⚡What does Apple do, in 30 seconds?
Apple designs iPhones, Macs, iPads and wearables, and sells paid services such as the App Store, Apple Music and cloud storage 6 8. It sold $416.2bn ✓ in FY2025, and iPhone alone made up 50% ✓ of that. Services added 26% ✓ of sales and kept 75.4% ✓ of their sales as gross profit.
📱What does Apple sell?
Apple has five business lines, and iPhone is by far the biggest. Here is what each one is and who buys it.
iPhone
Apple's smartphones, which run its iOS software; in late 2025 the line included iPhone 17 Pro, iPhone Air and iPhone 17 1. iPhone brought in $209.6bn ✓ in FY2025. Higher sales of Pro models drove iPhone growth in fiscal 2025 34. Apple's first foldable iPhone, iPhone Duo, went on sale in October 2026 5.
👥 Everyday phone users. Across all its products, Apple made 60% of its fiscal 2025 sales through carriers and other resellers 6.
Mac
Apple's computers, which run macOS: MacBook Air and MacBook Pro laptops, and iMac, Mac mini, Mac Studio and Mac Pro desktops 1. Apple added a new laptop, MacBook Neo, in the March 2026 quarter 7. Mac brought in $33.7bn ✓ in FY2025.
👥 Students, creative workers, software developers and office users.
iPad
Apple's tablets, which run iPadOS: iPad Pro, iPad Air, iPad and iPad mini 1. A new iPad Air with Apple's M4 chip came out in the March 2026 quarter 7. iPad brought in $28.0bn ✓ in FY2025.
👥 Families, students, artists and people who want a bigger screen than a phone.
Wearables & Home
Apple Watch, AirPods and Beats headphones, the Vision Pro headset, Apple TV 4K, HomePod speakers and accessories 1. This line brought in $35.7bn ✓ in FY2025. Its sales fell in fiscal 2025, then rose in the first nine months of fiscal 2026 34.
👥 iPhone owners who add a watch, earbuds or a speaker.
Services
Advertising, AppleCare support plans, cloud storage, the App Store, Apple Music, Apple TV, Apple Card and Apple Pay 8. Apple also earns licensing fees from Google and others for offering their search on its platforms and apps 9. Services brought in $109.2bn ✓ in FY2025.
👥 People who already own Apple devices and pay monthly or per purchase.
How the mix has shifted
Where the customers are
The biggest share of Apple's sales comes from the Americas, at 43% ✓ in FY2025. Europe added 27% ✓, and Greater China 15% ✓. Apple counts India, the Middle East and Africa as part of its Europe region 6. Japan added 7% ✓ and the rest of Asia Pacific 8% ✓.
💸How does Apple make money?
Follow the money from left to rightfrom top to bottom: what customers pay for, what it costs to make, and what is left as profit.
Apple sold $416.2bn ✓ of products and services in FY2025. Making those devices and running those services cost $221.0bn ✓. What is left is gross profit, the money kept after paying for what was sold. That came to $195.2bn ✓.
Next come the costs of running the company. Research and development took $34.6bn ✓, and sales, marketing and admin took $27.6bn ✓. What remains is operating profit, the profit from the main business, which was $133.1bn ✓. After tax of $20.7bn ✓ and a small other expense, net income was $112.0bn ✓. Put simply, out of every hundred dollars of sales, Apple kept about $27 ✓ as profit.
Out of every $100 customers paid in FY2025…
⏱️ Apple by the clock
Spread the FY2025 totals evenly over its 364 days and you get this. Source: Apple Inc. 10-K [10].
📈How is Apple doing?
Apple is still growing, but slowly over the long run. From FY2015 to FY2025, sales grew 5.9% ✓ a year on average. Sales rose in 7 ✓ of those 10 ✓ years. Apple also kept more of each sale, as gross margin rose from 40.1% ✓ to 46.9% ✓. Operating margin reached 32.0% ✓ in FY2025, so about a third of sales became operating profit.
The latest four quarters, to 27 June 2026, look stronger. Sales reached $466.8bn ✓, up 14.2% ✓ on the four quarters before. Higher sales of Pro models drove iPhone growth in the first nine months of fiscal 2026 34. Operating margin climbed to 33.2% ✓. In the June 2026 quarter, gross margin was 50.1%, and refunds of tariffs Apple had paid added about 2 points of that 42. Free cash flow was $98.8bn ✓ in FY2025 and $136.7bn ✓ in the four quarters to June 2026. Apple plans to report results for the three months to September 2026 on 2 November 2026 50.
