The company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells related services. Product lines include iPhone, Mac, iPad, and Wearables, Home and Accessories, alongside services such as advertising, AppleCare, cloud services, digital content, and payment services. Customers are primarily in the consumer, small and mid-sized business, education, enterprise and government markets, served through direct retail and online stores as well as indirect channels including cellular carriers and resellers.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 416,161 | 391,035 | 383,285 | 5 |
| · iPhone | 209,586 | 201,183 | 200,583 | |
| · Service | 109,158 | 96,169 | 85,200 | |
| · Wearables home and accessories | 35,686 | 37,005 | 39,845 | |
| · Mac | 33,708 | 29,984 | 29,357 | |
| · iPad | 28,023 | 26,694 | 28,300 | |
| Cost of revenue | 220,960 | 210,352 | 214,137 | |
| Gross profit | 195,201 | 180,683 | 169,148 | 1 |
| Research and development | 34,550 | 31,370 | 29,915 | 1 |
| Selling, general and administrative | 27,601 | 26,097 | 24,932 | |
| Depreciation, depletion and amortization | 11,698 | 11,445 | 11,519 | |
| Total operating expenses | 62,151 | 57,467 | 54,847 | |
| Operating income | 133,050 | 123,216 | 114,301 | |
| Interest expense | — | — | 3,933 | |
| Other income (expense), net | (321) | 269 | (565) | |
| Income before income taxes | 132,729 | 123,485 | 113,736 | |
| Income tax provision | 20,719 | 29,749 | 16,741 | 3 |
| Net income attributable to common | 112,010 | 93,736 | 96,995 | 2 |
| Diluted earnings per share | $7.46 | $6.08 | $6.13 | |
| Weighted-average diluted shares | 15,005 | 15,408 | 15,813 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 112,010 | 93,736 | 96,995 | |
| Depreciation, depletion and amortization | 11,698 | 11,445 | 11,519 | |
| Share-based compensation | 12,863 | 11,688 | 10,833 | |
| Change in receivables | 6,682 | 3,788 | 1,688 | |
| Change in inventories | (1,400) | 1,046 | 1,618 | |
| Change in payables | 902 | 6,020 | (1,889) | |
| Net cash provided by operating activities | 111,482 | 118,254 | 110,543 | 3 |
| Capital expenditure | 12,715 | 9,447 | 10,959 | 1 |
| Net cash used in investing activities | 15,195 | 2,935 | 3,705 | |
| Dividends paid | 15,421 | 15,234 | 15,025 | 2 |
| Repurchases of common stock | 90,711 | 94,949 | 77,550 | 2 |
| Debt issued | 4,481 | 0 | 5,228 | |
| Debt repaid | 10,932 | 9,958 | 11,151 | |
| Net cash used in financing activities | (120,686) | (121,983) | (108,488) | |
| Cash and equivalents at end of period | 35,934 | 29,943 | 30,737 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 35,934 | 29,943 | 1 |
| Short-term investments | 18,763 | 35,228 | 1 |
| Receivables, net | 39,777 | 33,410 | 1 |
| Inventories | 5,718 | 7,286 | 1 |
| Total current assets | 147,957 | 152,987 | |
| Property, plant and equipment, net | 49,834 | 45,680 | |
| Intangible assets, net | 13,301 | — | |
| Total assets | 359,241 | 364,980 | |
| Accounts payable | 69,860 | 68,960 | |
| Current debt | 12,350 | 10,912 | |
| Total current liabilities | 165,631 | 176,392 | |
| Long-term debt | 78,328 | 85,750 | |
| Total liabilities | 285,508 | 308,030 | |
| Stockholders' equity | 73,733 | 56,950 | |
| Total equity | 73,733 | 56,950 |
| Segments · as filed in the segment note · $ millions | Americas segment | Europe segment | Greater china segment | Rest of asia pacific segment | Japan segment | Consolidated |
|---|---|---|---|---|---|---|
| Net sales | 178,353 | 111,032 | 64,377 | 33,696 | 28,703 | 416,161 |
| Cost of sales | 95,699 | 58,617 | 35,141 | 17,724 | 13,779 | 220,960 |
Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total revenues · IS | 416,161 | 391,035 | +25,126 | +6.4% | — |
| Total liabilities · BS | 285,508 | 308,030 | −22,522 | -7.3% | — |
| Net income attributable to common · IS | 112,010 | 93,736 | +18,274 | +19.5% | — |
