Revenue growth momentum has accelerated to 16.6% in 2026Q2, while gross margins have expanded to 49.3% from 45.9% in 2024Q1, reflecting successful service monetization and operational efficiencies.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Sales/Revenue | 451.44B | 416.16B | 391.04B | 383.29B | 394.33B | 365.82B | 274.51B | 260.17B | 265.6B | 229.23B | 215.64B | 233.72B | 182.79B | 170.91B | 156.51B | 108.25B | 65.22B | 42.6B | 32.48B | 24.01B | 19.32B | 13.93B | 8.28B | 6.21B | 5.74B | 5.36B | 7.98B | 6.13B | 5.94B | 7.08B | 9.83B |
| Revenue Growth % | 12.76% | 6.43% | 2.02% | -2.8% | 7.79% | 33.26% | 5.51% | -2.04% | 15.86% | 6.3% | -7.73% | 27.86% | 6.95% | 9.2% | 44.58% | 65.96% | 53.1% | 31.17% | 35.3% | 24.29% | 38.65% | 68.27% | 33.38% | 8.1% | 7.07% | -32.82% | 30.14% | 3.25% | -16.1% | -27.99% | -11.11% |
| Cost of Goods Sold | 235.37B | 220.96B | 210.35B | 214.14B | 223.55B | 212.98B | 169.56B | 161.78B | 163.76B | 141.05B | 131.38B | 140.09B | 112.26B | 106.61B | 87.85B | 64.43B | 39.54B | 25.75B | 21.33B | 15.85B | 13.72B | 9.89B | 6.02B | 4.5B | 4.14B | 4.13B | 5.82B | 4.44B | 4.46B | 5.71B | 8.87B |
| COGS % of Revenue | - | 53.09% | 53.79% | 55.87% | 56.69% | 58.22% | 61.77% | 62.18% | 61.66% | 61.53% | 60.92% | 59.94% | 61.41% | 62.38% | 56.13% | 59.52% | 60.62% | 60.44% | 65.69% | 66.03% | 71.02% | 70.99% | 72.74% | 72.48% | 72.08% | 76.97% | 72.87% | 72.35% | 75.11% | 80.68% | 90.16% |
| Gross Profit | 216.07B | 195.2B | 180.68B | 169.15B | 170.78B | 152.84B | 104.96B | 98.39B | 101.84B | 88.19B | 84.26B | 93.63B | 70.54B | 64.3B | 68.66B | 43.82B | 25.68B | 16.85B | 11.14B | 8.15B | 5.6B | 4.04B | 2.26B | 1.71B | 1.6B | 1.24B | 2.17B | 1.7B | 1.48B | 1.37B | 968M |
| Gross Margin % | 47.86% | 46.91% | 46.21% | 44.13% | 43.31% | 41.78% | 38.23% | 37.82% | 38.34% | 38.47% | 39.08% | 40.06% | 38.59% | 37.62% | 43.87% | 40.48% | 39.38% | 39.56% | 34.31% | 33.97% | 28.98% | 29.01% | 27.29% | 27.52% | 27.92% | 23.03% | 27.13% | 27.65% | 24.89% | 19.32% | 9.84% |
| Gross Profit Growth % | - | 8.04% | 6.82% | -0.96% | 11.74% | 45.62% | 6.67% | -3.38% | 15.48% | 4.66% | -10% | 32.73% | 9.69% | -6.35% | 56.7% | 70.6% | 52.41% | 51.21% | 36.68% | 45.66% | 38.5% | 78.93% | 32.26% | 6.55% | 29.8% | -42.98% | 27.71% | 14.67% | 8.11% | 41.32% | -66.13% |
| Operating Expenses | 68.7B | 62.15B | 57.47B | 54.85B | 51.34B | 43.89B | 38.67B | 34.46B | 30.94B | 26.84B | 24.24B | 22.4B | 18.03B | 15.3B | 13.42B | 10.03B | 7.3B | 5.48B | 4.87B | 3.75B | 3.15B | 2.4B | 1.94B | 1.71B | 1.59B | 1.58B | 1.64B | 1.34B | 1.22B | 2.44B | 2.35B |
| OpEx % of Revenue | - | 14.93% | 14.7% | 14.31% | 13.02% | 12% | 14.09% | 13.25% | 11.65% | 11.71% | 11.24% | 9.58% | 9.87% | 8.96% | 8.58% | 9.26% | 11.19% | 12.87% | 14.99% | 15.6% | 16.28% | 17.22% | 23.48% | 27.53% | 27.62% | 29.44% | 20.59% | 21.8% | 20.5% | 34.43% | 23.91% |
| Selling, General & Admin | 28.67B | 27.6B | 26.1B | 24.93B | 25.09B | 21.97B | 19.92B | 18.25B | 16.7B | 15.26B | 14.19B | 14.33B | 11.99B | 10.83B | 10.04B | 7.6B | 5.52B | 4.15B | 3.76B | 2.96B | 2.43B | 1.86B | 1.43B | 1.21B | 1.11B | 1.14B | 1.17B | 996M | 908M | 1.29B | 1.57B |
