Apple Inc. (AAPL) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$1.89	$2.02	+6.9%	—	$109.4B	—
Q2 26	$1.94	$2.01	+3.6%	—	$111.2B	—
Q1 26	$2.67	$2.84	+6.4%	—	$143.8B	—
Q4 25	$1.77	$1.85	+4.5%	—	$102.5B	—
Q3 25	$1.43	$1.57	+9.8%	—	$94B	—
Q2 25	$1.62	$1.65	+1.9%	—	$95.4B	—
Q1 25	$2.34	$2.4	+2.6%	—	$124.3B	—
Q4 24	$0.95	$0.97	+2.1%	—	$94.9B	—
Q3 24	$1.34	$1.4	+4.5%	—	$85.8B	—
Q2 24	$1.5	$1.53	+2.0%	—	$90.8B	—
Q1 24	$2.11	$2.18	+3.3%	—	$119.6B	—
Q4 23	$1.39	$1.46	+5.0%	—	$89.5B	—
Q3 23	$1.19	$1.26	+5.9%	—	$81.8B	—
Q2 23	$1.43	$1.52	+6.3%	—	$94.8B	—
Q1 23	$1.94	$1.88	-3.1%	—	$117.2B	—
Q4 22	$1.27	$1.29	+1.6%	—	$90.1B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$7.49	—	—	$416.2B	—
FY24	—	$6.11	—	—	$391B	—
FY23	—	$6.16	—	—	$383.3B	—
FY22	—	$6.15	—	—	$394.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$215.6B	$229.2B	$265.6B	$260.2B	$274.5B	$365.8B	$394.3B	$383.3B	$391B	$416.2B
YoY change	-7.73%	+6.3%	+15.9%	-2.04%	+5.51%	+33.3%	+7.79%	-2.8%	+2.02%	+6.43%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	215.6B	229.2B	265.6B	260.2B	274.5B	365.8B	394.3B	383.3B	391B	416.2B
Cost of revenue	131.4B	141B	163.8B	161.8B	169.6B	213B	223.5B	214.1B	210.4B	221B
Gross profit	84.3B	88.2B	101.8B	98.4B	105B	152.8B	170.8B	169.1B	180.7B	195.2B
Gross margin	39.1%	38.5%	38.3%	37.8%	38.2%	41.8%	43.3%	44.1%	46.2%	46.9%
Research & development	10B	11.6B	14.2B	16.2B	18.8B	21.9B	26.3B	29.9B	31.4B	34.5B
Selling, general & administrative	14.2B	15.3B	16.7B	18.2B	19.9B	22B	25.1B	24.9B	26.1B	27.6B
Operating expenses	24.2B	26.8B	30.9B	34.5B	38.7B	43.9B	51.3B	54.8B	57.5B	62.2B
Operating income	60B	61.3B	70.9B	63.9B	66.3B	108.9B	119.4B	114.3B	123.2B	133.1B
Operating margin	27.8%	26.8%	26.7%	24.6%	24.1%	29.8%	30.3%	29.8%	31.5%	32%
Non-operating income, net	-1.2B	-133M	-441M	422M	-87M	60M	-334M	-565M	269M	-321M
Pretax income	61.4B	64.1B	72.9B	65.7B	67.1B	109.2B	119.1B	113.7B	123.5B	132.7B
Income tax	15.7B	15.7B	13.4B	10.5B	9.7B	14.5B	19.3B	16.7B	29.7B	20.7B
Net income	45.7B	48.4B	59.5B	55.3B	57.4B	94.7B	99.8B	97B	93.7B	112B
Net margin	21.2%	21.1%	22.4%	21.2%	20.9%	25.9%	25.3%	25.3%	24%	26.9%
EBITDA	73.3B	76.6B	87B	81.9B	81B	123.1B	130.5B	125.8B	134.7B	144.7B
EPS	2.09	2.32	3	2.99	3.31	5.67	6.15	6.16	6.11	7.49
Diluted EPS	2.08	2.3	2.98	2.97	3.28	5.61	6.11	6.13	6.08	7.46

