A

Apple Inc.

AAPL · CIK 0000320193

19 fiscal years · 71 SEC filings · every number carries its receipt

Revenue (FY)
$416.16B6.4%
FY2025
Net income (FY)
$112.01B19.5%
FY2025
Free cash flow (FY)
$98.77B9.2%
FY2025
Diluted EPS (FY)
$7.4622.7%
FY2025
The story, charted

The shape of the business

FY2007–FY2025 · hover any year for its receipt
Revenue & net incomeRevenueNet income
$0$200B$400BFY2007 · Revenue $24.01B · Net income $3.50B · 0001193125-09-214859 · filed 2009-10-27FY07Revenue $24.01BNet income $3.50B0001193125-09-214859 · filed 2009-10-27FY2008 · Revenue $37.49B · Net income $6.12B · 0001193125-10-238044 · filed 2010-10-27FY08Revenue $37.49BNet income $6.12B0001193125-10-238044 · filed 2010-10-27FY2009 · Revenue $42.91B · Net income $8.23B · 0001193125-11-282113 · filed 2011-10-26FY09Revenue $42.91BNet income $8.23B0001193125-11-282113 · filed 2011-10-26FY2010 · Revenue $65.22B · Net income $14.01B · 0001193125-12-444068 · filed 2012-10-31FY10Revenue $65.22BNet income $14.01B0001193125-12-444068 · filed 2012-10-31FY2011 · Revenue $108.25B · Net income $25.92B · 0001193125-13-416534 · filed 2013-10-30FY11Revenue $108.25BNet income $25.92B0001193125-13-416534 · filed 2013-10-30FY2012 · Revenue $156.51B · Net income $41.73B · 0001193125-14-383437 · filed 2014-10-27FY12Revenue $156.51BNet income $41.73B0001193125-14-383437 · filed 2014-10-27FY2013 · Revenue $170.91B · Net income $37.04B · 0001193125-15-356351 · filed 2015-10-28FY13Revenue $170.91BNet income $37.04B0001193125-15-356351 · filed 2015-10-28FY2014 · Revenue $182.79B · Net income $39.51B · 0001628280-16-020309 · filed 2016-10-26FY14Revenue $182.79BNet income $39.51B0001628280-16-020309 · filed 2016-10-26FY2015 · Revenue $233.72B · Net income $53.39B · 0000320193-17-000070 · filed 2017-11-03FY15Revenue $233.72BNet income $53.39B0000320193-17-000070 · filed 2017-11-03FY2016 · Revenue $215.64B · Net income $45.69B · 0000320193-18-000145 · filed 2018-11-05FY16Revenue $215.64BNet income $45.69B0000320193-18-000145 · filed 2018-11-05FY2017 · Revenue $229.23B · Net income $48.35B · 0000320193-19-000119 · filed 2019-10-31FY17Revenue $229.23BNet income $48.35B0000320193-19-000119 · filed 2019-10-31FY2018 · Revenue $265.60B · Net income $59.53B · 0000320193-20-000096 · filed 2020-10-30FY18Revenue $265.60BNet income $59.53B0000320193-20-000096 · filed 2020-10-30FY2019 · Revenue $260.17B · Net income $55.26B · 0000320193-21-000105 · filed 2021-10-29FY19Revenue $260.17BNet income $55.26B0000320193-21-000105 · filed 2021-10-29FY2020 · Revenue $274.51B · Net income $57.41B · 0000320193-22-000108 · filed 2022-10-28FY20Revenue $274.51BNet income $57.41B0000320193-22-000108 · filed 2022-10-28FY2021 · Revenue $365.82B · Net income $94.68B · 0000320193-23-000106 · filed 2023-11-03FY21Revenue $365.82BNet income $94.68B0000320193-23-000106 · filed 2023-11-03FY2022 · Revenue $394.33B · Net income $99.80B · 0000320193-24-000123 · filed 2024-11-01FY22Revenue $394.33BNet income $99.80B0000320193-24-000123 · filed 2024-11-01FY2023 · Revenue $383.29B · Net income $97.00B · 0000320193-25-000079 · filed 2025-10-31FY23Revenue $383.29BNet income $97.00B0000320193-25-000079 · filed 2025-10-31FY2024 · Revenue $391.04B · Net income $93.74B · 0000320193-25-000079 · filed 2025-10-31FY24Revenue $391.04BNet income $93.74B0000320193-25-000079 · filed 2025-10-31FY2025 · Revenue $416.16B · Net income $112.01B · 0000320193-25-000079 · filed 2025-10-31FY25Revenue $416.16BNet income $112.01B0000320193-25-000079 · filed 2025-10-31FY25Revenue $416.16BNet income $112.01B0000320193-25-000079 · filed 2025-10-31FY07FY10FY13FY16FY19FY22FY25

