Financials

Income statement, balance sheet and cash flow, built from SEC EDGAR filings.

Apple Inc.

AAPL · CIK 0000320193
Annual Quarterly

Figures in millions of USD unless the line is a per-share amount or a share count.

Line item TTM 2026-06-30 FY 2025 2025-09-30 FY 2024 2024-09-30 FY 2023 2023-09-30 FY 2022 2022-09-30 FY 2021 2021-09-30 FY 2020 2020-09-30 FY 2019 2019-09-30 FY 2018 2018-09-30
Income Statement
Revenue 466,823 416,161 391,035 383,285 394,328 365,817 274,515 260,174 265,595
Gross Profit 227,123 195,201 180,683 169,148 170,782 152,836 104,956 98,392 101,839
Operating Income 154,859 133,050 123,216 114,301 119,437 108,949 66,288 63,930 70,898
Pre-Tax Income 155,906 132,729 123,485 113,736 119,103 109,207 67,091 65,737 72,903
Net Income 128,930 112,010 93,736 96,995 99,803 94,680 57,411 55,256 59,531
EPS (Diluted) 8.72 7.46 6.08 6.13 6.11 5.61 3.28 2.97 2.98
Balance Sheet
Total Assets 383,266 359,241 364,980 352,583 352,755 351,002 323,888 338,516 365,725
Total Liabilities 275,746 285,508 308,030 290,437 302,083 287,912 258,549 248,028 258,578
Shareholders' Equity 107,520 73,733 56,950 62,146 50,672 63,090 65,339 90,488 107,147
Cash & Equivalents 39,544 35,934 29,943 29,965 23,646 34,940 38,016 48,844 25,913
Cash Flow
Operating Cash Flow 146,724 111,482 118,254 110,543 122,151 104,038 80,674 69,391 77,434
Capital Expenditures -10,041 -12,715 -9,447 -10,959 -10,708 -11,085 -7,309 -10,495 -13,313
Free Cash Flow 136,683 98,767 108,807 99,584 111,443 92,953 73,365 58,896 64,121
Ratios
Gross Margin 48.65% 46.91% 46.21% 44.13% 43.31% 41.78% 38.23% 37.82% 38.34%
Operating Margin 33.17% 31.97% 31.51% 29.82% 30.29% 29.78% 24.15% 24.57% 26.69%
Profit Margin 27.62% 26.92% 23.97% 25.31% 25.31% 25.88% 20.91% 21.24% 22.41%
Free Cash Flow Margin 29.28% 23.73% 27.83% 25.98% 28.26% 25.41% 26.73% 22.64% 24.14%
Line item TTM 2026-06-30 FY 2025 2025-09-30 FY 2024 2024-09-30 FY 2023 2023-09-30 FY 2022 2022-09-30 FY 2021 2021-09-30 FY 2020 2020-09-30 FY 2019 2019-09-30 FY 2018 2018-09-30
Revenue
Total Revenue 466,823 416,161 391,035 383,285 394,328 365,817 274,515 260,174 265,595
Cost of Revenue
Cost of Revenue 239,700 220,960 210,352 214,137 223,546 212,981 169,559 161,782 163,756
Gross Profit
Gross Profit 227,123 195,201 180,683 169,148 170,782 152,836 104,956 98,392 101,839
Operating Expenses
R&D Expense 42,901 34,550 31,370 29,915 26,251 21,914 18,752 16,217 14,236
SG&A Expense 29,363 27,601 26,097 24,932 25,094 21,973 19,916 18,245 16,705
Total Operating Expenses 72,264 62,151 57,467 54,847 51,345 43,887 38,668 34,462 30,941
Operating Income
Operating Income 154,859 133,050 123,216 114,301 119,437 108,949 66,288 63,930 70,898
Non-Operating Items
Non-Operating Income/Expense 1,047 -321 269 -565 -334 258 803 1,807 2,005
Pre-Tax Income
Income Before Tax 155,906 132,729 123,485 113,736 119,103 109,207 67,091 65,737 72,903
Tax
Income Tax Expense 26,976 20,719 29,749 16,741 19,300 14,527 9,680 10,481 13,372
Net Income
Net Income Available to Common 128,930 112,010 93,736 96,995 99,803 94,680 57,411 55,256 59,531
EPS
EPS (Basic) 8.75 7.49 6.11 6.16 6.15 5.67 3.31 2.99 3.00
EPS (Diluted) 8.72 7.46 6.08 6.13 6.11 5.61 3.28 2.97 2.98
Shares
