Technology · NASDAQ: AAPL
Apple: how the business works
Apple sells iPhones, Mac computers, iPads, wearables and paid services, with net sales of $416.2 billion in FY2025.
By Hardik Bhandare · Checked against filings:
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Apple Inc. · Cupertino, California
Last updated
- Net sales, FY2025
- $416.2B
- Operating income, FY2025
- $133.1B
- Net income, FY2025
- $112.0B
- Active devices, Apple's statement, Jan 29, 2026
- More than 2.5 billion
- Employees, end of FY2025 (full-time equivalent)
- About 166,000
The short version
Apple in 5 points
1 · What it sells
Apple sells iPhones (50.4% of FY2025 net sales), Services such as the App Store (26.2%), wearables, Mac computers and iPads, with net sales of $416.2 billion.
2 · Who pays it
In FY2025, 40% of net sales came through direct channels such as Apple's own stores and 60% through carriers and other resellers; Apple does not split sales among consumers, businesses, schools and governments.
3 · What it keeps from $100
Of every $100 of FY2025 net sales, Apple kept $26.9 as net income and earned $32.0 as operating income before tax, with non-operating items a net cost of $0.1.
4 · Where the operating profit comes from
Apple reports operating income by region, not by product, with the Americas at $72.5 billion in FY2025, while Services brought 26.2% of net sales and 42.2% of gross margin.
5 · The one thing to watch
Apple's gross margin was 50.1% in Q3 FY2026 including about 2 points from tariff refunds, and its Jul 31, 2026 10-Q says it expects component supply constraints and cost increases to intensify.
Sources: From Apple's FY2025 10-K and its Q3 FY2026 10-Q and earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of Apple's money go?
Apple · FY2025
Receipt for every $100
| Cost of products | $46.6 |
|---|---|
| Cost of services | $6.5 |
| Research and development | $8.3 |
| Selling, general and administrative | $6.6 |
| Other expense, net | $0.1 |
| Income tax | $5.0 |
| Kept as net income | $26.9 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 of FY2025 net sales: each line = line ÷ $416.2 billion × 100. Operating income was $32.0 per $100, before other expense and tax.
Each week: one company explained in 5 points, picked by earnings date.
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02The business in one line
What does Apple do?
Buyers of phones, computers and accessories, plus users of paid services, pay Apple; most of the money goes on making the products, and what's left is profit.
- In FY2025, iPhone was 50.4% of net sales, Services 26.2%, Wearables, Home and Accessories 8.6%, Mac 8.1% and iPad 6.7%.
- Services kept $75.4 of gross margin per $100 of sales in FY2025; products kept $36.8.
03Who pays it
Who pays Apple?
Indirect channels
60%
of revenue
Third-party cellular network carriers and other resellers, which sell Apple's products and certain of its services.
Direct channels
40%
of revenue
Consumers, businesses, schools and governments buying through Apple's retail and online stores and its direct sales force.
Search and other licensing partners
Not disclosed
Google and other companies pay Apple to offer their search services on its platforms. Apple does not disclose the amount.
- Indirect channels60%
- Direct channels40%
How spread out the customers are
Apple's FY2025 10-K names no customer at 10% or more of net sales. At Sep 27, 2025, one customer was 12% of trade receivables and cellular carriers were 34%.
04Why it makes money
Why does Apple make money?
Devices bring in most of the sales; Services earn about twice the gross margin per dollar.
In FY2025, Services kept $75.4 of gross margin per $100 of sales and products kept $36.8. Services were 26.2% of net sales but 42.2% of gross margin. Gross margin rose from 41.8% in FY2021 to 46.9% in FY2025.
Gross margin per $100 of net sales
$41.8$46.9
FY2021 to FY2025
- People buy an iPhone, Mac, iPad or Apple Watch
- The devices run Apple's own operating systems
- Users pay for cloud storage, AppleCare and subscriptions
- Apple keeps a commission on third-party apps sold through the App Store
- Search partners pay licensing revenue
- Cash pays for research, dividends and share repurchases
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up Apple?