revenue 17.3× since FY2007 · net margin 14.6% → 26.9%

MarginsNet marginFCF margin
0%10%20%30%FY2007 · Net margin 14.6% · FCF margin 19.7%FY07Net margin 14.6%FCF margin 19.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2008 · Net margin 16.3% · FCF margin 22.7%FY08Net margin 16.3%FCF margin 22.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2009 · Net margin 19.2% · FCF margin 21.0%FY09Net margin 19.2%FCF margin 21.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2010 · Net margin 21.5% · FCF margin 25.4%FY10Net margin 21.5%FCF margin 25.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2011 · Net margin 23.9% · FCF margin 30.7%FY11Net margin 23.9%FCF margin 30.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2012 · Net margin 26.7% · FCF margin 27.2%FY12Net margin 26.7%FCF margin 27.2%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2013 · Net margin 21.7% · FCF margin 26.6%FY13Net margin 21.7%FCF margin 26.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2014 · Net margin 21.6% · FCF margin 27.4%FY14Net margin 21.6%FCF margin 27.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2015 · Net margin 22.8% · FCF margin 30.0%FY15Net margin 22.8%FCF margin 30.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2016 · Net margin 21.2% · FCF margin 24.8%FY16Net margin 21.2%FCF margin 24.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2017 · Net margin 21.1% · FCF margin 22.6%FY17Net margin 21.1%FCF margin 22.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2018 · Net margin 22.4% · FCF margin 24.1%FY18Net margin 22.4%FCF margin 24.1%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2019 · Net margin 21.2% · FCF margin 22.6%FY19Net margin 21.2%FCF margin 22.6%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2020 · Net margin 20.9% · FCF margin 26.7%FY20Net margin 20.9%FCF margin 26.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2021 · Net margin 25.9% · FCF margin 25.4%FY21Net margin 25.9%FCF margin 25.4%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2022 · Net margin 25.3% · FCF margin 28.3%FY22Net margin 25.3%FCF margin 28.3%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2023 · Net margin 25.3% · FCF margin 26.0%FY23Net margin 25.3%FCF margin 26.0%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2024 · Net margin 24.0% · FCF margin 27.8%FY24Net margin 24.0%FCF margin 27.8%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY2025 · Net margin 26.9% · FCF margin 23.7%FY25Net margin 26.9%FCF margin 23.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenueFY25Net margin 26.9%FCF margin 23.7%derived: net income ÷ revenue · derived: (ocf − capex) ÷ revenue’09’13’17’21’25

