Compiled 2026-09-26Data through 2025-09-272 min read
Dated source-based research · No live market data

Research summary

A two-period review of AAPL revenue, profitability and cash conversion; reported revenue growth was 6.43%.

Period comparison

FY2025 ended 2025-09-27; the prior observation ended 2024-09-28. Revenue moved from USD 391.035 billion to USD 416.161 billion. These are annual periods, not quarterly earnings or trailing-twelve-month estimates.

Earnings bridge

Net income moved from USD 93.736 billion to USD 112.010 billion. Operating income moved from USD 123.216 billion to USD 133.050 billion. Net margin moved from 23.97% to 26.92%. A margin change identifies an outcome; its causes require management discussion and footnotes.

Cash-flow cross-check

Operating cash flow was USD 118.254 billion in the earlier period and USD 111.482 billion in the later period. Selected free cash flow was USD 108.807 billion and USD 98.767 billion, respectively. Working-capital timing can cause earnings and cash to diverge.

Interpretation and limits

A rise in reported revenue does not by itself identify organic growth. A difference in EPS can reflect share-count changes as well as operating performance. No causal claim is made from these aggregate figures.

Valuation context

An earnings comparison provides a historical denominator, not a price target. A dated market price is deliberately absent from this static release.

What to monitor

Revenue mix, research spending, inventory and cash conversion.

Risks and uncertainties

Customer concentration, product transitions, export restrictions and the durability of capital spending.

Sources & dates