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	89.5B	119.6B	90.8B	85.8B	94.9B	124.3B	95.4B	94B	102.5B	143.8B	111.2B	109.4B
Cost of revenue	49.1B	64.7B	48.5B	46.1B	51.1B	66B	50.5B	50.3B	54.1B	74.5B	56.4B	54.6B
Gross profit	40.4B	54.9B	42.3B	39.7B	43.9B	58.3B	44.9B	43.7B	48.3B	69.2B	54.8B	54.8B
Gross margin	45.2%	45.9%	46.6%	46.3%	46.2%	46.9%	47.1%	46.5%	47.2%	48.2%	49.3%	50.1%
Research & development	7.3B	7.7B	7.9B	8B	7.8B	8.3B	8.6B	8.9B	8.9B	10.9B	11.4B	11.7B
Selling, general & administrative	6.2B	6.8B	6.5B	6.3B	6.5B	7.2B	6.7B	6.7B	7B	7.5B	7.5B	7.3B
Operating expenses	13.5B	14.5B	14.4B	14.3B	14.3B	15.4B	15.3B	15.5B	15.9B	18.4B	18.9B	19.1B
Operating income	27B	40.4B	27.9B	25.4B	29.6B	42.8B	29.6B	28.2B	32.4B	50.9B	35.9B	35.7B
Operating margin	30.1%	33.8%	30.7%	29.6%	31.2%	34.5%	31%	30%	31.6%	35.4%	32.3%	32.6%
Non-operating income, net	47M	-50M	158M	142M	19M	-248M	-279M	-171M	377M	150M	-52M	572M
Pretax income	27B	40.3B	28.1B	25.5B	29.6B	42.6B	29.3B	28B	32.8B	51B	35.8B	36.3B
Income tax	4B	6.4B	4.4B	4B	14.9B	6.3B	4.5B	4.6B	5.3B	8.9B	6.3B	6.5B
Net income	23B	33.9B	23.6B	21.4B	14.7B	36.3B	24.8B	23.4B	27.5B	42.1B	29.6B	29.8B
Net margin	25.6%	28.4%	26%	25%	15.5%	29.2%	26%	24.9%	26.8%	29.3%	26.6%	27.2%
EBITDA	30.7B	43.2B	30.7B	28.2B	32.5B	45.9B	32.3B	31B	35.6B	54.1B	39.3B	39B
EPS	1.47	2.19	1.53	1.4	0.97	2.41	1.65	1.57	1.85	2.85	2.02	2.03
Diluted EPS	1.46	2.18	1.53	1.4	0.97	2.4	1.65	1.57	1.85	2.84	2.01	2.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	618.5B	804.1B	1.1T	1T	2T	2.4T	2.2T	2.7T	3.6T	3.8T	4.9T
Enterprise value	638.4B	845.6B	1.2T	1T	2T	2.4T	2.3T	2.7T	3.6T	3.9T	4.9T
Shares outstanding	21.9B	20.9B	19.8B	18.5B	17.4B	16.7B	16.2B	15.7B	15.3B	14.9B	14.9B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	13.5	16.6	18.8	18.7	35	25	22.5	27.8	38.1	34	38.3
P/S	2.87	3.51	4.21	3.98	7.32	6.46	5.68	7.03	9.14	9.15	10.4
P/B	4.82	6	10.4	11.4	30.8	37.5	44.2	43.4	62.8	51.6	45.3
EV/EBITDA	8.7	11	13.4	12.7	25.2	19.8	17.8	21.8	26.9	26.6	29.1
EV/Sales	2.96	3.69	4.39	4	7.43	6.66	5.9	7.16	9.25	9.25	10.5
Earnings yield	7.39%	6.01%	5.32%	5.34%	2.86%	4.01%	4.45%	3.6%	2.62%	2.94%	2.61%
FCF yield	8.65%	6.44%	5.73%	5.69%	3.65%	3.93%	4.97%	3.69%	3.04%	2.59%	2.21%
PEG	—	—	—	—	—	—	—	—	—	—	1.31

