Business Description
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company also offers a growing portfolio of related services, including digital content stores, streaming platforms, and payment solutions. It is best known for its flagship hardware products like the iPhone, Mac, and iPad, alongside its tightly integrated software ecosystem.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 416,161,000 | 391,035,000 | 383,285,000 | 394,328,000 |
| Cost of Sales | 220,960,000 | 210,352,000 | 214,137,000 | 223,546,000 |
| Gross Profit | 195,201,000 | 180,683,000 | 169,148,000 | 170,782,000 |
| Selling, General & Administrative Expenses | 27,601,000 | 26,097,000 | 24,932,000 | 25,094,000 |
| Research & Development Expenses | 34,550,000 | 31,370,000 | 29,915,000 | 26,251,000 |
| Operating Profit | 133,050,000 | 123,216,000 | 114,301,000 | 119,437,000 |
| Non-Operating Income | (321,000) | 269,000 | (565,000) | (334,000) |
| Total Non-Operating Income | (321,000) | 269,000 | (565,000) | (334,000) |
| Income Before Provision for Income Taxes | 132,729,000 | 123,485,000 | 113,736,000 | 119,103,000 |
| Provision for Income Taxes | 20,719,000 | 29,749,000 | 16,741,000 | 19,300,000 |
| Consolidated Net Income | 112,010,000 | 93,736,000 | 96,995,000 | 99,803,000 |
| Net Income Attributable to Common Shareholders | 112,010,000 | 93,736,000 | 96,995,000 | 99,803,000 |
| Basic EPS | 7.49 | 6.11 | 6.16 | 6.15 |
| Diluted EPS | 7.46 | 6.08 | 6.13 | 6.11 |
| Basic Weighted Average Shares Outstanding | 14,948,500 | 15,343,800 | 15,744,200 | 16,216,000 |
| Diluted Weighted Average Shares Outstanding | 15,004,700 | 15,408,100 | 15,812,500 | 16,325,800 |
| Shares Outstanding | 14,773,300 | 15,116,800 | 15,550,100 | 15,943,400 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 35,934,000 | 29,943,000 | 29,965,000 | 23,646,000 |
| Short-Term Investments | 18,763,000 | 35,228,000 | 31,590,000 | 24,658,000 |
| Total Cash and Cash Equivalents | 54,697,000 | 65,171,000 | 61,555,000 | 48,304,000 |
| Accounts Receivable | 39,777,000 | 33,410,000 | 29,508,000 | 28,184,000 |
| Other Receivables | 33,180,000 | 32,833,000 | 31,477,000 | 32,748,000 |
| Total Trade Receivables | 72,957,000 | 66,243,000 | 60,985,000 | 60,932,000 |
| Inventories | 5,718,000 | 7,286,000 | 6,331,000 | 4,946,000 |
| Other Current Assets | 14,585,000 | 14,287,000 | 14,695,000 | 21,223,000 |
| Total Current Assets | 147,957,000 | 152,987,000 | 143,566,000 | 135,405,000 |
| Net Property, Plant & Equipment | 49,834,000 | 45,680,000 | 43,715,000 | 42,117,000 |
| Long-Term Investments | 77,723,000 | 91,479,000 | 100,544,000 | 120,805,000 |
| Other Long-Term Assets | 83,727,000 | 74,834,000 | 64,758,000 | 54,428,000 |
| Total Assets | 359,241,000 | 364,980,000 | 352,583,000 | 352,755,000 |
| Accounts Payable | 69,860,000 | 68,960,000 | 62,611,000 | 64,115,000 |
| Short-Term Debt | 7,979,000 | 9,967,000 | 5,985,000 | 9,982,000 |
| Current Portion of Long-Term Debt | 12,350,000 | 10,912,000 | 9,822,000 | 11,128,000 |
| Unearned Revenue | 9,055,000 | 8,249,000 | 8,061,000 | 7,912,000 |
| Other Current Liabilities | 66,387,000 | 78,304,000 | 58,829,000 | 60,845,000 |
| Total Current Liabilities | 165,631,000 | 176,392,000 | 145,308,000 | 153,982,000 |
| Long-Term Debt | 78,328,000 | 85,750,000 | 95,281,000 | 98,959,000 |
| Other Long-Term Liabilities | 41,549,000 | 45,888,000 | 49,848,000 | 49,142,000 |
| Total Long-Term Liabilities | 119,877,000 | 131,638,000 | 145,129,000 | 148,101,000 |
| Total Liabilities | 285,508,000 | 308,030,000 | 290,437,000 | 302,083,000 |
