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Apple's finances, and what holding AAPL would have done
Apple's revenue, profit, cash flow and debt from SEC filings, and what holding AAPL would have done in the past.
Apple (AAPL) was the number 1 US company by market value on 5 November 2026, at about $5.1 trillion, on the companiesmarketcap.com ranking. Its figures come from its SEC filings, read on 5 November 2026. A figure a filing lacks is marked as not reported.
What Apple sells
Apple makes the iPhone, Mac, iPad, Apple Watch and AirPods. It also sells services on top of those devices: the App Store, iCloud storage, Apple Music, Apple TV and Apple Pay. Most of its sales still come from the hardware.
The finances
- Revenue: $479 billion in the year to 26 September 2026 (10-K), up 15.1% from $416 billion. Double-digit growth is solid at this size.
- Net income: $132 billion in the year to 26 September 2026 (10-K), against $112 billion a year earlier; net margin 27.6%. About $28 of every $100 of sales stayed as profit.
- Free cash flow: $136 billion in the year to 26 September 2026 (10-K), which is $145 billion of operating cash flow minus $9.0 billion of capital spending. Cash left over was above reported profit.
- Cash and debt: $36.3 billion in cash and $78.1 billion of debt (10-K, 26 September 2026). It owed more than it held in cash.
- Share count: 14.72 billion average diluted shares in the year to 26 September 2026 (10-K), down 1.9% from 15.00 billion. Fewer shares, usually from buybacks, make each one a bigger slice.
One thing to notice: Apple spent only $9.0 billion on equipment and buildings against $145.1 billion of operating cash flow, so most of what its operations earned in cash was left over. Its average share count fell 1.9% in the year, which is a sign of share buybacks.
What holding it would have done
From our free long-term checker, which looks back only:
- Past returns, price only: 1-year +23% (SPY +10%), 3-year +88% (SPY +74%), 5-year +119% (SPY +62%), 10-year +1132% (SPY +248%). That 10-year gain is 28.6% a year, against 13.3% for SPY.
- Worst fall: -38.7%, from the close on 3 October 2018 to the low on 3 January 2019 (92 days). Getting back to that high took another 281 days, to 11 October 2019. SPY's worst fall was -34.1%.
- How often holding ended higher: 87% of 1-year holds (worst -31%) and 100% of 5-year holds (worst +73%).
- Monthly buying against a lump sum: over the past 10 years, $100 a month ($12,100 in total) would have grown to $47,096. The same money in on day one would have grown to $149,030; in SPY, monthly buying ends at $24,571 and the lump sum at $42,078.
Price only: no dividends, fees or tax. Daily closes, 10 November 2016 to 3 November 2026. SPY is an S&P 500 fund.
What this does and does not tell you
A company can earn more and still see its shares fall, because the price already reflects what people expect. So the filings and the long test answer different questions, and neither says what comes next.
This is one company over one stretch of history: an in-sample look at the past, not a promise. It is general information, not a call to buy or sell AAPL, and it sets no price target.
More
The other 24 are in The 25 biggest US stocks. To check any other stock, use the long-term checker.
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