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	39.1%	38.5%	38.3%	37.8%	38.2%	41.8%	43.3%	44.1%	46.2%	46.9%	50.1%
Operating margin	27.8%	26.8%	26.7%	24.6%	24.1%	29.8%	30.3%	29.8%	31.5%	32%	32.6%
Net margin	21.2%	21.1%	22.4%	21.2%	20.9%	25.9%	25.3%	25.3%	24%	26.9%	27.6%
ROE	35.6%	36.1%	55.6%	61.1%	87.9%	150.1%	197%	156.1%	164.6%	151.9%	148.8%
ROA	14.2%	12.9%	16.3%	16.3%	17.7%	27%	28.3%	27.5%	25.7%	31.2%	27.1%
ROIC	30.2%	26.4%	37.3%	54.8%	58.7%	69%	74.2%	87.3%	95%	95.4%	98.9%
Return on tangible assets	15%	13.5%	16.3%	16.3%	17.7%	27%	28.3%	27.5%	25.7%	31.2%	35.5%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.35	1.28	1.13	1.54	1.36	1.07	0.88	0.99	0.87	0.89	1
Quick ratio	1.33	1.23	1.1	1.5	1.33	1.02	0.85	0.94	0.83	0.86	0.93
Debt / equity	0.68	0.86	1.07	1.19	1.87	2.16	2.61	1.79	1.87	1.34	0.78
Debt / assets	0.27	0.31	0.31	0.32	0.38	0.39	0.38	0.32	0.29	0.27	0.22
Net debt / EBITDA	0.27	0.54	0.55	0.09	0.39	0.6	0.64	0.39	0.31	0.3	0.13
Interest coverage	43.2	28.6	23.5	19.4	24.4	42.3	40.7	29.1	—	—	—
Effective tax rate	25.6%	24.6%	18.3%	15.9%	14.4%	13.3%	16.2%	14.7%	24.1%	15.6%	17.3%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.85	11	13.4	14.1	15.8	21.9	24.3	24.3	25.5	27.8	31.7
EPS (basic)	2.09	2.32	3	2.99	3.31	5.67	6.15	6.16	6.11	7.49	7.49
EPS (diluted)	2.08	2.3	2.98	2.97	3.28	5.61	6.11	6.13	6.08	7.46	8.71
Book value per share	5.86	6.42	5.41	4.9	3.77	3.78	3.12	3.95	3.71	4.93	7.36
FCF per share	2.44	2.48	3.23	3.19	4.23	5.57	6.87	6.33	7.09	6.61	9.29
Cash per share	3.07	3.55	3.34	5.44	5.24	3.75	2.98	3.91	4.25	3.66	4.28
Capex per share	0.58	0.6	0.67	0.57	0.42	0.66	0.66	0.7	0.62	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	5.91%	5.43%	5.01%	4.03%	2.66%	3.03%	2.72%	2.86%	2.42%	—	—
Capex / operating cash flow	19.2%	19.4%	17.2%	15.1%	9.06%	11%	8.67%	9.91%	7.99%	—	—
Payout ratio	26.6%	26.4%	23%	25.6%	24.5%	15.3%	14.9%	15.5%	16.3%	13.8%	12%
Dividend yield	1.96%	1.59%	1.23%	1.37%	0.7%	0.61%	0.66%	0.56%	0.43%	0.41%	0.32%

Yield

0.32%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.27

ex-dividend Aug 10, 2026

Payout ratio

12%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$0.27
May 11, 2026	$0.27
Feb 9, 2026	$0.26

