Apple Inc. AAPL
The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The Company's fiscal year is the 52- or 53-week period that ends on the last Saturday of September.
iPhone® is the Company's line of smartphones based on its iOS operating system. The iPhone line includes iPhone 17 Pro, iPhone Air™, iPhone 17, iPhone 16 and iPhone 16e.
Mac® is the Company's line of personal computers based on its macOS® operating system. The Mac line includes laptops MacBook Air® and MacBook Pro®, as well as desktops iMac®, Mac mini®, Mac Studio® and Mac Pro®.
iPad® is the Company's line of multipurpose tablets based on its iPadOS® operating system. The iPad line includes iPad Pro®, iPad Air®, iPad and iPad mini®.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $416.16B | $391.04B | $383.29B | $394.33B | $365.82B | $274.51B | $260.17B | $265.60B | $229.23B | $215.64B |
| Cost of revenue | $220.96B | $210.35B | $214.14B | $223.55B | $212.98B | $169.56B | $161.78B | $163.76B | $141.05B | $131.38B |
| Gross profit | $195.20B | $180.68B | $169.15B | $170.78B | $152.84B | $104.96B | $98.39B | $101.84B | $88.19B | $84.26B |
| R&D | $34.55B | $31.37B | $29.91B | $26.25B | $21.91B | $18.75B | $16.22B | $14.24B | $11.58B | $10.04B |
| SG&A | $27.60B | $26.10B | $24.93B | $25.09B | $21.97B | $19.92B | $18.25B | $16.70B | $15.26B | $14.19B |
| Total operating expenses | $62.15B | $57.47B | $54.85B | $51.34B | $43.89B | $38.67B | $34.46B | $30.94B | $26.84B | $24.24B |
| Operating income | $133.05B | $123.22B | $114.30B | $119.44B | $108.95B | $66.29B | $63.93B | $70.90B | $61.34B | $60.02B |
| Interest expense | — | — | $3.93B | $2.93B | $2.65B | $2.87B | $3.58B | $3.24B | $2.32B | $1.46B |
| Pre-tax income | $132.73B | $123.48B | $113.74B | $119.10B | $109.21B | $67.09B | $65.74B | $72.90B | $64.09B | $61.37B |
| Income tax | $20.72B | $29.75B | $16.74B | $19.30B | $14.53B | $9.68B | $10.48B | $13.37B | $15.74B | $15.69B |
| Net income | $112.01B | $93.74B | $97.00B | $99.80B | $94.68B | $57.41B | $55.26B | $59.53B | $48.35B | $45.69B |
| EPS, basic | 7.49 | 6.11 | 6.16 | 6.15 | 5.67 | 3.31 | 2.99 | 3.00 | 9.27 | 8.35 |
| EPS, diluted | 7.46 | 6.08 | 6.13 | 6.11 | 5.61 | 3.28 | 2.97 | 2.98 | 9.21 | 8.31 |
| Shares, diluted (wtd. avg.) | $15.00B | $15.41B | $15.81B | $16.33B | $16.86B | $17.53B | $18.60B | $20.00B | $5.25B | $5.50B |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $35.93B | $29.94B | $30.74B | $24.98B | $35.93B | $39.79B | $50.22B | $25.91B | $20.29B | $20.48B |
| Short-term investments | $18.76B | $35.23B | $31.59B | $24.66B | $27.70B | $52.93B | $51.71B | $40.39B | — | — |
| Receivables | $39.78B | $33.41B | $29.51B | $28.18B | $26.28B | $16.12B | $22.93B | $23.19B | $17.87B | $15.75B |
| Inventory | $5.72B | $7.29B | $6.33B | $4.95B | $6.58B | $4.06B | $4.11B | $3.96B | $4.86B | $2.13B |
