CIK: 0000320193
· Technology / Consumer Electronics
· 46d ago
$315.34
-0.88 (-0.28%)
Market Cap
$4.6T
P/E 36.1
EV/EBITDA 26.2x
P/B 42.8
Div Yield 0.34%
52W $226 – $345
Loading chart…
📊
Split-adjusted.
Historical EPS and shares-outstanding marked with *
have been retroactively normalized for a
4:1
split detected between FY2018 and FY2019.
Pre-split rows show post-split equivalents so YoY growth across the boundary reads correctly.
Deep Dive
Moat is real, so is the AI gap — which is priced?
bull
+70% · base
+24% · bear
-15%
Authored 5-yr outcomes from the note's lens — a thesis, not the trailing-10-K numbers below.
read the note ·
open the Buyback Compounder Lens
Growth
Compounded Sales Growth
| 10 Years | 6% |
| 5 Years | 9% |
| 3 Years | 2% |
| TTM | 13% |
Compounded Profit Growth
| 10 Years | 8% |
| 5 Years | 14% |
| 3 Years | 4% |
| TTM | 26% |
Fundamental Growth Decomposition
ⓘ
Window:
Returns / Quality
Avg ROIC (All-Capital)
| 10 Years | 67% |
| 5 Years | 92% |
| 3 Years | 92% |
| Last Year | 104% |
Return on Equity
| 10 Years | 110% |
| 5 Years | 164% |
| 3 Years | 158% |
| Last Year | 152% |
Capital Allocation
Capital Return Ratio (vs OE)
| 10 Years | 111% |
| 5 Years | 102% |
| 3 Years | 104% |
| Last Year | 99% |
Dividend Growth (DPS)
| 10 Years | 7% |
| 5 Years | 5% |
| 3 Years | 4% |
Performance
Stock Price CAGR
| 10 Years | 28% |
| 5 Years | 18% |
| 3 Years | 23% |
| 1 Year | 24% |
| Metric | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital Allocation (USD millions / %) | |||||||||||
| Operating cash flow | 81,266 | 66,231 | 64,225 | 77,434 | 69,391 | 80,674 | 104,038 | 122,151 | 110,543 | 118,254 | 111,482 |
| Reinvested in the business | 11,59014.3% | 13,03119.7% | 12,78019.9% | 14,03418.1% | 11,11916.0% | 8,83310.9% | 11,11810.7% | 11,0149.0% | 10,9599.9% | 9,4478.0% | 12,71511.4% |
| −Capex | 11,24713.8% | 12,73419.2% | 12,45119.4% | 13,31317.2% | 10,49515.1% | 7,3099.1% | 11,08510.7% | 10,7088.8% | 10,9599.9% | 9,4478.0% | 12,71511.4% |
| −Acquisitions | 3430.4% | 2970.4% | 3290.5% | 7210.9% | 6240.9% | 1,5241.9% | 330.0% | 3060.3% | — | — | — |
| R&D expense (memo, in opex) | 8,0679.9% | 10,04515.2% | 11,58118.0% | 14,23618.4% | 16,21723.4% | 18,75223.2% | 21,91421.1% | 26,25121.5% | 29,91527.1% | 31,37026.5% | 34,55031.0% |
| Free cash flow | 70,019 | 53,497 | 51,774 | 64,121 | 58,896 | 73,365 | 92,953 | 111,443 | 99,584 | 108,807 | 98,767 |
| Returned to shareholders | 46,81466.9% | 41,68777.9% | 45,46387.8% | 86,450134.8% | 81,016137.6% | 86,439117.8% | 100,438108.1% | 104,24393.5% | 92,57593.0% | 110,183101.3% | 106,132107.5% |
| −Dividends | 11,56116.5% | 11,96522.4% | 12,56324.3% | 13,71221.4% | 14,11924.0% | 14,08119.2% | 14,46715.6% | 14,84113.3% | 15,02515.1% | 15,23414.0% | 15,42115.6% |
| −Buybacks | 35,25350.3% | 29,72255.6% | 32,90063.5% | 72,738113.4% | 66,897113.6% | 72,35898.6% | 85,97192.5% | 89,40280.2% | 77,55077.9% | 94,94987.3% | 90,71191.8% |