Americas
43%North and South America. Segment operating income leaves out $42.6 billion of R&D and general and administrative costs that Apple does not assign to regions.
Revenue $178.4B · Operating profit $72.5B
Europe
27%European countries, plus India, the Middle East and Africa.
Revenue $111.0B · Operating profit $47.7B
Greater China
16%China mainland, Hong Kong and Taiwan.
Revenue $64.4B · Operating profit $26.9B
Rest of Asia Pacific
8%Australia, New Zealand and other Asian countries not in another segment.
Revenue $33.7B · Operating profit $14.6B
Japan
7%Japan alone.
Revenue $28.7B · Operating profit $14.0B
How the mix changed
- Americas
- Europe
- Greater China
- Rest of Asia Pacific
- Japan
Revenue by segment, FY2021 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Apple done?
Revenue
$416.2BFY2025
Net sales rose from $365.8 billion in FY2021 to $416.2 billion in FY2025, with a 2.8% fall in FY2023 despite a 53rd week.
US$
See the numbers
Net profit
$112.0BFY2025
Net income rose from $94.7 billion in FY2021 to $112.0 billion in FY2025; FY2024's $93.7 billion includes a $10.2 billion one-time tax charge.
US$
See the numbers
Profit kept per $100 of revenue
$26.9FY2025
Net income per $100 of net sales was $26.9 in FY2025, up from $25.9 in FY2021; FY2024's $24.0 includes the one-time tax charge.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$98.8BFY2025
Free cash flow fell from $108.8 billion in FY2024 to $98.8 billion in FY2025; Apple paid $43.4 billion of income taxes in cash, and released $15.4 billion from escrow to Ireland.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Last Saturday of September: FY2025 ended Sep 27, 2025, and Q1 is the December quarter. FY2023 had 53 weeks; FY2024 and FY2025 had 52.). Net profit is the share belonging to the company's owners.
Learn: Stock-based compensation and dilution: pay that becomes shares
07Who runs it
Who runs Apple, and did they deliver?
John Ternus
Chief Executive Officer and director · since 2026
Joined Apple in 2001; was Senior Vice President of Hardware Engineering. Salary $3 million; FY2027 equity award target $55 million.
Tim Cook
Executive Chair · since 2026
CEO until Sep 1, 2026. FY2025 total pay was $74.3 million, 533 times the median employee's $139,483.
Art Levinson
Lead Independent Director · since 2026
Chair until Sep 1, 2026; a director since 2000.
Kevan Parekh
Senior Vice President and Chief Financial Officer · since 2025
Joined Apple in June 2013; took over from Luca Maestri on Jan 1, 2025.
Sabih Khan
Chief Operating Officer · since 2025
Joined Apple in August 1995; appointed Jul 25, 2025.
Jennifer Newstead
Senior Vice President and General Counsel · since 2026
General Counsel from Mar 1, 2026, after joining in January 2026.
Deirdre O'Brien
Senior Vice President, Retail and People
Named executive officer for FY2025.
What they said, and what happened
2 delivered
Said on Apr 20, 2026
Apple said John Ternus would become CEO, and Tim Cook Executive Chair, on Sep 1, 2026.
DeliveredWhat happened
Apple's Sep 1, 2026 filing sets their new pay.
Said on Oct 31, 2025
Apple's FY2025 10-K said it intends to raise its dividend every year, subject to board approval.
DeliveredWhat happened
The quarterly dividend rose from $0.26 to $0.27 per share from Q3 FY2026.
08What could go wrong
What could go wrong for Apple?
- Concentration
iPhone is about half of net sales
iPhone brought in $209.6 billion in FY2025, 50.4% of net sales. Apple does not report units or average selling prices, so readers see only the dollar total.
Watch iPhone net sales in each release.
- Raw-material prices
Component shortages and rising costs
Apple's Jul 31, 2026 10-Q reports supply constraints and rising costs for advanced chips, NAND storage and DRAM memory. It says Apple "expects these trends to intensify". It says price increases may not offset this and may reduce demand. Inventories rose to $11.1 billion at Jun 27, 2026 from $5.7 billion at Sep 27, 2025.
