Apple Inc. (AAPL) 10-Year Financial Performance & Capital Metrics

AAPL •

TechnologyConsumer ElectronicsSmartphones, tablets, and ecosystems

AboutApple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod. It also provides AppleCare support and cloud services; and operates various platforms, including the App Store that allow customers to discover and download applications and digital content, such as books, music, video, games, and podcasts, as well as advertising services include third-party licensing arrangements and its own advertising platforms. In addition, the company offers various subscription-based services, such as Apple Arcade, a game subscription service; Apple Fitness+, a personalized fitness service; Apple Music, which offers users a curated listening experience with on-demand radio stations; Apple News+, a subscription news and magazine service; Apple TV+, which offers exclusive original content; Apple Card, a co-branded credit card; and Apple Pay, a cashless payment service, as well as licenses its intellectual property. The company serves consumers, and small and mid-sized businesses; and the education, enterprise, and government markets. It distributes third-party applications for its products through the App Store. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers, wholesalers, retailers, and resellers. Apple Inc. was founded in 1976 and is headquartered in Cupertino, California.Show more

Revenue $416.16B +6.4%
EBITDA $144.75B +7.5%
Net Income $112.01B +19.5%
EPS (Diluted) 7.46 +22.7%
Gross Margin 46.91% +1.5%
EBITDA Margin 34.78% +1.0%
Operating Margin 31.97% +1.5%
Net Margin 26.92% +12.3%
ROE 171.42% +8.9%
ROIC 64.47% +5.4%
Debt/Equity 1.67 -20.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 166.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 23.7% free cash flow margin
✓14 consecutive years of dividend growth
✓Share count reduced 2.6% through buybacks
✓Healthy 5Y average net margin of 25.5%