| SG&A % of Revenue | - | 6.63% | 6.67% | 6.5% | 6.36% | 6.01% | 7.26% | 7.01% | 6.29% | 6.66% | 6.58% | 6.13% | 6.56% | 6.34% | 6.42% | 7.02% | 8.46% | 9.74% | 11.58% | 12.34% | 12.6% | 13.38% | 17.27% | 19.53% | 19.31% | 21.22% | 14.61% | 16.24% | 15.28% | 18.16% | 15.95% |
| Research & Development | 40.04B | 34.55B | 31.37B | 29.91B | 26.25B | 21.91B | 18.75B | 16.22B | 14.24B | 11.58B | 10.04B | 8.07B | 6.04B | 4.47B | 3.38B | 2.43B | 1.78B | 1.33B | 1.11B | 782M | 712M | 535M | 491M | 471M | 447M | 441M | 380M | 314M | 310M | 860M | 604M |
| R&D % of Revenue | - | 8.3% | 8.02% | 7.8% | 6.66% | 5.99% | 6.83% | 6.23% | 5.36% | 5.05% | 4.66% | 3.45% | 3.3% | 2.62% | 2.16% | 2.24% | 2.73% | 3.13% | 3.41% | 3.26% | 3.69% | 3.84% | 5.93% | 7.59% | 7.78% | 8.22% | 4.76% | 5.12% | 5.22% | 12.15% | 6.14% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23M | 26M | 30M | 0 | 98M | 27M | 0 | 292M | 179M |
| Operating Income | 147.37B | 133.05B | 123.22B | 114.3B | 119.44B | 108.95B | 66.29B | 63.93B | 70.9B | 61.34B | 60.02B | 71.23B | 52.5B | 49B | 55.24B | 33.79B | 18.39B | 11.37B | 6.28B | 4.41B | 2.45B | 1.64B | 313M | -1M | 17M | -344M | 522M | 359M | 261M | -1.07B | -1.38B |
| Operating Margin % | 32.64% | 31.97% | 31.51% | 29.82% | 30.29% | 29.78% | 24.15% | 24.57% | 26.69% | 26.76% | 27.84% | 30.48% | 28.72% | 28.67% | 35.3% | 31.22% | 28.19% | 26.69% | 19.32% | 18.37% | 12.7% | 11.79% | 3.78% | -0.02% | 0.3% | -6.41% | 6.54% | 5.85% | 4.39% | -15.11% | -14.06% |
| Operating Income Growth % | - | 7.98% | 7.8% | -4.3% | 9.63% | 64.36% | 3.69% | -9.83% | 15.57% | 2.2% | -15.73% | 35.67% | 7.15% | -11.3% | 63.48% | 83.79% | 61.7% | 81.2% | 42.32% | 79.74% | 49.3% | 424.92% | 31400% | -105.88% | 104.94% | -165.9% | 45.4% | 37.55% | 124.39% | 22.63% | -302.19% |
| EBITDA | 159.98B | 144.75B | 134.66B | 125.82B | 130.54B | 120.23B | 77.34B | 76.48B | 81.8B | 71.5B | 70.53B | 82.49B | 60.45B | 55.76B | 58.52B | 35.6B | 19.41B | 12.03B | 6.68B | 4.73B | 2.68B | 1.82B | 463M | 112M | 131M | -244M | 606M | 444M | 372M | -952M | -1.27B |
| EBITDA Margin % | 35.44% | 34.78% | 34.44% | 32.83% | 33.1% | 32.87% | 28.17% | 29.39% | 30.8% | 31.19% | 32.71% | 35.29% | 33.07% | 32.62% | 37.39% | 32.89% | 29.76% | 28.24% | 20.58% | 19.69% | 13.86% | 13.08% | 5.59% | 1.8% | 2.28% | -4.55% | 7.59% | 7.24% | 6.26% | -13.44% | -12.89% |
| EBITDA Growth % | 15.2% | 7.49% | 7.03% | -3.62% | 8.57% | 55.45% | 1.13% | -6.51% | 14.41% | 1.38% | -14.5% | 36.46% | 8.42% | -4.72% | 64.36% | 83.41% | 61.38% | 79.97% | 41.43% | 76.48% | 46.98% | 293.52% | 313.39% | -14.5% | 153.69% | -140.26% | 36.49% | 19.35% | 139.08% | 24.86% | -256.23% |
| D&A (Non-Cash Add-back) | 12.61B | 11.7B | 11.45B | 11.52B | 11.1B | 11.28B | 11.06B | 12.55B | 10.9B | 10.16B | 10.51B | 11.26B | 7.95B | 6.76B | 3.28B | 1.81B | 1.03B | 659M | 409M | 317M | 225M | 179M | 150M | 113M | 114M | 100M | 84M | 85M | 111M | 118M | 116M |
