| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $416.16B | $391.04B | $383.29B | $394.33B | $365.82B | $274.51B | $260.17B | $265.60B |
| Cost of Revenue | $220.96B | $210.35B | $214.14B | $223.55B | $212.98B | $169.56B | $161.78B | $163.76B |
| Gross Profit | $195.20B | $180.68B | $169.15B | $170.78B | $152.84B | $104.96B | $98.39B | $101.84B |
| Gross Margin | 46.91% | 46.21% | 44.13% | 43.31% | 41.78% | 38.23% | 37.82% | 38.34% |
| Operating Expenses | $62.15B | $57.47B | $54.85B | $51.34B | $43.89B | $38.67B | $34.46B | $30.94B |
| Operating Income | $133.05B | $123.22B | $114.30B | $119.44B | $108.95B | $66.29B | $63.93B | $70.90B |
| Operating Margin | 31.97% | 31.51% | 29.82% | 30.29% | 29.78% | 24.15% | 24.57% | 26.69% |
| Net Income | $112.01B | $93.74B | $97.00B | $99.80B | $94.68B | $57.41B | $55.26B | $59.53B |
| Net Margin | 26.92% | 23.97% | 25.31% | 25.31% | 25.88% | 20.91% | 21.24% | 22.41% |
| EPS (Basic) | $7.49 | $6.11 | $6.16 | $6.15 | $5.67 | $3.31 | $2.99 | $3.00 |
| EBITDA | $144.43B | $134.66B | $125.82B | $133.14B | $123.14B | $81.02B | $81.86B | $87.05B |
| Stock Option Compensation Expense | $12.86B | $11.69B | $10.83B | $9.04B | $7.91B | $6.83B | $6.07B | $5.34B |
| Price To Earnings Ratio | 34.09 | 37.29 | 27.79 | 24.44 | 25.92 | 33.94 | 18.29 | 18.79 |
| Price To Sales Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Shares Outstanding | 14.95B | 15.34B | 15.74B | 16.22B | 16.70B | 17.35B | 18.47B | 19.82B |
| Market Capitalization | $3.82T | $3.50T | $2.70T | $2.44T | $2.45T | $1.95T | $1.01T | $1.12T |
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Cash & Short Term Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Short Term Receivables | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventories | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Property, Plant & Equipment | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Investments and Advances | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Note Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Intangible Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Assets | $359.24B | $364.98B | $352.58B | $352.75B | $351.00B | $323.89B | $338.52B | $365.73B |
| Short Term Debt Incl. Current Port. of LT Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Provision for Risks Charges | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Deferred Tax Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $285.51B | $308.03B | $290.44B | $302.08B | $287.91B | $258.55B | $248.03B | $258.58B |
| Non-Equity Reserves | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Preferred Stock - Carrying Value | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Common Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Shareholders Equity | $73.73B | $56.95B | $62.15B | $50.67B | $63.09B | $65.34B | $90.49B | $107.15B |
| Accumulated Minority Interest | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $73.73B | $56.95B | $62.15B | $50.67B | $63.09B | $65.34B | $90.49B | $107.15B |
| Total Liabilities & Stockholders Equity | $359.24B | $364.98B | $352.58B | $352.75B | $351.00B | $323.89B | $338.52B | $365.73B |
| Book Value Per Share | $4.93 | $3.71 | $3.95 | $3.12 | $3.78 | $3.77 | $4.90 | $5.41 |
| Tangible Book Value Per Share | $4.93 | $3.71 | $3.95 | $3.12 | $3.78 | $3.77 | $4.90 | $5.41 |
| Full-Time Employees | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Book Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 31.18% | 25.68% | 27.51% | 28.29% | 26.97% | 17.73% | 16.32% | 16.28% |
| Return on Equity | 151.91% | 164.59% | 156.08% | 196.96% | 150.07% | 87.87% | 61.06% | 55.56% |
| Return on Invested Capital | 51.97% | 44.31% | 43.39% | 45.17% | 38.93% | 24.27% | 21.58% | 21.40% |
| Quick Ratio | 0.86 | 0.83 | 0.94 | 0.85 | 1.02 | 1.33 | 1.50 | 1.10 |
| Current Ratio | 0.89 | 0.87 | 0.99 | 0.88 | 1.07 | 1.36 | 1.54 | 1.13 |
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|
| Net Income | $112.01B | $93.74B | $97.00B | $99.80B | $94.68B | $57.41B | $55.26B | $59.53B |
| Depreciation | $11.70B | $11.45B | $11.52B | $11.10B | $11.28B | $11.06B | $12.55B | $10.90B |
| Other Funds (Non Cash) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Funds from Operations | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Extraordinary Item | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Changes in Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Taxes Payable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Operating Activities | $111.48B | $118.25B | $110.54B | $122.15B | $104.04B | $80.67B | $69.39B | $77.43B |
