Apple

AAPL Information Technology Market cap $4.86T as of Sep 14, 2026 16:00 ET S&P 500

Q3 FY26 Mar 29 – Jun 27, 2026 reported Jul 31, 2026

Revenue$109.4B +16% year over year

Gross profit$54.8B 50% margin

Operating profit$35.7B 33% margin

Net profit$29.8B 27% margin

Sankey diagram of Apple's income statement for Q3 FY26: revenue of $109.4 billion splits into segments and flows out into costs, taxes and net profit.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY26 (period ends Jun 27, 2026).
Item	Value	Share of revenue	Year over year
Revenue	109.4	100%	+16%
iPhone	54.3	50%	+22%
Services	30.7	28%	+12%
Mac	10.4	9%	+29%
Wearables	7.9	7%	+6%
iPad	6.2	6%	−6%
Cost of revenue	−54.6	50%
Gross profit	54.8	50% margin	+4pp
R&D	−11.7	11%	+1pp
Sales & marketing	−5.0	4%	+0pp
G&A	−2.3	2%	+0pp
Operating profit	35.7	33% margin	+3pp
Other income, net	0.6
Tax	−6.5
Net profit	29.8	27% margin	+2pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Mar 28, 2026).
Item	Value	Share of revenue	Year over year
Revenue	111.2	100%	+17%
iPhone	57.0	51%	+22%
Services	31.0	28%	+16%
Mac	8.4	8%	+6%
Wearables	7.9	7%	+5%
iPad	6.9	6%	+8%
Cost of revenue	−56.4	51%
Gross profit	54.8	49% margin	+2pp
R&D	−11.4	10%	+1pp
Sales & marketing	−5.2	5%	+0pp
G&A	−2.3	2%	+0pp
Operating profit	35.9	32% margin	+1pp
Interest & other costs	−0.1
Tax	−6.3
Net profit	29.6	27% margin	+1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Dec 27, 2025).
Item	Value	Share of revenue	Year over year
Revenue	143.8	100%	+16%
iPhone	85.3	59%	+23%
Services	30.0	21%	+14%
Wearables	11.5	8%	−2%
iPad	8.6	6%	+6%
Mac	8.4	6%	−7%
Cost of revenue	−74.5	52%
Gross profit	69.2	48% margin	+1pp
R&D	−10.9	8%	+1pp
Sales & marketing	−5.4	4%	+0pp
G&A	−2.1	1%	+0pp
Operating profit	50.9	35% margin	+1pp
Other income, net	0.2
Tax	−8.9
Net profit	42.1	29% margin	+0pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Sep 27, 2025).
Item	Value	Share of revenue	Year over year
Revenue	102.5	100%	+8%
iPhone	49.0	48%	+6%
Services	28.8	28%	+15%
Wearables	9.0	9%	+0%
Mac	8.7	8%	+13%
iPad	7.0	7%	+0%
Cost of revenue	−54.1	53%
Gross profit	48.3	47% margin	+1pp
R&D	−8.9	9%	+0pp
Sales & marketing	−4.9	5%	+0pp
G&A	−2.1	2%	+0pp
Operating profit	32.4	32% margin	+0pp
Other income, net	0.4
Tax	−5.3
Net profit	27.5	27% margin	+11pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Jun 28, 2025).
Item	Value	Share of revenue	Year over year
Revenue	94.0	100%	+10%
iPhone	44.6	47%	+13%
Services	27.4	29%	+13%
Mac	8.0	9%	+15%
Wearables	7.4	8%	−9%
iPad	6.6	7%	−8%
Cost of revenue	−50.3	54%
Gross profit	43.7	46% margin	+0pp
R&D	−8.9	10%	+0pp
Sales & marketing	−4.8	5%	+0pp
G&A	−1.9	2%	+0pp
Operating profit	28.2	30% margin	+0pp
Interest & other costs	−0.2
Tax	−4.6
Net profit	23.4	25% margin	+0pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Mar 29, 2025).
Item	Value	Share of revenue	Year over year
Revenue	95.4	100%	+5%
iPhone	46.8	49%	+2%
Services	26.6	28%	+12%
Mac	7.9	8%	+7%
Wearables	7.5	8%	−5%
iPad	6.4	7%	+15%
Cost of revenue	−50.5	53%
Gross profit	44.9	47% margin	+0pp
R&D	−8.6	9%	+0pp
Sales & marketing	−4.7	5%	+0pp
G&A	−2.0	2%	+0pp
Operating profit	29.6	31% margin	+0pp
Interest & other costs	−0.3
Tax	−4.5
Net profit	24.8	26% margin	+0pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Dec 28, 2024).
Item	Value	Share of revenue	Year over year
Revenue	124.3	100%	+4%
iPhone	69.1	56%	−1%
Services	26.3	21%	+14%
Wearables	11.7	9%	−2%
Mac	9.0	7%	+16%
iPad	8.1	7%	+15%
Cost of revenue	−66.0	53%
Gross profit	58.3	47% margin	+1pp
R&D	−8.3	6%	+0pp
Sales & marketing	−5.1	4%	+0pp
G&A	−2.1	2%	+0pp
Operating profit	42.8	34% margin	+1pp
Interest & other costs	−0.2
Tax	−6.3
Net profit	36.3	29% margin	+1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Balance sheet of Apple, Q3 FY26: assets of $383.3B against liabilities and equity.

