Apple Inc Financials

AAPL

Source SEC Filings (10-K/10-Q) Updated Dec 27, 2025 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 16 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).

Key Financial Metrics

Revenue

$416.2B

YoY+5.5%

5Y CAGR+9.4%

10Y CAGR+9.3%

Apple Inc generated $416.2B in revenue in fiscal year 2025. This represents an increase of 5.5% from the prior year.

EBITDA

$144.7B

YoY+10.9%

5Y CAGR+12.1%

10Y CAGR+10.2%

Apple Inc's EBITDA was $144.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 10.9% from the prior year.

Free Cash Flow

$98.8B

YoY-11.4%

5Y CAGR+9.0%

10Y CAGR+8.1%

Apple Inc generated $98.8B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 11.4% from the prior year.

Net Income

$112.0B

YoY+12.2%

5Y CAGR+13.5%

10Y CAGR+11.7%

Apple Inc reported $112.0B in net income in fiscal year 2025. This represents an increase of 12.2% from the prior year.

EPS (Diluted)

$7.46

YoY+22.1%

5Y CAGR+20.1%

10Y CAGR+2.8%

Apple Inc earned $7.46 per diluted share (EPS) in fiscal year 2025. This represents an increase of 22.1% from the prior year.

Cash & Debt

$35.9B

YoY+52.0%

5Y CAGR+6.8%

10Y CAGR+9.7%

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+13.3%

5Y CAGR+8.4%

10Y CAGR-4.6%

Apple Inc paid $1.02 per share in dividends in fiscal year 2025. This represents an increase of 13.3% from the prior year.

Shares Outstanding

14.77B

YoY-7.3%

5Y CAGR+25.4%

10Y CAGR+8.9%

Apple Inc had 14.77B shares outstanding in fiscal year 2025. This represents a decrease of 7.3% from the prior year.

Gross Margin

46.9%

YoY+3.6pp

5Y CAGR+8.6pp

10Y CAGR+9.3pp

Apple Inc's gross margin was 46.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 3.6 percentage points from the prior year.

Operating Margin

32.0%

YoY+1.7pp

5Y CAGR+5.3pp

10Y CAGR+3.3pp

Apple Inc's operating margin was 32.0% in fiscal year 2025, reflecting core business profitability. This is up 1.7 percentage points from the prior year.

Net Margin

26.9%

YoY+1.6pp

5Y CAGR+4.5pp

10Y CAGR+5.2pp

Apple Inc's net profit margin was 26.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.6 percentage points from the prior year.

Return on Equity

151.9%

YoY-45.1pp

5Y CAGR+96.3pp

10Y CAGR+121.9pp

Apple Inc's ROE was 151.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 45.1 percentage points from the prior year.

R&D Spending

$34.5B

YoY+31.6%

5Y CAGR+19.4%

10Y CAGR+22.7%

Apple Inc invested $34.5B in research and development in fiscal year 2025. This represents an increase of 31.6% from the prior year.

Share Buybacks

$90.7B

YoY+1.5%

5Y CAGR+4.5%

10Y CAGR+14.8%

Apple Inc spent $90.7B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1.5% from the prior year.

Capital Expenditures

$12.7B

YoY+18.7%

5Y CAGR-0.9%

10Y CAGR+4.5%

Apple Inc invested $12.7B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 18.7% from the prior year.

AAPL Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$416.2B+5.5%	$394.3B+7.8%	$365.8B+33.3%	$274.5B+5.5%	$260.2B-2.0%	$265.6B
Cost of Revenue	$221.0B-1.2%	$223.5B+5.0%	$213.0B+25.6%	$169.6B+4.8%	$161.8B-1.2%	$163.8B
Gross Profit	$195.2B+14.3%	$170.8B+11.7%	$152.8B+45.6%	$105.0B+6.7%	$98.4B-3.4%	$101.8B
R&D Expenses	$34.5B+31.6%	$26.3B+19.8%	$21.9B+16.9%	$18.8B+15.6%	$16.2B+13.9%	$14.2B
SG&A Expenses	$27.6B+10.0%	$25.1B+14.2%	$22.0B+10.3%	$19.9B+9.2%	$18.2B+9.2%	$16.7B
Operating Income	$133.1B+11.4%	$119.4B+9.6%	$108.9B+64.4%	$66.3B+3.7%	$63.9B-9.8%	$70.9B
Interest Expense	$3.9B+34.2%	$2.9B+10.8%	$2.6B-7.9%	$2.9B-19.7%	$3.6B+10.4%	$3.2B
Income Tax	$20.7B+7.4%	$19.3B+32.9%	$14.5B+50.1%	$9.7B-7.6%	$10.5B-21.6%	$13.4B
Net Income	$112.0B+12.2%	$99.8B+5.4%	$94.7B+64.9%	$57.4B+3.9%	$55.3B-7.2%	$59.5B
EPS (Diluted)	$7.46+22.1%	$6.11+8.9%	$5.61+71.0%	$3.28+10.4%	$2.97-0.3%	$2.98

