Apple Inc. (AAPL) financials
NASDAQ · Technology · Consumer Electronics · 166,000 employees · CEO John Ternus
- Price
- $344.63 -1.23%
- Market cap
- $5.03T
- Enterprise value
- $5.07T
- Last report
- Q3 '26 filed 2026-07-31
- Next report
- 2026-11-02 EPS est. $1.99
Revenue (TTM)$467B+14.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)33.2%+1.3 pp vs a year agoOperating income $155B
Net income (TTM)$129B+29.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$137B+42.1% vs a year agoCapex $10B
Diluted EPS (TTM)$8.72+32.3% vs a year agoSum of the last 4 quarters
Net cash-$21.9B+52.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $5.03T EV $5.07T
- Revenue
- $467B Trailing 12 months
- Revenue growth
- +15% FY2026 consensus
- Profit margin
- 27.6% Net income / revenue, TTM
- P/E
- 39.4× Forward 39.0× (FY2026)
- P/S
- 10.8× Price / sales, TTM
- EV / EBITDA
- 30.0× TTM
- Free cash flow
- $137B Trailing 12 months
- Net income
- $129B Trailing 12 months
- Revenue estimate
- $478B FY2026 consensus
- Earnings
- 2026-11-02 Revenue est. $113B
- Dividend
- $1.06 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-07-30): revenue in line, EPS beat by 6.9%Revenue $109B vs $109B expected (+0.3%); EPS $2.02 vs $1.89 (+6.9%).
- Revenue growth accelerating: 16.4% year on yearQ3 '26 revenue $109B, against an average of 12.5% over the four quarters before.
- Operating margin 33.2% (TTM), +1.3 pp on a year agoOperating income grew 18.9% while revenue grew 14.2%.
- Capex 2.2% of revenue (a year ago 3.0%)$10B invested in the last 4 quarters (-18.9% on a year earlier). Free cash flow $137B = 106.0% of net income.
- Returned $97.9B to shareholders = 71.6% of free cash flowBuybacks $82.2B (a year earlier $95.7B), dividends $15.6B, stock-based pay $13.7B (TTM).
- Diluted share count down 1.6% in a year14.7B diluted shares in Q3 '26, 14.9B a year earlier.
- Net debt $21.9BCash + short-term investments $62.4B, debt incl. leases $84.3B; a year ago net debt $46.3B.
Last quarter: Q3 '26
Quarter ended 2026-06-27. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $109B | $94B | +16.4% |
| Gross margin | 50.1% | 46.5% | +3.6 pp |
| Operating income | $35.7B | $28.2B | +26.6% |
| Operating margin | 32.6% | 30.0% | +2.6 pp |
| Net income | $29.8B | $23.4B | +27.1% |
| Diluted EPS | $2.02 | $1.57 | +28.7% |
| Operating cash flow | $34.4B | $27.9B | +23.3% |
| Capex | $2.46B | $3.46B | -29.1% |
| Free cash flow | $31.9B | $24.4B | +30.8% |
| R&D | $11.7B | $8.87B | +32.3% |
| Stock-based compensation | $3.4B | $3.17B | +7.4% |
Reported vs consensus
2026-07-30| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $109B | $109B | +0.3% |
| EPS (as estimated) | $2.02 | $1.89 | +6.9% |
From the report of 2026-07-30 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| iPhone | $54.3B | +21.7% | 49.6% | $246B | +18.7% | |
| Service | $30.7B | +12.1% | 28.1% | $120B | +14.3% | |
| Wearables, Home and Accessories | $7.88B | +6.5% | 7.2% | $36.3B | +1.6% | |
| Mac | $10.4B | +28.7% | 9.5% | $35.9B | +9.6% | |
| iPad | $6.19B | -5.9% | 5.7% | $28.7B | +2.3% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas Segment | $45.8B | +11.1% | 41.8% | $194B | +10.1% | |
| Europe Segment | $29.4B | +22.4% | 26.9% | $124B | +15.9% | |
| Greater China Segment | $18.8B | +22.4% | 17.2% | $79.3B | +22.2% | |
| Rest of Asia Pacific Segment | $8.87B | +15.6% | 8.1% | $38.6B | +18.2% | |
| Japan Segment | $6.55B | +13.4% | 6.0% | $31B | +10.8% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Americas Segment | – | – | $21.7B | +31.4% | – | 40.1% | $82.7B |
