Apple (AAPL) Financials

$232.56 +2.07 (+0.90%)

Closing price 08/28/2025 04:00 PM Eastern

Extended Trading

$231.50 -1.06 (-0.46%)

As of 05:23 AM 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/27/2014	9/26/2015	9/24/2016	9/30/2017	9/29/2018	9/28/2019	9/26/2020	9/25/2021	9/24/2022	9/30/2023	9/28/2024
Net Income / (Loss) Attributable to Common Shareholders	39,510	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736
Consolidated Net Income / (Loss)	39,510	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736
Net Income / (Loss) Continuing Operations	39,510	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736
Total Pre-Tax Income	53,483	72,515	61,372	64,089	72,903	65,737	67,091	109,207	119,103	113,736	123,485
Total Operating Income	52,503	71,230	60,024	61,344	70,898	63,930	66,288	108,949	119,437	114,301	123,216
Total Gross Profit	70,537	93,626	84,263	88,186	101,839	98,392	104,956	152,836	170,782	169,148	180,683
Total Revenue	182,795	233,715	215,639	229,234	265,595	260,174	274,515	365,817	394,328	383,285	391,035
Operating Revenue	182,795	233,715	215,639	229,234	265,595	260,174	274,515	365,817	394,328	383,285	391,035
Total Cost of Revenue	112,258	140,089	131,376	141,048	163,756	161,782	169,559	212,981	223,546	214,137	210,352
Operating Cost of Revenue	112,258	140,089	131,376	141,048	163,756	161,782	169,559	212,981	223,546	214,137	210,352
Total Operating Expenses	18,034	22,396	24,239	26,842	30,941	34,462	38,668	43,887	51,345	54,847	57,467
Selling, General & Admin Expense	11,993	14,329	14,194	15,261	16,705	18,245	19,916	21,973	25,094	24,932	26,097
Research & Development Expense	6,041	8,067	10,045	11,581	14,236	16,217	18,752	21,914	26,251	29,915	31,370
Total Other Income / (Expense), net	980	1,285	1,348	2,745	2,005	1,807	803	258	-334	-565	269
Other Income / (Expense), net	980	1,285	1,348	2,745	2,005	1,807	803	258	-334	-565	269
Income Tax Expense	13,973	19,121	15,685	15,738	13,372	10,481	9,680	14,527	19,300	16,741	29,749
Basic Earnings per Share	$6.49	$9.28	$8.35	$9.27	$3.00	$2.99	$3.31	$5.67	$6.15	$6.16	$6.11
Weighted Average Basic Shares Outstanding	6.09B	5.75B	5.47B	5.22B	19.82B	18.47B	17.35B	16.70B	16.22B	15.74B	15.34B
Diluted Earnings per Share	$6.45	$9.22	$8.31	$9.21	$2.98	$2.97	$3.28	$5.61	$6.11	$6.13	$6.08
Weighted Average Diluted Shares Outstanding	6.12B	5.79B	5.50B	5.25B	20.00B	18.60B	17.53B	16.86B	16.33B	15.81B	15.41B
Weighted Average Basic & Diluted Shares Outstanding	6.09B	5.75B	5.47B	5.22B	4.96B	4.44B	17.00B	16.41B	15.91B	15.55B	15.12B
Cash Dividends to Common per Share	$1.82	$1.98	$2.18	$2.40	$2.72	$3.00	$0.80	$0.85	$0.90	$0.94	$0.98

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025
Net Income / (Loss) Attributable to Common Shareholders	29,998	24,160	19,881	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434
Consolidated Net Income / (Loss)	29,998	24,160	19,881	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434
Net Income / (Loss) Continuing Operations	29,998	24,160	19,881	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434
Total Pre-Tax Income	35,623	28,382	22,733	26,998	40,323	28,058	25,494	29,610	42,584	29,310	28,031
Total Operating Income	36,016	28,318	22,998	26,969	40,373	27,900	25,352	29,591	42,832	29,589	28,202
Total Gross Profit	50,332	41,976	36,413	40,427	54,855	42,271	39,678	43,879	58,275	44,867	43,718
Total Revenue	117,154	94,836	81,797	89,498	119,575	90,753	85,777	94,930	124,300	95,359	94,036
Operating Revenue	117,154	94,836	81,797	89,498	119,575	90,753	85,777	94,930	124,300	95,359	94,036
Total Cost of Revenue	66,822	52,860	45,384	49,071	64,720	48,482	46,099	51,051	66,025	50,492	50,318
Operating Cost of Revenue	66,822	52,860	45,384	49,071	64,720	48,482	46,099	51,051	66,025	50,492	50,318
Total Operating Expenses	14,316	13,658	13,415	13,458	14,482	14,371	14,326	14,288	15,443	15,278	15,516
Selling, General & Admin Expense	6,607	6,201	5,973	6,151	6,786	6,468	6,320	6,523	7,175	6,728	6,650
Research & Development Expense	7,709	7,457	7,442	7,307	7,696	7,903	8,006	7,765	8,268	8,550	8,866
Total Other Income / (Expense), net	-393	64	-265	29	-50	158	142	19	-248	-279	-171
Other Income / (Expense), net	-393	64	-265	29	-50	158	142	19	-248	-279	-171
Income Tax Expense	5,625	4,222	2,852	4,042	6,407	4,422	4,046	14,874	6,254	4,530	4,597
Basic Earnings per Share	$1.89	$1.53	$1.27	$1.47	$2.19	$1.53	$1.40	$0.99	$2.41	$1.65	$1.57
Weighted Average Basic Shares Outstanding	15.89B	15.79B	15.70B	15.74B	15.51B	15.41B	15.29B	15.34B	15.08B	14.99B	14.90B
Diluted Earnings per Share	$1.88	$1.52	$1.26	$1.47	$2.18	$1.53	$1.40	$0.97	$2.40	$1.65	$1.57
Weighted Average Diluted Shares Outstanding	15.96B	15.85B	15.78B	15.81B	15.58B	15.46B	15.35B	15.41B	15.15B	15.06B	14.95B
Weighted Average Basic & Diluted Shares Outstanding	15.82B	15.73B	15.63B	15.55B	15.44B	15.33B	15.20B	15.12B	15.02B	14.94B	14.84B
Cash Dividends to Common per Share	$0.23	$0.23	$0.24	$0.24	$0.24	$0.24	$0.25	$0.25	$0.25	$0.25	$0.26

