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NASDAQ NMS - GLOBAL MARKET · Technology · CIK 0000320193
$348.22
+1.23% · delayed ~15 min
Last price from Oct 22, 2026
$5.14T market value
From Apple Inc.'s FY2025 10-K, filed Oct 31, 2025 · read the filing
Apple makes computers and computing hardware. It took in $416.16B last year, which makes it one of the largest companies in the world. Of every dollar it sells, about 27 cents is left as profit.
The financial picture is led by profitability, debt and accounting, with growth worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Strong finances across the board.
From Apple Inc.'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Profit
$93.74B → $112.01B
Earnings per share
$6.20 → $7.58
Cash
$29.94B → $35.93B
Capital spending
$9.45B → $12.71B
Measured against FY2024, from the 10-K filed Oct 31, 2025
Improved: +19.5%
$93.74B to $112.01BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
How the latest move compares (quote delayed ~15 min), and what was published around it
AAPL rose 1.23% on the latest quote. The average Technology company tracked here moved −1.30%, and the S&P 500 −1.04%. That is 2.5 points above its sector and 2.3 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 18% a year for the next 10 years. Over the last 10 years it grew by about 3% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 27 cents of every dollar of sales as profit, earning $112.01B last year.
Slowly. Sales grew 6.4% last year.
No. Its borrowings would take under a year of cash flow to clear. For every $1 it owes, it owns $1.26 in assets.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 14 cents of every dollar of profit and keeps the rest, which leaves the payment comfortably covered. It paid out 14% of the cash its operations generated. It has paid in each of the last 12 years.
GoodNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it earned $112.01B and generated $111.48B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Oct 31, 2025Filing for FY2025 | FY202410-K · Nov 1, 2024Filing for FY2024 | FY202310-K · Nov 3, 2023Filing for FY2023 | FY202210-K · Oct 28, 2022Filing for FY2022 | FY202110-K · Oct 29, 2021Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $416.16B | $391.04B | $383.29B | $394.33B | $365.82B | +6.4% |
| Cost of revenue | $220.96B | $210.35B | $214.14B | $223.55B | $212.98B | +5.0% |
| Gross profit | $195.20B | $180.68B | $169.15B | $170.78B | $152.84B | +8.0% |
| Gross marginGross profit ÷ revenueWhat is this? | 46.9% | 46.2% | 44.1% | 43.3% | 41.8% | +0.7 pts |
| Selling, general and administrative | $27.60B | $26.10B | $24.93B | $25.09B | $21.97B | +5.8% |
| Operating income | $133.05B | $123.22B | $114.30B | $119.44B | $108.95B | +8.0% |
| Operating marginOperating income ÷ revenueWhat is this? | 32.0% | 31.5% | 29.8% | 30.3% | 29.8% | +0.5 pts |
| Interest expense | — | — | $3.93B | $2.93B | $2.65B | — |
| Income before tax | $132.73B | $123.48B | $113.74B | $119.10B | $109.21B | +7.5% |
| Net income | $112.01B | $93.74B | $97.00B | $99.80B | $94.68B | +19.5% |
| Net marginNet income ÷ revenueWhat is this? | 26.9% | 24.0% | 25.3% | 25.3% | 25.9% | +2.9 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $7.58 | $6.20 | $6.24 | $6.26 | $5.76 | +22.3% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| AAPLApple Inc. · this page | 9.0/10 | 8/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Sold on the open market — 2,399 shares at $339.62 ($814.7K)
Holds 34,795 shares after this filing.
Exercised stock options — 10,926 shares
Holds 24,292 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Had a director or senior officer leave or join
Read the filingQuarterly report for Q3 FY2026
Revenue +16.4% · Operating margin +2.6 pts · Gross profit +25.3% — against Q3 FY2025
Read the filingWrite down why you are following Apple Inc., what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 19 subsidiaries named in its 10-K, incorporated across 15 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from AAPL's 10-K for fiscal year 2025 (period ending 2025-09-27, filed Oct 31, 2025), reported under the US GAAP taxonomy. View the source filing.
