Apple (AAPL) Financials

$287.40 -0.12 (-0.04%)

Closing price 03:59 PM Eastern

Extended Trading

$287.99 +0.60 (+0.21%)

As of 07:59 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/27/2025
Net Income / (Loss) Attributable to Common Shareholders	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736	112,010
Consolidated Net Income / (Loss)	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736	112,010
Net Income / (Loss) Continuing Operations	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736	112,010
Total Pre-Tax Income	72,515	61,372	64,089	72,903	65,737	67,091	109,207	119,103	113,736	123,485	132,729
Total Operating Income	71,230	60,024	61,344	70,898	63,930	66,288	108,949	119,437	114,301	123,216	133,050
Total Gross Profit	93,626	84,263	88,186	101,839	98,392	104,956	152,836	170,782	169,148	180,683	195,201
Total Revenue	233,715	215,639	229,234	265,595	260,174	274,515	365,817	394,328	383,285	391,035	416,161
Operating Revenue	233,715	215,639	229,234	265,595	260,174	274,515	365,817	394,328	383,285	391,035	416,161
Total Cost of Revenue	140,089	131,376	141,048	163,756	161,782	169,559	212,981	223,546	214,137	210,352	220,960
Operating Cost of Revenue	140,089	131,376	141,048	163,756	161,782	169,559	212,981	223,546	214,137	210,352	220,960
Total Operating Expenses	22,396	24,239	26,842	30,941	34,462	38,668	43,887	51,345	54,847	57,467	62,151
Selling, General & Admin Expense	14,329	14,194	15,261	16,705	18,245	19,916	21,973	25,094	24,932	26,097	27,601
Research & Development Expense	8,067	10,045	11,581	14,236	16,217	18,752	21,914	26,251	29,915	31,370	34,550
Total Other Income / (Expense), net	1,285	1,348	2,745	2,005	1,807	803	258	-334	-565	269	-321
Other Income / (Expense), net	1,285	1,348	2,745	2,005	1,807	803	258	-334	-565	269	-321
Income Tax Expense	19,121	15,685	15,738	13,372	10,481	9,680	14,527	19,300	16,741	29,749	20,719
Basic Earnings per Share	$9.28	$8.35	$9.27	$3.00	$2.99	$3.31	$5.67	$6.15	$6.16	$6.11	$7.49
Weighted Average Basic Shares Outstanding	5.75B	5.47B	5.22B	19.82B	18.47B	17.35B	16.70B	16.22B	15.74B	15.34B	14.95B
Diluted Earnings per Share	$9.22	$8.31	$9.21	$2.98	$2.97	$3.28	$5.61	$6.11	$6.13	$6.08	$7.46
Weighted Average Diluted Shares Outstanding	5.79B	5.50B	5.25B	20.00B	18.60B	17.53B	16.86B	16.33B	15.81B	15.41B	15.00B
Weighted Average Basic & Diluted Shares Outstanding	5.75B	5.47B	5.22B	4.96B	4.44B	17.00B	16.41B	15.91B	15.55B	15.12B	14.78B

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
Net Income / (Loss) Attributable to Common Shareholders	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434	27,466	42,097	29,578
Consolidated Net Income / (Loss)	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434	27,466	42,097	29,578
Net Income / (Loss) Continuing Operations	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434	27,466	42,097	29,578
Total Pre-Tax Income	26,998	40,323	28,058	25,494	29,610	42,584	29,310	28,031	32,804	51,002	35,833
Total Operating Income	26,969	40,373	27,900	25,352	29,591	42,832	29,589	28,202	32,427	50,852	35,885
Total Gross Profit	40,427	54,855	42,271	39,678	43,879	58,275	44,867	43,718	48,341	69,231	54,781
Total Revenue	89,498	119,575	90,753	85,777	94,930	124,300	95,359	94,036	102,466	143,756	111,184
Operating Revenue	89,498	119,575	90,753	85,777	94,930	124,300	95,359	94,036	102,466	143,756	111,184
Total Cost of Revenue	49,071	64,720	48,482	46,099	51,051	66,025	50,492	50,318	54,125	74,525	56,403
Operating Cost of Revenue	49,071	64,720	48,482	46,099	51,051	66,025	50,492	50,318	54,125	74,525	56,403
Total Operating Expenses	13,458	14,482	14,371	14,326	14,288	15,443	15,278	15,516	15,914	18,379	18,896
Selling, General & Admin Expense	6,151	6,786	6,468	6,320	6,523	7,175	6,728	6,650	7,048	7,492	7,477
Research & Development Expense	7,307	7,696	7,903	8,006	7,765	8,268	8,550	8,866	8,866	10,887	11,419
Total Other Income / (Expense), net	29	-50	158	142	19	-248	-279	-171	377	150	-52
Other Income / (Expense), net	29	-50	158	142	19	-248	-279	-171	377	150	-52
Income Tax Expense	4,042	6,407	4,422	4,046	14,874	6,254	4,530	4,597	5,338	8,905	6,255
Basic Earnings per Share	$1.47	$2.19	$1.53	$1.40	$0.99	$2.41	$1.65	$1.57	$1.86	$2.85	$2.02
Weighted Average Basic Shares Outstanding	15.74B	15.51B	15.41B	15.29B	15.34B	15.08B	14.99B	14.90B	14.95B	14.75B	14.67B
Diluted Earnings per Share	$1.47	$2.18	$1.53	$1.40	$0.97	$2.40	$1.65	$1.57	$1.84	$2.84	$2.01
Weighted Average Diluted Shares Outstanding	15.81B	15.58B	15.46B	15.35B	15.41B	15.15B	15.06B	14.95B	15.00B	14.81B	14.73B
Weighted Average Basic & Diluted Shares Outstanding	15.55B	15.44B	15.33B	15.20B	15.12B	15.02B	14.94B	14.84B	14.78B	14.68B	14.69B
Cash Dividends to Common per Share	$0.24	$0.24	$0.24	$0.25	$0.25	$0.25	$0.25	$0.26	-	$0.26	$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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/27/2025
Net Change in Cash & Equivalents	7,276	-636	-195	5,624	24,311	-10,435	-3,860	-10,952	5,760	-794	5,991
Net Cash From Operating Activities	81,266	66,231	64,225	77,434	69,391	80,674	104,038	122,151	110,543	118,254	111,482
Net Cash From Continuing Operating Activities	81,266	66,231	64,225	77,434	69,391	80,674	104,038	122,151	110,543	118,254	111,482
Net Income / (Loss) Continuing Operations	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736	112,010
Consolidated Net Income / (Loss)	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736	112,010
Depreciation Expense	11,257	10,505	10,157	10,903	12,547	11,056	11,284	11,104	11,519	11,445	11,698
Non-Cash Adjustments To Reconcile Net Income	3,971	4,696	4,674	4,896	5,416	6,732	2,985	10,044	8,606	9,422	12,774
Changes in Operating Assets and Liabilities, net	12,644	5,343	1,043	2,104	-3,828	5,475	-4,911	1,200	-6,577	3,651	-25,000
Net Cash From Investing Activities	-56,274	-45,977	-46,446	16,066	45,896	-4,289	-14,545	-22,354	3,705	2,935	15,195
Net Cash From Continuing Investing Activities	-56,274	-45,977	-46,446	16,066	45,896	-4,289	-14,545	-22,354	3,705	2,935	15,195
Purchase of Property, Plant & Equipment	-11,247	-12,734	-12,451	-13,313	-10,495	-7,309	-11,085	-10,708	-10,959	-9,447	-12,715
Purchase of Investments	-166,402	-143,816	-160,007	-73,227	-40,631	-114,938	-109,558	-76,923	-29,513	-48,656	-24,407
Sale and/or Maturity of Investments	121,985	111,794	126,465	104,072	98,724	120,391	106,483	67,363	45,514	62,346	53,797
Other Investing Activities, net	-26	-924	-124	-745	-1,078	-909	-385	-2,086	-1,337	-1,308	-1,480
Net Cash From Financing Activities	-17,716	-20,890	-17,974	-87,876	-90,976	-86,820	-93,353	-110,749	-108,488	-121,983	-120,686
Net Cash From Continuing Financing Activities	-17,716	-20,890	-17,974	-87,876	-90,976	-86,820	-93,353	-110,749	-108,488	-121,983	-120,686
Repayment of Debt	2,191	-2,897	-3,500	-6,537	-14,887	-11,875	-7,774	-9,703	-11,732	-6,359	-13,075
Repurchase of Common Equity	-35,253	-29,722	-32,900	-72,738	-66,897	-72,358	-85,971	-89,402	-77,550	-94,949	-90,711
Payment of Dividends	-11,561	-12,150	-12,769	-13,712	-14,119	-14,081	-14,467	-14,841	-15,025	-15,234	-15,421
Issuance of Debt	27,114	24,954	32,514	6,969	6,963	15,128	21,415	9,420	1,250	0.00	4,481
Other Financing Activities, net	-750	-1,570	-1,874	-2,527	-2,817	-3,634	-6,556	-6,223	-5,431	-5,441	-5,960
Cash Income Taxes Paid	13,252	10,444	11,591	10,417	15,263	9,501	25,385	19,573	18,679	26,102	43,369

