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

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	$35.9B 20.0%	$29.9B -0.1%	$30.0B 26.7%	$23.6B -32.3%	$34.9B -8.1%	$38.0B -22.2%	$48.8B 88.5%	$25.9B 27.7%	$20.3B -1.0%	$20.5B
Short Term Investments	$18.8B -46.7%	$35.2B 11.5%	$31.6B 28.1%	$24.7B -11.0%	$27.7B -47.7%	$52.9B 2.3%	$51.7B 28.0%	$40.4B -25.1%	$53.9B 15.5%	$46.7B
Accounts Receivable	$39.8B 19.1%	$33.4B 13.2%	$29.5B 4.7%	$28.2B 7.3%	$26.3B 63.0%	$16.1B -29.7%	$22.9B -1.1%	$23.2B 29.7%	$17.9B 13.5%	$15.8B
Inventory	$5.7B -21.5%	$7.3B 15.1%	$6.3B 28.0%	$4.9B -24.8%	$6.6B 62.0%	$4.1B -1.1%	$4.1B 3.8%	$4.0B -18.5%	$4.9B 127.7%	$2.1B
Other Current Assets	$47.8B 1.4%	$47.1B 2.1%	$46.2B -14.5%	$54.0B 37.2%	$39.3B 20.7%	$32.6B -7.5%	$35.2B -7.0%	$37.9B 19.4%	$31.7B 45.4%	$21.8B
Total Current Assets	$148.0B -3.3%	$153.0B 6.6%	$143.6B 6.0%	$135.4B 0.4%	$134.8B -6.2%	$143.7B -11.7%	$162.8B 24.0%	$131.3B 2.1%	$128.6B 20.4%	$106.9B
Property,Plant and Equipment	$49.8B 9.1%	$45.7B 4.5%	$43.7B 3.8%	$42.1B 6.8%	$39.4B 7.3%	$36.8B -1.6%	$37.4B -9.5%	$41.3B 22.3%	$33.8B 25.1%	$27.0B
Long Term Investments	$77.7B -15.0%	$91.5B -9.0%	$100.5B -16.8%	$120.8B -5.5%	$127.9B 26.8%	$100.9B -4.2%	$105.3B -38.3%	$170.8B -12.3%	$194.7B 14.2%	$170.4B
Other Noncurrent Assets	$83.7B 11.9%	$74.8B 15.6%	$64.8B 19.0%	$54.4B 11.4%	$48.8B 14.9%	$42.5B 28.9%	$33.0B 48.0%	$22.3B 22.6%	$18.2B 107.6%	$8.8B
Total Assets	$359.2B -1.6%	$365.0B 3.5%	$352.6B 0.0%	$352.8B 0.5%	$351.0B 8.4%	$323.9B -4.3%	$338.5B -7.4%	$365.7B -2.6%	$375.3B 16.7%	$321.7B
Liabilities
Accounts Payable	$69.9B 1.3%	$69.0B 10.1%	$62.6B -2.3%	$64.1B 17.1%	$54.8B 29.5%	$42.3B -8.5%	$46.2B -17.3%	$55.9B 26.3%	$44.2B 18.6%	$37.3B
Deferred Revenue	$9.1B 9.8%	$8.2B 2.3%	$8.1B 1.9%	$7.9B 3.9%	$7.6B 14.6%	$6.6B 20.3%	$5.5B -7.4%	$6.0B -21.0%	$7.5B -6.6%	$8.1B
Current Portion of Long Term Debt	$20.3B -2.6%	$20.9B 32.1%	$15.8B -25.1%	$21.1B 35.2%	$15.6B 13.4%	$13.8B -15.3%	$16.3B -21.8%	$20.8B 12.5%	$18.5B 59.2%	$11.6B
Other Current Liabilities	$66.4B -15.2%	$78.3B 33.1%	$58.8B -3.3%	$60.8B 28.1%	$47.5B 11.3%	$42.7B 13.2%	$37.7B 13.2%	$33.3B 9.1%	$30.6B	—
Total Current Liabilities	$165.6B -6.1%	$176.4B 21.4%	$145.3B -5.6%	$154.0B 22.7%	$125.5B 19.1%	$105.4B -0.3%	$105.7B -8.8%	$115.9B 15.0%	$100.8B 27.6%	$79.0B
