Single source: Apple Inc. Form 10-K for the fiscal year ended September 27, 2025, filed on October 31, 2025. Amounts in millions of US$ (mn) unless otherwise stated; shares in thousands. Abbreviations: IS = Consolidated Statements of Operations; BS = Consolidated Balance Sheets; CF = Consolidated Statements of Cash Flows; SE = Consolidated Statements of Shareholders' Equity; MD&A = Item 7.
Market data. Not taken from the document: supplied by the client and the only data used for the multiples.
| Item | Value | Source |
|---|---|---|
| Closing price | US$254.52 as of September 27, 2025 | Client |
| Shares outstanding | 14.77 billion as of October 17, 2025 | Client; the 10-K cover page reports 14,776,353 thousand |
| Fiscal year-end market capitalisation | 254.52 × 14.77 billion = US$3,759.26 billion | Calculation |
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Total net sales | 416,161 | 391,035 | 383,285 | IS, Total net sales |
| of which Products | 307,003 | 294,866 | 298,085 | IS, Net sales Products |
| of which Services | 109,158 | 96,169 | 85,200 | IS, Net sales Services |
| Cost of sales | 220,960 | 210,352 | 214,137 | IS, Total cost of sales |
| of which Products | 194,116 | 185,233 | 189,282 | IS, Cost of sales Products |
| of which Services | 26,844 | 25,119 | 24,855 | IS, Cost of sales Services |
| Gross profit | 195,201 | 180,683 | 169,148 | IS, Gross margin |
| Products gross profit | 112,887 | 109,633 | 108,803 | MD&A, Gross Margin |
| Services gross profit | 82,314 | 71,050 | 60,345 | MD&A, Gross Margin |
| Research and development | 34,550 | 31,370 | 29,915 | IS, Research and development |
| Selling, general and administrative | 27,601 | 26,097 | 24,932 | IS, Selling, general and administrative |
| of which Selling and marketing | 19,524 | 18,639 | 18,260 | Note 13 |
| of which General and administrative | 8,077 | 7,458 | 6,672 | Note 13 |
| Total operating expenses | 62,151 | 57,467 | 54,847 | IS, Total operating expenses |
| Operating income | 133,050 | 123,216 | 114,301 | IS, Operating income |
| Other income/(expense), net | (321) | 269 | (565) | IS, Other income/(expense), net |
| Interest expense | not available | not available | not available | the document shows only the net balance |
| Income before taxes | 132,729 | 123,485 | 113,736 | IS, Income before provision for income taxes |
| Income taxes | 20,719 | 29,749 | 16,741 | IS, Provision for income taxes |
| Effective tax rate | 15.6% | 24.1% | 14.7% | Note 7 |
| Net income | 112,010 | 93,736 | 96,995 | IS, Net income |
| Non-controlling interests | none | none | none | Note 1: only wholly owned subsidiaries are consolidated |
| Basic earnings per share (US$) | 7.49 | 6.11 | 6.16 | IS, Earnings per share Basic |
| Diluted earnings per share (US$) | 7.46 | 6.08 | 6.13 | IS, Earnings per share Diluted |
| Weighted-average basic shares (thousands) | 14,948,500 | 15,343,783 | 15,744,231 | IS / Note 3 |
| Weighted-average diluted shares (thousands) | 15,004,697 | 15,408,095 | 15,812,547 | IS / Note 3 |
| Weeks in the fiscal year | 52 | 52 | 53 | MD&A, Fiscal Period |
| Item | Sep 27, 2025 | Sep 28, 2024 | Source |
|---|---|---|---|
| Cash and cash equivalents | 35,934 | 29,943 | BS |
| Current marketable securities | 18,763 | 35,228 | BS |
| Non-current marketable securities | 77,723 | 91,479 | BS |
| Cash and marketable securities (sum) | 132,420 | 156,650 | Note 4, Total |
| of which restricted in escrow (State Aid) | 0 | 15,800 (2.6 + 13.2 billion) | Note 4, footnotes (2) and (3) |
| Accounts receivable, net | 39,777 | 33,410 | BS |
| Vendor non-trade receivables | 33,180 | 32,833 | BS |
| Inventories | 5,718 | 7,286 | BS |
| Total current assets | 147,957 | 152,987 | BS |
| Property, plant and equipment, net | 49,834 | 45,680 | BS |
| Other non-current assets | 83,727 | 74,834 | BS / Note 6 |
| Total assets | 359,241 | 364,980 | BS |
| Accounts payable | 69,860 | 68,960 | BS |
| Total current liabilities | 165,631 | 176,392 | BS |
| Income taxes payable (current) | 13,016 | 26,601 | Note 6 |
| Commercial paper | 7,979 | 9,967 | BS |
| Term debt, current portion | 12,350 | 10,912 | BS |