| Europe Segment | – | – | $13.4B | +28.0% | – | 43.7% | $56.6B |
| Greater China Segment | – | – | $7.41B | +27.2% | – | 37.9% | $34.7B |
| Japan Segment | – | – | $3B | +4.6% | – | 49.7% | $14.8B |
| Rest Of Asia Pacific Segment | – | – | $4.18B | +29.0% | – | 42.3% | $17.8B |
| Corporate (unallocated) | – | – | -$14B | -30.7% | – | – | -$51.7B |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $147B
- Capex
- -$10B
- Buybacks
- -$82.2B
- Dividends
- -$15.6B
- Acquisitions
- $0
- Net debt issued
- -$17.3B
- Stock-based compensation
- $13.7B
- Free cash flow
- $137B
- Returned to shareholders / FCF
- 71.6%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 39.4× | 29.9× | 24.5× – 37.3× |
| EV / EBITDA | 30.0× | 23.0× | 19.1× – 27.0× |
| EV / Sales | 10.9× | 7.9× | 6.5× – 9.4× |
| Price / FCF | 36.8× | 29.2× | 21.9× – 38.7× |
| Price / Book | 47.0× | 48.7× | 38.9× – 61.4× |
| FCF yield | 2.7% | 3.6% | 2.6% – 4.6% |
| Return on invested capital | 51.9% | 44.8% | 38.9% – 52.0% |
| Return on equity | 137.2% | 163.9% | 150.1% – 197.0% |
Analysts
Consensus target $340.88 (-1.1%)
range $245.00 – $400.00 · rating Buy
Strong buy1
Buy69
Hold33
Sell9
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $478B | +14.8% | $8.84 | +18.5% | 39.0× | 29 |
| FY2027 | $522B | +9.3% | $9.56 | +8.1% | 36.1× | 30 |
| FY2028 | $561B | +7.5% | $10.60 | +11.0% | 32.5× | 21 |
| FY2029 | $605B | +7.7% | $11.92 | +12.4% | 28.9× | 2 |
| FY2030 | $615B | +1.6% | $12.11 | +1.6% | 28.5× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 193 figures Apple Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $64.5B | $50.4B | +28.1% | $69.9B | $69B | +1.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $31.4B | $27.6B | +13.9% | $39.8B | $33.4B | +19.1% |
| Accrued Income Taxes, Current | $13B2025-09-27 | $26.6B | -51.1% | $13B | $26.6B | -51.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $76.7B | $75.8B | +1.2% | $76B | $73.4B | +3.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$4.51B | -$6.37B | +29.2% | -$5.57B | -$7.17B | +22.3% |
| Assets | $383B | $331B | +15.6% | $359B | $365B | -1.6% |
| Assets, Current | $150B | $122B | +22.3% | $148B | $153B | -3.3% |
| Assets, Noncurrent | $233B | $209B | +11.7% | $211B | $212B | -0.3% |
| Cash and Cash Equivalents, at Carrying Value | $39.5B | $36.3B | +9.0% | $35.9B | $29.9B | +20.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $39.5B | $36.3B | +9.0% | $35.9B | $29.9B | +20.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$6.03B | $8.11B | -174.4% | $5.99B | -$794M | +854.5% |
| Commercial Paper | $2B | $9.92B | -79.9% | $7.98B | $9.97B | -19.9% |
| Common Stock, Dividends, Per Share, Declared | $0.27 | $0.26 | +3.8% | $1.02 | $0.98 | +4.1% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 50.4B | 50.4B | 0.0% | 50.4B | 50.4B | 0.0% |
| Common Stock, Shares, Issued | 14.6B | 14.9B | -1.7% | 14.8B | 15.1B | -2.3% |
| Common Stock, Shares, Outstanding | 14.6B | 14.9B | -1.7% | 14.8B | 15.1B | -2.3% |
| Common Stocks, Including Additional Paid in Capital | $101B | $89.8B | +12.1% | $93.6B | $83.3B | +12.4% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $30.7B | $23.4B | +30.9% | $114B | $98B | +15.9% |
| Contract with Customer, Liability | $14.9B | $13.6B | +9.6% | $13.7B | $12.8B | +7.0% |
| Contract with Customer, Liability, Current | $9.54B | $8.98B | +6.2% | $9.06B | $8.25B | +9.8% |
| Contract with Customer, Liability, Revenue Recognized | $4.09B | $4.02B | +1.8% | $8.23B | $7.73B | +6.5% |