Assets $383.3B Liabilities $275.7B Equity $107.5B as of Jun 27, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY26 (period ends Jun 27, 2026).
Item	Value	Share
Assets	$383.3B	100%
Cash	$39.5B	10%
Short-term investments	$22.9B	6%
Receivables	$31.4B	8%
Inventory	$11.1B	3%
Other current assets	$17.4B	5%
Property & equipment	$51.4B	13%
Intangibles	$25.4B	7%
Long-term investments	$84.1B	22%
Other assets	$100.0B	26%
Liabilities	$275.7B	72%
Payables	$64.5B	17%
Deferred revenue	$9.5B	2%
Short-term debt	$11.0B	3%
Other current liabilities	$62.3B	16%
Long-term debt	$71.3B	19%
Other liabilities	$57.1B	15%
Equity	$107.5B	28%
Stockholders' equity	$107.5B	28%

Capital flow of Apple, Q3 FY26: $43.60B moved from its sources to its uses.

Money moved $43.60B Free cash flow $31.91B Mar 29 – Jun 27, 2026 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY26 (period ends Jun 27, 2026).
Item	Value	Share
Where the money came from	$43.60B	100%
Operating cash flow	$34.37B	79%
Other investing	$3.21B	7%
Taken from cash	$6.03B	14%
Where it went	−$43.60B	100%
Capital expenditure	−$2.46B	6%
Investments bought, net	−$8.51B	20%
Debt repaid	−$0.23B	1%
Share buybacks	−$28.32B	65%
Dividends	−$4.04B	9%
Other financing	−$0.06B	0%

Debt and liquidity of Apple, Q3 FY26: total debt $84.3B against cash and cash flow.

Total debt $84.3B Cash & short-term investments $62.4B Net debt $21.9B Operating cash flow, last 4 quarters $146.7B

Maturities as filed as of Sep 27, 2025; debt and cash as of Jun 27, 2026.

The numbers behind the diagram

Principal due, as of Sep 27, 2025
Due	Value
FY2026	$12.4B
FY2027	$10.1B
FY2028	$9.3B
FY2029	$5.2B
FY2030	$5.0B
after FY2030	$49.3B

Instruments, as of Sep 27, 2025
Due	Item	Coupon	Value
–	2013 to 2023 debt issuances, fixed rate notes		$86.8B
–	2025 debt issuance, fixed rate notes	4%	$4.5B

Capital structure of Apple, Q3 FY26: debt of $84.3B against book equity of $107.5B.

