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 · 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	+0.7%	-5.0%	-7.4%	-32.3%	—
Short Term Investments	-9.3%	+8.3%	+6.8%	-11.0%	—
Accounts Receivable	+10.9%	+8.3%	+6.0%	+7.3%	—
Inventory	-3.4%	+3.5%	-1.9%	-24.8%	—
Other Current Assets	+5.0%	+6.2%	+8.3%	+37.2%	—
Total Current Assets	+2.3%	+4.3%	+3.2%	+0.4%	—
Property,Plant and Equipment	+6.0%	+5.0%	+5.3%	+6.8%	—
Long Term Investments	-11.7%	-10.6%	-11.3%	-5.5%	—
Other Noncurrent Assets	+14.4%	+15.3%	+15.1%	+11.4%	—
Total Assets	+0.6%	+1.3%	+0.2%	+0.5%	—
Liabilities
Accounts Payable	+6.3%	+8.0%	+6.9%	+17.1%	—
Deferred Revenue	+4.4%	+2.7%	+2.9%	+3.9%	—
Current Portion of Long Term Debt	+6.8%	+10.2%	+0.6%	+35.2%	—
Other Current Liabilities	+8.7%	+18.1%	+11.3%	+28.1%	—
Total Current Liabilities	+7.2%	+12.0%	+7.6%	+22.7%	—
Long Term Debt	-8.0%	-7.7%	-6.6%	-9.3%	—
Other Noncurrent Liabilities	-6.0%	-4.9%	-3.3%	-7.8%	—
Total Liabilities	-0.2%	+2.3%	+0.4%	+4.9%	—
Equity
Common Stock	+13.0%	+13.2%	+13.4%	+13.0%	—
Retained Earnings	—	—	—	—	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Total Stockholders Equity	+4.0%	-3.4%	-0.8%	-19.7%	—
Total Liabilitiesand Equity	+0.6%	+1.3%	+0.2%	+0.5%	—

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	+3.3%	+2.2%	+2.4%	+7.8%	—
Expenses Cost of Revenue	+0.9%	-0.4%	+0.3%	+5.0%	—
Other Income Expense Gross Profit	+6.3%	+5.7%	+5.2%	+11.7%	—
Expenses Research and Development	+12.1%	+12.7%	+16.8%	+19.8%	—
Expenses Selling,General and Administrative	+5.9%	+5.9%	+6.5%	+14.2%	—
Expenses Operating Expenses	+9.1%	+9.4%	+11.8%	+17.0%	—
Other Income Expense Operating Income	+5.1%	+4.2%	+2.4%	+9.6%	—
Other Income Expense Other Income/expense	—	+1.4%	—	—	—
Other Income Expense Income Before Tax	+5.0%	+4.2%	+2.1%	+9.1%	—
Income Tax Income Tax Expense	+9.3%	+27.0%	+7.4%	+32.9%	—
net Income net Income	+4.3%	-0.3%	+1.2%	+5.4%	—
net Income Comprehensive Income	+4.5%	+1.0%	+0.7%	-7.1%	—
Earnings Per Share Basic Eps	+7.2%	+2.5%	+4.2%	+8.5%	—
Earnings Per Share Diluted Eps	+7.4%	+2.7%	+4.5%	+8.9%	—
Earnings Per Share Weighted Average Shares Diluted	-2.9%	-3.0%	-3.2%	-3.2%	—

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	+4.3%	-0.3%	+1.2%	+5.4%	—
Operating Activities Depreciation and Amortization	+0.9%	+0.5%	+1.0%	-1.6%	—
Operating Activities Stock Based Compensation	+12.9%	+13.9%	+17.1%	+14.3%	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—	—	—
Operating Activities Other Non Cash Items	—	—	—	—	—
Operating Activities net Cash From Operating Activities	+1.7%	+4.4%	+3.1%	+17.4%	—
Investing Activities Capital Expenditures	—	—	—	—	—
Investing Activities Purchases of Investments	—	—	—	—	—
Investing Activities Proceeds From Sale of Investments	-15.7%	-16.3%	-34.6%	-36.7%	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	-41.8%	-43.0%	-75.8%	-56.0%	—
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 · 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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