Watch Products gross margin, inventories and purchase obligations in each 10-Q.
- Concentration
Manufacturing is concentrated in Asia
Outsourcing partners make substantially all of Apple's hardware, mainly in China mainland, India, Japan, South Korea, Taiwan and Vietnam. Some custom components come from one source.
Watch Supply chain risk factors in each 10-K.
- Regulation
Tariffs and refunds
A Feb 20, 2026 Supreme Court ruling struck down certain tariffs. Apple said refunds added about 2 points to Q3 FY2026 gross margin and $0.11 to diluted EPS of $2.02. New Section 301 tariffs followed, and Section 232 semiconductor measures remain possible.
Watch Tariff notes in each release and 10-Q.
- Legal
App Store commissions face court and EU rules
Apple may retain a commission on app sales and in-app digital purchases, and says other payment methods can lower or end it. The Epic Games case and the EU Digital Markets Act both affect those terms. Apple is appealing the €500 million EU fine.
Watch Legal proceedings and App Store risk factors in each 10-Q.
- Legal
US antitrust lawsuit
The US Department of Justice and state attorneys general allege monopolization or attempted monopolization in smartphones. The government seeks equitable relief, and similar private suits seek damages. Apple says it has substantial defenses.
Watch Legal proceedings note in each 10-K and 10-Q.
- Concentration
Search licensing revenue from Google
Apple earns licensing revenue from Google and others but does not disclose the amount. A court ordered remedies against Google on Sep 2, 2025, and both sides appealed. Apple says a reversal could bring remedies barring Google from offering it commercial terms for search distribution.
Watch The Google remedies appeal and Services net sales.
- Demand
Greater China sales have moved up and down
Greater China net sales fell from $74.2 billion in FY2022 to $64.4 billion in FY2025, 15.5% of the total. They then rose 30.0% in the first nine months of FY2026.
Watch Greater China net sales in each release.
- Technology
Computing capacity and research costs
R&D was 10.7% of net sales in Q3 FY2026, up from 9.4% a year earlier. Apple's 10-Q says it relies on third-party cloud providers for computing needs and may be unable to secure enough capacity.
Watch R&D as a share of net sales in each release.
09Both sides
What do supporters and critics point to?
What supporters point to
- Services net sales rose from $68.4 billion in FY2021 to $109.2 billion in FY2025, at $75.4 of gross margin per $100.
- Net sales rose from a year earlier in each of the eight quarters from Q4 FY2024 to Q3 FY2026.
- Free cash flow was $136.7 billion in the four quarters to Jun 27, 2026.
- At Jun 27, 2026, cash and marketable securities exceeded debt by $62.2 billion.
- Apple said in January 2026 that it had more than 2.5 billion active devices.
What critics point to
- iPhone was 50.4% of FY2025 net sales.
- Q3 FY2026 gross margin of 50.1% included about 2 points from tariff refunds.
- Apple's Jul 31, 2026 10-Q says it expects component supply constraints and cost increases to intensify.
- The US Department of Justice alleges monopolization or attempted monopolization in smartphones, and the EU fined Apple €500 million; Apple says it has substantial defenses and appealed the fine.
- R&D rose 32.3% in Q3 FY2026, ahead of the 16.4% rise in net sales.
10What to watch next
What should you watch next at Apple?
Next event
Q4 FY2026 results
Date not announced yet.
Q4 FY2026 results and the FY2026 10-K
EDGAR showed neither on Nov 1, 2026, so this page covers up to Q3 FY2026 and FY2025.
Gross margin after tariff refunds
Q3 FY2026 gross margin was 50.1%, including about 2 points from refunds. The release gave no dollar amount for the refunds.
Component costs and inventories
Inventories were $11.1 billion at Jun 27, 2026, up from $5.7 billion at Sep 27, 2025.
11Key facts
Key facts about Apple
- What does Apple do, and what is its business model?
- Apple designs and sells iPhones, Mac computers, iPads, wearables and accessories, and sells related services such as the App Store. Outsourcing partners make substantially all of Apple's hardware. Apple's net sales were $416.2 billion in FY2025, the year ended Sep 27, 2025.
