Apple Inc. (NASDAQ: AAPL) closed at $298.21 on May 15, 2026, near the top of its 52-week range of $193.46-$300.92. The company’s fiscal 2025 results, filed with the SEC on October 31, 2025, showed revenue of $416.2B (up 6.4% year-over-year), net income of $112.0B, and diluted EPS of $7.46. Gross margin expanded to 46.9% from 46.2% in FY2024, while operating margin reached 32.0%. Shares now trade at 34.1x trailing earnings and 51.8x book value, valuations that price in continued Services growth and a successful AI-driven device refresh cycle.

Company Snapshot

Apple Inc., headquartered in Cupertino, California and led by CEO Timothy D. Cook, designs and markets consumer electronics, software, and digital services. The company employs 164,000 full-time staff and operates within the Technology sector under the Consumer Electronics industry classification.

The product portfolio centers on iPhone, Mac, iPad, and the Wearables, Home and Accessories segment (AirPods, Apple Watch, Beats, HomePod). The Services segment encompasses the App Store, AppleCare, iCloud, Apple Music, Apple TV+, Apple Arcade, Apple News+, Apple Fitness+, Apple Card, Apple Pay, and licensing revenue. According to Apple’s FY2025 10-K filing, distribution runs through company-operated retail and online stores, direct enterprise sales, and third-party carriers, wholesalers, and resellers.

Geographic exposure remains weighted toward the Americas, Europe, and Greater China, with the latter region historically representing the largest source of revenue volatility. Apple’s stock beta of 1.06 indicates market-like sensitivity, modest for a company of its scale.

Recent Financial Performance

The three-year trajectory from SEC filings shows steady scale expansion. Revenue progressed from $383.3B in FY2023 to $391.0B in FY2024 to $416.2B in FY2025, a two-year compound growth rate of 4.2%. The acceleration in FY2025 (6.4% growth) marks a recovery from the 2.0% growth posted in FY2024.

Profitability metrics show meaningful structural improvement:

• Gross margin: 44.1% (FY2023) → 46.2% (FY2024) → 46.9% (FY2025)
• Operating margin: 29.8% → 31.5% → 32.0%
• Net margin: 25.3% → 24.0% → 26.9%
• Diluted EPS: $6.13 → $6.08 → $7.46

The FY2024 net margin compression reflects an elevated effective tax rate of 24.1%, which normalized to 15.6% in FY2025 and drove the disproportionate EPS jump. Stripping out the tax-rate volatility, pretax income grew from $123.5B to $132.7B, a 7.5% increase.

Cash generation remains the defining characteristic of the franchise. FY2025 operating cash flow per share reached $7.46, with free cash flow per share of $6.61. Capital intensity stayed low, with capex representing only 3.1% of revenue. The capex-to-operating-cash-flow ratio of 11.4% leaves substantial capital available for buybacks and dividends. Weighted average diluted shares outstanding declined from 15.81B in FY2023 to 15.00B in FY2025, a 5.1% reduction that mechanically boosted per-share metrics.

The dividend payout ratio sits at 13.8% of earnings, with a per-share dividend of $1.03 producing a yield of 0.40% at current prices.