AppleApple Inc.USAAPLNasdaqFY ending Sep 2025, consolidated, US GAAP

How does Apple make money?

Apple brought in $416.2B in revenue.

Out of every $100 of sales, about $32 is left as operating profit.

Revenue changed +6.4% from the prior year, operating profit +8.0%.

Notable figures

FY2025, buybacks were 5.9× dividends

FY2025, operating income keeps 32 per ¥100 of revenue

Summary generated from disclosed figures

※ Operating cash flow is below net income; the difference is shown as non-cash items and working capital

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Key figures, FY ending Sep 2025 (filed 2025-10-31)

Revenue
$416.2B
Operating income
$133.1B
Margin 32.0%
Net income
$112B
Margin 26.9%
Free cash flow
$98.8B
derived
Cash ratio
10.0%
Cash ÷ revenue 8.6%
derived
ROE
171.4%
Equity approximated
derived
ROA
30.9%
derived

Where $100 of sales goes

For every $100 Apple sells, how much goes where, and how much is kept.

FY ending Sep 2025
Cost of sales
$53
SG&A
$15
Operating profit
$32
Net profit kept
$27

Annual margin trends

Gross margin46.9%
FY ending Sep 2020: 38.2%38.2%FY ending Sep 2021: 41.8%41.8%FY ending Sep 2022: 43.3%43.3%FY ending Sep 2023: 44.1%44.1%FY ending Sep 2024: 46.2%46.2%FY ending Sep 2025: 46.9%46.9%FY20FY21FY22FY23FY24FY25
Operating margin32.0%
FY ending Sep 2020: 24.1%24.1%FY ending Sep 2021: 29.8%29.8%FY ending Sep 2022: 30.3%30.3%FY ending Sep 2023: 29.8%29.8%FY ending Sep 2024: 31.5%31.5%FY ending Sep 2025: 32.0%32.0%FY20FY21FY22FY23FY24FY25
Net margin26.9%
FY ending Sep 2020: 20.9%20.9%FY ending Sep 2021: 25.9%25.9%FY ending Sep 2022: 25.3%25.3%FY ending Sep 2023: 25.3%25.3%FY ending Sep 2024: 24.0%24.0%FY ending Sep 2025: 26.9%26.9%FY20FY21FY22FY23FY24FY25

Aligned fiscal years compare the shares of revenue remaining as gross, core, and net profit. Missing years are left unconnected.

5-year performance and margins

FY ending Sep 2020 → FY ending Sep 2025

Revenue$416.2B
FY ending Sep 2020: $274.5B$274.5BFY ending Sep 2021: $365.8B$365.8BFY ending Sep 2022: $394.3B$394.3BFY ending Sep 2023: $383.3B$383.3BFY ending Sep 2024: $391B$391BFY ending Sep 2025: $416.2B$416.2BFY20FY21FY22FY23FY24FY25
Operating margin32.0%
FY ending Sep 2020: 24.1%24.1%FY ending Sep 2021: 29.8%29.8%FY ending Sep 2022: 30.3%30.3%FY ending Sep 2023: 29.8%29.8%FY ending Sep 2024: 31.5%31.5%FY ending Sep 2025: 32.0%32.0%FY20FY21FY22FY23FY24FY25
Net margin26.9%
FY ending Sep 2020: 20.9%20.9%FY ending Sep 2021: 25.9%25.9%FY ending Sep 2022: 25.3%25.3%FY ending Sep 2023: 25.3%25.3%FY ending Sep 2024: 24.0%24.0%FY ending Sep 2025: 26.9%26.9%FY20FY21FY22FY23FY24FY25
FCF margin23.7%
FY ending Sep 2020: 26.7%26.7%FY ending Sep 2021: 25.4%25.4%FY ending Sep 2022: 28.3%28.3%FY ending Sep 2023: 26.0%26.0%FY ending Sep 2024: 27.8%27.8%FY ending Sep 2025: 23.7%23.7%FY20FY21FY22FY23FY24FY25

Bars show revenue (ordinary revenue for financial companies); lines show operating, net and free-cash-flow margins. Aligned fiscal years make scale and profit/cash conversion easy to compare. FCF may be calculated from operating cash flow and capital expenditure.

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Company profile

Legal name
Apple Inc.
Ticker
AAPL
Fiscal year end
September

Sources

Show source documents (5)
  • SEC EDGAR (U.S. SEC)

    Form 10-K

    ID 0000320193-25-0000792025-10-31Open
  • SEC EDGAR (U.S. SEC)

    Form 10-K

    ID 0000320193-24-0001232024-11-01Open
  • SEC EDGAR (U.S. SEC)

    Form 10-K

    ID 0000320193-23-0001062023-11-03Open
  • SEC EDGAR (U.S. SEC)

    Form 10-K

    ID 0000320193-22-0001082022-10-28Open
  • SEC EDGAR (U.S. SEC)

    Form 10-K

    ID 0000320193-21-0001052021-10-29Open

Extracted from XBRL: 19 / Derived from other figures: 1

Source: SEC EDGAR (U.S. Securities and Exchange Commission). Processed by Vizora.

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