Apple vs Porsche: Revenue, Profit and Business Model
Apple reported $416.2B of revenue in FY2025 and $112B of net income. Porsche reported ~$41B of revenue in FY2025 and ~$350.3M 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.
Porsche
Porsche's financials swung from a record 2023 (~$45.8 billion (EUR40.53 billion) revenue, ~$5.83 billion (EUR5.16 billion) profit after tax) to a sharp reset. In 2025 revenue fell 9.5% to ~$41 billion (EUR36.27 billion), operating profit dropped to ~$467 million (EUR413 million) (1.1% return on sales) and profit after tax was ~$350 million (EUR310 million), hit by costs of reworking the product plan, U.S. tariffs and weak China demand. In the first half of 2026 revenue was ~$19.5 billion (EUR17.23 billion) (prior year ~$20.5 billion (EUR18.16 billion)), operating profit rose 34% to ~$1.53 billion (EUR1.35 billion) and return on sales improved to 7.8%, helped by lower one-off charges.
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 |
Porsche
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$41B | ~$350.3M | 0.9% | -9.5% | Source |
| FY2024 | ~$45.3B | ~$4.1B | 9.0% | -1.1% | Source |
| FY2023 | ~$45.8B | ~$5.8B | 12.7% | +7.7% | Source |
| FY2022 | ~$42.5B | ~$5.6B | 13.2% | +13.6% | Source |
| FY2021 | ~$37.4B | ~$4.6B | 12.2% | — | 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.
Porsche
- Vehicle sales
Not formally reported
Sales of 911, Cayenne, Macan, Panamera, Taycan, and 718 vehicles.
- Personalization and options
Not formally reported
High-margin customization, trims, performance packages, and limited editions.
- Financial services
Not formally reported
Financing and leasing for Porsche customers.
- Parts, service, and brand
Not formally reported
After-sales, accessories, motorsport-linked products, and brand experiences.
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.
Porsche
How it makes money
Porsche earns most of its money selling premium vehicles at high average prices. SUVs (Cayenne and Macan) supply most of the volume, the 911 anchors the brand and its pricing power, and the Panamera, Taycan and 718 fill out the range. Margin comes from mix and options: personalization through Porsche Exclusive Manufaktur and Sonderwunsch adds high-margin revenue per car.
Growth strategy
After 2025, Porsche moved from an EV-first plan to a flexible powertrain mix. It is extending combustion and hybrid versions of existing lines, adding the T-Hybrid 911, keeping the electric Taycan, Macan and the new Cayenne Electric, and planning a combustion Macan for 2028 after electric Macan sales fell in the first half of 2026.
Competitive advantage
Porsche's edge is a 60-year 911 lineage that few rivals can copy, a reputation for cars that are both track-capable and usable every day, and access to Volkswagen Group platforms and purchasing scale. The Cayenne shares architecture with the Audi Q7 and VW Touareg, and the electric Macan uses the PPE platform co-developed with Audi, which spreads development cost over far more vehicles than Porsche sells alone.
Questions about Apple vs Porsche
Which company has higher revenue — Apple Inc. or Dr. Ing. h.c. F. Porsche AG?
Apple Inc. reported $416.2B (FY2025), while Dr. Ing. h.c. F. Porsche AG reported ~$41B (FY2025). By last reported revenue, Apple Inc. is the larger business, with Dr. Ing. h.c. F. Porsche AG reporting a smaller revenue base.
What is the market cap of Apple Inc. vs Dr. Ing. h.c. F. Porsche AG?
Apple Inc.'s market capitalisation stands at $4.98T, while Dr. Ing. h.c. F. Porsche AG's is $41.4B. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Dr. Ing. h.c. F. Porsche AG.
Which is more financially efficient — Apple Inc. or Dr. Ing. h.c. F. Porsche AG?
Apple Inc. generates $2.51M / employee in revenue per employee, while Dr. Ing. h.c. F. Porsche AG generates $981k / 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 Dr. Ing. h.c. F. Porsche AG make money?
Apple Inc. and Dr. Ing. h.c. F. Porsche AG 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. Dr. Ing. h.c. F. Porsche AG: Porsche earns most of its money selling premium vehicles at high average prices.
Which company is valued higher relative to revenue — Apple Inc. or Dr. Ing. h.c. F. Porsche AG?
On a price-to-sales (P/S) basis, Apple Inc. trades at 12.0x P/S and Dr. Ing. h.c. F. Porsche AG at 1.0x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Dr. Ing. h.c. F. Porsche AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Apple Inc. bigger than Dr. Ing. h.c. F. Porsche AG?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to Dr. Ing. h.c. F. Porsche AG (~$41B (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 Porsche overview