Apple Inc.

Information Technology Technology Hardware, Storage & Peripherals Cupertino, California Last filing Oct 31, 2025 · FY2025

                    Revenue
                    FY2025
                
$416.2B
                    3y CAGR +1.8%
                    
                    P32
                    
                    +6.4%
                    
                    Net income
                    FY2025
                
$112.0B
                    Net margin +26.9%
                    
                    P79
                    
                    +19.5%
                    
                    Total assets
                    FY2025
                
$359.2B
                    ROA +31.2%
                    
                    P95
                    
                    -1.6%
                    
                    Operating cash flow
                    FY2025
                
$111.5B
                    FCF margin +23.7%
                    
                    P59
                    
                    -5.7%

20 yrs · FY2006–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

31 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	8.6%	7.7%	7.8%	6.0%	9.6%
Short Term Investments	0.0%	—	—	—	—
Accounts Receivable	9.6%	8.5%	7.7%	7.1%	7.2%
Inventory	1.4%	1.9%	1.7%	1.3%	1.8%
Prepaid Expenses	3.5%	3.7%	3.8%	5.4%	3.9%
Other Current Assets	3.5%	3.7%	3.8%	5.4%	3.9%
Total Current Assets	35.6%	39.1%	37.5%	34.3%	36.9%
Property,Plant and Equipment	12.0%	11.7%	11.4%	10.7%	10.8%
Goodwill	0.0%	—	—	—	—
Intangible Assets	0.0%	—	—	—	—
Long Term Investments	0.0%	—	—	—	—
Other Noncurrent Assets	20.1%	19.1%	16.9%	13.8%	13.4%
Total Assets	86.3%	93.3%	92.0%	89.5%	96.0%
Liabilities
Accounts Payable	16.8%	17.6%	16.3%	16.3%	15.0%
Accrued Liabilities	0.0%	13.2%	13.0%	13.8%	—
Deferred Revenue	2.2%	2.1%	2.1%	2.0%	2.1%
Current Portion of Long Term Debt	3.0%	2.8%	2.6%	2.8%	2.6%
Other Current Liabilities	16.0%	20.0%	15.3%	15.4%	13.0%
Total Current Liabilities	39.8%	45.1%	37.9%	39.0%	34.3%
Long Term Debt	18.8%	21.9%	24.9%	25.1%	29.8%
Deferred Revenue Noncurrent	2.2%	—	—	—	—
Deferred Tax Liabilities	0.0%	1.7%	1.9%	1.8%	2.0%
Other Noncurrent Liabilities	10.0%	11.7%	13.0%	12.5%	14.6%
Total Liabilities	68.6%	78.8%	75.8%	76.6%	78.7%
Equity
Preferred Stock	0.0%	—	—	—	—
Common Stock	22.5%	21.3%	19.3%	16.4%	15.7%
Additional Paid In Capital	0.0%	—	—	—	—
Retained Earnings	-3.4%	-4.9%	-0.1%	-0.8%	1.5%
Accumulated Other Comprehensive Income	-1.3%	-1.8%	-3.0%	-2.8%	0.0%
Total Stockholders Equity	17.7%	14.6%	16.2%	12.9%	17.2%
Total Liabilitiesand Equity	86.3%	93.3%	92.0%	89.5%	96.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 5 years

Revenue $416.2B

Operating income $133.1B

Net income $112.0B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	53.1%	53.8%	55.9%	56.7%	58.2%
Expenses Research and Development	8.3%	8.0%	7.8%	6.7%	6.0%
Expenses Selling,General and Administrative	6.6%	6.7%	6.5%	6.4%	6.0%
Expenses Depreciation and Amortization	2.8%	2.9%	3.0%	2.8%	3.1%
Expenses Share Based Compensation	3.1%	—	—	—	—
Expenses Operating Expenses	14.9%	14.7%	14.3%	13.0%	12.0%
Other Income Expense Gross Profit	46.9%	46.2%	44.1%	43.3%	41.8%
Other Income Expense Operating Income	32.0%	31.5%	29.8%	30.3%	29.8%
Other Income Expense Income Before Tax	31.9%	31.6%	29.7%	30.2%	29.9%
Income Tax Income Tax Expense	5.0%	7.6%	4.4%	4.9%	4.0%
net Income net Income	26.9%	24.0%	25.3%	25.3%	25.9%
net Income Comprehensive Income	27.3%	25.1%	25.2%	22.5%	26.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.6%	3.9%	4.1%	4.1%	4.6%
Earnings Per Share Weighted Average Shares Diluted	3.6%	3.9%	4.1%	4.1%	4.6%

Cash Flow Statement

Operating, investing, and financing flows

22 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	26.9%	24.0%	25.3%	25.3%	25.9%
Operating Activities Depreciation and Amortization	2.8%	2.9%	3.0%	2.8%	3.1%
Operating Activities Stock Based Compensation	3.1%	3.0%	2.8%	2.3%	2.2%
Operating Activities Changes In Operating Assets and Liabilities	1.5%	1.2%	0.9%	0.1%	3.5%
Operating Activities Other Non Cash Items	-2.7%	0.6%	0.6%	-0.3%	1.3%
Operating Activities net Cash From Operating Activities	26.8%	30.2%	28.8%	31.0%	28.4%
Investing Activities Capital Expenditures	3.1%	2.4%	2.9%	2.7%	3.0%
Investing Activities Purchases of Investments	5.9%	—	—	—	—
Investing Activities Proceeds From Sale of Investments	9.8%	2.8%	1.5%	9.5%	13.0%
Investing Activities Other Investing Activities	0.4%	0.3%	0.3%	0.5%	0.1%
Investing Activities net Cash From Investing Activities	3.7%	0.8%	1.0%	-5.7%	-4.0%
Financing Activities Proceeds From Debt	1.1%	0.0%	1.4%	1.4%	5.6%
Financing Activities Repayment of Debt	2.6%	2.5%	2.9%	2.4%	2.4%
Financing Activities Repurchase of Common Stock	21.8%	24.3%	20.2%	22.7%	23.5%
Financing Activities Dividends Paid	3.7%	3.9%	3.9%	3.8%	4.0%
Financing Activities Tax Withholding On Stock Based Compensation	1.4%	1.4%	1.4%	1.6%	1.8%
Financing Activities Other Financing Activities	-0.0%	-0.1%	-0.2%	-0.0%	0.3%
Financing Activities net Cash From Financing Activities	-29.0%	-31.2%	-28.3%	-28.1%	-25.5%
Cash Reconciliation Effect of Exchange Rate On Cash	8.6%	—	—	—	—
Cash Reconciliation net Change In Cash	1.4%	-0.2%	1.5%	-2.8%	-1.1%
Cash Reconciliation Cash At Beginning of Period	8.6%	7.7%	7.8%	6.0%	9.6%
Cash Reconciliation Cash At End of Period	8.6%	7.7%	7.8%	6.0%	9.6%

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	+87.4%	+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	—	—	29.06x	40.75x	41.19x
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 · 151d old · FY2025

Market cap $4.1T

P/E 36.20x

P/S 9.74x

P/B 54.99x

EV $4.1T

EV/EBITDA 28.39x

FCF yield +2.4%

Dividend yield +0.4%

Notes

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