Apple Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Apple Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	229,234	265,595	260,174	274,515	365,817	394,328	383,285	391,035	416,161	478,834
Cost of revenue	141,048	163,756	161,782	169,559	212,981	223,546	214,137	210,352	220,960	245,232
Gross profit	88,186	101,839	98,392	104,956	152,836	170,782	169,148	180,683	195,201	233,602
Research and development	11,581	14,236	16,217	18,752	21,914	26,251	29,915	31,370	34,550	45,765
Selling, general and administrative	15,261	16,705	18,245	19,916	21,973	25,094	24,932	26,097	27,601	29,774
Selling and marketing							18,260	18,639	19,524	21,134
General and administrative							6,672	7,458	8,077	8,640
Operating expenses	26,842	30,941	34,462	38,668	43,887	51,345	54,847	57,467	62,151	75,539
Operating income	61,344	70,898	63,930	66,288	108,949	119,437	114,301	123,216	133,050	158,063
Interest expense	2,323	3,240	3,576	2,873	2,645	2,931	3,933
Interest income	5,201	5,686	4,961	3,763	2,843	2,825	3,750
Other non-operating income	2,745	2,005	1,807	803	258	-334	-565	269	-321	1,174
Pre-tax income	64,089	72,903	65,737	67,091	109,207	119,103	113,736	123,485	132,729	159,237
Income tax	15,738	13,372	10,481	9,680	14,527	19,300	16,741	29,749	20,719	27,062
Net income	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736	112,010	132,175
EBITDA	71,501	81,801	76,477	77,344	120,233	130,541	125,820	134,661	144,748	171,486
EPS, basic	2.32	3.00	2.99	3.31	5.67	6.15	6.16	6.11	7.49	9.01
EPS, diluted	2.30	2.98	2.97	3.28	5.61	6.11	6.13	6.08	7.46	8.98
Shares, basic (weighted)	20,851	19,822	18,471	17,352	16,701	16,216	15,744	15,344	14,949	14,662
Shares, diluted (weighted)	20,989	20,000	18,596	17,528	16,865	16,326	15,813	15,408	15,005	14,720
Dividend per share	0.60	0.68	0.75	0.80	0.85	0.90	0.94	0.98	1.02	1.06

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	20,289	25,913	48,844	38,016	34,940	23,646	29,965	29,943	35,934	36,305
Short-term investments		40,388	51,713	52,927	27,699	24,658	31,590	35,228	18,763	20,417
Receivables	17,874	23,186	22,926	16,120	26,278	28,184	29,508	33,410	39,777	43,817
Inventory	4,855	3,956	4,106	4,061	6,580	4,946	6,331	7,286	5,718	14,541
Other current assets	13,936	12,087	12,352	11,264	14,111	21,223	14,695	14,287	14,585	18,881
Total current assets	128,645	131,339	162,819	143,713	134,836	135,405	143,566	152,987	147,957	173,857
Property, plant and equipment	33,783	41,304	37,378	36,766	39,440	42,117	43,715	45,680	49,834	52,084
Lease right-of-use assets				8,570	10,087	10,417	10,661	10,234	11,205	11,636
Goodwill	5,717
Intangible assets	2,298								13,301	25,700
Long-term investments		170,799	105,341	100,887	127,877	120,805	100,544	91,479	77,723	80,213
Other non-current assets	18,177	22,283	32,978	42,522	48,849	54,428	64,758	74,834	72,634	78,116
Total assets	375,319	365,725	338,516	323,888	351,002	352,755	352,583	364,980	359,241	404,548
Accounts payable	44,242	55,888	46,236	42,296	54,763	64,115	62,611	68,960	69,860	82,252
Accrued liabilities	25,744
Deferred revenue	7,548	5,966	5,522	6,643	7,612	7,912	8,061	8,249	9,055	9,636
Short-term debt	6,496	8,784	10,260	8,773	9,613	11,128	9,822	10,912	12,350	9,906
Total current liabilities	100,814	115,929	105,718	105,392	125,481	153,982	145,308	176,392	165,631	169,915
Long-term debt	97,207	93,735	91,807	98,667	109,106	98,959	95,281	85,750	78,328	68,208
Lease liabilities				7,745	9,506	9,936	10,408	10,046	10,911	11,358
Other non-current liabilities	40,415	48,914	50,503	54,490	53,325	49,142	49,848	45,888	41,549	54,332
Total liabilities	241,272	258,578	248,028	258,549	287,912	302,083	290,437	308,030	285,508	292,455
Total debt	103,703	102,519	102,067	107,440	118,700	110,087	105,103	96,662	90,678	78,114
Paid-in capital	35,867	40,201	45,174	50,779	57,365	64,849	73,812	83,276	93,568	104,815
Retained earnings	98,330	70,400	45,898	14,966	5,562	-3,068	-214	-19,154	-14,264	13,700
Other comprehensive income	-150	-3,454	-584	-406	163	-11,109	-11,452	-7,172	-5,571	-6,422
Shareholders' equity	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950	73,733	112,093
Total equity	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950	73,733	112,093
Total liabilities and equity	375,319	365,725	338,516	323,888	351,002	352,755	352,583	364,980	359,241	404,548
Shares outstanding	20,488	4,755	17,773	16,977	16,427	15,943	15,550	15,117	14,773	14,532

