Apple
AAPL Nasdaq Technology Hardware, Storage & Peripherals Financials FY2016–FY2025
Apple's revenue rose 6.4% to $416.2 billion in fiscal 2025. Its operating margin was 32.0%, up from 31.5% a year earlier. Free cash flow was $98.8 billion, down 9.2%. It paid out $106.1 billion in dividends and buybacks, 107% of free cash flow. The diluted share count fell 2.6%.
About these figures. Share counts and per-share figures for earlier years are restated for a stock split (4-for-1), so every year is on today's share basis.
What Apple does
Apple designs and sells the iPhone, Mac computers, iPad tablets, and wearable and home devices such as Apple Watch, AirPods, the Vision Pro headset, Apple TV and HomePod speakers. Each runs Apple's own operating system. It also sells services: the App Store, subscriptions such as Apple Music, Apple TV, Apple Arcade and Apple Fitness+, iCloud storage, AppleCare repair and support plans, advertising, and payment services including Apple Pay and Apple Card. Its customers are consumers, businesses of all sizes, schools and governments around the world.
The iPhone brings in the largest share of sales, and services are the second-largest line. Apple organizes its business by region, with five segments: the Americas, Europe (which also includes India, the Middle East and Africa), Greater China, Japan and the rest of Asia Pacific. It sells through its own stores, website and sales force, and through phone carriers and other resellers; in fiscal 2025 those direct and indirect channels made up 40% and 60% of net sales. Apple says its markets are crowded with rivals that cut prices and copy its features, and that it has a minority share of the global smartphone, computer, tablet and wearables markets.
Apple had about 166,000 full-time equivalent employees in September 2025. Outside partners, many of them outside the United States, make most of its products, and some parts come from a single supplier. Sales are usually highest in the holiday quarter.
- Legal name
- Apple Inc.
- Fiscal year ends
- September 27, 2025
- Latest annual report
- 10-K · Oct 31, 2025
- Accession · CIK
- 0000320193-25-000079
0000320193
Revenue and margins
Apple had $416.2B of revenue in fiscal 2025, up 6.4% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 15.2% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $98.8B in fiscal 2025, 23.7% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Apple returned $106.1B to shareholders in fiscal 2025, 107% of free cash flow. The diluted share count fell 2.6%.
Value Apple yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$45.2B and divides by 15,004.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 39.9x · peers 20.9x · sector 33.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably Apple can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $62.6B | $48.3B | $61.6B | $65.2B | $54.7B |
| Debt incl. finance leases | $125.6B | $121.0B | $112.1B | $107.5B | $99.9B |
| Net debt / EBITDA | 0.5x | 0.6x | 0.4x | 0.3x | 0.3x |
| Debt / equity | 2.0x | 2.4x | 1.8x | 1.9x | 1.4x |
| Interest coverage | 41.2x | 40.8x | 29.1x | — | — |
| Current ratio | 1.1x | 0.9x | 1.0x | 0.9x | 0.9x |
| Quick ratio | 1.0x | 0.9x | 0.9x | 0.8x | 0.9x |
| Total assets | $351.0B | $352.8B | $352.6B | $365.0B | $359.2B |
| Total liabilities | $287.9B | $302.1B | $290.4B | $308.0B | $285.5B |
| Shareholders' equity | $63.1B | $50.7B | $62.1B | $57.0B | $73.7B |
| Net debt (− = net cash) | $62.9B | $72.7B | $50.6B | $42.4B | $45.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$93.7M
6 insiders
Of sales under plans
100%
$93.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 20, 2026 | Jennifer NewsteadSVP, GC and Government Affairs | Sold plan | 2,399 | $339.62 | $0.8M | Form 4 |
| Oct 16, 2026 | Ben BordersPrincipal Accounting Officer | Sold plan | 1,280 | $345.40 | $0.4M | Form 4 |
