Apple

The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services.

10-K, Oct 31, 2025

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about Apple?

Gene MunsterInvestorJan 29, 2026Invests

Our summary: After Apple's quarterly results Munster argued Apple will get AI right and that the story is still early.

CNBC interview ›

Details ⓘ

Speaker: Gene Munster, Deepwater Asset Management
Role: Investor
Source: CNBC
Format: TV interview
Date: Jan 29, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Jan 29, 2026; the view may have changed.

Warren BuffettInvestorMay 3, 2025InvestsOlder statement

Our summary: Opening Berkshire's 2025 annual meeting, Buffett said Apple CEO Tim Cook has made Berkshire more money than he himself has.

“Tim Cook has made Berkshire a lot more money”

Berkshire annual meeting, via CNBC ›

Details ⓘ

Speaker: Warren Buffett, Berkshire Hathaway
Role: Investor
Source: CNBC
Format: Annual meeting
Date: May 3, 2025
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on May 3, 2025; the view may have changed.

All 2 Voices on Apple ›

Business

How does Apple make money?

iPhone is 50.4% of revenue.

iPhone50.4%

Services26.2%

Wearables8.6%

Mac8.1%

iPad6.7%

What is left of every $100?

Of every $100 in revenue, $27 is net income.

Revenue$100

Gross profit$47

Operating income$32

Net income$27

Free cash flow$24

Where do customers sit?

36.5% of revenue is from United States.

United States36.5%

China15.5%

Other countries48.1%

In the company’s words ›

“The iPhone line includes iPhone 17 Pro, iPhone Air™, iPhone 17, iPhone 16 and iPhone 16e.”

“Mac® is the Company’s line of personal computers based on its macOS® operating system.”

“The Mac line includes laptops MacBook Air® and MacBook Pro®, as well as desktops iMac®, Mac mini®, Mac Studio® and Mac Pro®.”

Item 1 · Business · 10-K · 0000320193-25-000079 · filed Oct 31, 2025

Where did the growth actually come from?

Services drove 41% of Apple’s growth.

Revenue FY2017$229.2B

Services+$76.5B

iPhone+$70.2B

Wearables+$22.9B

iPad+$9.2B

Mac+$8.1B

Revenue FY2025$416.2B

Thesis

Why do people invest?

No filing sentence met the rules.

Dependencies

Who does Apple depend on?

No customer above the disclosure threshold.

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (Apple annual report)

No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).

Suppliers named by Apple

No supplier among the covered companies is named in the filings.

Apple holds stakes in

No stake in a covered company found in SEC filings.

Others name Apple

9 competitor mentions (e.g. AppLovin, Intel, MercadoLibre, Meta) · 2 customer mentions (e.g. NXP, STMicroelectronics) · 6 other mentions (e.g. Block, Intuit, Qualcomm, STMicroelectronics) · 2 partner mentions (e.g. Arm, Corning) · 4 supplier mentions (e.g. AppLovin, Block, Intuit, MercadoLibre) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

4 of 29 risk factors, one per theme.

Supply chain and manufacturing
“The Company depends on component and product manufacturing and logistical services provided by outsourcing partners, many of which are located outside of the U.S.”
Item 1A · Risk Factors · 10-K · 0000320193-25-000079 · filed Oct 31, 2025
Competition
“Global markets for the Company’s products and services are highly competitive and subject to rapid technological change, and the Company may be unable to compete effectively in these markets.”
Item 1A · Risk Factors · 10-K · 0000320193-25-000079 · filed Oct 31, 2025
Key people
“The Company’s success depends largely on the talents and efforts of its team members, the continued service and availability of highly skilled employees, including key personnel, and the Company’s ability to nurture its distinctive and inclusive culture.”
Item 1A · Risk Factors · 10-K · 0000320193-25-000079 · filed Oct 31, 2025
Economic conditions
“The Company’s operations and performance depend significantly on global and regional economic conditions and adverse economic conditions can materially adversely affect the Company’s business, results of operations, financial condition and stock price.”
Item 1A · Risk Factors · 10-K · 0000320193-25-000079 · filed Oct 31, 2025

Who’s invested

Who owns more than 5%?

Vanguard Capital Management LLC holds 7.48%.

