Apple (AAPL) Financials

$206.86 -1.92 (-0.92%)

As of 05/20/2025 04:00 PM Eastern

Annual Income Statements for Apple

This table shows Apple's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/28/2024	9/30/2023	9/24/2022	9/25/2021	9/26/2020	9/28/2019	9/29/2018	9/30/2017	9/24/2016	9/26/2015
Net Income / (Loss) Attributable to Common Shareholders	93,736	96,995	99,803	94,680	57,411	55,256	59,531	48,351	45,687	53,394
Consolidated Net Income / (Loss)	93,736	96,995	99,803	94,680	57,411	55,256	59,531	48,351	45,687	53,394
Net Income / (Loss) Continuing Operations	93,736	96,995	99,803	94,680	57,411	55,256	59,531	48,351	45,687	53,394
Total Pre-Tax Income	123,485	113,736	119,103	109,207	67,091	65,737	72,903	64,089	61,372	72,515
Total Operating Income	123,216	114,301	119,437	108,949	66,288	63,930	70,898	61,344	60,024	71,230
Total Gross Profit	180,683	169,148	170,782	152,836	104,956	98,392	101,839	88,186	84,263	93,626
Total Revenue	391,035	383,285	394,328	365,817	274,515	260,174	265,595	229,234	215,639	233,715
Operating Revenue	391,035	383,285	394,328	365,817	274,515	260,174	265,595	229,234	215,639	233,715
Total Cost of Revenue	210,352	214,137	223,546	212,981	169,559	161,782	163,756	141,048	131,376	140,089
Operating Cost of Revenue	210,352	214,137	223,546	212,981	169,559	161,782	163,756	141,048	131,376	140,089
Total Operating Expenses	57,467	54,847	51,345	43,887	38,668	34,462	30,941	26,842	24,239	22,396
Selling, General & Admin Expense	26,097	24,932	25,094	21,973	19,916	18,245	16,705	15,261	14,194	14,329
Research & Development Expense	31,370	29,915	26,251	21,914	18,752	16,217	14,236	11,581	10,045	8,067
Total Other Income / (Expense), net	269	-565	-334	258	803	1,807	2,005	2,745	1,348	1,285
Other Income / (Expense), net	269	-565	-334	258	803	1,807	2,005	2,745	1,348	1,285
Income Tax Expense	29,749	16,741	19,300	14,527	9,680	10,481	13,372	15,738	15,685	19,121
Basic Earnings per Share	$6.11	$6.16	$6.15	$5.67	$3.31	$2.99	$3.00	$9.27	$8.35	$9.28
Weighted Average Basic Shares Outstanding	15.34B	15.74B	16.22B	16.70B	17.35B	18.47B	19.82B	5.22B	5.47B	5.75B
Diluted Earnings per Share	$6.08	$6.13	$6.11	$5.61	$3.28	$2.97	$2.98	$9.21	$8.31	$9.22
Weighted Average Diluted Shares Outstanding	15.41B	15.81B	16.33B	16.86B	17.53B	18.60B	20.00B	5.25B	5.50B	5.79B
Weighted Average Basic & Diluted Shares Outstanding	15.12B	15.55B	15.91B	16.41B	17.00B	4.44B	4.96B	5.22B	5.47B	5.75B
Cash Dividends to Common per Share	$0.98	$0.94	$0.90	$0.85	$0.80	$3.00	$2.72	$2.40	$2.18	$1.98

This table shows Apple's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	9/24/2022
Net Income / (Loss) Attributable to Common Shareholders	24,780	36,330	14,736	21,448	23,636	33,916	22,956	19,881	24,160	29,998	20,721
Consolidated Net Income / (Loss)	24,780	36,330	14,736	21,448	23,636	33,916	22,956	19,881	24,160	29,998	20,721
Net Income / (Loss) Continuing Operations	24,780	36,330	14,736	21,448	23,636	33,916	22,956	19,881	24,160	29,998	20,721
Total Pre-Tax Income	29,310	42,584	29,610	25,494	28,058	40,323	26,998	22,733	28,382	35,623	24,657
Total Operating Income	29,589	42,832	29,591	25,352	27,900	40,373	26,969	22,998	28,318	36,016	24,894
Total Gross Profit	44,867	58,275	43,879	39,678	42,271	54,855	40,427	36,413	41,976	50,332	38,095
Total Revenue	95,359	124,300	94,930	85,777	90,753	119,575	89,498	81,797	94,836	117,154	90,146
Operating Revenue	95,359	124,300	94,930	85,777	90,753	119,575	89,498	81,797	94,836	117,154	90,146
Total Cost of Revenue	50,492	66,025	51,051	46,099	48,482	64,720	49,071	45,384	52,860	66,822	52,051
Operating Cost of Revenue	50,492	66,025	51,051	46,099	48,482	64,720	49,071	45,384	52,860	66,822	52,051
Total Operating Expenses	15,278	15,443	14,288	14,326	14,371	14,482	13,458	13,415	13,658	14,316	13,201
Selling, General & Admin Expense	6,728	7,175	6,523	6,320	6,468	6,786	6,151	5,973	6,201	6,607	6,440
Research & Development Expense	8,550	8,268	7,765	8,006	7,903	7,696	7,307	7,442	7,457	7,709	6,761
Total Other Income / (Expense), net	-279	-248	19	142	158	-50	29	-265	64	-393	-237
Other Income / (Expense), net	-279	-248	19	142	158	-50	29	-265	64	-393	-237
Income Tax Expense	4,530	6,254	14,874	4,046	4,422	6,407	4,042	2,852	4,222	5,625	3,936
Basic Earnings per Share	$1.65	$2.41	$0.99	$1.40	$1.53	$2.19	$1.47	$1.27	$1.53	$1.89	$1.28
Weighted Average Basic Shares Outstanding	14.99B	15.08B	15.34B	15.29B	15.41B	15.51B	15.74B	15.70B	15.79B	15.89B	16.22B
Diluted Earnings per Share	$1.65	$2.40	$0.97	$1.40	$1.53	$2.18	$1.47	$1.26	$1.52	$1.88	$1.28
Weighted Average Diluted Shares Outstanding	15.06B	15.15B	15.41B	15.35B	15.46B	15.58B	15.81B	15.78B	15.85B	15.96B	16.33B
Weighted Average Basic & Diluted Shares Outstanding	14.94B	15.02B	15.12B	15.20B	15.33B	15.44B	15.55B	15.63B	15.73B	15.82B	15.91B
Cash Dividends to Common per Share	$0.25	$0.25	$0.25	$0.25	$0.24	$0.24	$0.24	$0.24	$0.23	$0.23	$0.23

