Pricing Log in Create free account
Thursday 5 November 2026 Export AAPL’s income statement to Excel — free account

Apple Inc.

AAPL Technology Consumer Electronics

Apple Inc.’s revenue for fiscal 2026 (year ended September 2026) was $478.8 billion, up 15.1% from fiscal 2025.

Revenue
+11.7%
EPS
+14.1%
Free cash flow
−2.37%
Total debt
−18.8%

Quarter to September 2026, against a year earlier · Fiscal Q3 2026 earnings digest →

349.50 17.60 +5.30%
Market cap
$5.10T
P/E
38.8×
Fwd P/E
39.0×
Dividend yield
0.30%
F-score
9/9
Altman Z
12.55
Beneish M
−2.48
Dividend safety
92/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Americas
  • Europe
  • Greater China
  • Rest of Asia Pacific
  • Japan

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 208.04
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 3 3 1 — 3 5 9 —
Insider Ownership 0.56%

Capital & Financial Ratios $m

Size
Market Cap 5,100,810.00
Revenue ttm 478,834.00
Net income ttm 132,175.00
Free cash flow ttm 136,056.00
Net debt Q 23,389.00
Valuation
P/E 38.79 (above 35: high)
Forward P/E 39.00 (above 35: high)
Price / sales 10.70 (above 10: high)
Forward P/S Powerpack
Price / FCF 39.53
Price / book 45.72 (above 6: high)
Financial health
Current ratio Q 1.02
Debt / equity Q 0.71
Interest coverage Q —
Growth
Revenue growth Q +11.72% (above 0%: growing)
Operating income growth Q +9.88% (above 0%: growing)
EPS, this year +5.31%
EPS, next year A +10.56%
Revenue, next year A +14.77% (at or above 10%: strong)
EPS, past 5 yrs +9.87%
EPS, next 5 yrs A +8.18%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.8×, against a ten-year median of 6.7×; over the ten years it ranged from 2.4× in 2016 to 10.8× in 2026.
P/E against its own 10 years 98.35%
10-year low 10-year high
P/S against its own 10 years 99.96%
10-year low 10-year high
P/B against its own 10 years 80.70%
10-year low 10-year high
EV/Sales against its own 10 years 99.96%
10-year low 10-year high
EV/FCF against its own 10 years 96.44%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.30%
Annual rate
1.06
Payout ratio
11.8%
Growth, 2017–25
+6.66%/yr
  1. 0.62 ’17
  2. 0.71 ’18 +15
  3. 0.76 ’19 +8
  4. 0.81 ’20 +6
  5. 0.87 ’21 +7
  6. 0.91 ’22 +5
  7. 0.95 ’23 +4
  8. 0.99 ’24 +4
  9. 1.03 ’25 +4
  10. 1.07 ’26e +4
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 61,555 65,171 54,697 56,722
Receivables 60,985 66,243 72,957 83,713
Inventory 6,331 7,286 5,718 14,541
Other 14,695 14,287 14,585 18,881
143,566 152,987 147,957 173,857
2023 2024 2025 2026
Payables 62,611 68,960 69,860 82,252
ST’ Debt 15,807 20,879 20,329 11,903
Other 58,829 78,304 66,387 66,124
145,308 176,392 165,631 169,915

Compound Annual Growth %

10y 5y 3y
Sales 8.30% 5.53% 7.70%
Cash Flow 8.16% 6.88% 9.49%
Earnings 11.21% 6.90% 10.87%
Book Value (1.34%) 12.18% 21.73%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 1.98 Actual 2.05

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
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 1.98 2.05 Beat by 0.07
Q1 FY27 2.88 — Reports 4 February 2027

EPS $

Dec Mar Jun Sep Year
’26 — — — — —
’26 2.84 2.01 2.02 2.11 8.98
’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
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 143,756 111,184 109,417 114,477 478,834
’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
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 53,925 28,702 34,369 28,101 145,097
’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
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 51,552 26,731 31,914 25,859 136,056
’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
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.9% a year for ten years. It grew 9.0% a year over the last ten.