| Common Stock | 93,568,000 | 83,276,000 | 73,812,000 | 64,849,000 |
| Accumulated Other Comprehensive Income | (5,571,000) | (7,172,000) | (11,452,000) | (11,109,000) |
| Retained Earnings | (14,264,000) | (19,154,000) | (214,000) | (3,068,000) |
| Total Common Shareholders' Equity | 73,733,000 | 56,950,000 | 62,146,000 | 50,672,000 |
| Total Shareholders' Equity | 73,733,000 | 56,950,000 | 62,146,000 | 50,672,000 |
| Total Liabilities and Shareholders' Equity | 359,241,000 | 364,980,000 | 352,583,000 | 352,755,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 112,010,000 | 93,736,000 | 96,995,000 | 99,803,000 |
| Depreciation & Amortization | 11,698,000 | 11,445,000 | 11,519,000 | 11,104,000 |
| Share-Based Compensation Expense | 12,863,000 | 11,688,000 | 10,833,000 | 9,038,000 |
| Other Adjustments | (89,000) | (2,266,000) | (2,227,000) | 1,006,000 |
| Changes in Trade Receivables | (7,029,000) | (5,144,000) | (417,000) | (9,343,000) |
| Changes in Inventories | 1,400,000 | (1,046,000) | (1,618,000) | 1,484,000 |
| Changes in Accounts Payable | 902,000 | 6,020,000 | (1,889,000) | 9,448,000 |
| Changes in Other Operating Activities | (20,273,000) | 3,821,000 | (2,653,000) | (389,000) |
| Cash from Operating Activities | 111,482,000 | 118,254,000 | 110,543,000 | 122,151,000 |
| Capital Expenditure | (12,715,000) | (9,447,000) | (10,959,000) | (10,708,000) |
| Purchases of Investments | (24,407,000) | (48,656,000) | (29,513,000) | (76,923,000) |
| Proceeds from Sale of Investments | 53,797,000 | 62,346,000 | 45,514,000 | 67,363,000 |
| Other Investing Activities | (1,480,000) | (1,308,000) | (1,337,000) | (2,086,000) |
| Cash from Investing Activities | 15,195,000 | 2,935,000 | 3,705,000 | (22,354,000) |
| Issuance of Short-Term Debt | (2,032,000) | 3,960,000 | (3,978,000) | 3,955,000 |
| Net Issuance / (Repayments) of Short-Term Debt | (2,032,000) | 3,960,000 | (3,978,000) | 3,955,000 |
| Issuance of Long-Term Debt | 4,481,000 | — | 5,228,000 | 5,465,000 |
| Repayments of Long-Term Debt | (10,932,000) | (9,958,000) | (11,151,000) | (9,543,000) |
| Net Issuance / (Repayments) of Long-Term Debt | (6,451,000) | (9,958,000) | (5,923,000) | (4,078,000) |
| Repurchases of Common Shares | (96,671,000) | (100,390,000) | (82,981,000) | (95,625,000) |
| Net Issuance / (Repurchases) of Common Shares | (96,671,000) | (100,390,000) | (82,981,000) | (95,625,000) |
| Common Share Dividends Paid | (15,421,000) | (15,234,000) | (15,025,000) | (14,841,000) |
| Other Financing Activities | (111,000) | (361,000) | (581,000) | (160,000) |
| Cash from Financing Activities | (120,686,000) | (121,983,000) | (108,488,000) | (110,749,000) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 5,991,000 | (794,000) | 5,760,000 | (10,952,000) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $3773.98B |
| P/E | 34.24x |
| P/S | 9.07x |
| EV/EBITDA | 26.38x |
| Return on Equity | 171.4% |
| Return on Invested Capital | 48.3% |
| Current Ratio | 0.89x |
| Dividend Yield | 0.4% |
| Free Cash Flow Margin | 23.7% |
Margins
Gross margin
46.9%
Operating margin
32.0%
Net margin
26.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $111.18B | +16.6% | 32.3% | $35.88B |
| Q1 2026 | $143.76B | +15.7% | 35.4% | $50.85B |
| Q4 2025 | $102.47B | +7.9% | 31.6% | $32.43B |
| Q3 2025 | $94.04B | +9.6% | 30.0% | $28.20B |
| Q2 2025 | $95.36B | — | 31.0% | $29.59B |
| Q1 2025 | $124.30B | — | 34.5% | $42.83B |
| Q4 2024 | $94.93B | — | 31.2% | $29.59B |
| Q3 2024 | $85.78B | — | 29.6% | $25.35B |
More on Apple Inc.
Figures compiled from public company filings.
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