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$89.5B	$119.6B	$90.8B	$85.8B	$94.9B	$124.3B	$95.4B	$94B	$102.5B	$143.8B	$111.2B	$109.4B
YoY change	-0.72%	+2.07%	-4.31%	+4.87%	+6.07%	+3.95%	+5.08%	+9.63%	+7.94%	+15.7%	+16.6%	+16.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	67.2B	74.2B	66.3B	100.6B	90.9B	62.6B	48.3B	61.6B	65.2B	54.7B
Receivables	15.8B	17.9B	23.2B	22.9B	16.1B	26.3B	28.2B	29.5B	33.4B	39.8B
Inventory	2.1B	4.9B	4B	4.1B	4.1B	6.6B	4.9B	6.3B	7.3B	5.7B
Total current assets	106.9B	128.6B	131.3B	162.8B	143.7B	134.8B	135.4B	143.6B	153B	148B
Property, plant & equipment	27B	33.8B	41.3B	37.4B	45.3B	49.5B	52.5B	54.4B	45.7B	49.8B
Goodwill & intangibles	17.2B	16B	—	—	—	—	—	—	—	—
Total assets	321.7B	375.3B	365.7B	338.5B	323.9B	351B	352.8B	352.6B	365B	359.2B
Accounts payable	37.3B	44.2B	55.9B	46.2B	42.3B	54.8B	64.1B	62.6B	69B	69.9B
Short-term debt	11.6B	18.5B	20.7B	16.2B	15.2B	17.1B	22.8B	15.8B	20.9B	20.3B
Total current liabilities	79B	100.8B	115.9B	105.7B	105.4B	125.5B	154B	145.3B	176.4B	165.6B
Long-term debt	75.4B	97.2B	93.7B	91.8B	107B	119.4B	109.7B	95.3B	85.8B	78.3B
Total liabilities	193.4B	241.3B	258.6B	248B	258.5B	287.9B	302.1B	290.4B	308B	285.5B
Shareholders' equity	128.2B	134B	107.1B	90.5B	65.3B	63.1B	50.7B	62.1B	57B	73.7B
Total debt	87B	115.7B	114.5B	108B	122.3B	136.5B	132.5B	111.1B	106.6B	98.7B
Net debt	66.5B	95.4B	88.6B	59.2B	84.3B	101.6B	108.8B	81.1B	76.7B	62.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	61.6B	73.1B	67.2B	61.8B	65.2B	53.8B	48.5B	55.4B	54.7B	66.9B	68.5B	62.4B
Receivables	29.5B	23.2B	21.8B	22.8B	33.4B	29.6B	26.1B	27.6B	39.8B	39.9B	30.3B	31.4B
Inventory	6.3B	6.5B	6.2B	6.2B	7.3B	6.9B	6.3B	5.9B	5.7B	5.9B	6.7B	11.1B
Total current assets	143.6B	143.7B	128.4B	125.4B	153B	133.2B	118.7B	122.5B	148B	158.1B	144.1B	149.8B
Property, plant & equipment	54.4B	-72.5B	-71.7B	-72.6B	45.7B	-74.5B	-74.3B	-75.8B	49.8B	-77.2B	-77.4B	-76.7B
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	21.3B	20.3B
Total assets	352.6B	353.5B	337.4B	331.6B	365B	344.1B	331.2B	331.5B	359.2B	379.3B	371.1B	383.3B
Accounts payable	62.6B	58.1B	45.8B	47.6B	69B	61.9B	54.1B	50.4B	69.9B	70.6B	57.3B	64.5B
Short-term debt	15.8B	13B	12.8B	15.1B	20.9B	12.8B	19.6B	19.3B	20.3B	13.8B	10.3B	13B
Total current liabilities	145.3B	134B	123.8B	131.6B	176.4B	144.4B	144.6B	141.1B	165.6B	162.4B	134.6B	149.3B
Long-term debt	95.3B	95.1B	91.8B	86.2B	85.8B	84B	78.6B	82.4B	78.3B	76.7B	74.4B	71.3B
Total liabilities	290.4B	279.4B	263.2B	264.9B	308B	277.3B	264.4B	265.7B	285.5B	291.1B	264.6B	275.7B