This table details how cash moves in and out of Apple's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/28/2024	9/30/2023	9/24/2022	9/25/2021	9/26/2020	9/28/2019	9/29/2018	9/30/2017	9/24/2016	9/26/2015
Net Change in Cash & Equivalents	-794	5,760	-10,952	-3,860	-10,435	24,311	5,624	-195	-636	7,276
Net Cash From Operating Activities	118,254	110,543	122,151	104,038	80,674	69,391	77,434	64,225	66,231	81,266
Net Cash From Continuing Operating Activities	118,254	110,543	122,151	104,038	80,674	69,391	77,434	64,225	66,231	81,266
Net Income / (Loss) Continuing Operations	93,736	96,995	99,803	94,680	57,411	55,256	59,531	48,351	45,687	53,394
Consolidated Net Income / (Loss)	93,736	96,995	99,803	94,680	57,411	55,256	59,531	48,351	45,687	53,394
Depreciation Expense	11,445	11,519	11,104	11,284	11,056	12,547	10,903	10,157	10,505	11,257
Non-Cash Adjustments To Reconcile Net Income	9,422	8,606	10,044	2,985	6,732	5,416	4,896	4,674	4,696	3,971
Changes in Operating Assets and Liabilities, net	3,651	-6,577	1,200	-4,911	5,475	-3,828	2,104	1,043	5,343	12,644
Net Cash From Investing Activities	2,935	3,705	-22,354	-14,545	-4,289	45,896	16,066	-46,446	-45,977	-56,274
Net Cash From Continuing Investing Activities	2,935	3,705	-22,354	-14,545	-4,289	45,896	16,066	-46,446	-45,977	-56,274
Purchase of Property, Plant & Equipment	-9,447	-10,959	-10,708	-11,085	-7,309	-10,495	-13,313	-12,451	-12,734	-11,247
Purchase of Investments	-48,656	-29,513	-76,923	-109,558	-114,938	-40,631	-73,227	-160,007	-143,816	-166,402
Sale and/or Maturity of Investments	62,346	45,514	67,363	106,483	120,391	98,724	104,072	126,465	111,794	121,985
Other Investing Activities, net	-1,308	-1,337	-2,086	-385	-909	-1,078	-745	-124	-924	-26
Net Cash From Financing Activities	-121,983	-108,488	-110,749	-93,353	-86,820	-90,976	-87,876	-17,974	-20,890	-17,716
Net Cash From Continuing Financing Activities	-121,983	-108,488	-110,749	-93,353	-86,820	-90,976	-87,876	-17,974	-20,890	-17,716
Repayment of Debt	-10,319	-11,732	-9,703	-7,774	-11,875	-14,887	-6,537	-3,500	-2,897	2,191
Repurchase of Common Equity	-94,949	-77,550	-89,402	-85,971	-72,358	-66,897	-72,738	-32,900	-29,722	-35,253
Payment of Dividends	-15,234	-15,025	-14,841	-14,467	-14,081	-14,119	-13,712	-12,769	-12,150	-11,561
Issuance of Debt	3,960	1,250	9,420	21,415	15,128	6,963	6,969	32,514	24,954	27,114
Other Financing Activities, net	-5,441	-5,431	-6,223	-6,556	-3,634	-2,817	-2,527	-1,874	-1,570	-750
Cash Income Taxes Paid	26,102	18,679	19,573	25,385	9,501	15,263	10,417	11,591	10,444	13,252

This table details how cash moves in and out of Apple's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	9/24/2022
Net Change in Cash & Equivalents	-2,137	356	3,308	-7,286	-8,053	11,237	839	2,769	5,155	-3,003	-3,884
Net Cash From Operating Activities	23,952	29,935	26,811	28,858	22,690	39,895	21,598	26,380	28,560	34,005	24,127
Net Cash From Continuing Operating Activities	23,952	29,935	26,811	28,858	22,690	39,895	21,598	26,380	28,560	34,005	24,127
Net Income / (Loss) Continuing Operations	24,780	36,330	14,736	21,448	23,636	33,916	22,956	19,881	24,160	29,998	20,721
Consolidated Net Income / (Loss)	24,780	36,330	14,736	21,448	23,636	33,916	22,956	19,881	24,160	29,998	20,721
Depreciation Expense	2,661	3,080	2,911	2,850	2,836	2,848	2,653	3,052	2,898	2,916	2,865
Non-Cash Adjustments To Reconcile Net Income	3,018	1,277	2,556	2,876	1,982	2,008	2,049	2,698	1,271	2,588	589
Changes in Operating Assets and Liabilities, net	-6,507	-10,752	6,608	1,684	-5,764	1,123	-6,060	749	231	-1,497	-48
Net Cash From Investing Activities	2,917	9,792	1,445	-127	-310	1,927	2,394	437	2,319	-1,445	-1,217
Net Cash From Continuing Investing Activities	2,917	9,792	1,445	-127	-310	1,927	2,394	437	2,319	-1,445	-1,217
Purchase of Property, Plant & Equipment	-3,071	-2,940	-2,908	-2,151	-1,996	-2,392	-2,163	-2,093	-2,916	-3,787	-3,289
Purchase of Investments	-6,318	-6,124	-10,582	-13,032	-15,262	-9,780	-8,557	-9,759	-6,044	-5,153	-6,745
Sale and/or Maturity of Investments	12,338	19,459	15,126	15,444	17,393	14,383	13,698	12,795	11,385	7,636	9,551
Other Investing Activities, net	-32	-603	-191	-388	-445	-284	-584	-506	-106	-141	-734
Net Cash From Financing Activities	-29,006	-39,371	-24,948	-36,017	-30,433	-30,585	-23,153	-24,048	-25,724	-35,563	-26,794
Net Cash From Continuing Financing Activities	-29,006	-39,371	-24,948	-36,017	-30,433	-30,585	-23,153	-24,048	-25,724	-35,563	-26,794
Repayment of Debt	-3,042	-1,044	257	-3,312	-3,234	-46	5,898	-5,564	-2,062	-10,004	-2,805
Repurchase of Common Equity	-25,898	-23,606	-25,083	-26,522	-23,205	-20,139	-21,003	-17,478	-19,594	-19,475	-24,428
Payment of Dividends	-3,758	-3,856	-3,804	-3,895	-3,710	-3,825	-3,758	-3,849	-3,650	-3,768	-3,703
Issuance of Debt	3,976	-7,944	3,960	-	-	-3,984	-3,978	5,228	-	0.00	4,450
Other Financing Activities, net	-284	-2,921	-278	-2,288	-284	-2,591	-312	-2,385	-418	-2,316	-308
Cash Income Taxes Paid	13,032	18,651	6,872	4,699	7,276	7,255	11,659	2,126	4,066	828	7,322