✗Weaknesses

✗Expensive at 53.8x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.94%

5Y8.68%

3Y1.81%

TTM10.07%

Profit (Net Income) CAGR

10Y7.69%

5Y14.3%

3Y3.92%

TTM22.49%

EPS CAGR

10Y12.49%

5Y17.86%

3Y6.88%

TTM25.56%

ROCE

10Y Avg42.67%

5Y Avg58.71%

3Y Avg62.72%

Latest69.62%

Peer Comparison

Smartphones, tablets, and ecosystems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AAPLApple Inc.	3.88T	264.18	35.41	6.43%	27.04%	133.55%	2.54%	1.67
WTOUTime Limited	7.08M	3.64	-0.00	45.8%	-67.42%	-67.57%
FOXXFoxx Development Holdings Inc.	36.28M	5.35	-3.64	19.41%	-15.26%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	215.64B	229.23B	265.6B	260.17B	274.51B	365.82B	394.33B	383.29B	391.04B	416.16B
Revenue Growth %	-7.73%	6.3%	15.86%	-2.04%	5.51%	33.26%	7.79%	-2.8%	2.02%	6.43%
Cost of Goods Sold+	131.38B	141.05B	163.76B	161.78B	169.56B	212.98B	223.55B	214.14B	210.35B	220.96B
COGS % of Revenue	60.92%	61.53%	61.66%	62.18%	61.77%	58.22%	56.69%	55.87%	53.79%	53.09%
Gross Profit+	84.26B	88.19B	101.84B	98.39B	104.96B	152.84B	170.78B	169.15B	180.68B	195.2B
Gross Margin %	39.08%	38.47%	38.34%	37.82%	38.23%	41.78%	43.31%	44.13%	46.21%	46.91%
Gross Profit Growth %	-10%	4.66%	15.48%	-3.38%	6.67%	45.62%	11.74%	-0.96%	6.82%	8.04%
Operating Expenses+	24.24B	26.84B	30.94B	34.46B	38.67B	43.89B	51.34B	54.85B	57.47B	62.15B
OpEx % of Revenue	11.24%	11.71%	11.65%	13.25%	14.09%	12%	13.02%	14.31%	14.7%	14.93%
Selling, General & Admin	14.19B	15.26B	16.7B	18.25B	19.92B	21.97B	25.09B	24.93B	26.1B	27.6B
SG&A % of Revenue	6.58%	6.66%	6.29%	7.01%	7.26%	6.01%	6.36%	6.5%	6.67%	6.63%
Research & Development	10.04B	11.58B	14.24B	16.22B	18.75B	21.91B	26.25B	29.91B	31.37B	34.55B
R&D % of Revenue	4.66%	5.05%	5.36%	6.23%	6.83%	5.99%	6.66%	7.8%	8.02%	8.3%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	60.02B	61.34B	70.9B	63.93B	66.29B	108.95B	119.44B	114.3B	123.22B	133.05B
Operating Margin %	27.84%	26.76%	26.69%	24.57%	24.15%	29.78%	30.29%	29.82%	31.51%	31.97%
Operating Income Growth %	-15.73%	2.2%	15.57%	-9.83%	3.69%	64.36%	9.63%	-4.3%	7.8%	7.98%
EBITDA+	70.53B	71.5B	81.8B	76.48B	77.34B	120.23B	130.54B	125.82B	134.66B	144.75B
EBITDA Margin %	32.71%	31.19%	30.8%	29.39%	28.17%	32.87%	33.1%	32.83%	34.44%	34.78%
EBITDA Growth %	-14.5%	1.38%	14.41%	-6.51%	1.13%	55.45%	8.57%	-3.62%	7.03%	7.49%
D&A (Non-Cash Add-back)	10.51B	10.16B	10.9B	12.55B	11.06B	11.28B	11.1B	11.52B	11.45B	11.7B
EBIT	62.83B	66.41B	76.14B	69.31B	69.96B	111.85B	122.03B	117.67B	123.22B	132.73B
Net Interest Income+	2.54B	2.88B	2.45B	1.39B	890M	198M	-106M	-183M	0	0
Interest Income	4B	5.2B	5.69B	4.96B	3.76B	2.84B	2.83B	3.75B	0	0
Interest Expense	1.46B	2.32B	3.24B	3.58B	2.87B	2.65B	2.93B	3.93B	0	0
Other Income/Expense	1.35B	2.75B	2B	1.81B	803M	258M	-334M	-565M	269M	-321M
Pretax Income+	61.37B	64.09B	72.9B	65.74B	67.09B	109.21B	119.1B	113.74B	123.48B	132.73B
