Apple Inc. (AAPL)
Income Statement
Consolidated Statement of Income
Apple Inc. (AAPL)
Year Ended (In millions, except shares in thousands and per share data)
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | |
|---|---|---|---|
| Net sales | $416,161 | $391,035 | $383,285 |
| Products | $307,003 | $294,866 | $298,085 |
| Services | $109,158 | $96,169 | $85,200 |
| Cost of sales | $220,960 | $210,352 | $214,137 |
| Products | $194,116 | $185,233 | $189,282 |
| Services | $26,844 | $25,119 | $24,855 |
| Gross margin | $195,201 | $180,683 | $169,148 |
| Research and development | $34,550 | $31,370 | $29,915 |
| Selling, general and administrative | $27,601 | $26,097 | $24,932 |
| Total operating expenses | $62,151 | $57,467 | $54,847 |
| Operating income | $133,050 | $123,216 | $114,301 |
| Other income/(expense), net | $(321) | $269 | $(565) |
| Income before provision for income taxes | $132,729 | $123,485 | $113,736 |
| Provision for income taxes | $20,719 | $29,749 | $16,741 |
| Net income | $112,010 | $93,736 | $96,995 |
| Basic (in dollars per share) | 7.49 | 6.11 | 6.16 |
| Diluted (in dollars per share) | 7.46 | 6.08 | 6.13 |
| Basic (in shares) | 14,948,500 | 15,343,783 | 15,744,231 |
| Diluted (in shares) | 15,004,697 | 15,408,095 | 15,812,547 |
Balance Sheet
Consolidated Balance Sheets
Apple Inc. (AAPL)
As of September 27, 2025 and September 28, 2024 (In millions, except shares in thousands and per share data)
| Sep 27, 2025 | Sep 28, 2024 | |
|---|---|---|
| Cash and cash equivalents | $35,934 | $29,943 |
| Marketable securities | $18,763 | $35,228 |
| Accounts receivable, net | $39,777 | $33,410 |
| Vendor non-trade receivables | $33,180 | $32,833 |
| Inventories | $5,718 | $7,286 |
| Other current assets | $14,585 | $14,287 |
| Total current assets | $147,957 | $152,987 |
| Marketable securities | $77,723 | $91,479 |
| Property, plant and equipment, net | $49,834 | $45,680 |
| Other non-current assets | $83,727 | $74,834 |
| Total non-current assets | $211,284 | $211,993 |
| Total assets | $359,241 | $364,980 |
| Accounts payable | $69,860 | $68,960 |
| Other current liabilities | $66,387 | $78,304 |
| Deferred revenue | $9,055 | $8,249 |
| Commercial paper | $7,979 | $9,967 |
| Commercial paper | $8,000 | $10,000 |
| Term debt | $12,350 | $10,912 |
| Total current liabilities | $165,631 | $176,392 |
| Term debt | $78,328 | $85,750 |
| Other non-current liabilities | $41,549 | $45,888 |
| Total non-current liabilities | $119,877 | $131,638 |
| Total liabilities | $285,508 | $308,030 |
| Commitments and contingencies | ||
| Common stock, shares outstanding (in shares) | 14,773,260 | 15,116,786 |
| Common stock, shares issued (in shares) | 14,773,260 | 15,116,786 |
| Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,773,260 and 15,116,786 shares issued and outstanding, respectively | $93,568 | $83,276 |
| Accumulated deficit | $(14,264) | $(19,154) |
| Accumulated other comprehensive loss | $(5,571) | $(7,172) |
| Total shareholders’ equity | $73,733 | $56,950 |
| Total liabilities and shareholders’ equity | $359,241 | $364,980 |
Cash Flow
Consolidated Statement of Cash Flows
Apple Inc. (AAPL)
Year Ended (In millions, except shares and per share data)
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | |
|---|---|---|---|
| Cash, cash equivalents, and restricted cash and cash equivalents, ending balances | |||
| Net income | $112,010 | $93,736 | $96,995 |
| Depreciation and amortization | $11,698 | $11,445 | $11,519 |
| Share-based compensation expense | $12,863 | $11,688 | $10,833 |
| Other | $(89) | $(2,266) | $(2,227) |
| Accounts receivable, net | $(6,682) | $(3,788) | $(1,688) |
| Vendor non-trade receivables | $(347) | $(1,356) | $1,271 |
| Inventories | $1,400 | $(1,046) | $(1,618) |
| Other current and non-current assets | $(9,197) | $(11,731) | $(5,684) |
| Accounts payable | $902 | $6,020 | $(1,889) |
| Other current and non-current liabilities | $(11,076) | $15,552 | $3,031 |
| Cash generated by operating activities | $111,482 | $118,254 | $110,543 |
| Purchases of marketable securities | $(24,407) | $(48,656) | $(29,513) |
| Proceeds from maturities of marketable securities | $40,907 | $51,211 | $39,686 |
| Proceeds from sales of marketable securities | $12,890 | $11,135 | $5,828 |
| Payments for acquisition of property, plant and equipment | $(12,715) | $(9,447) | $(10,959) |
| Other | $(1,480) | $(1,308) | $(1,337) |
| Cash generated by investing activities | $15,195 | $2,935 | $3,705 |
| Payments for taxes related to net share settlement of equity awards | $(5,960) | $(5,441) | $(5,431) |
| Restricted stock units | $(6,100) | $(5,600) | $(5,600) |
| Payments for dividends and dividend equivalents | $(15,421) | $(15,234) | $(15,025) |
| Repurchases of common stock | $(90,711) | $(94,949) | $(77,550) |
| Proceeds from issuance of term debt, net | $4,481 | $5,228 | |
| Repayments of term debt | $(10,932) | $(9,958) | $(11,151) |
| Proceeds from/(Repayments of) commercial paper, net | $(2,032) | $3,960 | $(3,978) |
| Other | $(111) | $(361) | $(581) |
| Cash used in financing activities | $(120,686) | $(121,983) | $(108,488) |
| Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents | $5,991 | $(794) | $5,760 |
| Cash, cash equivalents, and restricted cash and cash equivalents, ending balances | |||
| Cash paid for income taxes, net | $43,369 | $26,102 | $18,679 |