NASDAQ: AAPL
Business - The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services.
Products & Services - Products include iPhone, Mac, iPad, Wearables, Home & Accessories. Services include Advertising, AppleCare, Cloud Services, Digital Content and Payment Services.
Segments – Geographic basis of segment reporting. Americas, Europe, Greater China, Japan and Rest of Asia Pacific.
Revenue mix by segments: Americas 43%, Europe 27%, Greater China 15% (declining), Japan ~7%, Rest of AP ~8%.
Revenue growth 6.4% (2025). Total Revenue of $416 billion. Ranks 7th in the world by Revenue. One of the surprising facts, that Apple is the only one-main brand company apart from oil companies in the top world companies by revenue. (Walmart and Amazon are superstores for many brands).
Revenue mix by product: Over 50% iPhone (itself as a single product over 200 billion of revenue!), 8% Mac, 26% Services (this is the interesting category to understand GM and growth potential in). Services has been growing the fastest (double digit growth)
Markets and Distribution - The Company’s customers are primarily in the consumer, small and mid-sized business, education, enterprise and government markets. Retail, online stores and its direct sales force. During 2025, the Company’s net sales through its direct and indirect distribution channels accounted for 40% and 60%, respectively, of total net sales.
GM – 46.9% (services GM 75.4% and products 36.8%). Improving over the years. Mainly as share of services grows.
R&D Spend - $34.5 billion.
Employees - 166,000 full-time equivalent employees.
Return on Invested Capital (ROIC): ~65% - 95% · NOPAT over invested capital. NOPAT is close to 112 billion (OI * (1-tax rate)) and Invested Capital (after reducing cash) is close to 7.9+12.3+78.3+73.3 = 172.39 or 65%. And if you reduce cash too from invested capital for a better picture, 172.39 less 35 less 18 which is ~119 billion. Resulting in ~95% ROIC.
FCF conversion - almost 90% (Operating Cash Flow ($111,482m) minus Capex ($12,715m) leaves $98,767 million in pure Free Cash Flow. It cleanly converts 88.1% of its reported Net Income ($112,010m) straight into cash.)
Other Interesting Aspects
- Buybacks (see image below to wonder at the amount bought back over the years)
- Vendor non-trade receivables ($33 billion as current assets)
- Revenue Growth rate - see the bar chart below.
To end with, P&L, Cash Flow and Balance Sheet from the 10K:
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