| Change in total debt | N/A | 21,704 | 25,652 | -3,485 | -7,912 | 5,876 | 11,443 | 4,963 | -8,981 | -4,459 | -7,972 |
| Cash left over | N/A | 33,217 | 31,634 | -26,535 | -30,656 | -8,722 | 3,925 | 11,857 | -1,972 | -5,835 | -15,337 |
| NOPAT | 52,448 | 44,684 | 46,280 | 57,894 | 53,737 | 56,724 | 94,456 | 100,083 | 97,477 | 93,532 | 112,281 |
| Invested capital (ops) | 6,179 | 7,602 | 12,270 | 12,558 | 18,174 | 14,651 | 17,535 | 11,132 | 16,943 | 17,416 | 25,469 |
| Reinvestment rate % | N/A | 3.2% | 10.1% | 0.5% | 10.5% | -6.2% | 3.1% | -6.4% | 6.0% | 0.5% | 7.2% |
| ROIC (Ops) % ⓘ | 848.8% | 648.5% | 465.8% | 466.4% | 349.7% | 345.6% | 586.9% | 698.2% | 694.4% | 544.4% | 523.6% |
| Invested capital (All-Capital) | 139,582 | 144,626 | 169,050 | 146,545 | 86,338 | 76,286 | 114,568 | 121,106 | 110,907 | 98,408 | 117,693 |
| ROIC (All-Capital) % ⓘ | 37.6% | 31.4% | 29.5% | 36.7% | 46.1% | 69.8% | 99.0% | 84.9% | 84.0% | 89.4% | 103.9% |
| Capital return ratio % | N/A | 89.5% | 94.4% | 134.3% | 169.6% | 134.9% | 106.1% | 95.4% | 99.2% | 113.3% | 99.1% |
| Acquisition intensity % | 0.1% | 0.1% | 0.1% | 0.2% | 0.2% | 0.5% | 0.0% | 0.1% | — | — | — |
| Profit & Loss (USD millions) | |||||||||||
| Revenue | 233,715 | 215,639 | 229,234 | 265,595 | 260,174 | 274,515 | 365,817 | 394,328 | 383,285 | 391,035 | 416,161 |
| Revenue growth % | N/A | -7.7% | 6.3% | 15.9% | -2.0% | 5.5% | 33.3% | 7.8% | -2.8% | 2.0% | 6.4% |
| Gross profit | 93,626 | 84,263 | 88,186 | 101,839 | 98,392 | 104,956 | 152,836 | 170,782 | 169,148 | 180,683 | 195,201 |
| Gross margin % | 40.1% | 39.1% | 38.5% | 38.3% | 37.8% | 38.2% | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% |
| Gross profit growth % | N/A | -10.0% | 4.7% | 15.5% | -3.4% | 6.7% | 45.6% | 11.7% | -1.0% | 6.8% | 8.0% |
| Operating income | 71,230 | 60,024 | 61,344 | 70,898 | 63,930 | 66,288 | 108,949 | 119,437 | 114,301 | 123,216 | 133,050 |
| Operating margin % | 30.5% | 27.8% | 26.8% | 26.7% | 24.6% | 24.1% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% |
| Operating income growth % | N/A | -15.7% | 2.2% | 15.6% | -9.8% | 3.7% | 64.4% | 9.6% | -4.3% | 7.8% | 8.0% |
| EBITDA | 80,430 | 70,529 | 71,501 | 81,801 | 76,477 | 77,344 | 120,233 | 130,541 | 125,820 | 134,661 | 144,748 |
| EBITDA growth % | N/A | -12.3% | 1.4% | 14.4% | -6.5% | 1.1% | 55.5% | 8.6% | -3.6% | 7.0% | 7.5% |
| EBITDA margin % | 34.4% | 32.7% | 31.2% | 30.8% | 29.4% | 28.2% | 32.9% | 33.1% | 32.8% | 34.4% | 34.8% |
| Interest expense | 733 | 1,456 | 2,323 | 3,240 | 3,576 | 2,873 | 2,645 | 2,931 | 3,933 | — | — |
| Interest coverage (x) | 109.7x | 48.4x | 30.8x | 25.2x | 21.4x | 26.9x | 45.5x | 44.5x | 32.0x | — | — |
| Net income | 53,394 | 45,687 | 48,351 | 59,531 | 55,256 | 57,411 | 94,680 | 99,803 | 96,995 | 93,736 | 112,010 |
| Net margin % | 22.8% | 21.2% | 21.1% | 22.4% | 21.2% | 20.9% | 25.9% | 25.3% | 25.3% | 24.0% | 26.9% |
| Net income growth % | N/A | -14.4% | 5.8% | 23.1% | -7.2% | 3.9% | 64.9% | 5.4% | -2.8% | -3.4% | 19.5% |
