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Apple Inc Financials

AAPL
Source SEC Filings (10-K/10-Q) Updated Jan 30, 2026 Currency USD FYE September

This page shows Apple Inc (AAPL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 69 / 100
Financial Profile 69/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
93

Apple Inc has an operating margin of 32.0%, meaning the company retains $32 of operating profit per $100 of revenue. This strong profitability earns a score of 93/100, reflecting efficient cost management and pricing power. This is up from 31.5% the prior year.

Growth
44

Apple Inc's revenue grew 6.4% year-over-year to $416.2B, a solid pace of expansion. This earns a growth score of 44/100.

Leverage
80

Apple Inc carries a low D/E ratio of 1.06, meaning only $1.06 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 80/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
13

Apple Inc's current ratio of 0.89 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 13/100, which could limit financial flexibility.

Cash Flow
84

Apple Inc converts 23.7% of revenue into free cash flow ($98.8B). This strong cash generation earns a score of 84/100.

Returns
100

Apple Inc earns a strong 151.9% return on equity (ROE), meaning it generates $152 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 164.6% the prior year.

Altman Z-Score Safe
10.10

Apple Inc scores 10.10, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.7T) relative to total liabilities ($285.5B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Strong
8/9

Apple Inc passes 8 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed
1.00x

For every $1 of reported earnings, Apple Inc generates $1.00 in operating cash flow ($111.5B OCF vs $112.0B net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue
$416.2B
YoY+6.4%
5Y CAGR+8.7%
10Y CAGR+5.9%

Apple Inc generated $416.2B in revenue in fiscal year 2025. This represents an increase of 6.4% from the prior year.

EBITDA
$144.7B
YoY+7.5%
5Y CAGR+13.4%
10Y CAGR+6.1%

Apple Inc's EBITDA was $144.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.5% from the prior year.

Net Income
$112.0B
YoY+19.5%
5Y CAGR+14.3%
10Y CAGR+7.7%

Apple Inc reported $112.0B in net income in fiscal year 2025. This represents an increase of 19.5% from the prior year.

EPS (Diluted)
$7.46
YoY+22.7%
5Y CAGR+17.9%

Apple Inc earned $7.46 per diluted share (EPS) in fiscal year 2025. This represents an increase of 22.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$98.8B
YoY-9.2%
5Y CAGR+6.1%
10Y CAGR+3.5%

Apple Inc generated $98.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 9.2% from the prior year.

Cash & Debt
$35.9B
YoY+20.0%
5Y CAGR-1.1%
10Y CAGR+5.5%

Apple Inc held $35.9B in cash against $78.3B in long-term debt as of fiscal year 2025.

Dividends Per Share
$1.02
YoY+4.1%
5Y CAGR+5.1%

Apple Inc paid $1.02 per share in dividends in fiscal year 2025. This represents an increase of 4.1% from the prior year.

Shares Outstanding
14.78B
YoY-2.2%
5Y CAGR-2.8%

Apple Inc had 14.78B shares outstanding in fiscal year 2025. This represents a decrease of 2.2% from the prior year.

Margins & Returns

Gross Margin
46.9%
YoY+0.7pp
5Y CAGR+8.7pp
10Y CAGR+6.9pp

Apple Inc's gross margin was 46.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.7 percentage points from the prior year.

Operating Margin
32.0%
YoY+0.5pp
5Y CAGR+7.8pp
10Y CAGR+1.5pp

Apple Inc's operating margin was 32.0% in fiscal year 2025, reflecting core business profitability. This is up 0.5 percentage points from the prior year.

Net Margin
26.9%
YoY+2.9pp
5Y CAGR+6.0pp
10Y CAGR+4.1pp

Apple Inc's net profit margin was 26.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.9 percentage points from the prior year.

Return on Equity
151.9%
YoY-12.7pp
5Y CAGR+64.0pp
10Y CAGR+107.2pp

Apple Inc's ROE was 151.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 12.7 percentage points from the prior year.

Capital Allocation

R&D Spending
$34.5B
YoY+10.1%
5Y CAGR+13.0%
10Y CAGR+15.7%

Apple Inc invested $34.5B in research and development in fiscal year 2025. This represents an increase of 10.1% from the prior year.

Share Buybacks
$90.7B
YoY-4.5%
5Y CAGR+4.6%
10Y CAGR+9.9%

Apple Inc spent $90.7B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 4.5% from the prior year.