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/27/2014	9/26/2015	9/24/2016	9/30/2017	9/29/2018	9/28/2019	9/26/2020	9/25/2021	9/24/2022	9/30/2023	9/28/2024
Net Change in Cash & Equivalents	-415	7,276	-636	-195	5,624	24,311	-10,435	-3,860	-10,952	5,760	-794
Net Cash From Operating Activities	59,713	81,266	66,231	64,225	77,434	69,391	80,674	104,038	122,151	110,543	118,254
Net Cash From Continuing Operating Activities	59,713	81,266	66,231	64,225	77,434	69,391	80,674	104,038	122,151	110,543	118,254
Net Income / (Loss) Continuing Operations	39,510	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736
Consolidated Net Income / (Loss)	39,510	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736
Depreciation Expense	7,946	11,257	10,505	10,157	10,903	12,547	11,056	11,284	11,104	11,519	11,445
Non-Cash Adjustments To Reconcile Net Income	2,863	3,971	4,696	4,674	4,896	5,416	6,732	2,985	10,044	8,606	9,422
Changes in Operating Assets and Liabilities, net	9,394	12,644	5,343	1,043	2,104	-3,828	5,475	-4,911	1,200	-6,577	3,651
Net Cash From Investing Activities	-22,579	-56,274	-45,977	-46,446	16,066	45,896	-4,289	-14,545	-22,354	3,705	2,935
Net Cash From Continuing Investing Activities	-22,579	-56,274	-45,977	-46,446	16,066	45,896	-4,289	-14,545	-22,354	3,705	2,935
Purchase of Property, Plant & Equipment	-9,571	-11,247	-12,734	-12,451	-13,313	-10,495	-7,309	-11,085	-10,708	-10,959	-9,447
Purchase of Investments	-217,138	-166,402	-143,816	-160,007	-73,227	-40,631	-114,938	-109,558	-76,923	-29,513	-48,656
Sale and/or Maturity of Investments	208,111	121,985	111,794	126,465	104,072	98,724	120,391	106,483	67,363	45,514	62,346
Other Investing Activities, net	26	-26	-924	-124	-745	-1,078	-909	-385	-2,086	-1,337	-1,308
Net Cash From Financing Activities	-37,549	-17,716	-20,890	-17,974	-87,876	-90,976	-86,820	-93,353	-110,749	-108,488	-121,983
Net Cash From Continuing Financing Activities	-37,549	-17,716	-20,890	-17,974	-87,876	-90,976	-86,820	-93,353	-110,749	-108,488	-121,983
Repayment of Debt	6,306	2,191	-2,897	-3,500	-6,537	-14,887	-11,875	-7,774	-9,703	-11,732	-10,319
Repurchase of Common Equity	-45,000	-35,253	-29,722	-32,900	-72,738	-66,897	-72,358	-85,971	-89,402	-77,550	-94,949
Payment of Dividends	-11,126	-11,561	-12,150	-12,769	-13,712	-14,119	-14,081	-14,467	-14,841	-15,025	-15,234
Issuance of Debt	11,960	27,114	24,954	32,514	6,969	6,963	15,128	21,415	9,420	1,250	3,960
Other Financing Activities, net	-419	-750	-1,570	-1,874	-2,527	-2,817	-3,634	-6,556	-6,223	-5,431	-5,441
Cash Income Taxes Paid	10,026	13,252	10,444	11,591	10,417	15,263	9,501	25,385	19,573	18,679	26,102

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025
Net Change in Cash & Equivalents	-3,003	5,155	2,769	839	11,237	-8,053	-7,286	3,308	356	-2,137	8,107
Net Cash From Operating Activities	34,005	28,560	26,380	21,598	39,895	22,690	28,858	26,811	29,935	23,952	27,867
Net Cash From Continuing Operating Activities	34,005	28,560	26,380	21,598	39,895	22,690	28,858	26,811	29,935	23,952	27,867
Net Income / (Loss) Continuing Operations	29,998	24,160	19,881	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434
Consolidated Net Income / (Loss)	29,998	24,160	19,881	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434
Depreciation Expense	2,916	2,898	3,052	2,653	2,848	2,836	2,850	2,911	3,080	2,661	2,830
Non-Cash Adjustments To Reconcile Net Income	2,588	1,271	2,698	2,049	2,008	1,982	2,876	2,556	1,277	3,018	3,637
Changes in Operating Assets and Liabilities, net	-1,497	231	749	-6,060	1,123	-5,764	1,684	6,608	-10,752	-6,507	-2,034
Net Cash From Investing Activities	-1,445	2,319	437	2,394	1,927	-310	-127	1,445	9,792	2,917	5,073
Net Cash From Continuing Investing Activities	-1,445	2,319	437	2,394	1,927	-310	-127	1,445	9,792	2,917	5,073
Purchase of Property, Plant & Equipment	-3,787	-2,916	-2,093	-2,163	-2,392	-1,996	-2,151	-2,908	-2,940	-3,071	-3,462
Purchase of Investments	-5,153	-6,044	-9,759	-8,557	-9,780	-15,262	-13,032	-10,582	-6,124	-6,318	-5,149
Sale and/or Maturity of Investments	7,636	11,385	12,795	13,698	14,383	17,393	15,444	15,126	19,459	12,338	14,024
Other Investing Activities, net	-141	-106	-506	-584	-284	-445	-388	-191	-603	-32	-340
Net Cash From Financing Activities	-35,563	-25,724	-24,048	-23,153	-30,585	-30,433	-36,017	-24,948	-39,371	-29,006	-24,833
Net Cash From Continuing Financing Activities	-35,563	-25,724	-24,048	-23,153	-30,585	-30,433	-36,017	-24,948	-39,371	-29,006	-24,833
Repayment of Debt	-10,004	-2,062	-5,564	5,898	-46	-3,234	-3,312	257	-1,044	-3,042	-5,748
Repurchase of Common Equity	-19,475	-19,594	-17,478	-21,003	-20,139	-23,205	-26,522	-25,083	-23,606	-25,898	-21,075
Payment of Dividends	-3,768	-3,650	-3,849	-3,758	-3,825	-3,710	-3,895	-3,804	-3,856	-3,758	-3,945
Issuance of Debt	0.00	-	5,228	-3,978	-3,984	-	-	3,960	-7,944	3,976	8,449
Other Financing Activities, net	-2,316	-418	-2,385	-312	-2,591	-284	-2,288	-278	-2,921	-284	-2,514
Cash Income Taxes Paid	828	4,066	2,126	11,659	7,255	7,276	4,699	6,872	18,651	13,032	5,649

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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/27/2014	9/26/2015	9/24/2016	9/30/2017	9/29/2018	9/28/2019	9/26/2020	9/25/2021	9/24/2022	9/30/2023	9/28/2024
Total Assets	231,839	290,345	321,686	375,319	365,725	338,516	323,888	351,002	352,755	352,583	364,980
Total Current Assets	68,531	89,378	106,869	128,645	131,339	162,819	143,713	134,836	135,405	143,566	152,987
Cash & Equivalents	13,844	21,120	20,484	20,289	25,913	48,844	38,016	34,940	23,646	29,965	29,943
Short-Term Investments	11,233	20,481	46,671	53,892	40,388	51,713	52,927	27,699	24,658	31,590	35,228
Note & Lease Receivable	9,759	13,494	13,545	17,799	25,809	22,878	21,325	25,228	32,748	31,477	32,833
Accounts Receivable	17,460	16,849	15,754	17,874	23,186	22,926	16,120	26,278	28,184	29,508	33,410
Inventories, net	2,111	2,349	2,132	4,855	3,956	4,106	4,061	6,580	4,946	6,331	7,286
Other Current Assets	9,806	15,085	8,283	13,936	12,087	12,352	11,264	14,111	21,223	14,695	14,287
Plant, Property, & Equipment, net	20,624	22,471	27,010	33,783	41,304	37,378	36,766	39,440	42,117	43,715	45,680
Total Noncurrent Assets	142,684	178,496	187,807	212,891	193,082	138,319	143,409	176,726	175,233	165,302	166,313
Long-Term Investments	130,162	164,065	170,430	194,714	170,799	105,341	100,887	127,877	120,805	100,544	91,479
Other Noncurrent Operating Assets	3,764	5,422	8,757	18,177	22,283	32,978	42,522	48,849	54,428	64,758	74,834
Total Liabilities & Shareholders' Equity	231,839	290,345	321,686	375,319	365,725	338,516	323,888	351,002	352,755	352,583	364,980
Total Liabilities	120,292	170,990	193,437	241,272	258,578	248,028	258,549	287,912	302,083	290,437	308,030
Total Current Liabilities	63,448	80,610	79,006	100,814	115,929	105,718	105,392	125,481	153,982	145,308	176,392
Short-Term Debt	6,308	10,999	11,605	18,473	20,784	16,240	13,769	15,613	21,110	15,807	20,879
Accounts Payable	30,196	35,490	37,294	44,242	55,888	46,236	42,296	54,763	64,115	62,611	68,960
Current Deferred Revenue	8,491	8,940	8,080	7,548	5,966	5,522	6,643	7,612	7,912	8,061	8,249
Other Current Liabilities	-	-	-	30,551	33,327	37,720	42,684	47,493	60,845	58,829	78,304
Total Noncurrent Liabilities	56,844	90,380	114,431	140,458	142,649	142,310	153,157	162,431	148,101	145,129	131,638
Long-Term Debt	28,987	53,329	75,427	97,207	93,735	91,807	98,667	109,106	98,959	95,281	85,750
Other Noncurrent Operating Liabilities	24,826	33,427	36,074	40,415	48,914	50,503	54,490	53,325	49,142	49,848	45,888
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	111,547	119,355	128,249	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950
Total Preferred & Common Equity	111,547	119,355	128,249	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950
Total Common Equity	111,547	119,355	128,249	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950
Common Stock	23,313	27,416	31,251	35,867	40,201	45,174	50,779	57,365	64,849	73,812	83,276
Retained Earnings	87,152	92,284	96,364	98,330	70,400	45,898	14,966	5,562	-3,068	-214	-19,154
Accumulated Other Comprehensive Income / (Loss)	1,082	-345	634	-150	-3,454	-584	-406	163	-11,109	-11,452	-7,172