Debt to equity 0.78× Net debt to EBITDA 0.13× Interest coverage – interest expense is not tagged in the filing Return on invested capital 106.0% Cost of debt, after tax – interest expense is not tagged in the filing Book values as of Jun 27, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Jun 29, 2025 to Jun 27, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Apple, Q2 FY26: assets of $371.1B against liabilities and equity.

Assets $371.1B Liabilities $264.6B Equity $106.5B as of Mar 28, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Mar 28, 2026).
Item	Value	Share
Assets	$371.1B	100%
Cash	$45.6B	12%
Short-term investments	$22.9B	6%
Receivables	$30.3B	8%
Inventory	$6.7B	2%
Other current assets	$15.3B	4%
Property & equipment	$50.1B	14%
Intangibles	$25.8B	7%
Long-term investments	$78.1B	21%
Other assets	$96.1B	26%
Liabilities	$264.6B	71%
Payables	$57.3B	15%
Deferred revenue	$9.3B	3%
Short-term debt	$8.3B	2%
Other current liabilities	$57.7B	16%
Long-term debt	$74.4B	20%
Other liabilities	$57.5B	16%
Equity	$106.5B	29%
Stockholders' equity	$106.5B	29%

Capital flow of Apple, Q2 FY26: $33.06B moved from its sources to its uses.

Money moved $33.06B Free cash flow $26.73B Dec 28, 2025 – Mar 28, 2026 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Mar 28, 2026).
Item	Value	Share
Where the money came from	$33.06B	100%
Operating cash flow	$28.70B	87%
Other investing	$4.36B	13%
Where it went	−$33.06B	100%
Capital expenditure	−$1.97B	6%
Investments bought, net	−$8.56B	26%
Debt repaid	−$5.75B	17%
Share buybacks	−$12.62B	38%
Dividends	−$3.82B	12%
Other financing	−$0.09B	0%
Added to cash	−$0.26B	1%

Debt and liquidity of Apple, Q2 FY26: total debt $84.7B against cash and cash flow.

Total debt $84.7B Cash & short-term investments $68.5B Net debt $16.2B Operating cash flow, last 4 quarters $140.2B

Maturities as filed as of Sep 27, 2025; debt and cash as of Mar 28, 2026.

The numbers behind the diagram

Principal due, as of Sep 27, 2025
Due	Value
FY2026	$12.4B
FY2027	$10.1B
FY2028	$9.3B
FY2029	$5.2B
FY2030	$5.0B
after FY2030	$49.3B

Instruments, as of Sep 27, 2025
Due	Item	Coupon	Value
–	2013 to 2023 debt issuances, fixed rate notes		$86.8B
–	2025 debt issuance, fixed rate notes	4%	$4.5B

Capital structure of Apple, Q2 FY26: debt of $84.7B against book equity of $106.5B.

Debt to equity 0.80× Net debt to EBITDA 0.10× Interest coverage – interest expense is not tagged in the filing Return on invested capital 102.3% Cost of debt, after tax – interest expense is not tagged in the filing Book values as of Mar 28, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Mar 30, 2025 to Mar 28, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Apple, Q1 FY26: assets of $379.3B against liabilities and equity.

Assets $379.3B Liabilities $291.1B Equity $88.2B as of Dec 27, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Dec 27, 2025).
Item	Value	Share
Assets	$379.3B	100%
Cash	$45.3B	12%
Short-term investments	$21.6B	6%
Receivables	$39.9B	11%
Inventory	$5.9B	2%
Other current assets	$15.0B	4%
Property & equipment	$50.2B	13%
Long-term investments	$77.9B	21%
Other assets	$123.5B	33%
Liabilities	$291.1B	77%
Payables	$70.6B	19%
Deferred revenue	$9.4B	2%
Short-term debt	$11.8B	3%
Other current liabilities	$68.5B	18%
Long-term debt	$76.7B	20%
Other liabilities	$54.1B	14%
Equity	$88.2B	23%
Stockholders' equity	$88.2B	23%

Capital flow of Apple, Q1 FY26: $56.60B moved from its sources to its uses.

