Apple Inc. (AAPL) Income Statement
AAPL FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsAAPL revenue and net income
Where AAPL's revenue goes
FY2025Each bar shows an amount and its share of revenue. AAPL kept 26.9% of revenue as net income.
AAPL profit margins
AAPL growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.4% | +1.8% | +8.7% | +5.9% |
| Gross profit | +8.0% | +4.6% | +13.2% | +7.6% |
| Operating income | +8.0% | +3.7% | +15.0% | +6.4% |
| Net income | +19.5% | +3.9% | +14.3% | +7.7% |
| EPS (diluted) | +22.9% | +6.9% | +18.0% | +12.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AAPL quarterly EPS vs estimates
Apple beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 2, 2026 (estimate $1.99).
AAPL income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $416.16B | $391.04B | $383.29B | $394.33B | $365.82B | $274.51B | $260.17B | $265.60B | $229.23B | $215.64B |
| Cost of revenue | $220.96B | $210.35B | $214.14B | $223.55B | $212.98B | $169.56B | $161.78B | $163.76B | $141.05B | $131.38B |
| Gross profit | $195.20B | $180.68B | $169.15B | $170.78B | $152.84B | $104.96B | $98.39B | $101.84B | $88.19B | $84.26B |
| Research & development | $34.55B | $31.37B | $29.91B | $26.25B | $21.91B | $18.75B | $16.22B | $14.24B | $11.58B | $10.04B |
| Sales, general & admin | $27.60B | $26.10B | $24.93B | $25.09B | $21.97B | $19.92B | $18.25B | $16.70B | $15.26B | $14.19B |
| Total operating expenses | $62.15B | $57.47B | $54.85B | $51.57B | $43.89B | $38.67B | $34.46B | $30.94B | $26.84B | $24.24B |
| Operating income | $133.05B | $123.22B | $114.30B | $119.44B | $108.95B | $66.29B | $63.93B | $70.90B | $61.34B | $60.02B |
| Interest income | — | $0 | $3.75B | $2.83B | $2.84B | $3.76B | $4.96B | $5.69B | $5.20B | $4.00B |
| Interest expense | — | $0 | $3.93B | $2.93B | $2.65B | $2.87B | $3.58B | $3.24B | $2.32B | $1.46B |
| Income before taxes | $132.73B | $123.48B | $113.74B | $119.10B | $109.21B | $67.09B | $65.74B | $72.90B | $64.09B | $61.37B |
| Income taxes | $20.72B | $29.75B | $16.74B | $19.30B | $14.53B | $9.68B | $10.48B | $13.37B | $15.74B | $15.69B |
| Net income | $112.01B | $93.74B | $97.00B | $99.80B | $94.68B | $57.41B | $55.26B | $59.53B | $48.35B | $45.69B |
| EBITDA | $144.43B | $134.66B | $125.82B | $130.54B | $123.14B | $81.02B | $81.86B | $87.05B | $76.57B | $73.33B |
| EPS (diluted) | $7.47 | $6.08 | $6.12 | $6.11 | $5.62 | $3.27 | $2.98 | $2.97 | $2.30 | $2.07 |
| Gross margin | 46.9% | 46.2% | 44.1% | 43.3% | 41.8% | 38.2% | 37.8% | 38.3% | 38.5% | 39.1% |
| Operating margin | 32.0% | 31.5% | 29.8% | 30.3% | 29.8% | 24.1% | 24.6% | 26.7% | 26.8% | 27.8% |
| Net margin | 26.9% | 24.0% | 25.3% | 25.3% | 25.9% | 20.9% | 21.2% | 22.4% | 21.1% | 21.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $109.42B | $111.18B | $143.76B | $102.47B | $94.04B | $95.36B | $124.30B | $94.93B | $85.78B | $90.75B | $119.58B | $89.50B |
| Cost of revenue | $54.65B | $56.40B | $74.53B | $54.12B | $50.32B | $50.49B | $66.03B | $51.05B | $46.10B | $48.48B | $64.72B | $49.07B |
| Gross profit | $54.77B | $54.78B | $69.23B | $48.34B | $43.72B | $44.87B | $58.27B | $43.88B | $39.68B | $42.27B | $54.85B | $40.43B |
| Research & development | $11.73B | $11.42B | $10.89B | $8.87B | $8.87B | $8.55B | $8.27B | $7.76B | $8.01B | $7.90B | $7.70B | $7.31B |