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23
Revenue	$143.8B+52.9%	$94.0B-1.4%	$95.4B-20.3%	$119.6B+46.2%	$81.8B-13.7%	$94.8B-19.1%	$117.2B+41.2%	$83.0B
Cost of Revenue	$74.5B+48.1%	$50.3B-0.3%	$50.5B-22.0%	$64.7B+42.6%	$45.4B-14.1%	$52.9B-20.9%	$66.8B+42.0%	$47.1B
Gross Profit	$69.2B+58.4%	$43.7B-2.6%	$44.9B-18.2%	$54.9B+50.6%	$36.4B-13.3%	$42.0B-16.6%	$50.3B+40.3%	$35.9B
R&D Expenses	$10.9B+22.8%	$8.9B+3.7%	$8.6B+11.1%	$7.7B+3.4%	$7.4B-0.2%	$7.5B-3.3%	$7.7B+13.4%	$6.8B
SG&A Expenses	$7.5B+12.7%	$6.7B-1.2%	$6.7B-0.9%	$6.8B+13.6%	$6.0B-3.7%	$6.2B-6.1%	$6.6B+9.9%	$6.0B
Operating Income	$50.9B+80.3%	$28.2B-4.7%	$29.6B-26.7%	$40.4B+75.6%	$23.0B-18.8%	$28.3B-21.4%	$36.0B+56.1%	$23.1B
Interest Expense	N/A	N/A	N/A	N/A	$998.0M+7.3%	$930.0M-7.3%	$1.0B+39.5%	$719.0M
Income Tax	$8.9B+93.7%	$4.6B+1.5%	$4.5B-29.3%	$6.4B+124.6%	$2.9B-32.4%	$4.2B-24.9%	$5.6B+55.2%	$3.6B
Net Income	$42.1B+79.6%	$23.4B-5.4%	$24.8B-26.9%	$33.9B+70.6%	$19.9B-17.7%	$24.2B-19.5%	$30.0B+54.3%	$19.4B
EPS (Diluted)	$2.84+80.9%	$1.57-4.8%	$1.65-24.3%	$2.18+73.0%	$1.26-17.1%	$1.52-19.1%	$1.88+56.7%	$1.20

AAPL Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$359.2B+1.8%	$352.8B+0.5%	$351.0B+8.4%	$323.9B-4.3%	$338.5B-7.4%	$365.7B
Current Assets	$148.0B+9.3%	$135.4B+0.4%	$134.8B-6.2%	$143.7B-11.7%	$162.8B+24.0%	$131.3B
Cash & Equivalents	$35.9B+52.0%	$23.6B-32.3%	$34.9B-8.1%	$38.0B-22.2%	$48.8B+88.5%	$25.9B
Inventory	$5.7B+15.6%	$4.9B-24.8%	$6.6B+62.0%	$4.1B-1.1%	$4.1B+3.8%	$4.0B
Accounts Receivable	$39.8B+41.1%	$28.2B+7.3%	$26.3B+63.0%	$16.1B-29.7%	$22.9B-1.1%	$23.2B
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$285.5B-5.5%	$302.1B+4.9%	$287.9B+11.4%	$258.5B+4.2%	$248.0B-4.1%	$258.6B
Current Liabilities	$165.6B+7.6%	$154.0B+22.7%	$125.5B+19.1%	$105.4B-0.3%	$105.7B-8.8%	$115.9B
Long-Term Debt	$78.3B-20.8%	$99.0B-9.3%	$109.1B+10.6%	$98.7B+7.5%	$91.8B-2.1%	$93.7B
Total Equity	$73.7B+45.5%	$50.7B-19.7%	$63.1B-3.4%	$65.3B-27.8%	$90.5B-15.5%	$107.1B
Retained Earnings	-$14.3B-364.9%	-$3.1B-155.2%	$5.6B-62.8%	$15.0B-67.4%	$45.9B-34.8%	$70.4B