Money moved $56.60B Free cash flow $51.55B Sep 28 – Dec 27, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Dec 27, 2025).
Item	Value	Share
Where the money came from	$56.60B	100%
Operating cash flow	$53.93B	95%
Other investing	$2.67B	5%
Where it went	−$56.60B	100%
Capital expenditure	−$2.37B	4%
Investments bought, net	−$5.18B	9%
Debt repaid	−$8.07B	14%
Share buybacks	−$27.62B	49%
Dividends	−$3.92B	7%
Other financing	−$0.04B	0%
Added to cash	−$9.38B	17%

Debt and liquidity of Apple, Q1 FY26: total debt $90.5B against cash and cash flow.

Total debt $90.5B Cash & short-term investments $66.9B Net debt $23.6B Operating cash flow, last 4 quarters $135.5B

Maturities as filed as of Sep 27, 2025; debt and cash as of Dec 27, 2025.

The numbers behind the diagram

Principal due, as of Sep 27, 2025
Due	Value
FY2026	$12.4B
FY2027	$10.1B
FY2028	$9.3B
FY2029	$5.2B
FY2030	$5.0B
after FY2030	$49.3B

Instruments, as of Sep 27, 2025
Due	Item	Coupon	Value
–	2013 to 2023 debt issuances, fixed rate notes		$86.8B
–	2025 debt issuance, fixed rate notes	4%	$4.5B

Capital structure of Apple, Q1 FY26: debt of $90.5B against book equity of $88.2B.

Debt to equity 1.03× Net debt to EBITDA 0.15× Interest coverage – interest expense is not tagged in the filing Return on invested capital 106.3% Cost of debt, after tax – interest expense is not tagged in the filing Book values as of Dec 27, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Dec 29, 2024 to Dec 27, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Apple, Q4 FY25: assets of $359.2B against liabilities and equity.

Assets $359.2B Liabilities $285.5B Equity $73.7B as of Sep 27, 2025 Read with the coarse template.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Sep 27, 2025).
Item	Value	Share
Assets	$359.2B	100%
Cash	$35.9B	10%
Other current assets	$112.0B	31%
Property & equipment	$49.8B	14%
Intangibles	$13.3B	4%
Other assets	$148.1B	41%
Liabilities	$285.5B	79%
Short-term debt	$12.4B	3%
Other current liabilities	$153.3B	43%
Long-term debt	$78.3B	22%
Other liabilities	$41.5B	12%
Equity	$73.7B	21%
Stockholders' equity	$73.7B	21%

Capital flow of Apple, Q4 FY25: $31.66B moved from its sources to its uses.

Money moved $31.66B Free cash flow $26.49B Jun 29 – Sep 27, 2025 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Sep 27, 2025).
Item	Value	Share
Where the money came from	$31.66B	100%
Operating cash flow	$29.73B	94%
Other investing	$1.60B	5%
Taken from cash	$0.34B	1%
Where it went	−$31.66B	100%
Capital expenditure	−$3.24B	10%
Investments bought, net	−$0.95B	3%
Debt repaid	−$3.22B	10%
Share buybacks	−$20.37B	64%
Dividends	−$3.86B	12%
Other financing	−$0.02B	0%

Debt and liquidity of Apple, Q4 FY25: total debt $98.7B against cash and cash flow.

Total debt $98.7B Cash & short-term investments $54.7B Net debt $44.0B Operating cash flow, last 4 quarters $111.5B

Maturities as filed as of Sep 27, 2025; debt and cash as of Sep 27, 2025.

The numbers behind the diagram

Principal due, as of Sep 27, 2025
Due	Value
FY2026	$12.4B
FY2027	$10.1B
FY2028	$9.3B
FY2029	$5.2B
FY2030	$5.0B
after FY2030	$49.3B

Instruments, as of Sep 27, 2025
Due	Item	Coupon	Value
–	2013 to 2023 debt issuances, fixed rate notes		$86.8B
–	2025 debt issuance, fixed rate notes	4%	$4.5B

Capital structure of Apple, Q4 FY25: debt of $98.7B against book equity of $73.7B.

Debt to equity 1.34× Net debt to EBITDA 0.30× Interest coverage – interest expense is not tagged in the filing Return on invested capital 103.9% Cost of debt, after tax – interest expense is not tagged in the filing Book values as of Sep 27, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Sep 29, 2024 to Sep 27, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Apple, Q3 FY25: assets of $331.5B against liabilities and equity.

Assets $331.5B Liabilities $265.7B Equity $65.8B as of Jun 28, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Jun 28, 2025).
Item	Value	Share
Assets	$331.5B	100%
Cash	$36.3B	11%
Short-term investments	$19.1B	6%
Receivables	$27.6B	8%
Inventory	$5.9B	2%
Other current assets	$14.4B	4%
Property & equipment	$48.5B	15%
Long-term investments	$77.6B	23%
Other assets	$102.2B	31%
Liabilities	$265.7B	80%
Payables	$50.4B	15%
Deferred revenue	$9.0B	3%
Short-term debt	$9.3B	3%
Other current liabilities	$62.5B	19%
Long-term debt	$82.4B	25%
Other liabilities	$52.0B	16%
Equity	$65.8B	20%
Stockholders' equity	$65.8B	20%

Capital flow of Apple, Q3 FY25: $44.78B moved from its sources to its uses.

Money moved $44.78B Free cash flow $24.41B Mar 30 – Jun 28, 2025 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Jun 28, 2025).
Item	Value	Share
Where the money came from	$44.78B	100%
Operating cash flow	$27.87B	62%
Investments sold, net	$3.30B	7%
Other investing	$5.24B	12%
Debt raised	$3.90B	9%
Other financing	$4.47B	10%
Where it went	−$44.78B	100%
Capital expenditure	−$3.46B	8%
Debt repaid	−$5.67B	13%
Share buybacks	−$23.59B	53%
Dividends	−$3.95B	9%
Added to cash	−$8.11B	18%

Debt and liquidity of Apple, Q3 FY25: total debt $101.7B against cash and cash flow.

Total debt $101.7B Cash & short-term investments $55.4B Net debt $46.3B Operating cash flow, last 4 quarters $108.6B

Maturities as filed as of Sep 28, 2024; debt and cash as of Jun 28, 2025.

The numbers behind the diagram

Principal due, as of Sep 28, 2024
Due	Value
FY2025	$10.9B
FY2026	$12.3B
FY2027	$9.9B
FY2028	$7.8B
FY2029	$5.2B
after FY2029	$51.2B

Instruments, as of Sep 28, 2024
Due	Item	Coupon	Value
–	2013 to 2023 debt issuances, fixed rate notes		$97.3B

Capital structure of Apple, Q3 FY25: debt of $101.7B against book equity of $65.8B.

Debt to equity 1.54× Net debt to EBITDA 0.33× Interest coverage – interest expense is not tagged in the filing Return on invested capital 91.4% Cost of debt, after tax – interest expense is not tagged in the filing Book values as of Jun 28, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Jun 30, 2024 to Jun 28, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Apple, Q2 FY25: assets of $331.2B against liabilities and equity.

Assets $331.2B Liabilities $264.4B Equity $66.8B as of Mar 29, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Mar 29, 2025).
Item	Value	Share
Assets	$331.2B	100%
Cash	$28.2B	9%
Short-term investments	$20.3B	6%
Receivables	$26.1B	8%
Inventory	$6.3B	2%
Other current assets	$14.1B	4%
Property & equipment	$46.9B	14%
Long-term investments	$84.4B	25%
Other assets	$104.9B	32%
Liabilities	$264.4B	80%
Payables	$54.1B	16%
Deferred revenue	$9.0B	3%
Short-term debt	$13.6B	4%
Other current liabilities	$61.8B	19%
Long-term debt	$78.6B	24%
Other liabilities	$47.3B	14%
Equity	$66.8B	20%
Stockholders' equity	$66.8B	20%

Capital flow of Apple, Q2 FY25: $36.05B moved from its sources to its uses.

Money moved $36.05B Free cash flow $20.88B Dec 29, 2024 – Mar 29, 2025 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Mar 29, 2025).
Item	Value	Share
Where the money came from	$36.05B	100%
Operating cash flow	$23.95B	66%
Investments sold, net	$4.30B	12%
Other investing	$1.69B	5%
Debt raised	$3.98B	11%
Taken from cash	$2.14B	6%
Where it went	−$36.05B	100%
Capital expenditure	−$3.07B	9%
Debt repaid	−$3.00B	8%
Share buybacks	−$26.18B	73%
Dividends	−$3.76B	10%
Other financing	−$0.04B	0%

Debt and liquidity of Apple, Q2 FY25: total debt $98.2B against cash and cash flow.

Total debt $98.2B Cash & short-term investments $48.5B Net debt $49.7B Operating cash flow, last 4 quarters $109.6B

Maturities as filed as of Sep 28, 2024; debt and cash as of Mar 29, 2025.

The numbers behind the diagram

Principal due, as of Sep 28, 2024
Due	Value
FY2025	$10.9B
FY2026	$12.3B
FY2027	$9.9B
FY2028	$7.8B
FY2029	$5.2B
after FY2029	$51.2B

Instruments, as of Sep 28, 2024
Due	Item	Coupon	Value
–	2013 to 2023 debt issuances, fixed rate notes		$97.3B

Capital structure of Apple, Q2 FY25: debt of $98.2B against book equity of $66.8B.

Debt to equity 1.47× Net debt to EBITDA 0.36× Interest coverage – interest expense is not tagged in the filing Return on invested capital 85.6% Cost of debt, after tax – interest expense is not tagged in the filing Book values as of Mar 29, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Mar 31, 2024 to Mar 29, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Apple, Q1 FY25: assets of $344.1B against liabilities and equity.

Assets $344.1B Liabilities $277.3B Equity $66.8B as of Dec 28, 2024

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Dec 28, 2024).
Item	Value	Share
Assets	$344.1B	100%
Cash	$30.3B	9%
Short-term investments	$23.5B	7%
Receivables	$29.6B	9%
Inventory	$6.9B	2%
Other current assets	$13.2B	4%
Property & equipment	$46.1B	13%
Long-term investments	$87.6B	25%
Other assets	$106.9B	31%
Liabilities	$277.3B	81%
Payables	$61.9B	18%
Deferred revenue	$8.5B	2%
Short-term debt	$10.8B	3%
Other current liabilities	$61.2B	18%
Long-term debt	$84.0B	24%
Other liabilities	$51.0B	15%
Equity	$66.8B	19%
Stockholders' equity	$66.8B	19%

Capital flow of Apple, Q1 FY25: $42.67B moved from its sources to its uses.

Money moved $42.67B Free cash flow $27.00B Sep 29 – Dec 28, 2024

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Dec 28, 2024).
Item	Value	Share
Where the money came from	$42.67B	100%
Operating cash flow	$29.94B	70%
Investments sold, net	$9.84B	23%
Other investing	$2.89B	7%
Where it went	−$42.67B	100%
Capital expenditure	−$2.94B	7%
Debt repaid	−$8.95B	21%
Share buybacks	−$26.53B	62%
Dividends	−$3.86B	9%
Other financing	−$0.04B	0%
Added to cash	−$0.36B	1%

Debt and liquidity of Apple, Q1 FY25: total debt $96.8B against cash and cash flow.

