Company file · AAPL
Apple
Half of Apple's sales still come from one phone
iPhone was 50% of Apple's FY2025 net sales. Services (the App Store, iCloud, AppleCare and the rest) grew to 26%, from 22% in FY2023.
Key facts
Apple (Nasdaq: AAPL) reported net sales of $416.2B for fiscal 2025, the year ended Sep 27, 2025, up 6.4% from fiscal 2024. Net income was $112.0B, up 19.5%. In its latest 10-Q, for the quarter ended Jun 27, 2026, net sales were $109.4B, up 16.4% from the same quarter a year earlier, and net income was $29.8B. The largest piece by product was iPhone, at 50% of fiscal 2025 net sales. Sources: 10-K for fiscal 2025 (filed Oct 31, 2025) and 10-Q for the quarter ended Jun 27, 2026 (filed Jul 31, 2026).
Source: 10-K FY2025, filed Oct 31, 2025
Source: 10-Q filed Jan 30, 2026 · 10-Q filed May 1, 2026 · 10-Q filed Jul 31, 2026
How it makes money
iPhone alone was 50% of FY2025 net sales. Services were 26%, up from 22% in FY2023.
Source: 10-K FY2025
By region (reportable segments), FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
Source: 10-Q, quarter ended Jun 27, 2026, filed Jul 31, 2026
The bull case and the bear case
The bull case
- Services net sales grew 13.5% in FY2025 to $109.2B; services are now 26% of sales. 10-K, FY2025
- Net sales in the quarter ended Jun 27, 2026 were $109.4B, up 16.4% on the same quarter a year earlier. 10-Q, quarter ended Jun 27, 2026
- Operating cash flow was $117.0B in the first 9 months of FY2026, against $81.8B a year earlier. 10-Q, quarter ended Jun 27, 2026
- Diluted share count fell from 15.81B in FY2023 to 15.00B in FY2025, so each share represents a slightly larger slice of the company. 10-K, FY2025
The bear case
- iPhone is still 50% of FY2025 net sales, so results lean heavily on one product line. 10-K, FY2025
- Greater China net sales went from $72.6B in FY2023 to $64.4B in FY2025. 10-K, FY2025
- Wearables, Home and Accessories shrank for a second year: net sales fell 3.6% in FY2025 after a 7.1% drop in FY2024. 10-K, FY2025
- iPad was the one product line that shrank in the quarter ended Jun 27, 2026, with net sales down 5.9% from a year earlier. 10-Q, quarter ended Jun 27, 2026
- The 10-K lists intense regulatory scrutiny of the tech industry, investigations and legal proceedings among its risk factors. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Apple designs and sells iPhones, Macs, iPads, wearables and accessories, and earns a growing share of its money from services such as the App Store, iCloud, Apple Music and AppleCare.
Apple designs, manufactures (through outsourcing partners, mostly outside the US) and sells smartphones, personal computers, tablets, wearables and accessories, plus a range of services that run on those devices.
Its fiscal year ends on the last Saturday of September, so FY2025 means the twelve months to Sep 27, 2025.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Apple's latest 10-K. Read the original for the full list.
- Economy and world eventsSales depend on consumer spending around the world, so a downturn, trade disputes, tariffs, conflicts or natural disasters can hit demand and the supply chain.
- CompetitionIts markets are crowded and change fast. Apple has to keep launching new products on time, and competitors often sell at lower prices.
- Supply chainMost manufacturing is done by outside partners, many in a few locations outside the US, and some parts come from single or limited sources.
- Developers and contentThe value of its devices depends partly on third-party apps and media; losing developer support or content deals would hurt.
- Law and regulationApple faces lawsuits, government investigations and fast-changing rules (including on app stores, competition, privacy and data) in many countries, which can bring fines or force changes to how it does business.
- Margins and currencyNet sales and gross margins can come under pressure from pricing, product mix, component costs and a stronger US dollar.
- TaxesChanges in tax rates or new tax laws in the US and abroad could raise what the company pays.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net sales | $383.3B | $391.0B | $416.2B |
| Net income | $97.0B | $93.7B | $112.0B |
| Operating cash flow | $110.5B | $118.3B | $111.5B |
| Cash & equivalents (year end) | $30.0B | $29.9B | $35.9B |
| Total debt (year end) | $111.1B | $106.6B | $98.7B |
| Diluted shares | 15.81B | 15.41B | 15.00B |
- Net sales: What customers paid for products and services, after returns and discounts.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Commercial paper plus the current and non-current portions of long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Regions are Apple's reportable segments, based on where customers are; Americas includes both North and South America.
