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Apple Inc. (AAPL) Annual Reports

Q: Where can I read Apple Inc. (AAPL) annual reports?

Every year on this page links straight to the full text on SEC EDGAR. US annual reports are web pages (HTML) rather than PDFs, so you can read and search them in the browser. 3 filings are currently indexed.

Q: What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer; a 20-F is filed by foreign private issuers (Taiwanese companies with US ADRs, such as TSMC, file 20-F). A 40-F applies to Canadian issuers under the MJDS.

Apple Inc. is listed on Nasdaq, classified by the SEC under Electronic Computers (SIC 3571). This page indexes 3 annual reports, each linking to the full text on the SEC's EDGAR system.

Company profile

Exchange： Nasdaq
Fiscal year end： 09/26
SEC CIK： 320193 →

Website：Official site ↗

Financial Highlights

FY2026 Q3 (quarterly, ended 2026-06-27)
	Current	Prior year	YoY
Revenue	$109.4B	$94.0B	+16.4%
Operating income	$35.7B	$28.2B	+26.6%
Net income	$29.8B	$23.4B	+27.1%
EPS (diluted)	$2.02	$1.57	+28.7%

Source: SEC EDGAR (XBRL company facts)

Financial history

Revenue & profit

Quarterly · In bn (USD)

Revenue 109 bn Net income 29.8 bn

Periods follow the company’s fiscal year (Apple ends in September, Walmart in January), so they differ from calendar quarters.

Show table：Income statement

Item	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
Revenue	9.08	8.34	12.2	15.7	13.5	15.7	20.3	26.7	24.7	28.6	28.3	46.3	39.2	35.0	36.0	54.5	43.6	35.3	37.5	57.6	45.6	37.4	42.1	74.6	58.0	49.6	51.5	75.9	50.6	42.4	46.9	78.3	52.9	45.4	52.6	88.3	61.1	53.3	62.9	84.3	58.0	53.8	64.0	91.8	58.3	59.7	64.7	111	89.6	81.4	83.4	124	97.3	83.0	90.2	117	94.8	81.8	89.5	120	90.8	85.8	94.9	124	95.4	94.0	102	144	111	109
Gross profit	3.63	3.02	5.11	6.41	5.63	6.14	7.51	10.3	10.2	11.9	11.4	20.7	18.6	15.0	14.4	21.1	16.4	13.0	13.9	21.9	17.9	14.7	16.0	29.7	23.7	19.7	20.6	30.4	19.9	16.1	17.8	30.2	20.6	17.5	19.9	33.9	23.4	20.4	24.1	32.0	21.8	20.2	24.3	35.2	22.4	22.7	24.7	44.3	38.1	35.3	35.2	54.2	42.6	35.9	38.1	50.3	42.0	36.4	40.4	54.9	42.3	39.7	43.9	58.3	44.9	43.7	48.3	69.2	54.8	54.8
Operating income	2.32	1.67	2.19	4.72	3.98	4.23	5.45	7.83	7.87	9.38	8.71	17.3	15.4	11.6	10.9	17.2	12.6	9.20	10.0	17.5	13.6	10.3	11.2	24.3	18.3	14.1	14.6	24.2	14.0	10.1	11.8	23.4	14.1	10.8	13.1	26.3	15.9	12.6	16.1	23.4	13.4	11.5	15.6	25.6	12.8	13.1	14.8	33.5	27.5	24.1	23.8	41.5	30.0	23.1	24.9	36.0	28.3	23.0	27.0	40.4	27.9	25.4	29.6	42.8	29.6	28.2	32.4	50.9	35.9	35.7
Net income	1.62	1.23	2.53	3.38	3.07	3.25	4.31	6.00	5.99	7.31	6.62	13.1	11.6	8.82	8.22	13.1	9.55	6.90	7.51	13.1	10.2	7.75	8.47	18.0	13.6	10.7	11.1	18.4	10.5	7.80	9.01	17.9	11.0	8.72	10.7	20.1	13.8	11.5	14.1	20.0	11.6	10.0	13.7	22.2	11.3	11.3	12.7	28.8	23.6	21.7	20.6	34.6	25.0	19.4	20.7	30.0	24.2	19.9	23.0	33.9	23.6	21.4	14.7	36.3	24.8	23.4	27.5	42.1	29.6	29.8