📝 The report card
Apple earns top marks for profit and cash, a fair mark for its balance sheet, and weaker marks for growth and steadiness. Every company is graded on the same fixed scale, so an A means the same thing on every page. The strip shows where Apple (orange) and its 6 peers land; further right is better.
Growth
Apple's sales grew just 1.8% ✓ a year over its last three fiscal years, which earns a D ✓ on the fixed scale. Microsoft grew 16.1% ✓ a year over its own latest three fiscal years, good for an A ✓.
Why this measure? (higher is better)
Growing sales is the engine of a business. Mature giants rarely grow fast, so 5% a year already earns a C.
Profitability
Over the last three years combined, Apple kept 31.1% ✓ of sales as operating profit, just clearing the bar for an A ✓. Alphabet is about level at 30.7% ✓, while Microsoft keeps even more at 45.8% ✓.
Why this measure? (higher is better)
Operating margin is the share of each sales dollar left after running the business. Software and platforms often clear 30%; hardware makers usually sit below 10%.
Cash generation
Over the last three years combined, Apple turned 25.8% ✓ of sales into free cash flow, comfortably an A ✓. Among its peers, only Meta did better, at 28.8% ✓.
Why this measure? (higher is better)
Free cash flow is the cash left after paying for factories, data centres and equipment. It funds dividends, buybacks and new bets.
Balance sheet
Apple's cash and investments minus its borrowings (leases not counted) equalled 8.1% ✓ of a year's sales at the end of FY2025, a B ✓, near the lower edge of the band. Net cash has shrunk from $141.3bn ✓ in FY2015 to $33.8bn ✓ in FY2025. Over the same years, Apple spent $901.8bn ✓ on buybacks and dividends.
Why this measure? (higher is better)
More cash than debt gives a company room to ride out bad years. Some debt is normal; a lot of it makes a company fragile.
Steadiness
Apple's yearly growth rates vary a lot, with a standard deviation of 11.5% ✓, which earns a C ✓. One-off jumps like 33.3% ✓ in FY2021 add to that, while Microsoft's figure is just 4.2% ✓.
Why this measure? (lower is better)
Steady growers are easier to plan around. Big swings mean sales depend on product cycles, the economy or one-off events.
🧑🏫 How the grades work
- Same scale for everyone. Each measure has fixed cut-offs (shown under each strip). Clear the A line and you get an A, whatever your peers do.
- Three years together. Profitability and cash generation add up the last three fiscal years before dividing, so one unusual year counts for less than it would on its own (a year much bigger than the others still weighs most).
- Peers for context. The rank shows how Apple compares with the group. Companies within 0.1 percentage point share a rank.
- Same source. Every company's figures come from its own latest annual report (10-K), so fiscal years end in different months.
- Judgement, openly stated. The cut-offs are QuantVantage.ai's view of what good looks like for a large, established company. They are not a forecast or a recommendation.
11 years at a glance
Where the cash goes
Over the 11 fiscal years from FY2015 to FY2025, Apple handed back more cash than its free cash flow. It spent $901.8bn ✓ on buybacks and dividends, against $883.2bn ✓ of free cash flow. In FY2025 alone, payouts equalled 107% ✓ of free cash flow. In April 2026, Apple approved a further buyback of up to $100 billion 7.
🧮Ratios 101: what are Apple's key financial ratios?
Ratios shrink Apple's giant numbers into easy comparisons, and a few look strange until you know how much it spends on buybacks. A ratio divides one number by another so companies of any size can be compared. Each card shows the formula with Apple's real FY2025 numbers, the peer median and the trend.
💰 Profitability: how much of each sale is kept?
Gross margin
What is left from each sale after paying to make the product or deliver the service.
👉 At 46.9% ✓, up from 40.1% ✓ in FY2015, Apple trails the 55.0% ✓ peer median. Its products kept only 36.8% ✓, far less than its Services.
📏 Rule of thumb: Above 40% usually signals pricing power or a big software or services mix.
Operating margin
What is left after also paying for research, marketing and running the company.
👉 Apple's 32.0% ✓ beats the 21.6% ✓ peer median and its own 30.5% ✓ of FY2015, as richer gross margins outweighed higher R&D.