| EPS (diluted, $) | 2.31* | 2.08* | 2.30* | 2.98* | 2.97 | 3.28 | 5.61 | 6.11 | 6.13 | 6.08 | 7.46 |
| EPS growth % | N/A | -9.9% | 10.8% | 29.4% | -0.3% | 10.4% | 71.0% | 8.9% | 0.3% | -0.8% | 22.7% |
| Balance Sheet (USD millions) | |||||||||||
| Total assets | 290,345 | 321,686 | 375,319 | 365,725 | 338,516 | 323,888 | 351,002 | 352,755 | 352,583 | 364,980 | 359,241 |
| Total debt | 61,828 | 83,532 | 109,184 | 105,699 | 97,787 | 103,663 | 115,106 | 120,069 | 111,088 | 106,629 | 98,657 |
| Shareholders' equity | 119,355 | 128,249 | 134,047 | 107,147 | 90,488 | 65,339 | 63,090 | 50,672 | 62,146 | 56,950 | 73,733 |
| Cash & equivalents | 41,601 | 67,155 | 74,181 | 66,301 | 101,937 | 92,716 | 63,628 | 49,635 | 62,327 | 65,171 | 54,697 |
| Shares outstanding (M) | 22,315* | 21,345* | 20,505* | 19,020* | 17,773 | 16,977 | 16,427 | 15,943 | 15,550 | 15,117 | 14,773 |
| Cash Flow (USD millions) | |||||||||||
| Operating cash flow | 81,266 | 66,231 | 64,225 | 77,434 | 69,391 | 80,674 | 104,038 | 122,151 | 110,543 | 118,254 | 111,482 |
| Capex | 11,247 | 12,734 | 12,451 | 13,313 | 10,495 | 7,309 | 11,085 | 10,708 | 10,959 | 9,447 | 12,715 |
| Free cash flow | 70,019 | 53,497 | 51,774 | 64,121 | 58,896 | 73,365 | 92,953 | 111,443 | 99,584 | 108,807 | 98,767 |
| FCF margin % | 30.0% | 24.8% | 22.6% | 24.1% | 22.6% | 26.7% | 25.4% | 28.3% | 26.0% | 27.8% | 23.7% |
| FCF growth % | N/A | -23.6% | -3.2% | 23.8% | -8.1% | 24.6% | 26.7% | 19.9% | -10.6% | 9.3% | -9.2% |
| Owner Earnings | N/A | 46,574 | 48,162 | 64,354 | 47,766 | 64,069 | 94,669 | 109,279 | 93,342 | 97,226 | 107,094 |
| Owner Earnings margin % | N/A | 21.6% | 21.0% | 24.2% | 18.4% | 23.3% | 25.9% | 27.7% | 24.4% | 24.9% | 25.7% |
| Owner Earnings growth % | N/A | N/A | 3.4% | 33.6% | -25.8% | 34.1% | 47.8% | 15.4% | -14.6% | 4.2% | 10.1% |
| Unlevered Owner Earnings | 50,401 | 42,455 | 43,986 | 55,484 | 55,789 | 60,471 | 94,655 | 100,479 | 98,037 | 95,530 | 111,264 |
| Investing cash flow | -56,274 | -45,977 | -46,446 | 16,066 | 45,896 | -4,289 | -14,545 | -22,354 | 3,705 | 2,935 | 15,195 |
| Financing cash flow | -17,716 | -20,890 | -17,974 | -87,876 | -90,976 | -86,820 | -93,353 | -110,749 | -108,488 | -121,983 | -120,686 |
| Dividends paid | 11,561 | 11,965 | 12,563 | 13,712 | 14,119 | 14,081 | 14,467 | 14,841 | 15,025 | 15,234 | 15,421 |
| Share buybacks | 35,253 | 29,722 | 32,900 | 72,738 | 66,897 | 72,358 | 85,971 | 89,402 | 77,550 | 94,949 | 90,711 |
| Buyback yield % | — | 5.4% | 4.5% | 7.2% | 7.0% | 3.8% | 3.8% | 4.1% | 3.0% | 2.7% | 2.4% |
| D&A | 9,200 | 10,505 | 10,157 | 10,903 | 12,547 | 11,056 | 11,284 | 11,104 | 11,519 | 11,445 | 11,698 |
| CFO / Op. Income % | 114.1% | 110.3% | 104.7% | 109.2% | 108.5% | 121.7% | 95.5% | 102.3% | 96.7% | 96.0% | 83.8% |
| Working Capital (USD millions) | |||||||||||
| Accounts receivable | 16,849 | 15,754 | 17,874 | 23,186 | 22,926 | 16,120 | 26,278 | 28,184 | 29,508 | 33,410 | 39,777 |