Total debt $96.8B Cash & short-term investments $53.8B Net debt $43.0B Operating cash flow, last 4 quarters $108.3B

Maturities as filed as of Sep 28, 2024; debt and cash as of Dec 28, 2024.

The numbers behind the diagram

Principal due, as of Sep 28, 2024
Due	Value
FY2025	$10.9B
FY2026	$12.3B
FY2027	$9.9B
FY2028	$7.8B
FY2029	$5.2B
after FY2029	$51.2B

Instruments, as of Sep 28, 2024
Due	Item	Coupon	Value
–	2013 to 2023 debt issuances, fixed rate notes		$97.3B

Capital structure of Apple, Q1 FY25: debt of $96.8B against book equity of $66.8B.

Debt to equity 1.45× Net debt to EBITDA 0.31× Interest coverage – interest expense is not tagged in the filing Return on invested capital 87.8% Cost of debt, after tax – interest expense is not tagged in the filing Book values as of Dec 28, 2024.

EBIT, EBITDA, interest and tax are the last four quarters, Dec 31, 2023 to Dec 28, 2024. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Quarter by quarter

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q3 FY26 Mar 29 – Jun 27, 2026 reported Jul 31, 2026 Operating margin 33% Net profit $29.8B	Mar 29 – Jun 27, 2026	Jul 31, 2026	$109.4B	+16%	33%	$29.8B	27%
Q2 FY26 Dec 28, 2025 – Mar 28, 2026 reported May 1, 2026 Operating margin 32% Net profit $29.6B	Dec 28, 2025 – Mar 28, 2026	May 1, 2026	$111.2B	+17%	32%	$29.6B	27%
Q1 FY26 Sep 28 – Dec 27, 2025 reported Jan 30, 2026 Operating margin 35% Net profit $42.1B	Sep 28 – Dec 27, 2025	Jan 30, 2026	$143.8B	+16%	35%	$42.1B	29%
Q4 FY25 Jun 29 – Sep 27, 2025 reported Oct 31, 2025 Operating margin 32% Net profit $27.5B	Jun 29 – Sep 27, 2025	Oct 31, 2025	$102.5B	+8%	32%	$27.5B	27%
Q3 FY25 Mar 30 – Jun 28, 2025 reported Aug 1, 2025 Operating margin 30% Net profit $23.4B	Mar 30 – Jun 28, 2025	Aug 1, 2025	$94.0B	+10%	30%	$23.4B	25%
Q2 FY25 Dec 29, 2024 – Mar 29, 2025 reported May 2, 2025 Operating margin 31% Net profit $24.8B	Dec 29, 2024 – Mar 29, 2025	May 2, 2025	$95.4B	+5%	31%	$24.8B	26%
Q1 FY25 Sep 29 – Dec 28, 2024 reported Jan 31, 2025 Operating margin 34% Net profit $36.3B	Sep 29 – Dec 28, 2024	Jan 31, 2025	$124.3B	+4%	34%	$36.3B	29%