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025
Total Assets	346,747	332,160	335,038	352,583	353,514	337,411	331,612	364,980	344,085	331,233	331,495
Total Current Assets	128,777	112,913	122,659	143,566	143,692	128,416	125,435	152,987	133,240	118,674	122,491
Cash & Equivalents	20,535	24,687	28,408	29,965	40,760	32,695	25,565	29,943	30,299	28,162	36,269
Short-Term Investments	30,820	31,185	34,074	31,590	32,340	34,455	36,236	35,228	23,476	20,336	19,103
Note & Lease Receivable	30,428	17,963	19,637	31,477	26,908	19,313	20,377	32,833	29,667	23,662	19,278
Accounts Receivable	23,752	17,936	19,549	29,508	23,194	21,837	22,795	33,410	29,639	26,136	27,557
Inventories, net	6,820	7,482	7,351	6,331	6,511	6,232	6,165	7,286	6,911	6,269	5,925
Other Current Assets	16,422	13,660	13,640	14,695	13,979	13,884	14,297	14,287	13,248	14,109	14,359
Plant, Property, & Equipment, net	42,951	43,398	43,550	43,715	43,666	43,546	44,502	45,680	46,069	46,876	48,508
Total Noncurrent Assets	175,019	175,849	168,829	165,302	166,156	165,449	161,675	166,313	164,776	165,683	160,496
Long-Term Investments	114,095	110,461	104,061	100,544	99,475	95,187	91,240	91,479	87,593	84,424	77,614
Other Noncurrent Operating Assets	60,924	65,388	64,768	64,758	66,681	70,262	70,435	74,834	77,183	81,259	82,882
Total Liabilities & Shareholders' Equity	346,747	332,160	335,038	352,583	353,514	337,411	331,612	364,980	344,085	331,233	331,495
Total Liabilities	290,020	270,002	274,764	290,437	279,414	263,217	264,904	308,030	277,327	264,437	265,665
Total Current Liabilities	137,286	120,075	124,963	145,308	133,973	123,822	131,624	176,392	144,365	144,571	141,120
Short-Term Debt	11,483	12,574	11,209	15,807	12,952	12,759	15,108	20,879	12,843	19,620	19,268
Accounts Payable	57,918	42,945	46,699	62,611	58,146	45,753	47,574	68,960	61,910	54,126	50,374
Current Deferred Revenue	7,992	8,131	8,158	8,061	8,264	8,012	8,053	8,249	8,461	8,976	8,979
Other Current Liabilities	59,893	56,425	58,897	58,829	54,611	57,298	60,889	78,304	61,151	61,849	62,499
Total Noncurrent Liabilities	152,734	149,927	149,801	145,129	145,441	139,395	133,280	131,638	132,962	119,866	124,545
Long-Term Debt	99,627	97,041	98,071	95,281	95,088	91,831	86,196	85,750	83,956	78,566	82,430
Other Noncurrent Operating Liabilities	53,107	52,886	51,730	49,848	50,353	47,564	47,084	45,888	49,006	41,300	42,115
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	56,727	62,158	60,274	62,146	74,100	74,194	66,708	56,950	66,758	66,796	65,830
Total Preferred & Common Equity	56,727	62,158	60,274	62,146	74,100	74,194	66,708	56,950	66,758	66,796	65,830
Total Common Equity	56,727	62,158	60,274	62,146	74,100	74,194	66,708	56,950	66,758	66,796	65,830
Common Stock	66,399	69,568	70,667	73,812	75,236	78,815	79,850	83,276	84,768	88,711	89,806
Retained Earnings	3,240	4,336	1,408	-214	8,242	4,339	-4,726	-19,154	-11,221	-15,552	-17,607
Accumulated Other Comprehensive Income / (Loss)	-12,912	-11,746	-11,801	-11,452	-9,378	-8,960	-8,416	-7,172	-6,789	-6,363	-6,369

