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
~$4.53T2026-07-02Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-10-31. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$365.8B
FY’22
$394.3B+8%
FY’23
$383.3B-3%
FY’24
$391.0B+2%
FY’25
$416.2B+6%
Margins & balance sheet — FY’25
Gross margin46.9%
Operating margin32.0%
Net margin26.9%
Net debt$37.1B
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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
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