- How does Apple make money?
- In FY2025 Apple's net sales came from iPhone (50.4%), Services (26.2%), Wearables, Home and Accessories (8.6%), Mac (8.1%) and iPad (6.7%). Apple's customers are consumers, businesses, schools and governments; direct channels such as Apple's own stores made 40% of net sales and indirect channels such as carriers made 60%.
- Is Apple profitable?
- Yes. Apple's net income was $112.0 billion in FY2025 on net sales of $416.2 billion, or $26.9 per $100 of sales. Apple's operating income was $133.1 billion, or $32.0 per $100. FY2024 net income of $93.7 billion included a $10.2 billion one-time tax charge.
- What is Apple's revenue by segment?
- Apple reports its segments by region. Apple's FY2025 net sales were $178.4 billion in the Americas and $111.0 billion in Europe. Greater China was $64.4 billion, Rest of Asia Pacific $33.7 billion and Japan $28.7 billion. The Americas had the largest segment operating income, $72.5 billion.
- Who owns Apple?
- Apple has one class of stock, with one vote per share. Apple's January 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more lists The Vanguard Group at 9.63% (Jun 30, 2025 data) and BlackRock at 7.10% (Dec 31, 2023 data). All directors and executive officers together held less than 1% on Jan 2, 2026. After a January 2026 realignment, Vanguard Capital Management reported 7.48% at Mar 31, 2026.
- How much does Apple earn from iPhone?
- Apple's iPhone net sales were $209.6 billion in FY2025, up from $201.2 billion in FY2024, and were 50.4% of Apple's total. iPhone net sales were $54.3 billion in Q3 FY2026, the quarter ended Jun 27, 2026, up from $44.6 billion a year earlier.
- How much does Apple earn from Mac computers?
- Apple's Mac net sales were $33.7 billion in FY2025, up from $30.0 billion in FY2024, and were 8.1% of Apple's total. Mac net sales were $10.4 billion in Q3 FY2026, the quarter ended Jun 27, 2026, up from $8.0 billion a year earlier.
- How much does Apple earn from iPad?
- Apple's iPad net sales were $28.0 billion in FY2025, up from $26.7 billion in FY2024, and were 6.7% of Apple's total. iPad net sales were $6.2 billion in Q3 FY2026, the quarter ended Jun 27, 2026, down from $6.6 billion a year earlier.
- How much does Apple earn from wearables such as Apple Watch and AirPods?
- Apple's Wearables, Home and Accessories net sales were $35.7 billion in FY2025, down from $37.0 billion in FY2024, and were 8.6% of Apple's total. The line includes Apple Watch, AirPods, Vision Pro, Apple TV 4K and HomePod, and was $7.9 billion in Q3 FY2026.
- How much does Apple earn from Services?
- Apple's Services net sales were $109.2 billion in FY2025, 26.2% of net sales and 42.2% of gross margin. Services include advertising, AppleCare, cloud services, digital content such as the App Store, and payment services such as Apple Pay. Apple's FY2025 10-K gives no sales figure for any of these.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Apple sell?
iPhone ($209.6B in FY2025)
Apple's line of smartphones, which run its iOS operating system.
Services ($109.2B)
Advertising, AppleCare support plans, cloud storage, digital content such as the App Store and Apple Music, and payment services such as Apple Card and Apple Pay.
Wearables, Home and Accessories ($35.7B)
Apple Watch, AirPods and Beats headphones, Vision Pro, Apple TV 4K, HomePod speakers and accessories.
Mac ($33.7B)
Laptops such as MacBook Air and MacBook Pro, and desktops such as iMac and Mac mini.
iPad ($28.0B)
Apple's line of multipurpose tablets, which run its iPadOS operating system.
What it does
- Does: Designs and markets its own devices and operating systems
- Does: Sells through its own stores and sales force, and through carriers and other resellers
- Does: Keeps a commission on third-party apps sold through the App Store
- Does: Earns licensing revenue from Google and other companies for offering their search services on its platforms
What it does not do
- Does not: Does not make most of its hardware itself: outsourcing partners manufacture substantially all of it
- Does not: Does not count the full price of a third-party app as revenue: it records only the commission it retains
- Does not: Does not report unit sales or sales by Services line, and its filings do not say how it earns from Apple Pay
13How the money flows
13How the money flows · FY2025
How does money flow through Apple?
Money in
- Products net sales$307.0B
- Services net sales$109.2B
The company
Apple
$416.2B came in
Money out
- Cost of products$194.1B
- Cost of services$26.8B
- Research and development$34.6B
- Selling, general and administrative$27.6B
- Other expense, net$321M
- Income tax$20.7B
- Net income$112.0B
- Buyers and users of its services paid Apple $416.2 billion in FY2025.
- Making the products and delivering the services cost $221.0 billion.
- Research took $34.6 billion, and selling and running the company took $27.6 billion.
- That left $133.1 billion of operating income.
- After $0.3 billion of net other expense and $20.7 billion of tax, $112.0 billion was left as net income.
14What it needs to run
14What it needs to run
What does Apple need to run?
Outside manufacturers
Partners make substantially all of Apple's hardware, mainly in China mainland, India, Japan, South Korea, Taiwan and Vietnam. Manufacturing purchase obligations were $57.0 billion at Jun 27, 2026.
Components
Advanced chips, NAND storage and DRAM memory, some from one or a few sources. Component inventory was $7.6 billion at Jun 27, 2026, up from $2.1 billion at Sep 27, 2025.
App developers
Apple's 10-K says third-party developer support depends on the perceived benefits of its platforms compared with rival platforms.
People
About 166,000 full-time equivalent employees at the end of FY2025.
Buildings and equipment
Property, plant and equipment, net, was $49.8 billion at Sep 27, 2025.
15Where it sells
15Where it sells · FY2025
Where does Apple sell?
- United States37%
- China (mainland, Hong Kong and Taiwan)16%
- Other countries48%
16Competitors and what protects it
16Competitors and what protects it
Who does Apple compete with?
Android
Apple's 10-K names Android as a rival platform for smartphones and tablets, competing for app developers.
Windows
Apple's 10-K names Windows as a rival platform for personal computers and tablets, competing for software developers.
PlayStation, Nintendo and Xbox
Apple's 10-K names these as rival gaming platforms, competing for game developers.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Active device base4 of 5
Apple said on Jan 29, 2026 that it had more than 2.5 billion active devices. This is Apple's own statement; it does not report unit sales.
- Services margins4 of 5
Services kept $75.4 of gross margin per $100 of sales in FY2025, up from $69.7 in FY2021.
- Its own sales channels3 of 5
Direct channels were 40% of net sales in FY2025, up from 36% in FY2021.
- Research spending3 of 5
R&D was $34.6 billion in FY2025, up from $21.9 billion in FY2021. Apple says rivals also have significant technical and marketing resources.
Weak spot
Reliance on iPhone
iPhone was 50.4% of FY2025 net sales. Apple also says its minority market share can make developers favor rival platforms with larger shares.
17Where growth could come from
17Where growth could come from
Where could Apple's growth come from?
Apple's earnings releases and 10-Qs give no forecast of revenue or profit, and this page has no earnings call transcripts to quote.
Services
Working+12.1% in Q3 FY2026
Services net sales were $30.7 billion, up from $27.4 billion a year earlier. Apple's 10-Q credits mainly advertising and cloud services.
Status: Working, on track against what the company said.
iPhone
Working+21.7% in Q3 FY2026
iPhone net sales were $54.3 billion, up from $44.6 billion a year earlier. Apple's 10-Q credits mainly Pro models.
Status: Working, on track against what the company said.
Greater China
Working+30.0% in 9 months of FY2026
Net sales were $64.8 billion in the nine months to Jun 27, 2026, up from $49.9 billion. Apple's 10-Q credits mainly iPhone.
Status: Working, on track against what the company said.
Mac
Working+28.7% in Q3 FY2026
Mac net sales were $10.4 billion, up from $8.0 billion a year earlier. Apple's 10-Q credits laptops; it announced MacBook Neo in Q2 FY2026.
Status: Working, on track against what the company said.