Capital Expenditures
$12.7B
YoY+34.6%
5Y CAGR+11.7%
10Y CAGR+1.2%

Apple Inc invested $12.7B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 34.6% from the prior year.

AAPL Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Revenue $114K-100.0% $143.8B+40.3% $102.5B+9.0% $94.0B-1.4% $95.4B-23.3% $124.3B+30.9% $94.9B+10.7% $85.8B
Cost of Revenue $67K-100.0% $74.5B+37.7% $54.1B+7.6% $50.3B-0.3% $50.5B-23.5% $66.0B+29.3% $51.1B+10.7% $46.1B
Gross Profit $69K-100.0% $69.2B+43.2% $48.3B+10.6% $43.7B-2.6% $44.9B-23.0% $58.3B+32.8% $43.9B+10.6% $39.7B
R&D Expenses $11K-100.0% $10.9B+22.8% $8.9B0.0% $8.9B+3.7% $8.6B+3.4% $8.3B+6.5% $7.8B-3.0% $8.0B
SG&A Expenses $7K-100.0% $7.5B+6.3% $7.0B+6.0% $6.7B-1.2% $6.7B-6.2% $7.2B+10.0% $6.5B+3.2% $6.3B
Operating Income $51K-100.0% $50.9B+56.8% $32.4B+15.0% $28.2B-4.7% $29.6B-30.9% $42.8B+44.7% $29.6B+16.7% $25.4B
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $9K-100.0% $8.9B+66.8% $5.3B+16.1% $4.6B+1.5% $4.5B-27.6% $6.3B-58.0% $14.9B+267.6% $4.0B
Net Income $42K-100.0% $42.1B+53.3% $27.5B+17.2% $23.4B-5.4% $24.8B-31.8% $36.3B+146.5% $14.7B-31.3% $21.4B
EPS (Diluted) $2.840.0% $2.84 N/A $1.57-4.8% $1.65-31.3% $2.40 N/A $1.40

AAPL Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Total Assets $379K-100.0% $379.3B+5.6% $359.2B+8.4% $331.5B+0.1% $331.2B-3.7% $344.1B-5.7% $365.0B+10.1% $331.6B
Current Assets $158K-100.0% $158.1B+6.9% $148.0B+20.8% $122.5B+3.2% $118.7B-10.9% $133.2B-12.9% $153.0B+22.0% $125.4B
Cash & Equivalents $45K-100.0% $45.3B+26.1% $35.9B-0.9% $36.3B+28.8% $28.2B-7.1% $30.3B+1.2% $29.9B+17.1% $25.6B
Inventory $6K-100.0% $5.9B+2.7% $5.7B-3.5% $5.9B-5.5% $6.3B-9.3% $6.9B-5.1% $7.3B+18.2% $6.2B
Accounts Receivable $40K-100.0% $39.9B+0.4% $39.8B+44.3% $27.6B+5.4% $26.1B-11.8% $29.6B-11.3% $33.4B+46.6% $22.8B
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $291K-100.0% $291.1B+2.0% $285.5B+7.5% $265.7B+0.5% $264.4B-4.6% $277.3B-10.0% $308.0B+16.3% $264.9B
Current Liabilities $162K-100.0% $162.4B-2.0% $165.6B+17.4% $141.1B-2.4% $144.6B+0.1% $144.4B-18.2% $176.4B+34.0% $131.6B
Long-Term Debt $77K-100.0% $76.7B-2.1% $78.3B-5.0% $82.4B+4.9% $78.6B-6.4% $84.0B-2.1% $85.8B-0.5% $86.2B
Total Equity $88K-100.0% $88.2B+19.6% $73.7B+12.0% $65.8B-1.4% $66.8B+0.1% $66.8B+17.2% $57.0B-14.6% $66.7B
Retained Earnings $2K+100.0% -$2.2B+84.7% -$14.3B+19.0% -$17.6B-13.2% -$15.6B-38.6% -$11.2B+41.4% -$19.2B-305.3% -$4.7B

