NASDAQ : AAPL
Apple Inc. — Financial statements
Technology · Consumer Electronics · United States
Last price 344.63 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 5.03T
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Financial statements
Apple Inc. (AAPL) reported revenue of 466.82B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 466.82B | 416.16B | 391.04B | 383.29B | 394.33B | 365.82B |
| Cost of Revenue | 239.70B | 220.96B | 210.35B | 214.14B | 223.55B | 212.98B |
| Gross Profit | 227.12B | 195.20B | 180.68B | 169.15B | 170.78B | 152.84B |
| Selling, General & Admin | 29.36B | 27.60B | 26.10B | 24.93B | 25.09B | 21.97B |
| Research & Development | 42.90B | 34.55B | 31.37B | 29.91B | 26.25B | 21.91B |
| Operating Expenses | 72.26B | 62.15B | 57.47B | 54.85B | 51.34B | 43.89B |
| Operating Income | 154.86B | 133.05B | 123.22B | 114.30B | 119.44B | 108.95B |
| Interest Expense | -2.65B | |||||
| Interest & Investment Income | 2.84B | |||||
| Other Non Operating Income (Expenses) | 1.05B | -321.00M | 269.00M | -565.00M | -334.00M | 60.00M |
| Pretax Income | 155.91B | 132.73B | 123.48B | 113.74B | 119.10B | 109.21B |
| Income Tax Expense | 26.98B | 20.72B | 29.75B | 16.74B | 19.30B | 14.53B |
| Net Income | 128.93B | 112.01B | 93.74B | 97.00B | 99.80B | 94.68B |
| Net Income to Common | 128.93B | 112.01B | 93.74B | 97.00B | 99.80B | 94.68B |
| Shares Outstanding (Basic) | 14.72B | 14.95B | 15.34B | 15.74B | 16.22B | 16.70B |
| Shares Outstanding (Diluted) | 14.78B | 15.00B | 15.41B | 15.81B | 16.33B | 16.86B |
| EPS (Basic) | 8.76 | 7.49 | 6.11 | 6.16 | 6.15 | 5.67 |
| EPS (Diluted) | 8.72 | 7.46 | 6.08 | 6.13 | 6.11 | 5.61 |
| Free Cash Flow | 136.68B | 98.77B | 108.81B | 99.58B | 111.44B | 92.95B |
| Free Cash Flow Per Share | 9.25 | 6.58 | 7.06 | 6.30 | 6.83 | 5.51 |
| Dividend Per Share | 1.05 | 1.02 | 0.98 | 0.94 | 0.90 | 0.85 |
| Gross Margin | 48.65% | 46.91% | 46.21% | 44.13% | 43.31% | 41.78% |
| Operating Margin | 33.17% | 31.97% | 31.51% | 29.82% | 30.29% | 29.78% |
| Profit Margin | 27.62% | 26.91% | 23.97% | 25.31% | 25.31% | 25.88% |
| Free Cash Flow Margin | 29.28% | 23.73% | 27.82% | 25.98% | 28.26% | 25.41% |
| EBITDA | 167.96B | 144.75B | 134.66B | 125.82B | 130.54B | 120.23B |
| EBITDA Margin | 35.98% | 34.78% | 34.44% | 32.83% | 33.11% | 32.87% |
| D&A For EBITDA | 13.10B | 11.70B | 11.45B | 11.52B | 11.10B | 11.28B |
| EBIT | 154.86B | 133.05B | 123.22B | 114.30B | 119.44B | 108.95B |
| EBIT Margin | 33.17% | 31.97% | 31.51% | 29.82% | 30.29% | 29.78% |
| Effective Tax Rate | 17.30% | 15.61% | 24.09% | 14.72% | 16.20% | 13.30% |
| Revenue as Reported | 466.82B | 416.16B | 391.04B | 383.29B | 394.33B | 365.82B |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 39.54B | 35.93B | 29.94B | 29.96B | 23.65B | 34.94B |
