At a glance
Apple Inc is worth $4.92T, about 38 times its fiscal 2026 earnings. Revenue grew 15.1% to $478.83B in fiscal 2026, with 27.6% kept as profit; over 5 years it has grown 5.5% a year. It pays a 0.31% dividend yield, raised every year for at least 9 years, and returned $515.24B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +25.6% over the past year with dividends reinvested and +18.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.7% in the 2020 crash (S&P 500: 33.7%) and 28.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 12 months after the lows.
The business in plain English
Apple designs and sells iPhone smartphones, Mac computers, iPad tablets and wearables such as Apple Watch, AirPods and the Vision Pro headset. It also sells home products like Apple TV 4K and HomePod speakers. Its main devices run Apple's own operating systems, and Apple designs nearly the whole package itself: hardware, software and services. iPhone is by far the largest line. In fiscal 2026, which ended September 26, 2026, iPhone brought in $254.1 billion, or 53.1% of total revenue of $478.8 billion.
Services came second, with $123.3 billion, or 25.8% of fiscal 2026 revenue. They include the App Store, subscriptions such as Apple Music, Apple TV and Apple Arcade, cloud storage, AppleCare support plans, advertising, and Apple Pay and Apple Card. Services earn ongoing revenue from devices people already own. Mac brought in 7.9% of revenue, wearables, home and accessories 7.4%, and iPad 5.8%.
Customers include consumers, businesses, schools and governments. Apple sells through its own retail and online stores, but about 60% of fiscal 2026 net sales came through indirect channels such as cellular carriers and other resellers. It reports results by region. In fiscal 2026, the Americas made up 41.4% of revenue, Europe 26.6% (for Apple, Europe also includes India, the Middle East and Africa), Greater China 17.2%, Rest of Asia Pacific 8.3% and Japan 6.5%.
Price history
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AAPL +25.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| iPhone | $254.10B | 53.1% |
| Services | $123.30B | 25.8% |
| Mac | $37.93B | 7.9% |
| Wearables, Home and Accessories | $35.58B | 7.4% |
| iPad | $27.93B | 5.8% |
By business segment
| Americas | $198.08B | 41.4% |
| Europe | $127.60B | 26.6% |
| Greater China | $82.38B | 17.2% |
| Rest of Asia Pacific | $39.86B | 8.3% |
| Japan | $30.91B | 6.5% |
By geography
| Other countries | $228.71B | 47.8% |
| U.S. | $167.75B | 35% |
| China | $82.38B | 17.2% |
Latest results
- In Q4 FY2026 (ended Sep 26, 2026), revenue was $114.48B, up 11.7% from a year earlier, and net income was $30.71B (+11.8%).
- For fiscal 2026, revenue was $478.83B (+15.1% year over year; +5.5% a year from FY2021 to FY2026) with a 27.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +5.5% good |
|---|---|
| Operating margin | 33% good |
| Free cash flow margin | 28.4% good |
| Return on equity (FY2026) | 117.9% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2026) | 32.7% good |
| Net cash (cash minus debt) | $56.82B good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $365.82B | $94.68B | $92.95B |
| FY2022 | $394.33B | $99.80B | $111.44B |
| FY2023 | $383.29B | $97.00B | $99.58B |
| FY2024 | $391.04B | $93.74B | $108.81B |
| FY2025 | $416.16B | $112.01B | $98.77B |
| FY2026 | $478.83B | $132.18B | $136.06B |
Valuation snapshot
| Market value | $4.92T |
|---|---|
| P/E ratio | 37.7 |
| Dividend yield | 0.31% |
Rank among 1514 US companies
Market value at each year end
Apple’s market value went from $617.59B at the end of 2016 to $4.92T on Nov 2, 2026, about 8.0 times as much; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $4.92T | +22.4% |
| 2025 | $4.02T | +6.1% |
| 2024 | $3.79T | +26.4% |
| 2023 | $2.99T | +44.9% |
| 2022 | $2.07T | -29.1% |
| 2021 | $2.91T | +29.1% |
| 2020 | $2.26T | +72.9% |
| 2019 | $1.30T | +74.3% |
| 2018 | $748.54B | -13.9% |
| 2017 | $868.88B | +40.7% |
| 2016 | $617.59B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AAPL price data to Nov 2, 2026 | +24.8% | +25.6% | +24.5% | +18.3% | +29.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +24.8% |
| 2025 | +9.0% |
| 2024 | +30.7% |
| 2023 | +49.0% |
| 2022 | -26.3% |
| 2021 | +34.6% |
| 2020 | +82.3% |
| 2019 | +89.0% |
| 2018 | -5.4% |
| 2017 | +48.5% |
| 2016 | +12.5% |
| 2015 | -3.0% |
| 2014 | +40.6% |
| 2013 | +8.1% |
| 2012 | +32.6% |
| 2011 | +25.6% |
| 2010 | +53.1% |
| 2009 | +146.9% |
| 2008 | -56.9% |
| 2007 | +133.5% |
| 2006 | +18.0% |
| 2005 | +123.3% |
| 2004 | +201.4% |
| 2003 | +49.1% |
| 2002 | -34.6% |
| 2001 | +47.3% |
| 2000 | -71.1% |
| 1999 | +151.2% |
| 1998 | +211.9% |
| 1997 | -37.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.5% over that stretch · deepest drop along the way 60.9%, back to its old high 9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.7% over that stretch · deepest drop along the way 30.7%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.7% over that stretch · deepest drop along the way 28.3%, back to its old high 11.5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 32 sales ($96.3M), 32 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 2, 2026 | Timothy D Cook Executive Chair, Director | sell (plan) | $29.4M |
| Oct 2, 2026 | Timothy D Cook Executive Chair, Director | sell (plan) | $13.7M |
| Oct 2, 2026 | Deirdre O'Brien Senior Vice President | sell (plan) | $13.6M |
| Oct 2, 2026 | Timothy D Cook Executive Chair, Director | sell (plan) | $13.1M |
| Oct 2, 2026 | Timothy D Cook Executive Chair, Director | sell (plan) | $7.7M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
ETFs with the most weight in AAPL
| VGT Vanguard Information Technology ETF | 17.9% |
| IXN iShares Global Tech ETF | 17.54% |
| FTEC Fidelity MSCI Information Technology Index ETF | 16.31% |
| IYW iShares U.S. Technology ETF | 15.35% |
| XLK Technology Select Sector SPDR Fund | 14.11% |
| MGK Vanguard Mega Cap Growth ETF | 13.96% |
| HLAL Wahed FTSE USA Shariah ETF | 13.51% |
| TOPT iShares Top 20 U.S. Stocks ETF | 13.5% |
What could go wrong
- Over half of revenue comes from iPhone. iPhone brought in 53.1% of fiscal 2026 revenue, so a weak year for iPhone sales would hit results hard. Apple must keep launching devices people want while rivals cut prices and imitate its features.
