AAPL Apple Inc.

Overview and Growth

Apple Inc. generated $416.16B of revenue in fiscal 2025, with net income of $112.01B and an operating cash inflow of $111.48B. Revenue of $416.16B sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 6.4% above fiscal 2024 revenue of $391.04B, marking a year-over-year increase. Diluted earnings per share were $7.46, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 22.7% increase from fiscal 2024 diluted EPS of $6.08. Asset turnover was 1.16x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $195.20B as gross profit before recognizing operating expenses and other items. Gross margin was 46.9%, so that share of each revenue unit remained after the cost of revenue reported for the period. The reported operating result was $133.05B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 32.0%, showing how efficiently sales converted into operating profit. The bottom-line result was net income of $112.01B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 26.9% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $132.73B, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 31.9%, relating income before taxes directly to revenue. Income tax expense totaled $20.72B, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 15.6%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

The company held $359.24B of assets against $285.51B of liabilities and $73.73B of equity, revealing how the asset base was financed. Current assets were $147.96B against $165.63B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 0.89x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. The company held $35.93B in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 21.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $90.68B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 1.23x, showing how much debt the company carried for each unit of book equity. Debt represented 25.2% of total assets, placing borrowing in the context of the company’s full resource base. Liabilities represented 79.5% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 10.0% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $111.48B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.0x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $12.71B of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 11.4%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $98.77B, leaving a positive amount after capital expenditures. The free-cash-flow margin was 23.7%, measuring cash remaining after capital spending against revenue. Free cash flow equaled 27.5% of total assets, relating post-investment cash generation to the company’s resource base.

Based on the annual report for the fiscal year ending Sep 27, 2025. Analysis generated Sep 24, 2026.