4 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. All four had enough reported figures. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 9.0 | 8/9 | 10-K, filed Oct 31, 2025 |
| FY2024 | 9.0 | 6/9 | 10-K, filed Nov 1, 2024 |
| FY2023 | 8.0 | 7/9 | 10-K, filed Nov 3, 2023 |
| FY2022 | 9.0 | 8/9 | 10-K, filed Oct 28, 2022 |
| FY2021 | 9.0 | 7/9 | 10-K, filed Oct 29, 2021 |
| FY2020 | 9.0 | 7/9 | 10-K, filed Oct 30, 2020 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
8 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
13.08
In the safe zone
For this model, above 2.99 is safe and below 1.81 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
-2.29
Below the threshold — nothing unusual flagged
Scores above -1.78 are the ones the model associates with earnings manipulation.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Improved: +22.3%
$6.20 to $7.58Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +20.0%
$29.94B to $35.93BSignificant
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +34.6%
$9.45B to $12.71BSignificant
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +6.4%
$391.04B to $416.16BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +8.0%
$180.68B to $195.20BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +8.0%
$123.22B to $133.05BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +2.9 pts
24.0% to 26.9%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: -9.2%
$108.81B to $98.77BNotable
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Improved: -8.7%
$85.75B to $78.33BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: -2.3%
15.12B to 14.77BNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q3 FY2026 against Q3 FY2025, from the 10-Q filed Jul 31, 2026 — read it.
Improved: +16.4%
$94.04B to $109.42BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +25.3%
$43.72B to $54.77BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +26.6%
$28.20B to $35.70BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +27.1%
$23.43B to $29.79BSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Improved: +3.6 pts
46.5% to 50.1%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +29.3%
$1.58 to $2.04Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +2.6 pts
30.0% to 32.6%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +2.3 pts
24.9% to 27.2%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: -13.5%
$82.43B to $71.34BNotable
Why it matters: Rising debt is not automatically bad — borrowing to build something that earns more than the interest is ordinary. It matters when it grows faster than the profit meant to service it.
Improved: +9.0%
$36.27B to $39.54BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Improved: -1.7%
14.86B to 14.61BNotable
Why it matters: The company bought back stock, so each remaining holding owns slightly more of it. Worth checking it was not funded by borrowing.
Q3 FY2026 against Q2 FY2026, from the 10-Q filed Jul 31, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Deteriorated: -13.2%
$45.57B to $39.54BNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
3 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 16% and 21%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 49 analysts covering this company, as of . Their views, not this site's.
Of 49 analysts publishing on this company, 11 say strong buy, 20 say buy, 14 say hold, 3 say sell and 1 say strong sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 0.8% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 41.2x — a high multiple relative to the current trailing profit.
Nothing unusual. Its accounting patterns look like those of companies that report earnings straightforwardly.
| 6.4% |
| 26.9% |
| 45.93x |
| 3.87x |
| DELLDell Technologies Inc. | 8.0/10 | 7/9 | 18.8% | 5.2% | 49.75x | -42.01x |
|---|
| WDCWESTERN DIGITAL CORP | 8.0/10 | 7/9 | 35.7% | 72.9% | 13.57x | 0.56x |
|---|
| HPEHewlett Packard Enterprise Co | 4.7/10 | 5/8 | 13.8% | 0.2% | 1282.91x | 2.07x |
|---|
| NTAPNetApp, Inc. | 9.0/10 | 8/9 | 5.4% | 18.4% | 32.64x | 6.95x |
|---|
| HPQHP INC | 6.0/10 | 5/9 | 3.2% | 4.6% | 12.29x | -121.72x |
|---|
| SMCISuper Micro Computer, Inc. | 7.3/10 | 2/8 | 77.8% | 5.7% | 9.93x | 1.07x |
|---|
| Median of peers | 7.7/10 | — | 16.3% | 5.5% | 23.11x | 0.82x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Had shares withheld to cover taxes — 5,361 shares at $342.00 ($1.8M)
Holds 18,931 shares after this filing.
Sold on the open market — 200 shares at $342.66 ($68.5K)
Holds 18,731 shares after this filing.
Sold on the open market — 192 shares at $343.68 ($66.0K)
Holds 18,539 shares after this filing.
Sold on the open market — 880 shares at $345.66 ($304.2K)
Holds 17,659 shares after this filing.
Sold on the open market — 80 shares at $346.47 ($27.7K)
Holds 17,579 shares after this filing.
Sold on the open market — 40 shares at $347.46 ($13.9K)
Holds 17,539 shares after this filing.
Exercised stock options — 1,714 shares
Holds 40,451 shares after this filing.
Had shares withheld to cover taxes — 883 shares at $342.00 ($302.0K)
Holds 39,568 shares after this filing.