| Net income incl. noncontrolling interests · CF | 112,010 | 93,736 | +18,274 | +19.5% | — |
| Stockholders' equity · BS | 73,733 | 56,950 | +16,783 | +29.5% | — |
| Total equity · BS | 73,733 | 56,950 | +16,783 | +29.5% | — |
| Short-term investments · BS | 18,763 | 35,228 | −16,465 | -46.7% | — |
| Gross profit · IS | 195,201 | 180,683 | +14,518 | +8.0% | — |
| · Service · IS | 109,158 | 96,169 | +12,989 | +13.5% | — |
| Net cash used in investing activities · CF | 15,195 | 2,935 | +12,260 | +417.7% | — |
| Total current liabilities · BS | 165,631 | 176,392 | −10,761 | -6.1% | — |
| Cost of revenue · IS | 220,960 | 210,352 | +10,608 | +5.0% | — |
| Operating income · IS | 133,050 | 123,216 | +9,834 | +8.0% | — |
| Income before income taxes · IS | 132,729 | 123,485 | +9,244 | +7.5% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 171.4% sector median 17.7% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | -2.3% sector median -0.7% | shrinking |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 1.23 sector median 0.43 | leveraged |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 31.9% sector median 20.1% | stable |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | DEC 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 95,359 | 94,036 | 143,756 | 111,184 | 109,417 |
| Cost of revenue | 50,492 | 50,318 | 74,525 | 56,403 | 54,647 |
| Gross profit | 44,867 | 43,718 | 69,231 | 54,781 | 54,770 |
| Research and development | 8,550 | 8,866 | 10,887 | 11,419 | 11,729 |
| Selling, general and administrative | 6,728 | 6,650 | 7,492 | 7,477 | 7,346 |
| Total operating expenses | 15,278 | 15,516 | 18,379 | 18,896 | 19,075 |
| Operating income | 29,589 | 28,202 | 50,852 | 35,885 | 35,695 |
| Other income (expense), net | (279) | (171) | 150 | (52) | 572 |
| Income before income taxes | 29,310 | 28,031 | 51,002 | 35,833 | 36,267 |
| Income tax provision | 4,530 | 4,597 | 8,905 | 6,255 | 6,478 |
| Net income attributable to common | 24,780 | 23,434 | 42,097 | 29,578 | 29,789 |
| Diluted earnings per share | $1.65 | $1.57 | $2.84 | $2.01 | $2.02 |
| Weighted-average diluted shares | 15,056 | 14,948 | 14,810 | 14,726 | 14,715 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 111,184 | 109,417 | −1,767 | -1.6% |
| Cost of revenue | 56,403 | 54,647 | −1,756 | -3.1% |
| Other income (expense), net | (52) | 572 | +624 | +1,200.0% |
| Income before income taxes | 35,833 | 36,267 | +434 | +1.2% |
| Research and development | 11,419 | 11,729 | +310 | +2.7% |
| Income tax provision | 6,255 | 6,478 | +223 | +3.6% |
| Net income attributable to common | 29,578 | 29,789 | +211 | +0.7% |
| Operating income | 35,885 | 35,695 | −190 | -0.5% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $3,253,431M | 10-K cover · as of 2025-03-28 |
| Insider Form 4s, 90d | 11 filings · 0 buys / 14 sells | net selling · −$111,739,341 |
| · Levinson Arthur D | SELL $42,550,898 | Form 4 filed 2026-05-08 · open market |
| · Levinson Arthur D | SELL $28,638,824 | Form 4 filed 2026-05-08 · open market |
| · Levinson Arthur D | SELL $15,551,000 | Form 4 filed 2026-05-29 · open market |
| · Cook Timothy D | SELL $7,192,732 | Form 4 filed 2026-04-03 · open market |
| · O'Brien Deirdre | SELL $5,188,631 | Form 4 filed 2026-04-03 · open market |
| Insider ownership % | * | directors & officers as a group · DEF 14A filed 2026-01-08 |
| · The Vanguard Group | 9.63% | 5%+ holder · DEF 14A filed 2026-01-08 |
| · BlackRock, Inc. | 7.10% | 5%+ holder · DEF 14A filed 2026-01-08 |
| Institutional % | 2 holders of 5%+ named | full 13F total pending — never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Apple Inc.'s Form 10-K for FY2025 (accession 0000320193-25-000079), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. AAPL is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.