- Apple's FY2026 10-K isn't out yet, so the annual numbers are FY2025; the latest quarter is fiscal Q3 of FY2026.
Recent filings
Latest filings
- Oct 226:32 PM ET
Form 4
Apple General Counsel Jennifer Newstead reports selling 2,399 shares under a 10b5-1 plan
The filing reports 2,399 shares in an open-market or private sale (code S) at $339.62, about $814,748 in total.
- Oct 196:32 PM ET
Form 4
Apple Principal Accounting Officer Ben Borders reports selling 1,280 shares under a 10b5-1 plan
The filing reports 1,280 shares in an open-market or private sale (code S) at weighted-average prices from $343.08 to $347.43, about $442,108 in total; 1,714 shares in an exercise or conversion of a derivative security (code M); and 883 shares withheld to pay the exercise price or tax (code F).
- Oct 196:30 PM ET
Form 4
Apple CFO Kevan Parekh reports selling 1,392 shares under a 10b5-1 plan
The filing reports 1,392 shares in an open-market or private sale (code S) at weighted-average prices from $342.66 to $347.46, about $480,315 in total; 10,926 shares in an exercise or conversion of a derivative security (code M); and 5,361 shares withheld to pay the exercise price or tax (code F).
- Oct 156:30 PM ET
Form 4
Apple General Counsel Jennifer Newstead reports selling 2,399 shares under a 10b5-1 plan
The filing reports 2,399 shares in an open-market or private sale (code S) at $345.00, about $827,655 in total.
- Oct 86:30 PM ET
Form 4
Apple General Counsel Jennifer Newstead reports selling 2,399 shares under a 10b5-1 plan
The filing reports 2,399 shares in an open-market or private sale (code S) at $332.01, about $796,492 in total.
Common questions about Apple
How does Apple make money?
Apple's net sales were $416.2B in fiscal 2025. iPhone alone was 50% of FY2025 net sales. Services were 26%, up from 22% in FY2023. Source: 10-K for fiscal 2025, filed Oct 31, 2025.
What was Apple's revenue in fiscal 2025?
$416.2B of net sales for the fiscal year ended Sep 27, 2025, up 6.4% from $391.0B in fiscal 2024. Fiscal 2023 was $383.3B. Source: 10-K for fiscal 2025, filed Oct 31, 2025.
Is Apple profitable?
Apple reported net income of $112.0B for fiscal 2025, up 19.5% from $93.7B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 27, 2026, net income was $29.8B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Oct 31, 2025.
What did Apple report in its latest quarterly filing?
Net sales were $109.4B in the quarter ended Jun 27, 2026, up 16.4% from $94.0B a year earlier. Net income was $29.8B, up 27.1% from $23.4B. Source: 10-Q for the quarter ended Jun 27, 2026, filed Jul 31, 2026.
How much cash and debt does Apple have?
Apple had $39.5B in cash and cash equivalents and $84.3B of total debt on Jun 27, 2026. Total debt here is commercial paper plus the current and non-current portions of long-term debt, at carrying value. Source: 10-Q filed Jul 31, 2026.
What are the main risks Apple lists?
Apple's 10-K for fiscal 2025, filed Oct 31, 2025, lists its risk factors in Item 1A. We group them into 7 areas: Economy and world events; competition; supply chain; developers and content; law and regulation; margins and currency; taxes. The first: Sales depend on consumer spending around the world, so a downturn, trade disputes, tariffs, conflicts or natural disasters can hit demand and the supply chain. Source: 10-K, Item 1A Risk Factors.
Where do these Apple numbers come from?
From Apple's own SEC filings: the 10-K for fiscal 2025 (filed Oct 31, 2025) and the 10-Q for the quarter ended Jun 27, 2026 (filed Jul 31, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in AAPL
- The editor holds no position in Apple (AAPL). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell AAPL from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold AAPL, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| AppleAAPL | FY2025 | $416.2B | +6.4% | $112.0B |
| MicrosoftMSFT | FY2026 | $331.8B | +17.8% | $133.7B |
| AlphabetGOOGL | FY2025 | $402.8B | +15.1% | $132.2B |
| AmazonAMZN | FY2025 | $716.9B | +12.4% | $77.7B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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