Sold on the open market — 151 shares at $343.08 ($51.8K)
Holds 39,417 shares after this filing.
Sold on the open market — 80 shares at $344.18 ($27.5K)
Holds 39,337 shares after this filing.
Sold on the open market — 969 shares at $345.74 ($335.0K)
Holds 38,368 shares after this filing.
Sold on the open market — 40 shares at $346.22 ($13.8K)
Holds 38,328 shares after this filing.
Sold on the open market — 40 shares at $347.43 ($13.9K)
Holds 38,288 shares after this filing.
Sold on the open market — 2,399 shares at $345.00 ($827.7K)
Holds 37,194 shares after this filing.
Sold on the open market — 2,399 shares at $332.01 ($796.5K)
Holds 39,593 shares after this filing.
Exercised stock options — 99,878 shares
Holds 134,033 shares after this filing.
Had shares withheld to cover taxes — 49,054 shares at $330.32 ($16.2M)
Holds 84,979 shares after this filing.
Sold on the open market — 3,564 shares at $331.38 ($1.2M)
Holds 81,415 shares after this filing.
Sold on the open market — 5,348 shares at $332.26 ($1.8M)
Holds 76,067 shares after this filing.
Sold on the open market — 12,746 shares at $333.34 ($4.2M)
Holds 63,321 shares after this filing.
Sold on the open market — 3,754 shares at $334.05 ($1.3M)
Holds 59,567 shares after this filing.
Exercised stock options — 99,878 shares
Holds 236,688 shares after this filing.
Had shares withheld to cover taxes — 53,489 shares at $330.32 ($17.7M)
Holds 183,199 shares after this filing.
Sold on the open market — 40,764 shares at $333.35 ($13.6M)
Holds 142,435 shares after this filing.
Sold on the open market — 5,625 shares at $333.91 ($1.9M)
Holds 136,810 shares after this filing.
Exercised stock options — 374,541 shares
Holds 3,654,959 shares after this filing.
Had shares withheld to cover taxes — 199,038 shares at $330.32 ($65.7M)
Holds 3,455,921 shares after this filing.
Sold on the open market — 23,143 shares at $331.44 ($7.7M)
Holds 3,432,778 shares after this filing.
Sold on the open market — 39,492 shares at $332.16 ($13.1M)
Holds 3,393,286 shares after this filing.
Sold on the open market — 88,239 shares at $333.26 ($29.4M)
Holds 3,305,047 shares after this filing.
Sold on the open market — 40,879 shares at $333.94 ($13.7M)
Holds 3,264,168 shares after this filing.
Gifted shares — 26,325 shares
Holds 3,237,843 shares after this filing.
Notice filed ahead of a planned sale — the sale itself has not necessarily happened yet.
Filed notice to sell 1,392 shares ($476.1K) on or after .
Shares originally obtained via Restricted Stock Units.
Filed notice to sell 46,389 shares ($15.5M) on or after .
Shares originally obtained via Vesting of Stock Award.
Filed notice to sell 218,078 shares ($3.3M) on or after .
Shares originally obtained via RSU vesting.
Filed notice to sell 25,412 shares ($8.5M) on or after .
Shares originally obtained via Acquired as compensation -- Restricted Stock Units.
Filed notice to sell 31,182 shares ($10.6M) on or after .
Shares originally obtained via Restricted Stock Units.
Filed notice to sell 8,632 shares ($2.7M) on or after .
Shares originally obtained via Restricted Stock Units.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Published results
Quarterly report for Q2 FY2026
Revenue +16.6% · Operating margin +1.3 pts · Cash +61.8% — against Q2 FY2025
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +15.7% · Free cash flow +91.0% · Cash +49.6% — against Q1 FY2025
Read the filingPublished results
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Revenue +6.4% · Profit margin +2.9 pts · Profit +19.5% — against FY2024
Read the filingPublished results
Read the filingQuarterly report for Q3 FY2025
Revenue +9.6% · Cash +41.9% · Gross profit +10.2% — against Q3 FY2024
Read the filingPublished results
Read the filingHad a director or senior officer leave or join
Read the filingHad a director or senior officer leave or join
Read the filingReported another event
Read the filingQuarterly report for Q2 FY2025
Revenue +5.1% · Gross profit +6.1% · Operating income +6.1% — against Q2 FY2024
Read the filingSource: Exhibit 21 of the 10-K filed 2025-10-31. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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