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Friday 30 October 2026 Export AAPL’s income statement to Excel — free account

Apple Inc.

AAPL Technology Consumer Electronics

Apple Inc.’s revenue for fiscal 2025 (year ended September 2025) was $416.2 billion, up 6.43% from fiscal 2024. In the quarter to June 2026, revenue grew 16.4%, EPS grew 29.3%, free cash flow grew 30.8% and total debt fell 17.1%, each against the same quarter a year earlier. Member of the S&P 500, Nasdaq 100 and Dow Jones; dividend growth for ten consecutive years, revenue growth for three.

344.38 4.53 −1.30%
Market cap
$5.09T
P/E
39.4×
Fwd P/E
39.4×
Dividend yield
0.31%
F-score
8/9
Altman Z
10.27
Beneish M
−2.37
Dividend safety
92/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings
Inventory outpacing revenue
All filings → Latest earnings: fiscal Q3 2026 digest →

Insider Decisions trades per month

Total sells 209.06
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — — — 3 3 1 — 3 5 9
Insider Ownership 0.52%

Capital & Financial Ratios $m

Market Cap 5,092,060.00
Revenue 466,823.00
Net Income 128,930.00
Free Cash Flow 136,683.00
Net Debt 21,945.00
Current Ratio 1.00
Debt/Equity 0.78
P/E ratio 39.36 (above 35: high)
Fwd P/E 39.40 (above 35: high)
P/S ratio 10.81 (above 10: high)
P/B ratio 46.94 (above 6: high)
Past 5Y EPS Growth 17.86% (at or above 15%: strong)
This Y EPS Growth 18.46% (at or above 15%: strong)
Next Y EPS Growth 8.22%
Next Y revenue growth 14.77% (at or above 10%: strong)
Next 5Y EPS Growth 12.43%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.9×, against a ten-year median of 6.7×; over the ten years it ranged from 2.4× in 2016 to 10.9× in 2026.
P/E against its own 10 years 98.82%
10-year low 10-year high
P/S against its own 10 years 99.85%
10-year low 10-year high
P/B against its own 10 years 83.95%
10-year low 10-year high
EV/Sales against its own 10 years 99.85%
10-year low 10-year high
EV/FCF against its own 10 years 95.52%
10-year low 10-year high

Dividends

Payout Ratio 0.12
Annual Dividend Rate 1.06
Annual Dividend Yield 0.31%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.07
0.26
0.27
0.27
2025 1.03
0.25
0.26
0.26
0.26
2024 0.99
0.24
0.25
0.25
0.25
2023 0.95
0.23
0.24
0.24
0.24
2022 0.91
0.22
0.23
0.23
0.23
2021 0.87
0.21
0.22
0.22
0.22
2020 0.81
0.19
0.21
0.21
0.21
2019 0.76
0.18
0.19
0.19
0.19
2018 0.71
0.16
0.18
0.18
0.18
2017 0.62
0.14
0.16
0.16
0.16
2016 0.56
0.13
0.14
0.14
0.14
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 61,555 65,171 54,697 62,399
Receivables 60,985 66,243 72,957 58,907
Inventory 6,331 7,286 5,718 11,092
Other 14,695 14,287 14,585 17,420
143,566 152,987 147,957 149,818
2023 2024 2025 Q'26
Payables 62,611 68,960 69,860 64,525
ST’ Debt 15,807 20,879 20,329 13,004
Other 58,829 78,304 66,387 62,259
145,308 176,392 165,631 149,326

Compound Annual Growth %

10y 5y 3y
Sales 5.94% 8.68% 1.81%
Cash Flow 3.21% 6.68% (3.00%)
Earnings 7.69% 14.30% 3.92%
Book Value (4.70%) 2.45% 13.32%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.88 Actual 1.91

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.73 1.85 Beat by 0.12
Q1 FY26 2.65 2.84 Beat by 0.19
Q2 FY26 1.92 2.01 Beat by 0.09
Q3 FY26 1.88 1.91 Beat by 0.03
Q4 FY26 2.00 — Reports 2 November 2026

