COVERAGE / AAPL / Technology

Apple Inc.

Electronic Computers

COVERAGE STATUSACTIVE

DATA THROUGH2025-09-27

RESEARCH REPORTS3

SELECTED FILINGS1

Fundamental matrix

Latest / 2025-09-27 · Prior / 2024-09-28 · USD · Annual periods

Revenue

$416.16bn

Prior / $391.04bn

Change / +6.43%

SOURCE / 2025-10-31

Operating income

$133.05bn

Prior / $123.22bn

Change / +7.98%

SOURCE / 2025-10-31

Net income

$112.01bn

Prior / $93.74bn

Change / +19.50%

SOURCE / 2025-10-31

Diluted EPS

$7.46

Prior / $6.08

Change / +22.70%

SOURCE / 2025-10-31

Free cash flow

$98.77bn

Prior / $108.81bn

Change / -9.23%

SOURCE / 2025-10-31

Gross margin

46.91%

Prior / 46.21%

Change / +0.70 pp

SOURCE / 2025-10-31

Operating margin

31.97%

Prior / 31.51%

Change / +0.46 pp

SOURCE / 2025-10-31

Return on avg. equity

171.42%

Prior / 157.41%

Change / +14.01 pp

SOURCE / 2025-10-31

Debt / equity

Not available

Prior / Not available

Change / Unavailable

SOURCE / Not available

ROE uses net income divided by average opening/closing equity. FCF = operating cash flow − selected capital expenditure. Debt/equity is unavailable because a verified interest-bearing-debt series is absent; total liabilities are not substituted for debt.

Inspect source tags, dates and accession numbers

{
  "revenue": {
    "start": "2024-09-29",
    "end": "2025-09-27",
    "val": 416161000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "frame": "CY2025",
    "tag": "us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax",
    "unit": "USD"
  },
  "netIncome": {
    "start": "2024-09-29",
    "end": "2025-09-27",
    "val": 112010000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "frame": "CY2025",
    "tag": "us-gaap:NetIncomeLoss",
    "unit": "USD"
  },
  "grossProfit": {
    "start": "2024-09-29",
    "end": "2025-09-27",
    "val": 195201000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "frame": "CY2025",
    "tag": "us-gaap:GrossProfit",
    "unit": "USD"
  },
  "operatingIncome": {
    "start": "2024-09-29",
    "end": "2025-09-27",
    "val": 133050000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "frame": "CY2025",
    "tag": "us-gaap:OperatingIncomeLoss",
    "unit": "USD"
  },
  "eps": {
    "start": "2024-09-29",
    "end": "2025-09-27",
    "val": 7.46,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "frame": "CY2025",
    "tag": "us-gaap:EarningsPerShareDiluted",
    "unit": "USD/shares"
  },
  "operatingCashFlow": {
    "start": "2024-09-29",
    "end": "2025-09-27",
    "val": 111482000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "frame": "CY2025",
    "tag": "us-gaap:NetCashProvidedByUsedInOperatingActivities",
    "unit": "USD"
  },
  "capex": {
    "start": "2024-09-29",
    "end": "2025-09-27",
    "val": 12715000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "frame": "CY2025",
    "tag": "us-gaap:PaymentsToAcquirePropertyPlantAndEquipment",
    "unit": "USD"
  },
  "totalAssets": {
    "end": "2025-09-27",
    "val": 359241000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "tag": "us-gaap:Assets",
    "unit": "USD"
  },
  "totalLiabilities": {
    "end": "2025-09-27",
    "val": 285508000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "tag": "us-gaap:Liabilities",
    "unit": "USD"
  },
  "shareholdersEquity": {
    "end": "2025-09-27",
    "val": 73733000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "tag": "us-gaap:StockholdersEquity",
    "unit": "USD"
  },
  "currentAssets": {
    "end": "2025-09-27",
    "val": 147957000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "tag": "us-gaap:AssetsCurrent",
    "unit": "USD"
  },
  "currentLiabilities": {
    "end": "2025-09-27",
    "val": 165631000000,
    "accn": "0000320193-25-000079",
    "fy": 2025,
    "fp": "FY",
    "form": "10-K",
    "filed": "2025-10-31",
    "tag": "us-gaap:LiabilitiesCurrent",
    "unit": "USD"
  }
}

Financial trend system

Annual financial trends are summarized in the accessible table below.