Pretax Margin %	28.46%	27.96%	27.45%	25.27%	24.44%	29.85%	30.2%	29.67%	31.58%	31.89%
Income Tax+	15.69B	15.74B	13.37B	10.48B	9.68B	14.53B	19.3B	16.74B	29.75B	20.72B
Effective Tax Rate %	74.44%	75.44%	81.66%	84.06%	85.57%	86.7%	83.8%	85.28%	75.91%	84.39%
Net Income+	45.69B	48.35B	59.53B	55.26B	57.41B	94.68B	99.8B	97B	93.74B	112.01B
Net Margin %	21.19%	21.09%	22.41%	21.24%	20.91%	25.88%	25.31%	25.31%	23.97%	26.92%
Net Income Growth %	-14.43%	5.83%	23.12%	-7.18%	3.9%	64.92%	5.41%	-2.81%	-3.36%	19.5%
Net Income (Continuing)	45.69B	48.35B	59.53B	55.26B	57.41B	94.68B	99.8B	97B	93.74B	112.01B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.08	2.30	2.98	2.97	3.28	5.61	6.11	6.13	6.08	7.46
EPS Growth %	-9.57%	10.58%	29.57%	-0.34%	10.44%	71.04%	8.91%	0.33%	-0.82%	22.7%
EPS (Basic)	2.09	2.32	3.00	2.99	3.31	5.67	6.15	6.16	6.11	7.49
Diluted Shares Outstanding	22B	21.01B	20B	18.6B	17.53B	16.86B	16.33B	15.81B	15.41B	15B
Basic Shares Outstanding	21.88B	20.87B	19.82B	18.47B	17.35B	16.7B	16.22B	15.74B	15.34B	14.95B
Dividend Payout Ratio	26.59%	26.41%	23.03%	25.55%	24.53%	15.28%	14.87%	15.49%	16.25%	13.77%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	106.87B	128.65B	131.34B	162.82B	143.71B	134.84B	135.41B	143.57B	152.99B	147.96B
Cash & Short-Term Investments	67.16B	74.18B	66.3B	100.56B	90.94B	62.64B	48.3B	61.55B	65.17B	54.7B
Cash Only	20.48B	20.29B	25.91B	48.84B	38.02B	34.94B	23.65B	29.96B	29.94B	33.54B
Short-Term Investments	46.67B	53.89B	40.39B	51.71B	52.93B	27.7B	24.66B	31.59B	35.23B	21.16B
Accounts Receivable	29.3B	35.67B	48.99B	45.8B	37.45B	51.51B	60.93B	60.98B	66.24B	72.96B
Days Sales Outstanding	49.59	56.8	67.33	64.26	49.79	51.39	56.4	58.08	61.83	63.99
Inventory	2.13B	4.86B	3.96B	4.11B	4.06B	6.58B	4.95B	6.33B	7.29B	5.72B
Days Inventory Outstanding	5.92	12.56	8.82	9.26	8.74	11.28	8.08	10.79	12.64	9.45
Other Current Assets	8.28B	13.94B	12.09B	12.35B	11.26B	14.11B	21.22B	14.7B	14.29B	14.59B
Total Non-Current Assets+	214.82B	246.67B	234.39B	175.7B	180.18B	216.17B	217.35B	209.02B	211.99B	211.28B
Property, Plant & Equipment	27.01B	33.78B	41.3B	37.38B	45.34B	49.53B	52.53B	54.38B	45.68B	61.04B
Fixed Asset Turnover	7.98x	6.79x	6.43x	6.96x	6.06x	7.39x	7.51x	7.05x	8.56x	6.82x
Goodwill	5.41B	5.72B	0	0	0	0	0	0	0	0
Intangible Assets	3.21B	2.3B	0	0	0	0	0	0	0	0
Long-Term Investments	170.43B	194.71B	170.8B	105.34B	100.89B	127.88B	120.81B	100.54B	91.48B	77.72B
Other Non-Current Assets	8.76B	18.18B	22.28B	32.98B	33.95B	38.76B	28.64B	36.24B	55.34B	51.74B
Total Assets+	321.69B	375.32B	365.73B	338.52B	323.89B	351B	352.75B	352.58B	364.98B	359.24B
Asset Turnover	0.67x	0.61x	0.73x	0.77x	0.85x	1.04x	1.12x	1.09x	1.07x	1.16x
Asset Growth %	10.79%	16.67%	-2.56%	-7.44%	-4.32%	8.37%	0.5%	-0.05%	3.52%	-1.57%
Total Current Liabilities+	79.01B	100.81B	115.93B	105.72B	105.39B	125.48B	153.98B	145.31B	176.39B	165.63B
