# Apple Inc.: business model and financials

> Latest period: FY ending Sep 2025, consolidated, US GAAP
> Unit: USD millions
> Sources: Form 10-K (0000320193-25-000079)
> Page: https://vizora.meequs.com/en/company/apple
> Retrieved: 2026-09-30T18:16:45.924Z

## Company

| Field | Value |
| --- | ---: |
| Legal name | Apple Inc. |
| Ticker | AAPL |
| Stock price | View on Yahoo Finance (https://finance.yahoo.com/quote/AAPL) |
| Fiscal year end | September |
| Industries (Vizora) | — |

## Key points (generated from figures)

- 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%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: $416161000000 → $112010000000
- Net income → operating cash flow: $112010000000 → $111482000000（difference $-528000000）
- Main uses of operating cash flow: CapEx $12715000000 / dividends $15421000000 / buybacks $90711000000
- Change in cash: $5991000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | $416.2B |  |
| Operating income | $133.1B | Margin 32.0% |
| Net income | $112B | Margin 26.9% |
| Free cash flow | $98.8B |  |
| Cash ratio | 10.0% | Cash ÷ revenue 8.6% |
| ROE | 171.4% | Equity approximated |
| ROA | 30.9% | Derived from disclosed figures |

## Notable figures

- FY2025, buybacks were 5.9× dividends
- FY2025, operating income keeps 32 per ¥100 of revenue

## What changed in 5 years

| Metric | FY ending Sep 2020 | FY ending Sep 2025 | Change |
| --- | ---: | ---: | ---: |
| Revenue | $274515000000 | $416161000000 | +51.6% |
| Operating income | $66288000000 | $133050000000 | +100.7% |
| Operating margin | 24.1% | 32.0% | +7.8 pp |
| Cash and equivalents | $39789000000 | $35934000000 | -9.7% |

### Change in segment revenue mix

Span: FY ending Sep 2020 → FY ending Sep 2025. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Sep 2025, consolidated, US GAAP）

| Item | Amount (USD mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 416,161 | 100.0% | 0000320193-25-000079 |
| Cost of revenue | 220,960 | 53.1% | 0000320193-25-000079 |
| Gross profit | 195,201 | 46.9% | 0000320193-25-000079 |
| SG&A | 62,151 | 14.9% | 0000320193-25-000079 |
| Operating income | 133,050 | 32.0% | 0000320193-25-000079 |
| Pretax income | 132,729 | 31.9% | 0000320193-25-000079 |
| Income tax | 20,719 | 5.0% | 0000320193-25-000079 |
| Net income | 112,010 | 26.9% | 0000320193-25-000079 |
| Net income attributable to owners | 112,010 | 26.9% | 0000320193-25-000079 |

## Per $100 of revenue（FY ending Sep 2025）

| Part | USD |
| --- | ---: |
| Cost of revenue | 53 |
| SG&A | 15 |
| Operating income | 32 |
| (Ref.) Net income | 27 |

### Margin funnel

Gross margin 46.9% → Operating margin 32.0% → Net margin 26.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +6.4%; Core profit growth: +8.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 1.24×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Sep 2024 → FY ending Sep 2025、USD mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 391,035 | 416,161 | 25,126 | +6.4% |
| Gross profit | 180,683 | 195,201 | 14,518 | +8.0% |
| Operating income | 123,216 | 133,050 | 9,834 | +8.0% |
| Net income attributable to owners | 93,736 | 112,010 | 18,274 | +19.5% |
| Operating cash flow | 118,254 | 111,482 | -6,772 | -5.7% |
| Free cash flow | 108,807 | 98,767 | -10,040 | -9.2% |

## History（USD mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Sep 2019 | 260,174 | 63,930 | 24.6% | 55,256 | 69,391 | 58,896 | 0000320193-21-000105 |
| FY ending Sep 2020 | 274,515 | 66,288 | 24.1% | 57,411 | 80,674 | 73,365 | 0000320193-22-000108 |
| FY ending Sep 2021 | 365,817 | 108,949 | 29.8% | 94,680 | 104,038 | 92,953 | 0000320193-23-000106 |
| FY ending Sep 2022 | 394,328 | 119,437 | 30.3% | 99,803 | 122,151 | 111,443 | 0000320193-24-000123 |
| FY ending Sep 2023 | 383,285 | 114,301 | 29.8% | 96,995 | 110,543 | 99,584 | 0000320193-25-000079 |
| FY ending Sep 2024 | 391,035 | 123,216 | 31.5% | 93,736 | 118,254 | 108,807 | 0000320193-25-000079 |
| FY ending Sep 2025 | 416,161 | 133,050 | 32.0% | 112,010 | 111,482 | 98,767 | 0000320193-25-000079 |

