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Apple (Nasdaq: AAPL) stock fundamentals

Nasdaq: AAPL · Information technology · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Apple (Nasdaq: AAPL) designs, manufactures and markets smartphones, computers, tablets and wearables, and sells services. Its Form 10-Q for Q3 FY2026, the quarter ended 27 Jun 2026, reports revenue of USD 109 billion. Its Form 10-K reports revenue of USD 416 billion and net income of USD 112 billion for FY2025, the year ended 27 Sep 2025.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q3 FY2026

Key facts

Data as of

Apple (Nasdaq: AAPL) · USD · fiscal year ends late September · figures from SEC filings; derived values are marked.

Revenue (USD bn)
416
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
467
TTM to · derived
Revenue by quarter, from USD 94.9 bn in Q4 FY2024 to USD 109 bn in Q3 FY2026
Net income attributable to shareholders (USD bn)
112
FY2025 (ended ) · Form 10-K
Operating margin
32.0%
FY2025 (ended ) · derived
Free cash flow (USD bn)
98.8
FY2025 (ended ) · derived
Net debt (USD bn)
21.9
at · derived: total debt minus cash and short-term investments
Dividend declared per share (USD)
1.02
FY2025 (ended ) · Form 10-K
Shares outstanding (bn)
14.6
at · Form 10-Q cover page

Fundamentals profile

vs Apple's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q3 FY2026 · Data as of

Each row places Apple's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Apple fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricAppleOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY20251.8%Own 5-year median 11.3%Below its 5-year median
Lower (1.8%) Higher (14.9%)
MarginsOperating margin (TTM to Q3 FY2026)33.2%Own 5-year median 30.3%Above its 5-year median
Lower (29.8%) Higher (32.0%)
LeverageNet debt / EBITDA (TTM to Q3 FY2026; below zero means net cash)0.1×Own 5-year median 0.4×Below its 5-year median
Lower (0.3×) Higher (0.5×)
Cash flowFCF margin (TTM to Q3 FY2026)29.3%Own 5-year median 26.0%Above its 5-year median
Lower (23.7%) Higher (28.3%)
Dividend historyConsecutive years of cash dividends, to FY202514Own 5-year median not availablenot availablenot available

Source: Apple Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Apple's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Apple's buybacks and dividends compare with its free cash flow from FY2021 to FY2025?

Apple spent USD 90.7 billion on buybacks in FY2025, the year ended 27 Sep 2025, and USD 15.4 billion on dividends. Free cash flow was USD 98.8 billion (our calculation), so the two payouts together were larger than free cash flow that year.

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Table 1 Apple cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations111,482118,254110,543122,151104,038
Capital expenditure−12,715−9,447−10,959−10,708−11,085
Free cash flow98,767 D108,807 D99,584 D111,443 D92,953 D
Dividends paid−15,421−15,234−15,025−14,841−14,467
Share buybacks−90,711−94,949−77,550−89,402−85,971
(opens in new tab)

Source: Apple Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Apple's buybacks were USD 86.0 billion in FY2021, USD 89.4 billion in FY2022, USD 77.6 billion in FY2023 and USD 94.9 billion in FY2024. Its free cash flow, our calculation, was USD 93.0 billion in FY2021, USD 111 billion in FY2022, USD 99.6 billion in FY2023 and USD 109 billion in FY2024. Buybacks and dividends paid together were larger than free cash flow in FY2021, FY2024 and FY2025, and smaller in FY2022 and FY2023.

Dividends paid rose in each year after FY2021, from USD 14.5 billion in FY2021 to USD 15.4 billion in FY2025. Apple declared dividends of USD 1.02 per share for FY2025. Over the trailing 12 months (TTM) to 27 Jun 2026, free cash flow was 29.3% of revenue (our calculation).

Apple had 14.6 billion shares outstanding at 17 Jul 2026, according to its Form 10-Q for Q3 FY2026. The full cash flow statements are on the Apple financial statements page. The Microsoft stock fundamentals page sets capital expenditure and free cash flow side by side for a company that sells cloud and productivity software.

How did Apple's net debt change over the 5 quarters to Q3 FY2026?

Apple's net debt, our calculation, was USD 21.9 billion at 27 Jun 2026, the end of Q3 FY2026. That is USD 84.3 billion of total debt less USD 62.4 billion of cash and short-term investments. At the end of FY2025, the year ended 27 Sep 2025, net debt was USD 44.0 billion.