| Inventory | 2,349 | 2,132 | 4,855 | 3,956 | 4,106 | 4,061 | 6,580 | 4,946 | 6,331 | 7,286 | 5,718 |
| Accounts payable | 35,490 | 37,294 | 44,242 | 55,888 | 46,236 | 42,296 | 54,763 | 64,115 | 62,611 | 68,960 | 69,860 |
| Net PPE | 22,471 | 27,010 | 33,783 | 41,304 | 37,378 | 36,766 | 39,440 | 42,117 | 43,715 | 45,680 | 49,834 |
| Key Ratios | |||||||||||
| ROE % | 44.7% | 35.6% | 36.1% | 55.6% | 61.1% | 87.9% | 150.1% | 197.0% | 156.1% | 164.6% | 151.9% |
| ROA % | 18.4% | 14.2% | 12.9% | 16.3% | 16.3% | 17.7% | 27.0% | 28.3% | 27.5% | 25.7% | 31.2% |
| ROCE % | 34.0% | 24.7% | 22.3% | 28.4% | 27.5% | 30.3% | 48.3% | 60.1% | 55.1% | 65.3% | 68.7% |
| Debt / Equity | 0.52 | 0.65 | 0.81 | 0.99 | 1.08 | 1.59 | 1.82 | 2.37 | 1.79 | 1.87 | 1.34 |
| Net Debt / EBITDA (x) | 0.3x | 0.2x | 0.5x | 0.5x | -0.1x | 0.1x | 0.4x | 0.5x | 0.4x | 0.3x | 0.3x |
| Debtor days | 26 | 27 | 28 | 32 | 32 | 21 | 26 | 26 | 28 | 31 | 35 |
| Inventory days | 6 | 6 | 13 | 9 | 9 | 9 | 11 | 8 | 11 | 13 | 9 |
| Days payable (DPO) | 92 | 104 | 114 | 125 | 104 | 91 | 94 | 105 | 107 | 120 | 115 |
| Cash conv. cycle | -60 | -71 | -73 | -84 | -63 | -61 | -56 | -71 | -68 | -76 | -71 |
| Metric |
FY24 Q3 Jun 24 |
FY24 Q4 Sep 24 |
FY25 Q1 Dec 24 |
FY25 Q2 Mar 25 |
FY25 Q3 Jun 25 |
FY25 Q4 Sep 25 |
FY26 Q1 Dec 25 |
FY26 Q2 Mar 26 |
|---|---|---|---|---|---|---|---|---|
| Profit & Loss (USD millions) | ||||||||
| Revenue | 85,777 | 94,930 | 124,300 | 95,359 | 94,036 | 102,466 | 143,756 | 111,184 |
| Gross profit | 39,678 | 43,879 | 58,275 | 44,867 | 43,718 | 48,341 | 69,231 | 54,781 |
| Gross margin % | 46.3% | 46.2% | 46.9% | 47.1% | 46.5% | 47.2% | 48.2% | 49.3% |
| Operating income | 25,352 | 29,591 | 42,832 | 29,589 | 28,202 | 32,427 | 50,852 | 35,885 |
| Net income | 21,448 | 14,736 | 36,330 | 24,780 | 23,434 | 27,466 | 42,097 | 29,578 |
| Net margin % | 25.0% | 15.5% | 29.2% | 26.0% | 24.9% | 26.8% | 29.3% | 26.6% |
| EPS (diluted, $) | 1.40 | 0.97 | 2.40 | 1.65 | 1.57 | 1.86 | 2.84 | 2.01 |
| Balance Sheet (USD millions, end of quarter) | ||||||||
| Total assets | 331,612 | 364,980 | 344,085 | 331,233 | 331,495 | 359,241 | 379,297 | 371,082 |
| Total debt | 101,294 | 106,629 | 96,795 | 98,182 | 101,723 | 98,657 | 90,497 | 84,697 |
| Shareholders' equity | 66,708 | 56,950 | 66,758 | 66,796 | 65,830 | 73,733 | 88,190 | 106,491 |
| Cash & equivalents | 26,635 | 65,171 | 30,299 | 28,162 | 36,269 | 54,697 | 45,317 | 45,572 |
| Cash Flow (USD millions) | ||||||||
| Operating cash flow | 28,858 | 26,811 | 29,935 | 23,952 | 27,867 | 29,728 | 53,925 | 28,702 |
| Capex | 2,151 | 2,908 | 2,940 | 3,071 | 3,462 | 3,242 | 2,373 | 1,971 |
| Free cash flow | 26,707 | 23,903 | 26,995 | 20,881 | 24,405 | 26,486 | 51,552 | 26,731 |
Other segments (4)
Product
iPhone
I Phone
Services
Service
Mac
iPad
Wearables
The chart groups the 4 smallest segments so no two bands share a colour. Every segment is listed individually in the table below.
