AAPL Financials Apple Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 29 h ago Overview →

Growth & profitability

Revenue has grown 8.7% per year over the past 5 years.
Net income has grown faster than revenue (14.3% vs 8.7% per year).
Operating margin has expanded, at 32.0% in the latest year.
Free cash flow has grown 6.1% per year over the past 5 years.

Financial health

Total debt ($98.7B) exceeds cash ($35.9B); net debt is $62.7B.
Total debt has grown slower than revenue (-2.6% vs 8.7% per year).
Total debt is 0.7× EBITDA.

Shareholder returns

Dividends have been paid for 13 consecutive years, consuming 13.8% of earnings and 15.6% of free cash flow.
The dividend has grown 1.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$416.2B	$112.0B	46.9%	32.0%	$98.8B	$98.7B	$35.9B
2024	$391.0B	$93.7B	46.2%	31.5%	$108.8B	$106.6B	$29.9B
2023	$383.3B	$97.0B	44.1%	29.8%	$99.6B	$111.1B	$30.0B
2022	$394.3B	$99.8B	43.3%	30.3%	$111.4B	$120.1B	$23.6B
2021	$365.8B	$94.7B	41.8%	29.8%	$93.0B	$124.7B	$34.9B
2020	$274.5B	$57.4B	38.2%	24.1%	$73.4B	$112.4B	$38.0B
2019	$260.2B	$55.3B	37.8%	24.6%	$58.9B	$108.0B	$48.8B
2018	$265.6B	$59.5B	38.3%	26.7%	$64.1B	$114.5B	$25.9B
2017	$229.2B	$48.4B	38.5%	26.8%	$51.8B	$115.7B	$20.3B
2016	—	$45.7B	—	—	$53.5B	$87.0B	$20.5B
2015	—	$53.4B	—	—	$70.0B	$64.3B	$21.1B
2014	—	$39.5B	—	—	—	$35.3B	$13.8B
2013	—	$37.0B	—	—	$45.5B	$17.0B	$14.3B
2012	—	$41.7B	—	—	—	$0	$10.7B
2011	—	$25.9B	—	—	—	—	$9.8B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$111.2B	$29.6B	49.3%	32.3%	$26.7B	$84.7B	$45.6B
Dec '25	$143.8B	$42.1B	48.2%	35.4%	$51.6B	$90.5B	$45.3B
Sep '25	$102.5B	$27.5B	47.2%	31.6%	$26.5B	$98.7B	$35.9B
Jun '25	$94.0B	$23.4B	46.5%	30.0%	$24.4B	$101.7B	$36.3B
Mar '25	$95.4B	$24.8B	47.1%	31.0%	$20.9B	$98.2B	$28.2B
Dec '24	$124.3B	$36.3B	46.9%	34.5%	$27.0B	$96.8B	$30.3B
Sep '24	$94.9B	$14.7B	46.2%	31.2%	$23.9B	$106.6B	$29.9B
Jun '24	$85.8B	$21.4B	46.3%	29.6%	$26.7B	$101.3B	$25.6B
Mar '24	$90.8B	$23.6B	46.6%	30.7%	$20.7B	$104.6B	$32.7B
Dec '23	$119.6B	$33.9B	45.9%	33.8%	$37.5B	$108.0B	$40.8B
Sep '23	$89.5B	$23.0B	45.2%	30.1%	$19.4B	$111.1B	$30.0B
Jul '23	$81.8B	$19.9B	44.5%	28.1%	$24.3B	$109.3B	$28.4B
Apr '23	$94.8B	$24.2B	44.3%	29.9%	$25.6B	$109.6B	$24.7B
Dec '22	$117.2B	$30.0B	43.0%	30.7%	$30.2B	$111.1B	$20.5B
Sep '22	$90.1B	$20.7B	42.3%	27.6%	$20.8B	$120.1B	$23.6B
Jun '22	$83.0B	$19.4B	43.3%	27.8%	$20.8B	$119.7B	$27.5B
Mar '22	$97.3B	$25.0B	43.7%	30.8%	$25.7B	$120.0B	$28.1B
Dec '21	$123.9B	$34.6B	43.8%	33.5%	$44.2B	$122.8B	$37.1B
Sep '21	$83.4B	$20.6B	42.2%	28.5%	$17.0B	$124.7B	$34.9B
Jun '21	$81.4B	$21.7B	43.3%	29.6%	$19.0B	$121.8B	$34.0B

Valuation over time

How the market has priced AAPL against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 24.3× (Mar '23) to 36.3× (Jun '26).
The price-to-sales ratio has risen from 6.1× (Mar '23) to 9.8× (Jun '26).
The dividend yield has fallen from 0.6% (Mar '23) to 0.4% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is AAPL growing its revenue and profit?

Over the past 5 years, Apple Inc.'s revenue has grown 8.7% per year, and net income grown 14.3% per year. These are computed facts, not advice.

How much debt does AAPL have?

As of FY2025, Apple Inc. reported $98.7B of total debt against $35.9B of cash.

What is AAPL's profit margin?

In FY2025, gross margin was 46.9%, operating margin 32.0%, and net margin 26.9%.

What is AAPL's P/E ratio?

As of Jun '26, Apple Inc. traded at a price-to-earnings ratio of about 36.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.