📏 Rule of thumb: Above 20% is strong for a large company.
Net margin
The bottom line: profit after interest and taxes, per dollar of sales.
👉 Apple keeps 26.9% ✓ of sales as final profit, up from 22.8% ✓ in FY2015 and above the 20.5% ✓ peer median.
📏 Rule of thumb: Above 15% is strong; one-off tax items can move it in a single year.
Return on equity (ROE)
Profit earned for each dollar that shareholders have left in the company.
👉 ROE of 151.9% ✓ dwarfs the 29.0% ✓ peer median, because years of buybacks have left shareholders' equity at just $73.7bn ✓.
📏 Rule of thumb: Around 15% or more is good, but buybacks shrink equity and can make ROE look huge.
⚙️ Efficiency: how hard do the assets work?
Return on assets (ROA)
Profit earned from everything the company owns, however it was paid for.
👉 ROA of 31.2% ✓, up from 18.4% ✓ in FY2015 and above the 13.0% ✓ peer median, is a cleaner strength signal than ROE.
📏 Rule of thumb: Above 10% is strong; banks and factories usually earn less.
Asset turnover
Dollars of sales squeezed out of each dollar of assets.
👉 Apple's sales are 1.2x ✓ the value of everything it owns, up from 0.8x ✓ in FY2015 and above the 0.8x ✓ peer median.
📏 Rule of thumb: Retailers often top 2x; asset-heavy businesses can sit below 0.5x.
Inventory days
How many days of products sit in warehouses before they are sold.
👉 Apple holds just 9 ✓ days of stock, up from 6 ✓ days in FY2015 and far below the peer median of 41 ✓ days.
📏 Rule of thumb: Fewer days means less cash tied up and less risk of products going stale.
🛟 Safety: could it survive a bad year?
Current ratio
Can short-term assets (cash, money owed by customers, stock) pay the bills due within a year?
👉 Apple's 0.9x ✓ sits below one: it had $148.0bn ✓ of current assets against $165.6bn ✓ of bills due within a year.
📏 Rule of thumb: Above 1.0x is the classic comfort line, but cash-rich giants can run below it on purpose.
Debt to equity
How much the company has borrowed for each dollar shareholders have in it.
👉 Apple's 1.3x ✓, versus 0.5x ✓ in FY2015 and a 0.1x ✓ peer median, rose partly because debt grew and partly because buybacks shrank equity.
📏 Rule of thumb: Below 1.0x is conservative. Like ROE, it can rise when buybacks shrink equity, even if debt has not changed.
💵 Cash and owners: where does the money end up?
Cash conversion
Does reported profit turn into real cash? Free cash flow is operating cash minus capital spending.
👉 Apple turns profit into cash at 0.9x ✓, above the 0.7x ✓ peer median but below 1.3x ✓ in FY2015.
📏 Rule of thumb: Near or above 1.0x means profits are backed by cash.
R&D intensity
How much of each sales dollar goes into inventing future products.
👉 Apple spends 8.3% ✓ of sales on R&D, up from 3.5% ✓ in FY2015 but below the 10.7% ✓ peer median.
📏 Rule of thumb: Tech companies often spend 10% to 20%; more is not always better if it does not pay off.
Stock pay
Pay given to staff in shares instead of cash. It is a real cost to owners because it adds shares.
👉 Stock pay is 3.1% ✓ of sales, close to the 3.2% ✓ peer median but up from 1.5% ✓ in FY2015.
📏 Rule of thumb: Under 5% of sales is modest for a tech company.
Shareholder payout
How much of the year's profit was handed back to owners.
👉 Apple returned 94.8% ✓ of FY2025 profit (and 107% ✓ of its smaller free cash flow), against a peer median of 47.2% ✓.
📏 Rule of thumb: Above 100% means it returned more than it earned, using cash savings or debt.
Ratios use fiscal-year-end balance sheet values. Inputs are shown rounded, so dividing them can differ from the result in the last digit. A peer median leaves out peers that do not report the inputs, or where the ratio means nothing (for example, negative shareholders' equity). Rules of thumb are general guides from QuantVantage.ai, not hard limits. No share-price ratios (like price-to-earnings) are shown on this page.
🥊Who are Apple's competitors?