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Sep 2025, consolidated, US GAAP）

| Item | Amount (USD mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 111,482 | 26.8% | 0000320193-25-000079 |
| Capital expenditure | 12,715 | 3.1% | 0000320193-25-000079 |
| Free cash flow | 98,767 | 23.7% | 算出 |
| Investing cash flow | 15,195 | 3.7% | 0000320193-25-000079 |
| Financing cash flow | -120,686 | -29.0% | 0000320193-25-000079 |
| Dividends paid | 15,421 | 3.7% | 0000320193-25-000079 |
| Share buyback | 90,711 | 21.8% | 0000320193-25-000079 |
| Change in cash | 5,991 | 1.4% | 0000320193-25-000079 |
| Cash and equivalents | 35,934 | 8.6% | 0000320193-25-000079 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 35,929 | 24,977 | 30,737 | 29,943 | 35,934 | 0000320193-23-000106, 0000320193-24-000123, 0000320193-25-000079 |
| Total assets | 351,002 | 352,755 | 352,583 | 364,980 | 359,241 | 0000320193-22-000108, 0000320193-23-000106, 0000320193-24-000123, 0000320193-25-000079 |
| Net assets | 63,090 | 50,672 | 62,146 | 56,950 | 73,733 | 0000320193-23-000106, 0000320193-24-000123, 0000320193-25-000079 |

### Balance sheet history

| Metric | FY ending Sep 2021 | FY ending Sep 2022 | FY ending Sep 2023 | FY ending Sep 2024 | FY ending Sep 2025 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 351,002 | 352,755 | 352,583 | 364,980 | 359,241 |
| Equity | 63,090 | 50,672 | 62,146 | 56,950 | 73,733 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 35,929 | 24,977 | 30,737 | 29,943 | 35,934 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 10.0% |
| Cash ÷ revenue | 8.6% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 83.8% |
| Cash vs. profit gap | -528 USD mn (of net income -0.5%) |
| Shareholder returns / net income | 94.8% |
| Shareholder returns / FCF | 107.5% |
| Shareholder payments — dividends / net income | 13.8% |
| Shareholder payments — dividends / FCF | 15.6% |
| CapEx intensity (capex ÷ revenue) | 3.1% |
| Investing CF relative to operating CF | 13.6% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2021 | 25.9% | 1.04× | 27.0% | 5.56× | 150.1% | 0000320193-23-000106, 0000320193-22-000108 |
| 2022 | 25.3% | 1.12× | 28.4% | 6.19× | 175.5% | 0000320193-24-000123, 0000320193-23-000106 |
| 2023 | 25.3% | 1.09× | 27.5% | 6.25× | 171.9% | 0000320193-25-000079, 0000320193-24-000123 |
| 2024 | 24.0% | 1.09× | 26.1% | 6.03× | 157.4% | 0000320193-25-000079 |
| 2025 | 26.9% | 1.15× | 30.9% | 5.54× | 171.4% | 0000320193-25-000079 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| Form 10-K | 0000320193-25-000079 | 2025-10-31 | https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm |
| Form 10-K | 0000320193-24-000123 | 2024-11-01 | https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/aapl-20240928.htm |
| Form 10-K | 0000320193-23-000106 | 2023-11-03 | https://www.sec.gov/Archives/edgar/data/320193/000032019323000106/aapl-20230930.htm |
| Form 10-K | 0000320193-22-000108 | 2022-10-28 | https://www.sec.gov/Archives/edgar/data/320193/000032019322000108/aapl-20220924.htm |
| Form 10-K | 0000320193-21-000105 | 2021-10-29 | https://www.sec.gov/Archives/edgar/data/320193/000032019321000105/aapl-20210925.htm |

## Definitions

- Amounts are in USD millions (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- $100 model = breakdown per $100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are SEC EDGAR accession numbers. "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: SEC EDGAR (U.S. Securities and Exchange Commission). Processed by Vizora.