Accounts Payable	37.29B	44.24B	55.89B	46.24B	42.3B	54.76B	64.11B	62.61B	68.96B	69.86B
Days Payables Outstanding	103.61	114.49	124.57	104.31	91.05	93.85	104.69	106.72	119.66	115.4
Short-Term Debt	11.61B	18.47B	20.75B	16.24B	13.77B	15.61B	21.11B	15.81B	20.88B	22.45B
Deferred Revenue (Current)	8.08B	7.55B	5.97B	5.52B	6.64B	7.61B	7.91B	8.06B	8.25B	9.05B
Other Current Liabilities	163M	4.81B	33.33B	37.72B	41.22B	45.97B	52.63B	48.44B	50.07B	51.25B
Current Ratio	1.35x	1.28x	1.13x	1.54x	1.36x	1.07x	0.88x	0.99x	0.87x	0.89x
Quick Ratio	1.33x	1.23x	1.10x	1.50x	1.33x	1.02x	0.85x	0.94x	0.83x	0.86x
Cash Conversion Cycle	-48.1	-45.12	-48.42	-30.79	-32.52	-31.18	-40.21	-37.85	-45.18	-41.97
Total Non-Current Liabilities+	114.43B	140.46B	142.65B	142.31B	153.16B	162.43B	148.1B	145.13B	131.64B	119.88B
Long-Term Debt	75.43B	97.21B	93.73B	91.81B	98.67B	109.11B	98.96B	95.28B	85.75B	89.24B
Capital Lease Obligations	0	0	0	0	8.38B	10.28B	10.75B	11.27B	10.8B	11.6B
Deferred Tax Liabilities	26.02B	31.5B	426M	0	0	0	0	0	0	0
Other Non-Current Liabilities	10.05B	8.91B	45.69B	50.5B	46.11B	43.05B	38.39B	38.58B	35.09B	19.04B
Total Liabilities	193.44B	241.27B	258.58B	248.03B	258.55B	287.91B	302.08B	290.44B	308.03B	285.51B
Total Debt+	87.03B	115.68B	114.48B	108.05B	122.28B	136.52B	132.48B	123.93B	119.06B	123.29B
Net Debt	66.55B	95.39B	88.57B	59.2B	84.26B	101.58B	108.83B	93.97B	89.12B	89.75B
Debt / Equity	0.68x	0.86x	1.07x	1.19x	1.87x	2.16x	2.61x	1.99x	2.09x	1.67x
Debt / EBITDA	1.23x	1.62x	1.40x	1.41x	1.58x	1.14x	1.01x	0.98x	0.88x	0.85x
Net Debt / EBITDA	0.94x	1.33x	1.08x	0.77x	1.09x	0.84x	0.83x	0.75x	0.66x	0.62x
Interest Coverage	41.23x	26.41x	21.88x	17.88x	23.07x	41.19x	40.75x	29.06x	-	-
Total Equity+	128.25B	134.05B	107.15B	90.49B	65.34B	63.09B	50.67B	62.15B	56.95B	73.73B
Equity Growth %	7.45%	4.52%	-20.07%	-15.55%	-27.79%	-3.44%	-19.68%	22.64%	-8.36%	29.47%
Book Value per Share	5.83	6.38	5.36	4.87	3.73	3.74	3.10	3.93	3.70	4.91
Total Shareholders' Equity	128.25B	134.05B	107.15B	90.49B	65.34B	63.09B	50.67B	62.15B	56.95B	73.73B
Common Stock	31.25B	35.87B	40.2B	45.17B	50.78B	57.37B	64.85B	73.81B	83.28B	93.57B
Retained Earnings	96.36B	98.33B	70.4B	45.9B	14.97B	5.56B	-3.07B	-214M	-19.15B	-14.26B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	634M	-150M	-3.45B	-584M	-406M	163M	-11.11B	-11.45B	-7.17B	-5.57B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	66.23B	64.22B	77.43B	69.39B	80.67B	104.04B	122.15B	110.54B	118.25B	111.48B
Operating CF Margin %	30.71%	28.02%	29.15%	26.67%	29.39%	28.44%	30.98%	28.84%	30.24%	26.79%
Operating CF Growth %	-18.5%	-3.03%	20.57%	-10.39%	16.26%	28.96%	17.41%	-9.5%	6.98%	-5.73%
Net Income	45.69B	48.35B	59.53B	55.26B	57.41B	94.68B	99.8B	97B	93.74B	112.01B
Depreciation & Amortization	10.51B	10.16B	10.9B	12.55B	11.06B	11.28B	11.1B	11.52B	11.45B	11.7B