Balance sheet

Quarterly · In bn (USD)

Total assets 383 bn Total liabilities 276 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
Current assets	—	35.2	36.3	33.3	32.3	36.0	41.7	43.9	47.0	46.9	45.0	54.8	50.7	51.9	57.6	72.3	63.3	68.2	73.3	80.3	70.5	68.0	68.5	83.4	67.9	71.0	89.4	76.2	87.6	93.8	107	103	102	113	129	144	130	116	131	141	123	135	163	163	144	140	144	154	121	114	135	153	118	112	135	129	113	123	144	144	128	125	153	133	119	122	148	158	144	150
Total assets	—	48.1	53.9	53.9	57.1	64.7	75.2	86.7	94.9	107	116	139	151	163	176	196	195	200	207	225	206	223	232	262	261	273	290	293	305	306	322	331	335	345	375	407	368	349	366	374	342	322	339	341	320	317	324	354	337	330	351	381	351	336	353	347	332	335	353	354	337	332	365	344	331	332	359	379	371	383
Current liabilities	—	16.7	19.3	13.1	12.2	15.6	20.7	23.8	24.3	26.9	28.0	34.6	32.0	33.1	38.5	46.9	35.5	36.3	43.7	53.8	43.2	46.2	63.5	73.6	58.7	65.3	80.6	76.1	68.3	71.5	79.0	84.1	73.3	81.3	101	116	89.3	88.5	117	108	93.8	89.7	106	102	96.1	95.3	105	133	106	108	125	148	128	130	154	137	120	125	145	134	124	132	176	144	145	141	166	162	135	149
Total liabilities	—	22.3	26.0	18.2	17.7	21.6	27.4	32.1	33.4	37.4	39.8	48.6	48.4	51.1	57.9	68.7	59.3	76.5	83.5	95.5	85.8	102	120	139	132	147	171	165	175	179	193	199	200	213	241	267	241	234	259	256	236	226	248	251	242	245	259	288	268	266	288	309	283	278	302	290	270	275	290	279	263	265	308	277	264	266	286	291	265	276
Equity	—	25.9	27.8	35.8	39.4	43.1	47.8	54.7	61.5	69.3	76.6	90.0	103	112	118	127	135	123	124	130	120	121	112	123	129	126	119	128	130	127	128	132	134	132	134	140	127	115	107	118	106	96.5	90.5	89.5	78.4	72.3	65.3	66.2	69.2	64.3	63.1	71.9	67.4	58.1	50.7	56.7	62.2	60.3	62.1	74.1	74.2	66.7	57.0	66.8	66.8	65.8	73.7	88.2	106	108

Cash flow

Quarterly · In bn (USD)

