.9%	10.2%	8.5%	7.2%	7.5%
Other Income Expense Gross Profit	54.3%	49.5%	48.0%	48.4%	43.5%	32.4%	29.1%	27.8%	23.5%	26.2%
Other Income Expense Operating Income	37.0%	33.8%	32.4%	33.9%	31.0%	20.5%	18.9%	19.4%	16.3%	18.7%
Other Income Expense Income Before Tax	36.9%	33.8%	32.3%	33.8%	31.1%	20.7%	19.4%	19.9%	17.1%	19.1%
Income Tax Income Tax Expense	5.8%	8.2%	4.7%	5.5%	4.1%	3.0%	3.1%	3.7%	4.2%	4.9%
net Income net Income	31.2%	25.7%	27.5%	28.3%	27.0%	17.7%	16.3%	16.3%	12.9%	14.2%
net Income Comprehensive Income	31.6%	26.9%	27.4%	25.1%	27.1%	17.7%	17.1%	15.5%	12.7%	14.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.2%	4.2%	4.5%	4.6%	4.8%	5.4%	5.5%	5.4%	1.4%	1.7%
Earnings Per Share Weighted Average Shares Diluted	4.2%	4.2%	4.5%	4.6%	4.8%	5.4%	5.5%	5.5%	1.4%	1.7%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 10 years

Operating cash flow $111.5B

Investing cash flow $15.2B

Financing cash flow $-120.7B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	31.2%	25.7%	27.5%	28.3%	27.0%	17.7%	16.3%	16.3%	12.9%	14.2%
Operating Activities Depreciation and Amortization	3.3%	3.1%	3.3%	3.1%	3.2%	3.4%	3.7%	3.0%	2.7%	3.3%
Operating Activities Stock Based Compensation	3.6%	3.2%	3.1%	2.6%	2.3%	2.1%	1.8%	1.5%	1.3%	1.3%
Operating Activities Changes In Operating Assets and Liabilities	1.7%	1.3%	0.9%	0.1%	3.6%	-2.1%	0.0%	1.2%	1.3%	-0.2%
Operating Activities Other Non Cash Items	-3.1%	0.6%	0.6%	-0.3%	1.4%	0.0%	0.2%	0.1%	0.0%	-0.2%
Operating Activities net Cash From Operating Activities	31.0%	32.4%	31.4%	34.6%	29.6%	24.9%	20.5%	21.2%	17.1%	20.6%
Investing Activities Capital Expenditures	3.5%	2.6%	3.1%	3.0%	3.2%	2.3%	3.1%	3.6%	3.3%	4.0%
Investing Activities Purchases of Investments	6.8%	—	—	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	11.4%	3.1%	1.7%	10.6%	13.5%	15.6%	16.8%	13.1%	25.2%	—
Investing Activities Other Investing Activities	0.4%	0.4%	0.4%	0.6%	0.1%	0.3%	0.3%	0.2%	0.0%	0.3%
Investing Activities net Cash From Investing Activities	4.2%	0.8%	1.1%	-6.3%	-4.1%	-1.3%	13.6%	4.4%	-12.4%	-14.3%
Financing Activities Proceeds From Debt	1.2%	0.0%	1.5%	1.5%	5.8%	5.0%	2.1%	1.9%	7.6%	7.8%
Financing Activities Repayment of Debt	3.0%	2.7%	3.2%	2.7%	2.5%	3.9%	2.6%	1.8%	0.9%	0.8%
Financing Activities Repurchase of Common Stock	25.3%	26.0%	22.0%	25.3%	24.5%	22.3%	19.8%	19.9%	8.8%	9.2%
Financing Activities Dividends Paid	4.3%	4.2%	4.3%	4.2%	4.1%	4.3%	4.2%	3.7%	3.4%	3.8%
Financing Activities Tax Withholding On Stock Based Compensation	1.7%	1.5%	1.5%	1.8%	1.9%	1.1%	0.8%	0.7%	0.5%	0.5%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.2%	-0.0%	0.3%	0.2%	-0.0%	0.0%	0.0%	—
Financing Activities net Cash From Financing Activities	-33.6%	-33.4%	-30.8%	-31.4%	-26.6%	-26.8%	-26.9%	-24.0%	-4.8%	-6.5%
Cash Reconciliation Effect of Exchange Rate On Cash	10.0%	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	1.7%	-0.2%	1.6%	-3.1%	-1.1%	-3.2%	7.2%	1.5%	-0.1%	—
Cash Reconciliation Cash At Beginning of Period	10.0%	8.2%	8.5%	6.7%	10.0%	11.7%	14.4%	7.1%	5.4%	6.4%
Cash Reconciliation Cash At End of Period	10.0%	8.2%	8.5%	6.7%	10.0%	11.7%	14.4%	7.1%	5.4%	6.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+46.9%	+46.2%	+44.1%	+43.3%	+41.8%	+38.2%	+37.8%	+38.3%	+38.5%	—
Operating margin	+32.0%	+31.5%	+29.8%	+30.3%	+29.8%	+24.1%	+24.6%	+26.7%	+26.8%	—
Net margin	+26.9%	+24.0%	+25.3%	+25.3%	+25.9%	+20.9%	+21.2%	+22.4%	+21.1%	—
FCF margin	+23.7%	+27.8%	+26.0%	+28.3%	+25.4%	+26.7%	+22.6%	+24.1%	+22.6%	—
Growth
Revenue CAGR (3y)	+1.8%	+2.2%	+11.8%	+14.9%	+11.3%	+6.2%	—	—	+7.8%	—
Returns
ROE	+151.9%	+164.6%	+156.1%	+197.0%	+150.1%	+87.9%	+61.1%	+55.6%	+36.1%	+35.6%
ROA	+31.2%	+25.7%	+27.5%	+28.3%	+27.0%	+17.7%	+16.3%	+16.3%	+12.9%	+14.2%
ROIC	+87.4%	+70.0%	+68.0%	+68.0%	+61.8%	+40.6%	+35.9%	+29.6%	+20.2%	+22.9%
Liquidity
Current ratio	0.89x	0.87x	0.99x	0.88x	1.07x	1.36x	1.54x	1.13x	1.28x	1.35x
Quick ratio	0.46x	0.36x	0.41x	0.34x	0.49x	0.51x	0.68x	0.42x	0.38x	0.46x
Leverage
D/E	3.87x	5.41x	4.67x	5.96x	4.56x	3.96x	2.74x	2.41x	1.80x	1.51x
Interest coverage	—	—	29.06x	40.75x	41.19x	23.07x	17.88x	21.88x	26.41x	41.23x
Efficiency
Asset turnover	1.16x	1.07x	1.09x	1.12x	1.04x	0.85x	0.77x	0.73x	0.61x	—
Cash conversion cycle	-71d	-76d	-68d	-71d	-56d	-61d	-63d	-84d	-73d	—

Valuation

Price against fundamentals

AAPL $270 · 2026-04-17 · 151d old · FY2025

Market cap $4.1T

P/E 36.20x

P/S 9.74x

P/B 54.99x

EV $4.1T

EV/EBITDA 28.39x

FCF yield +2.4%

Dividend yield +0.4%

Notes

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