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	9/27/2014	9/26/2015	9/24/2016	9/30/2017	9/29/2018	9/28/2019	9/26/2020	9/25/2021	9/24/2022	9/30/2023	9/28/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.95%	27.86%	-7.73%	6.30%	15.86%	-2.04%	5.51%	33.26%	7.79%	-2.80%	2.02%
EBITDA Growth	7.94%	36.37%	-14.20%	3.30%	12.88%	-6.59%	-0.18%	54.19%	8.06%	-3.80%	7.72%
EBIT Growth	6.64%	35.59%	-15.37%	4.43%	13.75%	-9.83%	2.06%	62.77%	9.06%	-4.51%	8.57%
NOPAT Growth	7.19%	35.22%	-14.80%	3.57%	25.09%	-7.18%	5.56%	66.52%	5.96%	-2.60%	-4.05%
Net Income Growth	6.68%	35.14%	-14.43%	5.83%	23.12%	-7.18%	3.90%	64.92%	5.41%	-2.81%	-3.36%
EPS Growth	13.56%	42.95%	-9.87%	10.83%	23.12%	-7.18%	10.44%	71.04%	8.91%	0.33%	-0.82%
Operating Cash Flow Growth	11.27%	36.09%	-18.50%	-3.03%	20.57%	-10.39%	16.26%	28.96%	17.41%	-9.50%	6.98%
Free Cash Flow Firm Growth	3.90%	61.33%	-31.85%	-4.13%	25.62%	-15.81%	38.98%	31.05%	15.20%	-8.12%	11.10%
Invested Capital Growth	-34.31%	-161.80%	-1.46%	14.06%	19.29%	52.40%	-90.89%	80.74%	160.29%	582.29%	-37.77%
Revenue Q/Q Growth	2.61%	4.18%	-2.11%	2.56%	4.04%	0.44%	0.24%	5.38%	1.75%	-0.17%	1.41%
EBITDA Q/Q Growth	2.53%	6.00%	-4.57%	2.29%	3.42%	0.17%	-2.13%	7.72%	1.00%	1.73%	2.17%
EBIT Q/Q Growth	2.55%	5.21%	-4.47%	2.77%	3.56%	-0.45%	-1.79%	8.28%	1.20%	2.10%	2.16%
NOPAT Q/Q Growth	2.14%	5.13%	-4.49%	3.13%	6.96%	-1.11%	-1.21%	9.82%	-0.09%	2.11%	-8.05%
Net Income Q/Q Growth	2.48%	5.24%	-4.41%	3.64%	6.08%	-0.79%	-1.73%	9.08%	0.17%	2.36%	-8.06%
EPS Q/Q Growth	0.62%	4.18%	-5.35%	4.19%	6.08%	-0.79%	-3.24%	7.47%	-0.81%	1.49%	-7.60%
Operating Cash Flow Q/Q Growth	5.93%	0.28%	4.84%	-1.21%	5.12%	0.56%	0.83%	-0.36%	3.32%	-2.24%	4.61%
Free Cash Flow Firm Q/Q Growth	-7.35%	9.82%	2.11%	-5.35%	13.93%	-0.55%	5.18%	-2.19%	1.74%	-3.27%	8.89%
Invested Capital Q/Q Growth	32.88%	3.38%	-11.28%	7.63%	-8.99%	-28.36%	-63.20%	64.25%	208.08%	269.81%	-53.72%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.59%	40.06%	39.08%	38.47%	38.34%	37.82%	38.23%	41.78%	43.31%	44.13%	46.21%
EBITDA Margin	33.61%	35.84%	33.33%	32.39%	31.55%	30.09%	28.47%	32.94%	33.02%	32.68%	34.51%
Operating Margin	28.72%	30.48%	27.84%	26.76%	26.69%	24.57%	24.15%	29.78%	30.29%	29.82%	31.51%
EBIT Margin	29.26%	31.03%	28.46%	27.96%	27.45%	25.27%	24.44%	29.85%	30.20%	29.67%	31.58%
Profit (Net Income) Margin	21.61%	22.85%	21.19%	21.09%	22.41%	21.24%	20.91%	25.88%	25.31%	25.31%	23.97%
Tax Burden Percent	73.87%	73.63%	74.44%	75.44%	81.66%	84.06%	85.57%	86.70%	83.80%	85.28%	75.91%
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	26.13%	26.37%	25.56%	24.56%	18.34%	15.94%	14.43%	13.30%	16.20%	14.72%	24.09%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,527.01%	1,035.56%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,527.98%	1,035.16%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,355.06%	-878.15%
Return on Equity (ROE)	33.61%	46.25%	36.90%	36.87%	49.36%	55.92%	73.69%	147.44%	175.46%	171.95%	157.41%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5,866.66%	1,378.14%	1,082.13%
Operating Return on Assets (OROA)	24.37%	27.77%	20.06%	18.39%	19.68%	18.67%	20.26%	32.36%	33.85%	32.25%	34.42%
Return on Assets (ROA)	18.01%	20.45%	14.93%	13.87%	16.07%	15.69%	17.33%	28.06%	28.36%	27.50%	26.13%
Return on Common Equity (ROCE)	33.61%	46.25%	36.90%	36.87%	49.36%	55.92%	73.69%	147.44%	175.46%	171.95%	157.41%
Return on Equity Simple (ROE_SIMPLE)	35.42%	44.74%	35.62%	36.07%	55.56%	61.06%	87.87%	150.07%	196.96%	156.08%	164.59%
Net Operating Profit after Tax (NOPAT)	38,786	52,448	44,684	46,280	57,894	53,737	56,724	94,456	100,083	97,477	93,532
NOPAT Margin	21.22%	22.44%	20.72%	20.19%	21.80%	20.65%	20.66%	25.82%	25.38%	25.43%	23.92%
Net Nonoperating Expense Percent (NNEP)	0.58%	0.72%	0.69%	1.36%	1.19%	1.38%	0.78%	0.31%	-0.49%	-0.96%	0.40%
Return On Investment Capital (ROIC_SIMPLE)	26.41%	28.55%	20.76%	18.53%	26.12%	27.07%	31.91%	50.29%	58.62%	56.27%	57.18%
Cost of Revenue to Revenue	61.41%	59.94%	60.92%	61.53%	61.66%	62.18%	61.77%	58.22%	56.69%	55.87%	53.79%
SG&A Expenses to Revenue	6.56%	6.13%	6.58%	6.66%	6.29%	7.01%	7.26%	6.01%	6.36%	6.50%	6.67%
R&D to Revenue	3.30%	3.45%	4.66%	5.05%	5.36%	6.23%	6.83%	5.99%	6.66%	7.80%	8.02%
Operating Expenses to Revenue	9.87%	9.58%	11.24%	11.71%	11.65%	13.25%	14.09%	12.00%	13.02%	14.31%	14.70%
Earnings before Interest and Taxes (EBIT)	53,483	72,515	61,372	64,089	72,903	65,737	67,091	109,207	119,103	113,736	123,485
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	61,429	83,772	71,877	74,246	83,806	78,284	78,147	120,491	130,207	125,255	134,930
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.90	5.02	4.45	5.66	10.03	10.87	29.40	38.58	47.88	43.29	61.56
Price to Tangible Book Value (P/TBV)	5.32	5.43	4.77	5.66	10.03	10.87	29.40	38.58	47.88	43.29	61.56
Price to Revenue (P/Rev)	2.99	2.56	2.65	3.31	4.05	3.78	7.00	6.65	6.15	7.02	8.97
Price to Earnings (P/E)	13.85	11.23	12.50	15.70	18.05	17.79	33.46	25.71	24.31	27.74	37.40
Dividend Yield	2.03%	1.91%	2.10%	1.66%	1.27%	1.42%	0.00%	0.59%	0.61%	0.55%	0.43%
Earnings Yield	7.22%	8.91%	8.00%	6.37%	5.54%	5.62%	2.99%	3.89%	4.11%	3.61%	2.67%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,456.65	237.05	498.76
Enterprise Value to Revenue (EV/Rev)	2.34	1.96	1.95	2.64	3.58	3.40	6.71	6.47	6.03	6.89	8.84
Enterprise Value to EBITDA (EV/EBITDA)	6.95	5.47	5.85	8.16	11.36	11.31	23.57	19.66	18.26	21.07	25.61
Enterprise Value to EBIT (EV/EBIT)	7.99	6.32	6.85	9.45	13.05	13.47	27.45	21.69	19.96	23.21	27.99
Enterprise Value to NOPAT (EV/NOPAT)	11.01	8.73	9.41	13.09	16.44	16.48	32.47	25.08	23.75	27.08	36.95
Enterprise Value to Operating Cash Flow (EV/OCF)	7.15	5.64	6.35	9.43	12.29	12.76	22.83	22.77	19.46	23.88	29.22
Enterprise Value to Free Cash Flow (EV/FCFF)	10.44	6.94	9.35	14.04	17.56	19.40	29.04	28.50	24.83	30.00	35.36
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.54	0.68	0.86	1.07	1.19	1.72	1.98	2.37	1.79	1.87
Long-Term Debt to Equity	0.26	0.45	0.59	0.73	0.87	1.01	1.51	1.73	1.95	1.53	1.51