Operating 34.4 bn Investing -7.76 bn Financing -32.6 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
Operating	4.78	2.27	3.11	5.78	2.33	4.80	5.68	9.77	6.22	11.1	10.4	17.6	14.0	10.2	9.14	23.4	12.5	7.83	9.91	22.7	13.5	10.3	13.3	33.7	19.1	15.0	13.5	27.5	11.6	10.6	16.1	27.2	12.3	8.36	15.7	28.3	15.1	14.5	19.5	26.7	11.2	11.6	19.9	30.5	13.3	16.3	20.6	38.8	24.0	21.1	20.2	47.0	28.2	22.9	24.1	34.0	28.6	26.4	21.6	39.9	22.7	28.9	26.8	29.9	23.9	27.9	29.7	53.9	28.7	34.4
Investing	-12.3	-1.34	-3.77	-3.96	-0.08	-5.43	-4.38	-10.7	-1.52	-15.0	-13.1	-17.1	-14.5	-12.3	-4.31	-13.5	-14.4	-6.51	0.61	-15.1	11.7	-22.2	3.00	-21.2	-22.3	-11.4	-1.37	-20.4	-13.7	-4.47	-7.40	-19.1	-14.2	-3.18	-9.94	-13.6	28.7	3.95	-3.00	5.84	13.3	27.5	-0.8	-13.7	9.01	-5.16	5.53	-8.58	-10.4	3.57	0.84	-16.1	-9.26	4.23	-1.22	-1.44	2.32	0.44	2.39	1.93	-0.31	-0.13	1.45	9.79	2.92	5.07	-2.59	-4.89	-6.17	-7.76
Financing	0.14	0.21	0.32	0.52	0.16	0.32	0.26	0.43	0.55	0.04	0.43	0.07	0.31	-0.05	-2.02	-4.50	-2.25	-2.13	-7.51	-7.75	-20.4	5.99	-15.4	-6.92	-1.74	-2.75	-6.30	-11.4	6.88	-9.44	-6.48	-12.2	0.64	-1.77	-4.00	-7.50	-26.3	-31.5	-22.6	-13.7	-29.5	-26.8	-21.0	-25.4	-20.9	-19.1	-21.4	-32.3	-11.3	-29.4	-20.4	-28.2	-28.4	-27.4	-26.8	-35.6	-25.7	-24.1	-23.1	-30.6	-30.4	-36.0	-24.9	-39.4	-29.0	-24.8	-27.5	-39.7	-22.3	-32.6
Cash at period end	4.47	5.61	5.26	7.61	10.0	9.71	11.3	10.7	16.0	12.1	9.82	10.3	10.1	7.95	10.8	16.1	12.1	11.3	14.3	14.1	18.9	13.0	13.8	19.5	14.5	15.3	21.1	16.7	21.5	18.2	20.5	16.4	15.2	18.6	20.3	27.5	45.1	32.0	25.9	44.8	38.0	50.5	48.8	39.8	40.2	33.4	38.0	36.0	38.5	34.0	34.9	37.1	28.1	27.5	23.6	20.5	24.7	28.4	30.0	40.8	32.7	25.6	29.9	30.3	28.2	36.3	35.9	45.3	45.6	39.5

Profitability

Quarterly · %

Gross margin 50.1% Operating margin 32.6% Net margin 27.2%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
Gross margin	39.9%	36.3%	41.8%	40.9%	41.7%	39.1%	36.9%	38.5%	41.4%	41.7%	40.3%	44.7%	47.4%	42.8%	40.0%	38.6%	37.5%	36.9%	37.0%	37.9%	39.3%	39.4%	38.0%	39.9%	40.8%	39.7%	39.9%	40.1%	39.4%	38.0%	38.0%	38.5%	38.9%	38.5%	37.9%	38.4%	38.3%	38.3%	38.3%	38.0%	37.6%	37.6%	38.0%	38.4%	38.4%	38.0%	38.2%	39.8%	42.5%	43.3%	42.2%	43.8%	43.8%	43.3%	42.3%	43.0%	44.3%	44.5%	45.2%	45.9%	46.6%	46.3%	46.2%	46.9%	47.0%	46.5%	47.2%	48.2%	49.3%	50.1%
Operating margin	25.6%	20.1%	18.0%	30.1%	29.5%	27.0%	26.8%	29.3%	31.9%	32.8%	30.8%	37.4%	39.3%	33.0%	30.4%	31.6%	28.8%	26.1%	26.8%	30.3%	29.8%	27.5%	26.5%	32.5%	31.5%	28.4%	28.4%	31.9%	27.7%	23.9%	25.1%	29.8%	26.6%	23.7%	24.9%	29.8%	26.0%	23.7%	25.6%	27.7%	23.1%	21.4%	24.4%	27.9%	22.0%	21.9%	22.8%	30.1%	30.7%	29.6%	28.5%	33.5%	30.8%	27.8%	27.6%	30.7%	29.9%	28.1%	30.1%	33.8%	30.7%	29.6%	31.2%	34.5%	31.0%	30.0%	31.6%	35.4%	32.3%	32.6%
Net margin	17.8%	14.7%	20.7%	21.5%	22.8%	20.7%	21.2%	22.4%	24.3%	25.6%	23.4%	28.2%	29.7%	25.2%	22.9%	24.0%	21.9%	19.5%	20.1%	22.7%	22.4%	20.7%	20.1%	24.2%	23.4%	21.5%	21.6%	24.2%	20.8%	18.4%	19.2%	22.8%	20.9%	19.2%	20.4%	22.7%	22.6%	21.6%	22.5%	23.7%	19.9%	18.7%	21.4%	24.2%	19.3%	18.9%	19.6%	25.8%	26.4%	26.7%	24.6%	27.9%	25.7%	23.4%	23.0%	25.6%	25.5%	24.3%	25.6%	28.4%	26.0%	25.0%	15.5%	29.2%	26.0%	24.9%	26.8%	29.3%	26.6%	27.2%

