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 · 3 years

Total assets $359.2B

Total liabilities $285.5B

Shareholders equity $73.7B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	+20.0%	-0.1%	—
Short Term Investments	-46.7%	+11.5%	—
Accounts Receivable	+19.1%	+13.2%	—
Inventory	-21.5%	+15.1%	—
Other Current Assets	+1.4%	+2.1%	—
Total Current Assets	-3.3%	+6.6%	—
Property,Plant and Equipment	+9.1%	+4.5%	—
Long Term Investments	-15.0%	-9.0%	—
Other Noncurrent Assets	+11.9%	+15.6%	—
Total Assets	-1.6%	+3.5%	—
Liabilities
Accounts Payable	+1.3%	+10.1%	—
Deferred Revenue	+9.8%	+2.3%	—
Current Portion of Long Term Debt	-2.6%	+32.1%	—
Other Current Liabilities	-15.2%	+33.1%	—
Total Current Liabilities	-6.1%	+21.4%	—
Long Term Debt	-8.7%	-10.0%	—
Other Noncurrent Liabilities	-9.5%	-7.9%	—
Total Liabilities	-7.3%	+6.1%	—
Equity
Common Stock	+12.4%	+12.8%	—
Retained Earnings	+25.5%	-8850.5%	—
Accumulated Other Comprehensive Income	+22.3%	+37.4%	—
Total Stockholders Equity	+29.5%	-8.4%	—
Total Liabilitiesand Equity	-1.6%	+3.5%	—

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	+6.4%	+2.0%	—
Expenses Cost of Revenue	+5.0%	-1.8%	—
Other Income Expense Gross Profit	+8.0%	+6.8%	—
Expenses Research and Development	+10.1%	+4.9%	—
Expenses Selling,General and Administrative	+5.8%	+4.7%	—
Expenses Operating Expenses	+8.2%	+4.8%	—
Other Income Expense Operating Income	+8.0%	+7.8%	—
Other Income Expense Other Income/expense	-219.3%	+147.6%	—
Other Income Expense Income Before Tax	+7.5%	+8.6%	—
Income Tax Income Tax Expense	-30.4%	+77.7%	—
net Income net Income	+19.5%	-3.4%	—
net Income Comprehensive Income	+15.9%	+1.4%	—
Earnings Per Share Basic Eps	+22.6%	-0.8%	—
Earnings Per Share Diluted Eps	+22.7%	-0.8%	—
Earnings Per Share Weighted Average Shares Diluted	-2.6%	-2.6%	—

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	+19.5%	-3.4%	—
Operating Activities Depreciation and Amortization	+2.2%	-0.6%	—
Operating Activities Stock Based Compensation	+10.1%	+7.9%	—
Operating Activities Changes In Operating Assets and Liabilities	-784.7%	+155.5%	—
Operating Activities Other Non Cash Items	+96.1%	-1.8%	—
Operating Activities net Cash From Operating Activities	-5.7%	+7.0%	—
Investing Activities Capital Expenditures	-34.6%	+13.8%	—
Investing Activities Purchases of Investments	+49.8%	-64.9%	—
Investing Activities Proceeds From Sale of Investments	-13.7%	+37.0%	—
Investing Activities Other Investing Activities	-13.1%	+2.2%	—
Investing Activities net Cash From Investing Activities	+417.7%	-20.8%	—
Financing Activities Proceeds From Debt	-38.2%	+216.8%	—
Financing Activities Repayment of Debt	-9.8%	+10.7%	—
Financing Activities Repurchase of Common Stock	+4.5%	-22.4%	—
Financing Activities Dividends Paid	-1.2%	-1.4%	—
Financing Activities Tax Withholding On Stock Based Compensation	-9.5%	-0.2%	—
Financing Activities Other Financing Activities	+69.3%	+37.9%	—
Financing Activities net Cash From Financing Activities	+1.1%	-12.4%	—
Cash Reconciliation net Change In Cash	+854.5%	-113.8%	—

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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