Apple Inc.
Financial Performance
Apple Revenue & Financials
Revenue
$416.2B (FY2025)
Market Cap
$4.98T
Net Income
$112B
Employees
166,000
What is Apple's revenue?
Apple had $416.2B in revenue for fiscal year 2025, up 6.4% from 2024. Net income was $112B.
- Latest revenue
- $416.2B (FY2025)
- Year-over-year
- +6.4%
- Growth rate (CAGR)
- 7.6% over 9 years
- Peak revenue
- $416.2B (FY2025)
- Years of data
- 10
- Employees
- 166,000
Financial Analysis
Apple's fiscal 2025 results describe a hardware business with software margins. Net sales rose 6 percent to $416.2 billion, net income reached $112.0 billion, and total gross margin was 46.9 percent, split between 36.8 percent on Products and 75.4 percent on Services. Services revenue of $109.2 billion, up 14 percent, is the reason the blended margin keeps rising. Cash generation is the other defining feature: operations produced $111.5 billion in fiscal 2025, and Apple returned $89.3 billion through share repurchases and $15.4 billion in dividends, after announcing a new repurchase authorization of up to $100 billion and raising the quarterly dividend to $0.26 per share in May 2025. Research and development came to $34.6 billion, 8 percent of net sales, and cash plus marketable securities stood at $132.4 billion at year end. As of 2023-2024, Apple consistently maintains a market valuation exceeding $3 trillion, making it one of the most valuable companies globally.
Revenue Trend Analysis
YoY Change
+6.4%
9-Year CAGR
+7.6%
Peak Year
2025
Trend
Consistent Growth
Apple Inc. has 10 full fiscal year figures on this page, compounding at +7.6% annually over 9 years. The most recent year saw a 6.4% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $416.2B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $416.2B | $133.1B | $112B | +6.4% | Apple Inc. annual report (SEC EDGAR, filed 2025-10-31) Fiscal year ended 2025-09-27. |
| FY2024 | $391B | $123.2B | $93.7B | +2.0% | Apple Inc. annual report (SEC EDGAR, filed 2025-10-31) Fiscal year ended 2024-09-28. |
| FY2023 | $383.3B | $114.3B | $97B | -2.8% | Apple Inc. annual report (SEC EDGAR, filed 2025-10-31) Fiscal year ended 2023-09-30. |
| FY2022 | $394.3B | $119.4B | $99.8B | +7.8% | Apple Inc. annual report (SEC EDGAR, filed 2024-11-01) Fiscal year ended 2022-09-24. |
| FY2021 | $365.8B | $108.9B | $94.7B | +33.3% | Apple Inc. annual report (SEC EDGAR, filed 2023-11-03) Fiscal year ended 2021-09-25. |
| FY2020 | $274.5B | $66.3B | $57.4B | +5.5% | Apple Inc. annual report (SEC EDGAR, filed 2022-10-28) Fiscal year ended 2020-09-26. |
| FY2019 | $260.2B | $63.9B | $55.3B | -2.0% | Apple Inc. annual report (SEC EDGAR, filed 2021-10-29) Fiscal year ended 2019-09-28. |
| FY2018 | $265.6B | $70.9Bfiling | $59.5B | +15.9% | Apple Inc. annual report (SEC EDGAR, filed 2018-11-05) Fiscal year ended 2018-09-29. |
| FY2017 | $229.2B | $61.3Bfiling | $48.4B | +6.3% | Apple Inc. annual report (SEC EDGAR, filed 2018-11-05) Fiscal year ended 2017-09-30. |
| FY2016 | $215.6B | $60B | $45.7B | — | Apple Inc. annual report (SEC EDGAR, filed 2018-11-05) Fiscal year ended 2016-09-24. |
Click any row to see year details.
