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Saturday 10 October 2026 Export all AAPL data to Excel Powerpack

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.

336.64 3.78 −1.11%
Market cap
$4.97T
P/E
38.5×
Fwd P/E
35.1×
Dividend yield
0.31%
F-score
8/9
Altman Z
10.27
Beneish M
−2.37
Dividend safety
92/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Apple Inc. (AAPL) Financial Analysis

Updated · Covers results through Q3 FY2026 · How this is made

Snapshot

Apple’s market capitalisation was $4.92 trillion as of September 24, 2026. Revenue was $416.2 billion in FY2025, while net income was $112.0 billion in FY2025 and diluted EPS was $7.46 in FY2025.

  • Revenue was $466.8 billion in TTM to Q3 FY2026, and net income was $128.9 billion in TTM to Q3 FY2026.
  • Revenue was $109.4 billion in Q3 FY2026, with gross profit of $54.8 billion in Q3 FY2026 and operating income of $35.7 billion in Q3 FY2026.
  • Net income was $29.8 billion in Q3 FY2026, and diluted EPS was $2.02 in Q3 FY2026.
  • Free cash flow was $31.9 billion in Q3 FY2026, while net debt was $21.9 billion in Q3 FY2026.

Growth

Revenue was $416.2 billion in FY2025, compared with $391.0 billion in FY2024, representing growth of 6.43% in FY2025 against FY2024. Revenue compound annual growth was 1.81% in FY2022–FY2025 and 8.68% in FY2020–FY2025.

  • Diluted EPS was $7.46 in FY2025, compared with $6.08 in FY2024; growth was 22.7% in FY2025 against FY2024. EPS compound annual growth was 6.88% in FY2022–FY2025 and 17.9% in FY2020–FY2025.
  • Free cash flow was $98.8 billion in FY2025, compared with $108.8 billion in FY2024; growth was −9.23% in FY2025 against FY2024. Free-cash-flow compound annual growth was −3.95% in FY2022–FY2025 and 6.13% in FY2020–FY2025.
  • Revenue grew 16.4% in Q3 FY2026 against Q3 FY2025, EPS grew 28.7% in Q3 FY2026 against Q3 FY2025, and free cash flow grew 30.8% in Q3 FY2026 against Q3 FY2025.

Profitability

Gross margin was 46.9% in FY2025, up 0.7 percentage points in FY2024–FY2025 and up 8.7 percentage points in FY2020–FY2025. Operating margin was 32.0% in FY2025, up 0.5 percentage points in FY2024–FY2025 and up 7.8 percentage points in FY2020–FY2025.

  • Pre-tax margin was 31.9% in FY2025, up 0.3 percentage points in FY2024–FY2025 and up 7.5 percentage points in FY2020–FY2025.
  • Net margin was 26.9% in FY2025, up 2.9 percentage points in FY2024–FY2025 and up 6.0 percentage points in FY2020–FY2025.
  • Return on equity was 171.4% in FY2025, return on assets was 30.9% in FY2025, and return on invested capital was 70.7% in FY2025.
  • Gross margin was 50.1% in Q3 FY2026, while operating margin was 32.6% in Q3 FY2026. Industry-median comparisons for profitability measures are not reported.

Balance sheet

Total debt was $98.7 billion in FY2025, lower than $106.6 billion in FY2024. Cash and short-term investments were $54.7 billion in FY2025, compared with $65.2 billion in FY2024, while net debt was $44.0 billion in FY2025, compared with $41.5 billion in FY2024.

  • Shareholders’ equity was $73.7 billion in FY2025, compared with $57.0 billion in FY2024, and book value per share was $4.93 in FY2025.
  • Working capital was −$17.7 billion in FY2025, compared with −$23.4 billion in FY2024.
  • The current ratio was 1.0× in Q3 FY2026, and debt to equity was 0.8× in Q3 FY2026.
  • Net debt was $21.9 billion in Q3 FY2026, lower than $44.0 billion in Q4 FY2025.

Cash flow & capital return

Operating cash flow was $111.5 billion in FY2025, compared with $118.3 billion in FY2024, while capital expenditure was $12.7 billion in FY2025, compared with $9.4 billion in FY2024. Free cash flow was $98.8 billion in FY2025, compared with $108.8 billion in FY2024, and represented 88.2% of net income in FY2025.

  • Dividends paid were $15.4 billion in FY2025, and net share repurchases were $90.7 billion in FY2025.
  • Capital returned to shareholders was $106.1 billion in FY2025 and $513.6 billion in FY2021–FY2025.
  • Weighted average shares were 14.9 billion shares in FY2025, compared with 15.3 billion shares in FY2024. Share count changed −13.9% in FY2020–FY2025.
  • Free cash flow was $136.7 billion in TTM to Q3 FY2026, with growth of 42.1% in TTM to Q3 FY2026 against TTM to Q3 FY2025.

Valuation

The P/E was 38.4× as of September 24, 2026, higher than the 28.2× five-year median as of September 24, 2026, over the five fiscal years to FY2025, and the 23.7× ten-year median as of September 24, 2026, over the ten fiscal years to FY2025. The P/S was 10.5× as of September 24, 2026, higher than the 7.1× five-year median and 6.1× ten-year median on those respective September 24, 2026 measurement bases.

  • P/B was 45.8× as of September 24, 2026, higher than the 44.2× five-year median and 34.1× ten-year median on those respective September 24, 2026 measurement bases.
  • EV/Sales was 10.6× as of September 24, 2026, above the 7.3× five-year median and 6.2× ten-year median on those respective September 24, 2026 measurement bases.
  • EV/Cash flow was 38.0× as of September 24, 2026, above the 29.9× five-year median and 23.4× ten-year median on those respective September 24, 2026 measurement bases.
  • Industry-median valuation comparisons are not reported.

What changed since last quarter

Revenue was $109.4 billion in Q3 FY2026, a change of −1.59% in Q3 FY2026 against Q2 FY2026 and 16.4% in Q3 FY2026 against Q3 FY2025. Diluted EPS was $2.02 in Q3 FY2026, changing 0.50% in Q3 FY2026 against Q2 FY2026 and 28.7% in Q3 FY2026 against Q3 FY2025.

  • Free cash flow was $31.9 billion in Q3 FY2026, changing 19.4% in Q3 FY2026 against Q2 FY2026 and 30.8% in Q3 FY2026 against Q3 FY2025.
  • Gross margin changed 0.8 percentage points in Q3 FY2026 against Q2 FY2026 and 3.6 percentage points in Q3 FY2026 against Q3 FY2025. Operating margin changed 0.3 percentage points in Q3 FY2026 against Q2 FY2026 and 2.6 percentage points in Q3 FY2026 against Q3 FY2025.
  • Net debt changed $5.7 billion in Q3 FY2026 against Q2 FY2026 and −$24.4 billion in Q3 FY2026 against Q3 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the difference between revenue growth and free-cash-flow growth over the trailing twelve months?
  • What caused the sequential increase in net debt during the latest quarter?
  • What explains the margin expansion in the latest quarter compared with the year-earlier quarter?
  • How are dividends and share repurchases expected to be funded between operating cash flow, cash holdings and debt?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.