| Total current assets | $147.96B | $152.99B | $143.57B | $135.41B | $134.84B | $143.71B | $162.82B | $131.34B | $128.65B | $106.87B |
| Property, plant and equipment | $49.83B | $45.68B | $43.72B | $42.12B | $39.44B | $36.77B | $37.38B | $41.30B | $33.78B | $27.01B |
| Goodwill | — | — | — | — | — | — | — | — | $5.72B | $5.41B |
| Other intangibles | — | — | — | — | — | — | — | — | $2.30B | $3.21B |
| Total assets | $359.24B | $364.98B | $352.58B | $352.75B | $351.00B | $323.89B | $338.52B | $365.73B | $375.32B | $321.69B |
| Accounts payable | $69.86B | $68.96B | $62.61B | $64.11B | $54.76B | $42.30B | $46.24B | $55.89B | $44.24B | $37.29B |
| Short-term debt | $12.35B | $10.91B | $9.82B | $11.13B | $9.61B | $8.77B | $10.26B | $8.78B | $6.50B | $3.50B |
| Total current liabilities | $165.63B | $176.39B | $145.31B | $153.98B | $125.48B | $105.39B | $105.72B | $115.93B | $100.81B | $79.01B |
| Long-term debt | $78.33B | $85.75B | $95.28B | $98.96B | $109.11B | $98.67B | $91.81B | $93.73B | $97.21B | $75.43B |
| Total liabilities | $285.51B | $308.03B | $290.44B | $302.08B | $287.91B | $258.55B | $248.03B | $258.58B | $241.27B | $193.44B |
| Retained earnings | -$14.26B | -$19.15B | -$214.0M | -$3.07B | $5.56B | $14.97B | $45.90B | $70.40B | $98.33B | $96.36B |
| Total equity | $73.73B | $56.95B | $62.15B | $50.67B | $63.09B | $65.34B | $90.49B | $107.15B | $134.05B | $128.25B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $111.48B | $118.25B | $110.54B | $122.15B | $104.04B | $80.67B | $69.39B | $77.43B | $64.22B | $66.23B |
| Depreciation and amortisation | $11.70B | $11.45B | $11.52B | $11.10B | $11.28B | $11.06B | $12.55B | $10.90B | $10.16B | $10.51B |
| Stock-based compensation | $12.86B | $11.69B | $10.83B | $9.04B | $7.91B | $6.83B | $6.07B | $5.34B | $4.84B | $4.21B |
| Capital expenditure | $12.71B | $9.45B | $10.96B | $10.71B | $11.09B | $7.31B | $10.49B | $13.31B | $12.45B | $12.73B |
| Investing cash flow | $15.20B | $2.94B | $3.71B | -$22.35B | -$14.54B | -$4.29B | $45.90B | $16.07B | -$46.45B | -$45.98B |
| Financing cash flow | -$120.69B | -$121.98B | -$108.49B | -$110.75B | -$93.35B | -$86.82B | -$90.98B | -$87.88B | -$17.97B | -$20.89B |
| Dividends paid | $15.42B | $15.23B | $15.03B | $14.84B | $14.47B | $14.08B | $14.12B | $13.71B | $12.77B | $12.15B |
| Buybacks | $90.71B | $94.95B | $77.55B | $89.40B | $85.97B | $72.36B | $66.90B | $72.74B | $32.90B | $29.72B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000320193-25-000079.
Others in SIC 3571
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| DELL | Dell Technologies Inc. | $340.17B | 60.4x | 18.8% |
| SMCI | Super Micro Computer, Inc. | $26.01B | 12.1x | 77.8% |
| OMCL | OMNICELL, INC. | $1.57B | 859.2x | 6.5% |
| OSS | ONE STOP SYSTEMS, INC. | $248.7M | 45.3x | 31.2% |
| SCKT | SOCKET MOBILE, INC. | $5.1M | — | -19.6% |
| ZEPP | Zepp Health Corp | — | — | 41.8% |
| XNDU | Xanadu Quantum Technologies Ltd | — | — | — |