iPhone
Apple's smartphone line, historically its largest product category by net sales.
Stock research
Apple Inc. (AAPL) Stock Research
Apple designs consumer electronics, software, and services, led by the iPhone, Mac, and a growing high-margin services segment.
For the fiscal year ended September 27, 2025, Apple Inc. reported revenue of $416.2B and net income of $112.0B, with operating cash flow of $111.5B. Source: Form 10-K filed October 31, 2025
- $416.2B
- FY ending 2025-09-27
- $112.0B
- FY ending 2025-09-27
- $7.46
- 26.9%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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How Apple makes money
It is one of the world's most valuable companies and a core holding in most large-cap and technology index funds.
Mac, iPad and Wearables
Mac computers, iPad tablets, and Wearables, Home and Accessories such as Apple Watch, AirPods and Apple TV.
Services
Advertising, AppleCare, cloud, digital content (including the App Store) and payment services sold to the installed device base.
- NASDAQ: AAPL
- Information Technology
- Electronic Computers (SIC 3571)
- September 26
- Cupertino, California
- 1976
AAPL key financials
Reported figures from Apple Inc.'s filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $416.2B | 2024-09-29 – 2025-09-27 | SEC filing |
| Net income | $112.0B | 2024-09-29 – 2025-09-27 | SEC filing |
| Operating cash flow | $111.5B | 2024-09-29 – 2025-09-27 | SEC filing |
| Diluted EPS | $7.46 | 2024-09-29 – 2025-09-27 | SEC filing |
| Net margin | 26.9% | 2024-09-29 – 2025-09-27 | SEC filing |
| Shares outstanding | 14.68B | As of 2026-01-16 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price. Shares outstanding multiplied by the share price gives market capitalization.
What investors should watch in AAPL
For Apple Inc., the most important recurring operating and market variables are:
- ◆iPhone demand, pricing, and the device upgrade cycle
- ◆Services growth and App Store economics
- ◆Gross margins, component costs, and supply-chain concentration
- ◆Product innovation and adoption of on-device AI
Key questions for the AAPL thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
Installed base and upgrade cycle
Track device demand, product mix, customer activity, and the pace at which users replace iPhones and Macs. A large installed base can support recurring revenue, but slower upgrades can make hardware growth more cyclical.
Services economics
Compare services growth with hardware sales, and watch retention, platform rules, and margins. Services can make revenue more recurring, while regulatory or competitive changes to the App Store can alter the economics.
Supply chain and geography
Assess manufacturing concentration, component costs, tariff exposure, and demand in Greater China. Diversification can reduce disruption risk, but changing a global supply chain takes time and capital.
Cash generation and valuation
Evaluate free cash flow, buybacks, and earnings growth against the valuation investors are paying. A strong business can still be a weak investment if expectations and the starting multiple are too demanding.
Does AAPL's reported profit turn into cash?
Operating cash flow was $111.5B, 1.00 times net income of $112.0B, for the fiscal year ended September 27, 2025.
Cash from operations roughly matched reported earnings for the year. The cash-flow statement shows which non-cash charges and working-capital moves offset each other.
How much of AAPL's revenue is left as profit?
Net income was 26.9% of revenue for the fiscal year ended September 27, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
When does Apple Inc.'s fiscal year end?
The SEC lists Apple Inc.'s fiscal year end as September 26, not December 31. The latest annual figures here run from September 29, 2024 to September 27, 2025. Its reporting year ends on a nearby date rather than a fixed calendar day.
Annual results cover a different 12 months from calendar-year peers. Align periods before comparing growth or margins across companies.
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Sandisk’s NAND pricing, BiCS8 and enterprise qualification as of December 1, 2025, and why that was already a late entry.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchAAPL primary sources
- Latest annual report: Form 10-K filed October 31, 2025
- Latest quarterly report: Form 10-Q filed July 31, 2026
- Apple investor relations
- Apple filings at the SEC
How we source and review company pages: research methodology.
Congressional trading in AAPL
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Pete Sessions | 2026-09-22 | Sale | Spouse | $100,001 - $250,000 | Filing #20035499 |
| Cleo Fields | 2026-09-08 | Purchase | Self | $1,001 - $15,000 | Filing #20035464 |
| Kevin Hern | 2026-09-08 | Sale | Dependent | $1,001 - $15,000 | Filing #20035491 |
| Kevin Hern | 2026-09-08 | Sale | Dependent | $1,001 - $15,000 | Filing #20035491 |
| C. Franklin | 2026-08-20 | Sale | Spouse | $1,001 - $15,000 | Filing #20035450 |
| John McGuire | 2026-08-18 | Sale | Spouse | $1,001 - $15,000 | Filing #20035367 |
| Cleo Fields | 2026-08-13 | Purchase | Self | $1,001 - $15,000 | Filing #20035345 |
| Ed Case | 2026-08-13 | Purchase | Spouse | $1,001 - $15,000 | Filing #20035275 |
| Rich McCormick | 2026-07-30 | Sale | Self | $1,001 - $15,000 | Filing #20035204 |
| Shelley Capito | 2026-07-21 | Sale | Spouse | $1,001 - $15,000 | Filing #60c01547-0cf9-46c6-9ce6-f0102f5941f6 |
All verified AAPL congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare AAPL with similar companies
Apple peers
Super Micro Computer, Inc. (SMCI)Electronic ComputersMicrosoft Corporation (MSFT)Services-Prepackaged SoftwareNVIDIA Corporation (NVDA)Semiconductors & Related DevicesBroadcom Inc. (AVGO)Semiconductors & Related DevicesOracle Corporation (ORCL)Services-Prepackaged SoftwareAdvanced Micro Devices, Inc. (AMD)Semiconductors & Related Devices
AAPL — frequently asked questions
What does Apple Inc. do?
Apple designs consumer electronics, software, and services, led by the iPhone, Mac, and a growing high-margin services segment. Its filings describe these business lines: iPhone, Mac, iPad and Wearables, Services.
What were AAPL's latest reported annual revenue and net income?
For the fiscal year ended September 27, 2025, Apple Inc. reported revenue of $416.2B and net income of $112.0B, with operating cash flow of $111.5B. The figures come from Apple Inc.'s SEC XBRL filings.
When does Apple Inc.'s fiscal year end?
The SEC lists Apple Inc.'s fiscal year end as September 26.
Do members of Congress trade AAPL?
The current verified House and Senate snapshot contains 153 transaction rows for AAPL, each linked to the original filing.
Where is Apple Inc. headquartered?
Apple Inc. is headquartered in Cupertino, California and was founded in 1976.
Is AAPL a good investment?
This page does not rate AAPL as a buy or sell. It sets out what Apple Inc. reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the AAPL numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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