This table presents Apple's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/28/2024	9/30/2023	9/24/2022	9/25/2021	9/26/2020	9/28/2019	9/29/2018	9/30/2017	9/24/2016	9/26/2015
Total Assets	364,980	352,583	352,755	351,002	323,888	338,516	365,725	375,319	321,686	290,345
Total Current Assets	152,987	143,566	135,405	134,836	143,713	162,819	131,339	128,645	106,869	89,378
Cash & Equivalents	29,943	29,965	23,646	34,940	38,016	48,844	25,913	20,289	20,484	21,120
Short-Term Investments	35,228	31,590	24,658	27,699	52,927	51,713	40,388	53,892	46,671	20,481
Note & Lease Receivable	32,833	31,477	32,748	25,228	21,325	22,878	25,809	17,799	13,545	13,494
Accounts Receivable	33,410	29,508	28,184	26,278	16,120	22,926	23,186	17,874	15,754	16,849
Inventories, net	7,286	6,331	4,946	6,580	4,061	4,106	3,956	4,855	2,132	2,349
Other Current Assets	14,287	14,695	21,223	14,111	11,264	12,352	12,087	13,936	8,283	15,085
Plant, Property, & Equipment, net	45,680	43,715	42,117	39,440	36,766	37,378	41,304	33,783	27,010	22,471
Total Noncurrent Assets	166,313	165,302	175,233	176,726	143,409	138,319	193,082	212,891	187,807	178,496
Long-Term Investments	91,479	100,544	120,805	127,877	100,887	105,341	170,799	194,714	170,430	164,065
Other Noncurrent Operating Assets	74,834	64,758	54,428	48,849	42,522	32,978	22,283	18,177	8,757	5,422
Total Liabilities & Shareholders' Equity	364,980	352,583	352,755	351,002	323,888	338,516	365,725	375,319	321,686	290,345
Total Liabilities	308,030	290,437	302,083	287,912	258,549	248,028	258,578	241,272	193,437	170,990
Total Current Liabilities	176,392	145,308	153,982	125,481	105,392	105,718	115,929	100,814	79,006	80,610
Short-Term Debt	20,879	15,807	21,110	15,613	13,769	16,240	20,784	18,473	11,605	10,999
Accounts Payable	68,960	62,611	64,115	54,763	42,296	46,236	55,888	44,242	37,294	35,490
Current Deferred Revenue	8,249	8,061	7,912	7,612	6,643	5,522	5,966	7,548	8,080	8,940
Other Current Liabilities	78,304	58,829	60,845	47,493	42,684	37,720	33,327	30,551	-	-
Total Noncurrent Liabilities	131,638	145,129	148,101	162,431	153,157	142,310	142,649	140,458	114,431	90,380
Long-Term Debt	85,750	95,281	98,959	109,106	98,667	91,807	93,735	97,207	75,427	53,329
Other Noncurrent Operating Liabilities	45,888	49,848	49,142	53,325	54,490	50,503	48,914	40,415	36,074	33,427
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	56,950	62,146	50,672	63,090	65,339	90,488	107,147	134,047	128,249	119,355
Total Preferred & Common Equity	56,950	62,146	50,672	63,090	65,339	90,488	107,147	134,047	128,249	119,355
Total Common Equity	56,950	62,146	50,672	63,090	65,339	90,488	107,147	134,047	128,249	119,355
Common Stock	83,276	73,812	64,849	57,365	50,779	45,174	40,201	35,867	31,251	27,416
Retained Earnings	-19,154	-214	-3,068	5,562	14,966	45,898	70,400	98,330	96,364	92,284
Accumulated Other Comprehensive Income / (Loss)	-7,172	-11,452	-11,109	163	-406	-584	-3,454	-150	634	-345

This table presents Apple's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	9/24/2022
Total Assets	331,233	344,085	364,980	331,612	337,411	353,514	352,583	335,038	332,160	346,747	352,755
Total Current Assets	118,674	133,240	152,987	125,435	128,416	143,692	143,566	122,659	112,913	128,777	135,405
Cash & Equivalents	28,162	30,299	29,943	25,565	32,695	40,760	29,965	28,408	24,687	20,535	23,646
Short-Term Investments	20,336	23,476	35,228	36,236	34,455	32,340	31,590	34,074	31,185	30,820	24,658
Note & Lease Receivable	23,662	29,667	32,833	20,377	19,313	26,908	31,477	19,637	17,963	30,428	32,748
Accounts Receivable	26,136	29,639	33,410	22,795	21,837	23,194	29,508	19,549	17,936	23,752	28,184
Inventories, net	6,269	6,911	7,286	6,165	6,232	6,511	6,331	7,351	7,482	6,820	4,946
Other Current Assets	14,109	13,248	14,287	14,297	13,884	13,979	14,695	13,640	13,660	16,422	21,223
Plant, Property, & Equipment, net	46,876	46,069	45,680	44,502	43,546	43,666	43,715	43,550	43,398	42,951	42,117
Total Noncurrent Assets	165,683	164,776	166,313	161,675	165,449	166,156	165,302	168,829	175,849	175,019	175,233
Long-Term Investments	84,424	87,593	91,479	91,240	95,187	99,475	100,544	104,061	110,461	114,095	120,805
Other Noncurrent Operating Assets	81,259	77,183	74,834	70,435	70,262	66,681	64,758	64,768	65,388	60,924	54,428
Total Liabilities & Shareholders' Equity	331,233	344,085	364,980	331,612	337,411	353,514	352,583	335,038	332,160	346,747	352,755
Total Liabilities	264,437	277,327	308,030	264,904	263,217	279,414	290,437	274,764	270,002	290,020	302,083
Total Current Liabilities	144,571	144,365	176,392	131,624	123,822	133,973	145,308	124,963	120,075	137,286	153,982
Short-Term Debt	19,620	12,843	20,879	15,108	12,759	12,952	15,807	11,209	12,574	11,483	21,110
Accounts Payable	54,126	61,910	68,960	47,574	45,753	58,146	62,611	46,699	42,945	57,918	64,115
Current Deferred Revenue	8,976	8,461	8,249	8,053	8,012	8,264	8,061	8,158	8,131	7,992	7,912
Other Current Liabilities	61,849	61,151	78,304	60,889	57,298	54,611	58,829	58,897	56,425	59,893	60,845
Total Noncurrent Liabilities	119,866	132,962	131,638	133,280	139,395	145,441	145,129	149,801	149,927	152,734	148,101
Long-Term Debt	78,566	83,956	85,750	86,196	91,831	95,088	95,281	98,071	97,041	99,627	98,959
Other Noncurrent Operating Liabilities	41,300	49,006	45,888	47,084	47,564	50,353	49,848	51,730	52,886	53,107	49,142
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	66,796	66,758	56,950	66,708	74,194	74,100	62,146	60,274	62,158	56,727	50,672
Total Preferred & Common Equity	66,796	66,758	56,950	66,708	74,194	74,100	62,146	60,274	62,158	56,727	50,672
Total Common Equity	66,796	66,758	56,950	66,708	74,194	74,100	62,146	60,274	62,158	56,727	50,672
Common Stock	88,711	84,768	83,276	79,850	78,815	75,236	73,812	70,667	69,568	66,399	64,849
Retained Earnings	-15,552	-11,221	-19,154	-4,726	4,339	8,242	-214	1,408	4,336	3,240	-3,068
Accumulated Other Comprehensive Income / (Loss)	-6,363	-6,789	-7,172	-8,416	-8,960	-9,378	-11,452	-11,801	-11,746	-12,912	-11,109