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23
Total Assets	$379.3B+14.4%	$331.5B+0.1%	$331.2B-6.3%	$353.5B+0.3%	$352.6B+6.1%	$332.2B-4.2%	$346.7B-1.7%	$352.8B
Current Assets	$158.1B+29.1%	$122.5B+3.2%	$118.7B-17.4%	$143.7B+0.1%	$143.6B+27.1%	$112.9B-12.3%	$128.8B-4.9%	$135.4B
Cash & Equivalents	$45.3B+24.9%	$36.3B+28.8%	$28.2B-30.9%	$40.8B+36.0%	$30.0B+21.4%	$24.7B+20.2%	$20.5B-13.2%	$23.6B
Inventory	$5.9B-0.8%	$5.9B-5.5%	$6.3B-3.7%	$6.5B+2.8%	$6.3B-15.4%	$7.5B+9.7%	$6.8B+37.9%	$4.9B
Accounts Receivable	$39.9B+44.9%	$27.6B+5.4%	$26.1B+12.7%	$23.2B-21.4%	$29.5B+64.5%	$17.9B-24.5%	$23.8B-15.7%	$28.2B
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$291.1B+9.6%	$265.7B+0.5%	$264.4B-5.4%	$279.4B-3.8%	$290.4B+7.6%	$270.0B-6.9%	$290.0B-4.0%	$302.1B
Current Liabilities	$162.4B+15.1%	$141.1B-2.4%	$144.6B+7.9%	$134.0B-7.8%	$145.3B+21.0%	$120.1B-12.5%	$137.3B-10.8%	$154.0B
Long-Term Debt	$76.7B-7.0%	$82.4B+4.9%	$78.6B-17.4%	$95.1B-0.2%	$95.3B-1.8%	$97.0B-2.6%	$99.6B+0.7%	$99.0B
Total Equity	$88.2B+34.0%	$65.8B-1.4%	$66.8B-9.9%	$74.1B+19.2%	$62.1B0.0%	$62.2B+9.6%	$56.7B+11.9%	$50.7B
Retained Earnings	-$2.2B+87.6%	-$17.6B-13.2%	-$15.6B-288.7%	$8.2B+3951.4%	-$214.0M-104.9%	$4.3B+33.8%	$3.2B+205.6%	-$3.1B

AAPL Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$111.5B-8.7%	$122.2B+17.4%	$104.0B+29.0%	$80.7B+16.3%	$69.4B-10.4%	$77.4B
Capital Expenditures	$12.7B+18.7%	$10.7B-3.4%	$11.1B+51.7%	$7.3B-30.4%	$10.5B-21.2%	$13.3B
Free Cash Flow	$98.8B-11.4%	$111.4B+19.9%	$93.0B+26.7%	$73.4B+24.6%	$58.9B-8.1%	$64.1B
Investing Cash Flow	$15.2B+168.0%	-$22.4B-53.7%	-$14.5B-239.1%	-$4.3B-109.3%	$45.9B+185.7%	$16.1B
Financing Cash Flow	-$120.7B-9.0%	-$110.7B-18.6%	-$93.4B-7.5%	-$86.8B+4.6%	-$91.0B-3.5%	-$87.9B
Dividends Paid	$15.4B+3.9%	$14.8B+2.6%	$14.5B+2.7%	$14.1B-0.3%	$14.1B+3.0%	$13.7B
Share Buybacks	$90.7B+1.5%	$89.4B+4.0%	$86.0B+18.8%	$72.4B+8.2%	$66.9B-8.0%	$72.7B

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23
Operating Cash Flow	$53.9B	N/A	N/A	$39.9B	N/A	N/A	$34.0B	N/A
Capital Expenditures	$2.4B	N/A	N/A	$2.4B	N/A	N/A	$3.8B	N/A
Free Cash Flow	$51.6B	N/A	N/A	$37.5B	N/A	N/A	$30.2B	N/A
Investing Cash Flow	-$4.9B	N/A	N/A	$1.9B	N/A	N/A	-$1.4B	N/A
Financing Cash Flow	-$39.7B	N/A	N/A	-$30.6B	N/A	N/A	-$35.6B	N/A
Dividends Paid	$3.9B	N/A	N/A	$3.8B	N/A	N/A	$3.8B	N/A
Share Buybacks	$24.7B	N/A	N/A	$20.1B	N/A	N/A	$19.5B	N/A