Shares Outstanding (Basic) 58,893 14,949 15,344 15,744 16,216 16,701 17,352 18,471 19,822
Shares Outstanding (Diluted) 59,115 15,005 15,408 15,813 16,326 16,865 17,528 18,596 20,000
Line item TTM 2026-06-30 FY 2025 2025-09-30 FY 2024 2024-09-30 FY 2023 2023-09-30 FY 2022 2022-09-30 FY 2021 2021-09-30 FY 2020 2020-09-30 FY 2019 2019-09-30 FY 2018 2018-09-30
Assets
Total Assets 383,266 359,241 364,980 352,583 352,755 351,002 323,888 338,516 365,725
Current Assets 149,818 147,957 152,987 143,566 135,405 134,836 143,713 162,819 131,339
Current Assets
Cash & Cash Equivalents 39,544 35,934 29,943 29,965 23,646 34,940 38,016 48,844 25,913
Marketable Securities, Current 22,855 18,763 35,228 31,590 24,658 27,699 52,927 51,713 40,388
Accounts Receivable, Net 31,398 39,777 33,410 29,508 28,184 26,278 16,120 22,926 23,186
Inventory 11,092 5,718 7,286 6,331 4,946 6,580 4,061 4,106 3,956
Other Current Assets 17,420 14,585 14,287 14,695 21,223 14,111 11,264 12,352 12,087
Non-Current Assets
Property, Plant & Equipment, Net 51,431 49,834 45,680 43,715 42,117 39,440 36,766 37,378 41,304
Other Non-Current Assets 77,557 72,634 74,834 64,758 54,428 48,849 42,522 32,978 22,283
Total Non-Current Assets 233,448 211,284 211,993 209,017 217,350 216,166 180,175 175,697 234,386
Liabilities & Equity
Total Liabilities & Equity 383,266 359,241 364,980 352,583 352,755 351,002 323,888 338,516 365,725
Liabilities
Total Liabilities 275,746 285,508 308,030 290,437 302,083 287,912 258,549 248,028 258,578
Current Liabilities
Current Liabilities 149,326 165,631 176,392 145,308 153,982 125,481 105,392 105,718 115,929
Accounts Payable 64,525 69,860 68,960 62,611 64,115 54,763 42,296 46,236 55,888
Current Portion of Long-Term Debt 11,007 12,350 10,912 9,822 11,128 9,613 8,773 10,260 8,784
Deferred Revenue, Current 9,538 9,055 8,249 8,061 7,912 7,612 6,643 5,522 5,966
Other Current Liabilities 62,259 66,387 78,304 58,829 60,845 47,493 42,684 37,720 33,327
Non-Current Liabilities
Long-Term Debt 71,340 78,328 85,750 95,281 98,959 109,106 98,667 91,807 93,735
Other Non-Current Liabilities 55,080 41,549 45,888 49,848 49,142 53,325 54,490 50,503 48,914
Total Non-Current Liabilities 126,420 119,877 131,638 145,129 148,101 162,431 153,157 142,310 142,649
Equity
Total Stockholders' Equity 107,520 73,733 56,950 62,146 50,672 63,090 65,339 90,488 107,147
Common Stock & Additional Paid-In Capital 100,702 93,568 83,276 73,812 64,849 57,365 50,779 45,174 40,201
Retained Earnings (Deficit) 11,326 -14,264 -19,154 -214 -3,068 5,562 14,966 45,898 70,400
Accumulated OCI -4,508 -5,571 -7,172 -11,452 -11,109 163 -406 -584 -3,454
Other Items
Common stock, par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, shares authorized 50,400 50,400 50,400 50,400 50,400 50,400 50,400 50,400 12,600
Common stock, shares issued 14,609 14,773 15,117 15,550 15,943 16,427 16,977 17,773 4,755
Common stock, shares outstanding 14,609 14,773 15,117 15,550 15,943 16,427 16,977 17,773 4,755
Nontrade Receivables, Current 27,509 33,180 32,833 31,477 32,748 25,228 21,325 22,878 25,809
Marketable Securities, Noncurrent 84,118 77,723 91,479 100,544 120,805 127,877 100,887 105,341 170,799
Intangible assets, net 20,342 11,093 — — — — — — —
Commercial Paper 1,997 7,979 9,967 5,985 9,982 6,000 4,996 5,980 11,964