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736	112,010	132,175
Depreciation and amortization	10,157	10,903	12,547	11,056	11,284	11,104	11,519	11,445	11,698	13,423
Stock-based compensation	4,840	5,340	6,068	6,829	7,906	9,038	10,833	11,688	12,863	13,789
Deferred income tax	5,966	-32,590	-340	-215	-4,774	895
Change in receivables	-2,093	-5,322	245	6,917	-10,125	-1,823	-1,688	-3,788	-6,682	-3,994
Change in inventory	-2,723	828	-289	-127	-2,642	1,484	-1,618	-1,046	1,400	-8,905
Change in payables	8,966	9,175	-1,923	-4,062	12,326	9,448	-1,889	6,020	902	12,171
Cash from operations	64,225	77,434	69,391	80,674	104,038	122,151	110,543	118,254	111,482	145,097
Capital expenditures	-12,451	-13,313	-10,495	-7,309	-11,085	-10,708	-10,959	-9,447	-12,715	-9,041
Acquisitions	-329	-721	-624	-1,524	-33	-306
Purchases of investments	-159,486	-71,356	-39,630	-114,938	-109,558	-76,923	-29,513	-48,656	-24,407	-54,945
Sales and maturities of investments	31,775	55,881	40,102	69,918	59,023	29,917	39,686	51,211	40,907	34,815
Cash from investing	-46,446	16,066	45,896	-4,289	-14,545	-22,354	3,705	2,935	15,195	-17,280
Debt issued	28,662	6,969	6,963	16,091	20,393	5,465	5,228	0	4,481	0
Debt repaid	-3,500	-6,500	-8,805	-12,629	-8,750	-9,543	-11,151	-9,958	-10,932	-12,396
Stock issued	555	669	781	880	1,105
Share buybacks	-32,900	-72,738	-66,897	-72,358	-85,971	-89,402	-77,550	-94,949	-90,711	-86,390
Dividends paid	-12,563	-13,712	-14,119	-14,081	-14,467	-14,841	-15,025	-15,234	-15,421	-15,721
Cash from financing	-17,974	-87,876	-90,976	-86,820	-93,353	-110,749	-108,488	-121,983	-120,686	-127,446
Net change in cash	-195	5,624	24,311	-10,435	-3,860	-10,952	5,760	-794	5,991	371
Free cash flow	51,774	64,121	58,896	73,365	92,953	111,443	99,584	108,807	98,767	136,056
Interest paid	2,092	3,022	3,423	3,002	2,687	2,865	3,803
Income taxes paid	11,591	10,417	15,263	9,501	25,385	19,573	18,679	26,100	43,400	34,588

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $347.63 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.8%	Gross profit / revenue.
Operating margin	33.0%	Operating income / revenue.
EBITDA margin	35.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	33.3%	Pre-tax income / revenue.
Net margin	27.6%	Net income / revenue.
FCF margin	28.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.3%	Cash from operations / revenue.
Effective tax rate	17.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	142.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	34.6%	Net income / average total assets.
Return on invested capital (ROIC)	92.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	9.6%	Research and development expense / revenue.
SG&A / revenue	6.2%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.9%	Capital expenditures / revenue.
D&A / revenue	2.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	15.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	11.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	8.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	18.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	7.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	18.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	7.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	18.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	6.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	13.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	30.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	9.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	37.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	11.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	7.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	4.1%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	52.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	21.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.02x	Current assets / current liabilities.
Quick ratio	0.59x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.70x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	19.3%	Total debt / total assets.
Liabilities / assets	72.3%	Total liabilities / total assets.
Net debt	$21.39B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.12x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$3.94B	Current assets - current liabilities.
Goodwill and intangibles / assets	6.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$86.39B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.25x	Revenue / average total assets.
Fixed asset turnover	9.40x	Revenue / average property, plant and equipment.
Inventory turnover	24.2x	Cost of revenue / average inventory.
Days inventory	15 days	365 x average inventory / cost of revenue.
Receivables turnover	11.5x	Revenue / average receivables.
Days sales outstanding	32 days	365 x average receivables / revenue.
Days payables	113 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	-66 days	Days inventory + days sales outstanding - days payables.
FCF conversion	102.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.98	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$9.01	Net income per basic share, as reported (split-adjusted).
Revenue per share	$32.53	Revenue / diluted weighted shares.
FCF per share	$9.24	Free cash flow / diluted weighted shares.
Operating cash flow per share	$9.86	Cash from operations / diluted weighted shares.
Book value per share	$7.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$5.94	Tangible book value / shares outstanding.
Cash per share	$3.90	(Cash + short-term investments) / shares outstanding.
Dividend per share	$1.06	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	11.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	11.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	63.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.07T	Share price x shares outstanding.
Enterprise value	$5.09T	Market cap + total debt - cash - short-term investments.
P/E	38.4x	Market cap / net income. Only when net income is positive.
P/S	10.6x	Market cap / revenue.
P/B	45.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	58.7x	Market cap / tangible book value, when positive.
P/FCF	37.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	35.0x	Market cap / cash from operations, when positive.
EV/Sales	10.6x	Enterprise value / revenue.
EV/EBIT	32.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	29.7x	Enterprise value / EBITDA, when both are positive.
EV/FCF	37.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.7%	Free cash flow / market cap.
Earnings yield	2.6%	Net income / market cap (the inverse of P/E).
Dividend yield	0.3%	Dividends paid over the period / market cap.
Shareholder yield	2.0%	(Dividends paid + share buybacks) / market cap.
PEG	2.83x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Apple Inc.'s revenue in fiscal 2026?

Apple Inc. reported revenue of $478.83B for fiscal 2026, 15.1% higher than the year before.

Was Apple Inc. profitable in fiscal 2026?

Yes. Net income was $132.18B, a net margin of 27.6%.

How much free cash flow did Apple Inc. generate in fiscal 2026?

Cash from operations of $145.10B minus capital expenditures of $9.04B left free cash flow of $136.06B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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