Vanguard Capital Management LLC7.48%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
BlackRock Inc.6.7% (then)
13G/A · filed Feb 12, 2024 · older than 18 months, current position unknown
Berkshire Hathaway Inc5.8% (then)
13G/A · as of Dec 31, 2023 · filed Feb 14, 2024 · older than 18 months, current position unknown

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

BlackRock, Inc.12.0%
1,163.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC9.9%
959.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp6.3%
615.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Geode Capital Management, LLC3.8%
371.3M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC3.4%
334.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported

6,112 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

0 purchases · 38 sales · $207M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 49 SEC metrics, FY2016–FY2025

Income statement 12

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2024	FY2025
Cost of revenue

D&A

G&A	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Gross profit

Income taxes

Interest expense								not reported	not reported

Net income

Operating income

Research and development

Revenue

SG&A

Sales & marketing	not reported	not reported	not reported	not reported	not reported	not reported	not reported

Balance sheet 9

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents

Current liabilities

Current portion of long-term debt

Equity

Equity incl. NCI

Long-term debt

Total assets

Total debt calc.

Total liabilities & equity

Cash flow 7

Metric	FY2024	FY2025
Buybacks

Capex

Dividends

Free cash flow calc.

Interest paid	not reported	not reported

Operating cash flow

Stock-based compensation

Per share & shares 4

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
EPS basic

EPS diluted

Wtd. shares basic

Wtd. shares diluted

Segments 6

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Mac-Revenue

Revenue Greater China

Services-Revenue

Wearables/Home/Accessories-Revenue	not reported

iPad-Revenue

iPhone revenue

Other 11

Metric	FY2016	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Bruttomarge Products (Apple) calc.	not reported

Bruttomarge Products in % (Apple) calc.	not reported

Bruttomarge Services (Apple) calc.	not reported

Bruttomarge Services in % (Apple) calc.	not reported

Mac unit sales		not reported	not reported	not reported	not reported	not reported	not reported	not reported

Other income (incl. interest)

Pretax income

Short-term borrowings / commercial paper

Total liabilities

iPad-unit sales		not reported	not reported	not reported	not reported	not reported	not reported	not reported

iPhone-unit sales		not reported	not reported	not reported	not reported	not reported	not reported	not reported

Apple

Source and method

What do investors say about Apple?

Business

iPhone is 50.4% of revenue. i

Source and method

Of every $100 in revenue, $27 is net income. i

Source and method

36.5% of revenue is from United States. i

Source and method

Services drove 41% of Apple’s growth.

Apple redrew its segments in FY2017.

Thesis

No filing sentence met the rules.

KPIs

Revenue grew 6.4% to $416.2B.

Revenue grew 16% YoY to $109.4B.

Per share, revenue grew 14.8%.

32.0% operating margin, up from 31.5%.

46.9% gross margin, up from 46.2%.

Operating income grew 8.0% to $133.1B.

Net income grew 19% to $112.0B.

R&D grew 10% to $34.5B.

SG&A grew 5.8% to $27.6B.

EPS diluted grew 23% to $7.46.

32.6% operating margin, up from 30.0%.

50.1% gross margin, up from 46.5%.

Operating income grew 27% YoY to $35.7B.

Net income grew 27% YoY to $29.8B.

R&D grew 32% YoY to $11.7B.

SG&A grew 10% YoY to $7.3B.

EPS diluted grew 29% YoY to $2.02.

Keeps $24 of every $100 as free cash.

Operating cash flow fell 5.7% to $111.5B.

Capex grew 35% to $12.7B.

Buybacks fell 4.5% to $90.7B.

Dividends grew 1.2% to $15.4B.

Stock-based compensation grew 10% to $12.9B.

Free cash flow grew 31% YoY to $31.9B.

Operating cash flow grew 23% YoY to $34.4B.

Capex fell 29% YoY to $2.5B.

Buybacks grew 19% YoY to $25.1B.

Dividends grew 2.3% YoY to $4.0B.

Stock-based compensation grew 7.4% YoY to $3.4B.

$35.9B cash vs $98.7B debt.

Total debt fell 7.5% to $98.7B.

Interest expense: $3.9B (latest: FY2023).

Total assets fell 1.6% to $359.2B.

Equity grew 29% to $73.7B.

Cash grew 9.0% YoY to $39.5B.

Total debt fell 17% YoY to $84.3B.

Total assets grew 16% YoY to $383.3B.

Equity grew 63% YoY to $107.5B.

iPhone revenue grew 4.2% to $209.6B.

Revenue Greater China fell 3.8% to $64.4B.

iPhone revenue grew 22% YoY to $54.3B.

Revenue Greater China grew 22% YoY to $18.8B.

Dependencies

No customer above the disclosure threshold.

Risks

4 of 29 risk factors, one per theme. i

Source and method

Who’s invested

Vanguard Capital Management LLC holds 7.48%. i

Source and method

All metrics

Method

iPhone is 50.4% of revenue.

Of every $100 in revenue, $27 is net income.

36.5% of revenue is from United States.

4 of 29 risk factors, one per theme.

Vanguard Capital Management LLC holds 7.48%.