AAPL Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow $54K-100.0% $53.9B+81.4% $29.7B+6.7% $27.9B+16.3% $24.0B-20.0% $29.9B+11.7% $26.8B-7.1% $28.9B
Capital Expenditures $2K-100.0% $2.4B-26.8% $3.2B-6.4% $3.5B+12.7% $3.1B+4.5% $2.9B+1.1% $2.9B+35.2% $2.2B
Free Cash Flow $52K-100.0% $51.6B+94.6% $26.5B+8.5% $24.4B+16.9% $20.9B-22.6% $27.0B+12.9% $23.9B-10.5% $26.7B
Investing Cash Flow $5K+100.0% -$4.9B-88.9% -$2.6B-151.0% $5.1B+73.9% $2.9B-70.2% $9.8B+577.6% $1.4B+1237.8% -$127.0M
Financing Cash Flow $40K+100.0% -$39.7B-44.3% -$27.5B-10.6% -$24.8B+14.4% -$29.0B+26.3% -$39.4B-57.8% -$24.9B+30.7% -$36.0B
Dividends Paid $4K-100.0% $3.9B+1.5% $3.9B-2.1% $3.9B+5.0% $3.8B-2.5% $3.9B+1.4% $3.8B-2.3% $3.9B
Share Buybacks $25K-100.0% $24.7B+22.7% $20.1B-4.5% $21.1B-18.6% $25.9B+9.7% $23.6B-5.9% $25.1B-5.4% $26.5B

AAPL Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Gross Margin 60.9%+12.7pp 48.2%+1.0pp 47.2%+0.7pp 46.5%-0.6pp 47.0%+0.2pp 46.9%+0.7pp 46.2%-0.0pp 46.3%
Operating Margin 44.7%+9.3pp 35.4%+3.7pp 31.6%+1.7pp 30.0%-1.0pp 31.0%-3.4pp 34.5%+3.3pp 31.2%+1.6pp 29.6%
Net Margin 37.0%+7.7pp 29.3%+2.5pp 26.8%+1.9pp 24.9%-1.1pp 26.0%-3.2pp 29.2%+13.7pp 15.5%-9.5pp 25.0%
Return on Equity 47.7%0.0pp 47.7%+10.5pp 37.3%+1.7pp 35.6%-1.5pp 37.1%-17.3pp 54.4%+28.5pp 25.9%-6.3pp 32.1%
Return on Assets 11.1%0.0pp 11.1%+3.5pp 7.6%+0.6pp 7.1%-0.4pp 7.5%-3.1pp 10.6%+6.5pp 4.0%-2.4pp 6.5%
Current Ratio 0.970.0 0.97+0.1 0.89+0.0 0.87+0.0 0.82-0.1 0.92+0.1 0.87-0.1 0.95
Debt-to-Equity 0.870.0 0.87-0.2 1.06-0.2 1.25+0.1 1.18-0.1 1.26-0.2 1.51+0.2 1.29
FCF Margin 45.3%+9.5pp 35.9%+10.0pp 25.9%-0.1pp 25.9%+4.1pp 21.9%+0.2pp 21.7%-3.5pp 25.2%-6.0pp 31.1%

Note: The current ratio is below 1.0 (0.89), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Apple Inc (AAPL) reported $416.2B in total revenue for fiscal year 2025. This represents a 6.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Apple Inc (AAPL) revenue grew by 6.4% year-over-year, from $391.0B to $416.2B in fiscal year 2025.

Yes, Apple Inc (AAPL) reported a net income of $112.0B in fiscal year 2025, with a net profit margin of 26.9%.

Apple Inc (AAPL) reported diluted earnings per share of $7.46 for fiscal year 2025. This represents a 22.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Apple Inc (AAPL) had EBITDA of $144.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Apple Inc (AAPL) had $35.9B in cash and equivalents against $78.3B in long-term debt.

Apple Inc (AAPL) had a gross margin of 46.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Apple Inc (AAPL) had an operating margin of 32.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Apple Inc (AAPL) had a net profit margin of 26.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Apple Inc (AAPL) paid $1.02 per share in dividends during fiscal year 2025.

Apple Inc (AAPL) has a return on equity of 151.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Apple Inc (AAPL) generated $98.8B in free cash flow during fiscal year 2025. This represents a -9.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Apple Inc (AAPL) generated $111.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Apple Inc (AAPL) had $359.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Apple Inc (AAPL) invested $12.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Apple Inc (AAPL) invested $34.5B in research and development during fiscal year 2025.

Yes, Apple Inc (AAPL) spent $90.7B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Apple Inc (AAPL) had 14.78B shares outstanding as of fiscal year 2025.

Apple Inc (AAPL) had a current ratio of 0.89 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Apple Inc (AAPL) had a debt-to-equity ratio of 1.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Apple Inc (AAPL) had a return on assets of 31.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Apple Inc (AAPL) has an Altman Z-Score of 10.10, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Apple Inc (AAPL) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Apple Inc (AAPL) has an earnings quality ratio of 1.00x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Apple Inc (AAPL) scores 69 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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