This table displays calculated financial ratios and metrics derived from Apple's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	9/28/2024	9/30/2023	9/24/2022	9/25/2021	9/26/2020	9/28/2019	9/29/2018	9/30/2017	9/24/2016	9/26/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.02%	-2.80%	7.79%	33.26%	5.51%	-2.04%	15.86%	6.30%	-7.73%	27.86%
EBITDA Growth	7.72%	-3.80%	8.06%	54.19%	-0.18%	-6.59%	12.88%	3.30%	-14.20%	36.37%
EBIT Growth	8.57%	-4.51%	9.06%	62.77%	2.06%	-9.83%	13.75%	4.43%	-15.37%	35.59%
NOPAT Growth	-4.05%	-2.60%	5.96%	66.52%	5.56%	-7.18%	25.09%	3.57%	-14.80%	35.22%
Net Income Growth	-3.36%	-2.81%	5.41%	64.92%	3.90%	-7.18%	23.12%	5.83%	-14.43%	35.14%
EPS Growth	-0.82%	0.33%	8.91%	71.04%	10.44%	-7.18%	23.12%	10.83%	-9.87%	42.95%
Operating Cash Flow Growth	6.98%	-9.50%	17.41%	28.96%	16.26%	-10.39%	20.57%	-3.03%	-18.50%	36.09%
Free Cash Flow Firm Growth	11.10%	-8.12%	15.20%	31.05%	38.98%	-15.81%	25.62%	-4.13%	-31.85%	61.33%
Invested Capital Growth	-37.77%	582.29%	160.29%	80.74%	-90.89%	52.40%	19.29%	14.06%	-1.46%	-161.80%
Revenue Q/Q Growth	1.41%	-0.17%	1.75%	5.38%	0.24%	0.44%	4.04%	2.56%	-2.11%	4.18%
EBITDA Q/Q Growth	2.17%	1.73%	1.00%	7.72%	-2.13%	0.17%	3.42%	2.29%	-4.57%	6.00%
EBIT Q/Q Growth	2.16%	2.10%	1.20%	8.28%	-1.79%	-0.45%	3.56%	2.77%	-4.47%	5.21%
NOPAT Q/Q Growth	-8.05%	2.11%	-0.09%	9.82%	-1.21%	-1.11%	6.96%	3.13%	-4.49%	5.13%
Net Income Q/Q Growth	-8.06%	2.36%	0.17%	9.08%	-1.73%	-0.79%	6.08%	3.64%	-4.41%	5.24%
EPS Q/Q Growth	-7.60%	1.49%	-0.81%	7.47%	-3.24%	-0.79%	6.08%	4.19%	-5.35%	4.18%
Operating Cash Flow Q/Q Growth	4.61%	-2.24%	3.32%	-0.36%	0.83%	0.56%	5.12%	-1.21%	4.84%	0.28%
Free Cash Flow Firm Q/Q Growth	8.89%	-3.27%	1.74%	-2.19%	5.18%	-0.55%	13.93%	-5.35%	2.11%	9.82%
Invested Capital Q/Q Growth	-53.72%	269.81%	208.08%	64.25%	-63.20%	-28.36%	-8.99%	7.63%	-11.28%	3.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.21%	44.13%	43.31%	41.78%	38.23%	37.82%	38.34%	38.47%	39.08%	40.06%
EBITDA Margin	34.51%	32.68%	33.02%	32.94%	28.47%	30.09%	31.55%	32.39%	33.33%	35.84%
Operating Margin	31.51%	29.82%	30.29%	29.78%	24.15%	24.57%	26.69%	26.76%	27.84%	30.48%
EBIT Margin	31.58%	29.67%	30.20%	29.85%	24.44%	25.27%	27.45%	27.96%	28.46%	31.03%
Profit (Net Income) Margin	23.97%	25.31%	25.31%	25.88%	20.91%	21.24%	22.41%	21.09%	21.19%	22.85%
Tax Burden Percent	75.91%	85.28%	83.80%	86.70%	85.57%	84.06%	81.66%	75.44%	74.44%	73.63%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	24.09%	14.72%	16.20%	13.30%	14.43%	15.94%	18.34%	24.56%	25.56%	26.37%
Return on Invested Capital (ROIC)	1,035.56%	1,527.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	1,035.16%	1,527.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-878.15%	-1,355.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	157.41%	171.95%	175.46%	147.44%	73.69%	55.92%	49.36%	36.87%	36.90%	46.25%
Cash Return on Invested Capital (CROIC)	1,082.13%	1,378.14%	5,866.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	34.42%	32.25%	33.85%	32.36%	20.26%	18.67%	19.68%	18.39%	20.06%	27.77%
Return on Assets (ROA)	26.13%	27.50%	28.36%	28.06%	17.33%	15.69%	16.07%	13.87%	14.93%	20.45%
Return on Common Equity (ROCE)	157.41%	171.95%	175.46%	147.44%	73.69%	55.92%	49.36%	36.87%	36.90%	46.25%
Return on Equity Simple (ROE_SIMPLE)	164.59%	156.08%	196.96%	150.07%	87.87%	61.06%	55.56%	36.07%	35.62%	44.74%
Net Operating Profit after Tax (NOPAT)	93,532	97,477	100,083	94,456	56,724	53,737	57,894	46,280	44,684	52,448
NOPAT Margin	23.92%	25.43%	25.38%	25.82%	20.66%	20.65%	21.80%	20.19%	20.72%	22.44%
Net Nonoperating Expense Percent (NNEP)	0.40%	-0.96%	-0.49%	0.31%	0.78%	1.38%	1.19%	1.36%	0.69%	0.72%
Return On Investment Capital (ROIC_SIMPLE)	57.18%	56.27%	58.62%	50.29%	31.91%	27.07%	26.12%	18.53%	20.76%	28.55%
Cost of Revenue to Revenue	53.79%	55.87%	56.69%	58.22%	61.77%	62.18%	61.66%	61.53%	60.92%	59.94%
SG&A Expenses to Revenue	6.67%	6.50%	6.36%	6.01%	7.26%	7.01%	6.29%	6.66%	6.58%	6.13%
R&D to Revenue	8.02%	7.80%	6.66%	5.99%	6.83%	6.23%	5.36%	5.05%	4.66%	3.45%
Operating Expenses to Revenue	14.70%	14.31%	13.02%	12.00%	14.09%	13.25%	11.65%	11.71%	11.24%	9.58%
Earnings before Interest and Taxes (EBIT)	123,485	113,736	119,103	109,207	67,091	65,737	72,903	64,089	61,372	72,515
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	134,930	125,255	130,207	120,491	78,147	78,284	83,806	74,246	71,877	83,772
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	61.56	43.29	47.88	38.58	29.40	10.87	10.03	5.66	4.45	5.02
Price to Tangible Book Value (P/TBV)	61.56	43.29	47.88	38.58	29.40	10.87	10.03	5.66	4.77	5.43
Price to Revenue (P/Rev)	8.97	7.02	6.15	6.65	7.00	3.78	4.05	3.31	2.65	2.56
Price to Earnings (P/E)	37.40	27.74	24.31	25.71	33.46	17.79	18.05	15.70	12.50	11.23
Dividend Yield	0.43%	0.55%	0.61%	0.59%	0.00%	1.42%	1.27%	1.66%	2.10%	1.91%
Earnings Yield	2.67%	3.61%	4.11%	3.89%	2.99%	5.62%	5.54%	6.37%	8.00%	8.91%
Enterprise Value to Invested Capital (EV/IC)	498.76	237.05	1,456.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	8.84	6.89	6.03	6.47	6.71	3.40	3.58	2.64	1.95	1.96
Enterprise Value to EBITDA (EV/EBITDA)	25.61	21.07	18.26	19.66	23.57	11.31	11.36	8.16	5.85	5.47
Enterprise Value to EBIT (EV/EBIT)	27.99	23.21	19.96	21.69	27.45	13.47	13.05	9.45	6.85	6.32
Enterprise Value to NOPAT (EV/NOPAT)	36.95	27.08	23.75	25.08	32.47	16.48	16.44	13.09	9.41	8.73
Enterprise Value to Operating Cash Flow (EV/OCF)	29.22	23.88	19.46	22.77	22.83	12.76	12.29	9.43	6.35	5.64
Enterprise Value to Free Cash Flow (EV/FCFF)	35.36	30.00	24.83	28.50	29.04	19.40	17.56	14.04	9.35	6.94
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.87	1.79	2.37	1.98	1.72	1.19	1.07	0.86	0.68	0.54