Long Term Debt	$78.3B -8.7%	$85.8B -10.0%	$95.3B -3.7%	$99.0B -9.3%	$109.1B 10.6%	$98.7B 7.5%	$91.8B -2.1%	$93.7B -3.6%	$97.2B 28.9%	$75.4B
Other Noncurrent Liabilities	$41.5B -9.5%	$45.9B -7.9%	$49.8B 1.4%	$49.1B -7.8%	$53.3B -2.1%	$54.5B 7.9%	$50.5B 3.2%	$48.9B 21.0%	$40.4B 12.0%	$36.1B
Total Liabilities	$285.5B -7.3%	$308.0B 6.1%	$290.4B -3.9%	$302.1B 4.9%	$287.9B 11.4%	$258.5B 4.2%	$248.0B -4.1%	$258.6B 7.2%	$241.3B 24.7%	$193.4B
Equity
Common Stock	$93.6B 12.4%	$83.3B 12.8%	$73.8B 13.8%	$64.8B 13.0%	$57.4B 13.0%	$50.8B 12.4%	$45.2B 12.4%	$40.2B 12.1%	$35.9B 14.8%	$31.3B
Retained Earnings	$-14.3B 25.5%	$-19.2B -8850.5%	$-214.0M 93.0%	$-3.1B -155.2%	$5.6B -62.8%	$15.0B -67.4%	$45.9B -34.8%	$70.4B -28.4%	$98.3B 2.0%	$96.4B
Accumulated Other Comprehensive Income	$-5.6B 22.3%	$-7.2B 37.4%	$-11.5B -3.1%	$-11.1B -6915.3%	$163.0M 140.1%	$-406.0M 30.5%	$-584.0M 83.1%	$-3.5B -2202.7%	$-150.0M -123.7%	$634.0M
Total Stockholders Equity	$73.7B 29.5%	$57.0B -8.4%	$62.1B 22.6%	$50.7B -19.7%	$63.1B -3.4%	$65.3B -27.8%	$90.5B -15.5%	$107.1B -20.1%	$134.0B 4.5%	$128.2B
Total Liabilitiesand Equity	$359.2B -1.6%	$365.0B 3.5%	$352.6B 0.0%	$352.8B 0.5%	$351.0B 8.4%	$323.9B -4.3%	$338.5B -7.4%	$365.7B -2.6%	$375.3B 16.7%	$321.7B

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	$416.2B 6.4%	$391.0B 2.0%	$383.3B -2.8%	$394.3B 7.8%	$365.8B 33.3%	$274.5B 5.5%	$260.2B -2.0%	$265.6B 15.9%	$229.2B 6.3%	$215.6B
Expenses Cost of Revenue	$221.0B 5.0%	$210.4B -1.8%	$214.1B -4.2%	$223.5B 5.0%	$213.0B 25.6%	$169.6B 4.8%	$161.8B -1.2%	$163.8B 16.1%	$141.0B 7.4%	$131.4B
Other Income Expense Gross Profit	$195.2B 8.0%	$180.7B 6.8%	$169.1B -1.0%	$170.8B 11.7%	$152.8B 45.6%	$105.0B 6.7%	$98.4B -3.4%	$101.8B 15.5%	$88.2B 4.7%	$84.3B
Expenses Research and Development	$34.5B 10.1%	$31.4B 4.9%	$29.9B 14.0%	$26.3B 19.8%	$21.9B 16.9%	$18.8B 15.6%	$16.2B 13.9%	$14.2B 22.9%	$11.6B 15.3%	$10.0B
Expenses Selling,General and Administrative	$27.6B 5.8%	$26.1B 4.7%	$24.9B -0.6%	$25.1B 14.2%	$22.0B 10.3%	$19.9B 9.2%	$18.2B 9.2%	$16.7B 9.5%	$15.3B 7.5%	$14.2B
Expenses Operating Expenses	$62.2B 8.2%	$57.5B 4.8%	$54.8B 6.8%	$51.3B 17.0%	$43.9B 13.5%	$38.7B 12.2%	$34.5B 11.4%	$30.9B 15.3%	$26.8B 10.7%	$24.2B
Other Income Expense Operating Income	$133.1B 8.0%	$123.2B 7.8%	$114.3B -4.3%	$119.4B 9.6%	$108.9B 64.4%	$66.3B 3.7%	$63.9B -9.8%	$70.9B 15.6%	$61.3B 2.2%	$60.0B