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Table 2 Apple cash, debt and net debt, Q3 FY2025–Q3 FY2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ3 FY2026at Q2 FY2026at Q1 FY2026at Q4 FY2025at Q3 FY2025at
Cash and short-term investments62,399 D68,507 D66,907 D54,697 D55,372 D
Total debt84,344 D84,711 D90,509 D98,657 D101,698 D
Net debt / (net cash)21,945 D16,204 D23,602 D43,960 D46,326 D
(opens in new tab)

Source: Apple Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Net debt was USD 46.3 billion at the end of Q3 FY2025 and USD 44.0 billion at the end of Q4 FY2025. It was USD 23.6 billion at the end of Q1 FY2026, USD 16.2 billion at the end of Q2 FY2026 and USD 21.9 billion at the end of Q3 FY2026. Total debt fell from USD 102 billion in Q3 FY2025 to USD 84.3 billion in Q3 FY2026. Cash and short-term investments were USD 55.4 billion in Q3 FY2025 and USD 62.4 billion in Q3 FY2026.

Cash and short-term investments were USD 66.9 billion in Q1 FY2026 and USD 68.5 billion in Q2 FY2026, the quarter with the net debt of USD 16.2 billion. A balance sheet does not tie a given change in cash to a given use, so this page draws no link between the buybacks above and these balances. The quarterly balance sheets are set out in full on the Apple financial statements page.

How did Apple's gross and operating margins change from FY2021 to FY2025?

Apple's gross margin, our calculation, rose from 41.8% in FY2021 to 46.9% in FY2025. Its operating margin, our calculation, was 29.8% in FY2021 and 32.0% in FY2025, on revenue of USD 416 billion in FY2025. Over the TTM to 27 Jun 2026, operating margin was 33.2%.

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Table 3 Apple annual revenue and margins, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends late September
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Revenue416,161391,035383,285394,328365,817
Revenue YoY %increased 6.4%increased 2.0% 1decreased 2.8% 2increased 7.8%increased 33.3%
Gross margin %46.9%46.2%44.1%43.3%41.8%
Operating margin %32.0%31.5%29.8%30.3%29.8%
Net margin %26.9%24.0%25.3%25.3%25.9%
(opens in new tab)

Source: Apple Forms 10-Q and 10-K, SEC EDGAR Data as of

1 FY2024 had 52 weeks; FY2023 had 53 weeks (364 vs 371 days).

2 FY2023 had 53 weeks; FY2022 had 52 weeks (371 vs 364 days).

Arrows show direction of change only, not whether a change is good or bad.

Gross margin rose in each year after FY2021, to 46.9% in FY2025. Operating margin moved less evenly: 30.3% in FY2022, 29.8% in FY2023, 31.5% in FY2024 and 32.0% in FY2025. Net margin, our calculation, was 25.9% in FY2021, 24.0% in FY2024 and 26.9% in FY2025.

Revenue grew by 33.3% in FY2021 and 7.8% in FY2022, fell by 2.8% in FY2023, then grew by 2.0% in FY2024 and 6.4% in FY2025. The margin lines above are the annual view; the quarterly income statement, from research and development to income tax, is on the Apple financial statements page.

How we got these numbers

Every figure comes from Apple's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 FY2024 to Q3 FY2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
None in the periods shown.
Comparator
Each profile row compares the current value with Apple's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Apple's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 27 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 28 Mar 2026 sec.gov
  3. Filing Form 10-Q, quarter ended 27 Dec 2025 sec.gov
  4. Filing Form 10-K, fiscal year ended 27 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 28 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 29 Mar 2025 sec.gov
  7. Filing Form 10-Q, quarter ended 28 Dec 2024 sec.gov
  8. Filing Form 10-K, fiscal year ended 28 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Apple Inc.
Exchange
Nasdaq
Ticker
AAPL
Sector
Information technology
Country
United States
Fiscal year end
late September (FY2025 ended 27 Sep 2025)
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0000320193
Latest filing in this page's data
Form 10-Q, quarter ended 27 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 27 Jun 2026 Apple Inc. · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 28 Mar 2026 Apple Inc. · · sec.gov
  3. [3] Filing Form 10-Q, quarter ended 27 Dec 2025 Apple Inc. · · sec.gov
  4. [4] Filing Form 10-K, fiscal year ended 27 Sep 2025 Apple Inc. · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 28 Jun 2025 Apple Inc. · · sec.gov
  6. [6] Filing Form 10-K, fiscal year ended 28 Sep 2024 Apple Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 30 Sep 2023 Apple Inc. · · sec.gov
  8. [8] Filing Form 10-K, fiscal year ended 24 Sep 2022 Apple Inc. · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 25 Sep 2021 Apple Inc. · · sec.gov
  10. [10] Filing Form 10-Q, quarter ended 29 Mar 2025 Apple Inc. · · sec.gov
  11. [11] Filing Form 10-Q, quarter ended 28 Dec 2024 Apple Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 29 Jun 2024 Apple Inc. · · sec.gov
  13. [13] Filing Form 10-K, fiscal year ended 26 Sep 2020 Apple Inc. · · sec.gov
  14. [14] Filing Form 10-K, fiscal year ended 28 Sep 2019 Apple Inc. · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 29 Sep 2018 Apple Inc. · · sec.gov
  16. [16] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Apple (Nasdaq: AAPL) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/aapl/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How you can check this page

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How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset only
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.