$330.32−2.70 (−0.81%)
At close: Oct 1, 2026, 4:00 PM ET
$330.78+0.46 (+0.14%)
After hours: Oct 1, 2026, 7:59 PM ET
Apple Inc · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~3.3%/yr (FY21→FY25), net margin 26.9%, and free cash flow (~$98.8B) tracks net income. Earnings are cash, not paper. Worth your attention in FY25: Returns vs FCF (107%). Visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($B)▲6.4%
416.2
FY21→FY25CAGR +3.3%/yr
Net income ($B)▲19.5%
112.0
one-off year: see footnoteCAGR +4.3%/yr
Free cash flow ($B)▼9.2%
98.8
FY21→FY25CAGR +1.5%/yr
Diluted EPS▲22.7%
7.46
buyback-liftedCAGR +7.4%/yr
What the receipts whisper · what a headline number hides
Share count
−11.0%
16.9bn → 15.0bn diluted shares since FY21. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$12.7B
+34.6% YoY in FY25 · 3.1% of revenue.
Returns vs FCF
107%
$106.1B returned vs $98.8B of FCF in FY25. The gap comes off the balance sheet (see net cash).
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($B)
27¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 41.8% → 46.9%. Net margin 26.9% is more than double the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 466,823.0 | 416,161.0 | 391,035.0 | 383,285.0 | 394,328.0 | 365,817.0 | ▲6.4% | +3.3% |
Cost of revenue | 239,700.0 | 220,960.0 | 210,352.0 | 214,137.0 | 223,546.0 | 212,981.0 | ▲5.0% | +0.9% |
Gross profit | 227,123.0 | 195,201.0 | 180,683.0 | 169,148.0 | 170,782.0 | 152,836.0 | ▲8.0% | +6.3% |
Research & development | 42,901.0 | 34,550.0 | 31,370.0 | 29,915.0 | 26,251.0 | 21,914.0 | ▲10.1% | +12.1% |
Selling, general & admin | 29,363.0 | 27,601.0 | 26,097.0 | 24,932.0 | 25,094.0 | 21,973.0 | ▲5.8% | +5.9% |
Total operating expenses | 72,264.0 | 62,151.0 | 57,467.0 | 54,847.0 | 51,345.0 | 43,887.0 | ▲8.2% | +9.1% |
Operating incomefeeds ROC rank | 154,859.0 | 133,050.0 | 123,216.0 | 114,301.0 | 119,437.0 | 108,949.0 | ▲8.0% | +5.1% |
Other income, net | 1,047.0 | −321.0 | 269.0 | −565.0 | −334.0 | 258.0 | — | — |
Pretax income | 155,906.0 | 132,729.0 | 123,485.0 | 113,736.0 | 119,103.0 | 109,207.0 | ▲7.5% | +5.0% |
Income tax | 26,976.0 | 20,719.0 | 29,749.0 | 16,741.0 | 19,300.0 | 14,527.0 | ▼30.4% | +9.3% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 128,930.0 | 112,010.0 | 93,736.0 | 96,995.0 | 99,803.0 | 94,680.0 | ▲19.5% | +4.3% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 8.71 | 7.46 | 6.08 | 6.13 | 6.11 | 5.61 | ▲22.7% | +7.4% |
Diluted shares (bn) | 14.71 | 15.00 | 15.41 | 15.81 | 16.33 | 16.86 | ▼2.6% | −2.9% |
| Margins | ||||||||
Gross margin39th pct in Technology | 48.7% | 46.9% | 46.2% | 44.1% | 43.3% | 41.8% | ▲0.7pp | +5.1pp |
Operating margin | 33.2% | 32.0% | 31.5% | 29.8% | 30.3% | 29.8% | ▲0.5pp | +2.2pp |
Net margin89th pct in Technology | 27.6% | 26.9% | 24.0% | 25.3% | 25.3% | 25.9% | ▲2.9pp | +1.0pp |
† TTM = trailing four quarters through 2026-06-27.FY24 effective tax rate was 24% vs a 16% norm for this window, likely a one-time item; see the filing.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2025-10-31 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.