| Segment | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | |||||||||||||
| iPhone | 91,279
|
101,991
+12% |
155,041
66%+52% |
136,700
63%-12% |
139,337
61%+2% |
164,888
62%+18% |
142,381
55%-14% |
137,781
50%-3% |
191,973
52%+39% |
205,489
52%+7% |
200,583
52%-2% |
201,183
51%+0% |
209,586
50%+4% |
| Mac | 21,483
|
24,079
+12% |
25,471
11%+6% |
22,831
11%-10% |
25,569
11%+12% |
25,198
9%-1% |
25,740
10%+2% |
28,622
10%+11% |
35,190
10%+23% |
40,177
10%+14% |
29,357
8%-27% |
29,984
8%+2% |
33,708
8%+12% |
| iPad | 31,980
|
30,283
-5% |
23,227
10%-23% |
20,628
10%-11% |
18,802
8%-9% |
18,380
7%-2% |
21,280
8%+16% |
23,724
9%+11% |
31,862
9%+34% |
29,292
7%-8% |
28,300
7%-3% |
26,694
7%-6% |
28,023
7%+5% |
| Other Products | 10,117
|
8,379
-17% |
10,067
4%+20% |
11,132
5%+11% |
12,863
6%+16% |
— | — | — | — | — | — | — | — |
| Wearables | — | — | — | — | 12,826
6% |
17,381
7%+36% |
24,482
9%+41% |
30,620
11%+25% |
38,367
10%+25% |
41,241
10%+7% |
39,845
10%-3% |
37,005
9%-7% |
35,686
9%-4% |
| Services | 16,051
|
18,063
+13% |
19,909
9%+10% |
24,348
11%+22% |
29,980
13%+23% |
39,748
15%+33% |
46,291
18%+16% |
53,768
20%+16% |
68,425
19%+27% |
78,129
20%+14% |
85,200
22%+9% |
96,169
25%+13% |
109,158
26%+14% |
| Apple Mac 1 | 21,483
|
24,079
+12% |
25,471
11%+6% |
22,831
11%-10% |
— | — | — | — | — | — | — | — | — |
| I Pad | — | — | 23,227
10% |
20,628
10%-11% |
18,802
8%-9% |
18,380
7%-2% |
21,280
8%+16% |
23,724
9%+11% |
31,862
9%+34% |
29,292
7%-8% |
28,300
7%-3% |
26,694
7%-6% |
28,023
7%+5% |
| I Phone | — | — | 155,041
66% |
136,700
63%-12% |
139,337
61%+2% |
164,888
62%+18% |
142,381
55%-14% |
137,781
50%-3% |
191,973
52%+39% |
205,489
52%+7% |
200,583
52%-2% |
201,183
51%+0% |
209,586
50%+4% |
| Manufactured Product Other | — | — | — | 11,132
5% |
12,863
6%+16% |
17,417
7%+35% |
— | — | — | — | — | — | — |
| Service | — | — | — | 24,348
11% |
32,700
14%+34% |
39,748
15%+22% |
46,291
18%+16% |
53,768
20%+16% |
68,425
19%+27% |
78,129
20%+14% |
85,200
22%+9% |
96,169
25%+13% |
109,158
26%+14% |
| Product | — | — | — | — | 196,534
86% |
225,847
85%+15% |
213,883
82%-5% |
220,747
80%+3% |
297,392
81%+35% |
316,199
80%+6% |
298,085
78%-6% |
294,866
75%-1% |
307,003
74%+4% |
| Total (check) | 192,393 | 206,874 | 437,454 | 431,278 | 639,613 | 731,875 | 684,009 | 710,535 | 955,469 | 1,023,437 | 995,453 | 1,009,947 | 1,069,931 |
Source: SEC EDGAR XBRL · Full breakdown ↗
Other segments (4)
Americas
Europe
Greater China
Japan
Rest of Asia Pacific
Apple Iphone
Apple Ipad
Apple Mac
The chart groups the 4 smallest segments so no two bands share a colour. Every segment is listed individually in the table below.
