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Fundamentals · EDGAR XBRL · Information Technology

AAPL

Latest: FY2025 · Thesis page →
Revenue$416.2B+6.4% YoY
Net income$112.0B+19.5% YoY
Free cash flow$98.8B-9.2% YoY
Gross margin46.9%+0.7 pts vs a year ago

Revenue vs Net income

Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.

■ Revenue   ■ Net income
$0$149.8B$299.6B$449.5BFY21FY22FY23FY24FY25

Margin trend

Gross, operating and net margin. Margins are derived from reported dollars.

● Gross margin   ● Operating margin   ● Net margin
21%30%40%50%FY21FY22FY23FY24FY25

Revenue YoY growth

Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).

+8%-3%+2%+6%FY21FY22FY23FY24FY25

Income statement

From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.

FY21FY22FY23FY24FY25
Revenue$365.8B$394.3B$383.3B$391.0B$416.2B
YoY—+7.8%-2.8%+2.0%+6.4%
Cost of goods sold$213.0B$223.5B$214.1B$210.4B$221.0B
YoY—+5.0%-4.2%-1.8%+5.0%
Gross profit$152.8B$170.8B$169.1B$180.7B$195.2B
YoY—+11.7%-1.0%+6.8%+8.0%
Research & development$21.9B$26.3B$29.9B$31.4B$34.5B
YoY—+19.8%+14.0%+4.9%+10.1%
Selling, general & administrative$22.0B$25.1B$24.9B$26.1B$27.6B
YoY—+14.2%-0.6%+4.7%+5.8%
Operating income$108.9B$119.4B$114.3B$123.2B$133.1B
YoY—+9.6%-4.3%+7.8%+8.0%
Pretax income$109.2B$119.1B$113.7B$123.5B$132.7B
YoY—+9.1%-4.5%+8.6%+7.5%
Income tax$14.5B$19.3B$16.7B$29.7B$20.7B
YoY—+32.9%-13.3%+77.7%-30.4%
Net income$94.7B$99.8B$97.0B$93.7B$112.0B
YoY—+5.4%-2.8%-3.4%+19.5%
EPS — basic$5.67$6.15$6.16$6.11$7.49
YoY—+8.5%+0.2%-0.8%+22.6%
EPS — diluted$5.61$6.11$6.13$6.08$7.46
YoY—+8.9%+0.3%-0.8%+22.7%
Weighted shares — basic16.70B16.22B15.74B15.34B14.95B
Weighted shares — diluted16.86B16.33B15.81B15.41B15.00B

Balance sheet

Point-in-time values at each quarter (or fiscal year) end.

FY21FY22FY23FY24FY25
Cash & equivalents$34.9B$23.6B$30.0B$29.9B$35.9B
YoY—-32.3%+26.7%-0.1%+20.0%
Marketable securities (current)$27.7B$24.7B$31.6B$35.2B$18.8B
YoY—-11.0%+28.1%+11.5%-46.7%
Accounts receivable$26.3B$28.2B$29.5B$33.4B$39.8B
YoY—+7.3%+4.7%+13.2%+19.1%
Inventory$6.6B$4.9B$6.3B$7.3B$5.7B
YoY—-24.8%+28.0%+15.1%-21.5%
Total current assets$134.8B$135.4B$143.6B$153.0B$148.0B
YoY—+0.4%+6.0%+6.6%-3.3%
Total assets$351.0B$352.8B$352.6B$365.0B$359.2B
YoY—+0.5%-0.0%+3.5%-1.6%
Total current liabilities$125.5B$154.0B$145.3B$176.4B$165.6B
YoY—+22.7%-5.6%+21.4%-6.1%
Total liabilities$287.9B$302.1B$290.4B$308.0B$285.5B
YoY—+4.9%-3.9%+6.1%-7.3%
Total equity$63.1B$50.7B$62.1B$57.0B$73.7B
YoY—-19.7%+22.6%-8.4%+29.5%
Shares outstanding16.43B15.94B15.55B15.12B14.77B
YoY—-2.9%-2.5%-2.8%-2.3%

Cash flow

Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.

FY21FY22FY23FY24FY25
Operating cash flow$104.0B$122.2B$110.5B$118.3B$111.5B
YoY—+17.4%-9.5%+7.0%-5.7%
Capital expenditures$11.1B$10.7B$11.0B$9.4B$12.7B
YoY—-3.4%+2.3%-13.8%+34.6%
Free cash flow$93.0B$111.4B$99.6B$108.8B$98.8B
YoY—+19.9%-10.6%+9.3%-9.2%
Dividends paid$14.5B$14.8B$15.0B$15.2B$15.4B
YoY—+2.6%+1.2%+1.4%+1.2%
Share repurchases$86.0B$89.4B$77.5B$94.9B$90.7B
YoY—+4.0%-13.3%+22.4%-4.5%

Margins & ratios

Derived from the reported dollars above — no separate source.

FY21FY22FY23FY24FY25
Gross margin41.8%43.3%44.1%46.2%46.9%
Operating margin29.8%30.3%29.8%31.5%32.0%
Net margin25.9%25.3%25.3%24.0%26.9%
Free cash flow margin25.4%28.3%26.0%27.8%23.7%
Effective tax rate13.3%16.2%14.7%24.1%15.6%
Current ratio1.07x0.88x0.99x0.87x0.89x
Total liabilities / equity4.56x5.96x4.67x5.41x3.87x

Peer comparison — latest full year

Same sector (Information Technology), sorted by revenue. All figures from the same EDGAR XBRL snapshot.

TickerRevenueRevenue YoYGross marginOperating marginNet marginFCF margin
AAPL FY25 · this stock$416.2B+6.4%46.9%32.0%26.9%23.7%
MSFT FY26$331.8B+17.8%67.9%46.8%40.3%20.2%
NVDA FY26$215.9B+65.5%71.1%60.4%55.6%—
MU FY26$133.2B+256.3%80.7%74.6%63.8%44.3%
IBM FY25$67.5B+7.6%58.2%—15.7%17.9%
ORCL FY26$67.4B+17.3%—30.6%25.4%-35.2%
CSCO FY26$63.3B+11.8%64.5%24.3%21.0%20.2%
INTC FY25$52.9B-0.5%34.8%-4.2%-0.5%-9.4%
AVGO FY24$51.6B+44.0%63.0%26.1%—37.6%
QCOM FY25$44.3B+13.7%—27.9%12.5%—
CRM FY26$41.5B+9.6%77.7%20.1%18.0%34.7%

Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.