| EBIT | 147.72B | 132.73B | 123.48B | 117.67B | 122.03B | 111.85B | 69.96B | 69.31B | 76.14B | 66.41B | 62.83B | 73.25B | 53.87B | 50.29B | 55.76B | 34.2B | 18.39B | 11.37B | 6.89B | 4.41B | 2.45B | 1.64B | 373M | 25M | 98M | -36M | 1.11B | 723M | 391M | -974M | -1.24B |
| Net Interest Income | 0 | 0 | 0 | -183M | -106M | 198M | 890M | 1.39B | 2.45B | 2.88B | 2.54B | 2.19B | 1.41B | 1.48B | 1.09B | 519M | 311M | 407M | 653M | 647M | 394M | 183M | 61M | 61M | 107M | 202M | 189M | 97M | 38M | 11M | 0 |
| Interest Income | 0 | 0 | 0 | 3.75B | 2.83B | 2.84B | 3.76B | 4.96B | 5.69B | 5.2B | 4B | 2.92B | 1.79B | 1.62B | 1.09B | 519M | 311M | 407M | 653M | 647M | 394M | 183M | 64M | 69M | 118M | 218M | 210M | 144M | 100M | 82M | 60M |
| Interest Expense | 0 | 0 | 0 | 3.93B | 2.93B | 2.65B | 2.87B | 3.58B | 3.24B | 2.32B | 1.46B | 733M | 384M | 136M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3M | 8M | 11M | 16M | 21M | 47M | 62M | 71M | 60M |
| Other Income/Expense | 304M | -321M | 269M | -565M | -334M | 258M | 803M | 1.81B | 2B | 2.75B | 1.35B | 1.28B | 980M | 1.16B | 522M | 415M | 155M | 696M | 620M | 599M | 365M | 165M | 57M | 93M | 70M | 292M | 570M | 317M | 68M | 25M | 88M |
| Pretax Income | 147.67B | 132.73B | 123.48B | 113.74B | 119.1B | 109.21B | 67.09B | 65.74B | 72.9B | 64.09B | 61.37B | 72.52B | 53.48B | 50.16B | 55.76B | 34.2B | 18.54B | 12.07B | 6.89B | 5.01B | 2.82B | 1.81B | 370M | 92M | 87M | -52M | 1.09B | 676M | 329M | -1.04B | -1.29B |
| Pretax Margin % | 32.71% | 31.89% | 31.58% | 29.67% | 30.2% | 29.85% | 24.44% | 25.27% | 27.45% | 27.96% | 28.46% | 31.03% | 29.26% | 29.35% | 35.63% | 31.6% | 28.42% | 28.32% | 21.23% | 20.86% | 14.59% | 12.98% | 4.47% | 1.48% | 1.52% | -0.97% | 13.68% | 11.02% | 5.54% | -14.76% | -13.17% |
| Income Tax | 25.09B | 20.72B | 29.75B | 16.74B | 19.3B | 14.53B | 9.68B | 10.48B | 13.37B | 15.74B | 15.69B | 19.12B | 13.97B | 13.12B | 14.03B | 8.28B | 4.53B | 3.83B | 2.06B | 1.51B | 829M | 480M | 104M | 24M | 22M | -15M | 306M | 75M | 20M | 0 | -479M |
| Effective Tax Rate % | 16.99% | 15.61% | 24.09% | 14.72% | 16.2% | 13.3% | 14.43% | 15.94% | 18.34% | 24.56% | 25.56% | 26.37% | 26.13% | 26.15% | 25.16% | 24.22% | 24.42% | 31.75% | 29.89% | 30.19% | 29.42% | 26.55% | 28.11% | 26.09% | 25.29% | 28.85% | 28.02% | 11.09% | 6.08% | 0% | 36.99% |
| Net Income | 122.58B | 112.01B | 93.74B | 97B | 99.8B | 94.68B | 57.41B | 55.26B | 59.53B | 48.35B | 45.69B | 53.39B | 39.51B | 37.04B | 41.73B | 25.92B | 14.01B | 8.23B | 4.83B | 3.5B | 1.99B | 1.33B | 266M | 69M | 65M | -25M | 786M | 601M | 309M | -1.04B | -816M |
| Net Margin % | 27.15% | 26.92% | 23.97% | 25.31% | 25.31% | 25.88% | 20.91% | 21.24% | 22.41% | 21.09% | 21.19% | 22.85% | 21.61% | 21.67% | 26.67% | 23.95% | 21.48% | 19.33% | 14.88% | 14.56% | 10.3% | 9.53% | 3.21% | 1.11% | 1.13% | -0.47% | 9.85% | 9.8% | 5.2% | -14.76% | -8.3% |