AAPL Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	46.9%+3.6pp	43.3%+1.5pp	41.8%+3.6pp	38.2%+0.4pp	37.8%-0.5pp	38.3%
Operating Margin	32.0%+1.7pp	30.3%+0.5pp	29.8%+5.6pp	24.1%-0.4pp	24.6%-2.1pp	26.7%
Net Margin	26.9%+1.6pp	25.3%-0.6pp	25.9%+5.0pp	20.9%-0.3pp	21.2%-1.2pp	22.4%
Return on Equity	151.9%-45.1pp	197.0%+46.9pp	150.1%+62.2pp	87.9%+26.8pp	61.1%+5.5pp	55.6%
Return on Assets	31.2%+2.9pp	28.3%+1.3pp	27.0%+9.2pp	17.7%+1.4pp	16.3%+0.0pp	16.3%
Current Ratio	0.89+0.0	0.88-0.2	1.07-0.3	1.36-0.2	1.54+0.4	1.13
Debt-to-Equity	1.06-0.9	1.95+0.2	1.73+0.2	1.51+0.5	1.01+0.1	0.87
FCF Margin	23.7%-4.5pp	28.3%+2.9pp	25.4%-1.3pp	26.7%+4.1pp	22.6%-1.5pp	24.1%

Metric	Q1'26	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q3'23
Gross Margin	48.2%+1.7pp	46.5%-0.6pp	47.0%+1.2pp	45.9%+1.4pp	44.5%+0.3pp	44.3%+1.3pp	43.0%-0.3pp	43.3%
Operating Margin	35.4%+5.4pp	30.0%-1.0pp	31.0%-2.7pp	33.8%+5.6pp	28.1%-1.7pp	29.9%-0.9pp	30.7%+2.9pp	27.8%
Net Margin	29.3%+4.4pp	24.9%-1.1pp	26.0%-2.4pp	28.4%+4.1pp	24.3%-1.2pp	25.5%-0.1pp	25.6%+2.2pp	23.4%
Return on Equity	47.7%+12.1pp	35.6%-1.5pp	37.1%-8.7pp	45.8%+12.8pp	33.0%-5.9pp	38.9%-14.0pp	52.9%+19.4pp	33.5%
Return on Assets	11.1%+4.0pp	7.1%-0.4pp	7.5%-2.1pp	9.6%+3.7pp	5.9%-1.3pp	7.3%-1.4pp	8.6%+2.9pp	5.8%
Current Ratio	0.97+0.1	0.87+0.0	0.82-0.3	1.07+0.1	0.99+0.0	0.940.0	0.94+0.1	0.88
Debt-to-Equity	0.87-0.4	1.25+0.1	1.18-0.1	1.28-0.3	1.53-0.0	1.56-0.2	1.76-0.2	1.95
FCF Margin	35.9%	N/A	N/A	31.4%	N/A	N/A	25.8%	N/A

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

Financial Health Signals

Financial Profile 72/100

Profitability

100

Growth

Leverage

Liquidity

Cash Flow

100

Returns

100

Based on FY2025 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

10.34

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Strong

8/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Mixed

1.00x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Safe

33.8x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Apple Inc's annual revenue?

Apple Inc (AAPL) reported $416.2B in total revenue for fiscal year 2025. This represents a 5.5% 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.

How fast is Apple Inc's revenue growing?

Apple Inc (AAPL) revenue grew by 5.5% year-over-year, from $394.3B to $416.2B in fiscal year 2025.

Is Apple Inc profitable?

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

What is Apple Inc's earnings per share (EPS)?

Apple Inc (AAPL) reported diluted earnings per share of $7.46 for fiscal year 2025. This represents a 22.1% 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.

What is Apple Inc's EBITDA?

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

How much debt does Apple Inc have?

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

What is Apple Inc's gross margin?

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.

What is Apple Inc's operating margin?

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.

What is Apple Inc's net profit margin?

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.

Does Apple Inc pay dividends?

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

What is Apple Inc's return on equity (ROE)?

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.

What is Apple Inc's free cash flow?

Apple Inc (AAPL) generated $98.8B in free cash flow during fiscal year 2025. This represents a -11.4% 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.

What is Apple Inc's operating cash flow?

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

What are Apple Inc's total assets?

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

What are Apple Inc's capital expenditures?

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

How much does Apple Inc spend on research and development?

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

Does Apple Inc buy back shares?

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

How many shares does Apple Inc have outstanding?

Apple Inc (AAPL) had 14.77B shares outstanding as of fiscal year 2025.

What is Apple Inc's current ratio?

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.

What is Apple Inc's debt-to-equity ratio?

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.

What is Apple Inc's return on assets (ROA)?

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.

What is Apple Inc's Altman Z-Score?

Apple Inc (AAPL) has an Altman Z-Score of 10.34, 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.

What is Apple Inc's Piotroski F-Score?

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.

Are Apple Inc's earnings high quality?

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.

Can Apple Inc cover its interest payments?

Apple Inc (AAPL) has an interest coverage ratio of 33.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Apple Inc?

Apple Inc (AAPL) scores 72 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.