EPS $

Dec Mar Jun Sep Year
’26 2.84 2.01 2.02 — —
’25 2.40 1.65 1.57 1.85 7.46
’24 2.18 1.53 1.40 0.97 6.08
’23 1.88 1.52 1.26 1.46 6.13
’22 2.10 1.52 1.20 1.29 6.11
’21 1.68 1.40 1.30 1.24 5.61
’20 1.25 0.64 0.65 0.73 3.28
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 143,756 111,184 109,417 — —
’25 124,300 95,359 94,036 102,466 416,161
’24 119,575 90,753 85,777 94,930 391,035
’23 117,154 94,836 81,797 89,498 383,285
’22 123,945 97,278 82,959 90,146 394,328
’21 111,439 89,584 81,434 83,360 365,817
’20 91,819 58,313 59,685 64,698 274,515
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 53,925 28,702 34,369 — —
’25 29,935 23,952 27,867 29,728 111,482
’24 39,895 22,690 28,858 26,811 118,254
’23 34,005 28,560 26,380 21,598 110,543
’22 46,966 28,166 22,892 24,127 122,151
’21 38,763 23,981 21,094 20,200 104,038
’20 30,516 13,311 16,271 20,576 80,674
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 51,552 26,731 31,914 — —
’25 26,995 20,881 24,405 26,486 98,767
’24 37,503 20,694 26,707 23,903 108,807
’23 30,218 18,941 28,246 15,476 99,584
’22 44,163 25,652 20,790 20,838 111,443
’21 35,263 21,712 19,001 16,977 92,953
’20 28,409 11,458 14,706 18,792 73,365
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 22.37 28.69 36.65 35.50 53.15 116.21 125.87 124.17 164.08 169.21 +25.2% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 29.67 44.30 58.37 73.49 138.79 182.13 182.94 199.62 260.10 288.62 +28.8% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 116,000 123,000 132,000 137,000 147,000 154,000 164,000 161,000 164,000 166,000 +4.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 1.86 1.86 2.01 1.90 1.87 2.38 2.40 2.38 2.38 2.51 +3.4% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 215,639 229,234 265,595 260,174 274,515 365,817 394,328 383,285 391,035 416,161 +7.6% 477,621 527,258 572,157 +11.2%
Gross margin, % 39.08 38.47 38.34 37.82 38.23 41.78 43.31 44.13 46.21 46.91 +7.8 pt
EBT 61,372 64,089 72,903 65,737 67,091 109,207 119,103 113,736 123,485 132,729 +8.9%
EBT margin, % 28.46 27.96 27.45 25.27 24.44 29.85 30.20 29.67 31.58 31.89 +3.4 pt
Net income 45,687 48,351 59,531 55,256 57,411 94,680 99,803 96,995 93,736 112,010 +10.5%
Depreciation 10,505 10,157 10,903 12,547 11,056 11,284 11,104 11,519 11,445 11,698 +1.2%
Per share, $
Per share, $ Revenue 9.85 10.98 13.40 14.09 15.82 21.90 24.32 24.34 25.48 27.84 +12.2%
Earnings 2.09 2.32 3.00 2.99 3.31 5.67 6.15 6.16 6.11 7.49 +15.3%
Cash flow 3.03 3.08 3.91 3.76 4.65 6.23 7.53 7.02 7.71 7.46 +10.5%
Capex (0.60) (0.60) (0.67) (0.57) (0.42) (0.66) (0.66) (0.70) (0.62) (0.85) +4.0%
Free cash flow 2.43 2.48 3.23 3.19 4.23 5.57 6.87 6.33 7.09 6.61 +11.7%
Book value 5.86 6.42 5.41 4.90 3.77 3.78 3.12 3.95 3.71 4.93 (1.9%)
Shares, m 21,883 20,869 19,822 18,471 17,352 16,701 16,216 15,744 15,344 14,949 (4.1%)
Valuation, ×
Valuation, × P/E 13.59 16.63 18.99 18.76 35.12 24.96 22.51 28.21 38.26 34.04 25.1
P/S 2.87 3.50 4.24 3.98 7.32 6.46 5.68 7.14 9.14 9.15 5.9
P/B 4.82 5.99 10.51 11.43 30.76 37.46 44.23 44.02 62.78 51.62 30.4
EV/Sales 2.96 3.68 4.42 4.00 7.40 6.63 5.87 7.27 9.25 9.25 6.1
EV/FCF 12.00 16.30 18.31 17.68 27.68 26.09 20.75 29.90 35.33 41.70 24.6
Cash, $m
Cash, $m Operating cash flow 66,231 64,225 77,434 69,391 80,674 104,038 122,151 110,543 118,254 111,482 +6.0%
Capex (13,031) (12,451) (13,313) (10,495) (7,309) (11,085) (10,708) (10,959) (9,447) (12,715) (0.3%)
Free cash flow 53,200 51,774 64,121 58,896 73,365 92,953 111,443 99,584 108,807 98,767 +7.1%
Balance, $m
Balance, $m Working capital 27,863 27,831 15,410 57,101 38,321 9,355 (18,577) (1,742) (23,405) (17,674) n/m
Total debt 87,032 115,680 114,483 108,047 112,436 124,719 120,069 111,088 106,629 98,657 +1.4%
Net debt 19,877 41,499 48,182 7,490 21,493 62,080 71,765 49,533 41,458 43,960 +9.2%
Shareholders’ equity 128,249 134,047 107,147 90,488 65,339 63,090 50,672 62,146 56,950 73,733 (6.0%)
Returns, %
Returns, % ROA 14.93 13.87 16.07 15.69 17.33 28.06 28.36 27.50 26.13 30.93 +16.0 pt
ROIC 25.33 21.84 28.53 40.78 47.71 54.40 60.97 63.97 78.26 70.66 +45.3 pt
ROE 36.90 36.87 49.36 55.92 73.69 147.44 175.46 171.95 157.41 171.42 +134.5 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Americas 178,353 42.86%
Europe 111,032 26.68%
Greater China 64,377 15.47%
Rest of Asia Pacific 33,696 8.10%
Japan 28,703 6.90%
Gross margin 46.91%
Operating margin 31.97%
Pre-tax margin 31.89%