Long-Term Debt to Equity	1.51	1.53	1.95	1.73	1.51	1.01	0.87	0.73	0.59	0.45
Financial Leverage	-0.85	-0.89	-1.01	-1.13	-1.14	-1.12	-1.14	-1.16	-1.18	-1.13
Leverage Ratio	6.03	6.25	6.19	5.26	4.25	3.56	3.07	2.66	2.47	2.26
Compound Leverage Factor	6.03	6.25	6.19	5.26	4.25	3.56	3.07	2.66	2.47	2.26
Debt to Total Capital	65.19%	64.13%	70.32%	66.41%	63.25%	54.42%	51.66%	46.32%	40.43%	35.02%
Short-Term Debt to Total Capital	12.76%	9.12%	12.36%	8.31%	7.75%	8.18%	9.38%	7.40%	5.39%	5.99%
Long-Term Debt to Total Capital	52.42%	55.00%	57.96%	58.09%	55.50%	46.24%	42.29%	38.93%	35.04%	29.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	34.82%	35.87%	29.68%	33.59%	36.75%	45.58%	48.34%	53.68%	59.57%	64.98%
Debt to EBITDA	0.79	0.89	0.92	1.04	1.44	1.38	1.37	1.56	1.21	0.77
Net Debt to EBITDA	-0.37	-0.41	-0.38	-0.55	-1.02	-1.25	-1.46	-2.06	-2.09	-1.69
Long-Term Debt to EBITDA	0.64	0.76	0.76	0.91	1.26	1.17	1.12	1.31	1.05	0.64
Debt to NOPAT	1.14	1.14	1.20	1.32	1.98	2.01	1.98	2.50	1.95	1.23
Net Debt to NOPAT	-0.53	-0.52	-0.49	-0.70	-1.40	-1.82	-2.12	-3.31	-3.37	-2.69
Long-Term Debt to NOPAT	0.92	0.98	0.99	1.16	1.74	1.71	1.62	2.10	1.69	1.02
Altman Z-Score	8.87	7.70	6.98	7.20	6.20	4.18	4.20	3.52	3.60	4.21
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.87	0.99	0.88	1.07	1.36	1.54	1.13	1.28	1.35	1.11
Quick Ratio	0.75	0.84	0.71	0.91	1.22	1.38	0.99	1.09	1.22	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	97,738	87,974	95,744	83,108	63,416	45,630	54,196	43,144	45,005	66,034
Operating Cash Flow to CapEx	1,251.76%	1,008.70%	1,140.75%	938.55%	1,103.76%	661.18%	581.64%	515.82%	520.11%	722.56%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.09	1.09	1.12	1.08	0.83	0.74	0.72	0.66	0.70	0.90
Accounts Receivable Turnover	12.43	13.29	14.48	17.26	14.06	11.28	12.94	13.63	13.23	13.62
Inventory Turnover	30.90	37.98	38.79	40.03	41.52	40.13	37.17	40.37	58.64	62.82
Fixed Asset Turnover	8.75	8.93	9.67	9.60	7.40	6.61	7.07	7.54	8.72	10.85
Accounts Payable Turnover	3.20	3.38	3.76	4.39	3.83	3.17	3.27	3.46	3.61	4.27
Days Sales Outstanding (DSO)	29.36	27.47	25.21	21.15	25.96	32.35	28.21	26.77	27.59	26.79
Days Inventory Outstanding (DIO)	11.81	9.61	9.41	9.12	8.79	9.09	9.82	9.04	6.22	5.81
Days Payable Outstanding (DPO)	114.15	108.00	97.05	83.17	95.29	115.20	111.59	105.50	101.11	85.57
Cash Conversion Cycle (CCC)	-72.97	-70.92	-62.44	-52.90	-60.54	-73.76	-73.56	-69.69	-67.29	-52.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,929	11,135	1,632	-2,707	-14,055	-7,363	-15,470	-19,168	-22,304	-21,983
Invested Capital Turnover	43.29	60.04	-733.63	-43.65	-25.63	-22.79	-15.34	-11.05	-9.74	-15.39
Increase / (Decrease) in Invested Capital	-4,206	9,503	4,339	11,348	-6,692	8,107	3,698	3,136	-321	-13,586
Enterprise Value (EV)	3,455,932	2,639,513	2,377,256	2,368,496	1,841,765	885,422	951,744	605,692	420,642	458,120
Market Capitalization	3,505,953	2,690,524	2,426,296	2,434,293	1,921,159	983,273	1,074,325	758,907	571,195	599,458
Book Value per Share	$3.75	$3.98	$3.15	$3.82	$15.28	$20.02	$22.18	$25.95	$23.80	$20.93
Tangible Book Value per Share	$3.75	$3.98	$3.15	$3.82	$15.28	$20.02	$22.18	$25.95	$22.20	$19.35
Total Capital	163,579	173,234	170,741	187,809	177,775	198,535	221,666	249,727	215,281	183,683
Total Debt	106,629	111,088	120,069	124,719	112,436	108,047	114,519	115,680	87,032	64,328
Total Long-Term Debt	85,750	95,281	98,959	109,106	98,667	91,807	93,735	97,207	75,427	53,329
Net Debt	-50,021	-51,011	-49,040	-65,797	-79,394	-97,851	-122,581	-153,215	-150,553	-141,338
Capital Expenditures (CapEx)	9,447	10,959	10,708	11,085	7,309	10,495	13,313	12,451	12,734	11,247
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-67,697	-47,490	-45,771	-37,671	-38,853	-27,216	-30,107	-27,877	-27,687	-21,834
Debt-free Net Working Capital (DFNWC)	-2,526	14,065	2,533	24,968	52,090	73,341	36,194	46,304	39,468	19,767
Net Working Capital (NWC)	-23,405	-1,742	-18,577	9,355	38,321	57,101	15,410	27,831	27,863	8,768
Net Nonoperating Expense (NNE)	-204	482	280	-224	-687	-1,519	-1,637	-2,071	-1,003	-946
Net Nonoperating Obligations (NNO)	-50,021	-51,011	-49,040	-65,797	-79,394	-97,851	-122,617	-153,215	-150,553	-141,338
Total Depreciation and Amortization (D&A)	11,445	11,519	11,104	11,284	11,056	12,547	10,903	10,157	10,505	11,257
Debt-free, Cash-free Net Working Capital to Revenue	-17.31%	-12.39%	-11.61%	-10.30%	-14.15%	-10.46%	-11.34%	-12.16%	-12.84%	-9.34%
Debt-free Net Working Capital to Revenue	-0.65%	3.67%	0.64%	6.83%	18.98%	28.19%	13.63%	20.20%	18.30%	8.46%
Net Working Capital to Revenue	-5.99%	-0.45%	-4.71%	2.56%	13.96%	21.95%	5.80%	12.14%	12.92%	3.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.11	$6.16	$6.15	$5.67	$3.31	$2.99	$3.00	$2.32	$2.09	$2.32
Adjusted Weighted Average Basic Shares Outstanding	15.34B	15.74B	16.22B	16.70B	17.35B	18.47B	19.82B	20.87B	21.88B	23.01B
Adjusted Diluted Earnings per Share	$6.08	$6.13	$6.11	$5.61	$3.28	$2.97	$2.98	$2.30	$2.08	$2.31
Adjusted Weighted Average Diluted Shares Outstanding	15.41B	15.81B	16.33B	16.86B	17.53B	18.60B	20.00B	21.01B	22.00B	23.17B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	15.12B	15.55B	15.91B	16.41B	17.00B	17.77B	18.98B	20.54B	21.33B	22.30B
Normalized Net Operating Profit after Tax (NOPAT)	93,532	97,477	100,083	94,456	56,724	53,737	57,894	46,280	44,684	52,448
Normalized NOPAT Margin	23.92%	25.43%	25.38%	25.82%	20.66%	20.65%	21.80%	20.19%	20.72%	22.44%
Pre Tax Income Margin	31.58%	29.67%	30.20%	29.85%	24.44%	25.27%	27.45%	27.96%	28.46%	31.03%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.25%	15.49%	14.87%	15.28%	24.53%	25.55%	23.03%	26.41%	26.59%	21.65%
Augmented Payout Ratio	117.55%	95.44%	104.45%	106.08%	150.56%	146.62%	145.22%	94.45%	91.65%	87.68%

