Apple (AAPL) financial statements
Apple reported revenue of $416.2B in fiscal 2025, up 7.6% a year over 9 years.
Net income was $112.0B and the operating margin 32.0%, against 27.8% in 2016.
Free cash flow was $98.8B, and the company returned $15.4B in dividends and $90.7B in net buybacks.
The diluted share count fell 32% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Apple's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $215.6B | $229.2B | $265.6B | $260.2B | $274.5B | $365.8B | $394.3B | $383.3B | $391.0B | $416.2B |
| Cost of revenue | $131.4B | $141.0B | $163.8B | $161.8B | $169.6B | $213.0B | $223.5B | $214.1B | $210.4B | $221.0B |
| Gross profit | $84.3B | $88.2B | $101.8B | $98.4B | $105.0B | $152.8B | $170.8B | $169.1B | $180.7B | $195.2B |
| Research and development | $10.0B | $11.6B | $14.2B | $16.2B | $18.8B | $21.9B | $26.3B | $29.9B | $31.4B | $34.5B |
| Selling, general and admin | $14.2B | $15.3B | $16.7B | $18.2B | $19.9B | $22.0B | $25.1B | $24.9B | $26.1B | $27.6B |
| Operating income | $60.0B | $61.3B | $70.9B | $63.9B | $66.3B | $108.9B | $119.4B | $114.3B | $123.2B | $133.1B |
| Interest expense | $1.5B | $2.3B | $3.2B | $3.6B | $2.9B | $2.6B | $2.9B | $3.9B | — | — |
| Pre-tax income | $61.4B | $64.1B | $72.9B | $65.7B | $67.1B | $109.2B | $119.1B | $113.7B | $123.5B | $132.7B |
| Income tax | $15.7B | $15.7B | $13.4B | $10.5B | $9.7B | $14.5B | $19.3B | $16.7B | $29.7B | $20.7B |
| Net income | $45.7B | $48.4B | $59.5B | $55.3B | $57.4B | $94.7B | $99.8B | $97.0B | $93.7B | $112.0B |
| EPS (diluted) | $2.08 | $2.30 | $2.98 | $2.97 | $3.28 | $5.61 | $6.11 | $6.13 | $6.08 | $7.46 |
| Diluted shares | 22.00B | 21.01B | 20.00B | 18.60B | 17.53B | 16.86B | 16.33B | 15.81B | 15.41B | 15.00B |
| Gross margin | 39.1% | 38.5% | 38.3% | 37.8% | 38.2% | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% |
| Operating margin | 27.8% | 26.8% | 26.7% | 24.6% | 24.1% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% |
| Net margin | 21.2% | 21.1% | 22.4% | 21.2% | 20.9% | 25.9% | 25.3% | 25.3% | 24.0% | 26.9% |
Balance sheet
Fiscal years, from Apple's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $67.2B | $74.2B | $66.3B | $100.6B | $90.9B | $62.6B | $48.3B | $61.6B | $65.2B | $54.7B |
| Receivables | $15.8B | $17.9B | $23.2B | $22.9B | $16.1B | $26.3B | $28.2B | $29.5B | $33.4B | $39.8B |
| Inventory | $2.1B | $4.9B | $4.0B | $4.1B | $4.1B | $6.6B | $4.9B | $6.3B | $7.3B | $5.7B |
| Total current assets | $106.9B | $128.6B | $131.3B | $162.8B | $143.7B | $134.8B | $135.4B | $143.6B | $153.0B | $148.0B |
| Property, plant and equipment | $27.0B | $33.8B | $41.3B | $37.4B | $36.8B | $39.4B | $42.1B | $43.7B | $45.7B | $49.8B |
| Goodwill | $5.4B | $5.7B | — | — | — | — | — | — | — | — |
| Total assets | $321.7B | $375.3B | $365.7B | $338.5B | $323.9B | $351.0B | $352.8B | $352.6B | $365.0B | $359.2B |
| Total current liabilities | $79.0B | $100.8B | $115.9B | $105.7B | $105.4B | $125.5B | $154.0B | $145.3B | $176.4B | $165.6B |
| Long-term debt | $75.4B | $97.2B | $93.7B | $91.8B | $98.7B | $109.1B | $99.0B | $95.3B | $85.8B | $78.3B |
| Total liabilities | $193.4B | $241.3B | $258.6B | $248.0B | $258.5B | $287.9B | $302.1B | $290.4B | $308.0B | $285.5B |
| Shareholders' equity | $128.2B | $134.0B | $107.1B | $90.5B | $65.3B | $63.1B | $50.7B | $62.1B | $57.0B | $73.7B |
| Net debt | $58.4B | $83.4B | $76.6B | $53.2B | $69.4B | $83.8B | $86.4B | $75.1B | $66.7B | $54.7B |
Cash flow
Fiscal years, from Apple's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $66.2B | $64.2B | $77.4B | $69.4B | $80.7B | $104.0B | $122.2B | $110.5B | $118.3B | $111.5B |
| Capital spending | $12.7B | $12.5B | $13.3B | $10.5B | $7.3B | $11.1B | $10.7B | $11.0B | $9.4B | $12.7B |
| Free cash flow | $53.5B | $51.8B | $64.1B | $58.9B | $73.4B | $93.0B | $111.4B | $99.6B | $108.8B | $98.8B |
| Stock-based compensation | $4.2B | $4.8B | $5.3B | $6.1B | $6.8B | $7.9B | $9.0B | $10.8B | $11.7B | $12.9B |
| Dividends paid | $12.2B | $12.8B | $13.7B | $14.1B | $14.1B | $14.5B | $14.8B | $15.0B | $15.2B | $15.4B |
| Share buybacks (net) | -$29.7B | -$32.9B | -$72.7B | -$66.9B | -$72.4B | -$86.0B | -$89.4B | -$77.5B | -$94.9B | -$90.7B |
| Net borrowing | $22.1B | $29.0B | $432M | -$7.8B | $2.5B | $12.7B | -$123M | -$9.9B | -$6.0B | -$8.5B |
| Free cash flow margin | 24.8% | 22.6% | 24.1% | 22.6% | 26.7% | 25.4% | 28.3% | 26.0% | 27.8% | 23.7% |
| Dividends per share | $0.55 | $0.61 | $0.69 | $0.76 | $0.80 | $0.86 | $0.91 | $0.95 | $0.99 | $1.03 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for AAPL.
Open AAPL in InvestinglyQuestions
What was Apple's revenue in 2025?
$416.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Apple generate?
$98.8B in fiscal 2025 (operating cash flow minus capital spending).
From Apple's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.