Stock-Based Compensation	4.21B	4.84B	5.34B	6.07B	6.83B	7.91B	9.04B	10.83B	11.69B	12.86B
Deferred Taxes	4.94B	5.97B	-32.59B	-340M	-215M	-4.77B	895M	0	0	0
Other Non-Cash Items	486M	-166M	-444M	-652M	-97M	-147M	111M	-2.23B	-2.27B	-89M
Working Capital Changes	405M	-4.92B	34.69B	-3.49B	5.69B	-4.91B	1.2B	-6.58B	3.65B	-25B
Change in Receivables	476M	-6.35B	-13.33B	3.18B	8.47B	-14.03B	-9.34B	-417M	-5.14B	-6.68B
Change in Inventory	217M	-2.72B	828M	-289M	-127M	-2.64B	1.48B	-1.62B	-1.05B	1.4B
Change in Payables	2.12B	8.97B	9.18B	-1.92B	-4.06B	12.33B	9.45B	-1.89B	6.02B	902M
Cash from Investing+	-45.98B	-46.45B	16.07B	45.9B	-4.29B	-14.54B	-22.35B	3.71B	2.94B	15.2B
Capital Expenditures	-13.55B	-12.79B	-13.31B	-10.49B	-7.31B	-11.09B	-10.71B	-10.96B	-9.45B	-12.71B
CapEx % of Revenue	6.28%	5.58%	5.01%	4.03%	2.66%	3.03%	2.72%	2.86%	2.42%	3.06%
Acquisitions	-297M	-329M	-721M	-624M	-1.52B	-33M	-306M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-924M	-124M	-745M	-1.08B	-909M	-352M	-1.78B	-1.34B	-1.31B	-1.48B
Cash from Financing+	-20.89B	-17.97B	-87.88B	-90.98B	-86.82B	-93.35B	-110.75B	-108.49B	-121.98B	-120.69B
Debt Issued (Net)	22.06B	25.16B	432M	-7.82B	2.5B	12.66B	-123M	-9.9B	-6B	-8.48B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-12.15B	-12.77B	-13.71B	-14.12B	-14.08B	-14.47B	-14.84B	-15.03B	-15.23B	-15.42B
Share Repurchases	-29.72B	-32.9B	-72.74B	-66.9B	-72.36B	-85.97B	-89.4B	-77.55B	-94.95B	-90.71B
Other Financing	495M	4.41B	-2.53B	-2.92B	-3.76B	-6.68B	-6.38B	-6.01B	-5.8B	-6.07B
Net Change in Cash	-636M	-195M	5.62B	24.31B	-10.44B	-3.86B	-10.95B	5.76B	-794M	5.99B
Free Cash Flow+	52.68B	51.43B	64.12B	58.9B	73.36B	92.95B	111.44B	99.58B	108.81B	98.77B
FCF Margin %	24.43%	22.44%	24.14%	22.64%	26.73%	25.41%	28.26%	25.98%	27.83%	23.73%
FCF Growth %	-24.5%	-2.38%	24.68%	-8.15%	24.57%	26.7%	19.89%	-10.64%	9.26%	-9.23%
FCF per Share	2.39	2.45	3.21	3.17	4.19	5.51	6.83	6.30	7.06	6.58
FCF Conversion (FCF/Net Income)	1.45x	1.33x	1.30x	1.26x	1.41x	1.10x	1.22x	1.14x	1.26x	1.00x
Interest Paid	1.32B	2.09B	3.02B	3.42B	3B	2.69B	2.87B	3.8B	0	0
Taxes Paid	10.44B	11.59B	10.42B	15.26B	9.5B	25.39B	19.57B	18.68B	26.1B	43.37B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	36.9%	36.87%	49.36%	55.92%	73.69%	147.44%	175.46%	171.95%	157.41%	171.42%
Return on Invested Capital (ROIC)	25.19%	21.69%	25.01%	27.76%	33.22%	52%	55.26%	54.32%	61.16%	64.47%
Gross Margin	39.08%	38.47%	38.34%	37.82%	38.23%	41.78%	43.31%	44.13%	46.21%	46.91%
Net Margin	21.19%	21.09%	22.41%	21.24%	20.91%	25.88%	25.31%	25.31%	23.97%	26.92%
Debt / Equity	0.68x	0.86x	1.07x	1.19x	1.87x	2.16x	2.61x	1.99x	2.09x	1.67x
Interest Coverage	41.23x	26.41x	21.88x	17.88x	23.07x	41.19x	40.75x	29.06x	-	-
FCF Conversion	1.45x	1.33x	1.30x	1.26x	1.41x	1.10x	1.22x	1.14x	1.26x	1.00x
Revenue Growth	-7.73%	6.3%	15.86%	-2.04%	5.51%	33.26%	7.79%	-2.8%	2.02%	6.43%