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
Net Change in Cash & Equivalents	839	11,237	-8,053	-7,286	3,308	356	-2,137	8,107	-335	9,383	255
Net Cash From Operating Activities	21,598	39,895	22,690	28,858	26,811	29,935	23,952	27,867	29,728	53,925	28,702
Net Cash From Continuing Operating Activities	21,598	39,895	22,690	28,858	26,811	29,935	23,952	27,867	29,728	53,925	28,702
Net Income / (Loss) Continuing Operations	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434	27,466	42,097	29,578
Consolidated Net Income / (Loss)	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434	27,466	42,097	29,578
Depreciation Expense	2,653	2,848	2,836	2,850	2,911	3,080	2,661	2,830	3,127	3,214	3,439
Non-Cash Adjustments To Reconcile Net Income	2,049	2,008	1,982	2,876	2,556	1,277	3,018	3,637	4,842	3,066	2,339
Changes in Operating Assets and Liabilities, net	-6,060	1,123	-5,764	1,684	6,608	-10,752	-6,507	-2,034	-5,707	5,548	-6,654
Net Cash From Investing Activities	2,394	1,927	-310	-127	1,445	9,792	2,917	5,073	-2,587	-4,886	-6,168
Net Cash From Continuing Investing Activities	2,394	1,927	-310	-127	1,445	9,792	2,917	5,073	-2,587	-4,886	-6,168
Purchase of Property, Plant & Equipment	-2,163	-2,392	-1,996	-2,151	-2,908	-2,940	-3,071	-3,462	-3,242	-2,373	-1,971
Purchase of Investments	-8,557	-9,780	-15,262	-13,032	-10,582	-6,124	-6,318	-5,149	-6,816	-12,693	-19,739
Sale and/or Maturity of Investments	13,698	14,383	17,393	15,444	15,126	19,459	12,338	14,024	7,976	10,334	16,972
Other Investing Activities, net	-584	-284	-445	-388	-191	-603	-32	-340	-505	-154	-1,430
Net Cash From Financing Activities	-23,153	-30,585	-30,433	-36,017	-24,948	-39,371	-29,006	-24,833	-27,476	-39,656	-22,279
Net Cash From Continuing Financing Activities	-23,153	-30,585	-30,433	-36,017	-24,948	-39,371	-29,006	-24,833	-27,476	-39,656	-22,279
Repayment of Debt	5,898	-46	-3,234	-3,312	257	-8,988	-3,042	-5,748	-3,241	-8,112	72
Repurchase of Common Equity	-21,003	-20,139	-23,205	-26,522	-25,083	-23,606	-25,898	-21,075	-20,132	-24,701	-12,288
Payment of Dividends	-3,758	-3,825	-3,710	-3,895	-3,804	-3,856	-3,758	-3,945	-3,862	-3,921	-3,822
Issuance of Debt	-3,978	-3,984	-	-	3,960	0.00	3,976	8,449	-	0.00	-5,911
Other Financing Activities, net	-312	-2,591	-284	-2,288	-278	-2,921	-284	-2,514	-241	-2,922	-330
Cash Income Taxes Paid	11,659	7,255	7,276	4,699	6,872	18,651	13,032	5,649	6,037	3,434	16,963

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/27/2025
Total Assets	290,345	321,686	375,319	365,725	338,516	323,888	351,002	352,755	352,583	364,980	359,241
Total Current Assets	89,378	106,869	128,645	131,339	162,819	143,713	134,836	135,405	143,566	152,987	147,957
Cash & Equivalents	21,120	20,484	20,289	25,913	48,844	38,016	34,940	23,646	29,965	29,943	35,934
Short-Term Investments	20,481	46,671	53,892	40,388	51,713	52,927	27,699	24,658	31,590	35,228	18,763
Note & Lease Receivable	13,494	13,545	17,799	25,809	22,878	21,325	25,228	32,748	31,477	32,833	33,180
Accounts Receivable	16,849	15,754	17,874	23,186	22,926	16,120	26,278	28,184	29,508	33,410	39,777
Inventories, net	2,349	2,132	4,855	3,956	4,106	4,061	6,580	4,946	6,331	7,286	5,718
Other Current Assets	15,085	8,283	13,936	12,087	12,352	11,264	14,111	21,223	14,695	14,287	14,585
Plant, Property, & Equipment, net	22,471	27,010	33,783	41,304	37,378	36,766	39,440	42,117	43,715	45,680	49,834
Total Noncurrent Assets	178,496	187,807	212,891	193,082	138,319	143,409	176,726	175,233	165,302	166,313	161,450
Long-Term Investments	164,065	170,430	194,714	170,799	105,341	100,887	127,877	120,805	100,544	91,479	77,723
Intangible Assets	3,893	3,206	-	-	-	-	-	-	-	-	11,093
Other Noncurrent Operating Assets	5,422	8,757	18,177	22,283	32,978	42,522	48,849	54,428	64,758	74,834	72,634
Total Liabilities & Shareholders' Equity	290,345	321,686	375,319	365,725	338,516	323,888	351,002	352,755	352,583	364,980	359,241
Total Liabilities	170,990	193,437	241,272	258,578	248,028	258,549	287,912	302,083	290,437	308,030	285,508
Total Current Liabilities	80,610	79,006	100,814	115,929	105,718	105,392	125,481	153,982	145,308	176,392	165,631
Short-Term Debt	10,999	11,605	18,473	20,784	16,240	13,769	15,613	21,110	15,807	20,879	20,329
Accounts Payable	35,490	37,294	44,242	55,888	46,236	42,296	54,763	64,115	62,611	68,960	69,860
Current Deferred Revenue	8,940	8,080	7,548	5,966	5,522	6,643	7,612	7,912	8,061	8,249	9,055
Other Current Liabilities	-	-	30,551	33,327	37,720	42,684	47,493	60,845	58,829	78,304	66,387
Total Noncurrent Liabilities	90,380	114,431	140,458	142,649	142,310	153,157	162,431	148,101	145,129	131,638	119,877
Long-Term Debt	53,329	75,427	97,207	93,735	91,807	98,667	109,106	98,959	95,281	85,750	78,328
Other Noncurrent Operating Liabilities	33,427	36,074	40,415	48,914	50,503	54,490	53,325	49,142	49,848	45,888	41,549
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	119,355	128,249	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950	73,733
Total Preferred & Common Equity	119,355	128,249	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950	73,733
Total Common Equity	119,355	128,249	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950	73,733
Common Stock	27,416	31,251	35,867	40,201	45,174	50,779	57,365	64,849	73,812	83,276	93,568
Retained Earnings	92,284	96,364	98,330	70,400	45,898	14,966	5,562	-3,068	-214	-19,154	-14,264
Accumulated Other Comprehensive Income / (Loss)	-345	634	-150	-3,454	-584	-406	163	-11,109	-11,452	-7,172	-5,571

