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

Apple revenue and profit

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%.

Five-year trend

Revenue$416.2B
FY 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$416.2BFY21FY22FY23FY24FY25
Operating income$133.1B
FY ending Sep 2021: $108.9B$108.9BFY ending Sep 2022: $119.4B$119.4BFY ending Sep 2023: $114.3B$114.3BFY ending Sep 2024: $123.2B$123.2BFY ending Sep 2025: $133.1B$133.1BFY21FY22FY23FY24FY25
Operating margin32.0%
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%FY21FY22FY23FY24FY25

What drives ROE

Net margin × asset turnover = ROA; ROA × financial leverage = ROE

Net margin26.9%
Asset turnover1.15×
ROA30.9%
ROA30.9%
Financial leverage5.54×
ROE171.4%

Denominators: average assets and average equity; net assets approximate parent equity. Derived from reported values; ROE is shown only for positive profit and equity.

Net margin26.9%
2021: 25.9%25.9%2022: 25.3%25.3%2023: 25.3%25.3%2024: 24.0%24.0%2025: 26.9%26.9%2122232425
Asset turnover1.15×
2021: 1.04×1.04×2022: 1.12×1.12×2023: 1.09×1.09×2024: 1.09×1.09×2025: 1.15×1.15×2122232425
ROA30.9%
2021: 27.0%27.0%2022: 28.4%28.4%2023: 27.5%27.5%2024: 26.1%26.1%2025: 30.9%30.9%2122232425
Financial leverage5.54×
2021: 5.56×5.56×2022: 6.19×6.19×2023: 6.25×6.25×2024: 6.03×6.03×2025: 5.54×5.54×2122232425
ROE171.4%
2021: 150.1%150.1%2022: 175.5%175.5%2023: 171.9%171.9%2024: 157.4%157.4%2025: 171.4%171.4%2122232425
PeriodNet marginAsset turnoverROAFinancial leverageROE
202125.9%1.04×27.0%5.56×150.1%
202225.3%1.12×28.4%6.19×175.5%
202325.3%1.09×27.5%6.25×171.9%
202424.0%1.09×26.1%6.03×157.4%
202526.9%1.15×30.9%5.54×171.4%

Financial leverage can raise ROE; a higher value alone does not describe a company's overall condition.

Asset intensity and goodwill

Annual trends in tangible-asset ratios and goodwill balance.

Ratios are derived from reported values. Goodwill is shown only when separately reported; it is not inferred from combined intangible assets. Definition

Income statement (USD millions)

ItemFY ending Sep 2021FY ending Sep 2022FY ending Sep 2023FY ending Sep 2024FY ending Sep 2025
Revenue365,817394,328383,285391,035416,161
Cost of revenue212,981223,546214,137210,352220,960
Gross profit152,836170,782169,148180,683195,201
SG&A43,88751,34554,84757,46762,151
Operating income108,949119,437114,301123,216133,050
Pretax income109,207119,103113,736123,485132,729
Income tax14,52719,30016,74129,74920,719
Net income attributable to owners94,68099,80396,99593,736112,010
Operating margin29.8%30.3%29.8%31.5%32.0%

Balance sheet (reported items)

Year-end figures from filings. Unreported items are omitted. Interest-bearing debt excludes lease liabilities.

ItemFY ending Sep 2021FY ending Sep 2022FY ending Sep 2023FY ending Sep 2024FY ending Sep 2025
Cash and equivalents$35.9B$25B$30.7B$29.9B$35.9B
Total assets$351B$352.8B$352.6B$365B$359.2B
Net assets$63.1B$50.7B$62.1B$57B$73.7B

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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