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Apple (AAPL) Financials

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$229.35 +9.32 (+4.24%)
Closing price 04:00 PM Eastern
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$229.98 +0.63 (+0.27%)
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Annual Income Statements for Apple

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

Quarterly Income Statements for Apple

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

Annual Cash Flow Statements for Apple

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

Quarterly Cash Flow Statements for Apple

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

Annual Balance Sheets for Apple

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

Quarterly Balance Sheets for Apple

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

Annual Metrics And Ratios for Apple

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%

Quarterly Metrics And Ratios for Apple

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 consistent financial growth over the last several years, supported by strong operating revenue and robust net income generation. Below are the key trends and important points drawn from Apple’s financial statements from Q2 2021 through Q3 2025.

  • Steady Revenue Growth: Operating revenues have generally increased from around $89 billion in Q2 2021 to $94 billion in Q3 2025, indicating solid demand for Apple’s products and services.
  • Strong Net Income Generation: Net income has seen growth over the years, with quarterly consolidated net income rising from $23.6 billion in Q2 2021 to $23.4 billion in Q3 2025, showing Apple’s ability to maintain profitability amidst varying market conditions.
  • Healthy Operating Margins: Gross profit margins remain strong, with gross profits near $43 billion consistently, reflecting Apple’s effective cost management and premium pricing strategy.
  • Improved Cash Flow from Operations: Net cash from operating activities increased from approximately $22.3 billion in Q3 2021 to $27.9 billion in Q3 2025, highlighting efficient cash generation from core business operations.
  • Active Share Repurchases: Apple has consistently repurchased common equity, with repurchases around $21 billion in Q3 2025 quarter alone, signifying strong capital return programs benefiting shareholders.
  • Robust Cash & Equivalents Position: Cash and equivalents have grown from about $27.5 billion in Q3 2021 to $36.3 billion by Q3 2025, providing strong liquidity and financial flexibility.
  • Fluctuations in Research & Development Expenses: R&D expenses have increased mildly, reflecting ongoing investments in innovation to maintain competitive edge.
  • Increasing Long-term Debt Levels: Long-term debt rose from around $95 billion in Q1 2021 to $82 billion in Q3 2025, indicating some leveraging but still controlled relative to Apple’s sizable asset base.
  • Decline in Total Equity: Total shareholder equity decreased from roughly $69 billion in early 2021 to $66 billion by Q3 2025, partly due to share repurchases and dividend payments.
  • Increasing Operating Costs: Costs of revenue and operating expenses such as SG&A have gradually risen, which may pressure future margins if revenue growth slows.

Summary: Apple continues to display solid financial health backed by expanding revenues, strong profitability, and excellent cash flow generation. The company’s significant cash reserves and disciplined capital returns through dividends and buybacks provide investor confidence. Margins and operating expenses require monitoring to ensure continued profitability, and the cautious increase in debt levels appears manageable. Overall, Apple’s financials over the past several years reinforce its position as a highly profitable and resilient technology leader.

08/08/25 11:29 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Apple's Financials

When does Apple's financial year end?

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

How has Apple's net income changed over the last 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%.



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