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	12/27/2025	3/28/2026
Total Assets	335,038	352,583	353,514	337,411	331,612	364,980	344,085	331,233	331,495	379,297	371,082
Total Current Assets	122,659	143,566	143,692	128,416	125,435	152,987	133,240	118,674	122,491	158,104	144,114
Cash & Equivalents	28,408	29,965	40,760	32,695	25,565	29,943	30,299	28,162	36,269	45,317	45,572
Short-Term Investments	34,074	31,590	32,340	34,455	36,236	35,228	23,476	20,336	19,103	21,590	22,935
Note & Lease Receivable	19,637	31,477	26,908	19,313	20,377	32,833	29,667	23,662	19,278	30,399	23,172
Accounts Receivable	19,549	29,508	23,194	21,837	22,795	33,410	29,639	26,136	27,557	39,921	30,339
Inventories, net	7,351	6,331	6,511	6,232	6,165	7,286	6,911	6,269	5,925	5,875	6,747
Other Current Assets	13,640	14,695	13,979	13,884	14,297	14,287	13,248	14,109	14,359	15,002	15,349
Plant, Property, & Equipment, net	43,550	43,715	43,666	43,546	44,502	45,680	46,069	46,876	48,508	50,159	50,116
Total Noncurrent Assets	168,829	165,302	166,156	165,449	161,675	166,313	164,776	165,683	160,496	171,034	176,852
Long-Term Investments	104,061	100,544	99,475	95,187	91,240	91,479	87,593	84,424	77,614	77,888	78,088
Intangible Assets	-	-	-	-	-	-	-	-	-	-	21,334
Other Noncurrent Operating Assets	64,768	64,758	66,681	70,262	70,435	74,834	77,183	81,259	82,882	93,146	77,430
Total Liabilities & Shareholders' Equity	335,038	352,583	353,514	337,411	331,612	364,980	344,085	331,233	331,495	379,297	371,082
Total Liabilities	274,764	290,437	279,414	263,217	264,904	308,030	277,327	264,437	265,665	291,107	264,591
Total Current Liabilities	124,963	145,308	133,973	123,822	131,624	176,392	144,365	144,571	141,120	162,367	134,641
Short-Term Debt	11,209	15,807	12,952	12,759	15,108	20,879	12,843	19,620	19,268	13,824	10,307
Accounts Payable	46,699	62,611	58,146	45,753	47,574	68,960	61,910	54,126	50,374	70,587	57,349
Current Deferred Revenue	8,158	8,061	8,264	8,012	8,053	8,249	8,461	8,976	8,979	9,413	9,331
Other Current Liabilities	58,897	58,829	54,611	57,298	60,889	78,304	61,151	61,849	62,499	68,543	57,654
Total Noncurrent Liabilities	149,801	145,129	145,441	139,395	133,280	131,638	132,962	119,866	124,545	128,740	129,950
Long-Term Debt	98,071	95,281	95,088	91,831	86,196	85,750	83,956	78,566	82,430	76,685	74,404
Other Noncurrent Operating Liabilities	51,730	49,848	50,353	47,564	47,084	45,888	49,006	41,300	42,115	52,055	55,546
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	60,274	62,146	74,100	74,194	66,708	56,950	66,758	66,796	65,830	88,190	106,491
Total Preferred & Common Equity	60,274	62,146	74,100	74,194	66,708	56,950	66,758	66,796	65,830	88,190	106,491
Total Common Equity	60,274	62,146	74,100	74,194	66,708	56,950	66,758	66,796	65,830	88,190	106,491
Common Stock	70,667	73,812	75,236	78,815	79,850	83,276	84,768	88,711	89,806	95,221	99,507
Retained Earnings	1,408	-214	8,242	4,339	-4,726	-19,154	-11,221	-15,552	-17,607	-2,177	12,359
Accumulated Other Comprehensive Income / (Loss)	-11,801	-11,452	-9,378	-8,960	-8,416	-7,172	-6,789	-6,363	-6,369	-4,854	-5,375