| Short-Term Investments | 22.86B | 18.76B | 35.23B | 31.59B | 24.66B | 27.70B |
| Cash & Short-Term Investments | 62.40B | 54.70B | 65.17B | 61.55B | 48.30B | 62.64B |
| Accounts Receivable | 31.40B | 39.78B | 33.41B | 29.51B | 28.18B | 26.28B |
| Other Receivables | 27.51B | 33.18B | 32.83B | 31.48B | 32.75B | 25.23B |
| Receivables | 58.91B | 72.96B | 66.24B | 60.98B | 60.93B | 51.51B |
| Inventory | 11.09B | 5.72B | 7.29B | 6.33B | 4.95B | 6.58B |
| Other Current Assets | 17.42B | 14.59B | 14.29B | 14.70B | 21.22B | 14.11B |
| Total Current Assets | 149.82B | 147.96B | 152.99B | 143.57B | 135.41B | 134.84B |
| Property, Plant & Equipment | 51.43B | 49.83B | 45.68B | 43.72B | 52.53B | 49.53B |
| Long-Term Investments | 84.12B | 77.72B | 91.48B | 100.54B | 120.81B | 127.88B |
| Other Intangible Assets | 20.34B | |||||
| Long-Term Deferred Tax Assets | 20.78B | 19.50B | 17.85B | |||
| Other Long-Term Assets | 77.56B | 62.95B | 55.34B | 46.91B | 44.01B | 38.76B |
| Total Assets | 383.27B | 359.24B | 364.98B | 352.58B | 352.75B | 351.00B |
| Accounts Payable | 64.53B | 69.86B | 68.96B | 62.61B | 64.11B | 54.76B |
| Accrued Expenses | 8.92B | 7.68B | ||||
| Short-Term Debt | 2.00B | 7.98B | 9.97B | 5.99B | 9.98B | 6.00B |
| Current Portion of Long-Term Debt | 11.01B | 12.35B | 10.91B | 9.82B | 11.13B | 9.61B |
| Current Portion of Leases | 2.12B | 1.63B | 1.57B | 1.66B | 1.53B | |
| Current Income Taxes Payable | 13.02B | 26.60B | 8.82B | |||
| Current Unearned Revenue | 9.54B | 9.05B | 8.25B | 8.06B | 7.91B | 7.61B |
| Other Current Liabilities | 62.26B | 42.34B | 42.39B | 48.44B | 59.18B | 45.97B |
| Total Current Liabilities | 149.33B | 165.63B | 176.39B | 145.31B | 153.98B | 125.48B |
| Long-Term Debt | 71.34B | 78.33B | 85.75B | 95.28B | 98.96B | 109.11B |
| Long-Term Leases | 11.60B | 10.80B | 11.27B | 10.75B | 10.28B | |
| Other Long-Term Liabilities | 55.08B | 29.95B | 35.09B | 38.58B | 38.39B | 43.05B |
| Total Liabilities | 275.75B | 285.51B | 308.03B | 290.44B | 302.08B | 287.91B |
| Common Stock | 100.70B | 93.57B | 83.28B | 73.81B | 64.85B | 57.37B |
| Retained Earnings | 11.33B | -14.26B | -19.15B | -214.00M | -3.07B | 5.56B |
| Comprehensive Income & Other | -4.51B | -5.57B | -7.17B | -11.45B | -11.11B | 163.00M |
| Shareholders' Equity | 107.52B | 73.73B | 56.95B | 62.15B | 50.67B | 63.09B |
| Total Liabilities & Equity | 383.27B | 359.24B | 364.98B | 352.58B | 352.75B | 351.00B |
| Total Debt | 84.34B | 112.38B | 119.06B | 123.93B | 132.48B | 136.52B |
| Net Cash (Debt) | 62.17B | 20.04B | 37.59B | 38.17B | 36.63B | 53.99B |
| Net Cash Per Share | 4.21 | 1.34 | 2.44 | 2.41 | 2.24 | 3.20 |
| Filing Date Shares Outstanding | 14.59B | 14.78B | 15.12B | 15.55B | 15.91B | 16.41B |
| Total Common Shares Outstanding | 14.61B | 14.77B | 15.12B | 15.55B | 15.94B | 16.43B |