- Asian manufacturing exposed to tariffs and tensions. Most manufacturing is done by outsourcing partners, mainly in China mainland, India, Japan, South Korea, Taiwan and Vietnam. Tariffs, export limits or international tensions could raise costs, disrupt supply or force price increases.
- Shortages of chips, memory and storage. In its fiscal 2026 annual report, Apple described shortages and rising costs for advanced chips, memory and storage. It said it expects the memory and storage squeeze to worsen. Some custom parts have one supplier.
- Costly race in artificial intelligence. Apple is spending heavily on AI features and data centers, and also relies on outside cloud providers. Too little computing power, or AI that disappoints, could raise costs, delay features and hurt its reputation.
- Intense regulatory and legal scrutiny. Apple faces intense political and regulatory scrutiny, government investigations and lawsuits around the world. New laws, penalties or data-privacy rules could raise costs or force changes to how its products and services work.
- Sales lean on carriers and resellers. About 60% of fiscal 2026 net sales went through indirect channels such as cellular carriers and other resellers. If these partners struggle financially or sell less, Apple's sales could suffer.
Recent events
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Executive or board change
For income and retirement investors
Apple pays a small dividend, yielding 0.31% of the share price a year as of November 2, 2026. Income investors would get little cash from it and might need to sell shares instead. Dividends per share rose from $0.85 in fiscal 2021 to $1.06 in fiscal 2026, about 4.5% a year, with at least nine straight annual increases. Fiscal 2026 dividends used 11.9% of earnings and 11.6% of free cash flow (cash left after running and investing in the business). Apple returns far more by buying back its own shares: $439 billion over fiscal 2022–2026, against $76.2 billion in dividends. The share count fell 11% from January 2022 to October 2026.
The stock has fallen hard in downturns: 60.9% in the 2008 financial crisis, 30.7% in the 2020 COVID crash and 28.3% in the 2022 market slump. It regained its earlier high about 9, 2.3 and 11.5 months after those lows. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Apple make money?
Mostly by selling iPhones. In fiscal 2026, which ended September 26, 2026, iPhone brought in $254.1 billion, or 53.1% of Apple's $478.8 billion in revenue. Services, including the App Store, subscriptions, AppleCare, cloud storage, advertising and Apple Pay, added $123.3 billion, or 25.8%. Mac computers made up 7.9%, wearables, home products and accessories 7.4%, and iPad 5.8%. About 60% of net sales came through carriers and other resellers rather than directly from Apple.
Does Apple raise its dividend every year?
Yes, as far as its SEC filings (official reports to US regulators) show. Apple raised its dividend per share in every fiscal year covered by that data through fiscal 2026. That is at least nine straight annual increases, and the true streak may be longer. It went from $0.85 in fiscal 2021 to $1.06 in fiscal 2026, about 4.5% a year. The dividend is small, though. The yield, or yearly dividends as a share of the stock price, was 0.31% as of November 2, 2026.
How much of Apple's revenue comes from China?
About 17%. Greater China, which Apple defines as China mainland, Hong Kong and Taiwan, produced $82.4 billion, or 17.2% of fiscal 2026 revenue. The Americas were the largest region at 41.4%, followed by Europe at 26.6%. China also matters for supply: most of Apple's manufacturing is done by outsourcing partners, mainly in China mainland, India, Japan, South Korea, Taiwan and Vietnam. Trade restrictions or international tensions could therefore affect both sales and production.
Does Apple have a lot of debt?
Not compared with its cash. As of September 26, 2026, Apple held $136.9 billion in cash and investments and $80.1 billion of total debt. That left net cash (cash minus debt) of $56.8 billion. It also generated $136.1 billion of free cash flow in fiscal 2026, meaning cash left after running and investing in the business. That cash flow funds dividends and buybacks, which came to about $15.7 billion and $86.4 billion, respectively, in fiscal 2026.
What is Apple's P/E ratio?
It was 37.7 as of November 2, 2026, based on fiscal 2026 earnings of $8.98 a share. The price-to-earnings (P/E) ratio divides the share price by a year's earnings per share. A higher figure means paying more for each dollar of profit, which can leave less room for disappointment. Revenue grew 15.1% in fiscal 2026, but only 5.5% a year on average from fiscal 2021 to 2026. Apple's total market value was about $4.9 trillion on that date.