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/27/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	27.86%	-7.73%	6.30%	15.86%	-2.04%	5.51%	33.26%	7.79%	-2.80%	2.02%	6.43%
EBITDA Growth	36.37%	-14.20%	3.30%	12.88%	-6.59%	-0.18%	54.19%	8.06%	-3.80%	7.72%	7.04%
EBIT Growth	35.59%	-15.37%	4.43%	13.75%	-9.83%	2.06%	62.77%	9.06%	-4.51%	8.57%	7.49%
NOPAT Growth	35.22%	-14.80%	3.57%	25.09%	-7.18%	5.56%	66.52%	5.96%	-2.60%	-4.05%	20.05%
Net Income Growth	35.14%	-14.43%	5.83%	23.12%	-7.18%	3.90%	64.92%	5.41%	-2.81%	-3.36%	19.50%
EPS Growth	42.95%	-9.87%	10.83%	23.12%	-7.18%	10.44%	71.04%	8.91%	0.33%	-0.82%	22.70%
Operating Cash Flow Growth	36.09%	-18.50%	-3.03%	20.57%	-10.39%	16.26%	28.96%	17.41%	-9.50%	6.98%	-5.73%
Free Cash Flow Firm Growth	61.33%	-31.85%	-4.13%	25.62%	-15.81%	38.98%	31.05%	15.20%	-8.12%	11.10%	-18.93%
Invested Capital Growth	-161.80%	-1.46%	14.06%	19.29%	52.40%	-90.89%	80.74%	160.29%	582.29%	-37.77%	476.85%
Revenue Q/Q Growth	4.18%	-2.11%	2.56%	4.04%	0.44%	0.24%	5.38%	1.75%	-0.17%	1.41%	1.84%
EBITDA Q/Q Growth	6.00%	-4.57%	2.29%	3.42%	0.17%	-2.13%	7.72%	1.00%	1.73%	2.17%	2.42%
EBIT Q/Q Growth	5.21%	-4.47%	2.77%	3.56%	-0.45%	-1.79%	8.28%	1.20%	2.10%	2.16%	2.47%
NOPAT Q/Q Growth	5.13%	-4.49%	3.13%	6.96%	-1.11%	-1.21%	9.82%	-0.09%	2.11%	-8.05%	12.51%
Net Income Q/Q Growth	5.24%	-4.41%	3.64%	6.08%	-0.79%	-1.73%	9.08%	0.17%	2.36%	-8.06%	12.82%
EPS Q/Q Growth	4.18%	-5.35%	4.19%	6.08%	-0.79%	-3.24%	7.47%	-0.81%	1.49%	-7.60%	13.20%
Operating Cash Flow Q/Q Growth	0.28%	4.84%	-1.21%	5.12%	0.56%	0.83%	-0.36%	3.32%	-2.24%	4.61%	2.69%
Free Cash Flow Firm Q/Q Growth	9.82%	2.11%	-5.35%	13.93%	-0.55%	5.18%	-2.19%	1.74%	-3.27%	8.89%	-1.23%
Invested Capital Q/Q Growth	3.38%	-11.28%	7.63%	-8.99%	-28.36%	-63.20%	64.25%	208.08%	269.81%	-53.72%	15.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.06%	39.08%	38.47%	38.34%	37.82%	38.23%	41.78%	43.31%	44.13%	46.21%	46.91%
EBITDA Margin	35.84%	33.33%	32.39%	31.55%	30.09%	28.47%	32.94%	33.02%	32.68%	34.51%	34.70%
Operating Margin	30.48%	27.84%	26.76%	26.69%	24.57%	24.15%	29.78%	30.29%	29.82%	31.51%	31.97%
EBIT Margin	31.03%	28.46%	27.96%	27.45%	25.27%	24.44%	29.85%	30.20%	29.67%	31.58%	31.89%
Profit (Net Income) Margin	22.85%	21.19%	21.09%	22.41%	21.24%	20.91%	25.88%	25.31%	25.31%	23.97%	26.92%
Tax Burden Percent	73.63%	74.44%	75.44%	81.66%	84.06%	85.57%	86.70%	83.80%	85.28%	75.91%	84.39%
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	26.37%	25.56%	24.56%	18.34%	15.94%	14.43%	13.30%	16.20%	14.72%	24.09%	15.61%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,527.01%	1,035.56%	478.82%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1,527.98%	1,035.16%	479.47%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,355.06%	-878.15%	-307.40%
Return on Equity (ROE)	46.25%	36.90%	36.87%	49.36%	55.92%	73.69%	147.44%	175.46%	171.95%	157.41%	171.42%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5,866.66%	1,378.14%	1,082.13%	337.92%
Operating Return on Assets (OROA)	27.77%	20.06%	18.39%	19.68%	18.67%	20.26%	32.36%	33.85%	32.25%	34.42%	36.65%
Return on Assets (ROA)	20.45%	14.93%	13.87%	16.07%	15.69%	17.33%	28.06%	28.36%	27.50%	26.13%	30.93%
Return on Common Equity (ROCE)	46.25%	36.90%	36.87%	49.36%	55.92%	73.69%	147.44%	175.46%	171.95%	157.41%	171.42%
Return on Equity Simple (ROE_SIMPLE)	44.74%	35.62%	36.07%	55.56%	61.06%	87.87%	150.07%	196.96%	156.08%	164.59%	0.00%
Net Operating Profit after Tax (NOPAT)	52,448	44,684	46,280	57,894	53,737	56,724	94,456	100,083	97,477	93,532	112,281
NOPAT Margin	22.44%	20.72%	20.19%	21.80%	20.65%	20.66%	25.82%	25.38%	25.43%	23.92%	26.98%
Net Nonoperating Expense Percent (NNEP)	0.72%	0.69%	1.36%	1.19%	1.38%	0.78%	0.31%	-0.49%	-0.96%	0.40%	-0.65%
Return On Investment Capital (ROIC_SIMPLE)	28.55%	20.76%	18.53%	26.12%	27.07%	31.91%	50.29%	58.62%	56.27%	57.18%	65.13%
Cost of Revenue to Revenue	59.94%	60.92%	61.53%	61.66%	62.18%	61.77%	58.22%	56.69%	55.87%	53.79%	53.09%
SG&A Expenses to Revenue	6.13%	6.58%	6.66%	6.29%	7.01%	7.26%	6.01%	6.36%	6.50%	6.67%	6.63%
R&D to Revenue	3.45%	4.66%	5.05%	5.36%	6.23%	6.83%	5.99%	6.66%	7.80%	8.02%	8.30%
Operating Expenses to Revenue	9.58%	11.24%	11.71%	11.65%	13.25%	14.09%	12.00%	13.02%	14.31%	14.70%	14.93%
Earnings before Interest and Taxes (EBIT)	72,515	61,372	64,089	72,903	65,737	67,091	109,207	119,103	113,736	123,485	132,729
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	83,772	71,877	74,246	83,806	78,284	78,147	120,491	130,207	125,255	134,930	144,427
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.02	4.45	5.66	10.03	10.87	29.40	38.58	47.88	43.29	61.56	51.99
Price to Tangible Book Value (P/TBV)	5.43	4.77	5.66	10.03	10.87	29.40	38.58	47.88	43.29	61.56	51.99
Price to Revenue (P/Rev)	2.56	2.65	3.31	4.05	3.78	7.00	6.65	6.15	7.02	8.97	9.21
Price to Earnings (P/E)	11.23	12.50	15.70	18.05	17.79	33.46	25.71	24.31	27.74	37.40	34.22
Dividend Yield	1.91%	2.10%	1.66%	1.27%	1.42%	0.00%	0.59%	0.61%	0.55%	0.43%	0.40%
Earnings Yield	8.91%	8.00%	6.37%	5.54%	5.62%	2.99%	3.89%	4.11%	3.61%	2.67%	2.92%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,456.65	237.05	498.76	95.05
Enterprise Value to Revenue (EV/Rev)	1.96	1.95	2.64	3.58	3.40	6.71	6.47	6.03	6.89	8.84	9.13
Enterprise Value to EBITDA (EV/EBITDA)	5.47	5.85	8.16	11.36	11.31	23.57	19.66	18.26	21.07	25.61	26.31
Enterprise Value to EBIT (EV/EBIT)	6.32	6.85	9.45	13.05	13.47	27.45	21.69	19.96	23.21	27.99	28.62
Enterprise Value to NOPAT (EV/NOPAT)	8.73	9.41	13.09	16.44	16.48	32.47	25.08	23.75	27.08	36.95	33.84
Enterprise Value to Operating Cash Flow (EV/OCF)	5.64	6.35	9.43	12.29	12.76	22.83	22.77	19.46	23.88	29.22	34.08
Enterprise Value to Free Cash Flow (EV/FCFF)	6.94	9.35	14.04	17.56	19.40	29.04	28.50	24.83	30.00	35.36	47.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.54	0.68	0.86	1.07	1.19	1.72	1.98	2.37	1.79	1.87	1.34
Long-Term Debt to Equity	0.45	0.59	0.73	0.87	1.01	1.51	1.73	1.95	1.53	1.51	1.06
Financial Leverage	-1.13	-1.18	-1.16	-1.14	-1.12	-1.14	-1.13	-1.01	-0.89	-0.85	-0.64
Leverage Ratio	2.26	2.47	2.66	3.07	3.56	4.25	5.26	6.19	6.25	6.03	5.54
