Apple (AAPL) | Financial Analysis & Statements
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Mar 2025Income Metrics
Revenue
95.4B
Gross Profit
44.9B
47.05%
Operating Income
29.6B
31.03%
Net Income
24.8B
25.99%
EPS (Diluted)
$1.65
Balance Sheet Metrics
Total Assets
331.2B
Total Liabilities
264.4B
Shareholders Equity
66.8B
Debt to Equity
3.96
Cash Flow Metrics
Operating Cash Flow
24.0B
Free Cash Flow
20.9B
Revenue & Profitability Trend
Apple Income Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 391.0B | 383.3B | 394.3B | 365.8B | 274.5B |
| Cost of Goods Sold | 210.4B | 214.1B | 223.5B | 213.0B | 169.6B |
| Gross Profit | 180.7B | 169.1B | 170.8B | 152.8B | 105.0B |
| Gross Margin % | 46.2% | 44.1% | 43.3% | 41.8% | 38.2% |
| Operating Expenses | |||||
| Research & Development | 31.4B | 29.9B | 26.3B | 21.9B | 18.8B |
| Selling, General & Administrative | 26.1B | 24.9B | 25.1B | 22.0B | 19.9B |
| Other Operating Expenses | - | - | - | - | - |
| Total Operating Expenses | 57.5B | 54.8B | 51.3B | 43.9B | 38.7B |
| Operating Income | 123.2B | 114.3B | 119.4B | 108.9B | 66.3B |
| Operating Margin % | 31.5% | 29.8% | 30.3% | 29.8% | 24.1% |
| Non-Operating Items | |||||
| Interest Income | - | 3.8B | 2.8B | 2.8B | 3.8B |
| Interest Expense | - | 3.9B | 2.9B | 2.6B | 2.9B |
| Other Non-Operating Income | 269.0M | -565.0M | -334.0M | 60.0M | -87.0M |
| Pre-tax Income | 123.5B | 113.7B | 119.1B | 109.2B | 67.1B |
| Income Tax | 29.7B | 16.7B | 19.3B | 14.5B | 9.7B |
| Effective Tax Rate % | 24.1% | 14.7% | 16.2% | 13.3% | 14.4% |
| Net Income | 93.7B | 97.0B | 99.8B | 94.7B | 57.4B |
| Net Margin % | 24.0% | 25.3% | 25.3% | 25.9% | 20.9% |
| Key Metrics | |||||
| EBITDA | 134.7B | 125.8B | 130.5B | 123.1B | 81.0B |
| EPS (Basic) | $6.11 | $6.16 | $6.15 | $5.67 | $3.31 |
| EPS (Diluted) | $6.08 | $6.13 | $6.11 | $5.61 | $3.28 |
| Basic Shares Outstanding | 15343783000 | 15744231000 | 16215963000 | 16701272000 | 17352119000 |
| Diluted Shares Outstanding | 15343783000 | 15744231000 | 16215963000 | 16701272000 | 17352119000 |
Income Statement Trend
Apple Balance Sheet From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 29.9B | 30.0B | 23.6B | 34.9B | 38.0B |
| Short-term Investments | 35.2B | 31.6B | 24.7B | 27.7B | 52.9B |
| Accounts Receivable | 33.4B | 29.5B | 28.2B | 26.3B | 16.1B |
| Inventory | 7.3B | 6.3B | 4.9B | 6.6B | 4.1B |
| Other Current Assets | 14.3B | 14.7B | 21.2B | 14.1B | 11.3B |
| Total Current Assets | 153.0B | 143.6B | 135.4B | 134.8B | 143.7B |
| Non-Current Assets | |||||
| Property, Plant & Equipment | 0 | 10.7B | 10.4B | 10.1B | 8.6B |
| Goodwill | - | - | - | - | - |
| Intangible Assets | - | - | - | - | - |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | 74.8B | 64.8B | 44.0B | 38.8B | 34.0B |
| Total Non-Current Assets | 212.0B | 209.0B | 217.4B | 216.2B | 180.2B |
| Total Assets | 365.0B | 352.6B | 352.8B | 351.0B | 323.9B |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | 69.0B | 62.6B | 64.1B | 54.8B | 42.3B |
| Short-term Debt | 20.9B | 15.8B | 22.8B | 17.1B | 15.2B |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | 51.7B | 50.0B | 52.6B | 46.0B | 41.2B |