Financial Leverage	-1.06	-1.13	-1.18	-1.16	-1.14	-1.12	-1.14	-1.13	-1.01	-0.89	-0.85
Leverage Ratio	1.87	2.26	2.47	2.66	3.07	3.56	4.25	5.26	6.19	6.25	6.03
Compound Leverage Factor	1.87	2.26	2.47	2.66	3.07	3.56	4.25	5.26	6.19	6.25	6.03
Debt to Total Capital	24.04%	35.02%	40.43%	46.32%	51.66%	54.42%	63.25%	66.41%	70.32%	64.13%	65.19%
Short-Term Debt to Total Capital	4.30%	5.99%	5.39%	7.40%	9.38%	8.18%	7.75%	8.31%	12.36%	9.12%	12.76%
Long-Term Debt to Total Capital	19.74%	29.03%	35.04%	38.93%	42.29%	46.24%	55.50%	58.09%	57.96%	55.00%	52.42%
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	75.96%	64.98%	59.57%	53.68%	48.34%	45.58%	36.75%	33.59%	29.68%	35.87%	34.82%
Debt to EBITDA	0.57	0.77	1.21	1.56	1.37	1.38	1.44	1.04	0.92	0.89	0.79
Net Debt to EBITDA	-1.95	-1.69	-2.09	-2.06	-1.46	-1.25	-1.02	-0.55	-0.38	-0.41	-0.37
Long-Term Debt to EBITDA	0.47	0.64	1.05	1.31	1.12	1.17	1.26	0.91	0.76	0.76	0.64
Debt to NOPAT	0.91	1.23	1.95	2.50	1.98	2.01	1.98	1.32	1.20	1.14	1.14
Net Debt to NOPAT	-3.09	-2.69	-3.37	-3.31	-2.12	-1.82	-1.40	-0.70	-0.49	-0.52	-0.53
Long-Term Debt to NOPAT	0.75	1.02	1.69	2.10	1.62	1.71	1.74	1.16	0.99	0.98	0.92
Altman Z-Score	4.83	4.21	3.60	3.52	4.20	4.18	6.20	7.20	6.98	7.70	8.87
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	1.08	1.11	1.35	1.28	1.13	1.54	1.36	1.07	0.88	0.99	0.87
Quick Ratio	0.82	0.89	1.22	1.09	0.99	1.38	1.22	0.91	0.71	0.84	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	40,931	66,034	45,005	43,144	54,196	45,630	63,416	83,108	95,744	87,974	97,738
Operating Cash Flow to CapEx	623.90%	722.56%	520.11%	515.82%	581.64%	661.18%	1,103.76%	938.55%	1,140.75%	1,008.70%	1,251.76%
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	0.83	0.90	0.70	0.66	0.72	0.74	0.83	1.08	1.12	1.09	1.09
Accounts Receivable Turnover	11.96	13.62	13.23	13.63	12.94	11.28	14.06	17.26	14.48	13.29	12.43
Inventory Turnover	57.94	62.82	58.64	40.37	37.17	40.13	41.52	40.03	38.79	37.98	30.90
Fixed Asset Turnover	9.82	10.85	8.72	7.54	7.07	6.61	7.40	9.60	9.67	8.93	8.75
Accounts Payable Turnover	4.27	4.27	3.61	3.46	3.27	3.17	3.83	4.39	3.76	3.38	3.20
Days Sales Outstanding (DSO)	30.51	26.79	27.59	26.77	28.21	32.35	25.96	21.15	25.21	27.47	29.36
Days Inventory Outstanding (DIO)	6.30	5.81	6.22	9.04	9.82	9.09	8.79	9.12	9.41	9.61	11.81
Days Payable Outstanding (DPO)	85.45	85.57	101.11	105.50	111.59	115.20	95.29	83.17	97.05	108.00	114.15
Cash Conversion Cycle (CCC)	-48.64	-52.97	-67.29	-69.69	-73.56	-73.76	-60.54	-52.90	-62.44	-70.92	-72.97
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-8,397	-21,983	-22,304	-19,168	-15,470	-7,363	-14,055	-2,707	1,632	11,135	6,929
Invested Capital Turnover	-24.96	-15.39	-9.74	-11.05	-15.34	-22.79	-25.63	-43.65	-733.63	60.04	43.29
Increase / (Decrease) in Invested Capital	-2,145	-13,586	-321	3,136	3,698	8,107	-6,692	11,348	4,339	9,503	-4,206
Enterprise Value (EV)	427,165	458,120	420,642	605,692	951,744	885,422	1,841,765	2,368,496	2,377,256	2,639,513	3,455,932
Market Capitalization	547,109	599,458	571,195	758,907	1,074,325	983,273	1,921,159	2,434,293	2,426,296	2,690,524	3,505,953
Book Value per Share	$18.63	$20.93	$23.80	$25.95	$22.18	$20.02	$15.28	$3.82	$3.15	$3.98	$3.75
Tangible Book Value per Share	$17.17	$19.35	$22.20	$25.95	$22.18	$20.02	$15.28	$3.82	$3.15	$3.98	$3.75
Total Capital	146,842	183,683	215,281	249,727	221,666	198,535	177,775	187,809	170,741	173,234	163,579
Total Debt	35,295	64,328	87,032	115,680	114,519	108,047	112,436	124,719	120,069	111,088	106,629
Total Long-Term Debt	28,987	53,329	75,427	97,207	93,735	91,807	98,667	109,106	98,959	95,281	85,750
Net Debt	-119,944	-141,338	-150,553	-153,215	-122,581	-97,851	-79,394	-65,797	-49,040	-51,011	-50,021
Capital Expenditures (CapEx)	9,571	11,247	12,734	12,451	13,313	10,495	7,309	11,085	10,708	10,959	9,447
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-13,686	-21,834	-27,687	-27,877	-30,107	-27,216	-38,853	-37,671	-45,771	-47,490	-67,697
Debt-free Net Working Capital (DFNWC)	11,391	19,767	39,468	46,304	36,194	73,341	52,090	24,968	2,533	14,065	-2,526
Net Working Capital (NWC)	5,083	8,768	27,863	27,831	15,410	57,101	38,321	9,355	-18,577	-1,742	-23,405
Net Nonoperating Expense (NNE)	-724	-946	-1,003	-2,071	-1,637	-1,519	-687	-224	280	482	-204
Net Nonoperating Obligations (NNO)	-119,944	-141,338	-150,553	-153,215	-122,617	-97,851	-79,394	-65,797	-49,040	-51,011	-50,021
Total Depreciation and Amortization (D&A)	7,946	11,257	10,505	10,157	10,903	12,547	11,056	11,284	11,104	11,519	11,445
Debt-free, Cash-free Net Working Capital to Revenue	-7.49%	-9.34%	-12.84%	-12.16%	-11.34%	-10.46%	-14.15%	-10.30%	-11.61%	-12.39%	-17.31%
Debt-free Net Working Capital to Revenue	6.23%	8.46%	18.30%	20.20%	13.63%	28.19%	18.98%	6.83%	0.64%	3.67%	-0.65%
Net Working Capital to Revenue	2.78%	3.75%	12.92%	12.14%	5.80%	21.95%	13.96%	2.56%	-4.71%	-0.45%	-5.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.62	$2.32	$2.09	$2.32	$3.00	$2.99	$3.31	$5.67	$6.15	$6.16	$6.11
Adjusted Weighted Average Basic Shares Outstanding	24.34B	23.01B	21.88B	20.87B	19.82B	18.47B	17.35B	16.70B	16.22B	15.74B	15.34B
Adjusted Diluted Earnings per Share	$1.61	$2.31	$2.08	$2.30	$2.98	$2.97	$3.28	$5.61	$6.11	$6.13	$6.08
Adjusted Weighted Average Diluted Shares Outstanding	24.49B	23.17B	22.00B	21.01B	20.00B	18.60B	17.53B	16.86B	16.33B	15.81B	15.41B
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	23.46B	22.30B	21.33B	20.54B	18.98B	17.77B	17.00B	16.41B	15.91B	15.55B	15.12B
Normalized Net Operating Profit after Tax (NOPAT)	38,786	52,448	44,684	46,280	57,894	53,737	56,724	94,456	100,083	97,477	93,532
Normalized NOPAT Margin	21.22%	22.44%	20.72%	20.19%	21.80%	20.65%	20.66%	25.82%	25.38%	25.43%	23.92%
Pre Tax Income Margin	29.26%	31.03%	28.46%	27.96%	27.45%	25.27%	24.44%	29.85%	30.20%	29.67%	31.58%
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	28.16%	21.65%	26.59%	26.41%	23.03%	25.55%	24.53%	15.28%	14.87%	15.49%	16.25%
Augmented Payout Ratio	142.06%	87.68%	91.65%	94.45%	145.22%	146.62%	150.56%	106.08%	104.45%	95.44%	117.55%