Apple Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Sep 27, 2025 | $111.5B | $12.7B | $359.2B | $285.5B | $73.7B | $98.8B | Form 10-K |
| FY2024ended Sep 28, 2024 | $118.3B | $9.4B | $365B | $308B | $57B | $108.8B | Form 10-K |
| FY2023ended Sep 30, 2023 | $110.5B | $11B | $352.6B | $290.4B | $62.1B | $99.6B | Form 10-K |
| FY2022ended Sep 24, 2022 | $122.2B | $10.7B | $352.8B | $302.1B | $50.7B | $111.4B | Form 10-K |
| FY2021ended Sep 25, 2021 | $104B | $11.1B | $351B | $287.9B | $63.1B | $93B | Form 10-K |
| FY2020ended Sep 26, 2020 | $80.7B | $7.3B | $323.9B | $258.5B | $65.3B | $73.4B | Form 10-K |
| FY2019ended Sep 28, 2019 | $69.4B | $10.5B | $338.5B | $248B | $90.5B | $58.9B | Form 10-K |
| FY2018ended Sep 29, 2018 | $77.4B | $13.3B | $365.7B | $258.6B | $107.1B | $64.1B | Form 10-K |
| FY2017ended Sep 30, 2017 | $64.2B | $12.5B | $375.3B | $241.3B | $134B | $51.8B | Form 10-K |
| FY2016ended Sep 24, 2016 | $66.2B | $12.7B | $321.7B | $193.4B | $128.2B | $53.5B | Form 10-K |
Keep researching Apple
Apple Revenue and Financial FAQ
What is Apple's annual consolidated revenue scale?
According to Apple Inc.'s Form 10-K filed with the SEC, Apple reported net sales of $416.16 billion for fiscal year 2025 (up 6.4% from $391.04 billion in fiscal 2024), generating $133.05 billion in operating income, $112.01 billion in net income, and $111.48 billion in operating cash flow.
What is Apple's gross margin profile across Products and Services?
Apple's total gross margin was 46.9% in fiscal 2025, made up of 36.8% on Products and 75.4% on Services. The Services share of revenue is therefore the main driver of the blended margin.
What is Apple's cash flow generation and cash return program?
Operations generated $111.5 billion of cash in fiscal 2025. Apple returned $89.3 billion through share repurchases and $15.4 billion in dividends, after announcing a new repurchase authorization of up to $100 billion and raising the quarterly dividend to $0.26 per share in May 2025.
What is Apple's target 'Net Cash Neutral' balance sheet strategy?
Apple has targeted a net cash neutral position over time, balancing cash and marketable securities of $132.4 billion at the end of fiscal 2025 against low-cost debt while returning capital to shareholders. The target was set under Luca Maestri, who handed the CFO role to Kevan Parekh at the start of 2025.
How many active installed Apple devices exist worldwide?
Apple said in April 2026 that its active installed base had grown to more than 2.5 billion devices, which gives its Services business (App Store, iCloud, Apple Music, AppleCare and more) a large recurring customer base.
How much capital does Apple invest annually in Research and Development (R&D)?
Apple spent $34.6 billion on research and development in fiscal 2025, 8% of net sales and 10% more than the year before, funding custom silicon, AI models, displays, camera systems and spatial computing.
What credit ratings do S&P and Moody's assign to Apple Inc.?
Apple carries top-tier credit ratings, Aaa from Moody's and AA+ from S&P Global Ratings, supported by $132.4 billion of cash and marketable securities and $111.5 billion of annual operating cash flow.
How does currency exchange rate fluctuation affect Apple's international sales?
About 57% of Apple's fiscal 2025 net sales came from outside the Americas segment, so a stronger US dollar creates currency headwinds. Apple manages them with regional pricing and foreign currency hedges, and it flagged an unfavorable currency impact on Americas net sales in fiscal 2025.
What is Apple's most profitable product?
The iPhone generates the vast majority of total top-line revenue, but the Services division boasts significantly higher gross profit margins.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Apple Revenue & Financials." CorpDigest, https://corpdigest.com/company/apple/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Apple reported $416.2B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/apple/financials" target="_blank" rel="noopener">CorpDigest — Apple financials</a></div>Related Financial Audits
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