Apple (AAPL) revenue and profit, from its SEC filings
Every figure below is as Apple Inc. filed it with the U.S. Securities and Exchange Commission in its annual (10-K) and quarterly (10-Q) reports. Latest filing: 10-K filed November 3, 2026. Apple's fiscal year ends on the last Saturday of September, so fiscal 2025 runs from October 2024 to September 2025.
In short
iPhone is Apple's largest product line. Mac, iPad and Wearables, Home and Accessories make up the other products.
Services — the App Store, iCloud, Apple Music, AppleCare, payments, advertising and licensing — is its second-largest line and carries a far higher margin than the hardware.
Revenue went from $394.3B in fiscal 2022 to $478.8B in fiscal 2026 — growth of 5.0% a year on average.
In fiscal 2026 it was 15.1% higher than the year before.
Apple kept 27.6% of its revenue as net profit in fiscal 2026, against 25.3% in fiscal 2022.
Free cash flow — operating cash flow minus capital expenditure — was $136.1B, more than its net income.
In its latest quarter (Q4 FY2026, to September 26, 2026) revenue was $114.5B, 11.7% more than a year earlier.
Revenue and profit by year
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| FY2026 to September 26, 2026 | $478.8B | $233.6B | $158.1B | $132.2B | 27.6% | $136.1B | $80.1B | $36.3B |
| FY2025 to September 27, 2025 | $416.2B | $195.2B | $133.1B | $112.0B | 26.9% | $98.8B | $98.7B | $35.9B |
| FY2024 to September 28, 2024 | $391.0B | $180.7B | $123.2B | $93.7B | 24.0% | $108.8B | $106.6B | $29.9B |
| FY2023 to September 30, 2023 | $383.3B | $169.1B | $114.3B | $97.0B | 25.3% | $99.6B | $111.1B | $30.0B |
| FY2022 to September 24, 2022 | $394.3B | $170.8B | $119.4B | $99.8B | 25.3% | $111.4B | $120.1B | $23.6B |
The latest quarters
| Period | Revenue | Gross profit | Operating income | Net income | Net margin | Free cash flow | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|
| Q4 FY2026 to September 26, 2026 | $114.5B | $54.8B | $35.6B | $30.7B | 26.8% | $25.9B | $80.1B | $36.3B |
| Q3 FY2026 to June 27, 2026 | $109.4B | $54.8B | $35.7B | $29.8B | 27.2% | $31.9B | $84.3B | $39.5B |
| Q2 FY2026 to March 28, 2026 | $111.2B | $54.8B | $35.9B | $29.6B | 26.6% | $26.7B | $84.7B | $45.6B |
| Q1 FY2026 to December 27, 2025 | $143.8B | $69.2B | $50.9B | $42.1B | 29.3% | $51.6B | $90.5B | $45.3B |
| Q4 FY2025 to September 27, 2025 | $102.5B | $48.3B | $32.4B | $27.5B | 26.8% | $26.5B | $98.7B | $35.9B |
A quarter is taken as filed where the report states it; otherwise it is the year-to-date figure minus the one before it, which is how the fourth quarter (never filed on its own) is found.
What to watch in Apple's statements
- Gross profit against revenue, which rises as Services grows inside the total.
- Debt against cash: Apple borrows even though it holds a lot of cash, and has used both to buy back its own shares.
- The first quarter of each fiscal year (October to December), which holds the holiday iPhone sales and is usually its largest.
How to read these figures
- Revenue vs profit — why the top line and the bottom line tell different stories.
- Reading an earnings report — where these figures come from each quarter.
- How to read a company — what to look at first.
- P/E and its traps — and why this page shows no P/E: it needs the share price, which our licences keep inside the app.
Source: the company's filings with the U.S. Securities and Exchange Commission (EDGAR). Free cash flow is operating cash flow minus capital expenditure; total debt adds long-term debt (current and non-current), commercial paper and short-term borrowings, each as filed. A dash means the company did not file that line for the period. No share price, market value or estimate appears here: those are licensed market data, shown to members in the app.
Other companies
Questions
What was Apple's revenue in fiscal 2026?
Apple reported revenue of $478.8B for fiscal 2026, the year that ended on September 26, 2026, in its annual report (10-K) filed with the SEC.
Is Apple profitable?
Yes. It reported net income of $132.2B in fiscal 2026, a net margin of 27.6% — 28 cents kept as profit from every dollar of revenue.
Has Apple made a profit every year?
In each of the 5 fiscal years shown (fiscal 2022 to 2026), it reported a net profit.
What is Apple's profit margin?
In fiscal 2026 its gross margin was 48.8% (revenue minus the direct cost of what it sold) and its net margin 27.6% (what was left after every cost, interest and tax).
How much debt does Apple have?
At the end of fiscal 2026 it reported $80.1B of debt — long-term debt, including the part due within a year, plus commercial paper and short-term borrowings as filed — against $36.3B of cash and cash equivalents.
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