Compound Leverage Factor	2.26	2.47	2.66	3.07	3.56	4.25	5.26	6.19	6.25	6.03	5.54
Debt to Total Capital	35.02%	40.43%	46.32%	51.66%	54.42%	63.25%	66.41%	70.32%	64.13%	65.19%	57.23%
Short-Term Debt to Total Capital	5.99%	5.39%	7.40%	9.38%	8.18%	7.75%	8.31%	12.36%	9.12%	12.76%	11.79%
Long-Term Debt to Total Capital	29.03%	35.04%	38.93%	42.29%	46.24%	55.50%	58.09%	57.96%	55.00%	52.42%	45.44%
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	64.98%	59.57%	53.68%	48.34%	45.58%	36.75%	33.59%	29.68%	35.87%	34.82%	42.77%
Debt to EBITDA	0.77	1.21	1.56	1.37	1.38	1.44	1.04	0.92	0.89	0.79	0.68
Net Debt to EBITDA	-1.69	-2.09	-2.06	-1.46	-1.25	-1.02	-0.55	-0.38	-0.41	-0.37	-0.23
Long-Term Debt to EBITDA	0.64	1.05	1.31	1.12	1.17	1.26	0.91	0.76	0.76	0.64	0.54
Debt to NOPAT	1.23	1.95	2.50	1.98	2.01	1.98	1.32	1.20	1.14	1.14	0.88
Net Debt to NOPAT	-2.69	-3.37	-3.31	-2.12	-1.82	-1.40	-0.70	-0.49	-0.52	-0.53	-0.30
Long-Term Debt to NOPAT	1.02	1.69	2.10	1.62	1.71	1.74	1.16	0.99	0.98	0.92	0.70
Altman Z-Score	4.21	3.60	3.52	4.20	4.18	6.20	7.20	6.98	7.70	8.87	10.32
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	1.11	1.35	1.28	1.13	1.54	1.36	1.07	0.88	0.99	0.87	0.89
Quick Ratio	0.89	1.22	1.09	0.99	1.38	1.22	0.91	0.71	0.84	0.75	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	66,034	45,005	43,144	54,196	45,630	63,416	83,108	95,744	87,974	97,738	79,240
Operating Cash Flow to CapEx	722.56%	520.11%	515.82%	581.64%	661.18%	1,103.76%	938.55%	1,140.75%	1,008.70%	1,251.76%	876.78%
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	0.90	0.70	0.66	0.72	0.74	0.83	1.08	1.12	1.09	1.09	1.15
Accounts Receivable Turnover	13.62	13.23	13.63	12.94	11.28	14.06	17.26	14.48	13.29	12.43	11.37
Inventory Turnover	62.82	58.64	40.37	37.17	40.13	41.52	40.03	38.79	37.98	30.90	33.98
Fixed Asset Turnover	10.85	8.72	7.54	7.07	6.61	7.40	9.60	9.67	8.93	8.75	8.71
Accounts Payable Turnover	4.27	3.61	3.46	3.27	3.17	3.83	4.39	3.76	3.38	3.20	3.18
Days Sales Outstanding (DSO)	26.79	27.59	26.77	28.21	32.35	25.96	21.15	25.21	27.47	29.36	32.09
Days Inventory Outstanding (DIO)	5.81	6.22	9.04	9.82	9.09	8.79	9.12	9.41	9.61	11.81	10.74
Days Payable Outstanding (DPO)	85.57	101.11	105.50	111.59	115.20	95.29	83.17	97.05	108.00	114.15	114.66
Cash Conversion Cycle (CCC)	-52.97	-67.29	-69.69	-73.56	-73.76	-60.54	-52.90	-62.44	-70.92	-72.97	-71.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-21,983	-22,304	-19,168	-15,470	-7,363	-14,055	-2,707	1,632	11,135	6,929	39,970
Invested Capital Turnover	-15.39	-9.74	-11.05	-15.34	-22.79	-25.63	-43.65	-733.63	60.04	43.29	17.75
Increase / (Decrease) in Invested Capital	-13,586	-321	3,136	3,698	8,107	-6,692	11,348	4,339	9,503	-4,206	33,041
Enterprise Value (EV)	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	3,799,337
Market Capitalization	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	3,833,100
Book Value per Share	$20.93	$23.80	$25.95	$22.18	$20.02	$15.28	$3.82	$3.15	$3.98	$3.75	$4.97
Tangible Book Value per Share	$19.35	$22.20	$25.95	$22.18	$20.02	$15.28	$3.82	$3.15	$3.98	$3.75	$4.97
Total Capital	183,683	215,281	249,727	221,666	198,535	177,775	187,809	170,741	173,234	163,579	172,390
Total Debt	64,328	87,032	115,680	114,519	108,047	112,436	124,719	120,069	111,088	106,629	98,657
Total Long-Term Debt	53,329	75,427	97,207	93,735	91,807	98,667	109,106	98,959	95,281	85,750	78,328
Net Debt	-141,338	-150,553	-153,215	-122,581	-97,851	-79,394	-65,797	-49,040	-51,011	-50,021	-33,763
Capital Expenditures (CapEx)	11,247	12,734	12,451	13,313	10,495	7,309	11,085	10,708	10,959	9,447	12,715
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-21,834	-27,687	-27,877	-30,107	-27,216	-38,853	-37,671	-45,771	-47,490	-67,697	-52,042
Debt-free Net Working Capital (DFNWC)	19,767	39,468	46,304	36,194	73,341	52,090	24,968	2,533	14,065	-2,526	2,655
Net Working Capital (NWC)	8,768	27,863	27,831	15,410	57,101	38,321	9,355	-18,577	-1,742	-23,405	-17,674
Net Nonoperating Expense (NNE)	-946	-1,003	-2,071	-1,637	-1,519	-687	-224	280	482	-204	271
Net Nonoperating Obligations (NNO)	-141,338	-150,553	-153,215	-122,617	-97,851	-79,394	-65,797	-49,040	-51,011	-50,021	-33,763
Total Depreciation and Amortization (D&A)	11,257	10,505	10,157	10,903	12,547	11,056	11,284	11,104	11,519	11,445	11,698
Debt-free, Cash-free Net Working Capital to Revenue	-9.34%	-12.84%	-12.16%	-11.34%	-10.46%	-14.15%	-10.30%	-11.61%	-12.39%	-17.31%	-12.51%
Debt-free Net Working Capital to Revenue	8.46%	18.30%	20.20%	13.63%	28.19%	18.98%	6.83%	0.64%	3.67%	-0.65%	0.64%
Net Working Capital to Revenue	3.75%	12.92%	12.14%	5.80%	21.95%	13.96%	2.56%	-4.71%	-0.45%	-5.99%	-4.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.32	$2.09	$2.32	$3.00	$2.99	$3.31	$5.67	$6.15	$6.16	$6.11	$7.49
Adjusted Weighted Average Basic Shares Outstanding	23.01B	21.88B	20.87B	19.82B	18.47B	17.35B	16.70B	16.22B	15.74B	15.34B	14.95B
Adjusted Diluted Earnings per Share	$2.31	$2.08	$2.30	$2.98	$2.97	$3.28	$5.61	$6.11	$6.13	$6.08	$7.46
Adjusted Weighted Average Diluted Shares Outstanding	23.17B	22.00B	21.01B	20.00B	18.60B	17.53B	16.86B	16.33B	15.81B	15.41B	15.00B
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	22.30B	21.33B	20.54B	18.98B	17.77B	17.00B	16.41B	15.91B	15.55B	15.12B	14.78B
Normalized Net Operating Profit after Tax (NOPAT)	52,448	44,684	46,280	57,894	53,737	56,724	94,456	100,083	97,477	93,532	112,281
Normalized NOPAT Margin	22.44%	20.72%	20.19%	21.80%	20.65%	20.66%	25.82%	25.38%	25.43%	23.92%	26.98%
Pre Tax Income Margin	31.03%	28.46%	27.96%	27.45%	25.27%	24.44%	29.85%	30.20%	29.67%	31.58%	31.89%
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	21.65%	26.59%	26.41%	23.03%	25.55%	24.53%	15.28%	14.87%	15.49%	16.25%	13.77%
Augmented Payout Ratio	87.68%	91.65%	94.45%	145.22%	146.62%	150.56%	106.08%	104.45%	95.44%	117.55%	94.75%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/30/2023	3/30/2024	6/29/2024	9/28/2024	12/28/2024	3/29/2025	6/28/2025	9/27/2025	12/27/2025	3/28/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	14,681,140,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	14,681,140,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.01
