Apple
ConvictionStrong
Vertically integrated hardware + services: designs its own silicon and OS, sells premium devices (iPhone ~50% of revenue), then monetizes the installed base via Services (App Store, licensing, iCloud, ads, AppleCare, Pay) at ~70%+ gross margin. Capital-light manufacturing (outsourced to Foxconn/TSMC), enormous buyback-driven EPS engine.
Revenue
$416.2BFY2025, +6% YoY); $111.2B in Q2 FY2026 (+17% YoYRev growth
+6% FY2025reaccelerated to +17% YoY in Q2 FY2026 on an AI-driven iPhone 17 upgrade cycleGross margin
46.9%FY2025); 49.3% in Q2 FY2026Op margin
~32.0%FY2025, ~$133.1B operating incomeCapex intensity
Low~3% of revenue (~$12-13B FY2025); asset-light, manufacturing outsourcedMarket cap
~$4.53T2026-07-02The read
Where our coverage leans
Bull & bear in tension
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Apple
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence