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$319.70
Market Capi
$4.7T
Growth-adj P/E (3-yr hist)i
8.7x
Growth-adj P/E (3-yr proj)i
2.6x
P/S 26Ei
9.8x
P/S 28Ei
8.2x
EV/EBIT 26Ei
29x
EV/EBIT 28Ei
25x
P/E 26Ei
36x
P/E 28Ei
30x
P/S 26Ei
9.8x
EV/EBIT 26Ei
29x
P/E 26Ei
36x
P/S 28Ei
8.2x
EV/EBIT 28Ei
25x
P/E 28Ei
30x
Revenue
2026E
$478B
Gross Margini
47%
Hist. CAGRi
1.8%
Proj. CAGRi
10%
EBIT
2026E
$155B
Op. Margini
32%
Hist. CAGRi
3.8%
Proj. CAGRi
12%
Net profit
2026E
$129B
Net Margini
27%
Hist. CAGRi
3.9%
Proj. CAGRi
11%
Business Model
Recent Developments
Average Targeti
$322.10-3%
Consensusi
Outperform
44 analysts covering
Net cashi
$68B
Div. Yieldi
0.3%
Buyback Yldi
2.4%
Market Capi
$4.7T
P/E 26Ei
36x
Adj. P/E (fwd.)i
2.6x
Revenue 26E
$478B
Proj. CAGRi
10%
Gross Margini
47%
EBIT 26E
$155B
Proj. CAGRi
12%
Op. Margini
32%
Net Profit 26E
$129B
Proj. CAGRi
11%
Net Margini
27%
Average Targeti
$322.10-3%
Consensusi
Outperform
44 analysts covering
Profile
Apple designs, manufactures, and markets consumer hardware paired with software and a growing services layer, sold globally as one integrated ecosystem. Fiscal 2025 net sales (year ended September 27, 2025) totaled $416.2 billion, split across:
Industry
Apple sells primarily to individual consumers, with additional enterprise, education, and government demand layered on through direct, carrier, and retail channels worldwide. Geographic mix skews toward the Americas (~43% of revenue) and Europe (~27%), with Greater China (~15%), Japan (~7%), and the rest of Asia-Pacific (~8%) rounding out sales. The market is intensely competitive, particularly against Android hardware makers in China, but Apple's retention and margins are supported by premium brand positioning and a tightly integrated ecosystem that keeps users upgrading within the same platform.
Key metrics
Economic moat
Tim Cook
Cook has led Apple as CEO since August 24, 2011, succeeding co-founder Steve Jobs, after six years as chief operating officer overseeing the company's global supply chain, sales, and operations. Before Apple, he spent 12 years at IBM and held operations leadership roles at Intelligent Electronics and Compaq. Effective September 1, 2026, Cook is set to transition to executive chairman, handing the CEO role to John Ternus while remaining on the board.
John Ternus
Ternus is set to succeed Tim Cook as CEO on September 1, 2026, capping a 25-year career at Apple that began on the product design team in 2001. He was promoted to vice president of Hardware Engineering in 2013 and joined the executive team in 2021 as senior vice president overseeing hardware across iPhone, Mac, iPad, and Apple Watch. He led development of the iPhone 17 Pro line, iPhone Air, and MacBook Neo, giving him direct command of Apple's core product engine heading into the CEO role.
Kevan Parekh
Parekh became CFO on January 1, 2025, succeeding Luca Maestri after joining Apple in 2013 and rising through financial planning and analysis, investor relations, and worldwide sales and retail finance leadership. Before Apple, he held senior finance roles at Thomson Reuters and General Motors, including a stint as a regional treasurer at GM Europe.
Sabih Khan
Khan became COO in July 2025 after three decades at Apple, most recently as senior vice president of Operations overseeing the global supply chain since 2019. He joined Apple in 1995 from GE Plastics and has been central to scaling manufacturing for every major Apple product launch since; he now also oversees AppleCare and Apple's data operations.
Other key figures
Arthur Levinson, the former Genentech CEO who has chaired Apple's board since 2011, is set to become lead independent director on September 1, 2026 as part of the same leadership transition. Long-serving senior vice presidents Craig Federighi (Software Engineering) and Eddy Cue (Services) round out the executive team's continuity through the CEO change.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Fiscal Q3 2026 (ended June 27, 2026) revenue hit $109.4 billion, up 16% year over year, with double-digit growth in iPhone, Mac, and Services across every region.
Diluted EPS of $2.02 rose 29% year over year, topping consensus near $1.89; about two points of the 50.1% gross margin reflected a one-time tariff-refund benefit.
iPhone revenue climbed to $54.3 billion (up 22%) and Services hit a record $30.7 billion, while management guided next-quarter revenue growth to just 9-10% on memory-chip supply constraints.
Recent developments
Apple named John Ternus, head of hardware engineering, as its next CEO effective September 1, 2026, with Tim Cook shifting to Executive Chairman after fifteen years running the company.
At WWDC26 on June 8, 2026, Apple introduced a rebuilt Siri AI assistant built on licensed Gemini model technology, with U.S. English availability planned later in 2026.
Apple deepened domestic chip production through a $30 billion-plus multiyear Broadcom silicon deal announced July 8, 2026, and won Chinese regulatory clearance for Apple Intelligence on July 16, 2026 via a partnership built on Alibaba's Qwen model.
On July 28, 2026, Apple launched Apple Upgrade, a Klarna-backed device leasing program with iPhones from roughly $18 a month.
Debate & sentiment
Bulls cite Apple's comparatively low AI capital spending versus hyperscaler peers as evidence the Services and installed-base flywheel can keep compounding without heavy infrastructure outlays.
Optimists view the Siri AI launch and Chinese regulatory approval as removing two long-standing overhangs, opening room for a renewed upgrade cycle and deeper Apple Intelligence monetization.
Skeptics point to guided margin pressure from a historic memory-chip shortage and a sharp iPhone growth slowdown as signs of near-term earnings risk against already stretched valuation multiples.
The unresolved DOJ antitrust case, now in early settlement talks, and the CEO transition add governance and regulatory uncertainty that bears cite as reasons for caution.
Consensusi
Outperform
Average targeti
$322.10-3%
Highest targeti
$400.00+20%
Lowest targeti
$215.00-36%
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