AAPL

Apple Inc.

Technology • CIK: 0000320193

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Market Cap
$4.06T
P/E (TTM)
34.5x
Rev Growth (TTM)
+10.1%
Net Margin (TTM)
27.0%
FCF Yield (TTM)
3.0%
FCF Margin (TTM)
28.3%

What Changed

View Full Insights
10-Q Q1 2026 vs 10-Q Q3 2025
Management Tonecautious→confident
Revenue (Q1 YoY)$124.3B→$143.8B (+15.7%)
Regulatory Liabilityroutine proceedings→EU DMA €500M fine + DoJ antitrust lawsuit
ROIC (TTM)~56.3%→69.6% (+13.4pp)
Hidden Liability Risklow→moderate

Greater China revenue Q2 — Q1 +37.9% includes product cycle; prior trend was...·EU DMA enforcement — €500M fine issued; ongoing probe up to 10% of ~$39B net...·Tariff impact on product margins — management flagged uncertainty on scope and...

Filing Intelligence

6.0/10
10-Q filed Jan 30, 2026 • Q1 2026

Executive Summary

Company expresses confidence in its liquidity position and ability to meet obligations, supported by cash reserves and operational cash flow.. Significant capital is being returned to shareholders...

Key Concerns

  • ●Significant future purchase obligations totaling over $68 billion related to manufacturing, supplier arrangements, and intellectual...
  • ●Ongoing legal proceedings, including a substantial EU Digital Markets Act investigation with potential for large fines and a US antitrust...
  • ●Regulatory and Litigation Environment (high)

Key Strengths

  • ●Strong performance in iPhone and Services segments drove overall revenue growth, exceeding prior year levels.
  • ●Gross margins improved due to product mix, though offset by tariff costs, and management anticipates continued volatility.
View Full Quarterly Insights →

LATEST EARNINGS

•
Q1 2026
•
2 months ago
•View source
Revenue
$143.76B
—
Net Income
$42.10B
+15.9%
EPS
$2.84
+18.3%
Gross
48.2%↑ +1.3%
Operating
35.4%↑ +0.9%
Net
29.3%↑ +0.1%
  • •Total net sales reached $143.8 billion, up 16 percent year over year, setting a new all-time record.
  • •Diluted earnings per share was $2.84, up 19 percent year over year, also a new all-time record.
  • •iPhone revenue reached an all-time record, driven by unprecedented demand across all geographic segments.
  • •Services revenue achieved an all-time record, up 14 percent year over year.
View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive
TTM$123.3B
Q1 '26
$51.6B+95%
Q4 '26
$26.5B+9%
FCF Margin
TTM28.3%
Q1 '2635.9%+39%
Sector: 9.1%Top 25%
OCF Margin31.1%
OCF/NI1.15x
CapEx Coverage11.2x
FCF Yield3.0%
FCF Growth (2Y)+8%
Cash Conversion Cycle
-59 days
DSO: 27+DIO: 10−DPO: 96
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Balanced
Total Shareholder YieldTTM
TTM2.6%
Div Yield0.4%
+
Buyback (TTM)2.3%

Balancing returns with reinvestment

Dividend & Payout Metrics
Dividend Yield (TTM)0.4%
FCF Payout Ratio12.4%
Free Cash Flow (TTM)$123.3B
Stock Repurchases (TTM)$91.8B
Capital Return / FCF87.0%
Est. Dividends Paid (TTM)$15.3B
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
69.6%
Volatile
+0.1% YoY+34.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
27.0%
8Q: 26.1%
Asset Turnover
1.26x
8Q: 1.13x
Leverage (1+D/E)
2.03x
D/E: 1.03x
DuPont: 69.0% ≈ 69.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
9.01x
8Q:8.33x
+172.6%
Invested Cap Turn
12.94x
8Q:12.04x
+562.6%
CapEx Intensity
36.1%
8Q:33.9%
CapEx/Depreciation
1.03x
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ1 2026Q4 2026Q3 2025Q2 2025Q1 2025Q4 2025Q3 2024Q2 2024
Revenue
$435.6B
$143.8B↑40.3%
$102.5B↑9.0%
$94.0B↓1.4%
$95.4B↓23.3%
$124.3B↑30.9%
$94.9B↑10.7%
$85.8B↓5.5%
$90.8B
Operating Income
$141.1B
$50.9B↑56.8%
$32.4B↑15.0%
$28.2B↓4.7%
$29.6B↓30.9%
$42.8B↑44.7%
$29.6B↑16.7%
$25.4B↓9.1%
$27.9B
Net Income
$117.8B
$42.1B↑53.3%
$27.5B↑17.2%
$23.4B↓5.4%
$24.8B↓31.8%
$36.3B↑146.5%
$14.7B↓31.3%
$21.4B↓9.3%
$23.6B
Operating Cash Flow
$135.5B
$53.9B↑81.4%
$29.7B↑6.7%
$27.9B↑16.3%
$24.0B↓20.0%
$29.9B↑11.7%
$26.8B↓7.1%
$28.9B↑27.2%
$22.7B
Free Cash Flow
$123.3B
$51.6B↑94.6%
$26.5B↑8.5%
$24.4B↑16.9%
$20.9B↓22.6%
$27.0B↑12.9%
$23.9B↓10.5%
$26.7B↑29.1%
$20.7B
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
34.5x
Volatile
8Q: 130.1x-3849%
Valuation Lenses
Earnings
34.5x
vs – sector
Cash Flow
33.3x
EV/FCF vs –
Growth-Adj
1.4xPEG
Fair for growth
Quality-Adj
0.5P/E per %ROIC
ROIC: 69.6%
Shareholder Returns
Dividend
0.4%
Buyback
2.3%
Total Yield
2.6%
Market Cap$4.06T
EV$4.11T
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
70/100
High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 10%
1.7%
8Q:–
Return on Invested Capital (ROIC)Top 25%
69.6%
8Q:–
+34.5%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 27.0%
Asset Turnover: 1.26x

Earnings Quality

Cash Conversion

1.15x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin47.3%

Capital Efficiency

Invested Capital Turnover12.94x

Working Capital

Cash Conversion Cycle-59 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
64/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
10.1%
OpInc Growth YoY
18.7%
EPS Growth YoY
25.4%
FCF 3Y CAGR
8.1%

Margin Quality & Sustainability

High Quality
Profitability Cascade
Gross
47.3%
Operating
32.4%
Top 25% in sector
Net
27.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+1.3 pts
FCF: 28.3% | Net: 27.0%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged
Net Debt / EBITDA
–Net Debt: $23.60B
Interest Coverage
–
Balance sheet risk & solvency analysis

Research

All research