Apple (AAPL) Net Profit Margin History: Quarterly Data (2017–2025)

Q: Is Apple (AAPL) Net Profit Margin History: Quarterly Data (2017–2025) publicly traded?

Yes, Apple (AAPL) Net Profit Margin History: Quarterly Data (2017–2025) is a publicly traded company listed under the ticker AAPL.

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Consumer Electronics AAPL Data through 2025 Q4 (Dec 2025)

Apple (AAPL) Net Profit Margin History: Quarterly Data (2017–2025)

Apple quarterly net profit margin percentage from 2017 Q1 through 2025 Q4. Apple's net margin has expanded from 21% to 29% as Services profitability scales.

Net Profit Margin %

Quarter	Net Profit Margin (%)	YoY Change

Source: SEC EDGAR XBRL (NetIncomeLoss/Revenue). Quarters marked * are derived (annual filing minus prior three quarters). Calendar year quarters shown.

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.

Apple Annual Net Profit Margin by Year

Year	Value	YoY Change
2025	26.8%	+12.1%
2024	23.9%	-7.7%
2023	25.9%	+6.1%
2022	24.4%	-7.6%
2021	26.4%	+26.3%
2020	20.9%	-0.5%
2019	21.0%	-7.1%
2018	22.6%	+8.7%
2017	20.8%	—

Annual averages across four calendar quarters. Source: SEC EDGAR XBRL.

Key Net Profit Margin Trends

The 2021 inflection point (from 20.9% to 26.4% annual average) coincides exactly with the iPhone 12 supercycle and accelerating Services revenue. The net margin expansion is structural, not cyclical: Services carries lower COGS and minimal incremental operating expense, creating a flywheel where each percentage point of Services revenue share adds approximately 0.3–0.5 percentage points to net margin.

Apple’s net profit margin meaningfully exceeds its operating margin by only a modest amount (roughly 3–4 percentage points), reflecting low net debt and an efficient tax structure. Apple maintains significant offshore cash and uses transfer pricing strategies to optimize its effective tax rate, which has ranged from 16–25% over this period.

The Q3 2024 anomaly (15.5% net margin) reflects a large one-time charge. Excluding such items, the underlying quarterly margin in non-December quarters has been consistently 22–28% since 2022, with the December quarter (holiday iPhone quarter) consistently the highest due to revenue leverage on fixed operating costs.

Frequently Asked Questions

What is Apple’s net profit margin for Q4 2025?

Apple’s net profit margin was 29.3% in Q4 2025 (October–December 2025), its highest quarterly margin on record. This means Apple kept $0.293 of every revenue dollar as profit.

What is Apple’s average net profit margin?

Apple’s average net profit margin in 2025 was approximately 26.8%, up from 20.8% in 2017. The structural driver is growth in high-margin Services revenue.

Is Apple’s profit margin high for a technology company?

Yes. Apple’s ~27% net margin is elite even within technology. Most hardware-focused companies operate at 5–15% net margins. Apple’s margin is closer to pure software companies like Microsoft (~35%) or Visa (~50%), reflecting the substantial Services contribution to Apple’s earnings mix.

What was Apple’s lowest net profit margin?

Apple’s lowest quarterly net profit margin in this dataset was 15.5% in Q3 2024 (July–September 2024), reflecting one-time charges. In normalized quarters, the floor since 2021 has been approximately 21–22%.

Data sourced from SEC EDGAR XBRL. Calendar year quarters shown. Last updated: April 2026.