This table displays calculated financial ratios and metrics derived from Apple's official financial filings.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022
Period end date	3/29/2025	12/28/2024	9/28/2024	6/29/2024	3/30/2024	12/30/2023	9/30/2023	7/1/2023	4/1/2023	12/31/2022	9/24/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.08%	3.95%	6.07%	4.87%	-4.31%	2.07%	-0.72%	-1.40%	-2.51%	-5.48%	8.14%
EBITDA Growth	3.49%	5.77%	9.68%	9.92%	-1.23%	12.02%	7.74%	-0.33%	-4.85%	-12.29%	4.90%
EBIT Growth	4.46%	5.61%	9.67%	12.15%	-1.14%	13.19%	9.49%	-1.44%	-5.83%	-13.62%	6.06%
NOPAT Growth	6.44%	7.61%	-35.78%	6.04%	-2.50%	11.97%	9.61%	3.41%	-3.10%	-12.94%	-0.51%
Net Income Growth	4.84%	7.12%	-35.81%	7.88%	-2.17%	13.06%	10.79%	2.26%	-3.40%	-13.38%	0.83%
EPS Growth	7.84%	10.09%	-34.01%	11.11%	0.66%	15.96%	14.84%	5.00%	0.00%	-10.48%	4.07%
Operating Cash Flow Growth	5.56%	-24.97%	24.14%	9.39%	-20.55%	17.32%	-10.48%	15.24%	1.40%	-27.60%	19.44%
Free Cash Flow Firm Growth	-24.75%	-10.69%	40.99%	-39.91%	-6.16%	33.39%	-19.01%	16.47%	-20.16%	-20.96%	71.32%
Invested Capital Growth	94.93%	131.98%	-37.77%	397.21%	202.33%	300.71%	582.29%	299.40%	201.68%	130.35%	160.29%
Revenue Q/Q Growth	-23.28%	30.94%	10.67%	-5.48%	-24.10%	33.61%	9.41%	-13.75%	-19.05%	29.96%	8.66%
EBITDA Q/Q Growth	-29.99%	40.41%	14.74%	-8.25%	-28.44%	45.60%	14.99%	-17.57%	-18.84%	40.03%	6.38%
EBIT Q/Q Growth	-31.17%	43.82%	16.15%	-9.14%	-30.42%	49.36%	18.76%	-19.90%	-20.33%	44.47%	6.90%
NOPAT Q/Q Growth	-31.54%	148.13%	-30.95%	-9.25%	-30.79%	48.09%	14.01%	-16.56%	-20.52%	44.97%	7.56%
Net Income Q/Q Growth	-31.79%	146.54%	-31.29%	-9.26%	-30.31%	47.74%	15.47%	-17.71%	-19.46%	44.77%	6.58%
EPS Q/Q Growth	-31.25%	147.42%	-30.71%	-8.50%	-29.82%	48.30%	16.67%	-17.11%	-19.15%	46.88%	6.67%
Operating Cash Flow Q/Q Growth	-19.99%	11.65%	-7.09%	27.18%	-43.13%	84.72%	-18.13%	-7.63%	-16.01%	40.94%	5.39%
Free Cash Flow Firm Q/Q Growth	-60.69%	26.33%	102.09%	-25.03%	-53.34%	99.43%	-13.88%	17.09%	-33.67%	21.08%	23.86%
Invested Capital Q/Q Growth	44.49%	220.23%	-53.72%	-8.97%	71.95%	-14.10%	269.81%	-44.65%	127.90%	46.26%	208.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	47.05%	46.88%	46.22%	46.26%	46.58%	45.88%	45.17%	44.52%	44.26%	42.96%	42.26%
EBITDA Margin	33.53%	36.74%	34.26%	33.04%	34.04%	36.10%	33.13%	31.52%	32.98%	32.90%	30.53%
Operating Margin	31.03%	34.46%	31.17%	29.56%	30.74%	33.76%	30.13%	28.12%	29.86%	30.74%	27.62%
EBIT Margin	30.74%	34.26%	31.19%	29.72%	30.92%	33.72%	30.17%	27.79%	29.93%	30.41%	27.35%
Profit (Net Income) Margin	25.99%	29.23%	15.52%	25.00%	26.04%	28.36%	25.65%	24.31%	25.48%	25.61%	22.99%
Tax Burden Percent	84.54%	85.31%	49.77%	84.13%	84.24%	84.11%	85.03%	87.45%	85.12%	84.21%	84.04%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	15.46%	14.69%	50.23%	15.87%	15.76%	15.89%	14.97%	12.55%	14.88%	15.79%	15.96%
Return on Invested Capital (ROIC)	433.05%	732.79%	671.63%	1,066.41%	903.11%	1,832.94%	1,538.43%	12,578.79%	217,519.73%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	433.56%	733.18%	671.61%	1,066.19%	902.87%	1,833.01%	1,538.39%	12,579.19%	217,519.64%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-284.39%	-567.90%	-569.74%	-915.20%	-757.95%	-1,665.55%	-1,364.29%	-12,419.69%	-217,368.54%	0.00%	0.00%
Return on Equity (ROE)	148.65%	164.89%	101.89%	151.20%	145.16%	167.39%	174.14%	159.10%	151.19%	147.94%	175.46%
Cash Return on Invested Capital (CROIC)	337.94%	525.74%	1,082.13%	998.34%	817.75%	1,571.69%	1,378.14%	3,020.46%	1,544.43%	3,574.38%	5,866.66%
Operating Return on Assets (OROA)	36.81%	38.87%	34.00%	34.38%	35.24%	37.15%	32.78%	31.79%	33.76%	32.38%	30.65%
Return on Assets (ROA)	31.12%	33.16%	16.92%	28.93%	29.69%	31.25%	27.88%	27.80%	28.74%	27.26%	25.76%
Return on Common Equity (ROCE)	148.65%	164.89%	101.89%	151.20%	145.16%	167.39%	174.14%	159.10%	151.19%	147.94%	175.46%
Return on Equity Simple (ROE_SIMPLE)	145.66%	144.03%	0.00%	152.84%	135.31%	136.18%	0.00%	157.22%	151.74%	167.77%	0.00%
Net Operating Profit after Tax (NOPAT)	25,016	36,542	14,727	21,329	23,503	33,958	22,931	20,113	24,106	30,329	20,920
NOPAT Margin	26.23%	29.40%	15.51%	24.87%	25.90%	28.40%	25.62%	24.59%	25.42%	25.89%	23.21%
Net Nonoperating Expense Percent (NNEP)	-0.51%	-0.39%	0.02%	0.22%	0.23%	-0.07%	0.05%	-0.40%	0.08%	-0.49%	-0.35%
Return On Investment Capital (ROIC_SIMPLE)	15.16%	22.34%	9.00%	12.69%	13.15%	18.64%	13.24%	11.86%	14.03%	18.07%	12.25%
Cost of Revenue to Revenue	52.95%	53.12%	53.78%	53.74%	53.42%	54.13%	54.83%	55.48%	55.74%	57.04%	57.74%
SG&A Expenses to Revenue	7.06%	5.77%	6.87%	7.37%	7.13%	5.68%	6.87%	7.30%	6.54%	5.64%	7.14%
R&D to Revenue	8.97%	6.65%	8.18%	9.33%	8.71%	6.44%	8.16%	9.10%	7.86%	6.58%	7.50%
Operating Expenses to Revenue	16.02%	12.42%	15.05%	16.70%	15.84%	12.11%	15.04%	16.40%	14.40%	12.22%	14.64%
Earnings before Interest and Taxes (EBIT)	29,310	42,584	29,610	25,494	28,058	40,323	26,998	22,733	28,382	35,623	24,657
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	31,971	45,664	32,521	28,344	30,894	43,171	29,651	25,785	31,280	38,539	27,522
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	49.12	58.01	61.56	48.35	35.61	40.27	43.29	50.38	41.67	36.17	47.88
Price to Tangible Book Value (P/TBV)	49.12	58.01	61.56	48.35	35.61	40.27	43.29	50.38	41.67	36.17	47.88
Price to Revenue (P/Rev)	8.19	9.78	8.97	8.36	6.92	7.74	7.02	7.91	6.73	5.29	6.15
Price to Earnings (P/E)	33.72	40.27	37.40	31.63	26.32	29.57	27.74	32.05	27.46	21.56	24.31
Dividend Yield	0.46%	0.39%	0.43%	0.46%	0.56%	0.50%	0.55%	0.48%	0.56%	0.71%	0.61%
Earnings Yield	2.97%	2.48%	2.67%	3.16%	3.80%	3.38%	3.61%	3.12%	3.64%	4.64%	4.11%
Enterprise Value to Invested Capital (EV/IC)	101.25	172.51	498.76	211.98	157.15	305.26	237.05	989.57	465.66	836.70	1,456.65
Enterprise Value to Revenue (EV/Rev)	8.11	9.67	8.84	8.23	6.77	7.57	6.89	7.76	6.58	5.15	6.03
Enterprise Value to EBITDA (EV/EBITDA)	23.44	27.85	25.61	24.03	19.96	22.48	21.07	24.20	20.56	16.00	18.26
Enterprise Value to EBIT (EV/EBIT)	25.56	30.44	27.99	26.26	21.88	24.65	23.21	26.75	22.67	17.60	19.96
Enterprise Value to NOPAT (EV/NOPAT)	33.27	39.83	36.95	31.20	25.72	28.88	27.08	31.21	26.72	20.90	23.75
Enterprise Value to Operating Cash Flow (EV/OCF)	29.63	35.35	29.22	28.07	23.38	25.08	23.88	26.35	23.12	18.29	19.46