Other Income Expense Other Income/expense	$-321.0M -219.3%	$269.0M 147.6%	$-565.0M -69.2%	$-334.0M -229.5%	$258.0M -67.9%	$803.0M -55.6%	$1.8B -9.9%	$2.0B -27.0%	$2.7B 103.6%	$1.3B
Other Income Expense Income Before Tax	$132.7B 7.5%	$123.5B 8.6%	$113.7B -4.5%	$119.1B 9.1%	$109.2B 62.8%	$67.1B 2.1%	$65.7B -9.8%	$72.9B 13.8%	$64.1B 4.4%	$61.4B
Income Tax Income Tax Expense	$20.7B -30.4%	$29.7B 77.7%	$16.7B -13.3%	$19.3B 32.9%	$14.5B 50.1%	$9.7B -7.6%	$10.5B -21.6%	$13.4B -15.0%	$15.7B 0.3%	$15.7B
net Income net Income	$112.0B 19.5%	$93.7B -3.4%	$97.0B -2.8%	$99.8B 5.4%	$94.7B 64.9%	$57.4B 3.9%	$55.3B -7.2%	$59.5B 23.1%	$48.4B 5.8%	$45.7B
net Income Comprehensive Income	$113.6B 15.9%	$98.0B 1.4%	$96.7B 9.2%	$88.5B -7.1%	$95.2B 65.8%	$57.5B -1.0%	$58.0B 2.7%	$56.5B 18.8%	$47.6B 1.9%	$46.7B
Earnings Per Share Basic Eps	$7 22.6%	$6 -0.8%	$6 0.2%	$6 8.5%	$6 71.3%	$3 10.7%	$3 -0.3%	$3 -67.6%	$9 11.0%	$8
Earnings Per Share Diluted Eps	$7 22.7%	$6 -0.8%	$6 0.3%	$6 8.9%	$6 71.0%	$3 10.4%	$3 -0.3%	$3 -67.6%	$9 10.8%	$8
Earnings Per Share Weighted Average Shares Diluted	$15.0B -2.6%	$15.4B -2.6%	$15.8B -3.1%	$16.3B -3.2%	$16.9B -3.8%	$17.5B -5.7%	$18.6B -7.0%	$20.0B 280.8%	$5.3B -4.5%	$5.5B

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	$112.0B 19.5%	$93.7B -3.4%	$97.0B -2.8%	$99.8B 5.4%	$94.7B 64.9%	$57.4B 3.9%	$55.3B -7.2%	$59.5B 23.1%	$48.4B 5.8%	$45.7B
Operating Activities Depreciation and Amortization	$11.7B 2.2%	$11.4B -0.6%	$11.5B 3.7%	$11.1B -1.6%	$11.3B 2.1%	$11.1B -11.9%	$12.5B 15.1%	$10.9B 7.3%	$10.2B -3.3%	$10.5B
Operating Activities Stock Based Compensation	$12.9B 10.1%	$11.7B 7.9%	$10.8B 19.9%	$9.0B 14.3%	$7.9B 15.8%	$6.8B 12.5%	$6.1B 13.6%	$5.3B 10.3%	$4.8B 15.0%	$4.2B
Operating Activities Changes In Operating Assets and Liabilities	$-25.0B -784.7%	$3.7B 155.5%	$-6.6B -648.1%	$1.2B 124.4%	$-4.9B -186.3%	$5.7B 263.1%	$-3.5B -110.1%	$34.7B 804.7%	$-4.9B -1315.6%	$405.0M
Operating Activities Other Non Cash Items	$-89.0M 96.1%	$-2.3B -1.8%	$-2.2B -321.4%	$1.0B 120.4%	$-4.9B -4973.2%	$-97.0M 85.1%	$-652.0M -46.8%	$-444.0M -167.5%	$-166.0M -134.2%	$486.0M
Operating Activities net Cash From Operating Activities	$111.5B -5.7%	$118.3B 7.0%	$110.5B -9.5%	$122.2B 17.4%	$104.0B 29.0%	$80.7B 16.3%	$69.4B -10.4%	$77.4B 20.6%	$64.2B -3.0%	$66.2B
Investing Activities Capital Expenditures	$-12.7B -34.6%	$-9.4B 13.8%	$-11.0B -2.3%	$-10.7B 3.4%	$-11.1B -51.7%	$-7.3B 30.4%	$-10.5B 21.2%	$-13.3B -6.9%	$-12.5B 2.2%	$-12.7B