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.72%	2.07%	-4.31%	4.87%	6.07%	3.95%	5.08%	9.63%	7.94%	15.65%	16.60%
EBITDA Growth	7.74%	12.02%	-1.23%	9.92%	9.68%	5.77%	3.49%	8.88%	10.49%	18.73%	22.84%
EBIT Growth	9.49%	13.19%	-1.14%	12.15%	9.67%	5.61%	4.46%	9.95%	10.79%	19.77%	22.26%
NOPAT Growth	9.61%	11.97%	-2.50%	6.04%	-35.78%	7.61%	6.44%	10.54%	84.36%	14.86%	18.41%
Net Income Growth	10.79%	13.06%	-2.17%	7.88%	-35.81%	7.12%	4.84%	9.26%	86.39%	15.87%	19.36%
EPS Growth	14.84%	15.96%	0.66%	11.11%	-34.01%	10.09%	7.84%	12.14%	89.69%	18.33%	21.82%
Operating Cash Flow Growth	-10.48%	17.32%	-20.55%	9.39%	24.14%	-24.97%	5.56%	-3.43%	10.88%	80.14%	19.83%
Free Cash Flow Firm Growth	-19.01%	33.39%	-6.16%	-39.91%	40.99%	-10.69%	-24.75%	-57.24%	-131.11%	26.51%	81.58%
Invested Capital Growth	582.29%	300.71%	202.33%	397.21%	-37.77%	131.98%	94.93%	130.73%	476.85%	52.80%	39.14%
Revenue Q/Q Growth	9.41%	33.61%	-24.10%	-5.48%	10.67%	30.94%	-23.28%	-1.39%	8.96%	40.30%	-22.66%
EBITDA Q/Q Growth	14.99%	45.60%	-28.44%	-8.25%	14.74%	40.41%	-29.99%	-3.47%	16.43%	50.89%	-27.56%
EBIT Q/Q Growth	18.76%	49.36%	-30.42%	-9.14%	16.15%	43.82%	-31.17%	-4.36%	17.03%	55.47%	-29.74%
NOPAT Q/Q Growth	14.01%	48.09%	-30.79%	-9.25%	-30.95%	148.13%	-31.54%	-5.75%	15.16%	54.60%	-29.43%
Net Income Q/Q Growth	15.47%	47.74%	-30.31%	-9.26%	-31.29%	146.54%	-31.79%	-5.43%	17.21%	53.27%	-29.74%
EPS Q/Q Growth	16.67%	48.30%	-29.82%	-8.50%	-30.71%	147.42%	-31.25%	-4.85%	17.20%	54.35%	-29.23%
Operating Cash Flow Q/Q Growth	-18.13%	84.72%	-43.13%	27.18%	-7.09%	11.65%	-19.99%	16.35%	6.68%	81.39%	-46.77%
Free Cash Flow Firm Q/Q Growth	-13.88%	99.43%	-53.34%	-25.03%	102.09%	26.33%	-60.69%	-57.40%	-247.05%	613.66%	-43.57%
Invested Capital Q/Q Growth	269.81%	-14.10%	71.95%	-8.97%	-53.72%	220.23%	44.49%	7.74%	15.71%	-15.18%	31.57%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.17%	45.88%	46.58%	46.26%	46.22%	46.88%	47.05%	46.49%	47.18%	48.16%	49.27%
EBITDA Margin	33.13%	36.10%	34.04%	33.04%	34.26%	36.74%	33.53%	32.82%	35.07%	37.71%	35.32%
Operating Margin	30.13%	33.76%	30.74%	29.56%	31.17%	34.46%	31.03%	29.99%	31.65%	35.37%	32.28%
EBIT Margin	30.17%	33.72%	30.92%	29.72%	31.19%	34.26%	30.74%	29.81%	32.01%	35.48%	32.23%
Profit (Net Income) Margin	25.65%	28.36%	26.04%	25.00%	15.52%	29.23%	25.99%	24.92%	26.81%	29.28%	26.60%
Tax Burden Percent	85.03%	84.11%	84.24%	84.13%	49.77%	85.31%	84.54%	83.60%	83.73%	82.54%	82.54%
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	14.97%	15.89%	15.76%	15.87%	50.23%	14.69%	15.46%	16.40%	16.27%	17.46%	17.46%
Return on Invested Capital (ROIC)	1,538.43%	1,832.94%	903.11%	1,066.41%	671.63%	732.79%	433.05%	413.84%	470.24%	453.49%	313.75%
ROIC Less NNEP Spread (ROIC-NNEP)	1,538.39%	1,833.01%	902.87%	1,066.19%	671.61%	733.18%	433.56%	414.18%	469.49%	453.24%	313.84%
Return on Net Nonoperating Assets (RNNOA)	-1,364.29%	-1,665.55%	-757.95%	-915.20%	-569.74%	-567.90%	-284.39%	-259.45%	-301.00%	-289.16%	-174.99%
Return on Equity (ROE)	174.14%	167.39%	145.16%	151.20%	101.89%	164.89%	148.65%	154.38%	169.24%	164.33%	138.76%
Cash Return on Invested Capital (CROIC)	1,378.14%	1,571.69%	817.75%	998.34%	1,082.13%	525.74%	337.94%	324.07%	337.92%	377.94%	286.37%
Operating Return on Assets (OROA)	32.78%	37.15%	35.24%	34.38%	34.00%	38.87%	36.81%	36.74%	36.79%	42.73%	41.43%
Return on Assets (ROA)	27.88%	31.25%	29.69%	28.93%	16.92%	33.16%	31.12%	30.71%	30.81%	35.27%	34.20%
Return on Common Equity (ROCE)	174.14%	167.39%	145.16%	151.20%	101.89%	164.89%	148.65%	154.38%	169.24%	164.33%	138.76%
Return on Equity Simple (ROE_SIMPLE)	0.00%	136.18%	135.31%	152.84%	0.00%	144.03%	145.66%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	22,931	33,958	23,503	21,329	14,727	36,542	25,016	23,577	27,150	41,973	29,621
NOPAT Margin	25.62%	28.40%	25.90%	24.87%	15.51%	29.40%	26.23%	25.07%	26.50%	29.20%	26.64%
Net Nonoperating Expense Percent (NNEP)	0.05%	-0.07%	0.23%	0.22%	0.02%	-0.39%	-0.51%	-0.34%	0.75%	0.25%	-0.09%
Return On Investment Capital (ROIC_SIMPLE)	13.24%	18.64%	13.15%	12.69%	9.00%	22.34%	15.16%	14.07%	15.75%	23.49%	15.49%
Cost of Revenue to Revenue	54.83%	54.13%	53.42%	53.74%	53.78%	53.12%	52.95%	53.51%	52.82%	51.84%	50.73%
SG&A Expenses to Revenue	6.87%	5.68%	7.13%	7.37%	6.87%	5.77%	7.06%	7.07%	6.88%	5.21%	6.72%
R&D to Revenue	8.16%	6.44%	8.71%	9.33%	8.18%	6.65%	8.97%	9.43%	8.65%	7.57%	10.27%
Operating Expenses to Revenue	15.04%	12.11%	15.84%	16.70%	15.05%	12.42%	16.02%	16.50%	15.53%	12.78%	17.00%
Earnings before Interest and Taxes (EBIT)	26,998	40,323	28,058	25,494	29,610	42,584	29,310	28,031	32,804	51,002	35,833
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	29,651	43,171	30,894	28,344	32,521	45,664	31,971	30,861	35,931	54,216	39,272
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	43.29	40.27	35.61	48.35	61.56	58.01	49.12	45.66	51.99	45.91	34.40
Price to Tangible Book Value (P/TBV)	43.29	40.27	35.61	48.35	61.56	58.01	49.12	45.66	51.99	45.91	43.02
Price to Revenue (P/Rev)	7.02	7.74	6.92	8.36	8.97	9.78	8.19	7.36	9.21	9.30	8.12
Price to Earnings (P/E)	27.74	29.57	26.32	31.63	37.40	40.27	33.72	30.28	34.22	34.38	29.89
Dividend Yield	0.55%	0.50%	0.56%	0.46%	0.43%	0.39%	0.46%	0.50%	0.40%	0.38%	0.42%
Earnings Yield	3.61%	3.38%	3.80%	3.16%	2.67%	2.48%	2.97%	3.30%	2.92%	2.91%	3.35%
Enterprise Value to Invested Capital (EV/IC)	237.05	305.26	157.15	211.98	498.76	172.51	101.25	86.11	95.05	117.83	80.75
Enterprise Value to Revenue (EV/Rev)	6.89	7.57	6.77	8.23	8.84	9.67	8.11	7.28	9.13	9.17	7.98
Enterprise Value to EBITDA (EV/EBITDA)	21.07	22.48	19.96	24.03	25.61	27.85	23.44	21.09	26.31	26.11	22.47
Enterprise Value to EBIT (EV/EBIT)	23.21	24.65	21.88	26.26	27.99	30.44	25.56	22.96	28.62	28.30	24.39
Enterprise Value to NOPAT (EV/NOPAT)	27.08	28.88	25.72	31.20	36.95	39.83	33.27	29.80	33.84	33.94	29.45
Enterprise Value to Operating Cash Flow (EV/OCF)	23.88	25.08	23.38	28.07	29.22	35.35	29.63	27.40	34.08	29.49	25.69
Enterprise Value to Free Cash Flow (EV/FCFF)	30.00	31.09	28.88	35.36	35.36	45.86	39.60	37.07	47.95	37.69	32.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.79	1.46	1.41	1.52	1.87	1.45	1.47	1.54	1.34	1.03	0.80
