Apple Inc. (AAPL) Income Statement

30Y historyFree accessUpdated daily

Revenue growth accelerated to 16.4% YoY in 2026Q3, with gross margin expanding to 50.1% from 46.2% in 2024Q4, reflecting favorable mix and cost efficiencies.

Annual statement

AAPL Income Statement

Apple Inc. (AAPL) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

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	466.82B	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 %	14.24%	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	239.7B	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	227.12B	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 %	48.65%	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	72.26B	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	29.36B	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	42.9B	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	154.86B	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 %	33.17%	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	167.96B	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 %	35.98%	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 %	18.53%	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)	13.1B	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	155.33B	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	1.05B	-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	155.91B	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 %	33.4%	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	26.98B	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 %	17.3%	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	128.93B	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 %	27.62%	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 %	29.87%	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)	128.93B	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)	8.74	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 %	32.47%	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	14.75B	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	14.69B	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%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

iPhone concentration and regulatory pressure

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Acceleration Driven by Broad-Based Demand

Apple's revenue growth accelerated to 16.4% YoY in 2026Q3, up from 7.9% in 2025Q4, with all segments and geographies contributing, according to the latest quarterly report.

The sequential acceleration from 7.9% to 16.4% YoY suggests a demand inflection, likely fueled by the latest iPhone cycle and expanding Services adoption. The growth is broad-based, not reliant on a single product, which may indicate durable momentum. However, the sustainability of this pace hinges on continued upgrade demand and macroeconomic resilience.

Gross Margin Expansion on Mix Shift

Gross margin climbed to 50.1% in 2026Q3, up from 46.2% in 2024Q4, reflecting a favorable mix toward Services and improved cost efficiencies, as per financial statements.

The 390 basis point expansion over eight quarters suggests structural improvements, likely from in-house silicon and a growing Services mix. This margin level exceeds hardware peers and approaches software companies, indicating pricing power. Investors should monitor whether input cost inflation or regulatory changes could compress this margin.

Operating Leverage Amplifies Profit Growth

Operating income grew 26.6% YoY in 2026Q3, outpacing revenue growth of 16.4%, as R&D and SG&A grew only 31% and 9% respectively, based on reported figures.

The operating margin expanded to 32.6% from 30.0% a year earlier, demonstrating that revenue growth is translating into disproportionate profit gains. This leverage stems from controlled overhead spending relative to sales. However, R&D investment is rising, which could temper future leverage if revenue growth slows.

EPS Growth Boosted by Buybacks and Tax

EPS grew 29.3% YoY in 2026Q3, outpacing net income growth of 27.2%, aided by aggressive share repurchases and a lower effective tax rate, as disclosed in SEC filings.

The gap between EPS and net income growth highlights the impact of buybacks, which reduce share count. Additionally, the effective tax rate appears lower than the statutory rate, possibly due to one-time items. Investors should adjust for these factors to assess underlying earnings quality.

R&D Ramp Signals Future Innovation Push

R&D expenses rose 31% YoY in 2026Q3 to $11.7B, outpacing revenue growth, while SG&A grew only 9%, indicating a strategic focus on product development, per income statement data.

The disproportionate increase in R&D suggests investments in areas like AI and new product categories, which may pressure near-term margins but could drive future growth. SG&A discipline remains evident, with only modest increases. This cost structure implies management is prioritizing innovation over near-term profitability.

iPhone Dependence and Regulatory Overhang

Despite strong results, iPhone still accounts for roughly half of revenue, and regulatory scrutiny of App Store fees could pressure Services margins, as noted in recent analyst reports.

The concentration risk remains significant; any misstep in iPhone demand could derail growth. Additionally, potential forced reductions in App Store commissions could compress the high-margin Services segment, which is a key driver of the bull case. These factors warrant close monitoring despite the current momentum.

AAPL — Frequently Asked Questions

Quick answers to the most common questions about buying AAPL stock.

What was Apple Inc.'s (AAPL) revenue in 2025?

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.

Is Apple Inc. (AAPL) profitable?

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%.

What is Apple Inc.'s operating profit margin?

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.

What is Apple Inc.'s gross profit and gross margin?

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.