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Apple Inc. (AAPL) 10-Year Financial Performance & Capital Metrics

AAPL •

TechnologyConsumer ElectronicsSmartphones, tablets, and ecosystems

Revenue $416.16B +6.4%
EBITDA $144.75B +7.5%
Net Income $112.01B +19.5%
EPS (Diluted) 7.46 +22.7%
Gross Margin 46.91% +1.5%
EBITDA Margin 34.78% +1.0%
Operating Margin 31.97% +1.5%
Net Margin 26.92% +12.3%
ROE 171.42% +8.9%
ROIC 64.47% +5.4%
Debt/Equity 1.67 -20.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 166.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 23.7% free cash flow margin
✓14 consecutive years of dividend growth
✓Share count reduced 2.6% through buybacks
✓Healthy 5Y average net margin of 25.5%

✗Weaknesses

✗Expensive at 53.8x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.94%

5Y8.68%

3Y1.81%

TTM10.07%

Profit (Net Income) CAGR

10Y7.69%

5Y14.3%

3Y3.92%

TTM22.49%

EPS CAGR

10Y12.49%

5Y17.86%

3Y6.88%

TTM25.56%

ROCE

10Y Avg42.67%

5Y Avg58.71%

3Y Avg62.72%

Latest69.62%

Peer Comparison

Smartphones, tablets, and ecosystems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AAPLApple Inc.	3.88T	264.18	35.41	6.43%	27.04%	133.55%	2.54%	1.67
WTOUTime Limited	7.08M	3.64	-0.00	45.8%	-67.42%	-67.57%
FOXXFoxx Development Holdings Inc.	36.28M	5.35	-3.64	19.41%	-15.26%

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	215.64B	229.23B	265.6B	260.17B	274.51B	365.82B	394.33B	383.29B	391.04B	416.16B
Revenue Growth %	-7.73%	6.3%	15.86%	-2.04%	5.51%	33.26%	7.79%	-2.8%	2.02%	6.43%
Cost of Goods Sold+	131.38B	141.05B	163.76B	161.78B	169.56B	212.98B	223.55B	214.14B	210.35B	220.96B
COGS % of Revenue	60.92%	61.53%	61.66%	62.18%	61.77%	58.22%	56.69%	55.87%	53.79%	53.09%
Gross Profit+	84.26B	88.19B	101.84B	98.39B	104.96B	152.84B	170.78B	169.15B	180.68B	195.2B
Gross Margin %	39.08%	38.47%	38.34%	37.82%	38.23%	41.78%	43.31%	44.13%	46.21%	46.91%
Gross Profit Growth %	-10%	4.66%	15.48%	-3.38%	6.67%	45.62%	11.74%	-0.96%	6.82%	8.04%
Operating Expenses+	24.24B	26.84B	30.94B	34.46B	38.67B	43.89B	51.34B	54.85B	57.47B	62.15B
OpEx % of Revenue	11.24%	11.71%	11.65%	13.25%	14.09%	12%	13.02%	14.31%	14.7%	14.93%
Selling, General & Admin	14.19B	15.26B	16.7B	18.25B	19.92B	21.97B	25.09B	24.93B	26.1B	27.6B
SG&A % of Revenue	6.58%	6.66%	6.29%	7.01%	7.26%	6.01%	6.36%	6.5%	6.67%	6.63%
Research & Development	10.04B	11.58B	14.24B	16.22B	18.75B	21.91B	26.25B	29.91B	31.37B	34.55B
R&D % of Revenue	4.66%	5.05%	5.36%	6.23%	6.83%	5.99%	6.66%	7.8%	8.02%	8.3%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	60.02B	61.34B	70.9B	63.93B	66.29B	108.95B	119.44B	114.3B	123.22B	133.05B
Operating Margin %	27.84%	26.76%	26.69%	24.57%	24.15%	29.78%	30.29%	29.82%	31.51%	31.97%
Operating Income Growth %	-15.73%	2.2%	15.57%	-9.83%	3.69%	64.36%	9.63%	-4.3%	7.8%	7.98%
EBITDA+	70.53B	71.5B	81.8B	76.48B	77.34B	120.23B	130.54B	125.82B	134.66B	144.75B
EBITDA Margin %	32.71%	31.19%	30.8%	29.39%	28.17%	32.87%	33.1%	32.83%	34.44%	34.78%
EBITDA Growth %	-14.5%	1.38%	14.41%	-6.51%	1.13%	55.45%	8.57%	-3.62%	7.03%	7.49%
D&A (Non-Cash Add-back)	10.51B	10.16B	10.9B	12.55B	11.06B	11.28B	11.1B	11.52B	11.45B	11.7B
EBIT	62.83B	66.41B	76.14B	69.31B	69.96B	111.85B	122.03B	117.67B	123.22B	132.73B
Net Interest Income+	2.54B	2.88B	2.45B	1.39B	890M	198M	-106M	-183M	0	0
Interest Income	4B	5.2B	5.69B	4.96B	3.76B	2.84B	2.83B	3.75B	0	0
Interest Expense	1.46B	2.32B	3.24B	3.58B	2.87B	2.65B	2.93B	3.93B	0	0
Other Income/Expense	1.35B	2.75B	2B	1.81B	803M	258M	-334M	-565M	269M	-321M
Pretax Income+	61.37B	64.09B	72.9B	65.74B	67.09B	109.21B	119.1B	113.74B	123.48B	132.73B
Pretax Margin %	28.46%	27.96%	27.45%	25.27%	24.44%	29.85%	30.2%	29.67%	31.58%	31.89%
Income Tax+	15.69B	15.74B	13.37B	10.48B	9.68B	14.53B	19.3B	16.74B	29.75B	20.72B
Effective Tax Rate %	74.44%	75.44%	81.66%	84.06%	85.57%	86.7%	83.8%	85.28%	75.91%	84.39%
Net Income+	45.69B	48.35B	59.53B	55.26B	57.41B	94.68B	99.8B	97B	93.74B	112.01B
Net Margin %	21.19%	21.09%	22.41%	21.24%	20.91%	25.88%	25.31%	25.31%	23.97%	26.92%
Net Income Growth %	-14.43%	5.83%	23.12%	-7.18%	3.9%	64.92%	5.41%	-2.81%	-3.36%	19.5%
Net Income (Continuing)	45.69B	48.35B	59.53B	55.26B	57.41B	94.68B	99.8B	97B	93.74B	112.01B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.08	2.30	2.98	2.97	3.28	5.61	6.11	6.13	6.08	7.46
EPS Growth %	-9.57%	10.58%	29.57%	-0.34%	10.44%	71.04%	8.91%	0.33%	-0.82%	22.7%
EPS (Basic)	2.09	2.32	3.00	2.99	3.31	5.67	6.15	6.16	6.11	7.49
Diluted Shares Outstanding	22B	21.01B	20B	18.6B	17.53B	16.86B	16.33B	15.81B	15.41B	15B
Basic Shares Outstanding	21.88B	20.87B	19.82B	18.47B	17.35B	16.7B	16.22B	15.74B	15.34B	14.95B
Dividend Payout Ratio	26.59%	26.41%	23.03%	25.55%	24.53%	15.28%	14.87%	15.49%	16.25%	13.77%

