FINANCIAL MODEL

Apple Inc.

AAPL · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2015	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	233,715	215,639	229,234	265,595	260,174	274,515	365,817	394,328	383,285	391,035	416,161
Cost of Goods Sold		131,376	141,048	163,756	161,782	169,559	212,981	223,546	214,137	210,352	220,960
Gross Profit
SG&A		14,194	15,261	16,705	18,245	19,916	21,973	25,094	24,932	26,097	27,601
R&D		10,045	11,581	14,236	16,217	18,752	21,914	26,251	29,915	31,370	34,550
EBITDA
D&A		10,505	10,157	10,903	12,547	11,056	11,284	11,104	11,519	11,445	11,698
EBIT (Operating Income)		60,024	61,344	70,898	63,930	66,288	108,949	119,437	114,301	123,216	133,050
Interest Expense		1,456	2,323	3,240	3,576	2,873	2,645	2,931	3,933
Pre-Tax Income		61,372	64,089	72,903	65,737	67,091	109,207	119,103	113,736	123,485	132,729
Tax Expense		15,685	15,738	13,372	10,481	9,680	14,527	19,300	16,741	29,749	20,719
Net Income	53,394	45,687	48,351	59,531	55,256	57,411	94,680	99,803	96,995	93,736	112,010
Diluted EPS	9.22	8.31	9.21	11.91	11.89	3.28	5.61	6.11	6.13	6.08	7.46
Diluted Shares (M)	5,793.1	5,500.3	5,251.7	5,000.1	4,648.9	17,528.2	16,864.9	16,325.8	15,812.5	15,408.1	15,004.7
Balance Sheet
Total Cash & Equivalents			20,289	25,913	48,844	38,016	34,940	23,646	29,965	29,943	35,934
Short-term Debt			18,473	20,748	16,240	13,769	15,613	21,110	15,807	20,879	20,329
Long-term Debt	53,329	75,427	97,207	93,735	91,807	98,667	109,106	98,959	95,281	85,750	78,328
Total Debt
Net Debt
Total Current Assets			128,645	131,339	162,819	143,713	134,836	135,405	143,566	152,987	147,957
Total Current Liabilities			100,814	116,866	105,718	105,392	125,481	153,982	145,308	176,392	165,631
Total Assets	290,345	321,686	375,319	365,725	338,516	323,888	351,002	352,755	352,583	364,980	359,241
Total Liabilities		193,437	241,272	258,578	248,028	258,549	287,912	302,083	290,437	308,030	285,508
Shareholders' Equity		128,249	134,047	107,147	90,488	65,339	63,090	50,672	62,146	56,950	73,733
Minority Interest	0	0
Intangibles & Goodwill
PP&E			33,783	41,304	37,378	36,766	39,440	42,117	43,715	45,680	49,834
Receivables			17,874	23,186	22,926	16,120	26,278	28,184	29,508	33,410	39,777
Payables			44,242	55,888	46,236	42,296	54,763	64,115	62,611	68,960	69,860
Inventory			4,855	3,956	4,106	4,061	6,580	4,946	6,331	7,286	5,718
Retained Earnings		96,364	98,330	70,400	45,898	14,966	5,562	-3,068	-214	-19,154	-14,264
Cash Flow
Cash from Operations		66,231	64,225	77,434	69,391	80,674	104,038	122,151	110,543	118,254	111,482
Capital Expenditures		12,734	12,451	13,313	10,495	7,309	11,085	10,708	10,959	9,447	12,715
Free Cash Flow
Stock-Based Compensation		4,210	4,840	5,340	6,068	6,829	7,906	9,038	10,833	11,688	12,863
Dividends Paid		12,150	12,769	13,712	14,119	14,081	14,467	14,841	15,025	15,234	15,421
Share Repurchases		29,722	32,900	72,738	66,897	72,358	85,971	89,402	77,550	94,949	90,711