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

Year-over-year change per cell; first column has no prior.

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	+20.0%	-0.1%	+26.7%	-32.3%	-8.1%	-22.2%	+88.5%	+27.7%	-1.0%	—
Short Term Investments	-46.7%	+11.5%	+28.1%	-11.0%	-47.7%	+2.3%	+28.0%	-25.1%	+15.5%	—
Accounts Receivable	+19.1%	+13.2%	+4.7%	+7.3%	+63.0%	-29.7%	-1.1%	+29.7%	+13.5%	—
Inventory	-21.5%	+15.1%	+28.0%	-24.8%	+62.0%	-1.1%	+3.8%	-18.5%	+127.7%	—
Other Current Assets	+1.4%	+2.1%	-14.5%	+37.2%	+20.7%	-7.5%	-7.0%	+19.4%	+45.4%	—
Total Current Assets	-3.3%	+6.6%	+6.0%	+0.4%	-6.2%	-11.7%	+24.0%	+2.1%	+20.4%	—
Property,Plant and Equipment	+9.1%	+4.5%	+3.8%	+6.8%	+7.3%	-1.6%	-9.5%	+22.3%	+25.1%	—
Long Term Investments	-15.0%	-9.0%	-16.8%	-5.5%	+26.8%	-4.2%	-38.3%	-12.3%	+14.2%	—
Other Noncurrent Assets	+11.9%	+15.6%	+19.0%	+11.4%	+14.9%	+28.9%	+48.0%	+22.6%	+107.6%	—
Total Assets	-1.6%	+3.5%	-0.0%	+0.5%	+8.4%	-4.3%	-7.4%	-2.6%	+16.7%	—
Liabilities
Accounts Payable	+1.3%	+10.1%	-2.3%	+17.1%	+29.5%	-8.5%	-17.3%	+26.3%	+18.6%	—
Deferred Revenue	+9.8%	+2.3%	+1.9%	+3.9%	+14.6%	+20.3%	-7.4%	-21.0%	-6.6%	—
Current Portion of Long Term Debt	-2.6%	+32.1%	-25.1%	+35.2%	+13.4%	-15.3%	-21.8%	+12.5%	+59.2%	—
Other Current Liabilities	-15.2%	+33.1%	-3.3%	+28.1%	+11.3%	+13.2%	+13.2%	+9.1%	—	—
Total Current Liabilities	-6.1%	+21.4%	-5.6%	+22.7%	+19.1%	-0.3%	-8.8%	+15.0%	+27.6%	—
Long Term Debt	-8.7%	-10.0%	-3.7%	-9.3%	+10.6%	+7.5%	-2.1%	-3.6%	+28.9%	—
Other Noncurrent Liabilities	-9.5%	-7.9%	+1.4%	-7.8%	-2.1%	+7.9%	+3.2%	+21.0%	+12.0%	—
Total Liabilities	-7.3%	+6.1%	-3.9%	+4.9%	+11.4%	+4.2%	-4.1%	+7.2%	+24.7%	—
Equity
Common Stock	+12.4%	+12.8%	+13.8%	+13.0%	+13.0%	+12.4%	+12.4%	+12.1%	+14.8%	—
Retained Earnings	+25.5%	-8850.5%	+93.0%	-155.2%	-62.8%	-67.4%	-34.8%	-28.4%	+2.0%	—
Accumulated Other Comprehensive Income	+22.3%	+37.4%	-3.1%	-6915.3%	+140.1%	+30.5%	+83.1%	-2202.7%	-123.7%	—
Total Stockholders Equity	+29.5%	-8.4%	+22.6%	-19.7%	-3.4%	-27.8%	-15.5%	-20.1%	+4.5%	—
Total Liabilitiesand Equity	-1.6%	+3.5%	-0.0%	+0.5%	+8.4%	-4.3%	-7.4%	-2.6%	+16.7%	—