Long-Term Debt to Equity	1.53	1.28	1.24	1.29	1.51	1.26	1.18	1.25	1.06	0.87	0.70
Financial Leverage	-0.89	-0.91	-0.84	-0.86	-0.85	-0.77	-0.66	-0.63	-0.64	-0.64	-0.56
Leverage Ratio	6.25	5.35	4.91	5.25	6.03	4.95	4.74	5.00	5.54	4.67	4.05
Compound Leverage Factor	6.25	5.35	4.91	5.25	6.03	4.95	4.74	5.00	5.54	4.67	4.05
Debt to Total Capital	64.13%	59.32%	58.50%	60.30%	65.19%	59.18%	59.51%	60.71%	57.23%	50.65%	44.30%
Short-Term Debt to Total Capital	9.12%	7.11%	7.14%	8.99%	12.76%	7.85%	11.89%	11.50%	11.79%	7.74%	5.39%
Long-Term Debt to Total Capital	55.00%	52.21%	51.36%	51.30%	52.42%	51.33%	47.62%	49.20%	45.44%	42.91%	38.91%
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	35.87%	40.68%	41.50%	39.70%	34.82%	40.82%	40.49%	39.29%	42.77%	49.35%	55.70%
Debt to EBITDA	0.89	0.83	0.81	0.77	0.79	0.70	0.71	0.72	0.68	0.59	0.53
Net Debt to EBITDA	-0.41	-0.50	-0.45	-0.39	-0.37	-0.32	-0.25	-0.22	-0.23	-0.35	-0.39
Long-Term Debt to EBITDA	0.76	0.73	0.71	0.65	0.64	0.61	0.57	0.58	0.54	0.50	0.46
Debt to NOPAT	1.14	1.07	1.04	1.00	1.14	1.01	1.01	1.02	0.88	0.77	0.69
Net Debt to NOPAT	-0.52	-0.64	-0.57	-0.51	-0.53	-0.46	-0.36	-0.31	-0.30	-0.46	-0.51
Long-Term Debt to NOPAT	0.98	0.94	0.91	0.85	0.92	0.87	0.81	0.83	0.70	0.65	0.61
Altman Z-Score	6.89	7.94	7.46	8.68	8.02	9.85	8.79	8.16	9.40	9.92	9.92
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	0.99	1.07	1.04	0.95	0.87	0.92	0.82	0.87	0.89	0.97	1.07
Quick Ratio	0.84	0.92	0.87	0.80	0.75	0.78	0.68	0.72	0.77	0.85	0.91
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	13,428	26,780	12,496	9,369	18,933	23,918	9,403	4,006	-5,891	30,258	17,074
Operating Cash Flow to CapEx	998.52%	1,667.85%	1,136.77%	1,341.61%	921.97%	1,018.20%	779.94%	804.94%	916.96%	2,272.44%	1,456.22%
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	1.09	1.10	1.14	1.16	1.09	1.13	1.20	1.23	1.15	1.20	1.29
Accounts Receivable Turnover	13.29	16.43	19.19	18.21	12.43	14.98	16.69	16.23	11.37	12.52	15.99
Inventory Turnover	37.98	31.81	30.28	30.83	30.90	31.54	34.18	36.04	33.98	35.89	36.17
Fixed Asset Turnover	8.93	8.91	8.78	8.76	8.75	8.82	8.86	8.79	8.71	9.05	9.31
Accounts Payable Turnover	3.38	3.65	4.68	4.42	3.20	3.53	4.28	4.45	3.18	3.46	4.22
Days Sales Outstanding (DSO)	27.47	22.21	19.02	20.04	29.36	24.36	21.87	22.49	32.09	29.14	22.83
Days Inventory Outstanding (DIO)	9.61	11.47	12.05	11.84	11.81	11.57	10.68	10.13	10.74	10.17	10.09
Days Payable Outstanding (DPO)	108.00	99.90	77.95	82.57	114.15	103.52	85.31	82.04	114.66	105.38	86.43
Cash Conversion Cycle (CCC)	-70.92	-66.21	-46.88	-50.69	-72.97	-67.58	-52.76	-49.43	-71.82	-66.07	-53.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,135	9,565	16,447	14,971	6,929	22,189	32,060	34,542	39,970	33,904	44,607
Invested Capital Turnover	60.04	64.54	34.87	42.89	43.29	24.93	16.51	16.51	17.75	15.53	11.78
Increase / (Decrease) in Invested Capital	9,503	7,178	11,007	11,960	-4,206	12,624	15,613	19,571	33,041	11,715	12,547
Enterprise Value (EV)	2,639,513	2,919,815	2,584,581	3,173,610	3,455,932	3,827,841	3,245,995	2,974,492	3,799,337	3,994,865	3,601,913
Market Capitalization	2,690,524	2,984,350	2,642,328	3,225,347	3,505,953	3,872,410	3,280,731	3,005,780	3,833,100	4,049,151	3,663,797
Book Value per Share	$3.98	$4.76	$4.80	$4.35	$3.75	$4.42	$4.45	$4.41	$4.97	$5.97	$7.25
Tangible Book Value per Share	$3.98	$4.76	$4.80	$4.35	$3.75	$4.42	$4.45	$4.41	$4.97	$5.97	$5.80
Total Capital	173,234	182,140	178,784	168,012	163,579	163,557	164,982	167,528	172,390	178,699	191,202
Total Debt	111,088	108,040	104,590	101,304	106,629	96,799	98,186	101,698	98,657	90,509	84,711
Total Long-Term Debt	95,281	95,088	91,831	86,196	85,750	83,956	78,566	82,430	78,328	76,685	74,404
Net Debt	-51,011	-64,535	-57,747	-51,737	-50,021	-44,569	-34,736	-31,288	-33,763	-54,286	-61,884
Capital Expenditures (CapEx)	2,163	2,392	1,996	2,151	2,908	2,940	3,071	3,462	3,242	2,373	1,971
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-47,490	-50,429	-49,797	-52,882	-67,697	-52,057	-54,775	-54,733	-52,042	-57,346	-48,727
Debt-free Net Working Capital (DFNWC)	14,065	22,671	17,353	8,919	-2,526	1,718	-6,277	639	2,655	9,561	19,780
Net Working Capital (NWC)	-1,742	9,719	4,594	-6,189	-23,405	-11,125	-25,897	-18,629	-17,674	-4,263	9,473
Net Nonoperating Expense (NNE)	-25	42	-133	-119	-9.46	212	236	143	-316	-124	43
Net Nonoperating Obligations (NNO)	-51,011	-64,535	-57,747	-51,737	-50,021	-44,569	-34,736	-31,288	-33,763	-54,286	-61,884
Total Depreciation and Amortization (D&A)	2,653	2,848	2,836	2,850	2,911	3,080	2,661	2,830	3,127	3,214	3,439
Debt-free, Cash-free Net Working Capital to Revenue	-12.39%	-13.07%	-13.05%	-13.71%	-17.31%	-13.15%	-13.68%	-13.39%	-12.51%	-13.16%	-10.79%
Debt-free Net Working Capital to Revenue	3.67%	5.88%	4.55%	2.31%	-0.65%	0.43%	-1.57%	0.16%	0.64%	2.19%	4.38%
Net Working Capital to Revenue	-0.45%	2.52%	1.20%	-1.61%	-5.99%	-2.81%	-6.47%	-4.56%	-4.25%	-0.98%	2.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.47	$2.19	$1.53	$1.40	$0.99	$2.41	$1.65	$1.57	$1.86	$2.85	$2.02
Adjusted Weighted Average Basic Shares Outstanding	15.74B	15.51B	15.41B	15.29B	15.34B	15.08B	14.99B	14.90B	14.95B	14.75B	14.67B
Adjusted Diluted Earnings per Share	$1.47	$2.18	$1.53	$1.40	$0.97	$2.40	$1.65	$1.57	$1.84	$2.84	$2.01
Adjusted Weighted Average Diluted Shares Outstanding	15.81B	15.58B	15.46B	15.35B	15.41B	15.15B	15.06B	14.95B	15.00B	14.81B	14.73B
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	15.55B	15.44B	15.33B	15.20B	15.12B	15.02B	14.94B	14.84B	14.78B	14.68B	14.69B
Normalized Net Operating Profit after Tax (NOPAT)	22,931	33,958	23,503	21,329	20,714	36,542	25,016	23,577	27,150	41,973	29,621
Normalized NOPAT Margin	25.62%	28.40%	25.90%	24.87%	21.82%	29.40%	26.23%	25.07%	26.50%	29.20%	26.64%
Pre Tax Income Margin	30.17%	33.72%	30.92%	29.72%	31.19%	34.26%	30.74%	29.81%	32.01%	35.48%	32.23%
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	15.49%	14.95%	15.08%	14.90%	16.25%	15.88%	15.74%	15.47%	13.77%	13.15%	12.69%
Augmented Payout Ratio	95.44%	92.45%	96.59%	104.02%	117.55%	118.23%	119.66%	111.83%	94.75%	91.10%	76.48%