| Segment | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | ||||||||||||||
| Americas | 57,512
|
77,093
+34% |
80,095
+4% |
93,864
40%+17% |
86,613
40%-8% |
96,600
42%+12% |
112,093
42%+16% |
116,914
45%+4% |
124,556
45%+7% |
153,306
42%+23% |
169,658
43%+11% |
162,560
42%-4% |
167,045
43%+3% |
178,353
43%+7% |
| Europe | 36,323
|
40,980
+13% |
44,285
+8% |
50,337
22%+14% |
49,952
23%-1% |
54,938
24%+10% |
62,420
24%+14% |
60,288
23%-3% |
68,640
25%+14% |
89,307
24%+30% |
95,118
24%+7% |
94,294
25%-1% |
101,328
26%+7% |
111,032
27%+10% |
| Greater China | 22,533
|
27,016
+20% |
31,853
+18% |
58,715
25%+84% |
48,492
22%-17% |
44,764
20%-8% |
51,942
20%+16% |
43,678
17%-16% |
40,308
15%-8% |
68,366
19%+70% |
74,200
19%+9% |
72,559
19%-2% |
66,952
17%-8% |
64,377
15%-4% |
| Japan | 10,571
|
13,782
+30% |
15,314
+11% |
15,706
7%+3% |
16,928
8%+8% |
17,733
8%+5% |
21,733
8%+23% |
21,506
8%-1% |
21,418
8%-0% |
28,482
8%+33% |
25,977
7%-9% |
24,257
6%-7% |
25,052
6%+3% |
28,703
7%+15% |
| Rest of Asia Pacific | 10,741
|
12,039
+12% |
11,248
-7% |
15,093
6%+34% |
13,654
6%-10% |
15,199
7%+11% |
17,407
7%+15% |
17,788
7%+2% |
19,593
7%+10% |
26,356
7%+35% |
29,375
7%+11% |
29,615
8%+1% |
30,658
8%+4% |
33,696
8%+10% |
| Accessories | 5,145
|
5,706
+11% |
6,093
+7% |
— | — | — | — | — | — | — | — | — | — | — |
| Apple Ipad | 30,945
|
31,980
+3% |
30,283
-5% |
— | — | — | — | — | — | — | — | — | — | — |
| Apple Iphone | 78,692
|
91,279
+16% |
101,991
+12% |
— | — | — | — | — | — | — | — | — | — | — |
| Apple Mac | 23,221
|
21,483
-7% |
24,079
+12% |
— | — | — | — | — | — | — | — | — | — | — |
| Ipod | 5,615
|
4,411
-21% |
2,286
-48% |
— | — | — | — | — | — | — | — | — | — | — |
| Itunes Software And Service | 12,890
|
16,051
+25% |
18,063
+13% |
— | — | — | — | — | — | — | — | — | — | — |
| Retail Segment | 18,828
|
20,228
+7% |
21,462
+6% |
— | — | — | — | — | — | — | — | — | — | — |
| Total (check) | 313,016 | 362,048 | 387,052 | 233,715 | 215,639 | 229,234 | 265,595 | 260,174 | 274,515 | 365,817 | 394,328 | 383,285 | 391,035 | 416,161 |
| Operating Margin % | ||||||||||||||
| Americas | +40.7% | +32.2% | +32.7% | +33.2% | +32.5% | +31.8% | +31.1% | +30.0% | +30.3% | +34.8% | +36.9% | +37.2% | +40.5% | +40.6% |
| Europe | +40.9% | +31.2% | +32.6% | +32.8% | +30.7% | +30.1% | +32.0% | +31.8% | +32.3% | +36.4% | +37.0% | +38.3% | +41.2% | +43.0% |
| Greater China | +43.7% | +31.5% | +34.7% | +39.2% | +38.8% | +38.0% | +38.0% | +37.2% | +37.9% | +41.7% | +42.0% | +41.8% | +40.4% | +41.8% |
| Japan | +55.4% | +48.4% | +45.1% | +48.5% | +42.3% | +45.7% | +43.7% | +43.6% | +43.3% | +44.9% | +47.2% | +49.0% | +49.7% | +48.6% |
| Rest of Asia Pacific | +39.6% | +31.2% | +32.7% | +36.6% | +35.0% | +34.9% | +35.5% | +34.0% | +34.7% | +37.2% | +39.4% | +40.7% | +42.6% | +43.3% |
| Accessories | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Apple Ipad | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Apple Iphone | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Apple Mac | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Ipod | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Itunes Software And Service | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Retail Segment | +24.5% | +19.9% | +21.3% | — | — | — | — | — | — | — | — | — | — | — |