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	106.87B	128.65B	131.34B	162.82B	143.71B	134.84B	135.41B	143.57B	152.99B	147.96B
Cash & Short-Term Investments	67.16B	74.18B	66.3B	100.56B	90.94B	62.64B	48.3B	61.55B	65.17B	54.7B
Cash Only	20.48B	20.29B	25.91B	48.84B	38.02B	34.94B	23.65B	29.96B	29.94B	33.54B
Short-Term Investments	46.67B	53.89B	40.39B	51.71B	52.93B	27.7B	24.66B	31.59B	35.23B	21.16B
Accounts Receivable	29.3B	35.67B	48.99B	45.8B	37.45B	51.51B	60.93B	60.98B	66.24B	72.96B
Days Sales Outstanding	49.59	56.8	67.33	64.26	49.79	51.39	56.4	58.08	61.83	63.99
Inventory	2.13B	4.86B	3.96B	4.11B	4.06B	6.58B	4.95B	6.33B	7.29B	5.72B
Days Inventory Outstanding	5.92	12.56	8.82	9.26	8.74	11.28	8.08	10.79	12.64	9.45
Other Current Assets	8.28B	13.94B	12.09B	12.35B	11.26B	14.11B	21.22B	14.7B	14.29B	14.59B
Total Non-Current Assets+	214.82B	246.67B	234.39B	175.7B	180.18B	216.17B	217.35B	209.02B	211.99B	211.28B
Property, Plant & Equipment	27.01B	33.78B	41.3B	37.38B	45.34B	49.53B	52.53B	54.38B	45.68B	61.04B
Fixed Asset Turnover	7.98x	6.79x	6.43x	6.96x	6.06x	7.39x	7.51x	7.05x	8.56x	6.82x
Goodwill	5.41B	5.72B	0	0	0	0	0	0	0	0
Intangible Assets	3.21B	2.3B	0	0	0	0	0	0	0	0
Long-Term Investments	170.43B	194.71B	170.8B	105.34B	100.89B	127.88B	120.81B	100.54B	91.48B	77.72B
Other Non-Current Assets	8.76B	18.18B	22.28B	32.98B	33.95B	38.76B	28.64B	36.24B	55.34B	51.74B
Total Assets+	321.69B	375.32B	365.73B	338.52B	323.89B	351B	352.75B	352.58B	364.98B	359.24B
Asset Turnover	0.67x	0.61x	0.73x	0.77x	0.85x	1.04x	1.12x	1.09x	1.07x	1.16x
Asset Growth %	10.79%	16.67%	-2.56%	-7.44%	-4.32%	8.37%	0.5%	-0.05%	3.52%	-1.57%
Total Current Liabilities+	79.01B	100.81B	115.93B	105.72B	105.39B	125.48B	153.98B	145.31B	176.39B	165.63B
Accounts Payable	37.29B	44.24B	55.89B	46.24B	42.3B	54.76B	64.11B	62.61B	68.96B	69.86B
Days Payables Outstanding	103.61	114.49	124.57	104.31	91.05	93.85	104.69	106.72	119.66	115.4
Short-Term Debt	11.61B	18.47B	20.75B	16.24B	13.77B	15.61B	21.11B	15.81B	20.88B	22.45B
Deferred Revenue (Current)	8.08B	7.55B	5.97B	5.52B	6.64B	7.61B	7.91B	8.06B	8.25B	9.05B
Other Current Liabilities	163M	4.81B	33.33B	37.72B	41.22B	45.97B	52.63B	48.44B	50.07B	51.25B
Current Ratio	1.35x	1.28x	1.13x	1.54x	1.36x	1.07x	0.88x	0.99x	0.87x	0.89x
Quick Ratio	1.33x	1.23x	1.10x	1.50x	1.33x	1.02x	0.85x	0.94x	0.83x	0.86x
Cash Conversion Cycle	-48.1	-45.12	-48.42	-30.79	-32.52	-31.18	-40.21	-37.85	-45.18	-41.97
Total Non-Current Liabilities+	114.43B	140.46B	142.65B	142.31B	153.16B	162.43B	148.1B	145.13B	131.64B	119.88B
Long-Term Debt	75.43B	97.21B	93.73B	91.81B	98.67B	109.11B	98.96B	95.28B	85.75B	89.24B
Capital Lease Obligations	0	0	0	0	8.38B	10.28B	10.75B	11.27B	10.8B	11.6B
Deferred Tax Liabilities	26.02B	31.5B	426M	0	0	0	0	0	0	0
Other Non-Current Liabilities	10.05B	8.91B	45.69B	50.5B	46.11B	43.05B	38.39B	38.58B	35.09B	19.04B
Total Liabilities	193.44B	241.27B	258.58B	248.03B	258.55B	287.91B	302.08B	290.44B	308.03B	285.51B
Total Debt+	87.03B	115.68B	114.48B	108.05B	122.28B	136.52B	132.48B	123.93B	119.06B	123.29B
Net Debt	66.55B	95.39B	88.57B	59.2B	84.26B	101.58B	108.83B	93.97B	89.12B	89.75B
Debt / Equity	0.68x	0.86x	1.07x	1.19x	1.87x	2.16x	2.61x	1.99x	2.09x	1.67x
Debt / EBITDA	1.23x	1.62x	1.40x	1.41x	1.58x	1.14x	1.01x	0.98x	0.88x	0.85x
Net Debt / EBITDA	0.94x	1.33x	1.08x	0.77x	1.09x	0.84x	0.83x	0.75x	0.66x	0.62x
Interest Coverage	41.23x	26.41x	21.88x	17.88x	23.07x	41.19x	40.75x	29.06x	-	-
Total Equity+	128.25B	134.05B	107.15B	90.49B	65.34B	63.09B	50.67B	62.15B	56.95B	73.73B
Equity Growth %	7.45%	4.52%	-20.07%	-15.55%	-27.79%	-3.44%	-19.68%	22.64%	-8.36%	29.47%
Book Value per Share	5.83	6.38	5.36	4.87	3.73	3.74	3.10	3.93	3.70	4.91
Total Shareholders' Equity	128.25B	134.05B	107.15B	90.49B	65.34B	63.09B	50.67B	62.15B	56.95B	73.73B
Common Stock	31.25B	35.87B	40.2B	45.17B	50.78B	57.37B	64.85B	73.81B	83.28B	93.57B
Retained Earnings	96.36B	98.33B	70.4B	45.9B	14.97B	5.56B	-3.07B	-214M	-19.15B	-14.26B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	634M	-150M	-3.45B	-584M	-406M	163M	-11.11B	-11.45B	-7.17B	-5.57B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	66.23B	64.22B	77.43B	69.39B	80.67B	104.04B	122.15B	110.54B	118.25B	111.48B