| Oct 16, 2026 | Kevan ParekhSenior Vice President, CFO | Sold plan | 1,392 | $345.05 | $0.5M | Form 4 |
| Oct 13, 2026 | Jennifer NewsteadSVP, GC and Government Affairs | Sold plan | 2,399 | $345.00 | $0.8M | Form 4 |
| Oct 6, 2026 | Jennifer NewsteadSVP, GC and Government Affairs | Sold plan | 2,399 | $332.01 | $0.8M | Form 4 |
| Oct 2, 2026 | Deirdre O'BrienSenior Vice President | Sold plan | 46,389 | $333.42 | $15.5M | Form 4 |
| Oct 2, 2026 | John TernusCEO, Director | Sold plan | 25,412 | $332.94 | $8.5M | Form 4 |
| Oct 2, 2026 | Timothy D CookExecutive Chair, Director | Sold plan | 191,753 | $332.96 | $63.8M | Form 4 |
| Sep 29, 2026 | Jennifer NewsteadSVP, GC and Government Affairs | Sold plan | 2,399 | $336.18 | $0.8M | Form 4 |
| Sep 22, 2026 | Jennifer NewsteadSVP, GC and Government Affairs | Sold plan | 2,399 | $340.06 | $0.8M | Form 4 |
| Sep 15, 2026 | Jennifer NewsteadSVP, GC and Government Affairs | Sold plan | 1,438 | $330.19 | $0.5M | Form 4 |
| Sep 8, 2026 | Jennifer NewsteadSVP, GC and Government Affairs | Sold plan | 1,438 | $317.23 | $0.5M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✕ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 7 / 9 | 7 / 9 | 8 / 9 |
| Accruals ratio | −3.8% | −6.8% | 0.2% |
| Altman Z'' | 2.37 | 1.87 | 2.31 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Apple AAPL | $5.12T | 6.4% | 32.0% | 23.7% | 102.9% | 39.9x | 8 | |
| Microsoft MSFT | $3.91T | 17.8% | 46.8% | 20.2% | 30.9% | 29.2x | 6 | Compare → |
| Alphabet GOOGL | $3.94T | 15.1% | 32.0% | 18.2% | 36.7% | 16.1x | 8 | Compare → |
| Amazon AMZN | $2.70T | 12.4% | 11.2% | 1.1% | 20.6% | 20.0x | 6 | Compare → |
| Meta Platforms META | $1.65T | 22.2% | 41.4% | 22.9% | 35.5% | 21.9x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $215.6B | $229.2B | $265.6B | $260.2B | $274.5B | $365.8B | $394.3B | $383.3B | $391.0B | $416.2B |
| Gross profit | $84.3B | $88.2B | $101.8B | $98.4B | $105.0B | $152.8B | $170.8B | $169.1B | $180.7B | $195.2B |
| Research and development | $10.0B | $11.6B | $14.2B | $16.2B | $18.8B | $21.9B | $26.3B | $29.9B | $31.4B | $34.6B |
| Operating income | $60.0B | $61.3B | $70.9B | $63.9B | $66.3B | $108.9B | $119.4B | $114.3B | $123.2B | $133.1B |
| Interest expense | $1.5B | $2.3B | $3.2B | $3.6B | $2.9B | $2.6B | $2.9B | $3.9B | — | — |
| Pretax income | $61.4B | $64.1B | $72.9B | $65.7B | $67.1B | $109.2B | $119.1B | $113.7B | $123.5B | $132.7B |
| Income tax | $15.7B | $15.7B | $13.4B | $10.5B | $9.7B | $14.5B | $19.3B | $16.7B | $29.7B | $20.7B |
| Net income | $45.7B | $48.4B | $59.5B | $55.3B | $57.4B | $94.7B | $99.8B | $97.0B | $93.7B | $112.0B |
| Diluted EPS | $2.08 | $2.30 | $2.98 | $2.97 | $3.28 | $5.61 | $6.11 | $6.13 | $6.08 | $7.46 |
| Diluted shares | 22.00B | 21.01B | 20.00B | 18.60B | 17.53B | 16.86B | 16.33B | 15.81B | 15.41B | 15.00B |
| Cash flow | ||||||||||
| Cash from operations | $66.2B | $64.2B | $77.4B | $69.4B | $80.7B | $104.0B | $122.2B | $110.5B | $118.3B | $111.5B |
| Capital expenditure | $12.7B | $12.5B | $13.3B | $10.5B | $7.3B | $11.1B | $10.7B | $11.0B | $9.4B | $12.7B |
| Free cash flow | $53.5B | $51.8B | $64.1B | $58.9B | $73.4B | $93.0B | $111.4B | $99.6B | $108.8B | $98.8B |
| Depreciation and amortization | $10.5B | $10.2B | $10.9B | $12.5B | $11.1B | $11.3B | $11.1B | $11.5B | $11.4B | $11.7B |
| Stock-based compensation | $4.2B | $4.8B | $5.3B | $6.1B | $6.8B | $7.9B | $9.0B | $10.8B | $11.7B | $12.9B |
| Acquisitions | $297M | $329M | $721M | $624M | $1.5B | $33.0M | $306M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $29.7B | $32.9B | $72.7B | $66.9B | $72.4B | $86.0B | $89.4B | $77.6B | $94.9B | $90.7B |
| Dividends paid | $12.0B | $12.6B | $13.7B | $14.1B | $14.1B | $14.5B | $14.8B | $15.0B | $15.2B | $15.4B |