| Sales, general & admin | $7.35B | $7.48B | $7.49B | $7.05B | $6.65B | $6.73B | $7.17B | $6.52B | $6.32B | $6.47B | $6.79B | $6.15B |
| Total operating expenses | $19.07B | $18.90B | $18.38B | $15.91B | $15.52B | $15.28B | $15.44B | $14.29B | $14.33B | $14.21B | $14.53B | $13.41B |
| Operating income | $35.70B | $35.88B | $50.85B | $32.43B | $28.20B | $29.59B | $42.83B | $29.59B | $25.35B | $27.90B | $40.37B | $26.97B |
| Interest income | — | — | — | — | — | — | — | — | — | — | — | $984.0M |
| Interest expense | — | — | — | — | $1.0M | — | — | — | — | — | $1.00B | $1.00B |
| Income before taxes | $36.27B | $35.83B | $51.00B | $32.80B | $28.03B | $29.31B | $42.58B | $29.61B | $25.49B | $28.06B | $40.32B | $27.00B |
| Income taxes | $6.48B | $6.25B | $8.90B | $5.34B | $4.60B | $4.53B | $6.25B | $14.87B | $4.05B | $4.42B | $6.41B | $4.04B |
| Net income | $29.79B | $29.58B | $42.10B | $27.47B | $23.43B | $24.78B | $36.33B | $14.74B | $21.45B | $23.64B | $33.92B | $22.96B |
| EBITDA | $39.02B | $39.32B | $54.22B | $35.55B | $30.86B | $31.97B | $45.66B | $32.50B | $28.20B | $30.74B | $43.22B | $29.62B |
| EPS (diluted) | $2.02 | $2.01 | $2.84 | $1.85 | $1.57 | $1.65 | $2.40 | $0.97 | $1.40 | $1.53 | $2.18 | $1.46 |
| Gross margin | 50.1% | 49.3% | 48.2% | 47.2% | 46.5% | 47.1% | 46.9% | 46.2% | 46.3% | 46.6% | 45.9% | 45.2% |
| Operating margin | 32.6% | 32.3% | 35.4% | 31.6% | 30.0% | 31.0% | 34.5% | 31.2% | 29.6% | 30.7% | 33.8% | 30.1% |
| Net margin | 27.2% | 26.6% | 29.3% | 26.8% | 24.9% | 26.0% | 29.2% | 15.5% | 25.0% | 26.0% | 28.4% | 25.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AAPL's financial statements (latest annual report filed October 31, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AAPL financial results
In fiscal year 2025 (ended September 30, 2025), Apple reported revenue of $416.2 billion, up 6.4% from the year before. It had net income of $112.0 billion (up 19.5%), a net profit margin of 26.9%. Diluted earnings per share came to $7.47. Over five years revenue grew at an average rate of 8.7% a year.
See the AAPL stock overview for the latest quote and news, or the AAPL chart for price history and technical indicators.
AAPL income statement FAQ
What is Apple's annual revenue?
Apple reported total revenue of $416.2 billion for fiscal year 2025, which ended on September 30, 2025. That was up 6.4% from $391.0 billion the previous year.
Is Apple profitable?
Yes. Apple reported net income of $112.0 billion in fiscal 2025, a net profit margin of 26.9%; its operating margin was 32.0%.
What is Apple's gross margin?
Apple's gross margin was 46.9% in fiscal 2025: for every $100 of revenue, Apple kept $47 after the direct cost of its products and services.
How much does Apple spend on research and development?
Apple spent $34.5 billion on research and development in fiscal 2025, 8.3% of revenue.
How fast is Apple growing?
Revenue grew 8.7% a year on average over the last five fiscal years, from $274.5 billion to $416.2 billion.
What are Apple's earnings per share?
Apple earned $7.47 per diluted share in fiscal 2025, compared with $6.08 a year earlier.
When will Apple report its next earnings?
Apple is expected to report results for the quarter ending September 30, 2026 on November 2, 2026 after the market closes.
When does Apple's fiscal year end?
Apple's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on October 31, 2025.