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	+6.4%	+2.0%	-2.8%	+7.8%	+33.3%	+5.5%	-2.0%	+15.9%	+6.3%	—
Expenses Cost of Revenue	+5.0%	-1.8%	-4.2%	+5.0%	+25.6%	+4.8%	-1.2%	+16.1%	+7.4%	—
Other Income Expense Gross Profit	+8.0%	+6.8%	-1.0%	+11.7%	+45.6%	+6.7%	-3.4%	+15.5%	+4.7%	—
Expenses Research and Development	+10.1%	+4.9%	+14.0%	+19.8%	+16.9%	+15.6%	+13.9%	+22.9%	+15.3%	—
Expenses Selling,General and Administrative	+5.8%	+4.7%	-0.6%	+14.2%	+10.3%	+9.2%	+9.2%	+9.5%	+7.5%	—
Expenses Operating Expenses	+8.2%	+4.8%	+6.8%	+17.0%	+13.5%	+12.2%	+11.4%	+15.3%	+10.7%	—
Other Income Expense Operating Income	+8.0%	+7.8%	-4.3%	+9.6%	+64.4%	+3.7%	-9.8%	+15.6%	+2.2%	—
Other Income Expense Other Income/expense	-219.3%	+147.6%	-69.2%	-229.5%	-67.9%	-55.6%	-9.9%	-27.0%	+103.6%	—
Other Income Expense Income Before Tax	+7.5%	+8.6%	-4.5%	+9.1%	+62.8%	+2.1%	-9.8%	+13.8%	+4.4%	—
Income Tax Income Tax Expense	-30.4%	+77.7%	-13.3%	+32.9%	+50.1%	-7.6%	-21.6%	-15.0%	+0.3%	—
net Income net Income	+19.5%	-3.4%	-2.8%	+5.4%	+64.9%	+3.9%	-7.2%	+23.1%	+5.8%	—
net Income Comprehensive Income	+15.9%	+1.4%	+9.2%	-7.1%	+65.8%	-1.0%	+2.7%	+18.8%	+1.9%	—
Earnings Per Share Basic Eps	+22.6%	-0.8%	+0.2%	+8.5%	+71.3%	+10.7%	-0.3%	-67.6%	+11.0%	—
Earnings Per Share Diluted Eps	+22.7%	-0.8%	+0.3%	+8.9%	+71.0%	+10.4%	-0.3%	-67.6%	+10.8%	—
Earnings Per Share Weighted Average Shares Diluted	-2.6%	-2.6%	-3.1%	-3.2%	-3.8%	-5.7%	-7.0%	+280.8%	-4.5%	—

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	+19.5%	-3.4%	-2.8%	+5.4%	+64.9%	+3.9%	-7.2%	+23.1%	+5.8%	—
Operating Activities Depreciation and Amortization	+2.2%	-0.6%	+3.7%	-1.6%	+2.1%	-11.9%	+15.1%	+7.3%	-3.3%	—
Operating Activities Stock Based Compensation	+10.1%	+7.9%	+19.9%	+14.3%	+15.8%	+12.5%	+13.6%	+10.3%	+15.0%	—
Operating Activities Changes In Operating Assets and Liabilities	-784.7%	+155.5%	-648.1%	+124.4%	-186.3%	+263.1%	-110.1%	+804.7%	-1315.6%	—
Operating Activities Other Non Cash Items	+96.1%	-1.8%	-321.4%	+120.4%	-4973.2%	+85.1%	-46.8%	-167.5%	-134.2%	—
Operating Activities net Cash From Operating Activities	-5.7%	+7.0%	-9.5%	+17.4%	+29.0%	+16.3%	-10.4%	+20.6%	-3.0%	—
Investing Activities Capital Expenditures	-34.6%	+13.8%	-2.3%	+3.4%	-51.7%	+30.4%	+21.2%	-6.9%	+2.2%	—
Investing Activities Purchases of Investments	+49.8%	-64.9%	+61.6%	+29.8%	+4.7%	-182.9%	+44.5%	+54.2%	-11.3%	—
Investing Activities Proceeds From Sale of Investments	-13.7%	+37.0%	-32.4%	-36.7%	-11.6%	+21.9%	-5.1%	-17.7%	+13.1%	—
Investing Activities Other Investing Activities	-13.1%	+2.2%	+35.9%	-441.8%	+57.6%	+15.7%	-44.7%	-500.8%	+86.6%	—
Investing Activities net Cash From Investing Activities	+417.7%	-20.8%	+116.6%	-53.7%	-239.1%	-109.3%	+185.7%	+134.6%	-1.0%	—
Financing Activities Proceeds From Debt	-38.2%	+216.8%	-86.7%	-56.0%	+41.6%	+1434.3%	-85.8%	-78.7%	+32.4%	—
Financing Activities Repayment of Debt	-9.8%	+10.7%	-16.9%	-9.1%	+30.7%	-43.4%	-35.5%	-85.7%	-40.0%	—
Financing Activities Repurchase of Common Stock	+4.5%	-22.4%	+13.3%	-4.0%	-18.8%	-8.2%	+8.0%	-121.1%	-10.7%	—
Financing Activities Dividends Paid	-1.2%	-1.4%	-1.2%	-2.6%	-2.7%	+0.3%	-3.0%	-7.4%	-5.1%	—
Financing Activities Tax Withholding On Stock Based Compensation	-9.5%	-0.2%	+12.7%	+5.1%	-80.4%	-29.0%	-11.5%	-34.8%	-19.4%	—
Financing Activities Other Financing Activities	+69.3%	+37.9%	-263.1%	-116.4%	+29.4%	+818.1%	—	—	—	—
Financing Activities net Cash From Financing Activities	+1.1%	-12.4%	+2.0%	-18.6%	-7.5%	+4.6%	-3.5%	-388.9%	+14.0%	—
Cash Reconciliation net Change In Cash	+854.5%	-113.8%	+152.6%	-183.7%	+63.0%	-142.9%	+332.3%	+2984.1%	+69.3%	—

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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