Shareholders' equity	62.1B	74.1B	74.2B	66.7B	57B	66.8B	66.8B	65.8B	73.7B	88.2B	106.5B	107.5B
Total debt	111.1B	108B	104.6B	101.3B	106.6B	96.8B	98.2B	101.7B	98.7B	90.5B	84.7B	84.3B
Net debt	81.1B	67.3B	71.9B	75.7B	76.7B	66.5B	70B	65.4B	62.7B	45.2B	39.1B	44.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	45.7B	48.4B	59.5B	55.3B	57.4B	94.7B	99.8B	97B	93.7B	112B
Depreciation & amortization	10.5B	10.2B	10.9B	12.5B	11.1B	11.3B	11.1B	11.5B	11.4B	11.7B
Stock-based compensation	4.2B	4.8B	5.3B	6.1B	6.8B	7.9B	9B	10.8B	11.7B	12.9B
Change in working capital	405M	-4.9B	34.7B	-3.5B	5.7B	-3.2B	1.7B	-6.6B	3.7B	-25B
Operating cash flow	66.2B	64.2B	77.4B	69.4B	80.7B	100.9B	123.5B	110.5B	118.3B	111.5B
Capital expenditure	-12.7B	-12.5B	-13.3B	-10.5B	-7.3B	-11.1B	-10.7B	-11B	-9.4B	—
Investing cash flow	-46B	-46.4B	16.1B	45.9B	-4.3B	-14.6B	-22.7B	3.7B	2.9B	27.9B
Dividends paid	-12.2B	-12.8B	-13.7B	-14.1B	-14.1B	-14.5B	-14.8B	-15B	-15.2B	-15.4B
Share repurchases	-29.7B	-32.9B	-72.7B	-66.9B	-72.4B	-86B	-89.4B	-77.5B	-94.9B	-90.7B
Financing cash flow	-20.9B	-18B	-87.9B	-91B	-85.9B	-92.2B	-110.7B	-108.5B	-122B	-120.7B
Net change in cash	-636M	-195M	5.6B	24.3B	-9.6B	-5.9B	-9.9B	5.8B	-794M	18.7B
Free cash flow	53.5B	51.8B	64.1B	58.9B	73.4B	93B	111.4B	99.6B	108.8B	98.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	23B	33.9B	23.6B	21.4B	14.7B	36.3B	24.8B	23.4B	27.5B	42.1B	29.6B	29.8B
Depreciation & amortization	2.7B	2.8B	2.8B	2.9B	2.9B	3.1B	2.7B	2.8B	3.1B	3.2B	3.4B	3.3B
Stock-based compensation	2.6B	3B	3B	2.9B	2.9B	3.3B	3.2B	3.2B	3.2B	3.6B	3.5B	3.4B
Change in working capital	-6.1B	1.1B	-5.8B	1.7B	6.6B	-10.8B	-6.5B	-2B	-5.7B	5.5B	-6.7B	-1.8B
Operating cash flow	21.6B	39.9B	22.7B	28.9B	26.8B	29.9B	24B	27.9B	29.7B	53.9B	28.7B	34.4B
Capital expenditure	-2.2B	-2.4B	-2B	-2.2B	-2.9B	-2.9B	-3.1B	-3.5B	—	—	—	—
Investing cash flow	2.4B	1.9B	-310M	-127M	1.4B	9.8B	2.9B	5.1B	655M	-2.5B	-4.2B	-5.3B
Dividends paid	-3.8B	-3.8B	-3.7B	-3.9B	-3.8B	-3.9B	-3.8B	-3.9B	-3.9B	-3.9B	-3.8B	-4B
Share repurchases	-21B	-20.1B	-23.2B	-26.5B	-25.1B	-23.6B	-25.9B	-21.1B	-20.1B	-24.7B	-12.3B	-25.1B
Financing cash flow	-23.2B	-34.6B	-30.4B	-35B	-22B	-47.3B	-25B	-25.4B	-27.4B	-45.6B	-22.3B	-32.6B
Net change in cash	839M	7.3B	-8.1B	-6.3B	6.3B	-7.6B	1.8B	7.5B	3B	5.8B	2.2B	-3.6B
Free cash flow	19.4B	37.5B	20.7B	26.7B	23.9B	27B	20.9B	24.4B	26.5B	51.6B	26.7B	31.9B

Date	Ratio
Aug 31, 2020	4:1
Jun 9, 2014	7:1
Feb 28, 2005	2:1
Jun 21, 2000	2:1
Jun 16, 1987	2:1

Apple Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history