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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

23 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	+6.4%	+4.9%	+5.6%	+2.4%	+11.3%	+16.7%	+33.6%	+12.5%	-1.0%	—
Short Term Investments	-9.6%	-3.5%	-5.4%	-10.1%	-9.9%	+3.2%	+3.5%	-7.0%	+15.5%	—
Accounts Receivable	+10.8%	+9.9%	+9.4%	+10.2%	+10.8%	+0.6%	+13.3%	+21.3%	+13.5%	—
Inventory	+11.6%	+16.6%	+16.8%	+15.1%	+25.3%	+17.5%	+24.4%	+36.2%	+127.7%	—
Other Current Assets	+9.1%	+10.1%	+11.3%	+16.3%	+12.5%	+10.5%	+17.3%	+31.8%	+45.4%	—
Total Current Assets	+3.7%	+4.6%	+4.3%	+4.0%	+4.8%	+7.7%	+15.1%	+10.9%	+20.4%	—
Property,Plant and Equipment	+7.0%	+6.8%	+7.1%	+7.7%	+7.9%	+8.0%	+11.4%	+23.7%	+25.1%	—
Long Term Investments	-8.4%	-7.5%	-7.3%	-5.6%	-5.6%	-12.3%	-14.8%	+0.1%	+14.2%	—
Other Noncurrent Assets	+28.5%	+30.8%	+33.1%	+35.6%	+41.0%	+48.4%	+55.6%	+59.5%	+107.6%	—
Total Assets	+1.2%	+1.6%	+1.3%	+1.5%	+1.8%	+0.2%	+1.7%	+6.6%	+16.7%	—
Liabilities
Accounts Payable	+7.2%	+8.0%	+7.7%	+9.5%	+8.0%	+3.2%	+7.4%	+22.4%	+18.6%	—
Deferred Revenue	+1.3%	+0.3%	-0.0%	-0.3%	-1.2%	-4.8%	-11.9%	-14.1%	-6.6%	—
Current Portion of Long Term Debt	+6.4%	+7.6%	+4.5%	+10.5%	+6.1%	+4.4%	+11.9%	+33.8%	+59.2%	—
Other Current Liabilities	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	+8.6%	+10.6%	+9.1%	+11.8%	+9.7%	+7.5%	+10.2%	+21.1%	+27.6%	—
Long Term Debt	+0.4%	+1.6%	+3.4%	+4.6%	+7.7%	+6.9%	+6.8%	+11.5%	+28.9%	—
Other Noncurrent Liabilities	+1.6%	+3.1%	+4.7%	+5.3%	+8.1%	+10.9%	+11.9%	+16.4%	+12.0%	—
Total Liabilities	+4.4%	+6.0%	+6.0%	+7.7%	+8.3%	+7.5%	+8.6%	+15.6%	+24.7%	—
Equity
Common Stock	+13.0%	+13.0%	+13.1%	+12.9%	+12.9%	+12.9%	+13.1%	+13.4%	+14.8%	—
Retained Earnings	—	—	—	—	-43.5%	-37.2%	-21.9%	-14.5%	+2.0%	—
Accumulated Other Comprehensive Income	—	—	—	—	-23.8%	—	—	—	—	—
Total Stockholders Equity	-6.0%	-9.6%	-9.8%	-14.3%	-13.2%	-15.5%	-11.0%	-8.6%	+4.5%	—
Total Liabilitiesand Equity	+1.2%	+1.6%	+1.3%	+1.5%	+1.8%	+0.2%	+1.7%	+6.6%	+16.7%	—