Implied
14.9%
10 years, reported
9.0%
Open the model

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 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 229,234 265,595 260,174 274,515 365,817 394,328 383,285 391,035 416,161 478,834 +8.5% 524,752 571,651 — +9.3%
Gross margin, % 38.47 38.34 37.82 38.23 41.78 43.31 44.13 46.21 46.91 48.79 +10.3 pt
EBT 64,089 72,903 65,737 67,091 109,207 119,103 113,736 123,485 132,729 159,237 +10.6%
EBT margin, % 27.96 27.45 25.27 24.44 29.85 30.20 29.67 31.58 31.89 33.26 +5.3 pt
Net income 48,351 59,531 55,256 57,411 94,680 99,803 96,995 93,736 112,010 132,175 +11.8%
Per share, $
Per share, $ Revenue 10.98 13.40 14.09 15.82 21.90 24.32 24.34 25.48 27.84 32.66 +12.9%
Earnings 2.32 3.00 2.99 3.31 5.67 6.15 6.16 6.11 7.49 9.01 +16.3%
Cash flow 3.08 3.91 3.76 4.65 6.23 7.53 7.02 7.71 7.46 9.90 +13.9%
Capex (0.60) (0.67) (0.57) (0.42) (0.66) (0.66) (0.70) (0.62) (0.85) (0.62) +0.4%
Free cash flow 2.48 3.23 3.19 4.23 5.57 6.87 6.33 7.09 6.61 9.28 +15.8%
Book value 6.42 5.41 4.90 3.77 3.78 3.12 3.95 3.71 4.93 7.65 +2.0%
Shares, m 20,869 19,822 18,471 17,352 16,701 16,216 15,744 15,344 14,949 14,662 (3.8%)
Valuation, ×
Valuation, × P/E 16.63 18.99 18.76 35.12 24.96 22.51 28.21 38.26 34.04 36.96 27.4
P/S 3.50 4.24 3.98 7.32 6.46 5.68 7.14 9.14 9.15 10.20 6.7
P/B 5.99 10.51 11.43 30.76 37.46 44.23 44.02 62.78 51.62 43.56 34.2
EV/Sales 3.68 4.42 4.00 7.40 6.63 5.87 7.27 9.25 9.25 10.25 6.8
EV/FCF 16.30 18.31 17.68 27.68 26.09 20.75 29.90 35.33 41.70 37.85 27.2
Cash, $m
Cash, $m Operating cash flow 64,225 77,434 69,391 80,674 104,038 122,151 110,543 118,254 111,482 145,097 +9.5%
Capex (12,451) (13,313) (10,495) (7,309) (11,085) (10,708) (10,959) (9,447) (12,715) (9,041) (3.5%)
Free cash flow 51,774 64,121 58,896 73,365 92,953 111,443 99,584 108,807 98,767 136,056 +11.3%
Balance, $m
Balance, $m Working capital 27,831 15,410 57,101 38,321 9,355 (18,577) (1,742) (23,405) (17,674) 3,942 (19.5%)
Net debt 41,499 48,182 7,490 21,493 62,080 71,765 49,533 41,458 43,960 23,389 (6.2%)
Shareholders’ equity 134,047 107,147 90,488 65,339 63,090 50,672 62,146 56,950 73,733 112,093 (2.0%)
Returns, %
Returns, % ROA 13.87 16.07 15.69 17.33 28.06 28.36 27.50 26.13 30.93 34.61 +20.7 pt
ROIC 21.84 28.53 40.78 47.71 54.40 60.97 63.97 78.26 70.66 72.92 +51.1 pt
ROE 36.87 49.36 55.92 73.69 147.44 175.46 171.95 157.41 171.42 142.26 +105.4 pt
People
People Employees 123,000 132,000 137,000 147,000 154,000 164,000 161,000 164,000 166,000 — +3.8%
Revenue/emp, $m 1.86 2.01 1.90 1.87 2.38 2.40 2.38 2.38 2.51 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2026 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026

Business profile

Updated

Apple designs, manufactures and markets smartphones, computers, tablets, wearables and accessories, alongside related services. Founded in 1976 and headquartered in Cupertino, it sells to consumers as well as businesses, schools and government customers. Tim Cook is listed as chief executive, while John Ternus identified himself as chief executive in November 2026.