Returns & leverage

Quarterly · %

ROE 148.8% ROA 36.1% Debt ratio 72.0%

ROE / ROA = trailing four-quarter net income ÷ average equity / total assets (annual mode: the year’s net income ÷ average of opening and closing). Not computed when the denominator is zero or negative.

Show table：Returns & leverage

Item	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
ROE	—	—	—	24.5%	26.0%	35.5%	37.1%	36.8%	38.8%	42.0%	41.7%	45.6%	47.1%	44.3%	42.8%	38.4%	33.3%	32.1%	30.6%	28.8%	29.5%	31.6%	33.6%	35.1%	38.4%	41.1%	46.3%	42.7%	39.1%	37.9%	36.9%	34.7%	34.6%	36.0%	36.9%	37.1%	40.9%	45.4%	49.4%	46.0%	49.1%	52.7%	55.9%	55.5%	62.1%	69.3%	73.7%	82.1%	103.4%	127.1%	147.4%	145.6%	149.3%	162.8%	175.5%	147.9%	145.6%	160.1%	171.9%	154.3%	147.3%	160.6%	157.4%	136.5%	138.0%	149.8%	171.4%	152.0%	141.5%	148.8%
ROA	—	—	—	16.2%	17.9%	21.7%	21.7%	23.7%	25.7%	27.5%	27.1%	29.3%	31.4%	29.8%	28.5%	24.9%	22.9%	20.8%	19.3%	17.6%	18.8%	18.3%	18.0%	18.3%	20.5%	20.5%	20.4%	19.4%	17.9%	16.5%	14.9%	14.5%	14.3%	14.3%	13.9%	13.7%	15.2%	16.2%	16.1%	15.2%	16.1%	16.6%	15.7%	16.1%	17.3%	18.3%	17.3%	18.4%	23.2%	26.8%	28.1%	27.4%	29.6%	29.9%	28.4%	26.1%	27.6%	28.2%	27.5%	28.8%	30.0%	30.6%	26.1%	27.6%	29.1%	29.9%	30.9%	32.6%	34.9%	36.1%
Debt ratio	—	46.2%	48.3%	33.7%	31.0%	33.4%	36.4%	37.0%	35.2%	35.0%	34.2%	35.1%	32.1%	31.4%	32.9%	35.1%	30.4%	38.3%	40.3%	42.4%	41.7%	45.6%	51.9%	52.9%	50.6%	54.0%	58.9%	56.3%	57.3%	58.6%	60.1%	60.0%	59.9%	61.6%	64.3%	65.5%	65.5%	67.1%	70.7%	68.5%	69.0%	70.1%	73.3%	73.7%	75.5%	77.2%	79.8%	81.3%	79.5%	80.5%	82.0%	81.1%	80.8%	82.7%	85.6%	83.6%	81.3%	82.0%	82.4%	79.0%	78.0%	79.9%	84.4%	80.6%	79.8%	80.1%	79.5%	76.8%	71.3%	72.0%