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Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$84.3B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$107.5B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$191.9B	total debt + equity
Debt share total debt / total capital	44%	total debt / total capital
Equity share equity / total capital	56%	equity / total capital
Net debt total debt − cash and short-term investments	$21.9B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$154.9B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$13.1B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$168.0B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	–	four quarters summed
Debt to equity total debt / equity	0.78×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.13×	net debt / EBITDA
Interest coverage EBIT / interest expense	–interest expense is not tagged in the filing	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	17.3%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$128.1B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 28, 2025)	$120.8B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 28, 2025)
Return on invested capital NOPAT / average invested capital	106.0%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	–interest expense is not tagged in the filing	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	–interest expense is not tagged in the filing	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$84.7B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$106.5B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$191.2B	total debt + equity
Debt share total debt / total capital	44%	total debt / total capital
Equity share equity / total capital	56%	equity / total capital
Net debt total debt − cash and short-term investments	$16.2B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$147.4B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$12.6B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$160.0B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	–	four quarters summed
Debt to equity total debt / equity	0.80×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.10×	net debt / EBITDA
Interest coverage EBIT / interest expense	–interest expense is not tagged in the filing	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	17.0%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$122.3B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 29, 2025)	$119.6B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 29, 2025)
Return on invested capital NOPAT / average invested capital	102.3%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	–interest expense is not tagged in the filing	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	–interest expense is not tagged in the filing	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$90.5B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$88.2B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$178.7B	total debt + equity
Debt share total debt / total capital	51%	total debt / total capital
Equity share equity / total capital	49%	equity / total capital
Net debt total debt − cash and short-term investments	$23.6B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$141.1B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$11.8B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$152.9B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	–	four quarters summed
Debt to equity total debt / equity	1.03×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.15×	net debt / EBITDA
Interest coverage EBIT / interest expense	–interest expense is not tagged in the filing	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	16.6%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$117.7B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 28, 2024)	$110.8B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 28, 2024)
Return on invested capital NOPAT / average invested capital	106.3%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	–interest expense is not tagged in the filing	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	–interest expense is not tagged in the filing	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$98.7B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$73.7B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$172.4B	total debt + equity
Debt share total debt / total capital	57%	total debt / total capital
Equity share equity / total capital	43%	equity / total capital
Net debt total debt − cash and short-term investments	$44.0B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$133.1B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$11.7B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$144.7B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	–	four quarters summed
Debt to equity total debt / equity	1.34×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.30×	net debt / EBITDA
Interest coverage EBIT / interest expense	–interest expense is not tagged in the filing	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	15.6%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$112.3B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 28, 2024)	$108.1B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Sep 28, 2024)
Return on invested capital NOPAT / average invested capital	103.9%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	–interest expense is not tagged in the filing	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	–interest expense is not tagged in the filing	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$101.7B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$65.8B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$167.5B	total debt + equity
Debt share total debt / total capital	61%	total debt / total capital
Equity share equity / total capital	39%	equity / total capital
Net debt total debt − cash and short-term investments	$46.3B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$130.2B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$11.5B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$141.7B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	–	four quarters summed
Debt to equity total debt / equity	1.54×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.33×	net debt / EBITDA
Interest coverage EBIT / interest expense	–interest expense is not tagged in the filing	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	23.4%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$99.8B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 29, 2024)	$109.2B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 29, 2024)
Return on invested capital NOPAT / average invested capital	91.4%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	–interest expense is not tagged in the filing	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	–interest expense is not tagged in the filing	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$98.2B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$66.8B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$165.0B	total debt + equity
Debt share total debt / total capital	60%	total debt / total capital
Equity share equity / total capital	40%	equity / total capital
Net debt total debt − cash and short-term investments	$49.7B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$127.4B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$11.5B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$138.9B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	–	four quarters summed
Debt to equity total debt / equity	1.47×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.36×	net debt / EBITDA
Interest coverage EBIT / interest expense	–interest expense is not tagged in the filing	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	23.4%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$97.6B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 30, 2024)	$114.1B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 30, 2024)
Return on invested capital NOPAT / average invested capital	85.6%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	–interest expense is not tagged in the filing	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	–interest expense is not tagged in the filing	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$96.8B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$66.8B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$163.6B	total debt + equity
Debt share total debt / total capital	59%	total debt / total capital
Equity share equity / total capital	41%	equity / total capital
Net debt total debt − cash and short-term investments	$43.0B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$125.7B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$11.7B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$137.4B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	–	four quarters summed
Debt to equity total debt / equity	1.45×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.31×	net debt / EBITDA
Interest coverage EBIT / interest expense	–interest expense is not tagged in the filing	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	23.5%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$96.1B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 30, 2023)	$109.4B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Dec 30, 2023)
Return on invested capital NOPAT / average invested capital	87.8%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	–interest expense is not tagged in the filing	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	–interest expense is not tagged in the filing	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

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