| Total Current Liabilities | 176.4B | 145.3B | 154.0B | 125.5B | 105.4B |
| Non-Current Liabilities | |||||
| Long-term Debt | 85.8B | 95.3B | 109.7B | 119.4B | 107.0B |
| Deferred Tax Liabilities | - | - | - | - | - |
| Other Non-Current Liabilities | 36.6B | 34.4B | 21.7B | 18.4B | 17.9B |
| Total Non-Current Liabilities | 131.6B | 145.1B | 148.1B | 162.4B | 153.2B |
| Total Liabilities | 308.0B | 290.4B | 302.1B | 287.9B | 258.5B |
| Equity | |||||
| Common Stock | 83.3B | 73.8B | 64.8B | 57.4B | 50.8B |
| Retained Earnings | -19.2B | -214.0M | -3.1B | 5.6B | 15.0B |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 57.0B | 62.1B | 50.7B | 63.1B | 65.3B |
| Key Metrics | |||||
| Total Debt | 106.6B | 111.1B | 132.5B | 136.5B | 122.3B |
| Working Capital | -23.4B | -1.7B | -18.6B | 9.4B | 38.3B |
Balance Sheet Composition
Apple Cash Flow Statement From 2020 to 2024
| Metric | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 93.7B | 97.0B | 99.8B | 94.7B | 57.4B |
| Depreciation & Amortization | 11.4B | 11.5B | 11.1B | 11.3B | 11.1B |
| Stock-Based Compensation | 11.7B | 10.8B | 9.0B | 7.9B | 6.8B |
| Working Capital Changes | 3.7B | -6.6B | 1.7B | -3.2B | 5.7B |
| Operating Cash Flow | 118.3B | 110.5B | 123.5B | 100.9B | 80.7B |
| Investing Activities | |||||
| Capital Expenditures | -9.4B | -11.0B | -10.7B | -11.1B | -7.3B |
| Acquisitions | - | - | -306.0M | -33.0M | -1.5B |
| Investment Purchases | -48.7B | -29.5B | -76.9B | -109.6B | -114.9B |
| Investment Sales | 62.3B | 45.5B | 67.4B | 106.5B | 120.4B |
| Investing Cash Flow | 2.9B | 3.7B | -22.7B | -14.6B | -4.3B |
| Financing Activities | |||||
| Share Repurchases | -94.9B | -77.6B | -89.4B | -86.0B | -72.4B |
| Dividends Paid | -15.2B | -15.0B | -14.8B | -14.5B | -14.1B |
| Debt Issuance | 0 | 5.2B | 5.5B | 20.4B | 16.1B |
| Debt Repayment | -10.0B | -11.2B | -9.5B | -8.8B | -12.6B |
| Financing Cash Flow | -122.0B | -108.5B | -110.7B | -92.2B | -85.9B |
| Free Cash Flow | 108.8B | 99.6B | 111.4B | 93.0B | 73.4B |
| Net Change in Cash | -794.0M | 5.8B | -9.9B | -5.9B | -9.6B |
Cash Flow Trend
Apple Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
35.47
Forward P/E
28.17
Price to Book
52.83
Price to Sales
8.50
PEG Ratio
2.92
Profitability Ratios
Profit Margin
24.30%
Operating Margin
29.99%
Return on Equity
149.81%
Return on Assets
24.55%
Financial Health
Current Ratio
0.87
Debt to Equity
154.49
Beta
1.11
Per Share Data
EPS (TTM)
$6.60
Book Value per Share
$4.43
Revenue per Share
$27.17
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| aapl | 3.6T | 35.47 | 52.83 | 149.81% | 24.30% | 154.49 |
| Sony | 174.4B | 22.01 | 0.02 | 14.44% | 8.81% | 18.76 |
| Sonos | 1.8B | 142.45 | 4.58 | -17.69% | -5.41% | 15.57 |
| Zepp Health | 740.2M | -10.91 | 3.56 | -28.32% | -38.81% | 47.49 |
| GoPro | 327.4M | 21.21 | 3.34 | -76.81% | -14.53% | 126.31 |
| Turtle Beach | 299.1M | 15.41 | 2.56 | 17.97% | 5.53% | 58.48 |
Financial data is updated regularly. All figures are in the company's reporting currency.