| Dividends and buybacks | $41.7B | $45.5B | $86.5B | $81.0B | $86.4B | $100.4B | $104.2B | $92.6B | $110.2B | $106.1B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $20.5B | $20.3B | $66.3B | $100.6B | $90.9B | $62.6B | $48.3B | $61.6B | $65.2B | $54.7B |
| Total debt | $87.0B | $115.7B | $114.5B | $108.0B | $112.4B | $124.7B | $120.1B | $111.1B | $106.6B | $98.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $661M | $848M | $941M | $1.0B | $896M | $1.2B |
| Current assets | $106.9B | $128.6B | $131.3B | $162.8B | $143.7B | $134.8B | $135.4B | $143.6B | $153.0B | $148.0B |
| Current liabilities | $79.0B | $100.8B | $115.9B | $105.7B | $105.4B | $125.5B | $154.0B | $145.3B | $176.4B | $165.6B |
| Inventory | $2.1B | $4.9B | $4.0B | $4.1B | $4.1B | $6.6B | $4.9B | $6.3B | $7.3B | $5.7B |
| Property and equipment, net | $27.0B | $33.8B | $41.3B | $37.4B | $36.8B | $39.4B | $42.1B | $43.7B | $45.7B | $49.8B |
| Total assets | $321.7B | $375.3B | $365.7B | $338.5B | $323.9B | $351.0B | $352.8B | $352.6B | $365.0B | $359.2B |
| Total liabilities | $193.4B | $241.3B | $258.6B | $248.0B | $258.5B | $287.9B | $302.1B | $290.4B | $308.0B | $285.5B |
| Shareholders' equity | $128.2B | $134.0B | $107.1B | $90.5B | $65.3B | $63.1B | $50.7B | $62.1B | $57.0B | $73.7B |
| Margins | ||||||||||
| Gross margin | 39.1% | 38.5% | 38.3% | 37.8% | 38.2% | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% |
| Operating margin | 27.8% | 26.8% | 26.7% | 24.6% | 24.2% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% |
| EBITDA margin | 32.7% | 31.2% | 30.8% | 29.4% | 28.2% | 32.9% | 33.1% | 32.8% | 34.4% | 34.8% |
| Net margin | 21.2% | 21.1% | 22.4% | 21.2% | 20.9% | 25.9% | 25.3% | 25.3% | 24.0% | 26.9% |
| FCF margin | 24.8% | 22.6% | 24.1% | 22.6% | 26.7% | 25.4% | 28.3% | 26.0% | 27.8% | 23.7% |
| Returns | ||||||||||
| Return on capital | 25.0% | 21.8% | 30.1% | 42.4% | 61.2% | 88.5% | 80.3% | 82.6% | 88.2% | 102.9% |
| Return on capital employed | 26.5% | 23.7% | 27.0% | 26.5% | 29.4% | 49.1% | 56.3% | 56.3% | 62.3% | 69.6% |
| Return on equity | 36.9% | 36.9% | 49.4% | 55.9% | 73.7% | 147.4% | 175.5% | 172.0% | 157.4% | 171.4% |
| Return on assets | 14.9% | 13.9% | 16.1% | 15.7% | 17.3% | 28.1% | 28.4% | 27.5% | 26.1% | 30.9% |
| Growth | ||||||||||
| Revenue growth | −7.7% | 6.3% | 15.9% | −2.0% | 5.5% | 33.3% | 7.8% | −2.8% | 2.0% | 6.4% |
| Net income growth | −14.4% | 5.8% | 23.1% | −7.2% | 3.9% | 64.9% | 5.4% | −2.8% | −3.4% | 19.5% |
| EPS growth | −9.9% | 10.8% | 29.4% | −0.3% | 10.4% | 71.0% | 8.9% | 0.3% | −0.8% | 22.7% |
| FCF growth | −23.6% | −3.2% | 23.9% | −8.2% | 24.6% | 26.7% | 19.9% | −10.6% | 9.3% | −9.2% |
| Share count change | −5.1% | −4.5% | −4.8% | −7.0% | −5.7% | −3.8% | −3.2% | −3.1% | −2.6% | −2.6% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.9x | 1.3x | 0.6x | 0.1x | 0.3x | 0.5x | 0.6x | 0.4x | 0.3x | 0.3x |
| Debt / equity | 0.7x | 0.9x | 1.1x | 1.2x | 1.7x | 2.0x | 2.4x | 1.8x | 1.9x | 1.4x |
| Interest coverage | 41.2x | 26.4x | 21.9x | 17.9x | 23.1x | 41.2x | 40.8x | 29.1x | — | — |
| Current ratio | 1.4x | 1.3x | 1.1x | 1.5x | 1.4x | 1.1x | 0.9x | 1.0x | 0.9x | 0.9x |
| Quick ratio | 1.3x | 1.2x | 1.1x | 1.5x | 1.3x | 1.0x | 0.9x | 0.9x | 0.8x | 0.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 5.9% | 5.4% | 5.0% | 4.0% | 2.7% | 3.0% | 2.7% | 2.9% | 2.4% | 3.1% |
| Stock comp / revenue | 2.0% | 2.1% | 2.0% | 2.3% | 2.5% | 2.2% | 2.3% | 2.8% | 3.0% | 3.1% |
| Payouts / FCF | 77.9% | 87.8% | 134.8% | 137.6% | 117.8% | 108.1% | 93.5% | 93.0% | 101.3% | 107.5% |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 4.0 | 6.0 | 7.0 | 7.0 | 7.0 | 6.0 | 7.0 | 7.0 | 8.0 |
| Altman Z'' | 3.5 | 3.0 | 2.6 | 3.2 | 2.6 | 2.5 | 2.1 | 2.4 | 1.9 | 2.3 |
| Accruals ratio | −6.7% | −4.6% | −4.8% | −4.0% | −7.0% | −2.8% | −6.4% | −3.8% | −6.8% | 0.2% |
Source: SEC EDGAR XBRL filings (CIK 0000320193). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.