Revenue by segment since 2008

Apple Inc. vs peers in Consumer Electronics (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
AAPL Apple Inc. $5.09T 39.8× 39.4× +16.36% (above 0%: growing) +29.30% (above 0%: growing) +30.77% (above 0%: growing) 50.06% 32.62%
SONY Sony Corporation $149.6B — (loss-making) 18.8× −1.17% (below 0%: shrinking) +33.33% (above 0%: growing) +243.63% (above 0%: growing) 36.70% 16.79% Compare
LPL LG Display Co., Ltd. $2.7B — (loss-making) 1.4× +0.45% (above 0%: growing) n/m +121.21% (above 0%: growing) 13.62% (1.92%) Compare
SONO Sonos, Inc. $2.1B 36.3× 27.4× +8.85% (above 0%: growing) n/m +23.26% (above 0%: growing) 50.45% 8.40% Compare
TBCH Turtle Beach Corporation $295.3M — (loss-making) 28.3× −0.73% (below 0%: shrinking) n/m +270.16% (above 0%: growing) 38.79% (5.41%) Compare
GPRO GoPro, Inc. $217.3M — (loss-making) — (loss-making) −31.26% (below 0%: shrinking) n/m −242.66% (below 0%: shrinking) 30.17% (37.15%) Compare
VUZI Vuzix Corporation $192.5M — (loss-making) — (loss-making) −14.06% (below 0%: shrinking) n/m −23.09% (below 0%: shrinking) (57.96%) (696.34%) Compare
FXHO UTime Limited $179.5M — (loss-making) — +1.06% (above 0%: growing) n/m −341.47% (below 0%: shrinking) 23.95% 0.00% Compare
UEIC Universal Electronics Inc. $65.3M — (loss-making) — (loss-making) −25.01% (below 0%: shrinking) n/m −22.84% (below 0%: shrinking) 35.37% 6.54% Compare
Median of peers $256.3M — 23.1× −0.95% — +0.21% 32.77% (0.96%)

All 19 Consumer Electronics stocks →

Business profile

Updated

Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, alongside related services. Its device families are built around its own operating systems: iPhone uses iOS, Mac uses macOS and iPad uses iPadOS. Wearables include smartwatches, wireless headphones and spatial computers; its home range includes a streaming and gaming device and smart speakers.

Its services span advertising; AppleCare support and coverage; cloud services that keep content available across Apple devices and Windows personal computers; digital-content platforms and subscriptions; and payment services. The App Store lets customers discover and download applications and digital content, while subscription offerings include games, fitness, music, news, video and live sports.

From the latest earnings call

Updated

  • Tim Cook said demand for iPhone and Mac exceeded Apple’s expectations, while constrained advanced semiconductor-node supply limited flexibility in the supply chain.
  • Kevin said Apple expects Q4 FY2026 revenue growth of 9% to 11%, with foreign exchange and increasing supply constraints affecting the outlook.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Goldman Sachs Oct 29, 2026 Reiterated — —
HSBC Oct 27, 2026 Reiterated Buy 366.00
Loop Capital Oct 27, 2026 Target cut — 370.00 → 330.00
Bank of America Oct 26, 2026 Reiterated Buy —
MoffettNathanson Oct 25, 2026 Target cut — 283.00
UBS Oct 20, 2026 Reiterated Hold 296.00
KeyBanc Oct 19, 2026 Reiterated Underperform 250.00
Morningstar Oct 18, 2026 Target raised — 290.00
JPMorgan Oct 14, 2026 Target raised — 340.00 → 360.00
BofA Oct 13, 2026 Reiterated Buy 370.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 65.60%
Held by the ten largest 34.22%
Holder Shares Stake Change
Vanguard 1.45b 9.90% +10.21m
BlackRock 1.16b 7.96% +18.30m
State Street 615.13m 4.21% +12.79m
Geode Capital Management 371.34m 2.54% +2.72m
Fidelity (FMR) 325.35m 2.23% +17.91m
Morgan Stanley 242.61m 1.66% −1.86m
JPMorgan Chase 228.76m 1.57% −2.86m
Berkshire Hathaway 227.92m 1.56% 0.00
Norges Bank 190.73m 1.31% +190.73m
Invesco 187.97m 1.29% +3.46m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 8 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 74.29m 108.42m 233.88
2024 74.61m 168.98m 207.59
2023 63.21m 106.64m 155.24
2022 99.42m 128.83m 135.59
2021 98.73m 311.85m 131.69

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 9.63%
BlackRock, Inc. 7.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Apple Inc. (AAPL) Latest News

30 Oct

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29 Oct

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28 Oct

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27 Oct

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AAPL metrics, ten years each

stockrow.com/AAPL · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com