Apple Inc.
Apple designs and sells iPhone, Mac, iPad and wearables plus a high-margin services business; fiscal 2026 revenue rose 15% to $478.8 billion while AI-related R&D jumped 32%.
What the filings point to next
Our analysis of the moves the company's own disclosures point to, with the signals that would confirm them.
Keep R&D growing faster than revenue, with a growing share going to AI compute and data center capacity, and a related rise in capital commitments.
- R&D as a share of net sales staying at or above 10%
- Growth in capital expenditures, data center lease obligations and other purchase obligations
- Disclosures naming third-party cloud providers or new data center sites
- Turn AI into a paid services line by tying expanded Apple Intelligence and Siri features to cloud service tiers.Medium confidence
- Lean further on premium mix and selective product price increases to defend product margins against memory and storage costs.Medium confidence
- Fund capital returns partly with new borrowing, keeping the company in a net debt position rather than rebuilding net cash.Medium confidence
- Commit earlier and larger to component supply, especially memory, through long-dated purchase agreements.Low confidence
- Deepen in-house chip and hardware engineering alongside AI software work.Low confidence
Relationship map
Who it buys from, sells to, partners with and competes against, as its disclosures describe it.
Customers Suppliers Partners (top) Competitors (bottom) · solid = disclosed, dashed = inferred · tap a highlighted company to open it
Business at a glance
Operating-health scores describe reported fundamentals on a 0–100 scale. They are not a rating of the stock. How they work
Key ratios and five-year financials
| Fiscal year ending | FY 2022-09 | FY 2023-09 | FY 2024-09 | FY 2025-09 | FY 2026-09 |
|---|---|---|---|---|---|
| Revenue | $394.3B | $383.3B | $391.0B | $416.2B | $478.8B |
| Gross profit | $170.8B | $169.1B | $180.7B | $195.2B | $233.6B |
| Operating income | $119.4B | $114.3B | $123.2B | $133.1B | $158.1B |
| Net income | $99.8B | $97.0B | $93.7B | $112.0B | $132.2B |
| Operating cash flow | $122.2B | $110.5B | $118.3B | $111.5B | $145.1B |
| Capital expenditure | $10.7B | $11.0B | $9.4B | $12.7B | $9.0B |
| Free cash flow | $111.4B | $99.6B | $108.8B | $98.8B | $136.1B |
| R&D | $26.3B | $29.9B | $31.4B | $34.5B | $45.8B |
| Stock-based comp | $9.0B | $10.8B | $11.7B | $12.9B | $13.8B |
| Buybacks | $89.4B | $77.5B | $94.9B | $90.7B | $86.4B |
| Dividends | $14.8B | $15.0B | $15.2B | $15.4B | $15.7B |
| Cash | $23.6B | $30.0B | $29.9B | $35.9B | $36.3B |
| Total debt | $131.2B | $120.9B | $117.5B | $111.0B | $90.0B |
| Equity | $50.7B | $62.1B | $57.0B | $73.7B | $112.1B |
Built from the company's disclosures: 10-K (2026-11-03), 8-K (2026-11-09), DEF 14A (2026-01-08).
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