| Capital Expenditures | $12.71B | $9.45B | $10.96B | $10.71B | $11.09B | $7.31B | $10.49B | $13.31B |
| Net Assets From Acquisitions | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale of Fixed Assets and Businesses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase or Sale of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Purchase of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Sale Or Maturity of Investments | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Sources | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Investing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash Dividends Paid | $15.42B | $15.23B | $15.03B | $14.84B | $14.47B | $14.08B | $14.12B | $13.71B |
| Change in Capital Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Repurchase of Common Pref Stock | $90.71B | $94.95B | $77.55B | $89.40B | $85.97B | $72.36B | $66.90B | $72.74B |
| Sale of Common Pref Stock | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Proceeds from Stock Options | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance or Reduction of Debt, Net | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Change in Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Issuance of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Reduction of Long Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Financing Active Other Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Other Financing Activities Uses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash from Financing Activities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Exchange Rate Effect | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Change in Cash | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | $98.77B | $108.81B | $99.58B | $111.44B | $92.95B | $73.36B | $58.90B | $64.12B |
| Preferred Dividends (Cash Flow) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price to Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Company coverage
Apple Inc. is a global technology corporation that specializes in the conceptualization, production, and sale of a diverse suite of electronic devices. Its comprehensive hardware lineup features the well-known iPhone smartphones, Mac personal computers, and versatile iPad tablets. The company also supplies a range of wearables, smart home products, and accessories, including AirPods, Apple TV, Apple Watch, items from the Beats brand, and HomePod speakers. Beyond its device offerings, Apple delivers essential support services like AppleCare and robust cloud solutions. It oversees key digital platforms, prominently the App Store, which acts as a central hub for customers to discover and download countless applications and digital content, from e-books and music to videos, games, and podcasts. The company also generates revenue via advertising, leveraging both its proprietary ad platforms and third-party licensing deals. Apple's ecosystem is further bolstered by a wide array of subscription-based services: Apple Arcade for gaming, Apple Fitness+ for personalized wellness, Apple Music for curated audio experiences and on-demand radio, Apple News+ for access to news and magazines, and Apple TV+ for exclusive original video programming. Its financial services portfolio includes the co-branded Apple Card and the mobile payment system, Apple Pay. Additionally, Apple strategically licenses its intellectual property. The company serves a broad clientele that spans individual consumers, small and medium-sized enterprises, as well as institutional clients in the education, corporate, and governmental sectors. Products are distributed through a multi-channel strategy, utilizing Apple's own physical retail locations and online storefronts, a dedicated direct sales team, and collaborations with external partners such as mobile network providers, wholesalers, general retailers, and authorized resellers. The App Store additionally functions as the primary conduit for third-party applications designed for its devices. Founded in 1976, Apple Inc. is headquartered in Cupertino, California.
Why it moved over time
Apple Inc.'s planned CEO transition — Tim Cook handing off to John Ternus on Sept. 1, 2026 — is the likely catalyst as investors reassess leadership and the company's AI strategy ahead of the change.
