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 · 3 years

Total assets $359.2B

Total liabilities $285.5B

Shareholders equity $73.7B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$35.9B 20.0%	$29.9B -0.1%	$30.0B
Short Term Investments	$18.8B -46.7%	$35.2B 11.5%	$31.6B
Accounts Receivable	$39.8B 19.1%	$33.4B 13.2%	$29.5B
Inventory	$5.7B -21.5%	$7.3B 15.1%	$6.3B
Other Current Assets	$47.8B 1.4%	$47.1B 2.1%	$46.2B
Total Current Assets	$148.0B -3.3%	$153.0B 6.6%	$143.6B
Property,Plant and Equipment	$49.8B 9.1%	$45.7B 4.5%	$43.7B
Long Term Investments	$77.7B -15.0%	$91.5B -9.0%	$100.5B
Other Noncurrent Assets	$83.7B 11.9%	$74.8B 15.6%	$64.8B
Total Assets	$359.2B -1.6%	$365.0B 3.5%	$352.6B
Liabilities
Accounts Payable	$69.9B 1.3%	$69.0B 10.1%	$62.6B
Deferred Revenue	$9.1B 9.8%	$8.2B 2.3%	$8.1B
Current Portion of Long Term Debt	$20.3B -2.6%	$20.9B 32.1%	$15.8B
Other Current Liabilities	$66.4B -15.2%	$78.3B 33.1%	$58.8B
Total Current Liabilities	$165.6B -6.1%	$176.4B 21.4%	$145.3B
Long Term Debt	$78.3B -8.7%	$85.8B -10.0%	$95.3B
Other Noncurrent Liabilities	$41.5B -9.5%	$45.9B -7.9%	$49.8B
Total Liabilities	$285.5B -7.3%	$308.0B 6.1%	$290.4B
Equity
Common Stock	$93.6B 12.4%	$83.3B 12.8%	$73.8B
Retained Earnings	$-14.3B 25.5%	$-19.2B -8850.5%	$-214.0M
Accumulated Other Comprehensive Income	$-5.6B 22.3%	$-7.2B 37.4%	$-11.5B
Total Stockholders Equity	$73.7B 29.5%	$57.0B -8.4%	$62.1B
Total Liabilitiesand Equity	$359.2B -1.6%	$365.0B 3.5%	$352.6B

Income Statement

Revenue, expense, and profitability

15 accounts · 3 years

Revenue $416.2B

Operating income $133.1B

Net income $112.0B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$416.2B 6.4%	$391.0B 2.0%	$383.3B
Expenses Cost of Revenue	$221.0B 5.0%	$210.4B -1.8%	$214.1B
Other Income Expense Gross Profit	$195.2B 8.0%	$180.7B 6.8%	$169.1B
Expenses Research and Development	$34.5B 10.1%	$31.4B 4.9%	$29.9B
Expenses Selling,General and Administrative	$27.6B 5.8%	$26.1B 4.7%	$24.9B
Expenses Operating Expenses	$62.2B 8.2%	$57.5B 4.8%	$54.8B
Other Income Expense Operating Income	$133.1B 8.0%	$123.2B 7.8%	$114.3B
Other Income Expense Other Income/expense	$-321.0M -219.3%	$269.0M 147.6%	$-565.0M
Other Income Expense Income Before Tax	$132.7B 7.5%	$123.5B 8.6%	$113.7B
Income Tax Income Tax Expense	$20.7B -30.4%	$29.7B 77.7%	$16.7B
net Income net Income	$112.0B 19.5%	$93.7B -3.4%	$97.0B
net Income Comprehensive Income	$113.6B 15.9%	$98.0B 1.4%	$96.7B
Earnings Per Share Basic Eps	$7 22.6%	$6 -0.8%	$6
Earnings Per Share Diluted Eps	$7 22.7%	$6 -0.8%	$6
Earnings Per Share Weighted Average Shares Diluted	$15.0B -2.6%	$15.4B -2.6%	$15.8B

Cash Flow Statement

Operating, investing, and financing flows

19 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	$112.0B 19.5%	$93.7B -3.4%	$97.0B
Operating Activities Depreciation and Amortization	$11.7B 2.2%	$11.4B -0.6%	$11.5B
Operating Activities Stock Based Compensation	$12.9B 10.1%	$11.7B 7.9%	$10.8B
Operating Activities Changes In Operating Assets and Liabilities	$-25.0B -784.7%	$3.7B 155.5%	$-6.6B
Operating Activities Other Non Cash Items	$-89.0M 96.1%	$-2.3B -1.8%	$-2.2B
Operating Activities net Cash From Operating Activities	$111.5B -5.7%	$118.3B 7.0%	$110.5B
Investing Activities Capital Expenditures	$-12.7B -34.6%	$-9.4B 13.8%	$-11.0B
Investing Activities Purchases of Investments	$-24.4B 49.8%	$-48.7B -64.9%	$-29.5B
Investing Activities Proceeds From Sale of Investments	$53.8B -13.7%	$62.3B 37.0%	$45.5B
Investing Activities Other Investing Activities	$-1.5B -13.1%	$-1.3B 2.2%	$-1.3B
Investing Activities net Cash From Investing Activities	$15.2B 417.7%	$2.9B -20.8%	$3.7B
Financing Activities Proceeds From Debt	$2.4B -38.2%	$4.0B 216.8%	$1.2B
Financing Activities Repayment of Debt	$-10.9B -9.8%	$-10.0B 10.7%	$-11.2B
Financing Activities Repurchase of Common Stock	$-90.7B 4.5%	$-94.9B -22.4%	$-77.5B
Financing Activities Dividends Paid	$-15.4B -1.2%	$-15.2B -1.4%	$-15.0B
Financing Activities Tax Withholding On Stock Based Compensation	$-6.0B -9.5%	$-5.4B -0.2%	$-5.4B
Financing Activities Other Financing Activities	$-111.0M 69.3%	$-361.0M 37.9%	$-581.0M
Financing Activities net Cash From Financing Activities	$-120.7B 1.1%	$-122.0B -12.4%	$-108.5B
Cash Reconciliation net Change In Cash	$6.0B 854.5%	$-794.0M -113.8%	$5.8B

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	+82.3%	+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	—	—	—
Efficiency
Asset turnover	1.16x	1.07x	1.09x
Cash conversion cycle	-71d	-76d	-68d

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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