Is Apple financially healthy?

On 26 September 2026 Apple held 56.72B USD in cash and short-term investments against total debt of 80.11B USD. Its current ratio is 1.02: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 136.06B USD of free cash flow.

Apple's revenue grew 5.5% a year over its last five fiscal years, from 365.82B USD in fiscal year 2021 to 478.83B USD in fiscal year 2026. Over the last twelve months it was up 15.1% on the twelve months before.

Where can I find Apple's annual report (10-K)?

Apple files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

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Fair value282.74Plus+24%183Price 350.49383

Q1 FY2027 · Earnings report

EPS estimate 2.96Revenue estimate 156.04B

Q1 FY2027 · Earnings report

Thursday 4 February

EPS estimate 2.96Revenue estimate 156.04B

Fair value282.74Plus+24%183Price 350.49383

Q1 FY2027 · Earnings report

EPS estimate 2.96Revenue estimate 156.04B

Q1 FY2027 · Earnings report

Thursday 4 February

EPS estimate 2.96Revenue estimate 156.04B

Overview Financials Signals News Forecast Earnings Dividends Company

Apple financials

Yes. Apple earned 132.18B USD of net income over the last twelve months, 27.6% of its revenue. It made a profit in 39 of its 42 fiscal years since 1985. Its last loss was in fiscal year 2001.

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 478.83B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 132.18B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 136.06B USD
Cash and short-term investments: 56.72B USD
Total debt: 80.11B USD
Shareholders' equityWhat is a balance sheet? The balance sheet lists what a company owns (assets), what it owes (liabilities) and what is left for its shareholders (equity) on one date.: 112.09B USD

Cash, debt and equity as of 26 Sept 2026.

Apple earnings

Next earnings · Q1 FY2027

4 Feb 2027

EPS estimate

2.96 USD

Revenue estimate

156.04B USD

Last quarter · Q4 FY2026

EPS2.05Beat +3.0%Revenue114.48BBeat +0.9%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q4 FY2027	—	2.17	—	—	+6.09%	124.03B	—	—	+8.34%
Q3 FY2027	—	2.06	—	—	+2.02%	119.84B	—	—	+9.53%
Q2 FY2027	—	2.15	—	—	+7.09%	123.89B	—	—	+11.43%
Q1 FY2027	4 Feb 2027	2.96	—	—	+3.86%	156.04B	—	—	+8.55%
Q4 FY2026	2 Nov 2026	1.99	2.05	+3.02%	+10.81%	113.40B	114.48B	+0.95%	+11.72%
Q3 FY2026	30 Jul 2026	1.89	2.02	+6.88%	+28.66%	109.04B	109.42B	+0.35%	+16.36%
Q2 FY2026	30 Apr 2026	1.95	2.01	+3.08%	+21.82%	109.46B	111.18B	+1.58%	+16.60%
Q1 FY2026	29 Jan 2026	2.67	2.85	+6.74%	+18.75%	138.39B	143.76B	+3.88%	+15.65%
Q4 FY2025	30 Oct 2025	1.73	1.85	+6.94%	+12.80%	102.23B	102.47B	+0.23%	+7.94%
Q3 FY2025	31 Jul 2025	1.44	1.57	+9.03%	+12.14%	89.56B	94.04B	+4.99%	+9.63%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2029	11.37	—	—	+8.75%	590.99B	—	—	+4.40%
FY2028	10.46	—	—	+10.56%	566.07B	—	—	+7.57%
FY2027	9.46	—	—	+5.90%	526.23B	—	—	+9.90%
FY2026	8.84	8.93	+1.06%	+19.54%	477.59B	478.83B	+0.26%	+15.06%
FY2025	7.38	7.47	+1.19%	+10.67%	415.41B	416.16B	+0.18%	+6.43%
FY2024	6.43	6.75	+4.99%	+10.29%	400.37B	391.04B	-2.33%	+2.02%
FY2023	6.06	6.12	+1.03%	+0.16%	383.09B	383.29B	+0.05%	-2.80%