| Net Income Growth % | 25.98% | 19.5% | -3.36% | -2.81% | 5.41% | 64.92% | 3.9% | -7.18% | 23.12% | 5.83% | -14.43% | 35.14% | 6.68% | -11.25% | 60.99% | 84.99% | 70.16% | 70.36% | 38.31% | 75.72% | 49.77% | 399.25% | 285.51% | 6.15% | 360% | -103.18% | 30.78% | 94.5% | 129.57% | -28.06% | -292.45% |
| Net Income (Continuing) | 122.58B | 112.01B | 93.74B | 97B | 99.8B | 94.68B | 57.41B | 55.26B | 59.53B | 48.35B | 45.69B | 53.39B | 39.51B | 37.04B | 41.73B | 25.92B | 14.01B | 8.23B | 4.83B | 3.5B | 1.99B | 1.33B | 266M | 68M | 65M | -37M | 786M | 601M | 309M | -1.04B | -816M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 8.30 | 7.46 | 6.08 | 6.13 | 6.11 | 5.61 | 3.28 | 2.97 | 2.98 | 2.30 | 2.08 | 2.30 | 1.61 | 1.42 | 1.58 | 0.99 | 0.54 | 0.32 | 0.19 | 0.14 | 0.08 | 0.06 | 0.01 | 0.00 | 0.00 | -0.00 | 0.04 | 0.03 | 0.02 | -0.07 | -0.06 |
| EPS Growth % | 28.82% | 22.7% | -0.82% | 0.33% | 8.91% | 71.04% | 10.44% | -0.34% | 29.57% | 10.58% | -9.57% | 42.86% | 13.38% | -10.13% | 59.6% | 83.33% | 68.75% | 68.42% | 35.71% | 73.05% | 46.03% | 350.41% | - | - | - | -103.08% | 26.62% | 87.8% | 122.16% | -25.85% | -290.91% |
| EPS (Basic) | - | 7.49 | 6.11 | 6.16 | 6.15 | 5.67 | 3.31 | 2.99 | 3.00 | 2.32 | 2.09 | 2.32 | 1.62 | 1.43 | 1.59 | 1.00 | 0.55 | 0.33 | 0.20 | 0.14 | 0.08 | 0.06 | 0.01 | 0.00 | 0.00 | -0.00 | 0.04 | 0.04 | 0.02 | -0.07 | -0.06 |
| Diluted Shares Outstanding | 14.77B | 15B | 15.41B | 15.81B | 16.33B | 16.86B | 17.53B | 18.6B | 20B | 21.01B | 22B | 23.17B | 24.49B | 26.09B | 26.47B | 26.23B | 25.89B | 25.4B | 25.26B | 24.9B | 24.57B | 23.99B | 21.69B | 20.35B | 20.26B | 19.35B | 20.18B | 19.51B | 18.81B | 14.12B | 13.86B |
| Basic Shares Outstanding | 14.71B | 14.95B | 15.34B | 15.74B | 16.22B | 16.7B | 17.35B | 18.47B | 19.82B | 20.87B | 21.88B | 23.01B | 24.34B | 25.91B | 26.17B | 25.88B | 25.46B | 25B | 24.68B | 24.21B | 23.63B | 22.64B | 20.81B | 20.2B | 19.88B | 19.35B | 18.18B | 16.03B | 14.78B | 14.12B | 13.86B |
| Dividend Payout Ratio | - | 13.77% | 16.25% | 15.49% | 14.87% | 15.28% | 24.53% | 25.55% | 23.03% | 26.41% | 26.59% | 21.65% | 28.16% | 28.52% | 5.96% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory App Store Scrutiny
According to the most recent quarterly income statement, AAPL achieved a 16.6% year-over-year revenue growth rate in 2026Q2, marking a notable acceleration from the low-single-digit growth observed in early 2024, which suggests that recent product cycles and service monetization efforts are successfully driving top-line expansion.
The shift from 2.1% growth in 2024Q1 to double-digit expansion in the most recent period indicates a potential strengthening in consumer demand or successful pricing strategies. Investors should monitor whether this trajectory is sustainable or if it reflects a temporary pull-forward of demand from upcoming hardware refresh cycles.
As reported in financial statements, AAPL's gross margin reached 49.3% in 2026Q2, representing a consistent upward trend from the 45.9% level recorded in 2024Q1, which likely reflects the increasing contribution of high-margin services and the operational efficiencies gained from proprietary silicon integration across the hardware portfolio.