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

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	12/31/2022	4/1/2023	7/1/2023	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.48%	-2.51%	-1.40%	-0.72%	2.07%	-4.31%	4.87%	6.07%	3.95%	5.08%	9.63%
EBITDA Growth	-12.29%	-4.85%	-0.33%	7.74%	12.02%	-1.23%	9.92%	9.68%	5.77%	3.49%	8.88%
EBIT Growth	-13.62%	-5.83%	-1.44%	9.49%	13.19%	-1.14%	12.15%	9.67%	5.61%	4.46%	9.95%
NOPAT Growth	-12.94%	-3.10%	3.41%	9.61%	11.97%	-2.50%	6.04%	-35.78%	7.61%	6.44%	10.54%
Net Income Growth	-13.38%	-3.40%	2.26%	10.79%	13.06%	-2.17%	7.88%	-35.81%	7.12%	4.84%	9.26%
EPS Growth	-10.48%	0.00%	5.00%	14.84%	15.96%	0.66%	11.11%	-34.01%	10.09%	7.84%	12.14%
Operating Cash Flow Growth	-27.60%	1.40%	15.24%	-10.48%	17.32%	-20.55%	9.39%	24.14%	-24.97%	5.56%	-3.43%
Free Cash Flow Firm Growth	-20.96%	-20.16%	16.47%	-19.01%	33.39%	-6.16%	-39.91%	40.99%	-10.69%	-24.75%	-57.24%
Invested Capital Growth	130.35%	201.68%	299.40%	582.29%	300.71%	202.33%	397.21%	-37.77%	131.98%	94.93%	130.73%
Revenue Q/Q Growth	29.96%	-19.05%	-13.75%	9.41%	33.61%	-24.10%	-5.48%	10.67%	30.94%	-23.28%	-1.39%
EBITDA Q/Q Growth	40.03%	-18.84%	-17.57%	14.99%	45.60%	-28.44%	-8.25%	14.74%	40.41%	-29.99%	-3.47%
EBIT Q/Q Growth	44.47%	-20.33%	-19.90%	18.76%	49.36%	-30.42%	-9.14%	16.15%	43.82%	-31.17%	-4.36%
NOPAT Q/Q Growth	44.97%	-20.52%	-16.56%	14.01%	48.09%	-30.79%	-9.25%	-30.95%	148.13%	-31.54%	-5.75%
Net Income Q/Q Growth	44.77%	-19.46%	-17.71%	15.47%	47.74%	-30.31%	-9.26%	-31.29%	146.54%	-31.79%	-5.43%
EPS Q/Q Growth	46.88%	-19.15%	-17.11%	16.67%	48.30%	-29.82%	-8.50%	-30.71%	147.42%	-31.25%	-4.85%
Operating Cash Flow Q/Q Growth	40.94%	-16.01%	-7.63%	-18.13%	84.72%	-43.13%	27.18%	-7.09%	11.65%	-19.99%	16.35%
Free Cash Flow Firm Q/Q Growth	21.08%	-33.67%	17.09%	-13.88%	99.43%	-53.34%	-25.03%	102.09%	26.33%	-60.69%	-57.40%
Invested Capital Q/Q Growth	46.26%	127.90%	-44.65%	269.81%	-14.10%	71.95%	-8.97%	-53.72%	220.23%	44.49%	7.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.96%	44.26%	44.52%	45.17%	45.88%	46.58%	46.26%	46.22%	46.88%	47.05%	46.49%
EBITDA Margin	32.90%	32.98%	31.52%	33.13%	36.10%	34.04%	33.04%	34.26%	36.74%	33.53%	32.82%
Operating Margin	30.74%	29.86%	28.12%	30.13%	33.76%	30.74%	29.56%	31.17%	34.46%	31.03%	29.99%
EBIT Margin	30.41%	29.93%	27.79%	30.17%	33.72%	30.92%	29.72%	31.19%	34.26%	30.74%	29.81%
Profit (Net Income) Margin	25.61%	25.48%	24.31%	25.65%	28.36%	26.04%	25.00%	15.52%	29.23%	25.99%	24.92%
Tax Burden Percent	84.21%	85.12%	87.45%	85.03%	84.11%	84.24%	84.13%	49.77%	85.31%	84.54%	83.60%
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	15.79%	14.88%	12.55%	14.97%	15.89%	15.76%	15.87%	50.23%	14.69%	15.46%	16.40%
Return on Invested Capital (ROIC)	0.00%	217,519.73%	12,578.79%	1,538.43%	1,832.94%	903.11%	1,066.41%	671.63%	732.79%	433.05%	413.84%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	217,519.64%	12,579.19%	1,538.39%	1,833.01%	902.87%	1,066.19%	671.61%	733.18%	433.56%	414.18%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-217,368.54%	-12,419.69%	-1,364.29%	-1,665.55%	-757.95%	-915.20%	-569.74%	-567.90%	-284.39%	-259.45%
Return on Equity (ROE)	147.94%	151.19%	159.10%	174.14%	167.39%	145.16%	151.20%	101.89%	164.89%	148.65%	154.38%
Cash Return on Invested Capital (CROIC)	3,574.38%	1,544.43%	3,020.46%	1,378.14%	1,571.69%	817.75%	998.34%	1,082.13%	525.74%	337.94%	324.07%
Operating Return on Assets (OROA)	32.38%	33.76%	31.79%	32.78%	37.15%	35.24%	34.38%	34.00%	38.87%	36.81%	36.74%
Return on Assets (ROA)	27.26%	28.74%	27.80%	27.88%	31.25%	29.69%	28.93%	16.92%	33.16%	31.12%	30.71%
Return on Common Equity (ROCE)	147.94%	151.19%	159.10%	174.14%	167.39%	145.16%	151.20%	101.89%	164.89%	148.65%	154.38%
Return on Equity Simple (ROE_SIMPLE)	167.77%	151.74%	157.22%	0.00%	136.18%	135.31%	152.84%	0.00%	144.03%	145.66%	0.00%
Net Operating Profit after Tax (NOPAT)	30,329	24,106	20,113	22,931	33,958	23,503	21,329	14,727	36,542	25,016	23,577
NOPAT Margin	25.89%	25.42%	24.59%	25.62%	28.40%	25.90%	24.87%	15.51%	29.40%	26.23%	25.07%
Net Nonoperating Expense Percent (NNEP)	-0.49%	0.08%	-0.40%	0.05%	-0.07%	0.23%	0.22%	0.02%	-0.39%	-0.51%	-0.34%
Return On Investment Capital (ROIC_SIMPLE)	18.07%	14.03%	11.86%	13.24%	18.64%	13.15%	12.69%	9.00%	22.34%	15.16%	14.07%
Cost of Revenue to Revenue	57.04%	55.74%	55.48%	54.83%	54.13%	53.42%	53.74%	53.78%	53.12%	52.95%	53.51%
SG&A Expenses to Revenue	5.64%	6.54%	7.30%	6.87%	5.68%	7.13%	7.37%	6.87%	5.77%	7.06%	7.07%
R&D to Revenue	6.58%	7.86%	9.10%	8.16%	6.44%	8.71%	9.33%	8.18%	6.65%	8.97%	9.43%
Operating Expenses to Revenue	12.22%	14.40%	16.40%	15.04%	12.11%	15.84%	16.70%	15.05%	12.42%	16.02%	16.50%
Earnings before Interest and Taxes (EBIT)	35,623	28,382	22,733	26,998	40,323	28,058	25,494	29,610	42,584	29,310	28,031
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	38,539	31,280	25,785	29,651	43,171	30,894	28,344	32,521	45,664	31,971	30,861
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	36.17	41.67	50.38	43.29	40.27	35.61	48.35	61.56	58.01	49.12	45.66
Price to Tangible Book Value (P/TBV)	36.17	41.67	50.38	43.29	40.27	35.61	48.35	61.56	58.01	49.12	45.66
Price to Revenue (P/Rev)	5.29	6.73	7.91	7.02	7.74	6.92	8.36	8.97	9.78	8.19	7.36
Price to Earnings (P/E)	21.56	27.46	32.05	27.74	29.57	26.32	31.63	37.40	40.27	33.72	30.28
Dividend Yield	0.71%	0.56%	0.48%	0.55%	0.50%	0.56%	0.46%	0.43%	0.39%	0.46%	0.50%
Earnings Yield	4.64%	3.64%	3.12%	3.61%	3.38%	3.80%	3.16%	2.67%	2.48%	2.97%	3.30%
Enterprise Value to Invested Capital (EV/IC)	836.70	465.66	989.57	237.05	305.26	157.15	211.98	498.76	172.51	101.25	86.11
Enterprise Value to Revenue (EV/Rev)	5.15	6.58	7.76	6.89	7.57	6.77	8.23	8.84	9.67	8.11	7.28
Enterprise Value to EBITDA (EV/EBITDA)	16.00	20.56	24.20	21.07	22.48	19.96	24.03	25.61	27.85	23.44	21.09
Enterprise Value to EBIT (EV/EBIT)	17.60	22.67	26.75	23.21	24.65	21.88	26.26	27.99	30.44	25.56	22.96
Enterprise Value to NOPAT (EV/NOPAT)	20.90	26.72	31.21	27.08	28.88	25.72	31.20	36.95	39.83	33.27	29.80
Enterprise Value to Operating Cash Flow (EV/OCF)	18.29	23.12	26.35	23.88	25.08	23.38	28.07	29.22	35.35	29.63	27.40
Enterprise Value to Free Cash Flow (EV/FCFF)	23.41	30.15	32.76	30.00	31.09	28.88	35.36	35.36	45.86	39.60	37.07