Enterprise Value to Free Cash Flow (EV/FCFF)	39.60	45.86	35.36	35.36	28.88	31.09	30.00	32.76	30.15	23.41	24.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.47	1.45	1.87	1.52	1.41	1.46	1.79	1.81	1.76	1.96	2.37
Long-Term Debt to Equity	1.18	1.26	1.51	1.29	1.24	1.28	1.53	1.63	1.56	1.76	1.95
Financial Leverage	-0.66	-0.77	-0.85	-0.86	-0.84	-0.91	-0.89	-0.99	-1.00	-1.04	-1.01
Leverage Ratio	4.74	4.95	6.03	5.25	4.91	5.35	6.25	5.67	5.27	5.66	6.19
Compound Leverage Factor	4.74	4.95	6.03	5.25	4.91	5.35	6.25	5.67	5.27	5.66	6.19
Debt to Total Capital	59.51%	59.18%	65.19%	60.30%	58.50%	59.32%	64.13%	64.45%	63.81%	66.20%	70.32%
Short-Term Debt to Total Capital	11.89%	7.85%	12.76%	8.99%	7.14%	7.11%	9.12%	6.61%	7.32%	6.84%	12.36%
Long-Term Debt to Total Capital	47.62%	51.33%	52.42%	51.30%	51.36%	52.21%	55.00%	57.84%	56.49%	59.36%	57.96%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.49%	40.82%	34.82%	39.70%	41.50%	40.68%	35.87%	35.55%	36.19%	33.80%	29.68%
Debt to EBITDA	0.71	0.70	0.79	0.77	0.81	0.83	0.89	0.89	0.89	0.89	0.92
Net Debt to EBITDA	-0.25	-0.32	-0.37	-0.39	-0.45	-0.50	-0.41	-0.47	-0.46	-0.44	-0.38
Long-Term Debt to EBITDA	0.57	0.61	0.64	0.65	0.71	0.73	0.76	0.80	0.79	0.80	0.76
Debt to NOPAT	1.01	1.01	1.14	1.00	1.04	1.07	1.14	1.14	1.16	1.16	1.20
Net Debt to NOPAT	-0.36	-0.46	-0.53	-0.51	-0.57	-0.64	-0.52	-0.60	-0.60	-0.57	-0.49
Long-Term Debt to NOPAT	0.81	0.87	0.92	0.85	0.91	0.94	0.98	1.03	1.02	1.04	0.99
Altman Z-Score	8.79	9.85	8.02	8.68	7.46	7.94	6.89	8.00	7.19	5.68	6.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.82	0.92	0.87	0.95	1.04	1.07	0.99	0.98	0.94	0.94	0.88
Quick Ratio	0.68	0.78	0.75	0.80	0.87	0.92	0.84	0.81	0.76	0.77	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9,403	23,918	18,933	9,369	12,496	26,780	13,428	15,592	13,316	20,076	16,581
Operating Cash Flow to CapEx	779.94%	1,018.20%	921.97%	1,341.61%	1,136.77%	1,667.85%	998.52%	1,260.39%	979.42%	897.94%	733.57%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.20	1.13	1.09	1.16	1.14	1.10	1.09	1.14	1.13	1.06	1.12
Accounts Receivable Turnover	16.69	14.98	12.43	18.21	19.19	16.43	13.29	18.57	19.88	14.36	14.48
Inventory Turnover	34.18	31.54	30.90	30.83	30.28	31.81	37.98	33.97	33.81	34.76	38.79
Fixed Asset Turnover	8.86	8.82	8.75	8.76	8.78	8.91	8.93	9.15	9.31	9.43	9.67
Accounts Payable Turnover	4.28	3.53	3.20	4.42	4.68	3.65	3.38	4.57	4.58	3.34	3.76
Days Sales Outstanding (DSO)	21.87	24.36	29.36	20.04	19.02	22.21	27.47	19.66	18.36	25.41	25.21
Days Inventory Outstanding (DIO)	10.68	11.57	11.81	11.84	12.05	11.47	9.61	10.75	10.79	10.50	9.41
Days Payable Outstanding (DPO)	85.31	103.52	114.15	82.57	77.95	99.90	108.00	79.89	79.76	109.40	97.05
Cash Conversion Cycle (CCC)	-52.76	-67.58	-72.97	-50.69	-46.88	-66.21	-70.92	-49.49	-50.60	-73.49	-62.44
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32,060	22,189	6,929	14,971	16,447	9,565	11,135	3,011	5,440	2,387	1,632
Invested Capital Turnover	16.51	24.93	43.29	42.89	34.87	64.54	60.04	511.57	8,557.67	-141.46	-733.63
Increase / (Decrease) in Invested Capital	15,613	12,624	-4,206	11,960	11,007	7,178	9,503	4,521	10,790	10,253	4,339
Enterprise Value (EV)	3,245,995	3,827,841	3,455,932	3,173,610	2,584,581	2,919,815	2,639,513	2,979,593	2,533,215	1,997,213	2,377,256
Market Capitalization	3,280,731	3,872,410	3,505,953	3,225,347	2,642,328	2,984,350	2,690,524	3,036,856	2,589,933	2,051,553	2,426,296
Book Value per Share	$4.45	$4.42	$3.75	$4.35	$4.80	$4.76	$3.98	$3.83	$3.93	$3.57	$3.15
Tangible Book Value per Share	$4.45	$4.42	$3.75	$4.35	$4.80	$4.76	$3.98	$3.83	$3.93	$3.57	$3.15
Total Capital	164,982	163,557	163,579	168,012	178,784	182,140	173,234	169,554	171,773	167,837	170,741
Total Debt	98,186	96,799	106,629	101,304	104,590	108,040	111,088	109,280	109,615	111,110	120,069
Total Long-Term Debt	78,566	83,956	85,750	86,196	91,831	95,088	95,281	98,071	97,041	99,627	98,959
Net Debt	-34,736	-44,569	-50,021	-51,737	-57,747	-64,535	-51,011	-57,263	-56,718	-54,340	-49,040
Capital Expenditures (CapEx)	3,071	2,940	2,908	2,151	1,996	2,392	2,163	2,093	2,916	3,787	3,289
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-54,775	-52,057	-67,697	-52,882	-49,797	-50,429	-47,490	-53,577	-50,460	-48,381	-45,771
Debt-free Net Working Capital (DFNWC)	-6,277	1,718	-2,526	8,919	17,353	22,671	14,065	8,905	5,412	2,974	2,533
Net Working Capital (NWC)	-25,897	-11,125	-23,405	-6,189	4,594	9,719	-1,742	-2,304	-7,162	-8,509	-18,577
Net Nonoperating Expense (NNE)	236	212	-9.46	-119	-133	42	-25	232	-54	331	199
Net Nonoperating Obligations (NNO)	-34,736	-44,569	-50,021	-51,737	-57,747	-64,535	-51,011	-57,263	-56,718	-54,340	-49,040
Total Depreciation and Amortization (D&A)	2,661	3,080	2,911	2,850	2,836	2,848	2,653	3,052	2,898	2,916	2,865
Debt-free, Cash-free Net Working Capital to Revenue	-13.68%	-13.15%	-17.31%	-13.71%	-13.05%	-13.07%	-12.39%	-13.95%	-13.10%	-12.48%	-11.61%
Debt-free Net Working Capital to Revenue	-1.57%	0.43%	-0.65%	2.31%	4.55%	5.88%	3.67%	2.32%	1.41%	0.77%	0.64%
Net Working Capital to Revenue	-6.47%	-2.81%	-5.99%	-1.61%	1.20%	2.52%	-0.45%	-0.60%	-1.86%	-2.20%	-4.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.65	$2.41	$0.99	$1.40	$1.53	$2.19	$1.47	$1.27	$1.53	$1.89	$1.28
Adjusted Weighted Average Basic Shares Outstanding	14.99B	15.08B	15.34B	15.29B	15.41B	15.51B	15.74B	15.70B	15.79B	15.89B	16.22B
Adjusted Diluted Earnings per Share	$1.65	$2.40	$0.97	$1.40	$1.53	$2.18	$1.47	$1.26	$1.52	$1.88	$1.28
Adjusted Weighted Average Diluted Shares Outstanding	15.06B	15.15B	15.41B	15.35B	15.46B	15.58B	15.81B	15.78B	15.85B	15.96B	16.33B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.28
Adjusted Weighted Average Basic & Diluted Shares Outstanding	14.94B	15.02B	15.12B	15.20B	15.33B	15.44B	15.55B	15.63B	15.73B	15.82B	15.91B
Normalized Net Operating Profit after Tax (NOPAT)	25,016	36,542	20,714	21,329	23,503	33,958	22,931	20,113	24,106	30,329	20,920
Normalized NOPAT Margin	26.23%	29.40%	21.82%	24.87%	25.90%	28.40%	25.62%	24.59%	25.42%	25.89%	23.21%
Pre Tax Income Margin	30.74%	34.26%	31.19%	29.72%	30.92%	33.72%	30.17%	27.79%	29.93%	30.41%	27.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	15.74%	15.88%	16.25%	14.90%	15.08%	14.95%	15.49%	15.80%	15.83%	15.63%	14.87%
Augmented Payout Ratio	119.66%	118.23%	117.55%	104.02%	96.59%	92.45%	95.44%	101.25%	106.33%	108.52%	104.45%