Siri AI
EarlyR&D +32.3% in Q3 FY2026
Apple introduced Siri AI in Q3 FY2026. R&D rose to $11.7 billion; its 10-Q cites infrastructure costs, including investments in artificial intelligence, and headcount.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
18The company's own measures (non-GAAP)
18The company's own measures · FY2024 and Q4 FY2024
What do Apple's own measures show?
Official (GAAP): Net income, FY2024
$93.7B
Company's own measure: Adjusted net income, FY2024 (Apple's own measure)
$104.0B
Apple leaves out the $10.2 billion one-time income tax charge tied to the European State Aid decision.
Official (GAAP): Diluted EPS, FY2024
$6.08
Company's own measure: Adjusted diluted EPS, FY2024 (Apple's own measure)
$6.75
Apple leaves out $0.67 per share for the same one-time tax charge.
Official (GAAP): Diluted EPS, Q4 FY2024
$0.97
Company's own measure: Adjusted diluted EPS, Q4 FY2024 (Apple's own measure)
$1.64
Same charge. Apple's Oct 30, 2025 release compares Q4 FY2025 EPS of $1.85 with this $1.64, a 13% rise on its adjusted basis.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Sources
Earnings release, Q4 fiscal 2024, with non-GAAP reconciliation (Form 8-K, Exhibit 99.1); Earnings release, Q4 fiscal 2025 (Form 8-K, Exhibit 99.1)
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
19Financial strength and debt
19Financial strength · Jun 27, 2026
How much debt does Apple have?
- Total debt$84.3B
- Cash and investments$146.5B
- Net cash (cash minus debt)$62.2B
- Net worth (shareholders' money)$107.5B
- Debt to equity
- 0.78×
- $ of debt for every $1 of shareholders' money
- Debt is commercial paper plus term notes at carrying value. Net figures are a Cityfort calculation from Q3 FY2026 10-Q.
- Lease liabilities are not counted as debt here: $13.7 billion at Sep 27, 2025. Apple's 10-Qs do not give a lease total.
- Apple stopped showing interest expense separately after FY2023, so interest coverage is not shown.
- Purchase obligations at Jun 27, 2026: $57.0 billion for manufacturing and $29.3 billion other, up from $14.8 billion other at Sep 27, 2025. Apple does not state why.
- Apple's filings read for this page state no credit rating.
20Who owns it
20Who owns it · ownership as of Jan 2, 2026
Who owns Apple?
- Officers and directors (as a group), shares
- 0.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Sources
Form 10-Q for Q3 fiscal 2026 (quarter ended Jun 27, 2026); Definitive proxy statement (DEF 14A) for the Feb 24, 2026 annual meeting; Schedule 13G/A, The Vanguard Group, after internal realignment (event Mar 13, 2026) and 1 more
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes
21What it does with profit
21What it does with profit
What does Apple do with its profit?
Dividend per share
$1.02FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Sep 25, 2021
Repurchased 656 million shares in FY2021 for $85.5 billion, as stated in the 10-K.
$85.5B
Buyback · Sep 24, 2022
Repurchased 569 million shares in FY2022 for $90.2 billion, as stated in the 10-K.
$90.2B
Buyback · Sep 30, 2023
Repurchased 471 million shares in FY2023 for $76.6 billion, as stated in the 10-K.
$76.6B
Buyback · Sep 28, 2024
Repurchased 499 million shares in FY2024 for $95.0 billion, as stated in the 10-K.
$95.0B
Buyback · Sep 27, 2025
Repurchased 402 million shares in FY2025 for $89.3 billion, as stated in the 10-K.
$89.3B
Buyback · Apr 30, 2026
Announced an additional program to repurchase up to $100 billion of stock. The programs do not obligate Apple to buy a minimum.
$100.0B
Buyback · Jun 27, 2026
Repurchased 215 million shares in the first nine months of FY2026 for $61.8 billion.
$61.8B
Money raised · May 12, 2025
Issued $4.5 billion of notes due 2028 to 2035.
$4.5B
22Governance signals
22Governance signals
What do Apple's governance filings show?
