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 revenue.

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	8.6%	7.7%	7.8%
Short Term Investments	4.5%	9.0%	8.2%
Accounts Receivable	9.6%	8.5%	7.7%
Inventory	1.4%	1.9%	1.7%
Other Current Assets	11.5%	12.1%	12.0%
Total Current Assets	35.6%	39.1%	37.5%
Property,Plant and Equipment	12.0%	11.7%	11.4%
Long Term Investments	18.7%	23.4%	26.2%
Other Noncurrent Assets	20.1%	19.1%	16.9%
Total Assets	86.3%	93.3%	92.0%
Liabilities
Accounts Payable	16.8%	17.6%	16.3%
Deferred Revenue	2.2%	2.1%	2.1%
Current Portion of Long Term Debt	4.9%	5.3%	4.1%
Other Current Liabilities	16.0%	20.0%	15.3%
Total Current Liabilities	39.8%	45.1%	37.9%
Long Term Debt	18.8%	21.9%	24.9%
Other Noncurrent Liabilities	10.0%	11.7%	13.0%
Total Liabilities	68.6%	78.8%	75.8%
Equity
Common Stock	22.5%	21.3%	19.3%
Retained Earnings	-3.4%	-4.9%	-0.1%
Accumulated Other Comprehensive Income	-1.3%	-1.8%	-3.0%
Total Stockholders Equity	17.7%	14.6%	16.2%
Total Liabilitiesand Equity	86.3%	93.3%	92.0%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	53.1%	53.8%	55.9%
Other Income Expense Gross Profit	46.9%	46.2%	44.1%
Expenses Research and Development	8.3%	8.0%	7.8%
Expenses Selling,General and Administrative	6.6%	6.7%	6.5%
Expenses Operating Expenses	14.9%	14.7%	14.3%
Other Income Expense Operating Income	32.0%	31.5%	29.8%
Other Income Expense Other Income/expense	-0.1%	0.1%	-0.1%
Other Income Expense Income Before Tax	31.9%	31.6%	29.7%
Income Tax Income Tax Expense	5.0%	7.6%	4.4%
net Income net Income	26.9%	24.0%	25.3%
net Income Comprehensive Income	27.3%	25.1%	25.2%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	3.6%	3.9%	4.1%

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	26.9%	24.0%	25.3%
Operating Activities Depreciation and Amortization	2.8%	2.9%	3.0%
Operating Activities Stock Based Compensation	3.1%	3.0%	2.8%
Operating Activities Changes In Operating Assets and Liabilities	-6.0%	0.9%	-1.7%
Operating Activities Other Non Cash Items	-0.0%	-0.6%	-0.6%
Operating Activities net Cash From Operating Activities	26.8%	30.2%	28.8%
Investing Activities Capital Expenditures	-3.1%	-2.4%	-2.9%
Investing Activities Purchases of Investments	-5.9%	-12.4%	-7.7%
Investing Activities Proceeds From Sale of Investments	12.9%	15.9%	11.9%
Investing Activities Other Investing Activities	-0.4%	-0.3%	-0.3%
Investing Activities net Cash From Investing Activities	3.7%	0.8%	1.0%
Financing Activities Proceeds From Debt	0.6%	1.0%	0.3%
Financing Activities Repayment of Debt	-2.6%	-2.5%	-2.9%
Financing Activities Repurchase of Common Stock	-21.8%	-24.3%	-20.2%
Financing Activities Dividends Paid	-3.7%	-3.9%	-3.9%
Financing Activities Tax Withholding On Stock Based Compensation	-1.4%	-1.4%	-1.4%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.2%
Financing Activities net Cash From Financing Activities	-29.0%	-31.2%	-28.3%
Cash Reconciliation net Change In Cash	1.4%	-0.2%	1.5%

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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