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.96	1.76	1.81	1.79	1.46	1.41	1.52	1.87	1.45	1.47	1.54
Long-Term Debt to Equity	1.76	1.56	1.63	1.53	1.28	1.24	1.29	1.51	1.26	1.18	1.25
Financial Leverage	-1.04	-1.00	-0.99	-0.89	-0.91	-0.84	-0.86	-0.85	-0.77	-0.66	-0.63
Leverage Ratio	5.66	5.27	5.67	6.25	5.35	4.91	5.25	6.03	4.95	4.74	5.00
Compound Leverage Factor	5.66	5.27	5.67	6.25	5.35	4.91	5.25	6.03	4.95	4.74	5.00
Debt to Total Capital	66.20%	63.81%	64.45%	64.13%	59.32%	58.50%	60.30%	65.19%	59.18%	59.51%	60.71%
Short-Term Debt to Total Capital	6.84%	7.32%	6.61%	9.12%	7.11%	7.14%	8.99%	12.76%	7.85%	11.89%	11.50%
Long-Term Debt to Total Capital	59.36%	56.49%	57.84%	55.00%	52.21%	51.36%	51.30%	52.42%	51.33%	47.62%	49.20%
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	33.80%	36.19%	35.55%	35.87%	40.68%	41.50%	39.70%	34.82%	40.82%	40.49%	39.29%
Debt to EBITDA	0.89	0.89	0.89	0.89	0.83	0.81	0.77	0.79	0.70	0.71	0.72
Net Debt to EBITDA	-0.44	-0.46	-0.47	-0.41	-0.50	-0.45	-0.39	-0.37	-0.32	-0.25	-0.22
Long-Term Debt to EBITDA	0.80	0.79	0.80	0.76	0.73	0.71	0.65	0.64	0.61	0.57	0.58
Debt to NOPAT	1.16	1.16	1.14	1.14	1.07	1.04	1.00	1.14	1.01	1.01	1.02
Net Debt to NOPAT	-0.57	-0.60	-0.60	-0.52	-0.64	-0.57	-0.51	-0.53	-0.46	-0.36	-0.31
Long-Term Debt to NOPAT	1.04	1.02	1.03	0.98	0.94	0.91	0.85	0.92	0.87	0.81	0.83
Altman Z-Score	5.68	7.19	8.00	6.89	7.94	7.46	8.68	8.02	9.85	8.79	8.16
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	0.94	0.94	0.98	0.99	1.07	1.04	0.95	0.87	0.92	0.82	0.87
Quick Ratio	0.77	0.76	0.81	0.84	0.92	0.87	0.80	0.75	0.78	0.68	0.72
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	20,076	13,316	15,592	13,428	26,780	12,496	9,369	18,933	23,918	9,403	4,006
Operating Cash Flow to CapEx	897.94%	979.42%	1,260.39%	998.52%	1,667.85%	1,136.77%	1,341.61%	921.97%	1,018.20%	779.94%	804.94%
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	1.06	1.13	1.14	1.09	1.10	1.14	1.16	1.09	1.13	1.20	1.23
Accounts Receivable Turnover	14.36	19.88	18.57	13.29	16.43	19.19	18.21	12.43	14.98	16.69	16.23
Inventory Turnover	34.76	33.81	33.97	37.98	31.81	30.28	30.83	30.90	31.54	34.18	36.04
Fixed Asset Turnover	9.43	9.31	9.15	8.93	8.91	8.78	8.76	8.75	8.82	8.86	8.79
Accounts Payable Turnover	3.34	4.58	4.57	3.38	3.65	4.68	4.42	3.20	3.53	4.28	4.45
Days Sales Outstanding (DSO)	25.41	18.36	19.66	27.47	22.21	19.02	20.04	29.36	24.36	21.87	22.49
Days Inventory Outstanding (DIO)	10.50	10.79	10.75	9.61	11.47	12.05	11.84	11.81	11.57	10.68	10.13
Days Payable Outstanding (DPO)	109.40	79.76	79.89	108.00	99.90	77.95	82.57	114.15	103.52	85.31	82.04
Cash Conversion Cycle (CCC)	-73.49	-50.60	-49.49	-70.92	-66.21	-46.88	-50.69	-72.97	-67.58	-52.76	-49.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,387	5,440	3,011	11,135	9,565	16,447	14,971	6,929	22,189	32,060	34,542
Invested Capital Turnover	-141.46	8,557.67	511.57	60.04	64.54	34.87	42.89	43.29	24.93	16.51	16.51
Increase / (Decrease) in Invested Capital	10,253	10,790	4,521	9,503	7,178	11,007	11,960	-4,206	12,624	15,613	19,571
Enterprise Value (EV)	1,997,213	2,533,215	2,979,593	2,639,513	2,919,815	2,584,581	3,173,610	3,455,932	3,827,841	3,245,995	2,974,492
Market Capitalization	2,051,553	2,589,933	3,036,856	2,690,524	2,984,350	2,642,328	3,225,347	3,505,953	3,872,410	3,280,731	3,005,780
Book Value per Share	$3.57	$3.93	$3.83	$3.98	$4.76	$4.80	$4.35	$3.75	$4.42	$4.45	$4.41
Tangible Book Value per Share	$3.57	$3.93	$3.83	$3.98	$4.76	$4.80	$4.35	$3.75	$4.42	$4.45	$4.41
Total Capital	167,837	171,773	169,554	173,234	182,140	178,784	168,012	163,579	163,557	164,982	167,528
Total Debt	111,110	109,615	109,280	111,088	108,040	104,590	101,304	106,629	96,799	98,186	101,698
Total Long-Term Debt	99,627	97,041	98,071	95,281	95,088	91,831	86,196	85,750	83,956	78,566	82,430
Net Debt	-54,340	-56,718	-57,263	-51,011	-64,535	-57,747	-51,737	-50,021	-44,569	-34,736	-31,288
Capital Expenditures (CapEx)	3,787	2,916	2,093	2,163	2,392	1,996	2,151	2,908	2,940	3,071	3,462
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-48,381	-50,460	-53,577	-47,490	-50,429	-49,797	-52,882	-67,697	-52,057	-54,775	-54,733
Debt-free Net Working Capital (DFNWC)	2,974	5,412	8,905	14,065	22,671	17,353	8,919	-2,526	1,718	-6,277	639
Net Working Capital (NWC)	-8,509	-7,162	-2,304	-1,742	9,719	4,594	-6,189	-23,405	-11,125	-25,897	-18,629
Net Nonoperating Expense (NNE)	331	-54	232	-25	42	-133	-119	-9.46	212	236	143
Net Nonoperating Obligations (NNO)	-54,340	-56,718	-57,263	-51,011	-64,535	-57,747	-51,737	-50,021	-44,569	-34,736	-31,288
Total Depreciation and Amortization (D&A)	2,916	2,898	3,052	2,653	2,848	2,836	2,850	2,911	3,080	2,661	2,830
Debt-free, Cash-free Net Working Capital to Revenue	-12.48%	-13.10%	-13.95%	-12.39%	-13.07%	-13.05%	-13.71%	-17.31%	-13.15%	-13.68%	-13.39%
Debt-free Net Working Capital to Revenue	0.77%	1.41%	2.32%	3.67%	5.88%	4.55%	2.31%	-0.65%	0.43%	-1.57%	0.16%
Net Working Capital to Revenue	-2.20%	-1.86%	-0.60%	-0.45%	2.52%	1.20%	-1.61%	-5.99%	-2.81%	-6.47%	-4.56%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.89	$1.53	$1.27	$1.47	$2.19	$1.53	$1.40	$0.99	$2.41	$1.65	$1.57
Adjusted Weighted Average Basic Shares Outstanding	15.89B	15.79B	15.70B	15.74B	15.51B	15.41B	15.29B	15.34B	15.08B	14.99B	14.90B
Adjusted Diluted Earnings per Share	$1.88	$1.52	$1.26	$1.47	$2.18	$1.53	$1.40	$0.97	$2.40	$1.65	$1.57
Adjusted Weighted Average Diluted Shares Outstanding	15.96B	15.85B	15.78B	15.81B	15.58B	15.46B	15.35B	15.41B	15.15B	15.06B	14.95B
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	15.82B	15.73B	15.63B	15.55B	15.44B	15.33B	15.20B	15.12B	15.02B	14.94B	14.84B
Normalized Net Operating Profit after Tax (NOPAT)	30,329	24,106	20,113	22,931	33,958	23,503	21,329	20,714	36,542	25,016	23,577
Normalized NOPAT Margin	25.89%	25.42%	24.59%	25.62%	28.40%	25.90%	24.87%	21.82%	29.40%	26.23%	25.07%
Pre Tax Income Margin	30.41%	29.93%	27.79%	30.17%	33.72%	30.92%	29.72%	31.19%	34.26%	30.74%	29.81%
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	15.63%	15.83%	15.80%	15.49%	14.95%	15.08%	14.90%	16.25%	15.88%	15.74%	15.47%
Augmented Payout Ratio	108.52%	106.33%	101.25%	95.44%	92.45%	96.59%	104.02%	117.55%	118.23%	119.66%	111.83%