Other Short-Term Borrowings — — — — — — — 5,980 —
Line item TTM 2026-06-30 FY 2025 2025-09-30 FY 2024 2024-09-30 FY 2023 2023-09-30 FY 2022 2022-09-30 FY 2021 2021-09-30 FY 2020 2020-09-30 FY 2019 2019-09-30 FY 2018 2018-09-30
Operating Activities
Net Income 128,930 112,010 93,736 96,995 99,803 94,680 57,411 55,256 59,531
Operating Cash Flow 146,724 111,482 118,254 110,543 122,151 104,038 80,674 69,391 77,434
Depreciation & Amortization (CF) 13,100 11,698 11,445 11,519 11,104 11,284 11,056 12,547 10,903
Share-Based Compensation 13,706 12,863 11,688 10,833 9,038 7,906 6,829 6,068 5,340
Deferred Income Tax — — — — 895 -4,774 -215 -340 -32,590
Change in Accounts Receivable -4,051 -6,682 -3,788 -1,688 -1,823 -10,125 6,917 245 -5,322
Change in Inventory -5,284 1,400 -1,046 -1,618 1,484 -2,642 -127 -289 828
Change in Accounts Payable 14,178 902 6,020 -1,889 9,448 12,326 -4,062 -1,923 9,175
Change in Other Operating Assets -19,347 -9,197 -11,731 -5,684 -6,499 -8,042 -9,588 873 -423
Change in Other Operating Liabilities 14,101 -11,076 15,552 3,031 6,110 7,475 8,916 -4,700 38,449
Change in Deferred Revenue — — — — 478 1,676 2,081 -625 -3
Other Non-Cash Items -378 -89 -2,266 -2,227 1,006 -4,921 -97 -652 -444
Investing Activities
Investing Cash Flow -21,398 15,195 2,935 3,705 -22,354 -14,545 -4,289 45,896 16,066
Capital Expenditures -10,041 -12,715 -9,447 -10,959 -10,708 -11,085 -7,309 -10,495 -13,313
Acquisitions, Net of Cash — — — — -306 -33 -1,524 -624 -721
Maturities of Investments 32,375 40,907 51,211 39,686 29,917 59,023 69,918 40,102 55,881
Other Investing Activities -2,285 -1,480 -1,308 -1,337 -2,086 -385 -909 -1,078 -745
Financing Activities
Financing Cash Flow -122,051 -120,686 -121,983 -108,488 -110,749 -93,353 -86,820 -90,976 -87,876
Issuance of Long-Term Debt 0 4,481 0 5,228 5,465 20,393 16,091 6,963 6,969
Repayment of Long-Term Debt -9,396 -10,932 -9,958 -11,151 -9,543 -8,750 -12,629 -8,805 -6,500
Share Repurchases -82,226 -90,711 -94,949 -77,550 -89,402 -85,971 -72,358 -66,897 -72,738
Dividends Paid -15,640 -15,421 -15,234 -15,025 -14,841 -14,467 -14,081 -14,119 -13,712
Proceeds from Stock Issuance — — — — — 1,105 880 781 669
Taxes Paid for Share Settlement -6,703 -5,960 -5,441 -5,431 -6,223 -6,556 -3,634 -2,817 -2,527
Other Financing Activities -208 -111 -361 -581 -160 976 754 -105 0
Reconciliation
Net Change in Cash 3,275 5,991 -794 5,760 -10,952 -3,860 -10,435 24,311 5,624
Supplemental
Interest Paid — — — 3,803 2,865 2,687 3,002 3,423 3,022
Income Taxes Paid 32,592 43,369 26,102 18,679 19,573 25,385 9,501 15,263 10,417
Other Items
Increase (Decrease) in Other Receivables -8,231 -347 -1,356 1,271 -7,520 -3,903 1,553 2,931 -8,010
Payments to Acquire Debt Securities, Available-for-Sale -55,568 -24,407 -48,656 -29,513 -76,923 -109,558 -114,938 -39,630 -71,356
Proceeds from Sale of Debt Securities, Available-for-Sale 14,121 12,890 11,135 5,828 37,446 47,460 50,473 56,988 47,838
Payments to Acquire Other Investments — — — — — -131 -210 -1,001 -1,871
Proceeds from Sale and Maturity of Other Investments — — — — — 387 92 1,634 353
Proceeds from (Repayments of) Commercial Paper -7,878 -2,032 3,960 -3,978 3,955 1,022 -963 -5,977 -37