Apple growth and profitability

Full income statement

Revenue (TTM)What does TTM (trailing twelve months) mean? TTM (trailing twelve months) is a figure over the latest twelve months of reports: usually the last four quarters added together.: 478.83B USD
Net income (TTM)What is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.: 132.18B USD
Gross marginWhat are gross, operating and net profit margins? A profit margin is the share of revenue kept as profit: gross margin after the cost of sales, operating margin after running costs, net margin after all costs.: 48.79%
Operating margin: 33.01%
Net margin: 27.60%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2026	478.83B	+15.06%	132.18B	+18.00%	48.79%	33.01%	27.60%	172.66B	+19.55%
FY2025	416.16B	+6.43%	112.01B	+19.50%	46.91%	31.97%	26.92%	144.43B	+7.04%
FY2024	391.04B	+2.02%	93.74B	-3.36%	46.21%	31.51%	23.97%	134.93B	+4.44%
FY2023	383.29B	-2.80%	97.00B	-2.81%	44.13%	29.82%	25.31%	129.19B	-2.97%
FY2022	394.33B	+7.79%	99.80B	+5.41%	43.31%	30.29%	25.31%	133.14B	+8.12%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q4 FY2026	114.48B	30.71B	47.89%	31.13%	26.83%
Q3 FY2026	109.42B	29.79B	50.06%	32.62%	27.23%
Q2 FY2026	111.18B	29.58B	49.27%	32.28%	26.60%
Q1 FY2026	143.76B	42.10B	48.16%	35.37%	29.28%
Q4 FY2025	102.47B	27.47B	47.18%	31.65%	26.80%

How Apple makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

iPhone254.10B 53.1%

Service123.30B 25.8%

Mac37.93B 7.9%

Wearables, Home and Accessories35.58B 7.4%

iPad27.93B 5.8%

Revenue478.83B 100.0%

Cost of revenue245.23B 51.2%

Gross profit233.60B 48.8%

Research and development45.77B 9.6%

Selling and administration29.77B 6.2%

Operating income158.06B 33.0%

Tax27.06B 5.7%

Net income132.18B 27.6%

FY2026, in USD. Each band is as wide as its money; the percentage is its share of revenue.

Apple revenue breakdown

By product

FY2026

53.1%iPhone25.8%Service7.9%Mac7.4%Wearables, Home and Accessories5.8%iPad

Segment	Revenue	Share of revenue	Change on the year
iPhone	254.10B	53.1%	+21.2%
Service	123.30B	25.8%	+13.0%
Mac	37.93B	7.9%	+12.5%
Wearables, Home and Accessories	35.58B	7.4%	-0.3%
iPad	27.93B	5.8%	-0.3%

By region

FY2026

41.4%Americas26.6%Europe17.2%Greater China8.3%Rest of Asia Pacific6.5%Japan

Region	Revenue	Share of revenue	Change on the year
Americas	198.08B	41.4%	+11.1%
Europe	127.60B	26.6%	+14.9%
Greater China	82.38B	17.2%	+28.0%
Rest of Asia Pacific	39.86B	8.3%	+18.3%
Japan	30.91B	6.5%	+7.7%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2026	145.10B	136.06B
FY2025	111.48B	98.77B
FY2024	118.25B	108.81B
FY2023	110.54B	99.58B
FY2022	122.15B	111.44B
FY2021	104.04B	92.95B
FY2020	80.67B	73.37B
FY2019	69.39B	58.90B
FY2018	77.43B	64.12B
FY2017	64.23B	51.43B

Apple financial health

Full balance sheet

Cash and short-term investments: 56.72B USD
Total debt: 80.11B USD
Net cash: -23.39B USD
Free cash flow (TTM)What is free cash flow (FCF)? Free cash flow is the cash a company's operations bring in minus what it spends on long-term assets (capex): cash left for debt, dividends and buybacks.: 136.06B USD
Current ratioWhat is the current ratio? The current ratio is current assets divided by current liabilities: whether what a company will turn into cash within a year covers what it owes within a year.: 1.02
Debt to equityWhat is the debt to equity ratio? Debt to equity is a company's total debt divided by its shareholders' equity: how much it has borrowed for each dollar its owners have in the business.: 0.71
Piotroski scoreWhat is the Piotroski F-Score? The Piotroski F-Score rates a company's financial strength from 0 to 9: one point for each of nine tests of profit, debt and efficiency it passes.: 9 / 9
Altman Z-scoreWhat is the Altman Z-Score? The Altman Z-Score rolls five financial ratios into one number that signals a company's risk of bankruptcy: over 3 is safe, under 1.8 is distress.: 12.79