Frequently Asked Questions About Apple's Financials

When does Apple's financial year end?

According to the most recent income statement we have on file, Apple's fiscal year ends in September. Their fiscal year 2024 ended on September 28, 2024.

How has Apple's net income changed over the last 9 years?

Apple's net income appears to be on an upward trend, with a most recent value of $93.74 billion in 2024, rising from $53.39 billion in 2015. The previous period was $97.00 billion in 2023. See where experts think Apple is headed by visiting Apple's forecast page.

What is Apple's operating income?

Apple's total operating income in 2024 was $123.22 billion, based on the following breakdown:

Total Gross Profit: $180.68 billion
Total Operating Expenses: $57.47 billion

How has Apple revenue changed over the last 9 years?

Over the last 9 years, Apple's total revenue changed from $233.72 billion in 2015 to $391.04 billion in 2024, a change of 67.3%.

How much debt does Apple have?

Apple's total liabilities were at $308.03 billion at the end of 2024, a 6.1% increase from 2023, and a 80.1% increase since 2015.

How much cash does Apple have?

In the past 9 years, Apple's cash and equivalents has ranged from $20.29 billion in 2017 to $48.84 billion in 2019, and is currently $29.94 billion as of their latest financial filing in 2024.

How has Apple's book value per share changed over the last 9 years?

Over the last 9 years, Apple's book value per share changed from 20.93 in 2015 to 3.75 in 2024, a change of -82.1%.

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This page (NASDAQ:AAPL) was last updated on 5/21/2025 by MarketBeat.com Staff

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Apple (AAPL) Financials

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