| Working Capital | 492.00M | -17.67B | -23.41B | -1.74B | -18.58B | 9.36B |
| Book Value Per Share | 7.36 | 4.99 | 3.77 | 4.00 | 3.18 | 3.84 |
| Tangible Book Value | 87.18B | 73.73B | 56.95B | 62.15B | 50.67B | 63.09B |
| Tangible Book Value Per Share | 5.97 | 4.99 | 3.77 | 4.00 | 3.18 | 3.84 |
| Land | 27.34B | 24.69B | 23.45B | 22.13B | 20.04B | |
| Machinery | 83.42B | 80.20B | 78.31B | 81.06B | 78.66B | |
| Leasehold Improvements | 15.09B | 14.23B | 12.84B | 11.27B | 11.02B |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 128.93B | 112.01B | 93.74B | 97.00B | 99.80B | 94.68B |
| Depreciation & Amortization | 13.10B | 11.70B | 11.45B | 11.52B | 11.10B | 11.28B |
| Stock-Based Compensation | 13.71B | 12.86B | 11.69B | 10.83B | 9.04B | 7.91B |
| Other Operating Activities | -378.00M | -89.00M | -2.27B | -2.23B | 1.01B | -4.92B |
| Change in Accounts Receivable | -4.05B | -6.68B | -3.79B | -1.69B | -1.82B | -10.12B |
| Change in Inventory | -5.28B | 1.40B | -1.05B | -1.62B | 1.48B | -2.64B |
| Change in Accounts Payable | 14.18B | 902.00M | 6.02B | -1.89B | 9.45B | 12.33B |
| Change in Other Net Operating Assets | -13.48B | -20.62B | 2.46B | -1.38B | -7.91B | -4.47B |
| Operating Cash Flow | 146.72B | 111.48B | 118.25B | 110.54B | 122.15B | 104.04B |
| Capital Expenditures | -10.04B | -12.71B | -9.45B | -10.96B | -10.71B | -11.09B |
| Investment in Securities | -9.07B | 29.39B | 13.69B | 16.00B | -9.56B | -3.08B |
| Other Investing Activities | -2.29B | -1.48B | -1.31B | -1.34B | -2.09B | -385.00M |
| Investing Cash Flow | -21.40B | 15.20B | 2.94B | 3.71B | -22.35B | -14.54B |
| Short-Term Debt Issued | 3.96B | 3.96B | 1.02B | |||
| Long-Term Debt Issued | 4.48B | 5.23B | 5.46B | 20.39B | ||
| Total Debt Issued | 4.48B | 3.96B | 5.23B | 9.42B | 21.41B | |
| Short-Term Debt Repaid | -2.03B | -3.98B | ||||
| Long-Term Debt Repaid | -10.93B | -9.96B | -11.15B | -9.54B | -8.75B | |
| Total Debt Repaid | -17.27B | -12.96B | -9.96B | -15.13B | -9.54B | -8.75B |
| Net Debt Issued (Repaid) | -17.27B | -8.48B | -6.00B | -9.90B | -123.00M | 12.66B |
| Repurchase of Common Stock | -88.93B | -96.67B | -100.39B | -82.98B | -95.62B | -92.53B |
| Common Dividends Paid | -15.64B | -15.42B | -15.23B | -15.03B | -14.84B | -14.47B |
| Other Financing Activities | -208.00M | -111.00M | -361.00M | -581.00M | -160.00M | 976.00M |
| Financing Cash Flow | -122.05B | -120.69B | -121.98B | -108.49B | -110.75B | -93.35B |
| Net Cash Flow | 3.27B | 5.99B | -794.00M | 5.76B | -10.95B | -3.86B |
| Free Cash Flow | 136.68B | 98.77B | 108.81B | 99.58B | 111.44B | 92.95B |
| Free Cash Flow Margin | 29.28% | 23.73% | 27.82% | 25.98% | 28.26% | 25.41% |
| Free Cash Flow Per Share | 9.25 | 6.58 | 7.06 | 6.30 | 6.83 | 5.51 |
