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Earnings transcript
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AAPL
Apple Inc.
$354.88
-0.48
(-0.14%)
| Exchange: | NASDAQ |
| Market Cap: | 5.157T |
| Shares Outstanding: | 14.662B |
Delayed data
About The Company
| Sector: | TechnologyView sector performance | |||||
| Industry: | Consumer ElectronicsView industry performance | |||||
| CEO: | John Ternus | |||||
| Full Time Employees: | 167000 | |||||
| Address: |
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| Website: | https://www.apple.com |
Apple Inc. is a global technology corporation that specializes in the conceptualization, production, and sale of a diverse suite of electronic devices. Its comprehensive hardware lineup features the well-known iPhone smartphones, Mac personal computers, and versatile iPad tablets. The company also supplies a range of wearables, smart home products, and accessories, including AirPods, Apple TV, Apple Watch, items from the Beats brand, and HomePod speakers. Beyond its device offerings, Apple delivers essential support services like AppleCare and robust cloud solutions. It oversees key digital platforms, prominently the App Store, which acts as a central hub for customers to discover and download countless applications and digital content, from e-books and music to videos, games, and podcasts. The company also generates revenue via advertising, leveraging both its proprietary ad platforms and third-party licensing deals. Apple’s ecosystem is further bolstered by a wide array of subscription-based services: Apple Arcade for gaming, Apple Fitness+ for personalized wellness, Apple Music for curated audio experiences and on-demand radio, Apple News+ for access to news and magazines, and Apple TV+ for exclusive original video programming. Its financial services portfolio includes the co-branded Apple Card and the mobile payment system, Apple Pay. Additionally, Apple strategically licenses its intellectual property. The company serves a broad clientele that spans individual consumers, small and medium-sized enterprises, as well as institutional clients in the education, corporate, and governmental sectors. Products are distributed through a multi-channel strategy, utilizing Apple’s own physical retail locations and online storefronts, a dedicated direct sales team, and collaborations with external partners such as mobile network providers, wholesalers, general retailers, and authorized resellers. The App Store additionally functions as the primary conduit for third-party applications designed for its devices. Founded in 1976, Apple Inc. is headquartered in Cupertino, California.
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Revenue Segmentation
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AAPL full analysis
Welcome back to MarketSnap. Apple just had its best September quarter ever, guided to its best December quarter ever — and the stock fell. Today it's up about 5%, riding a Big Tech rebound the day after the midterms. So here's the question: why did the market shrug at a record quarter, and why is it suddenly in love with the same stock two days later? Record Q4 revenue of $114.5 billion, a December guide of 7 to 10% growth,…
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Earnings Call
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Log in — it's freeIncome Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Revenue | 391,035,000 | 416,161,000 | 478,834,000 |
| Gross Profit | 180,683,000 | 195,201,000 | 233,602,000 |
| EBITDA | 134,930,000 | 144,427,000 | 172,660,000 |
| Operating Income | 123,216,000 | 133,050,000 | 158,063,000 |
| Net Income | 93,736,000 | 112,010,000 | 132,175,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Total Assets | 364,980,000 | 359,241,000 | 404,548,000 |
| Total Liabilities | 308,030,000 | 285,508,000 | 292,455,000 |
| Total Stockholders Equity | 56,950,000 | 73,733,000 | 112,093,000 |
| Total Debt | 119,059,000 | 7,979,000 | 1,997,000 |
| Cash and Cash Equivalents | 29,943,000 | 35,934,000 | 36,305,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2024 | 2025 | 2026 |
|---|---|---|---|
| Operating Cash Flow | 118,254,000 | 111,482,000 | 145,097,000 |
| Capital Expenditure | -9,447,000 | -12,715,000 | -9,041,000 |
| Free Cash Flow | 108,807,000 | 98,767,000 | 136,056,000 |
| Net Income | 93,736,000 | 112,010,000 | 132,175,000 |
| Net Change in Cash | -794,000 | 5,991,000 | 371,000 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2031 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 576,931,555.262 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 700,082,380.388 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 645,206,000 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 214,345,457.429 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 271,740,604.752 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 246,165,176.610 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 164,531,509.828 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 211,868,775.460 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 190,775,165.772 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 37,376,736.213 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 45,355,110.533 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 41,799,922.790 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 12.960 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 14.390 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 11.180 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 6 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 6 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Create a free accountSWOT Analysis
Strengths (preview)
- Record financial performance and sustained growth trajectory. FY2026 revenue reached $478.8B (+15.1% YoY), net income $132.2B (+18.0%), and diluted EPS $8.98 (+20.4%). Q4 FY2026 set a September-quarter record at $114.5B revenue (+12% YoY), with iPhone up 17% and Mac up 24%. Free cash flow of $136.1B (FY2026) reflects exceptional cash generation, with capex held to just $9.0B — an asset-light model relative to revenue scale.
- High-margin, diversified revenue mix. TTM gross margin of 48.65% and net margin of 27.62% exceed industry norms; Services hit an all-time high of $31.6B in Q4 (+10% YoY) and $109.2B for FY2025, providing recurring, higher-margin revenue that cushions hardware cyclicality. Geographic diversification is meaningful: Americas $178.4B, Europe $111.0B, Greater China $64.4B, Japan $28.7B, Rest of Asia Pacific $33.7B (FY2025).
- Fortress balance sheet and capital returns. Stockholders' equity rose from $73.7B (FY2025) to $112.1B (FY2026); retained earnings turned positive ($13.7B) after years of negative balances. Debt/equity of 0.78 and ROE of 137.2% (TTM) reflect efficient leverage. Consistent buybacks (share count down from ~16.2B in FY2022 to ~14.7B in FY2026) and $15.7B in annual dividends support per-share compounding.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates AAPL intrinsic value between $160.33 – $169.04 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about AAPL valuation
Is Apple Inc. (AAPL) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for Apple Inc. (AAPL) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is AAPL a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether AAPL trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is AAPL’s P/E ratio?
You can see AAPL’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for AAPL?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is AAPL a good long-term investment?
Whether AAPL fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
AAPL
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Daily snapshot
-0.14
Trading Metrics:
| Open: | 357.71 | Previous Close: | 355.36 | |
| Day Low: | 354.41 | Day High: | 359.37 | |
| Year Low: | 243.42 | Year High: | 359.37 | |
| Price Avg 50: | 337.88 | Price Avg 200: | 300.27 | |
| Volume: | 30.897M | Average Volume: | 46.291M |
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