- Auditor
- Ernst & Young LLP, since 2009
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Apple's proxy describes a policy for related-party transactions above $120,000. It says Apple "does not believe that any director had a direct or indirect material interest" in commercial relationships with directors' organizations.
- Credit rating
- No public credit rating found
Flags to know about
regulatory
US antitrust lawsuit
The US Department of Justice and state attorneys general sued Apple on Mar 21, 2024. They allege monopolization or attempted monopolization in "performance smartphones" and "smartphones". Apple says it has substantial defenses.
regulatory
EU Digital Markets Act
On Apr 23, 2025 the European Commission fined Apple €500 million and ordered it to remove restrictions that stop developers steering users to alternative distribution channels outside the App Store. Apple appealed. A second investigation reached preliminary findings the same day.
regulatory
Epic Games case
A US court found on Apr 30, 2025 that Apple violated a 2021 injunction, and barred commissions on purchases outside apps. An appeals court upheld this in part on Dec 11, 2025, and said Apple can charge some commission on such purchases. The Supreme Court agreed on Jun 30, 2026 to review the civil contempt standard.
disclosure
Numbers Apple does not report
Apple's filings read for this page do not report unit sales or average selling prices. They also omit sales by Services line, paid subscriber counts and licensing revenue from Google.
other
Pre-arranged trading plan
On May 28, 2026 Tim Cook, then CEO, entered a Rule 10b5-1 planAn insider's trading plan, set up in advance, that buys or sells shares on a schedule. Learn more. It covered sales of up to 16,250 shares plus vesting shares, and gifts of up to 37,104. It was set to expire on Oct 30, 2026. Forms 4 and 144 filed through Oct 29, 2026 are not summarized here.
other
Limits on insiders' Apple stock
Directors and executive officers may not use Apple stock as collateral for loans. Apple also bars short sales, derivatives and hedging by them.
23What the market paid
23What the market paid · price as of Oct 30, 2026
What did the market pay for Apple on Oct 30, 2026?
Price as of Oct 30, 2026 (shown for education; prices change daily).
Price as of Oct 30, 2026: Apple closed at $344.63 on Nasdaq. Times 14,594.18 million shares (Jul 17, 2026), that is a market value of about $5,029.6 billion (Cityfort calculation from the Oct 30, 2026 Nasdaq closing price and the Q3 FY2026 10-Q cover). P/E is price ÷ earnings per share: 39.5 on diluted EPS of $8.72 for the four quarters to Jun 27, 2026. P/B is market value ÷ shareholders' equity of $107.5 billion: 46.8. EV/EBITDA adds debt, subtracts cash and divides by four-quarter EBITDA of $168.0 billion: 29.6. The $0.27 quarterly dividend times four is 0.31% of that price.
- Share price
- $344.63
- Market value (market cap)
- $5.03T
- P/E
- 39.5×
- P/B
- 46.8×
- EV/EBITDA
- 29.6×
Source: AAPL historical daily prices, October 2026 (close of Oct 30, 2026); Form 10-Q for Q3 fiscal 2026 (quarter ended Jun 27, 2026); Earnings release, Q3 fiscal 2026 (Form 8-K, Exhibit 99.1) and 3 more
24How it got here
24How it got here
How did Apple get here?
1984
Milestone
Macintosh
Apple's earnings releases date its personal technology story from the Macintosh, introduced in 1984.
2023
Crisis
Net sales fell
FY2023 net sales fell 2.8% to $383.3 billion, even with a 53rd week.
2024
Crisis
US antitrust lawsuit filed
The US Department of Justice and state attorneys general sued Apple on Mar 21, 2024, alleging monopolization or attempted monopolization in smartphones.
2024
Crisis
One-time tax charge
On Sep 10, 2024 the European Court of Justice confirmed a 2016 State Aid decision. Apple booked a $10.2 billion net tax charge in Q4 FY2024.
2025
Crisis
EU fine and App Store order
In April 2025 the European Commission fined Apple €500 million, and a US court barred commissions on purchases outside apps. Apple appealed both.
2025
Milestone
New CFO and COO
Kevan Parekh became CFO on Jan 1, 2025, and Sabih Khan became COO on Jul 25, 2025.