The iPhone is Apple’s smartphone, while Mac is its personal-computer line and iPad its tablet line. Its other hardware includes Apple Watch, AirPods headphones, Apple Vision Pro and home devices such as Apple TV 4K and HomePod. Apple designs much of the hardware and software that make these products work together, including their operating systems.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Americas 198,083 41.37%
Europe 127,604 26.65%
Greater China 82,378 17.20%
Rest of Asia Pacific 39,861 8.32%
Japan 30,908 6.45%
Gross margin 48.79%
Operating margin 33.01%
Pre-tax margin 33.26%

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. $5.10T 38.8× 39.0× +11.72% (above 0%: growing) +14.05% (above 0%: growing) −2.37% (below 0%: shrinking) 47.89% 31.13%
SONY Sony Corporation $152.4B — (loss-making) 18.0× −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. $2.0B 35.2× 25.3× +8.85% (above 0%: growing) n/m +23.26% (above 0%: growing) 50.45% 8.40% Compare
TBCH Turtle Beach Corporation $303.8M — (loss-making) 27.6× −0.73% (below 0%: shrinking) n/m +270.16% (above 0%: growing) 38.79% (5.41%) Compare
GPRO GoPro, Inc. $205.4M — (loss-making) — (loss-making) −31.26% (below 0%: shrinking) n/m −242.66% (below 0%: shrinking) 30.17% (37.15%) Compare
VUZI Vuzix Corporation $171.4M — (loss-making) — (loss-making) −14.06% (below 0%: shrinking) n/m −23.09% (below 0%: shrinking) (57.96%) (696.34%) Compare
FXHO UTime Limited $171.1M — (loss-making) — +1.06% (above 0%: growing) n/m −341.47% (below 0%: shrinking) 23.95% 0.00% Compare
UEIC Universal Electronics Inc. $66.8M — (loss-making) — (loss-making) −25.01% (below 0%: shrinking) n/m −22.84% (below 0%: shrinking) 35.37% 6.54% Compare
Median of peers $254.6M — 21.7× −0.95% — +0.21% 32.77% (0.96%)

All 19 Consumer Electronics stocks →

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
Bank of America Nov 3, 2026 Reiterated Buy 370.00
Evercore ISI Nov 3, 2026 Reiterated Outperform 380.00
Raymond James Nov 3, 2026 Reiterated Hold —
JPMorgan Nov 3, 2026 Reiterated Outperform —
Morgan Stanley Nov 3, 2026 Target cut Outperform 355.00 → 350.00
Yorkville Ives Nov 3, 2026 Reiterated Outperform 400.00
Barclays Nov 3, 2026 Target raised Underperform 245.00 → 261.00
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

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

5 Nov

Impact 3 · · Simply Wall St.

4 Nov

Impact 3 · · Benzinga
Impact 3 · · GuruFocus.com
Impact 3 · · 24/7 Wall St.
Impact 3 · · Simply Wall St.

3 Nov

Impact 3 · · The Motley Fool
Impact 3 · · Investing.com
Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool
Impact 3 · · Proactive Investors
Impact 3 · · Stocktwits
Impact 3 ·
Impact 3 · · TIKR
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · 24/7 Wall St.
Impact 3 · · 24/7 Wall St.
Impact 3 · · Investing.com
Impact 3 · · GuruFocus.com
Impact 3 · · Proactive Investors
Impact 3 · · GuruFocus.com
Impact 3 · · InvestorsHub
Impact 3 · · Stocktwits
Impact 3 · · Stocktwits
Impact 3 · · euronews.com
Impact 3 · · GuruFocus.com

2 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Fortune
Impact 3 · · The Telegraph
Impact 3 · · MarketBeat

AAPL metrics, ten years each

stockrow.com/AAPL · Data as of Nov 3, 2026 · For information only; not investment advice. · © 2026 stockrow.com