Income Statement

Revenue, expense, and profitability

15 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	+7.6%	+7.7%	+8.6%	+10.6%	+11.1%	+6.2%	+6.5%	+11.0%	+6.3%	—
Expenses Cost of Revenue	+5.9%	+6.1%	+7.2%	+9.3%	+10.1%	+6.6%	+7.2%	+11.6%	+7.4%	—
Other Income Expense Gross Profit	+9.8%	+10.0%	+10.5%	+12.5%	+12.6%	+5.6%	+5.3%	+9.9%	+4.7%	—
Expenses Research and Development	+14.7%	+15.3%	+16.9%	+17.4%	+16.9%	+16.9%	+17.3%	+19.0%	+15.3%	—
Expenses Selling,General and Administrative	+7.7%	+7.9%	+8.4%	+10.0%	+9.1%	+8.8%	+8.7%	+8.5%	+7.5%	—
Expenses Operating Expenses	+11.0%	+11.4%	+12.4%	+13.3%	+12.6%	+12.4%	+12.4%	+13.0%	+10.7%	—
Other Income Expense Operating Income	+9.2%	+9.4%	+9.6%	+12.2%	+12.7%	+2.5%	+2.1%	+8.7%	+2.2%	—
Other Income Expense Other Income/expense	—	-18.2%	—	—	-28.2%	-12.1%	+10.3%	+22.0%	+103.6%	—
Other Income Expense Income Before Tax	+8.9%	+9.1%	+9.2%	+11.7%	+12.2%	+2.3%	+2.3%	+9.0%	+4.4%	—
Income Tax Income Tax Expense	+3.1%	+8.3%	+0.9%	+3.5%	-1.5%	-11.4%	-12.6%	-7.7%	+0.3%	—
net Income net Income	+10.5%	+9.4%	+11.4%	+13.9%	+15.7%	+5.9%	+6.5%	+14.1%	+5.8%	—
net Income Comprehensive Income	+10.4%	+9.7%	+11.0%	+11.3%	+15.3%	+5.3%	+7.5%	+10.0%	+1.9%	—
Earnings Per Share Basic Eps	-1.2%	-3.8%	-4.3%	-5.0%	-7.4%	-20.7%	-29.0%	-40.1%	+11.0%	—
Earnings Per Share Diluted Eps	-1.2%	-3.8%	-4.3%	-5.0%	-7.6%	-20.7%	-29.0%	-40.1%	+10.8%	—
Earnings Per Share Weighted Average Shares Diluted	+11.8%	+13.7%	+16.3%	+19.9%	+25.1%	+33.6%	+50.1%	+90.7%	-4.5%	—

Cash Flow Statement

Operating, investing, and financing flows

19 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	+10.5%	+9.4%	+11.4%	+13.9%	+15.7%	+5.9%	+6.5%	+14.1%	+5.8%	—
Operating Activities Depreciation and Amortization	+1.2%	+1.1%	+1.3%	+0.9%	+1.4%	+1.3%	+6.1%	+1.9%	-3.3%	—
Operating Activities Stock Based Compensation	+13.2%	+13.6%	+14.5%	+13.6%	+13.4%	+12.9%	+13.0%	+12.6%	+15.0%	—
Operating Activities Changes In Operating Assets and Liabilities	—	+31.6%	—	+19.8%	—	+93.6%	—	+825.5%	—	—
Operating Activities Other Non Cash Items	—	—	—	+12.9%	—	—	—	—	—	—
Operating Activities net Cash From Operating Activities	+6.0%	+7.5%	+7.6%	+10.7%	+9.5%	+5.1%	+1.6%	+8.1%	-3.0%	—
Investing Activities Capital Expenditures	—	—	—	—	—	—	—	—	—	—
Investing Activities Purchases of Investments	—	—	—	—	—	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	-7.8%	-7.0%	-12.0%	-8.1%	-1.0%	+1.9%	-4.1%	-3.5%	+13.1%	—
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Debt	-22.6%	-20.4%	-34.6%	-14.8%	-2.7%	-11.4%	-65.8%	-46.9%	+32.4%	—
Financing Activities Repayment of Debt	—	—	—	—	—	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—	—	—	—	—	—
Financing Activities Dividends Paid	—	—	—	—	—	—	—	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	—	—	—	—	—	—	—	—	—

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%	+39.1%
Operating margin	+32.0%	+31.5%	+29.8%	+30.3%	+29.8%	+24.1%	+24.6%	+26.7%	+26.8%	+27.8%
Net margin	+26.9%	+24.0%	+25.3%	+25.3%	+25.9%	+20.9%	+21.2%	+22.4%	+21.1%	+21.2%
FCF margin	+23.7%	+27.8%	+26.0%	+28.3%	+25.4%	+26.7%	+22.6%	+24.1%	+22.6%	+24.8%
Growth
Revenue CAGR (3y)	+1.8%	+2.2%	+11.8%	+14.9%	+11.3%	+6.2%	+6.5%	+4.4%	+7.8%	+8.1%
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	+82.3%	+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	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	1.16x	1.07x	1.09x	1.12x	1.04x	0.85x	0.77x	0.73x	0.61x	0.67x
Cash conversion cycle	-71d	-76d	-68d	-71d	-56d	-61d	-63d	-84d	-73d	-71d

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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