FY2025: net 26.9% · free cash flow 23.7% of revenue

Cash engineOperating cash flowFree cash flow
$0$50B$100BFY2007 · OCF $5.47B · FCF $4.74B · 0001193125-09-214859 · filed 2009-10-27FY07OCF $5.47BFCF $4.74B0001193125-09-214859 · filed 2009-10-27FY2008 · OCF $9.60B · FCF $8.51B · 0001193125-10-238044 · filed 2010-10-27FY08OCF $9.60BFCF $8.51B0001193125-10-238044 · filed 2010-10-27FY2009 · OCF $10.16B · FCF $9.02B · 0001193125-11-282113 · filed 2011-10-26FY09OCF $10.16BFCF $9.02B0001193125-11-282113 · filed 2011-10-26FY2010 · OCF $18.59B · FCF $16.59B · 0001193125-12-444068 · filed 2012-10-31FY10OCF $18.59BFCF $16.59B0001193125-12-444068 · filed 2012-10-31FY2011 · OCF $37.53B · FCF $33.27B · 0001193125-13-416534 · filed 2013-10-30FY11OCF $37.53BFCF $33.27B0001193125-13-416534 · filed 2013-10-30FY2012 · OCF $50.86B · FCF $42.56B · 0001193125-13-416534 · filed 2013-10-30FY12OCF $50.86BFCF $42.56B0001193125-13-416534 · filed 2013-10-30FY2013 · OCF $53.67B · FCF $45.50B · 0001193125-13-416534 · filed 2013-10-30FY13OCF $53.67BFCF $45.50B0001193125-13-416534 · filed 2013-10-30FY2014 · OCF $59.71B · FCF $50.14B · 0001628280-16-020309 · filed 2016-10-26FY14OCF $59.71BFCF $50.14B0001628280-16-020309 · filed 2016-10-26FY2015 · OCF $81.27B · FCF $70.02B · 0000320193-17-000070 · filed 2017-11-03FY15OCF $81.27BFCF $70.02B0000320193-17-000070 · filed 2017-11-03FY2016 · OCF $66.23B · FCF $53.50B · 0000320193-18-000145 · filed 2018-11-05FY16OCF $66.23BFCF $53.50B0000320193-18-000145 · filed 2018-11-05FY2017 · OCF $64.22B · FCF $51.77B · 0000320193-19-000119 · filed 2019-10-31FY17OCF $64.22BFCF $51.77B0000320193-19-000119 · filed 2019-10-31FY2018 · OCF $77.43B · FCF $64.12B · 0000320193-20-000096 · filed 2020-10-30FY18OCF $77.43BFCF $64.12B0000320193-20-000096 · filed 2020-10-30FY2019 · OCF $69.39B · FCF $58.90B · 0000320193-21-000105 · filed 2021-10-29FY19OCF $69.39BFCF $58.90B0000320193-21-000105 · filed 2021-10-29FY2020 · OCF $80.67B · FCF $73.36B · 0000320193-22-000108 · filed 2022-10-28FY20OCF $80.67BFCF $73.36B0000320193-22-000108 · filed 2022-10-28FY2021 · OCF $104.04B · FCF $92.95B · 0000320193-23-000106 · filed 2023-11-03FY21OCF $104.04BFCF $92.95B0000320193-23-000106 · filed 2023-11-03FY2022 · OCF $122.15B · FCF $111.44B · 0000320193-24-000123 · filed 2024-11-01FY22OCF $122.15BFCF $111.44B0000320193-24-000123 · filed 2024-11-01FY2023 · OCF $110.54B · FCF $99.58B · 0000320193-25-000079 · filed 2025-10-31FY23OCF $110.54BFCF $99.58B0000320193-25-000079 · filed 2025-10-31FY2024 · OCF $118.25B · FCF $108.81B · 0000320193-25-000079 · filed 2025-10-31FY24OCF $118.25BFCF $108.81B0000320193-25-000079 · filed 2025-10-31FY2025 · OCF $111.48B · FCF $98.77B · 0000320193-25-000079 · filed 2025-10-31FY25OCF $111.48BFCF $98.77B0000320193-25-000079 · filed 2025-10-31FY25OCF $111.48BFCF $98.77B0000320193-25-000079 · filed 2025-10-31’09’13’17’21’25

FY2025: $111.48B operating cash − $12.71B capex = $98.77B free cash flow

Returns on capitalReturn on equityReturn on assets
0%100%200%FY2008 · ROE 29.1% · ROA 15.5%FY08ROE 29.1%ROA 15.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2009 · ROE 26.0% · ROA 17.3%FY09ROE 26.0%ROA 17.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2010 · ROE 29.3% · ROA 18.6%FY10ROE 29.3%ROA 18.6%derived: net income ÷ equity · derived: net income ÷ assetsFY2011 · ROE 33.8% · ROA 22.3%FY11ROE 33.8%ROA 22.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2012 · ROE 35.3% · ROA 23.7%FY12ROE 35.3%ROA 23.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2013 · ROE 30.0% · ROA 17.9%FY13ROE 30.0%ROA 17.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2014 · ROE 35.4% · ROA 17.0%FY14ROE 35.4%ROA 17.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2015 · ROE 44.7% · ROA 18.4%FY15ROE 44.7%ROA 18.4%derived: net income ÷ equity · derived: net income ÷ assetsFY2016 · ROE 35.6% · ROA 14.2%FY16ROE 35.6%ROA 14.2%derived: net income ÷ equity · derived: net income ÷ assetsFY2017 · ROE 36.1% · ROA 12.9%FY17ROE 36.1%ROA 12.9%derived: net income ÷ equity · derived: net income ÷ assetsFY2018 · ROE 55.6% · ROA 16.3%FY18ROE 55.6%ROA 16.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2019 · ROE 61.1% · ROA 16.3%FY19ROE 61.1%ROA 16.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2020 · ROE 87.9% · ROA 17.7%FY20ROE 87.9%ROA 17.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2021 · ROE 150.1% · ROA 27.0%FY21ROE 150.1%ROA 27.0%derived: net income ÷ equity · derived: net income ÷ assetsFY2022 · ROE 197.0% · ROA 28.3%FY22ROE 197.0%ROA 28.3%derived: net income ÷ equity · derived: net income ÷ assetsFY2023 · ROE 156.1% · ROA 27.5%FY23ROE 156.1%ROA 27.5%derived: net income ÷ equity · derived: net income ÷ assetsFY2024 · ROE 164.6% · ROA 25.7%FY24ROE 164.6%ROA 25.7%derived: net income ÷ equity · derived: net income ÷ assetsFY2025 · ROE 151.9% · ROA 31.2%FY25ROE 151.9%ROA 31.2%derived: net income ÷ equity · derived: net income ÷ assetsFY25ROE 151.9%ROA 31.2%derived: net income ÷ equity · derived: net income ÷ assets’09’13’17’21’25