Annual figures / accessible table

Period end	Revenue	Net income	Free cash flow	EPS
2025-09-27	$416.16bn	$112.01bn	$98.77bn	$7.46
2024-09-28	$391.04bn	$93.74bn	$108.81bn	$6.08
2023-09-30	$383.29bn	$97bn	$99.58bn	$6.13
2022-09-24	$394.33bn	$99.8bn	$111.44bn	$6.11

Valuation context

Historical snapshot / 2026-09-17. Annual accounting period / 2025-09-27. Not current, TTM or forward valuation.

Dated ratios / eligible same-method sector sample
Measure	Snapshot value	Historical median	Sector median	Peer count
P/E	45.17x	Unavailable	47.78x	16
P/S	11.82x	Unavailable	12.58x	14
P/B	66.70x	Unavailable	14.12x	13
EV / EBITDA	Unavailable	Unavailable	Unavailable	0
FCF yield	2.01%	Unavailable	1.72%	11

Annual denominators, not TTM or forward. Capitalization-based measures use estimated market capitalization from the dated quote snapshot. ADR/share-basis uncertainty is excluded. No comparable historical-multiple series or EV/EBITDA is available. Sector samples are equal-weight medians of this publication’s eligible covered companies; fiscal periods differ. No fair value or price target is implied.

Source: Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-17 DAILY-BAR SOURCE ↗

Retained price snapshot and capitalization estimate

{
  "currentPrice": 337,
  "tradingDate": "2026-09-17",
  "marketCap": 4918238660000,
  "source": "Yahoo Finance completed daily-bar snapshot; not live; market cap estimated using SEC shares at 2026-07-17"
}

Company & operating context

Apple Inc. is an SEC-reporting issuer listed on NASDAQ under AAPL. Its SEC industry description is Electronic Computers. This profile organizes annual financial disclosures for research; sector labels are editorial groupings, not GICS classifications.

Product cycles, recurring software revenue and infrastructure investment shape this broad group. Hardware and software businesses have different cost structures.

Segment-level revenue is not included in this standardized dataset. Consult the business and segment notes in the linked annual filing for the issuer’s actual reporting segments.

Filing timeline

10-KFILED / 2025-10-31PERIOD / 2025-09-27

AAPL filed this 10-K on 2025-10-31 for the reported period 2025-09-27. Reading focus: Revenue mix, research spending, inventory and cash conversion. This is a metadata-based reading guide; it does not assert that a particular event or risk change occurred in the document.

ORIGINAL SEC DISCLOSURE ↗

Research archive

HR-0001AAPLEarnings Review

AAPL: the annual earnings and cash-flow comparison ↗

Apple Inc.

Research abstract

A two-period review of AAPL revenue, profitability and cash conversion; reported revenue growth was 6.43%.

DATA THROUGH2025-09-272 MIN READPUBLISHED 2026-09-26

HR-0002AAPLCompany Research

AAPL: reading the FY2025 financial structure ↗

Apple Inc.

Research abstract

Annual revenue of USD 416.161 billion and net income of USD 112.010 billion for the period ended 2025-09-27.

DATA THROUGH2025-09-272 MIN READPUBLISHED 2026-09-26

HR-0003AAPLValuation Context

AAPL: separating valuation inputs from conclusions ↗

Apple Inc.

Research abstract

A dated valuation context using AAPL's September 17, 2026 price snapshot and annual accounting denominators.

DATA THROUGH2026-09-172 MIN READPUBLISHED 2026-09-26

Sector context & risk factors

Customer concentration, product transitions, export restrictions and the durability of capital spending.

Revenue mix, research spending, inventory and cash conversion.

TECHNOLOGY SYSTEM ↗

Sources & dates

SEC annual filing · 2025-09-27 ↗Source date 2025-10-31
SEC annual filing · 2024-09-28 ↗Source date 2025-10-31
SEC annual filing · 2023-09-30 ↗Source date 2025-10-31
SEC annual filing · 2022-09-24 ↗Source date 2024-11-01
SEC issuer record ↗Source date 2026-09-18