Apple AAPL
Public, NASDAQ, reports in USD. Founded 1976.
Theme: Mobile.
iPhone, iPad, Mac, Wearables + services.
2025-08-01 — Mature innovation
Financials millions, USD
| Period | Revenue | Growth % | Gross margin % | R&D % | Operating income | Operating margin % | Net income | EPS (diluted) | Rule of 40 | basis |
|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 416.2bn USD | 6.4 % | 46.9 % | 8.0 % | 133.1bn USD | 32.0 % | 112.0bn USD | 7.41 | 38.4 | |
| 2024 | 391.0bn USD | 2.0 % | 46.2 % | 8.0 % | 123.2bn USD | 31.5 % | 93.7bn USD | 6.08 | 33.5 | |
| 2023 | 383.3bn USD | -2.8 % | 44.1 % | 7.8 % | 114.3bn USD | 29.8 % | 97.0bn USD | 6.13 | 27.0 | |
| 2022 | 394.3bn USD | – | 43.3 % | 6.7 % | 119.4bn USD | 30.3 % | 99.8bn USD | 6.11 | – | |
| 2026-Q3 | 109.4bn USD | 16.4 % | 50.1 % | 10.7 % | 35.7bn USD | 32.6 % | 29.8bn USD | 2.02 | 49.0 | |
| 2026-Q2 | 111.2bn USD | – | 49.3 % | 10.3 % | 35.9bn USD | 32.3 % | 29.6bn USD | 2.01 | – | |
| 2026-Q1 | 143.8bn USD | – | 48.2 % | 7.6 % | 50.9bn USD | 35.4 % | 42.1bn USD | 2.84 | – | |
| 2025-Q4 | 102.5bn USD | – | 47.2 % | 8.7 % | 32.4bn USD | 31.6 % | 27.5bn USD | 1.85 | – | |
| 2025-Q3 | 94.0bn USD | – | 46.5 % | 9.4 % | 28.2bn USD | 30.0 % | 23.4bn USD | 1.57 | – |
Sources
- 2025: 2025_10-K_Summary_2026-07-10.xlsx
- 2024: 2025_10-K_Summary_2026-07-10.xlsx
- 2023: 2025_10-K_Summary_2026-07-10.xlsx
- 2022: 2025_10-K_Summary_2026-07-10.xlsx
- 2026-Q3: yfinance
- 2026-Q2: yfinance
- 2026-Q1: yfinance
- 2025-Q4: yfinance
- 2025-Q3: yfinance
Latest quarter 2026-Q3, ended 2026-06-30, vs 2025-Q3
| 2026-Q3 | 2025-Q3 | change | |
|---|---|---|---|
| Revenue | 109.4bn USD | 94.0bn USD | +15.4bn (+16 %) |
| Op. margin | 32.6 % | 30.0 % | +2.6 pts |
| FCF | 31.9bn USD | 24.4bn USD | +7.5bn (+31 %) |
| Op. income | 35.7bn USD | ||
| Net income | 29.8bn USD | ||
| EPS (diluted) | 2.02 | 28.7 % |
Cash flow millions, USD
| Period | Cash from operations | Capex | Free cash flow | FCF margin % | CFO / net income % | NOPAT | Unlevered FCF | Levered FCF | Net change in cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | 111.5bn USD | 12.7bn USD | 98.8bn USD | 23.7 % | 99.5 % | 112.3bn USD | 86.3bn USD | 90.3bn USD | 6.0bn USD |
| 2024 | 118.3bn USD | 9.4bn USD | 108.8bn USD | 27.8 % | 126.2 % | 93.5bn USD | 99.2bn USD | 102.8bn USD | -794m USD |
| 2023 | 110.5bn USD | 11.0bn USD | 99.6bn USD | 26.0 % | 114.0 % | 97.5bn USD | 91.5bn USD | 89.7bn USD | 5.8bn USD |
| 2022 | 122.2bn USD | 10.7bn USD | 111.4bn USD | 28.3 % | 122.4 % | 100.1bn USD | 101.7bn USD | 111.3bn USD | -11.0bn USD |
NOPAT = op. income × (1 − effective tax rate); UFCF = NOPAT + D&A + ΔNWC − capex; LFCF = FCF + net debt issued.
Quotes
| Price | 330.63 USD | 2026-09-15 | |
|---|---|---|---|
| Market cap | 4,825.3bn USD | 2026-09-15 | |
| 52w high | 344.57 USD | 2026-09-15 | |
| 52w low | 236.32 USD | 2026-09-15 | |
| EV/EBITDA | 21.0 | 2026-07-10 (stale) | |
| Off 52w high % | -4.0 % | ||
| P/S | 11.6 | ||
| Lifetime CAGR | 12.7 % |
Notes
- 2025-08-01 opinion Mature innovation