Financials Breakdown Chart

Key Financial Trends

Apple Inc. (AAPL) continues to display strong profitability, robust cash generation, and active capital allocation across its recent quarters. Below are the most notable trends from the last four years of quarterly statements, focusing on cash flow, income, and the balance sheet. Items are grouped with the positives first, then neutral, then negatives.

Net income and earnings power up YoY. In Q1 2026, Consolidated Net Income was about $42.1B with Basic EPS of $2.85 and Diluted EPS of $2.84, up meaningfully from the prior-year quarter (Q1 2025: Net Income ~ $36.3B; Basic EPS ~ $2.41; Diluted EPS ~ $2.40).
Operating cash flow remains exceptionally strong. Net Cash From Continuing Operating Activities in Q1 2026 was about $53.9B, reflecting solid ongoing cash generation that supports growth, buybacks, and dividends.
Gross margin shows resilience and improvement. Q1 2026 gross margin is approximately 48.2% (Gross Profit ~$69.23B on Revenue ~$143.76B), modestly higher than the prior quarter’s level.
Revenue scale supports earnings trajectory. Q1 2026 Revenue of about $143.8B demonstrates continued scale and product mix strength, following quarters above the $100B level.
Balance sheet liquidity remains ample. Cash & Equivalents around $45.3B and Total Current Assets near $158.1B provide a solid liquidity cushion to weather macro shifts.
Capital returns to shareholders continue at a robust pace. Share repurchases were about $24.7B in Q1 2026, complemented by a quarterly dividend of $0.26 per share, signaling ongoing capital allocation discipline.
Long-term debt posture stays within historical ranges. Long-term debt sits in the mid-$70B range (around $76.7B in Q1 2026), consistent with Apple’s balance-sheet strategy and offset by large cash balances.
Quarterly cash movements show a modest net build. Net Change in Cash & Equivalents was about +$9.38B in Q1 2026, indicating a modest net cash increase after financing activity.
Financing outflows reflect the capital-return program. Net Cash From Financing Activities was a meaningful outflow (about -$39.7B in Q1 2026) driven by buybacks and dividends, aligning with ongoing investor-return objectives.

Negative aspects are not dominant, but a key point to monitor is how the company manages its liability load relative to equity over time, especially if revenue growth moderates or margins face pressure. For now, Apple’s earnings power, cash generation, and active capital returns remain the dominant themes supporting its longer-term investment thesis.

05/07/26 08:40 PM ETAI Generated. May Contain Errors.

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 2025 ended on September 27, 2025.

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 $112.01 billion in 2025, rising from $53.39 billion in 2015. The previous period was $93.74 billion in 2024. Find out what analysts predict for Apple in the coming months.

What is Apple's operating income?

Apple's total operating income in 2025 was $133.05 billion, based on the following breakdown:

Total Gross Profit: $195.20 billion
Total Operating Expenses: $62.15 billion

How has Apple's revenue changed over the last 10 years?

Over the last 10 years, Apple's total revenue changed from $233.72 billion in 2015 to $416.16 billion in 2025, a change of 78.1%.

How much debt does Apple have?

Apple's total liabilities were at $285.51 billion at the end of 2025, a 7.3% decrease from 2024, and a 67.0% increase since 2015.

How much cash does Apple have?

In the past 10 years, Apple's cash and equivalents has ranged from $20.29 billion in 2017 to $48.84 billion in 2019, and is currently $35.93 billion as of their latest financial filing in 2025.

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 20.93 in 2015 to 4.97 in 2025, a change of -76.3%.

Related Companies

Financial statements for NASDAQ:AAPL last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Apple (AAPL) Financials

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Apple (AAPL) Financials

Annual Income Statements for Apple

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