Source: SEC EDGAR XBRL · Full breakdown ↗
Annual Reports (10-K)
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FY 2025 Filed 2025-10-31View 10-K ↗
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FY 2024 Filed 2024-11-01View 10-K ↗
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FY 2023 Filed 2023-11-03View 10-K ↗
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FY 2022 Filed 2022-10-28View 10-K ↗
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FY 2021 Filed 2021-10-29View 10-K ↗
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FY 2020 Filed 2020-10-30View 10-K ↗
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FY 2019 Filed 2019-10-31View 10-K ↗
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FY 2018 Filed 2018-11-05View 10-K ↗
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FY 2017 Filed 2017-11-03View 10-K ↗
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FY 2016 Filed 2016-10-26View 10-K ↗
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FY 2015 Filed 2015-10-28View 10-K ↗
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FY 2014 Filed 2014-10-27View 10-K ↗
Quarterly Reports (10-Q)
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2026-03-28 Filed 2026-05-01View 10-Q ↗
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2025-12-27 Filed 2026-01-30View 10-Q ↗
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2025-06-28 Filed 2025-08-01View 10-Q ↗
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2025-03-29 Filed 2025-05-02View 10-Q ↗
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2024-12-28 Filed 2025-01-31View 10-Q ↗
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2024-06-29 Filed 2024-08-02View 10-Q ↗
-
2024-03-30 Filed 2024-05-03View 10-Q ↗
-
2023-12-30 Filed 2024-02-02View 10-Q ↗
Earnings & Financial Updates
8-K item 2.02 — Results of Operations
-
2026-04-30 8-KView 8-K ↗
-
2026-01-29 8-KView 8-K ↗
-
2025-10-30 8-KView 8-K ↗
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2025-07-31 8-KView 8-K ↗
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2025-05-01 8-KView 8-K ↗
-
2025-01-30 8-KView 8-K ↗
-
2024-10-31 8-KView 8-K ↗
-
2024-08-01 8-KView 8-K ↗
M&A and Capital Events
8-K items 1.01 / 2.01 / 2.03 / 2.06 — agreements, acquisitions, new debt, impairments
No capital event 8-K filings found.
Governance Alerts
8-K items 4.01 / 5.02 — auditor changes, executive departures
-
2026-04-20 item 5.02View 8-K ↗
8-K
-
2026-01-02 item 5.02View 8-K ↗
8-K
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2025-12-05 item 5.02View 8-K ↗
8-K
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2025-07-25 item 5.02View 8-K ↗
8-K
-
2025-07-09 item 5.02View 8-K ↗
8-K
-
2025-01-03 item 5.02View 8-K ↗
FORM 8-K
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2024-08-26 item 5.02View 8-K ↗
FORM 8-K
The Picture
— Business Exhibit —
The primary question is not price — it is: How probable is permanent loss?
Low probability → analyze further | High / Uncertain → too hard pile or wait
Everything else (Bull / Base / Bear) is secondary.
Low probability → analyze further | High / Uncertain → too hard pile or wait
Everything else (Bull / Base / Bear) is secondary.
Section 1 — Archetype
Section 2 — Destinations
The page you re-read when the tape goes loud.