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 · 3 years

Total assets $359.2B

Total liabilities $285.5B

Shareholders equity $73.7B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	10.0%	8.2%	8.5%
Short Term Investments	0.0%	—	—
Accounts Receivable	11.1%	9.2%	8.4%
Inventory	1.6%	2.0%	1.8%
Prepaid Expenses	4.1%	3.9%	4.2%
Other Current Assets	4.1%	3.9%	4.2%
Total Current Assets	41.2%	41.9%	40.7%
Property,Plant and Equipment	13.9%	12.5%	12.4%
Goodwill	0.0%	—	—
Intangible Assets	0.0%	—	—
Long Term Investments	0.0%	—	—
Other Noncurrent Assets	23.3%	20.5%	18.4%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	19.4%	18.9%	17.8%
Accrued Liabilities	0.0%	14.2%	14.2%
Deferred Revenue	2.5%	2.3%	2.3%
Current Portion of Long Term Debt	3.4%	3.0%	2.8%
Other Current Liabilities	18.5%	21.5%	16.7%
Total Current Liabilities	46.1%	48.3%	41.2%
Long Term Debt	21.8%	23.5%	27.0%
Deferred Revenue Noncurrent	2.5%	—	—
Deferred Tax Liabilities	0.0%	1.9%	2.0%
Other Noncurrent Liabilities	11.6%	12.6%	14.1%
Total Liabilities	79.5%	84.4%	82.4%
Equity
Preferred Stock	0.0%	—	—
Common Stock	26.0%	22.8%	20.9%
Additional Paid In Capital	0.0%	—	—
Retained Earnings	-4.0%	-5.2%	-0.1%
Accumulated Other Comprehensive Income	-1.6%	-2.0%	-3.2%
Total Stockholders Equity	20.5%	15.6%	17.6%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $416.2B

Operating income $133.1B

Net income $112.0B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	115.8%	107.1%	108.7%
Expenses Cost of Revenue	61.5%	57.6%	60.7%
Expenses Research and Development	9.6%	8.6%	8.5%
Expenses Selling,General and Administrative	7.7%	7.2%	7.1%
Expenses Depreciation and Amortization	3.3%	3.1%	3.3%
Expenses Share Based Compensation	3.6%	—	—
Expenses Operating Expenses	17.3%	15.7%	15.6%
Other Income Expense Gross Profit	54.3%	49.5%	48.0%
Other Income Expense Operating Income	37.0%	33.8%	32.4%
Other Income Expense Income Before Tax	36.9%	33.8%	32.3%
Income Tax Income Tax Expense	5.8%	8.2%	4.7%
net Income net Income	31.2%	25.7%	27.5%
net Income Comprehensive Income	31.6%	26.9%	27.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.2%	4.2%	4.5%
Earnings Per Share Weighted Average Shares Diluted	4.2%	4.2%	4.5%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $111.5B

Investing cash flow $15.2B

Financing cash flow $-120.7B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	31.2%	25.7%	27.5%
Operating Activities Depreciation and Amortization	3.3%	3.1%	3.3%
Operating Activities Stock Based Compensation	3.6%	3.2%	3.1%
Operating Activities Changes In Operating Assets and Liabilities	1.7%	1.3%	0.9%
Operating Activities Other Non Cash Items	-3.1%	0.6%	0.6%
Operating Activities net Cash From Operating Activities	31.0%	32.4%	31.4%
Investing Activities Capital Expenditures	3.5%	2.6%	3.1%
Investing Activities Purchases of Investments	6.8%	—	—
Investing Activities Proceeds From Sale of Investments	11.4%	3.1%	1.7%
Investing Activities Other Investing Activities	0.4%	0.4%	0.4%
Investing Activities net Cash From Investing Activities	4.2%	0.8%	1.1%
Financing Activities Proceeds From Debt	1.2%	0.0%	1.5%
Financing Activities Repayment of Debt	3.0%	2.7%	3.2%
Financing Activities Repurchase of Common Stock	25.3%	26.0%	22.0%
Financing Activities Dividends Paid	4.3%	4.2%	4.3%
Financing Activities Tax Withholding On Stock Based Compensation	1.7%	1.5%	1.5%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.2%
Financing Activities net Cash From Financing Activities	-33.6%	-33.4%	-30.8%
Cash Reconciliation Effect of Exchange Rate On Cash	10.0%	—	—
Cash Reconciliation net Change In Cash	1.7%	-0.2%	1.6%
Cash Reconciliation Cash At Beginning of Period	10.0%	8.2%	8.5%
Cash Reconciliation Cash At End of Period	10.0%	8.2%	8.5%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+46.9%	+46.2%	+44.1%
Operating margin	+32.0%	+31.5%	+29.8%
Net margin	+26.9%	+24.0%	+25.3%
FCF margin	+23.7%	+27.8%	+26.0%
Growth
Revenue CAGR (3y)	+1.8%	+2.2%	+11.8%
Returns
ROE	+151.9%	+164.6%	+156.1%
ROA	+31.2%	+25.7%	+27.5%
ROIC	+87.4%	+70.0%	+68.0%
Liquidity
Current ratio	0.89x	0.87x	0.99x
Quick ratio	0.46x	0.36x	0.41x
Leverage
D/E	3.87x	5.41x	4.67x
Interest coverage	—	—	29.06x
Efficiency
Asset turnover	1.16x	1.07x	1.09x
Cash conversion cycle	-71d	-76d	-68d

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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