Investing Activities Purchases of Investments	$-24.4B 49.8%	$-48.7B -64.9%	$-29.5B 61.6%	$-76.9B 29.8%	$-109.6B 4.7%	$-114.9B -182.9%	$-40.6B 44.5%	$-73.2B 54.2%	$-160.0B -11.3%	$-143.8B
Investing Activities Proceeds From Sale of Investments	$53.8B -13.7%	$62.3B 37.0%	$45.5B -32.4%	$67.4B -36.7%	$106.5B -11.6%	$120.4B 21.9%	$98.7B -5.1%	$104.1B -17.7%	$126.5B 13.1%	$111.8B
Investing Activities Other Investing Activities	$-1.5B -13.1%	$-1.3B 2.2%	$-1.3B 35.9%	$-2.1B -441.8%	$-385.0M 57.6%	$-909.0M 15.7%	$-1.1B -44.7%	$-745.0M -500.8%	$-124.0M 86.6%	$-924.0M
Investing Activities net Cash From Investing Activities	$15.2B 417.7%	$2.9B -20.8%	$3.7B 116.6%	$-22.4B -53.7%	$-14.5B -239.1%	$-4.3B -109.3%	$45.9B 185.7%	$16.1B 134.6%	$-46.4B -1.0%	$-46.0B
Financing Activities Proceeds From Debt	$2.4B -38.2%	$4.0B 216.8%	$1.2B -86.7%	$9.4B -56.0%	$21.4B 41.6%	$15.1B 1434.3%	$986.0M -85.8%	$6.9B -78.7%	$32.5B 32.4%	$24.6B
Financing Activities Repayment of Debt	$-10.9B -9.8%	$-10.0B 10.7%	$-11.2B -16.9%	$-9.5B -9.1%	$-8.8B 30.7%	$-12.6B -43.4%	$-8.8B -35.5%	$-6.5B -85.7%	$-3.5B -40.0%	$-2.5B
Financing Activities Repurchase of Common Stock	$-90.7B 4.5%	$-94.9B -22.4%	$-77.5B 13.3%	$-89.4B -4.0%	$-86.0B -18.8%	$-72.4B -8.2%	$-66.9B 8.0%	$-72.7B -121.1%	$-32.9B -10.7%	$-29.7B
Financing Activities Dividends Paid	$-15.4B -1.2%	$-15.2B -1.4%	$-15.0B -1.2%	$-14.8B -2.6%	$-14.5B -2.7%	$-14.1B 0.3%	$-14.1B -3.0%	$-13.7B -7.4%	$-12.8B -5.1%	$-12.2B
Financing Activities Tax Withholding On Stock Based Compensation	$-6.0B -9.5%	$-5.4B -0.2%	$-5.4B 12.7%	$-6.2B 5.1%	$-6.6B -80.4%	$-3.6B -29.0%	$-2.8B -11.5%	$-2.5B -34.8%	$-1.9B -19.4%	$-1.6B
Financing Activities Other Financing Activities	$-111.0M 69.3%	$-361.0M 37.9%	$-581.0M -263.1%	$-160.0M -116.4%	$976.0M 29.4%	$754.0M 818.1%	$-105.0M	$0	$0	—
Financing Activities net Cash From Financing Activities	$-120.7B 1.1%	$-122.0B -12.4%	$-108.5B 2.0%	$-110.7B -18.6%	$-93.4B -7.5%	$-86.8B 4.6%	$-91.0B -3.5%	$-87.9B -388.9%	$-18.0B 14.0%	$-20.9B
Cash Reconciliation net Change In Cash	$6.0B 854.5%	$-794.0M -113.8%	$5.8B 152.6%	$-11.0B -183.7%	$-3.9B 63.0%	$-10.4B -142.9%	$24.3B 332.3%	$5.6B 2984.1%	$-195.0M 69.3%	$-636.0M

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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