| Term debt, non-current portion | 78,328 | 85,750 | BS |
| Lease liabilities (operating + finance) | 13,720 | 12,430 | Note 8 |
| Gross debt (sum of the four items) | 112,377 | 119,059 | calculation |
| Term debt principal | 91,281 | 97,341 | Note 9 |
| Total liabilities | 285,508 | 308,030 | BS |
| Shareholders' equity | 73,733 | 56,950 | BS |
| Shareholders' equity as of Sep 30, 2023 | 62,146 | SE | |
| Shares outstanding at fiscal year-end (thousands) | 14,773,260 | 15,116,786 | BS / Note 10 |
| Shares outstanding as of Oct 17, 2025 (thousands) | 14,776,353 | Cover page | |
| Market value held by non-affiliates as of Mar 28, 2025 | 3,253,431 | Cover page (not used for the multiples) |
| Item | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| Operating cash flow | 111,482 | 118,254 | 110,543 | CF, Cash generated by operating activities |
| Depreciation and amortisation | 11,698 | 11,445 | 11,519 | CF, Depreciation and amortization |
| Capex | 12,715 | 9,447 | 10,959 | CF, Payments for acquisition of PP&E |
| Share-based compensation (SBC) | 12,863 | 11,688 | 10,833 | CF / Note 11 |
| Cash paid for income taxes | 43,369 | 26,102 | 18,679 | CF, Supplemental |
| Buybacks (cash outflow) | 90,711 | 94,949 | 77,550 | CF, Repurchases of common stock |
| Dividends paid | 15,421 | 15,234 | 15,025 | CF |
| Taxes on net share settlement | 5,960 | 5,441 | 5,431 | CF |
| Term debt issuance | 4,481 | 0 | 5,228 | CF |
| Term debt repayments | 10,932 | 9,958 | 11,151 | CF |
| Net change in commercial paper | (2,032) | 3,960 | (3,978) | CF |
| Dividend declared per share (US$) | 1.02 | 0.98 | 0.94 | SE |
| Category | FY2025 | FY2024 | FY2023 | Source |
|---|---|---|---|---|
| iPhone | 209,586 | 201,183 | 200,583 | Note 2 |
| Mac | 33,708 | 29,984 | 29,357 | Note 2 |
| iPad | 28,023 | 26,694 | 28,300 | Note 2 |
| Wearables, Home and Accessories | 35,686 | 37,005 | 39,845 | Note 2 |
| Services | 109,158 | 96,169 | 85,200 | Note 2 |
| Total | 416,161 | 391,035 | 383,285 | Note 2 |
| Segment (Note 13) | Net sales FY2025 | FY2024 | FY2023 | Operating income FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|---|
| Americas | 178,353 | 167,045 | 162,560 | 72,480 | 67,656 | 60,508 |
| Europe | 111,032 | 101,328 | 94,294 | 47,739 | 41,790 | 36,098 |
| Greater China | 64,377 | 66,952 | 72,559 | 26,917 | 27,082 | 30,328 |
| Japan | 28,703 | 25,052 | 24,257 | 13,955 | 12,454 | 11,888 |
| Rest of Asia Pacific | 33,696 | 30,658 | 29,615 | 14,586 | 13,062 | 12,066 |
| Sum of segments | 416,161 | 391,035 | 383,285 | 175,677 | 162,044 | 150,888 |
| Corporate (unallocated R&D + G&A) | (42,627) | (38,828) | (36,587) | |||
| Consolidated | 416,161 | 391,035 | 383,285 | 133,050 | 123,216 | 114,301 |
| Country (Note 13) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| United States | 151,790 | 142,196 | 138,573 |
| China (including Hong Kong and Taiwan) | 64,377 | 66,952 | 72,559 |
| Other countries | 199,994 | 181,887 | 172,153 |
| Total | 416,161 | 391,035 | 383,285 |
| Item | Value | Source |
|---|---|---|
| Full-time equivalent employees as of Sep 27, 2025 | approximately 166,000 | Item 1, Human Capital |
| Direct / indirect channels as a share of FY2025 net sales | 40% / 60% | Item 1 |
| Total deferred revenue | 13.7 billion (12.8 in 2024) | Note 2 |
| Shares repurchased during the year | 401,672 thousand for 89.3 billion | Note 10 |
| Net shares issued | 58,146 thousand (66,097 in 2024) | Note 10 |
| May 2024 buyback programme | 110 billion, fully used in the fourth quarter of 2025 | Item 5 |
| May 2025 buyback programme | 100 billion, 221 million used; 99,779 remaining | Item 5 |
| Quarterly dividend | from US$0.25 to US$0.26 starting May 2025 | MD&A |
| RSUs outstanding | 151,574 thousand (163,326 at the start of the year) | Note 11 |
| RSUs granted during the year | 73,466 thousand at an average US$226.68 | Note 11 |
| Vesting-date fair value of RSUs | 17.1 billion (15.8 in 2024; 15.9 in 2023) | Note 11 |
| Unrecognised SBC cost | 21.8 billion over a weighted-average 2.5 years | Note 11 |
| Tax benefit from SBC | 3,602 (3,350; 3,421) | Note 11 |
