Apple vs AXA: Revenue, Profit and Business Model
Apple reported $416.2B of revenue in FY2025 and $112B of net income. AXA reported ~$131.1B of revenue in FY2025 and ~$11.1B of net income.
Latest financial snapshot
Financial summary
Apple
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.
AXA
AXA's results combine large, slow-moving premium income with investment income on the reserves it holds. In 2025 gross written premiums and other revenues rose 6% to ~$131 billion (EUR 116 billion), underlying earnings rose 6% to ~$9.49 billion (EUR 8.4 billion), underlying earnings per share rose 8% to EUR 3.86 and net income rose to ~$11.1 billion (EUR 9.80 billion), helped by the gain on the sale of AXA Investment Managers. The property and casualty combined ratio improved 0.3 points to 90.6%, so underwriting itself was profitable before investment income. The Solvency II ratio ended 2025 at 224%, and 215% on January 1, 2026 once capital instruments under Solvency II transitional measures stopped qualifying. AXA proposed a dividend of EUR 2.32 per share for 2025, up 8%, alongside an annual buyback of up to $1.41 billion (EUR 1.25 billion).
Revenue and profit by year
Apple
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $416.2B | $112B | 26.9% | +6.4% | Source |
| FY2024 | $391B | $93.7B | 24.0% | +2.0% | Source |
| FY2023 | $383.3B | $97B | 25.3% | -2.8% | Source |
| FY2022 | $394.3B | $99.8B | 25.3% | +7.8% | Source |
| FY2021 | $365.8B | $94.7B | 25.9% | +33.3% | Source |
| FY2020 | $274.5B | $57.4B | 20.9% | +5.5% | Source |
| FY2019 | $260.2B | $55.3B | 21.2% | -2.0% | Source |
| FY2018 | $265.6B | $59.5B | 22.4% | +15.9% | Source |
| FY2017 | $229.2B | $48.4B | 21.1% | +6.3% | Source |
| FY2016 | $215.6B | $45.7B | 21.2% | — | Source |
AXA
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$131.1B | ~$11.1B | 8.4% | +5.2% | Source |
| FY2024 | ~$124.6B | ~$8.9B | 7.2% | +7.4% | Source |
| FY2023 | ~$116.1B | ~$8.1B | 7.0% | +0.7% | Source |
| FY2022 | ~$115.3B | — | 0.0% | +2.1% | Source |
| FY2021 | ~$112.9B | ~$8.2B | 7.3% | +3.0% | Source |
| FY2020 | ~$109.6B | — | 0.0% | -6.3% | Source |
| FY2019 | ~$117B | — | 0.0% | +0.6% | Source |
| FY2018 | ~$116.3B | — | 0.0% | — | Source |
| FY2016 | ~$113B | — | 0.0% | — | Source |
Where the revenue comes from
Apple
- iPhone~50%
iPhone net sales were $209.6B in FY2025, up 4%, and the phone is the entry point into Services, accessories, AppleCare, iCloud and App Store spending.
- Services~26%
Services covers the App Store, advertising, cloud, AppleCare, payments, media subscriptions and licensing. FY2025 net sales were $109.2B, up 14%, at a 75.4% gross margin against 36.8% for Products.
- Mac and iPad~15%
Mac net sales were $33.7B and iPad $28.0B in FY2025, driven by Apple silicon refreshes, education, creative work and enterprise adoption.
- Wearables, Home and Accessories~9%
Apple Watch, AirPods, Vision Pro, home devices and accessories were $35.7B in FY2025, down 4%, and they deepen iPhone attachment.
AXA
- Property & Casualty Insurance~50%
Gross written premiums and revenues of ~$65.5 billion (EUR 58 billion) in 2025, up 5%, including personal lines of ~$22.3 billion (EUR 19.7 billion) and AXA XL Reinsurance of ~$2.94 billion (EUR 2.6 billion). The 90.6% combined ratio means the book was profitable before investment income.
- Life & Savings Insurance~32%
~$42.4 billion (EUR 37.5 billion) of 2025 premiums and revenues, up 9%, with unit-linked business up 13%. Capital-light savings and protection contracts have replaced much of the traditional guaranteed savings book.
- Health Insurance~16%
~$21.5 billion (EUR 19 billion) of 2025 premiums and revenues, up 5% on pricing, spanning individual cover, group schemes and employee benefits. Health earnings grew 17% in 2025.
- Asset Management (divested July 2025)~1%
AXA Investment Managers contributed revenues only until July 1, 2025, when it was sold to BNP Paribas Cardif for ~$5.76 billion (EUR 5.1 billion) in cash out of a ~$6.1 billion (EUR 5.4 billion) total transaction value.
Business model and strategy
Apple
How it makes money
Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. The iPhone is the entry point, at $209.6 billion of fiscal 2025 net sales, and it pulls customers into iOS, iCloud storage plans, App Store purchases, AppleCare and accessories.
Growth strategy
Growth now comes from monetizing an installed base of more than 2.5 billion devices rather than from unit growth alone. Services rose 14 percent to $109.2 billion in fiscal 2025 on the App Store, advertising, iCloud, AppleCare, payments and subscription media, and Apple packages them through the Apple One bundle.
Competitive advantage
Apple's advantage comes from owning the parts other phone makers buy. It designs its own silicon, the A20 Pro in iPhone 18 Pro and the M5 in Mac and iPad Pro, plus the operating systems, the app store, the payment layer and the retail channel, so hardware, software and services are tuned to each other.
AXA
How it makes money
AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits).
Growth strategy
AXA grows mostly organically in insurance lines it can price, supplemented by bolt-on deals: Laya Healthcare in Ireland and GACM España in 2023, and a 51% stake in the Italian direct insurer Prima announced in 2025 for ~$565 million (EUR 500 million). The bigger strategic move has been simplification.
Competitive advantage
AXA's main advantage is a diversified risk pool. Writing motor, home, commercial property, liability, health and life cover in 52 countries lets one bad year in a single market or line be absorbed elsewhere: in 2025 growth in health and European commercial lines offset pressure in other portfolios. Its balance sheet supports that spread, with a Solvency II ratio of 224% at the end of 2025.
Questions about Apple vs AXA
Which company has higher revenue — Apple Inc. or AXA SA?
Apple Inc. reported $416.2B (FY2025), while AXA SA reported ~$131.1B (FY2025). By last reported revenue, Apple Inc. is the larger business, with AXA SA reporting a smaller revenue base.
What is the market cap of Apple Inc. vs AXA SA?
Apple Inc.'s market capitalisation stands at $4.98T, while AXA SA's is $90.3B. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to AXA SA.
Which is more financially efficient — Apple Inc. or AXA SA?
Apple Inc. generates $2.51M / employee in revenue per employee, while AXA SA generates $840k / employee. Apple Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Apple Inc. and AXA SA make money?
Apple Inc. and AXA SA generate revenue in fundamentally different ways. Apple Inc.: Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. AXA SA: AXA collects premiums across three businesses: property and casualty (motor, home, commercial property, liability and specialty risks written through AXA XL), life and savings (protection, general account savings and unit-linked contracts), and health (individual cover and employee benefits).
Which company is valued higher relative to revenue — Apple Inc. or AXA SA?
On a price-to-sales (P/S) basis, Apple Inc. trades at 12.0x P/S and AXA SA at 0.7x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to AXA SA. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Apple Inc. bigger than AXA SA?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to AXA SA (~$131.1B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Apple vs AXA overview