Key Financial Trends

Apple Inc. (NASDAQ:AAPL) has demonstrated solid financial performance over the past four years, with consistent revenue growth, strong profitability, and robust cash flow generation.

Income Statement Highlights:

Operating Revenue increased from $83.36 billion in Q4 2021 to $94.04 billion in Q3 2025, indicating steady top-line growth.
Net Income showed a significant rise from approximately $20.55 billion in Q4 2021 to $23.43 billion in Q3 2025, reflecting improved profitability.
Gross Profit margins remained relatively stable, averaging around 45-50%, supporting operational efficiency.
Operating Expenses (SG&A and R&D) increased in nominal terms but remain well-controlled relative to revenue expansion.
Earnings per Share (Diluted) grew from about $1.23 in Q4 2021 to $1.57 in Q3 2025, demonstrating shareholder value enhancement.

Balance Sheet Strength:

Total Assets remained strong and stable around $330-$350 billion, with healthy compositions of current and noncurrent assets.
Apple's Cash and Cash Equivalents increased to $36.27 billion in Q3 2025, up from $34.94 billion in Q4 2021, showing solid liquidity.
Long-Term Debt is substantial at ~$82.43 billion in Q3 2025 but has been actively managed.
Total Common Equity rose from about $50.67 billion in Q4 2021 to $65.83 billion in Q3 2025, reflecting retained earnings and capital management.
Total Liabilities slightly decreased from approximately $290 billion in 2021 to around $265 billion in Q3 2025, indicating modest deleveraging.

Cash Flow and Capital Allocation:

Net Cash From Operating Activities increased from about $20.2 billion in Q4 2021 to $27.87 billion in Q3 2025, reflecting strong cash generation capability.
Apple consistently invested in Property, Plant & Equipment, spending over $3 billion quarterly, supporting long-term growth.
Significant repurchase of common equity with $21.1 billion spent in Q3 2025 alone, which reduces cash reserves but returns capital to shareholders.
Payment of dividends increased slightly, standing at approx. $3.95 billion in Q3 2025, maintaining shareholder yields.
Net Cash From Investing Activities was positive at $5.07 billion in Q3 2025, aided by sales and maturity of investments exceeding purchases.

Summary:

Over the last four years, Apple has displayed consistent revenue and earnings growth with improving earnings per share. The balance sheet remains solid with substantial cash reserves, managed debt levels, and growing equity. Cash flow from operations is strong, supporting ongoing investment, dividend payments, and aggressive share buybacks. These factors collectively indicate a financially healthy company executing well on growth, profitability, and capital allocation strategies, which bode well for investors looking for stability and growth in the tech sector.

08/29/25 03:39 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Apple's Financials

When does Apple's fiscal year end?

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

How has Apple's net income changed over the last 10 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 $39.51 billion in 2014. The previous period was $97.00 billion in 2023. Check out Apple's forecast to explore projected trends and price targets.

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's revenue changed over the last 10 years?

Over the last 10 years, Apple's total revenue changed from $182.80 billion in 2014 to $391.04 billion in 2024, a change of 113.9%.

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 156.1% increase since 2014.

How much cash does Apple have?

In the past 10 years, Apple's cash and equivalents has ranged from $13.84 billion in 2014 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 10 years?

Over the last 10 years, Apple's book value per share changed from 18.63 in 2014 to 3.75 in 2024, a change of -79.9%.

Related Companies

This page (NASDAQ:AAPL) was last updated on 8/29/2025 by MarketBeat.com Staff

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Apple (AAPL) Financials

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