Apple vs Bank of America: Revenue, Profit and Business Model
Apple reported $416.2B of revenue in FY2025 and $112B of net income. Bank of America reported $113.1B of revenue in FY2025 and $30.5B of net income.
Latest financial snapshot
Apple
- Latest revenue
- $416.2B (FY2025)
- Net income
- $112B
- Net margin
- 26.9%
- Revenue growth
- +7.6% a year, FY2016–FY2025
Bank of America
- Latest revenue
- $113.1B (FY2025)
- Net income
- $30.5B
- Net margin
- 27.0%
- Revenue growth
- +3.4% a year, FY2016–FY2025
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.
Bank of America
Bank of America earns in two streams. Net interest income was $60.1B in 2025 and noninterest income $53.0B, for total revenue net of interest expense of $113.1B and net income of $30.5B, or $3.81 per diluted share. Deposits of $2.02T funded $1.19T of loans and leases plus a $927.4B debt securities portfolio. Fees carried the year: investment and brokerage services rose $2.2B to $20.0B, investment banking fees rose to $6.6B, and market making fell $953M to $12.0B. Credit stayed contained, with the total consumer net charge-off ratio at 0.88 percent and the card ratio at 3.68 percent. The efficiency ratio improved to 61.65 percent from 63.12 percent, and common equity tier 1 capital was $201.4B, an 11.4 percent standardized ratio against a 10.0 percent minimum.
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 |
Bank of America
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $113.1B | $30.5B | 27.0% | +6.8% | Source |
| FY2024 | $105.9B | $27B | 25.5% | +3.0% | Source |
| FY2023 | $102.8B | $26.3B | 25.6% | +8.2% | Source |
| FY2022 | $95B | $27.5B | 29.0% | +6.6% | Source |
| FY2021 | $89.1B | $32B | 35.9% | +4.2% | Source |
| FY2020 | $85.5B | $17.9B | 20.9% | -6.3% | Source |
| FY2019 | $91.2B | $27.4B | 30.1% | +0.2% | Source |
| FY2018 | $91B | $28.1B | 30.9% | +4.5% | Source |
| FY2017 | $87.1B | $18.2B | 20.9% | +4.1% | Source |
| FY2016 | $83.7B | $17.8B | 21.3% | — | 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.
Bank of America
- Net interest income~53%
Interest on loans and securities less interest paid on deposits and debt; $60.1B in 2025.
- Investment and brokerage services~18%
Asset management, brokerage and advisory fees, mostly from Merrill and the Private Bank; $20.0B in 2025.
- Market making and similar activities~11%
Global Markets trading revenue across rates, credit, currencies, commodities and equities; $12.0B in 2025.
- Investment banking fees~6%
Underwriting and advisory fees excluding self-led deals; $6.6B in 2025.
- Service charges~6%
Treasury service charges and consumer deposit account fees; $6.5B in 2025.
- Card income~6%
Interchange, annual fees and other credit and debit card income; $6.4B in 2025.
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.
Bank of America
How it makes money
The model is a deposit-funded spread business layered with fee income. Consumer Banking gathers low-cost deposits and lends through mortgages, cards and auto loans, producing $43.7B of revenue in 2025 and $12.2B of net income. Global Wealth and Investment Management charges fees on $4.75T of client balances, including $2.18T of assets under management, for $24.9B of revenue.
Growth strategy
Growth comes from deepening existing relationships rather than buying banks. Consumer Banking adds clients through digital channels, with 49 million active digital users and 41 million mobile users at the end of 2025, while the branch network is consolidated slowly, down 72 to 3,628 centers during the year, and rebuilt in selected metropolitan markets.
Competitive advantage
Bank of America's advantage is cheap, sticky funding. It held $2.02T of deposits at December 31, 2025, much of it in transaction accounts, and the total deposit spread was 2.92 percent in 2025 against 2.77 percent in 2024.
Questions about Apple vs Bank of America
Which company has higher revenue — Apple Inc. or Bank of America Corporation?
Apple Inc. reported $416.2B (FY2025), while Bank of America Corporation reported $113.1B (FY2025). By last reported revenue, Apple Inc. is the larger business, with Bank of America Corporation reporting a smaller revenue base.
What is the market cap of Apple Inc. vs Bank of America Corporation?
Apple Inc.'s market capitalisation stands at $4.98T, while Bank of America Corporation's is $380.6B. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bank of America Corporation.
Which is more financially efficient — Apple Inc. or Bank of America Corporation?
Apple Inc. generates $2.51M / employee in revenue per employee, while Bank of America Corporation generates $531k / 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 Bank of America Corporation make money?
Apple Inc. and Bank of America Corporation 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. Bank of America Corporation: The model is a deposit-funded spread business layered with fee income.
Which company is valued higher relative to revenue — Apple Inc. or Bank of America Corporation?
On a price-to-sales (P/S) basis, Apple Inc. trades at 12.0x P/S and Bank of America Corporation at 3.4x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bank of America Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Apple Inc. bigger than Bank of America Corporation?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to Bank of America Corporation ($113.1B (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 Bank of America overview