2025
Business-model change
Services reached 26.2% of net sales
Services rose from 18.7% of net sales in FY2021 to 26.2% in FY2025, while total gross margin rose from 41.8% to 46.9%.
2026
Milestone
Tariff refunds
After a Feb 20, 2026 Supreme Court ruling, Apple recognized tariff refunds. They added about 2 points to Q3 FY2026 gross margin of 50.1%.
2026
Milestone
New CEO
John Ternus became CEO on Sep 1, 2026, and Tim Cook became Executive Chair.
25Sources and changes
Where every number on this page comes from
Sources (28 documents)
- S1Form 10-K for fiscal year 2025 (year ended Sep 27, 2025) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2025
- S2Form 10-K for fiscal year 2024 (year ended Sep 28, 2024) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 1, 2024
- S3Form 10-K for fiscal year 2023 (year ended Sep 30, 2023) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 3, 2023
- S4Form 10-K for fiscal year 2022 (year ended Sep 24, 2022) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 28, 2022
- S5Form 10-K for fiscal year 2021 (year ended Sep 25, 2021) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 29, 2021
- S6Form 10-Q for Q3 fiscal 2026 (quarter ended Jun 27, 2026) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2026
- S7Form 10-Q for Q2 fiscal 2026 (quarter ended Mar 28, 2026) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2026
- S9Form 10-Q for Q3 fiscal 2025 (quarter ended Jun 28, 2025) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 1, 2025
- S12Earnings release, Q3 fiscal 2026 (Form 8-K, Exhibit 99.1) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 30, 2026
- S13Earnings release, Q2 fiscal 2026 (Form 8-K, Exhibit 99.1) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S14Earnings release, Q1 fiscal 2026 (Form 8-K, Exhibit 99.1) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
- S15Earnings release, Q4 fiscal 2025 (Form 8-K, Exhibit 99.1) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
- S16Earnings release, Q3 fiscal 2025 (Form 8-K, Exhibit 99.1) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 31, 2025
- S17Earnings release, Q2 fiscal 2025 (Form 8-K, Exhibit 99.1) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 1, 2025
- S18Earnings release, Q1 fiscal 2025 (Form 8-K, Exhibit 99.1) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2025
- S19Earnings release, Q4 fiscal 2024, with non-GAAP reconciliation (Form 8-K, Exhibit 99.1) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 31, 2024
- S20Definitive proxy statement (DEF 14A) for the Feb 24, 2026 annual meeting · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 8, 2026
- S21Form 8-K, Item 5.02: CEO transition (John Ternus CEO, Tim Cook Executive Chair) · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 20, 2026
- S22Form 8-K/A, Item 5.02: compensation of John Ternus and Tim Cook · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 1, 2026
- S24Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · The Vanguard Group / Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2026
- S25Schedule 13G/A, The Vanguard Group, after internal realignment (event Mar 13, 2026) · The Vanguard Group / Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Mar 26, 2026
- S28Form 8-K, Item 5.02: Sabih Khan appointed COO · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 25, 2025
- S29Form 8-K, Item 5.02: General Counsel transition · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Dec 5, 2025
- S31Form 8-K, Item 8.01: $4.5 billion notes issued May 12, 2025 · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 12, 2025
- S32Form 8-K, Item 5.02: CFO transition announced · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 26, 2024
- S33Form 8-K, Item 5.02: Kevan Parekh appointed CFO · Apple Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 3, 2025
- S34EDGAR submissions index for CIK 0000320193 (read Nov 1, 2026) · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 1, 2026
- S35AAPL historical daily prices, October 2026 (close of Oct 30, 2026) · Nasdaq, Inc. · Tier 1: company or exchange filing · Oct 30, 2026
Changes to this page (v2 · Nov 1, 2026)
- v2 · Nov 1, 2026Standardized calculation labels to name the filing they come from; no figures changed. (editorial update, Q3 FY2026)
- v1 · Nov 1, 2026First version, through Q3 FY2026 (quarter ended Jun 27, 2026) and the FY2025 10-K. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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