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

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

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	10.0%	8.2%	8.5%	6.7%	10.0%
Short Term Investments	5.2%	9.7%	9.0%	7.0%	7.9%
Accounts Receivable	11.1%	9.2%	8.4%	8.0%	7.5%
Inventory	1.6%	2.0%	1.8%	1.4%	1.9%
Other Current Assets	13.3%	12.9%	13.1%	15.3%	11.2%
Total Current Assets	41.2%	41.9%	40.7%	38.4%	38.4%
Property,Plant and Equipment	13.9%	12.5%	12.4%	11.9%	11.2%
Long Term Investments	21.6%	25.1%	28.5%	34.2%	36.4%
Other Noncurrent Assets	23.3%	20.5%	18.4%	15.4%	13.9%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	19.4%	18.9%	17.8%	18.2%	15.6%
Deferred Revenue	2.5%	2.3%	2.3%	2.2%	2.2%
Current Portion of Long Term Debt	5.7%	5.7%	4.5%	6.0%	4.4%
Other Current Liabilities	18.5%	21.5%	16.7%	17.2%	13.5%
Total Current Liabilities	46.1%	48.3%	41.2%	43.7%	35.7%
Long Term Debt	21.8%	23.5%	27.0%	28.1%	31.1%
Other Noncurrent Liabilities	11.6%	12.6%	14.1%	13.9%	15.2%
Total Liabilities	79.5%	84.4%	82.4%	85.6%	82.0%
Equity
Common Stock	26.0%	22.8%	20.9%	18.4%	16.3%
Retained Earnings	-4.0%	-5.2%	-0.1%	-0.9%	1.6%
Accumulated Other Comprehensive Income	-1.6%	-2.0%	-3.2%	-3.1%	0.0%
Total Stockholders Equity	20.5%	15.6%	17.6%	14.4%	18.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

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	115.8%	107.1%	108.7%	111.8%	104.2%
Expenses Cost of Revenue	61.5%	57.6%	60.7%	63.4%	60.7%
Other Income Expense Gross Profit	54.3%	49.5%	48.0%	48.4%	43.5%
Expenses Research and Development	9.6%	8.6%	8.5%	7.4%	6.2%
Expenses Selling,General and Administrative	7.7%	7.2%	7.1%	7.1%	6.3%
Expenses Operating Expenses	17.3%	15.7%	15.6%	14.6%	12.5%
Other Income Expense Operating Income	37.0%	33.8%	32.4%	33.9%	31.0%
Other Income Expense Other Income/expense	-0.1%	0.1%	-0.2%	-0.1%	0.1%
Other Income Expense Income Before Tax	36.9%	33.8%	32.3%	33.8%	31.1%
Income Tax Income Tax Expense	5.8%	8.2%	4.7%	5.5%	4.1%
net Income net Income	31.2%	25.7%	27.5%	28.3%	27.0%
net Income Comprehensive Income	31.6%	26.9%	27.4%	25.1%	27.1%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Diluted	4.2%	4.2%	4.5%	4.6%	4.8%

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	31.2%	25.7%	27.5%	28.3%	27.0%
Operating Activities Depreciation and Amortization	3.3%	3.1%	3.3%	3.1%	3.2%
Operating Activities Stock Based Compensation	3.6%	3.2%	3.1%	2.6%	2.3%
Operating Activities Changes In Operating Assets and Liabilities	-7.0%	1.0%	-1.9%	0.3%	-1.4%
Operating Activities Other Non Cash Items	-0.0%	-0.6%	-0.6%	0.3%	-1.4%
Operating Activities net Cash From Operating Activities	31.0%	32.4%	31.4%	34.6%	29.6%
Investing Activities Capital Expenditures	-3.5%	-2.6%	-3.1%	-3.0%	-3.2%
Investing Activities Purchases of Investments	-6.8%	-13.3%	-8.4%	-21.8%	-31.2%
Investing Activities Proceeds From Sale of Investments	15.0%	17.1%	12.9%	19.1%	30.3%
Investing Activities Other Investing Activities	-0.4%	-0.4%	-0.4%	-0.6%	-0.1%
Investing Activities net Cash From Investing Activities	4.2%	0.8%	1.1%	-6.3%	-4.1%
Financing Activities Proceeds From Debt	0.7%	1.1%	0.4%	2.7%	6.1%
Financing Activities Repayment of Debt	-3.0%	-2.7%	-3.2%	-2.7%	-2.5%
Financing Activities Repurchase of Common Stock	-25.3%	-26.0%	-22.0%	-25.3%	-24.5%
Financing Activities Dividends Paid	-4.3%	-4.2%	-4.3%	-4.2%	-4.1%
Financing Activities Tax Withholding On Stock Based Compensation	-1.7%	-1.5%	-1.5%	-1.8%	-1.9%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.2%	-0.0%	0.3%
Financing Activities net Cash From Financing Activities	-33.6%	-33.4%	-30.8%	-31.4%	-26.6%
Cash Reconciliation net Change In Cash	1.7%	-0.2%	1.6%	-3.1%	-1.1%

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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