return on equity 29% (FY2008) → 152% (FY2025) · on assets 31.2%

Balance sheetLiabilitiesEquity
$0$200B$400BFY2008 · Liabilities $18.54B · Equity $21.03BFY08Liabilities $18.54BEquity $21.03B0001193125-09-214859 · filed 2009-10-27FY2009 · Liabilities $15.86B · Equity $31.64BFY09Liabilities $15.86BEquity $31.64B0001193125-10-238044 · filed 2010-10-27FY2010 · Liabilities $27.39B · Equity $47.79BFY10Liabilities $27.39BEquity $47.79B0001193125-11-282113 · filed 2011-10-26FY2011 · Liabilities $39.76B · Equity $76.61BFY11Liabilities $39.76BEquity $76.61B0001193125-12-444068 · filed 2012-10-31FY2012 · Liabilities $57.85B · Equity $118.21BFY12Liabilities $57.85BEquity $118.21B0001193125-13-416534 · filed 2013-10-30FY2013 · Liabilities $83.45B · Equity $123.55BFY13Liabilities $83.45BEquity $123.55B0001193125-14-383437 · filed 2014-10-27FY2014 · Liabilities $120.29B · Equity $111.55BFY14Liabilities $120.29BEquity $111.55B0001193125-15-356351 · filed 2015-10-28FY2015 · Liabilities $170.99B · Equity $119.36BFY15Liabilities $170.99BEquity $119.36B0001628280-16-020309 · filed 2016-10-26FY2016 · Liabilities $193.44B · Equity $128.25BFY16Liabilities $193.44BEquity $128.25B0000320193-17-000070 · filed 2017-11-03FY2017 · Liabilities $241.27B · Equity $134.05BFY17Liabilities $241.27BEquity $134.05B0000320193-18-000145 · filed 2018-11-05FY2018 · Liabilities $258.58B · Equity $107.15BFY18Liabilities $258.58BEquity $107.15B0000320193-19-000119 · filed 2019-10-31FY2019 · Liabilities $248.03B · Equity $90.49BFY19Liabilities $248.03BEquity $90.49B0000320193-20-000096 · filed 2020-10-30FY2020 · Liabilities $258.55B · Equity $65.34BFY20Liabilities $258.55BEquity $65.34B0000320193-21-000105 · filed 2021-10-29FY2021 · Liabilities $287.91B · Equity $63.09BFY21Liabilities $287.91BEquity $63.09B0000320193-22-000108 · filed 2022-10-28FY2022 · Liabilities $302.08B · Equity $50.67BFY22Liabilities $302.08BEquity $50.67B0000320193-23-000106 · filed 2023-11-03FY2023 · Liabilities $290.44B · Equity $62.15BFY23Liabilities $290.44BEquity $62.15B0000320193-24-000123 · filed 2024-11-01FY2024 · Liabilities $308.03B · Equity $56.95BFY24Liabilities $308.03BEquity $56.95B0000320193-25-000079 · filed 2025-10-31FY2025 · Liabilities $285.51B · Equity $73.73BFY25Liabilities $285.51BEquity $73.73B0000320193-25-000079 · filed 2025-10-31FY25Liabilities $285.51BEquity $73.73B0000320193-25-000079 · filed 2025-10-31’09’13’17’21’25

FY2025: $359.24B assets · $285.51B liabilities · $73.73B equity

The receipts