Key fact: Tim Cook will step down and hand off the CEO role to John Ternus on Sept. 1, 2026.
The Motley Fool: Tim Cook Is Handing Off Apple to John Ternus as CEO on Sept. 1. Here's How Apple's Stock Has Performed Over Cook's 15-Year Tenure.Jefferies downgraded Apple Inc. to Underperform with a $263.66 target, citing rising memory costs and reports the all-glass iPhone was canceled, a move that threatens near-term margins and investor expectations.
Key fact: Jefferies cut Apple (AAPL) to Underperform with a $263.66 price target citing rising memory costs and a reported cancellation of the all-glass iPhone.
247wallst.com: Opinion: Wall Street's New Apple Bear Case Is Dead WrongJefferies downgraded Apple Inc., citing challenges developing higher-priced iPhone models and lifting average selling prices, pressuring the iPhone pricing outlook.
Key fact: Jefferies cut Apple to Underperform and lowered its price target to $263.66 from $285.56.
proactiveinvestors.com: Apple downgraded by Jefferies on iPhone pricing concernsApple Inc. is reacting to its latest quarter and disappointing guidance—services revenue missed expectations and management cited DRAM/NAND shortages that raise costs and temper growth forecasts.
Key fact: Q4 revenue guidance of 9–11% growth missed analyst expectation of about 12%.
The Motley Fool: Apple Is Down 10%. Should Investors Buy the Dip?Apple Inc. faces a legal catalyst as OpenAI asked a U.S. judge to dismiss Apple's trade-secrets lawsuit, potentially undermining Apple's claims and reducing its leverage for damages or settlement.
Key fact: OpenAI filed a motion seeking dismissal of Apple’s trade-secrets lawsuit, arguing the claims lack merit.
reuters.com: OpenAI asks US judge to dismiss Apple's trade secrets caseApple's recent Q3 report and cautious guidance, amid AI-related cost pressures and memory-supply constraints, is the likely catalyst because it raises near-term margin and production concerns for investors.
Key fact: Apple delivered record Q3 revenue and cash flow but markets focused on cautious guidance and AI-driven cost and memory-supply headwinds.
reuters.com: OpenAI asks US judge to dismiss Apple's trade secrets caseApple's just-reported fiscal Q3 showed 22% iPhone sales growth, but weaker-than-expected Q4 guidance and a management transition to John Ternus are likely driving investor reassessment.
Key fact: Apple reported fiscal Q3 with 22% iPhone sales growth, issued softer Q4 guidance, and announced John Ternus will take over leadership from Tim Cook.
businessinsider.com: OpenAI has hit back at Apple's lawsuit — with receiptsApple reported quarterly results with 22% iPhone sales growth but issued disappointing fourth-quarter guidance and warned of rising component costs, a near-term earnings-driven catalyst investors focus on.
Key fact: Apple reported fiscal Q3 with a 22% increase in iPhone sales and gave weaker-than-expected Q4 guidance while warning of higher component costs.
businessinsider.com: OpenAI has hit back at Apple's lawsuit — with receiptsApple's post-earnings reaction reflects investor concern that rising memory and storage costs could force higher iPhone prices and compress margins despite solid June-quarter revenue growth, altering near-term profit outlook.
Key fact: Morgan Stanley analyst Erik Woodring warned iPhone 18 models could cost up to $200 more as rising memory and storage expenses squeeze hardware margins.
invezz.com: Why Apple stock may thrive even if the next iPhone costs much moreApple warned that supply constraints would hurt growth and flagged an expected iPhone price hike, a near-term guidance update that clouds revenue and margin outlook after its fiscal Q3 results.
Key fact: Apple warned supply constraints would hurt growth and signaled an expected iPhone price hike.
fool.com: Apple's New Leasing Program Could Spur More Upgrades. Here's What Investors Should Be Watching