Apple (AAPL): what its filings show

What does Apple actually sell?#

In its own words, Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services ^[1].

Apple does not report its business by product line as segments. Its reportable segments are regions: the Americas, Europe, Greater China, Japan and Rest of Asia Pacific ^[1]. The product split comes from a separate net sales table in Item 7, shown below for fiscal 2025 and fiscal 2024, in millions of dollars ^[1].

Net sales by category in millions of US dollars, as reported in Item 7 of the fiscal 2025 Form 10-K ^[1].

Two lines carry the business. iPhone was 50.4% of total net sales and Services 26.2% (calculated). Services also grew fastest of the five categories in fiscal 2025, at 14% ^[1]. That mix matters when you compare Apple with other companies in its sector: a phone maker with a large services business does not look like a pure hardware company.

How have revenue and profit changed over five years?#

The chart above shows fiscal 2021 to fiscal 2025. Revenue went from $365.8 billion to $416.2 billion, a rise of 13.8% (calculated). Net income went from $94.7 billion to $112.0 billion, up 18.3% (calculated).

The path was not a straight line. Revenue dipped in fiscal 2023 to $383.3 billion and net income fell in both fiscal 2023 and fiscal 2024 before jumping 19.5% in fiscal 2025 (calculated). Item 7 of each 10-K, management's discussion and analysis, is where a company gives its own view of why results changed ^[2].

What do EPS and dividends per share show?#

Earnings per share is a company's net profit divided by the number of its common shares ^[3]. Apple's diluted EPS rose from $5.61 in fiscal 2021 to $7.46 in fiscal 2025, up 33.0% (calculated). That is faster than net income grew, because the weighted diluted share count fell from about 16.86 billion to 15.00 billion shares, down 11.0% (calculated). The 10-K also reports that on May 1, 2025 Apple announced an additional program to repurchase up to $100 billion of its stock ^[1]. Our EPS explainer covers how share counts change EPS.

A dividend is a portion of a company's profit paid to shareholders ^[4]. Apple declared $1.02 per share in fiscal 2025, up from $0.85 in fiscal 2021 (reported). Compared with EPS, that is a payout ratio of about 13.7% (calculated), so most of the profit was not paid out as dividends.

What risks does Apple say could hurt results?#

Item 1A of a 10-K lists the most significant risks that apply to the company ^[2]. Apple's first three risk factors, in its own order, are:

• The economy. Apple says adverse global and regional economic conditions can materially adversely affect its business, results, financial condition and stock price ^[1].
• Politics, trade and disruption. Political events, trade disputes, geopolitical tensions, conflict, natural disasters and other interruptions can affect the business ^[1].
• Competition. Apple's markets are highly competitive and subject to rapid technological change, and it says it may be unable to compete effectively ^[1].

These are the company's own warnings, not forecasts. They are the risks Apple chose to list first in the section reserved for its most significant risks. Our guide to stock market risk explains the wider risks of holding any single company.

How should a beginner use these numbers?#

1. Check the period

   Apple's fiscal year ends on the last Saturday of September ^[1], so fiscal 2025 ended September 27, 2025. The SEC data we downloaded on October 6, 2026 did not yet include a fiscal 2026 annual report.

2. Add a live price yourself

   The P/E ratio divides the current share price by earnings per share ^[5]. Take the price from your broker and the diluted EPS of $7.46 into our P/E calculator. Investor.gov's definition uses earnings for the past 12 months ^[5], and $7.46 covers the year that ended September 27, 2025, so the result is a P/E on fiscal 2025 earnings, not on the latest 12 months.

3. Compare like with like

   P/E is a way of judging whether a price is high or low compared with the past or with other companies ^[5]. Compare Apple with its own history or with similar companies, not with a bank or a soda maker.

4. Read the filing

   Open the 10-K from the filings list above. Read Item 1A for risks and Item 7 for management's explanation of the year ^[2].

Frequently asked questions#

The bottom line#

Apple's filings show a company that earns about half its sales from one product, a growing share from Services, and a falling share count that has lifted EPS faster than profit. None of that says what the stock is worth today. Use the numbers to ask better questions, read Item 1A and Item 7 yourself, and see our guide to SEC filings: 10-K, 10-Q and 8-K for where each number lives.

Education only. This page is not investment, tax or legal advice. Stocks can lose value. See our risk disclosure.