Apple competes with both device makers and platform companies. Dell and HP sell PCs that compete with the Mac 242526 2728. Microsoft, Alphabet, Amazon and Meta meet Apple in computers, phones, home devices and headsets 1415 16171819 1820 212223.
| Company | Where they compete | Revenue | Growth/yr (3y) | Op. margin | FCF margin |
|---|---|---|---|---|---|
| Apple (AAPL, FY2025) | Phones, computers, tablets, wearables and services | $416.2bn | 1.8% | 32.0% | 23.7% |
| Microsoft (MSFT, FY2026) | Windows PCs and Surface devices against Mac and iPad 1415 | $331.8bn | 16.1% | 46.8% | 20.2% |
| Alphabet (GOOGL, FY2025) | Android and Pixel phones against iPhone; also a partner, paying Apple for search 16171819 | $402.8bn | 12.5% | 32.0% | 18.2% |
| Amazon (AMZN, FY2025) | Kindle, Fire tablets, Fire TV and Echo devices, plus video and music subscriptions 1820 | $716.9bn | 11.7% | 11.2% | 1.1% |
| Meta Platforms (META, FY2025) | Quest headsets against Vision Pro, and digital ads 212223 | $201.0bn | 19.9% | 41.4% | 22.9% |
| Dell Technologies (DELL, FY2026) | Windows laptops and desktops that compete with Mac 242526 | $113.5bn | 3.5% | 7.2% | 7.5% |
| HP Inc. (HPQ, FY2025) | Laptops and desktop PCs that compete with Mac 2728 | $55.3bn | -4.2% | 5.7% | 5.1% |
Apple says some rivals have broad product lines, low-priced products and large bases of active devices 6. It also says rivals copy its features, and it expects competition to get tougher 6.
🧭Apple SWOT: strengths, weaknesses, opportunities and threats
💪 Strengths
- Apple said in January 2026 that more than 2.5bn of its devices were in active use 32.
- Services kept 75.4% of their sales as gross profit in fiscal 2025, up from 70.8% in fiscal 2023 3.
- Over the last three years combined, Apple turned 25.8% ✓ of sales into free cash flow, an A ✓ on our report card.
- Apple designs nearly all of its products itself, from the hardware and software to the services 6.
🩹 Weaknesses
- iPhone still brings in 50% ✓ of sales, so one product drives much of the business.
- Sales grew only 1.8% ✓ a year over the three years to FY2025, slower than most peers.
- Partners mainly in Asia do the final assembly of substantially all of Apple's hardware, and many parts come from a single supplier 9.
- Wearables, Home & Accessories sales slipped to $35.7bn ✓ in FY2025, from $39.8bn ✓ in FY2023.
🚀 Opportunities
- Under a deal announced in January 2026, Apple's next AI models will be based on Google's Gemini 40.
- Apple introduced Siri AI in June 2026 414243. In October 2026 it added five more languages 44.
- Greater China sales fell 4% in fiscal 2025 3. They rose in the first nine months of fiscal 2026, mainly on higher iPhone sales 4.
- iPhone Duo, Apple's first foldable iPhone, went on sale on 23 October 2026 5.
⚠️ Threats
- Apple says costs for chips, storage and memory are rising, and price rises may not make up for them 41.
- A US court has limited the fee Apple can charge on App Store purchases made outside an app 38.
- Apple warns that appeals in the US search case could end with Google barred from paying Apple for search placement 39.
- In July 2026, Apple said new US tariffs had been imposed and that more were possible 41.
🏰Does Apple have a moat?
Why 5?
Apple's products kept 36.8% of their sales as gross profit in fiscal 2025 36. Apple says many rivals compete mainly on low prices, and some make little or no profit 36. Yet Apple has only a minority share of the world's phone, PC, tablet and wearables markets 6. More than 2.5bn of its devices were in active use in January 2026 32.
Why 4?
Apple had $57.0bn of manufacturing purchase commitments at 27 June 2026 34. In 2025 it brought out C1, the first modem Apple designed itself 35. TSMC's Arizona plant made more than 100 million chips for Apple in 2026 36. But Apple relies on partners, mainly in Asia, for final assembly, and on single suppliers for many parts 9.
Why 3?
Apple holds a broad set of patents, designs and trademarks, but says no single right protects its products on its own 37. A US court has limited the fee Apple can charge on App Store purchases made outside an app 38. In April 2025 the EU fined Apple 500 million euros and ordered it to let developers steer users outside the App Store 38. EU rules also make Apple open some features to other companies' products for free 39.
