https://visuwire.com/companies/apple/Recent content in How Apple Makes its Money: Revenue Breakdown on VisuwireHugo -- gohugo.ioen-usFri, 24 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/stock-based-compensation-history/Fri, 24 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/stock-based-compensation-history/Apple Stock-Based Compensation: 2017–2025 Apple Inc. (AAPL) recorded $3.59 billion in stock-based compensation (SBC) in its fiscal first quarter ending December 2025. For calendar year 2025, total SBC was approximately $13.2 billion — representing roughly 3.0% of Apple’s $435.6 billion in revenue. Apple has maintained one of the most disciplined SBC ratios in large-cap technology over the past eight years, holding the percentage steady at 2.0–3.0% despite significant absolute dollar growth.https://visuwire.com/companies/apple/earnings-per-share-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/earnings-per-share-history/Apple EPS (Diluted): 2017–2025 Apple (AAPL) reported diluted earnings per share of $2.84 in Q4 2025 (October–December 2025), an +18.3% increase year-over-year from $2.40 in Q4 2024. Important note on stock split: Apple completed a 4-for-1 stock split on August 31, 2020. Quarterly EPS values in this dataset for periods prior to approximately Q4 2018 reflect pre-split figures as originally filed with the SEC. Post-split equivalent values for earlier quarters would be approximately one-quarter of the figures shown.https://visuwire.com/companies/apple/free-cash-flow-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/free-cash-flow-history/Apple Free Cash Flow: 2017–2025 Apple (AAPL) generated $27.0 billion in free cash flow in Q4 2025 (October–December 2025). Free cash flow (FCF) is operating cash flow minus capital expenditures — the cash available after maintaining and expanding the physical asset base. It is the primary source of capital for Apple’s buyback programme, dividends, acquisitions, and balance sheet management. Full-year 2024 free cash flow reached $118.7 billion, a record for Apple and one of the highest FCF totals ever reported by any company in a single year.https://visuwire.com/companies/apple/gross-margin-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/gross-margin-history/Apple Gross Margin: 2017–2025 Apple (AAPL) reported a quarterly gross margin of 48.2% in Q4 2025 (October–December 2025), up from 46.9% in Q4 2024 — an all-time high in Apple’s modern history. Gross margin is gross profit divided by revenue, and measures how much of each revenue dollar remains after cost of goods sold. The expansion from a 38% average in 2017–2019 to a 47%+ average in 2024–2025 is one of the most significant margin improvements in large-cap technology history, driven almost entirely by the growing contribution of Apple’s high-margin Services segment.https://visuwire.com/companies/apple/gross-profit-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/gross-profit-history/Apple Gross Profit: 2017–2025 Apple (AAPL) reported quarterly gross profit of $69.2 billion in Q4 2025 (October–December 2025), an +18.8% increase year-over-year from $58.3 billion in Q4 2024. Gross profit is revenue minus cost of goods sold (COGS), and is the foundation for Apple’s operating and net profitability. See Apple Gross Margin History for the margin percentage trend. Full-year 2025 gross profit reached $206.2 billion, the first time Apple has exceeded $200 billion in annual gross profit.https://visuwire.com/companies/apple/net-income-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/net-income-history/Apple Net Income: 2017–2025 Apple (AAPL) reported quarterly net income of $42.1 billion in Q4 2025 (October–December 2025), a +15.9% increase year-over-year from $36.3 billion in Q4 2024. Net income is the bottom-line profit after all expenses, interest, and taxes, and is the basis for earnings per share (EPS) calculations. Full-year 2025 net income reached $117.8 billion, Apple’s highest annual net income on record. Apple crossed the $100 billion annual net income threshold for the first time in 2021 — and again in 2023 and 2025 — joining an extraordinarily small group of companies to have achieved sustained profitability at this scale.https://visuwire.com/companies/apple/net-profit-margin-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/net-profit-margin-history/Apple Net Profit Margin: 2017–2025 Apple (AAPL) reported a quarterly net profit margin of 29.3% in Q4 2025 (October–December 2025), its highest on record, up from 29.2% in Q4 2024. Net profit margin is net income divided by revenue, and is the most comprehensive measure of overall profitability — it captures cost of goods, operating expenses, interest costs, and taxes. At an annual average of 26.8% in 2025, Apple’s net profit margin places it among the most profitable large-cap companies globally — a distinction typically reserved for pure software businesses rather than companies that design and sell physical hardware.https://visuwire.com/companies/apple/operating-cash-flow-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/operating-cash-flow-history/Apple Operating Cash Flow: 2017–2025 Apple (AAPL) generated $29.9 billion in operating cash flow in Q4 2025 (October–December 2025). Operating cash flow (OCF) is net income adjusted for non-cash charges (primarily depreciation and stock-based compensation) and changes in working capital — it reflects actual cash generated by Apple’s core business operations before capital expenditures. Full-year 2024 operating cash flow reached $128.0 billion, the highest in Apple’s history and a 40.5% increase from $91.https://visuwire.com/companies/apple/operating-income-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/operating-income-history/Apple Operating Income: 2017–2025 Apple (AAPL) reported quarterly operating income of $50.9 billion in Q4 2025 (October–December 2025), an +18.7% increase year-over-year from $42.9 billion in Q4 2024 — Apple’s highest ever quarterly operating income. Operating income is gross profit minus operating expenses (R&D and SG&A), and represents earnings from core operations before interest and taxes. Full-year 2025 operating income reached $141.1 billion, up from $125.7 billion in 2024. Apple’s operating income more than doubled from $74.https://visuwire.com/companies/apple/operating-margin-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/operating-margin-history/Apple Operating Margin: 2017–2025 Apple (AAPL) reported a quarterly operating margin of 35.4% in Q4 2025 (October–December 2025), up from 34.5% in Q4 2024 — its highest ever operating margin. Operating margin is operating income divided by revenue, and measures operational efficiency before financing costs and taxes. The expansion from a 26.3% annual average in 2017 to a 32.0% annual average in 2025 reflects Apple’s transition from a pure hardware company to a hybrid hardware-and-services business.https://visuwire.com/companies/apple/revenue-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/revenue-history/Apple Revenue: 2017–2025 Apple (AAPL) reported quarterly revenue of $143.8 billion in Q4 2025 (October–December 2025), a +15.7% increase year-over-year from $124.3 billion in Q4 2024. The December quarter is Apple’s largest of the year due to holiday iPhone demand and gift card redemptions, consistently generating 35–45% more revenue than the weakest June quarter. Full-year 2025 revenue reached $435.6 billion, Apple’s highest annual total ever and up 10.1% from $395.8 billion in 2024.https://visuwire.com/companies/apple/total-debt-history/Thu, 23 Apr 2026 00:00:00 +0000https://visuwire.com/companies/apple/total-debt-history/Apple Total Debt: 2017–2025 Apple (AAPL) carried $88.5 billion in total debt as of Q4 2025 (December 2025), down -6.6% year-over-year from $94.8 billion in Q4 2024 — the lowest total debt balance in Apple’s modern leveraged era. Total debt here represents the sum of current and non-current long-term debt obligations as reported on Apple’s balance sheet. It excludes operating lease liabilities and accounts payable. Apple’s total debt peaked at approximately $118.