EPS

Quarterly · US$

EPS US$2.02

Show table：EPS

Item	2009Q2	2009Q3	2009Q4	2010Q1	2010Q2	2010Q3	2010Q4	2011Q1	2011Q2	2011Q3	2011Q4	2012Q1	2012Q2	2012Q3	2012Q4	2013Q1	2013Q2	2013Q3	2013Q4	2014Q1	2014Q2	2014Q3	2014Q4	2015Q1	2015Q2	2015Q3	2015Q4	2016Q1	2016Q2	2016Q3	2016Q4	2017Q1	2017Q2	2017Q3	2017Q4	2018Q1	2018Q2	2018Q3	2018Q4	2019Q1	2019Q2	2019Q3	2019Q4	2020Q1	2020Q2	2020Q3	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	2025Q4	2026Q1	2026Q2	2026Q3
EPS（US$）	1.79	1.35	2.77	3.67	3.33	3.51	4.64	6.43	6.40	7.79	7.05	13.87	12.30	9.32	8.67	13.81	10.09	7.47	8.26	14.50	11.62	1.28	1.42	3.06	2.33	1.85	1.96	3.28	1.90	1.42	1.67	3.36	2.10	1.67	2.07	3.89	2.73	2.34	2.91	4.18	2.46	2.18	3.03	4.99	2.55	2.58	0.73	1.68	1.40	1.30	1.23	2.10	1.52	1.20	1.29	1.88	1.52	1.26	1.46	2.18	1.53	1.40	0.97	2.40	1.65	1.57	1.84	2.84	2.01	2.02

Revenue & profit

Year-to-date · In bn (USD)

Revenue 364 bn Net income 101 bn

Year-to-date = summed from the first quarter of the fiscal year; balance-sheet items are period-end balances.

Balance sheet

Year-to-date · In bn (USD)

Total assets 383 bn Total liabilities 276 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Cash flow

Year-to-date · In bn (USD)

Operating 117 bn Investing -18.8 bn Financing -94.6 bn

Positive = cash in, negative = cash out.

Profitability

Year-to-date · %

Gross margin 49.1% Operating margin 33.6% Net margin 27.9%

Gross, operating and net margin = the respective profit ÷ revenue.

Returns & leverage

Year-to-date · %

ROE 148.8% ROA 36.1% Debt ratio 72.0%

EPS

Year-to-date · US$

EPS US$6.87

Revenue & profit

Annual · In bn (USD)

Revenue 416 bn Net income 112 bn

Annual = sum of four quarters of a complete fiscal year (incomplete years are omitted); balance-sheet items are year-end balances.

Show table：Income statement

Item	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Revenue	65.2	108	157	171	183	234	216	229	266	260	275	366	394	383	391	416
Gross profit	25.7	43.8	68.7	64.3	70.5	93.6	84.3	88.2	102	98.4	105	153	171	169	181	195
Operating income	18.4	33.8	55.2	49.0	52.5	71.2	60.0	61.3	70.9	63.9	66.3	109	119	114	123	133
Net income	14.0	25.9	41.7	37.0	39.5	53.4	45.7	48.4	59.5	55.3	57.4	94.7	99.8	97.0	93.7	112

Balance sheet

Annual · In bn (USD)

Total assets 359 bn Total liabilities 286 bn

Equity = assets − liabilities. Balance-sheet figures are period-end balances, not cumulative.