A moat is what keeps rivals from taking a company's customers and profits. Scores are QuantVantage.ai's judgement (5 = strongest), set with the same rubric on every explainer (orange is Apple; grey dots are peers).
🔭What should you watch next?
Q4 FY2026 results
Apple plans to report results for the three months to September, with a call hosted by CEO John Ternus and CFO Kevan Parekh 50. Figures on this page run to FY2025 and the four quarters to 27 June 2026.
📚Learn the words
❓Frequently asked questions about Apple
How does Apple make money?
Apple makes most of its money selling iPhones, and a growing share from services. In FY2025, iPhone brought in $209.6bn ✓ and Services $109.2bn ✓. Macs, iPads and wearables make up the rest.
When was Apple founded?
Apple was founded on 1 April 1976, so it turned 50 in 2026 45. It introduced the Macintosh computer in 1984 42.
Is Apple's revenue still growing?
Yes, Apple's revenue is still growing. Sales rose 6.4% ✓ in FY2025 and 14.2% ✓ in the four quarters to June 2026. Over ten years, growth averaged 5.9% ✓ a year.
Who are Apple's biggest competitors?
Apple's rivals include Google in phones, Dell and HP in computers, and Amazon in home devices 16171819 242526 2728 1820. HP lists Apple among its main PC competitors 2728.
How much does Apple spend on research?
Apple spent $34.6bn ✓ on research and development in FY2025. That was 8.3% ✓ of sales. Spending rose again in the first nine months of fiscal 2026, mainly on AI and other infrastructure and more staff 4. Back in FY2015, Apple spent $8.1bn ✓.
Where does Apple make the biggest share of its sales?
The Americas are Apple's biggest region, at 43% ✓ in FY2025. Europe was next at 27% ✓, then Greater China at 15% ✓.
🎮Play: higher or lower, then test yourself
Figures come from each company's latest annual report (10-K); fiscal years end in different months. Sources: [10] [11] [12] [29] [13] [30] [31].
🧠 Test yourself
5 quick questions. Score: 0 / 5
1. About how much of Apple's sales came from iPhone in FY2025?
2. Which part of Apple keeps the most of each sales dollar as gross profit?
3. Who became Apple's CEO in September 2026?
4. In what year did Apple introduce the Macintosh computer?
5. Why is Apple's return on equity so high?
🔎Sources and method
Every figure comes from a source listed here or is calculated from those sources (marked ✓). Company financials are taken from SEC filings (10-K and 10-Q) as tagged in XBRL. Peer grades rank the same measures across the company and its peers. This page contains no share-price data and no valuation.
- Apple Form 10-K for fiscal year 2025 (filed 2025-10-31) — Item 1 products: iPhone, Mac, iPad, Wearables, Home and Accessories (accessed 2026-10-29)
- Apple (AAPL) Form 10-K for fiscal year 2025, filed 2025-10-31 — revenue and cost of sales by product, segment and geography (accessed 2026-10-28)
- Apple Form 10-K for fiscal year 2025 (filed 2025-10-31) — Item 7 net sales drivers by segment and product; products and services gross margin percentages, FY2023-FY2025 (accessed 2026-10-29)
- Apple Form 10-Q for the third quarter of fiscal 2026 (filed 2026-07-31) — Item 2 net sales drivers by segment and product; R&D expense drivers (accessed 2026-10-29)
- Apple Newsroom: iPhone Duo arrives at Apple Store locations worldwide (2026-10-23) — iPhone Duo, the first foldable iPhone, on sale from 2026-10-23 (accessed 2026-10-29)
- Apple Form 10-K for fiscal year 2025 (filed 2025-10-31) — Item 1 segments, markets and distribution, competition, supply of components (accessed 2026-10-29)
- Apple second quarter fiscal 2026 results, 8-K Exhibit 99.1 (2026-04-30) — Q2 FY2026 revenue; new products; dividend increase and new repurchase program (accessed 2026-10-29)
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- Alphabet Form 10-K for fiscal year 2025 — Item 1 Google Services: core products, performance and brand advertising, subscriptions, platforms and devices, brand recognition (accessed 2026-10-29)
- Joint statement from Google and Apple, January 12, 2026 — Apple Foundation Models to be based on Gemini models and cloud technology; personalized Siri expected in 2026 (accessed 2026-10-29)
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