AAPLNasdaqElectronic ComputersFiscal year ends September 26
Apple Inc.
Financials through Q3 FY2026, quarter ended Jun 27, 2026Last filing: 10-Q on Jul 31, 2026
$342.94−0.52 (-0.15%)
Close on Oct 19, 2026
- Market cap
- $5.05T
- P/E (TTM)
- 39.3
- Dividend yield
- 0.30%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
46.9%+8.7 pts over 5 years
Operating margin
32.0%+7.8 pts over 5 years
Net margin
26.9%+6.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +6.4% | +1.8% | +8.7% | +5.9% | |
| Gross profit | +8.0% | +4.6% | +13.2% | +7.6% | |
| Operating income | +8.0% | +3.7% | +15.0% | +6.4% | |
| Net income | +19.5% | +3.9% | +14.3% | +7.7% | |
| EPS, diluted | +22.7% | +6.9% | +17.9% | +12.5% | |
| Free cash flow | -9.2% | -3.9% | +6.1% | +3.5% | |
| Dividend per share | +4.1% | +4.3% | +5.1% | +7.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 36.9% | 73.7% | 171.4% | |
| Return on assets | 14.9% | 17.3% | 30.9% | |
| Current ratio | 1.35 | 1.36 | 0.89 | |
| Debt to equity | 0.68 | 1.72 | 1.34 | |
| Net debt to EBITDA | 0.94× | 0.94× | 0.43× | |
| Interest coverage | 41.2× | 23.1× | – | |
| Inventory turnover | 58.6× | 41.5× | 34.0× | |
| Capex to revenue | 5.9% | 2.7% | 3.1% | |
| Diluted shares | 22.00B | 17.53B | 15.00B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Apple generated $566.47B from operations and spent $568.49B on capital expenditure, dividends and share buybacks. 10% of that went back into the business.
Generated
$566.47B
Used
$568.49B
Capital expenditure$54.91B10%Dividends$74.99B13%Share buybacks$438.58B77%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin26.9%
×Asset turnover1.15×
×Equity multiplier5.54×
=Return on equity, FY2025171.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 26.9% | 1.15× | 5.54× | 171.4% |
| FY2024 | 24.0% | 1.09× | 6.03× | 157.4% |
| FY2023 | 25.3% | 1.09× | 6.25× | 171.9% |
| FY2022 | 25.3% | 1.12× | 6.19× | 175.5% |
| FY2021 | 25.9% | 1.08× | 5.25× | 147.4% |
| FY2020 | 20.9% | 0.83× | 4.25× | 73.7% |
| FY2019 | 21.2% | 0.74× | 3.56× | 55.9% |
| FY2018 | 22.4% | 0.72× | 3.07× | 49.4% |
| FY2017 | 21.1% | 0.66× | 2.66× | 36.9% |
| FY2016 | 21.2% | 0.70× | 2.47× | 36.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
8of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$112.01B
- Cash generatingOperating cash flow above zero$111.48B
- Return on assets improvedROA up on the prior year26.6% → 30.7%
- Earnings backed by cashOperating cash flow above net income$111.48B vs $112.01B
- Less leverageLong-term debt to assets fell23.5% → 21.8%
- Better liquidityCurrent ratio rose0.87 → 0.89
- No dilutionShare count did not rise15.41B → 15.00B
- Gross margin improvedGross margin up on the prior year46.21% → 46.91%
- More efficientAsset turnover rose1.11 → 1.14