5-year revenue CAGR
3.3%
Apple financials
Normalized actualsApple generated $416.2bn of revenue in fiscal 2025. Over the displayed five-year period revenue compounded at 3.3%, while the latest operating margin was 32.0% and free-cash-flow margin was 23.7%.
Operating margin
32.0%
Free-cash-flow margin
23.7%
Cash conversion
88.2%
Net debt / (net cash)
($20.0bn)
How has the operating model changed over five years?
Revenue compounded at 3.3% from fiscal 2021 to 2025; the latest reported operating margin was 32.0%.
Calculation: Revenue CAGR and operating income divided by revenue.
Does accounting profit convert into cash?
Latest fiscal free cash flow was $98.8bn, equal to 23.7% of revenue and 88.2% of net income.
Calculation: Free cash flow divided by revenue and net income.
What changed in the latest reported quarter?
For the quarter ended 2026-06-27, revenue was $109.4bn, a +16.4% year-over-year change. Latest annual net cash was $20.0bn and capital expenditure was 3.1% of revenue.
Calculation: Quarterly year-over-year revenue change; debt less cash; absolute capital expenditure divided by revenue.
Annual history
Five fiscal years · reported values
| Metric · USD bn | FY 20252025-09-27 | FY 20242024-09-28 | FY 20232023-09-30 | FY 20222022-09-24 | FY 20212021-09-25 |
|---|---|---|---|---|---|
| Revenue | 416.2 | 391.0 | 383.3 | 394.3 | 365.8 |
| Operating income | 133.1 | 123.2 | 114.3 | 119.4 | 108.9 |
| Net income | 112.0 | 93.7 | 97.0 | 99.8 | 94.7 |
| Operating cash flow | 111.5 | 118.3 | 110.5 | 122.2 | 104.0 |
| Capital expenditure | -12.7 | -9.4 | -11.0 | -10.7 | -11.1 |
| Free cash flow | 98.8 | 108.8 | 99.6 | 111.4 | 93.0 |
Quarterly history
Eight fiscal quarters · reported values
| Metric · USD bn | Q32026-06-27 | Q22026-03-28 | Q12025-12-27 | Q42025-09-27 | Q32025-06-28 | Q22025-03-29 | Q12024-12-28 | Q42024-09-28 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 109.4 | 111.2 | 143.8 | 102.5 | 94.0 | 95.4 | 124.3 | 94.9 |
| Operating income | 35.7 | 35.9 | 50.9 | 32.4 | 28.2 | 29.6 | 42.8 | 29.6 |
| Net income | 29.8 | 29.6 | 42.1 | 27.5 | 23.4 | 24.8 | 36.3 | 14.7 |
| Operating cash flow | 34.4 | 28.7 | 53.9 | 29.7 | 27.9 | 24.0 | 29.9 | 26.8 |
| Capital expenditure | -2.5 | -2.0 | -2.4 | -3.2 | -3.5 | -3.1 | -2.9 | -2.9 |
| Free cash flow | 31.9 | 26.7 | 51.6 | 26.5 | 24.4 | 20.9 | 27.0 | 23.9 |
Public evidence
Primary and company-published context
E01
Apple Inc. 2025 Form 10-K
U.S. Securities and Exchange Commission · Oct 31, 2025 · Public document
E02
Apple Inc. Q3 2026 Form 10-Q
U.S. Securities and Exchange Commission · Jul 31, 2026 · Public document
E03
Apple Inc. 2026 Proxy Statement
U.S. Securities and Exchange Commission · Jan 8, 2026 · Public document
E04
Apple to celebrate 50 years of thinking different
Apple · Mar 12, 2026 · Public document
E05
Tim Cook to become Apple Executive Chairman; John Ternus to become Apple CEO
Apple · Apr 20, 2026 · Public document
E06
U.S. and Plaintiff States v. Apple Inc.
U.S. Department of Justice · Mar 21, 2024 · Public document
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