Show table：Balance sheet

Item	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Current assets	41.7	45.0	57.6	73.3	68.5	89.4	107	129	131	163	144	135	135	144	153	148
Total assets	75.2	116	176	207	232	290	322	375	366	339	324	351	353	353	365	359
Current liabilities	20.7	28.0	38.5	43.7	63.5	80.6	79.0	101	117	106	105	125	154	145	176	166
Total liabilities	27.4	39.8	57.9	83.5	120	171	193	241	259	248	259	288	302	290	308	286
Equity	47.8	76.6	118	124	112	119	128	134	107	90.5	65.3	63.1	50.7	62.1	57.0	73.7

Cash flow

Annual · In bn (USD)

Operating 111 bn Investing 15.2 bn Financing -121 bn

Positive = cash in, negative = cash out.

Show table：Cash flow statement

Item	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Operating	18.6	37.5	50.9	53.7	59.7	81.3	65.8	63.6	77.4	69.4	80.7	104	122	111	118	111
Investing	-13.8	-40.4	-48.2	-33.8	-22.6	-56.3	-46.0	-46.5	16.1	45.9	-4.29	-14.5	-22.4	3.71	2.94	15.2
Financing	1.26	1.44	-1.70	-16.4	-37.5	-17.7	-20.5	-17.4	-87.9	-91.0	-86.8	-93.3	-111	-108	-122	-121
Cash at period end	11.3	9.82	10.8	14.3	13.8	21.1	20.5	20.3	25.9	48.8	38.0	34.9	23.6	30.0	29.9	35.9

Profitability

Annual · %

Gross margin 46.9% Operating margin 32.0% Net margin 26.9%

Gross, operating and net margin = the respective profit ÷ revenue.

Show table：Profitability

Item	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Gross margin	39.4%	40.5%	43.9%	37.6%	38.6%	40.1%	39.1%	38.5%	38.3%	37.8%	38.2%	41.8%	43.3%	44.1%	46.2%	46.9%
Operating margin	28.2%	31.2%	35.3%	28.7%	28.7%	30.5%	27.8%	26.8%	26.7%	24.6%	24.1%	29.8%	30.3%	29.8%	31.5%	32.0%
Net margin	21.5%	23.9%	26.7%	21.7%	21.6%	22.9%	21.2%	21.1%	22.4%	21.2%	20.9%	25.9%	25.3%	25.3%	24.0%	26.9%

Returns & leverage

Annual · %

ROE 171.4% ROA 30.9% Debt ratio 79.5%

Show table：Returns & leverage

Item	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
ROE	29.3%	41.7%	42.8%	30.6%	33.6%	46.3%	36.9%	36.9%	49.4%	55.9%	73.7%	147.4%	175.5%	171.9%	157.4%	171.4%
ROA	18.6%	27.1%	28.5%	19.3%	18.0%	20.4%	14.9%	13.9%	16.1%	15.7%	17.3%	28.1%	28.4%	27.5%	26.1%	30.9%
Debt ratio	36.4%	34.2%	32.9%	40.3%	51.9%	58.9%	60.1%	64.3%	70.7%	73.3%	79.8%	82.0%	85.6%	82.4%	84.4%	79.5%

EPS

Annual · US$

EPS US$7.46

Show table：EPS

Item	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
EPS（US$）	15.15	27.67	44.16	39.63	28.82	9.20	8.27	9.20	11.87	11.85	10.85	5.61	6.11	6.12	6.08	7.46

Source: SEC EDGAR (XBRL company facts)

Annual reports by year

	10-K
2025	Open full text →
2024	Open full text →
2023	Open full text →

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FAQ

Where can I read Apple Inc. (AAPL) annual reports?

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What is the difference between a 10-K and a 20-F?

A 10-K is the annual report of a US domestic issuer, with sections fixed by law: Item 1 Business, Item 1A Risk Factors, Item 7 Management's Discussion and Analysis. A 20-F is filed by foreign private issuers — Taiwanese companies with US ADRs, such as TSMC, file 20-F rather than 10-K. A 40-F applies to Canadian issuers under the MJDS.

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