Apple vs Wipro: Revenue, Profit and Business Model
Apple reported $416.2B of revenue in FY2025 and $112B of net income. Wipro reported ~$10.7B of revenue in FY2026 and ~$1.5B 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.
Wipro
In FY2026 Wipro reported gross revenue of Rs 926.2 billion and net income of Rs 132.0 billion. IT services revenue was about $10.48 billion, roughly level with the year before, and the IT services operating margin was 17.2%. Fourth-quarter gross revenue was Rs 242.4 billion, up 7.7% year over year, and quarterly net income was Rs 35.0 billion, down 1.9%. With the Q4 results in April 2026, the board approved a Rs 150 billion share buyback. In Q1 FY2027, gross revenue rose 10.6% year over year to Rs 244.8 billion. IT services revenue fell 1.4% sequentially to $2,614.5 million, and net income was Rs 33.6 billion ($354.6 million), up 0.6% year over year.
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 |
Wipro
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$10.7B | ~$1.5B | 14.2% | +4.0% | Source |
| FY2025 | ~$10.3B | ~$1.5B | 14.7% | -0.7% | Source |
| FY2024 | ~$10.4B | ~$1.3B | 12.3% | -0.8% | Source |
| FY2023 | ~$10.5B | ~$1.3B | 12.5% | +14.4% | Source |
| FY2022 | ~$9.2B | ~$1.4B | 15.4% | +27.7% | Source |
| FY2021 | ~$7.2B | ~$1.3B | 17.4% | +1.5% | Source |
| FY2020 | ~$7.1B | ~$1.1B | 15.9% | +4.2% | Source |
| FY2019 | ~$6.8B | ~$1B | 15.4% | +7.5% | Source |
| FY2018 | ~$6.3B | ~$928.9M | 14.7% | -1.0% | Source |
| FY2017 | ~$6.4B | ~$984.8M | 15.4% | +7.4% | Source |
| FY2016 | ~$5.9B | ~$1B | 17.4% | — | 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.
Wipro
- IT Services~99%
Consulting, application, cloud, infrastructure, engineering, and business process services. This segment accounts for nearly all of Wipro's revenue.
- IT Products~1%
Resale of third-party hardware and software, mainly in India. The segment is small and has been shrinking.
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.
Wipro
How it makes money
Wipro earns most of its revenue from its IT services segment: multi-year contracts to build, run, and modernize enterprise software and infrastructure, plus consulting, cloud migration, cybersecurity, engineering services, and business process work. Contracts are priced as time-and-materials, fixed-price, or managed-service deals.
Growth strategy
Under Srini Pallia, Wipro is focusing on large deals, consulting-led selling, AI-enabled delivery through its ai360 program, and growth in its biggest client accounts. In 2025 it agreed to acquire Harman's Digital Transformation Solutions unit to add engineering services capacity.
Competitive advantage
Wipro's strengths are long-standing client relationships, a large India delivery base, engineering services depth, Capco's position in financial services consulting, a net cash balance sheet, and stable Premji family control.
Questions about Apple vs Wipro
Which company has higher revenue — Apple Inc. or Wipro Limited?
Apple Inc. reported $416.2B (FY2025), while Wipro Limited reported ~$10.7B (FY2026). By last reported revenue, Apple Inc. is the larger business, with Wipro Limited reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Apple Inc. vs Wipro Limited?
Apple Inc.'s market capitalisation stands at $4.98T, while Wipro Limited's is $28.0B. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Wipro Limited.
Which is more financially efficient — Apple Inc. or Wipro Limited?
Apple Inc. generates $2.51M / employee in revenue per employee, while Wipro Limited generates $47k / 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 Wipro Limited make money?
Apple Inc. and Wipro Limited 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. Wipro Limited: Wipro earns most of its revenue from its IT services segment: multi-year contracts to build, run, and modernize enterprise software and infrastructure, plus consulting, cloud migration, cybersecurity, engineering services, and business process work.
Which company is valued higher relative to revenue — Apple Inc. or Wipro Limited?
On a price-to-sales (P/S) basis, Apple Inc. trades at 12.0x P/S and Wipro Limited at 2.6x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Wipro Limited. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Apple Inc. bigger than Wipro Limited?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to Wipro Limited (~$10.7B (FY2026)). 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 Wipro overview