Operating CF Margin %	30.71%	28.02%	29.15%	26.67%	29.39%	28.44%	30.98%	28.84%	30.24%	26.79%
Operating CF Growth %	-18.5%	-3.03%	20.57%	-10.39%	16.26%	28.96%	17.41%	-9.5%	6.98%	-5.73%
Net Income	45.69B	48.35B	59.53B	55.26B	57.41B	94.68B	99.8B	97B	93.74B	112.01B
Depreciation & Amortization	10.51B	10.16B	10.9B	12.55B	11.06B	11.28B	11.1B	11.52B	11.45B	11.7B
Stock-Based Compensation	4.21B	4.84B	5.34B	6.07B	6.83B	7.91B	9.04B	10.83B	11.69B	12.86B
Deferred Taxes	4.94B	5.97B	-32.59B	-340M	-215M	-4.77B	895M	0	0	0
Other Non-Cash Items	486M	-166M	-444M	-652M	-97M	-147M	111M	-2.23B	-2.27B	-89M
Working Capital Changes	405M	-4.92B	34.69B	-3.49B	5.69B	-4.91B	1.2B	-6.58B	3.65B	-25B
Change in Receivables	476M	-6.35B	-13.33B	3.18B	8.47B	-14.03B	-9.34B	-417M	-5.14B	-6.68B
Change in Inventory	217M	-2.72B	828M	-289M	-127M	-2.64B	1.48B	-1.62B	-1.05B	1.4B
Change in Payables	2.12B	8.97B	9.18B	-1.92B	-4.06B	12.33B	9.45B	-1.89B	6.02B	902M
Cash from Investing+	-45.98B	-46.45B	16.07B	45.9B	-4.29B	-14.54B	-22.35B	3.71B	2.94B	15.2B
Capital Expenditures	-13.55B	-12.79B	-13.31B	-10.49B	-7.31B	-11.09B	-10.71B	-10.96B	-9.45B	-12.71B
CapEx % of Revenue	6.28%	5.58%	5.01%	4.03%	2.66%	3.03%	2.72%	2.86%	2.42%	3.06%
Acquisitions	-297M	-329M	-721M	-624M	-1.52B	-33M	-306M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-924M	-124M	-745M	-1.08B	-909M	-352M	-1.78B	-1.34B	-1.31B	-1.48B
Cash from Financing+	-20.89B	-17.97B	-87.88B	-90.98B	-86.82B	-93.35B	-110.75B	-108.49B	-121.98B	-120.69B
Debt Issued (Net)	22.06B	25.16B	432M	-7.82B	2.5B	12.66B	-123M	-9.9B	-6B	-8.48B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-12.15B	-12.77B	-13.71B	-14.12B	-14.08B	-14.47B	-14.84B	-15.03B	-15.23B	-15.42B
Share Repurchases	-29.72B	-32.9B	-72.74B	-66.9B	-72.36B	-85.97B	-89.4B	-77.55B	-94.95B	-90.71B
Other Financing	495M	4.41B	-2.53B	-2.92B	-3.76B	-6.68B	-6.38B	-6.01B	-5.8B	-6.07B
Net Change in Cash	-636M	-195M	5.62B	24.31B	-10.44B	-3.86B	-10.95B	5.76B	-794M	5.99B
Free Cash Flow+	52.68B	51.43B	64.12B	58.9B	73.36B	92.95B	111.44B	99.58B	108.81B	98.77B
FCF Margin %	24.43%	22.44%	24.14%	22.64%	26.73%	25.41%	28.26%	25.98%	27.83%	23.73%
FCF Growth %	-24.5%	-2.38%	24.68%	-8.15%	24.57%	26.7%	19.89%	-10.64%	9.26%	-9.23%
FCF per Share	2.39	2.45	3.21	3.17	4.19	5.51	6.83	6.30	7.06	6.58
FCF Conversion (FCF/Net Income)	1.45x	1.33x	1.30x	1.26x	1.41x	1.10x	1.22x	1.14x	1.26x	1.00x
Interest Paid	1.32B	2.09B	3.02B	3.42B	3B	2.69B	2.87B	3.8B	0	0
Taxes Paid	10.44B	11.59B	10.42B	15.26B	9.5B	25.39B	19.57B	18.68B	26.1B	43.37B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	36.9%	36.87%	49.36%	55.92%	73.69%	147.44%	175.46%	171.95%	157.41%	171.42%
Return on Invested Capital (ROIC)	25.19%	21.69%	25.01%	27.76%	33.22%	52%	55.26%	54.32%	61.16%	64.47%
Gross Margin	39.08%	38.47%	38.34%	37.82%	38.23%	41.78%	43.31%	44.13%	46.21%	46.91%
Net Margin	21.19%	21.09%	22.41%	21.24%	20.91%	25.88%	25.31%	25.31%	23.97%	26.92%
Debt / Equity	0.68x	0.86x	1.07x	1.19x	1.87x	2.16x	2.61x	1.99x	2.09x	1.67x
Interest Coverage	41.23x	26.41x	21.88x	17.88x	23.07x	41.19x	40.75x	29.06x	-	-
FCF Conversion	1.45x	1.33x	1.30x	1.26x	1.41x	1.10x	1.22x	1.14x	1.26x	1.00x
Revenue Growth	-7.73%	6.3%	15.86%	-2.04%	5.51%	33.26%	7.79%	-2.8%	2.02%	6.43%

Apple Inc. (AAPL) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare AAPL vs Peers

vs FOXX

vs WTO

Compare Top 3

Profit & Loss

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Apple Inc. (AAPL) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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vs FOXX

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Profit & Loss

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Key Ratios

Deep Dive Analysis

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Dividend History

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Price History

Revenue History

Financial Ratios