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2026	56.72B	80.11B	136.06B
FY2025	54.70B	112.38B	98.77B
FY2024	65.17B	119.06B	108.81B
FY2023	61.56B	123.93B	99.58B
FY2022	48.30B	132.48B	111.44B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2026	404.55B	292.46B	112.09B
FY2025	359.24B	285.51B	73.73B
FY2024	364.98B	308.03B	56.95B
FY2023	352.58B	290.44B	62.15B
FY2022	352.76B	302.08B	50.67B
FY2021	351.00B	287.91B	63.09B
FY2020	323.89B	258.55B	65.34B
FY2019	338.52B	248.03B	90.49B
FY2018	365.73B	258.58B	107.15B
FY2017	375.32B	241.27B	134.05B

Apple valuation

Price to earnings ratio (TTM)What is the P/E ratio? The P/E ratio divides a share's price by its earnings per share over the last year: what you pay for each dollar of profit.: 38.90
Forward P/E (FY2027)What is the forward P/E ratio? Forward P/E divides a share's price by the earnings per share analysts expect in the coming year, rather than last year's actual earnings.: 37.06
Price to sales (TTM)What is the P/S ratio? The price-to-sales ratio compares a company's market value with its revenue over the last year: what you pay for each dollar of sales.: 10.68
Price to bookWhat is the P/B ratio? The price-to-book ratio compares a company's market value with its book value, the shareholders' equity on its balance sheet.: 45.63
EV / EBITDA (TTM)What is EV/EBITDA? EV/EBITDA compares a company's whole value, debt included and cash taken off, with a year of its earnings before interest, tax and depreciation.: 29.76

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Market capitalization

5.12T USD

Total debt

80.11B USD

−

Cash and short-term investments

56.72B USD

Enterprise value

5.14T USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2029 (est.)	30.82	—	—	—	—
FY2028 (est.)	33.52	30.82	—	—	—
FY2027 (est.)	37.06	33.52	—	—	—
Now (TTM)	38.90	36.59	10.68	45.63	29.76
FY2026	37.85	36.07	10.44	44.61	29.22
FY2025	34.11	28.92	9.18	51.79	26.97
FY2024	37.28	30.88	8.94	61.37	26.56
FY2023	27.79	26.63	7.03	43.37	21.59
FY2022	24.46	24.86	6.19	48.14	19.14

Apple against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Each figure in the latest fiscal year against the same figure from FY2022 to FY2026: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: NVIDIA, Microsoft, Broadcom, Micron Technology, and Advanced Micro Devices, the US Technology companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median38.9
20.442.6
Gross marginHighest in 5 years48.8%
43.3%48.8%
Against its peers: 6 of 6Peers' median 67.9%
Operating marginHighest in 5 years33.0%
29.8%33.0%
Against its peers: 5 of 6Peers' median 46.8%
Net marginHighest in 5 years27.6%
24.0%27.6%
Against its peers: 5 of 6Peers' median 40.3%
Return on equityLowest in 5 years117.9%
117.9%197.0%
Against its peers: 1 of 6Peers' median 30.2%
Free cash flow marginHighest in 5 years28.4%
23.7%28.4%
Against its peers: 4 of 6Peers' median 42.1%
Revenue growthHighest in 5 years15.1%
-2.8%15.1%
Against its peers: 6 of 6Peers' median 34.3%
EPS growthAbove its median20.4%
-0.8%22.7%
Against its peers: 6 of 6Peers' median 165.0%
Debt to EBITDALowest in 5 years0.46×
0.46×1.00×
Against its peers: 3 of 6Peers' median 0.61×
Current ratioHighest in 5 years1.02
0.871.02
Against its peers: 6 of 6Peers' median 2.85