Ratios derived from the statements above and the EOD price feed; prices are taken at each period's end date.

Line item FY 2025 2025-09-30 FY 2024 2024-09-30 FY 2023 2023-09-30 FY 2022 2022-09-30 FY 2021 2021-09-30 FY 2020 2020-09-30 FY 2019 2019-09-30 FY 2018 2018-09-30
Financial Efficiency
Asset Turnover 1.16 1.07 1.09 1.12 1.04 0.85 0.77 0.73
Current Ratio 0.89 0.87 0.99 0.88 1.07 1.36 1.54 1.13
Debt / EBITDA Ratio 0.68 0.79 0.88 0.92 1.04 1.45 1.41 1.40
Debt / Equity Ratio 1.34 1.87 1.79 2.37 1.98 1.72 1.19 1.07
Debt / FCF Ratio 1.00 0.98 1.12 1.08 1.34 1.53 1.83 1.79
Inventory Turnover 38.64 28.87 33.82 45.20 32.37 41.75 39.40 41.39
Net Debt / EBITDA Ratio -0.23 -0.37 -0.41 -0.38 -0.55 -1.03 -1.28 -1.50
Net Debt / Equity Ratio -0.46 -0.88 -0.82 -0.97 -1.04 -1.22 -1.08 -1.14
Net Debt / FCF Ratio -0.34 -0.46 -0.51 -0.44 -0.71 -1.08 -1.66 -1.91
Quick Ratio 0.77 0.74 0.84 0.71 0.91 1.22 1.38 0.99
Return on Assets (ROA) 30.93% 26.13% 27.50% 28.36% 28.06% 17.33% 15.69% 16.07%
Return on Capital Employed (ROCE) 68.72% 65.34% 55.14% 60.09% 48.31% 30.34% 27.46% 28.38%
Return on Equity (ROE) 171.42% 157.41% 171.95% 175.46% 147.44% 73.69% 55.92% 49.36%
Return on Invested Capital (ROIC) 95.17% 95.25% 86.85% 81.51% 75.64% 66.12% 56.40% 38.33%
Yields
Dividend Yield 0.41% 0.43% 0.56% 0.66% 0.61% 0.70% 1.37% 1.23%
Earnings Yield 2.94% 2.62% 3.60% 4.45% 4.01% 2.86% 5.34% 5.32%
FCF Yield 2.59% 3.04% 3.69% 4.97% 3.93% 3.65% 5.69% 5.73%
Payout Ratio 13.77% 16.25% 15.49% 14.87% 15.28% 24.53% 25.55% 23.03%
Total Valuation
Enterprise Value 3,840,100 3,625,122 2,746,581 2,290,086 2,429,027 2,088,943 1,132,107 1,241,244
Last Close Price 254.63 233.00 171.21 138.20 141.50 115.81 55.99 56.44
Market Capitalization 3,806,337 3,575,101 2,695,570 2,241,046 2,363,230 2,009,549 1,034,256 1,118,627
EV Ratios
EV/EBIT Ratio 28.86 29.42 24.03 19.17 22.30 31.51 17.71 17.51
EV/EBITDA Ratio 26.53 26.92 21.83 17.54 20.20 27.01 14.80 15.17
EV/FCF Ratio 38.88 33.32 27.58 20.55 26.13 28.47 19.22 19.36
EV/Sales Ratio 9.23 9.27 7.17 5.81 6.64 7.61 4.35 4.67
Price Ratios
P/FCF Ratio 38.54 32.86 27.07 20.11 25.42 27.39 17.56 17.45
P/OCF Ratio 34.14 30.23 24.38 18.35 22.72 24.91 14.90 14.45
P/TBV Ratio 60.77 62.78 43.37 44.23 37.46 30.76 11.43 10.44
PB Ratio 51.62 62.78 43.37 44.23 37.46 30.76 11.43 10.44
PE Ratio 34.00 38.13 27.79 22.47 24.96 34.99 18.73 18.81
PEG Ratio 1.50 — 173.71 2.65 0.35 3.27 — —
PS Ratio 9.15 9.14 7.03 5.68 6.46 7.32 3.98 4.21