| Levered Free Cash Flow | 107.72B | 78.86B | 110.85B | 84.64B | 92.05B | 73.30B |
| Unlevered Free Cash Flow | 107.72B | 78.86B | 110.85B | 84.64B | 92.05B | 74.95B |
| Cash Interest Paid | 2.69B | |||||
| Cash Income Tax Paid | 32.59B | 43.37B | 26.10B | 18.68B | 19.57B | 25.39B |
| Change in Working Capital | -8.63B | -25.00B | 3.65B | -6.58B | 1.20B | -4.91B |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.03T | 3.79T | 3.46T | 2.68T | 2.42T | 2.43T |
| Enterprise Value | 4.97T | 3.76T | 3.41T | 2.62T | 2.36T | 2.37T |
| Last Close Price | 344.63 | 254.52 | 225.90 | 168.93 | 147.55 | 143.30 |
| PE Ratio | 39.54 | 33.85 | 36.95 | 27.60 | 24.22 | 25.65 |
| Forward PE | 37.61 | 32.97 | 31.48 | 26.72 | 24.27 | 26.67 |
| PS Ratio | 10.77 | 9.11 | 8.86 | 6.98 | 6.13 | 6.64 |
| PB Ratio | 46.83 | 51.42 | 60.81 | 43.07 | 47.71 | 38.49 |
| P/TBV Ratio | 57.69 | 51.42 | 60.81 | 43.07 | 47.71 | 38.49 |
| P/FCF Ratio | 36.80 | 38.38 | 31.83 | 26.88 | 21.69 | 26.13 |
| P/OCF Ratio | 34.28 | 34.01 | 29.29 | 24.21 | 19.79 | 23.34 |
| PEG Ratio | 3.53 | 3.27 | 3.65 | 2.56 | 2.09 | 1.76 |
| EV/Sales Ratio | 10.64 | 9.04 | 8.72 | 6.83 | 5.98 | 6.48 |
| EV/EBITDA Ratio | 29.58 | 25.98 | 25.34 | 20.82 | 18.06 | 19.72 |
| EV/EBIT Ratio | 32.08 | 28.26 | 27.69 | 22.92 | 19.74 | 21.76 |
| EV/FCF Ratio | 36.34 | 38.07 | 31.36 | 26.30 | 21.16 | 25.50 |
| Debt / Equity Ratio | 0.78 | 1.52 | 2.09 | 1.99 | 2.61 | 2.16 |
| Debt / EBITDA Ratio | 0.45 | 0.69 | 0.79 | 0.87 | 0.90 | 1.01 |
| Debt / FCF Ratio | 0.62 | 1.14 | 1.09 | 1.24 | 1.19 | 1.47 |
| Net Debt / Equity Ratio | -0.58 | -0.27 | -0.66 | -0.61 | -0.72 | -0.86 |
| Net Debt / EBITDA Ratio | -0.37 | -0.14 | -0.28 | -0.30 | -0.28 | -0.45 |
| Net Debt / FCF Ratio | -0.46 | -0.20 | -0.34 | -0.38 | -0.33 | -0.58 |
| Asset Turnover | 1.31 | 1.15 | 1.09 | 1.09 | 1.12 | 1.08 |
| Inventory Turnover | 28.17 | 33.98 | 30.89 | 37.98 | 38.79 | 40.03 |
| Quick Ratio | 0.81 | 0.77 | 0.74 | 0.84 | 0.71 | 0.91 |
| Current Ratio | 1.00 | 0.89 | 0.87 | 0.99 | 0.88 | 1.07 |
| Return on Equity (ROE) | 148.75% | 171.42% | 157.41% | 171.95% | 175.46% | 147.44% |
| Return on Assets (ROA) | 27.08% | 22.96% | 21.46% | 20.26% | 21.21% | 20.18% |
| Return on Invested Capital (ROIC) | 101.57% | 92.70% | 79.48% | 75.17% | 73.64% | 80.85% |
| Return on Capital Employed (ROCE) | 66.20% | 68.70% | 65.30% | 55.10% | 60.10% | 48.30% |
| Earnings Yield | 2.53% | 2.96% | 2.71% | 3.62% | 4.13% | 3.90% |
| FCF Yield | 2.72% | 2.60% | 3.14% | 3.72% | 4.61% | 3.83% |
| Dividend Yield | 0.31% | 0.40% | 0.43% | 0.55% | 0.59% | 0.57% |
| Payout Ratio | 12.39% | 13.77% | 16.25% | 15.49% | 14.87% | 15.28% |
| Buyback Yield / Dilution | 2.12% | 2.62% | 2.56% | 3.14% | 3.20% | 3.78% |
| Total Shareholder Return | 2.44% | 3.02% | 2.99% | 3.69% | 3.79% | 4.36% |