| Cost of Goods and Services Sold | $54.6B | $50.3B | +8.6% | $221B | $210B | +5.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $11.5B | $5.57B | +106.2% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $8.89B | $25.5B | -65.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1.68B | $1.73B | -2.7% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $309M2025-09-27 | $321M | -3.7% | $309M | $321M | -3.7% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $6B2025-09-27 | – | – | $6B | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$1.8B | -$3.08B | +41.4% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $604M | $347M | +74.1% |
| Deferred Income Tax Assets, Net | $20.8B2025-09-27 | $19.5B | +6.6% | $20.8B | $19.5B | +6.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$139M | -$298M | +53.4% |
| Deferred Tax Assets, Deferred Income | $2.95B2025-09-27 | $3.41B | -13.5% | $2.95B | $3.41B | -13.5% |
| Deferred Tax Assets, Gross | $38.4B2025-09-27 | $34.9B | +10.2% | $38.4B | $34.9B | +10.2% |
| Deferred Tax Assets, Net | $20B2025-09-27 | $19.2B | +4.1% | $20B | $19.2B | +4.1% |
| Deferred Tax Assets, Net of Valuation Allowance | $27.5B2025-09-27 | $26B | +5.6% | $27.5B | $26B | +5.6% |
| Deferred Tax Assets, Other | $3.05B2025-09-27 | $3.34B | -8.7% | $3.05B | $3.34B | -8.7% |
| Deferred Tax Assets, Tax Credit Carryforwards | $8.64B2025-09-27 | $8.86B | -2.4% | $8.64B | $8.86B | -2.4% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $4.7B2025-09-27 | $5.1B | -7.8% | $4.7B | $5.1B | -7.8% |
| Deferred Tax Assets, Tax Credit Carryforwards, Research | $4B2025-09-27 | $3.6B | +11.1% | $4B | $3.6B | +11.1% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $6.15B2025-09-27 | $6.11B | +0.7% | $6.15B | $6.11B | +0.7% |
| Deferred Tax Assets, Valuation Allowance | $11B2025-09-27 | $8.87B | +23.7% | $11B | $8.87B | +23.7% |
| Deferred Tax Liabilities, Gross | $7.47B2025-09-27 | $6.81B | +9.8% | $7.47B | $6.81B | +9.8% |
| Deferred Tax Liabilities, Leasing Arrangements | $2.3B2025-09-27 | $2.13B | +8.2% | $2.3B | $2.13B | +8.2% |
| Deferred Tax Liabilities, Other | $678M2025-09-27 | $455M | +49.0% | $678M | $455M | +49.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $3.28B2025-09-27 | $2.55B | +28.4% | $3.28B | $2.55B | +28.4% |
| Depreciation | – | – | – | $8B | $8.2B | -2.4% |
| Depreciation, Depletion and Amortization | $3.32B | $2.83B | +17.3% | $11.7B | $11.4B | +2.2% |
| Earnings Per Share, Basic | $2.03 | $1.57 | +29.3% | $7.49 | $6.11 | +22.6% |
| Earnings Per Share, Diluted | $2.02 | $1.57 | +28.7% | $7.46 | $6.08 | +22.7% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $27.9B | $25.9B | +7.5% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
| Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | – | – | – | $2.09B | $0 | – |
| Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | – | – | – | -$8.12B | -$5.31B | -52.9% |
| Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | – | – | – | $410M | $279M | +47.0% |
| Effective Income Tax Rate Reconciliation, Percent | – | – | – | 15.6% | 24.1% | -35.3% |
| Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | – | – | – | $1.05B | $1.4B | -24.9% |
| Federal Income Tax Expense (Benefit), Continuing Operations | – | – | – | $9.68B | $2.49B | +288.7% |
| Finance Lease, Liability | $1.23B2025-09-27 | $896M | +37.3% | $1.23B | $896M | +37.3% |
| Finance Lease, Liability, Current | $538M2025-09-27 | $144M | +273.6% | $538M | $144M | +273.6% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-27, 10-Q 2026-03-28, 10-Q 2025-12-27, 10-K 2025-09-27, 10-Q 2025-06-28, 10-Q 2025-03-29, 10-Q 2024-12-28, 10-K 2024-09-28, 10-Q 2024-06-29
Data as of 2026-11-01