| Gross unrecognised tax benefits | 23,242 (22,038 in 2024); 10.6 billion would affect the tax rate | Note 7 |
| Possible decrease within 12 months | up to 6 billion | Note 7 |
| State Aid charge recorded in the fourth quarter of 2024 | 10.2 billion net; reconciliation line 10,246 in 2024 and (486) in 2025 | Note 7 |
| Change in valuation allowance in the reconciliation | 2,091 in 2025; none in 2024 and 2023 | Note 7 |
| Foreign pretax earnings | 82.0 billion (77.3; 72.9) | Note 7 |
| Deemed repatriation tax payable | 8.8 billion within 12 months | MD&A |
| Future interest payments on the Notes | 37.0 billion, of which 2.6 within 12 months | MD&A |
| Weighted-average commercial paper rate | 4.19% (5.00% in 2024) | Note 9 |
| 2025 issuance | 4,500 at fixed rates of 4.000%–4.750%, maturities 2028–2035 | Note 9 |
| Fair value of the Notes | 80.4 billion (88.4 in 2024) | Note 9 |
| Manufacturing purchase obligations | 56.2 billion, of which 55.4 within 12 months | MD&A |
| Other purchase obligations | 14.8 billion | MD&A |
| Variable lease costs | 16.1 billion (13.8; 13.9) | Note 8 |
| Depreciation on property, plant and equipment | 8.0 billion (8.2; 8.5) | Note 5 |
| Long-lived assets in the United States | 40,274 (35,664 in 2024) | Note 13 |
| Vendor non-trade receivables concentration | two vendors: 46% and 23% | Note 4 |
| Trade receivables concentration | one customer 12%; cellular network carriers 34% (38% in 2024) | Note 4 |
| One-day VAR on foreign currency derivatives | 590 (538 in 2024) | Item 7A |
| Unrealised losses on the securities portfolio | 3,027 (4,638 in 2024) | Note 4 |
| Notes principal due in fiscal year 2026 | 12,393 | Note 9 |
| Deferred tax assets on capitalised R&D | 15,041 (10,739 in 2024) | Note 7 |
| Net sales of the year previously deferred at the start of the period | 8,229 (7,728; 8,169) | Note 2 |
| Decreases in unrecognised tax benefits, FY2025 | 2,939 from settlements; 1,552 from statute expiration | Note 7 |
| Cash absorbed by accounts receivable | 6,682 (3,788 in 2024) | CF |
| Investing outflows, "Other" line | 1,480 | CF |
| DMA fine, Article 5(4) | 500 million euros, April 23, 2025 | Item 3 |
| Maximum DMA fine | up to 10% of annual worldwide net sales | Item 3 |
| Shareholders of record as of Oct 17, 2025 | 22,429 | Item 5 |
| Auditor | Ernst & Young LLP, "since 2009" | Auditor's report |
| Check | FY2025 | FY2024 | FY2023 | Result |
|---|---|---|---|---|
| Net sales − cost of sales = gross profit | 416,161 − 220,960 = 195,201 | 391,035 − 210,352 = 180,683 | 383,285 − 214,137 = 169,148 | ties |
| Gross profit − operating expenses = operating income | 195,201 − 62,151 = 133,050 | 180,683 − 57,467 = 123,216 | 169,148 − 54,847 = 114,301 | ties |
| Operating income + other income = pretax income | 133,050 − 321 = 132,729 | 123,216 + 269 = 123,485 | 114,301 − 565 = 113,736 | ties |
| Pretax income − taxes = net income | 132,729 − 20,719 = 112,010 | 123,485 − 29,749 = 93,736 | 113,736 − 16,741 = 96,995 | ties |
| Sum of categories = net sales | 416,161 | 391,035 | 383,285 | ties, no "Other" line |
| Sum of geographic segments = net sales | 416,161 | 391,035 | 383,285 | ties |
| Sum of countries = net sales | 151,790 + 64,377 + 199,994 = 416,161 | 391,035 | 383,285 | ties |
| Sum of category percentages FY2025 | 50.4 + 8.1 + 6.7 + 8.6 + 26.2 = 100.0% | ties | ||
| Sum of segment percentages FY2025 | 42.9 + 26.7 + 15.5 + 6.9 + 8.1 = 100.1% | 0.1 difference from rounding | ||
| Gross debt = sum of items | 7,979 + 12,350 + 78,328 + 13,720 = 112,377 | 9,967 + 10,912 + 85,750 + 12,430 = 119,059 | BS not available | ties |
| Operating cash flow − capex = FCF | 111,482 − 12,715 = 98,767 | 118,254 − 9,447 = 108,807 | 110,543 − 10,959 = 99,584 | ties |
| Segment operating income − Corporate = consolidated | 175,677 − 42,627 = 133,050 | 162,044 − 38,828 = 123,216 | 150,888 − 36,587 = 114,301 | ties |
| Tax reconciliation | 27,873 − 8,120 + 2,091 − 1,049 − 486 + 410 = 20,719 | 25,932 − 5,311 − 1,397 + 10,246 + 279 = 29,749 | 23,885 − 5,744 − 1,212 − 188 = 16,741 | ties |
The balance sheet as of September 30, 2023 is not in the document: cash, debt and total assets at the end of FY2023 are not available.