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AAPL

Apple Inc.

AAPL

Apple Inc. • NASDAQ
$278.36 ▲ 0.29% (+0.81)
Market Cap $4.11 T
52w High $280.38
52w Low $169.21
Dividend Yield 1.03%
P/E 37.26
Volume 19.03M
Outstanding Shares 14.78B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $102.466B ▲ $15.914B ▲ $27.466B ▲ 26.805% ▲ $1.85 ▲ $35.931B ▲
Q3-2025 $94.036B ▼ $15.516B ▲ $23.434B ▼ 24.92% ▼ $1.57 ▼ $31.032B ▼
Q2-2025 $95.359B ▼ $15.278B ▼ $24.78B ▼ 25.986% ▼ $1.65 ▼ $32.25B ▼
Q1-2025 $124.3B ▲ $15.443B ▲ $36.33B ▲ 29.228% ▲ $2.41 ▲ $45.912B ▲
Q4-2024 $94.93B $14.288B $14.736B 15.523% $0.97 $32.502B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $54.697B ▼ $359.241B ▲ $285.508B ▲ $73.733B ▲
Q3-2025 $55.372B ▲ $331.495B ▲ $265.665B ▲ $65.83B ▼
Q2-2025 $48.498B ▼ $331.233B ▼ $264.437B ▼ $66.796B ▲
Q1-2025 $53.775B ▼ $344.085B ▼ $277.327B ▼ $66.758B ▲
Q4-2024 $65.171B $364.98B $308.03B $56.95B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $27.466B ▲ $29.728B ▲ $-2.587B ▼ $-27.476B ▼ $-335M ▼ $26.486B ▲
Q3-2025 $23.434B ▼ $27.867B ▲ $5.073B ▲ $-24.833B ▲ $8.107B ▲ $24.405B ▲
Q2-2025 $24.78B ▼ $23.952B ▼ $2.917B ▼ $-29.006B ▲ $-2.137B ▼ $20.881B ▼
Q1-2025 $36.33B ▲ $29.935B ▲ $9.792B ▲ $-39.371B ▼ $356M ▼ $26.995B ▲
Q4-2024 $14.736B $26.811B $1.445B $-24.948B $3.308B $23.903B

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
iPad
iPad
 $8.09Bn ▲$6.40Bn ▼$6.58Bn ▲$6.95Bn ▲
iPhone
iPhone
 $69.14Bn ▲$46.84Bn ▼$44.58Bn ▼$49.02Bn ▲
Mac
Mac
 $8.99Bn ▲$7.95Bn ▼$8.05Bn ▲$8.73Bn ▲
Service
Service
 $26.34Bn ▲$26.64Bn ▲$27.42Bn ▲$28.75Bn ▲
Wearables Home and Accessories
Wearables Home and Accessories
 $11.75Bn ▲$7.52Bn ▼$7.40Bn ▼$9.01Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Apple’s income statement shows a large, mature business that is still growing earnings. Revenue has climbed over the last five years, with only a small soft patch in the middle, and is now at its highest level in this period. Profitability remains very strong at every level: gross profit, operating profit, and net income have all trended upward, and earnings per share have grown as well. This suggests Apple is not only selling a lot, but also keeping a healthy share of each dollar as profit, helped by premium pricing, scale, and a growing mix of high‑margin services.

Balance Sheet

Balance Sheet The balance sheet points to a company with substantial resources and financial flexibility. Total assets have inched higher over time, and Apple holds a meaningful cash balance, giving it room to invest, absorb shocks, or return capital. Reported equity has grown, which is consistent with accumulating profits over time. The debt figures show a sharp drop in the most recent period versus prior data, which may reflect changes in financing strategy or incomplete data, so that trend should be treated with caution. Overall, nothing here suggests financial strain; instead it reflects a robust, well-capitalized business.

Cash Flow

Cash Flow Apple generates very strong cash flow from its core operations, comfortably above its spending on equipment, data centers, and other investments. Free cash flow remains high and stable, indicating that the company converts a large portion of its accounting profits into actual cash. Capital spending is meaningful but very manageable relative to operating cash flow, which leaves ample room for things like research, new product development, and capital returns, while still maintaining a solid financial footing.

Competitive Edge

Competitive Edge Apple’s competitive position is anchored in its ecosystem, brand, and scale. The tight integration of hardware, software, and services makes its products work smoothly together, which encourages customers to stay and buy more devices over time. Brand loyalty is unusually strong, supported by design, perceived quality, and a focus on privacy. The App Store, services, and a vast installed base create network effects that are hard for rivals to match. Its supply chain and operations are finely tuned, allowing Apple to launch products globally and manage costs effectively. Key risks include dependence on a few flagship products, intense competition in smartphones and PCs, regulatory scrutiny, and exposure to geopolitical and demand shifts in major markets like China.

Innovation and R&D

Innovation and R&D Innovation remains central to Apple’s strategy. Historically it has reshaped categories with products like the iPhone, iPad, and Apple Watch, and more recently with its own Apple Silicon chips, which deepen hardware–software integration and differentiate performance and efficiency. The company is now pushing into on‑device and cloud‑assisted AI (“Apple Intelligence”), spatial computing via Vision Pro, and expanded health and wearable capabilities. It also appears to be exploring new form factors and product categories. The main questions going forward are how quickly these newer areas scale beyond niche status, and whether they can spark new upgrade cycles comparable to past breakthroughs.

Summary

Apple looks like a highly profitable, cash‑rich technology leader with a durable ecosystem and strong brand power. Its income statement and cash flows show a mature business that still finds room to grow earnings and generate substantial excess cash. The balance sheet underpins this strength, although some debt figures warrant a closer look due to their abrupt change. Competitively, Apple benefits from customer loyalty, seamless integration across devices and services, and powerful network effects, but faces pressure from regulation, fast‑moving rivals, and concentrated exposure to a few key product lines and regions. Future performance will hinge on how effectively Apple turns its investments in AI, spatial computing, and health‑related technologies into products and services that meaningfully expand or refresh its existing business lines.

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