Earnings quality
Compare earnings and operating cash flow for earnings quality.
Apple Inc.
Ticker AAPL · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2025-10-31 · Period end 2025-09-27
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 32.0%; equity ratio is 20.5%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin32.0%
Equity ratio20.5%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Apple Inc. designs and sells consumer electronics, software, and services, including the iPhone, Mac, iPad, Wearables, and a growing Services segment (App Store, advertising, cloud, and more). Results are reported under US GAAP on a consolidated basis.
- iPhone
- Mac
- iPad
- Wearables & accessories
- Services
Segments iPhone · Mac · iPad · Wearables, Home and Accessories · Services
Financial statements
Income statement
| Account | FY2024 (ended Sep 28, 2024) | FY2025 (ended Sep 27, 2025) |
|---|---|---|
| Revenue | $391.0B | $416.2B |
| Cost of sales* | $210.4B | $221.0B |
| Gross profit | $180.7B | $195.2B |
| Operating profit | $123.2B | $133.1B |
| Income tax | $29.7B | $20.7B |
| Net income | $93.7B | $112.0B |
| Basic EPS | 6.11 | 7.49 |
Balance sheet
| Account | FY2024 (ended Sep 28, 2024) | FY2025 (ended Sep 27, 2025) |
|---|---|---|
| Cash & equivalents | $29.9B | $35.9B |
| Current assets | $153.0B | $148.0B |
| Non-current assets* | $212.0B | $211.3B |
| Total assets | $365.0B | $359.2B |
| Current liabilities | $176.4B | $165.6B |
| Non-current liabilities* | $131.6B | $119.9B |
| Total liabilities | $308.0B | $285.5B |
| Stockholders’ equity | $57.0B | $73.7B |
Cash flow statement
| Account | FY2024 (ended Sep 28, 2024) | FY2025 (ended Sep 27, 2025) |
|---|---|---|
| Operating cash flow | $118.3B | $111.5B |
| Investing cash flow | $2.9B | $15.2B |
| Financing cash flow | -$122.0B | -$120.7B |
| Cash at end of period | $29.9B | $35.9B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $365.8B | $394.3B | $383.3B | $391.0B | $416.2B | |
| Operating profit | $108.9B | $119.4B | $114.3B | $123.2B | $133.1B | |
| Net income | $94.7B | $99.8B | $97.0B | $93.7B | $112.0B | |
| Total assets | $351.0B | $352.8B | $352.6B | $365.0B | $359.2B | |
| Cash & equivalents | $34.9B | $23.6B | $30.0B | $29.9B | $35.9B | |
| Stockholders’ equity | $63.1B | $50.7B | $62.1B | $57.0B | $73.7B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $391.0B to $416.2B (▲ +6.4%). Operating profit went from $123.2B to $133.1B (▲ +8.0%).
Operating cash flow was $111.5B (prior $118.3B), with cash on the balance sheet at $35.9B versus $29.9B.
Liquidity & leverage
Cash moved from $29.9B to $35.9B; current liabilities $165.6B.
Capital buffer
Stockholders’ equity moved from $57.0B to $73.7B.
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Source: SEC EDGAR 0000320193-25-000079
(Apple Inc.), period end 2025-09-27.