Figure	FY2026	5-year low – high	Against its history	Against its peers
P/E (today)	38.9	20.442.6	Above its median	—
Gross margin	48.8%	43.3%48.8%	Highest in 5 years	6 of 6
Operating margin	33.0%	29.8%33.0%	Highest in 5 years	5 of 6
Net margin	27.6%	24.0%27.6%	Highest in 5 years	5 of 6
Return on equity	117.9%	117.9%197.0%	Lowest in 5 years	1 of 6
Free cash flow margin	28.4%	23.7%28.4%	Highest in 5 years	4 of 6
Revenue growth	15.1%	-2.8%15.1%	Highest in 5 years	6 of 6
EPS growth	20.4%	-0.8%22.7%	Above its median	6 of 6
Debt to EBITDA	0.46×	0.46×1.00×	Lowest in 5 years	3 of 6
Current ratio	1.02	0.871.02	Highest in 5 years	6 of 6

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

Apple dividends

Annual dividend: 1.08 USD
Dividend yield (indicated)What is dividend yield? Dividend yield is a year of dividends as a percentage of the share price: the income a shareholder receives for each dollar invested at today's price.: 0.31%
Payout ratioWhat is the payout ratio? The payout ratio is the share of a company's earnings paid out as dividends: dividends per share divided by earnings per share (EPS).: 11.88%
Years of dividend growthWhat are years of dividend growth? The years in a row a company has raised its dividend per share. 25 years make an S&P 500 company a Dividend Aristocrat; 50 make a Dividend King.: 14
Frequency: Quarterly
Next payment: 0.27 USD
Next ex-dividend dateWhat is the ex-dividend date? The ex-dividend date is the first day a stock trades without its next dividend: buy before it to receive the payment; buy on or after it and the seller gets it.: 12 Nov 2026
Next payment date: 16 Nov 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	1.03	0.99	0.95	0.91	0.87	0.81	0.76	0.71	0.62	0.56

Apple ownership

InstitutionsWhat is institutional ownership? Institutional ownership is the share of a company's stock held by funds, banks and other investment managers, as they report it each quarter on Form 13F.: 66.49%
Institutional holders: 6,481 (+58)
Free floatWhat is free float? Free float is the part of a company's shares that anyone can buy and sell: all its shares minus those held by insiders, founders and owners of over 5%.: 99.88%

Who owns the shares

Institutions 66.5% Others 33.5%

As of 30 Jun 2026

Shares free to trade

Free float 14.58B shares ·99.9% Closely held 17.45M shares ·0.1%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	25	786.69K	1.25M
Q3 2026	8	455.60K	59.76K
Q2 2026	14	303.20K	927.38K
Q1 2026	0	76.70K	102.49K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2026	14.66B	14.72B	-1.90%
FY2025	14.95B	15.00B	-2.62%
FY2024	15.34B	15.41B	-2.56%
FY2023	15.74B	15.81B	-3.14%
FY2022	16.22B	16.33B	-3.20%

Common questions about Apple's financials

Source: Financial Modeling Prep

Apple
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AAPL

Apple financials

Apple earnings

Revenue

EPS

Apple growth and profitability

Revenue / Net income

How Apple makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Apple revenue breakdown

By product

By region

Operating and free cash flow

Apple financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Apple valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Apple against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Apple dividends

Dividends per share

Apple ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Apple's financials

Is Apple profitable?

Is Apple financially healthy?

Is Apple growing?

Where can I find Apple's annual report (10-K)?

Need help?

Apple DQuotes are delayed by 15 minutes

AAPL

Apple financials

Apple earnings

Revenue

EPS

Apple growth and profitability

Revenue / Net income

How Apple makes its moneyWhat is an income statement? The income statement shows a company's revenue, costs and profit over a quarter or a year, from sales at the top to net income at the bottom.

Apple revenue breakdown

By product

By region

Operating and free cash flow

Apple financial health

Cash, debt and free cash flow

Assets, liabilities and equity

Apple valuation

Capital structureWhat is enterprise value? Enterprise value is what the whole business costs: the market value of its shares plus its debt minus its cash. It is the price behind EV/EBITDA.

Valuation over time

Apple against its own historyWhat does "against its own history" show? The company's latest margins, return on equity, growth, debt and P/E against its own last 5 years: the low, the median and the high, and whether this year is better or worse than usual.

Apple dividends

Dividends per share

Apple ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about Apple's financials

Is Apple profitable?

Is Apple financially healthy?

Is Apple growing?

Where can I find Apple's annual report (10-K)?

Need help?

Apple
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Quotes are delayed by 15 minutes