AAPL
SP100NasdaqGSApple Inc.
Technology · Consumer Electronics · United States
Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple Vision Pro, Apple TV, Apple Watch, Beats products, and HomePod, as well as Apple branded and third-party accessories. It also provides AppleCare support and cloud services; and operates various platforms, including the App Store that allow customers to discover and download applications and digital content, such as books, music, video, games, and podcasts, as well as advertising services include third-party licensing arrangements and its own advertising platforms. In addition, the company offers various subscription-based services, such as Apple Arcade, a game subscription service; Apple Fitness+, a personalized fitness service; Apple Music, which offers users a curated listening experience with on-demand radio stations; Apple News+, a subscription news and magazine service; Apple TV, which offers exclusive original content and live sports; Apple Card, a co-branded credit card; and Apple Pay, a cashless payment service, as well as licenses its intellectual property. The company serves consumers, and small and mid-sized businesses; and the education, enterprise, and government markets. It distributes third-party applications for its products through the App Store. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers and resellers. The company was formerly known as Apple Computer, Inc. and changed its name to Apple Inc. in January 2007. Apple Inc. was founded in 1976 and is headquartered in Cupertino, California.
www.apple.com ↗Shares trade at a premium 37.3× trailing earnings, easing to 32.1× on forward estimates. Profitability shows a net margin of 27.2% and return on equity of 141.5%. Leverage is modest at 0.1× net debt/EBITDA. Revenue grew 16.6% year-on-year. It yields 0.3% in dividends. The mean analyst target of USD315.09 sits 2.1% above the current price (Buy, 42 analysts).
business model
Apple designs its own hardware, silicon, and operating systems and sells a tightly integrated ecosystem of devices and services. Roughly three-quarters of revenue is hardware (iPhone is the anchor at ~50% of sales), but the strategic engine is the fast-growing, high-margin Services segment (App Store, iCloud, Apple Music, TV+, AppleCare, advertising, and payments), which monetizes an installed base exceeding two billion active devices.
revenue segments
iPhone (~50%), Services (~25% and rising, gross margins ~70%+), Mac, iPad, and Wearables/Home/Accessories (AirPods, Apple Watch). Geographically split across the Americas, Europe, Greater China, Japan, and Rest of Asia Pacific, with Greater China a swing factor.
key dependencies
Heavy reliance on contract manufacturing concentrated in China (Foxconn and others), with a multi-year effort to diversify assembly into India and Vietnam. TSMC is the sole leading-edge foundry for Apple silicon. Depends on the App Store commission model, which faces regulatory pressure (EU DMA, US antitrust). Consumer discretionary spending and upgrade cycles drive iPhone demand.
competitors
Samsung and Chinese OEMs (Huawei, Xiaomi) in smartphones; Google/Android as the rival ecosystem; Microsoft and Google in productivity and cloud services; Spotify, Netflix, and Disney in content services; Sony and others in wearables/audio.
moat
One of the strongest consumer moats in the world: ecosystem lock-in and switching costs, a premium brand commanding pricing power, custom silicon that others cannot easily match, and a services layer that deepens with each device. Installed-base growth compounds services revenue.
risks
Regulatory attacks on App Store economics could compress the highest-margin revenue; China exposure is both a demand and a supply-chain concentration risk; smartphone market maturity limits unit growth; a premium valuation leaves little room for execution missteps; and AI is a competitive front where Apple has been perceived as behind.
Financials & metrics
as of 26 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $416.16B | $391.04B | $383.29B | $394.33B | — |
| Cost of revenue | $220.96B | $210.35B | $214.14B | $223.55B | — |
| Gross profit | $195.20B | $180.68B | $169.15B | $170.78B | — |
| Operating expense | $62.15B | $57.47B | $54.85B | $51.34B | — |
| R&D | $34.55B | $31.37B | $29.91B | $26.25B | — |
| Operating income | $133.05B | $123.22B | $114.30B | $119.44B | — |
| Interest expense | — | — | $3.93B | $2.93B | $2.65B |
| Pretax income | $132.73B | $123.48B | $113.74B | $119.10B | — |
| Tax provision | $20.72B | $29.75B | $16.74B | $19.30B | — |
| Net income | $112.01B | $93.74B | $97.00B | $99.80B | — |
| EBITDA | $144.75B | $134.66B | $125.82B | $130.54B | — |
| Diluted EPS | $7.46 | $6.08 | $6.13 | $6.11 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $359.24B | $364.98B | $352.58B | $352.75B | — |
| Current assets | $147.96B | $152.99B | $143.57B | $135.41B | — |
| Cash & equivalents | $35.93B | $29.94B | $29.96B | $23.65B | — |
| Inventory | $5.72B | $7.29B | $6.33B | $4.95B | — |
| Total liabilities | $285.51B | $308.03B | $290.44B | $302.08B | — |
| Current liabilities | $165.63B | $176.39B | $145.31B | $153.98B | — |
| Total debt | $98.66B | $106.63B | $111.09B | $132.48B | — |
| Long-term debt | $78.33B | $85.75B | $95.28B | $98.96B | — |
| Shareholders' equity | $73.73B | $56.95B | $62.15B | $50.67B | — |
| Retained earnings | -$14.26B | -$19.15B | -$214.00M | -$3.07B | — |
| Working capital | -$17.67B | -$23.41B | -$1.74B | -$18.58B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $111.48B | $118.25B | $110.54B | $122.15B | — |
| Investing cash flow | $15.20B | $2.94B | $3.71B | -$22.35B | — |
| Financing cash flow | -$120.69B | -$121.98B | -$108.49B | -$110.75B | — |
| Capital expenditure | -$12.71B | -$9.45B | -$10.96B | -$10.71B | — |
| Free cash flow | $98.77B | $108.81B | $99.58B | $111.44B | — |
| Dividends paid | -$15.42B | -$15.23B | -$15.03B | -$14.84B | — |
| Share buybacks | -$90.71B | -$94.95B | -$77.55B | -$89.40B | — |
| End cash position | $35.93B | $29.94B | $30.74B | $24.98B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 26 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
Notes & alerts
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