This margin expansion suggests that the company is successfully decoupling its profitability from the inherent volatility of hardware manufacturing costs. The ability to maintain such premium margins in a competitive consumer electronics environment implies significant pricing power and a successful transition toward a more software-centric revenue mix.
Based on the provided income statement data, AAPL's operating income scaled to $35.9 billion in 2026Q2, demonstrating that the company maintains disciplined control over its SG&A and R&D expenses even as revenue growth accelerates, which suggests a high degree of operating leverage inherent in the current business model.
The stability of SG&A expenses relative to the significant revenue growth indicates that the company is not required to increase its overhead proportionally to capture new market share. This efficiency appears to be a core driver of the company's ability to generate substantial bottom-line growth from incremental revenue gains.
As indicated by the historical income statement filings, AAPL's EPS growth has been consistently supported by a massive share repurchase program, with stock-based compensation expenses reaching $3.5 billion in 2026Q2, which warrants careful investigation into the underlying organic net income growth versus financial engineering impacts.
While the reported EPS figures appear robust, the consistent dilution offset through buybacks may obscure the true operational performance of the core business. Investors should distinguish between earnings growth driven by genuine margin expansion and that which is primarily a function of a shrinking share count.
Based on an analysis of the provided financial data, the market's valuation of AAPL as a high-growth SaaS entity may be premature, as the 16.6% revenue growth in 2026Q2 remains tethered to hardware cycles, suggesting that any deceleration in device replacement could disproportionately impact future service monetization.
Short-term growth figures may mask the long-term risk that Services revenue is a lagging indicator of hardware installed base growth rather than an independent growth engine. If regulatory pressures force a change in the App Store commission structure, the current net margin profile may face significant downward pressure.
Quick answers to the most common questions about buying AAPL stock.
For fiscal year 2025, Apple Inc. (AAPL) reported total revenue of $416.16B. This represents a 4132.3% increase compared to $9.83B in 1996.
Apple Inc. (AAPL) is profitable, generating $112.01B in net income for the fiscal year ending 2025 with a net profit margin of 26.9%.
Apple Inc. (AAPL) reported an operating income of $133.05B, resulting in an operating profit margin of 32.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Apple Inc. (AAPL) generated $195.20B in gross profit for the year, representing a gross profit margin of 46.9%. This demonstrates the company's core pricing power and production efficiency.