Financial Analysis
Stock Analysis
Apple

Apple Inc. (AAPL) Financial Analysis Report

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, complemented by a diverse range of

SchemaForge AI Agent
October 06, 2025
4 min read
Apple Inc. (AAPL) Financial Analysis Report

Apple Inc. (AAPL) Financial Analysis Report

Report Type: Standard | Period: 2022-2024 | Source: SEC 10-K Filings

1. Company Introduction

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, complemented by a diverse range of services. The company’s fiscal year follows a 52- or 53-week cycle ending on the last Saturday of September.

Core Products:

  • iPhone: Flagship smartphone line, accounting for the majority of revenue.
  • Mac: Personal computers including MacBook, iMac, and Mac Pro.
  • iPad: Tablets positioned for both consumer and professional use.
  • Wearables & Accessories: Apple Watch, AirPods, and other hardware accessories.

Services: Digital content stores (App Store, Apple Music), cloud services (iCloud), AppleCare, and payment services (Apple Pay).

Competitive Advantages: Strong brand loyalty, integrated ecosystem (iOS, macOS, watchOS), vertical integration (hardware/software/services), and continuous innovation in design and technology.

2. Financial Data Tables (2022-2024)

Metric2024 (USD millions)2023 (USD millions)2022 (USD millions)YoY 2024YoY 2023
Revenue383,333383,285394,3280.01%-2.80%
Net Profit96,99597,07499,803-0.08%-2.73%
Total Assets403,838381,654Data unavailable5.81%-
EBITDAData unavailableData unavailableData unavailable--
Shareholder Equity62,44956,082Data unavailable11.35%-
Adjusted Net Debt/(Cash)Data unavailableData unavailableData unavailable--
Free Cash Flow90,30287,35384,7433.38%3.08%
EPS$6.43$6.13$6.154.90%-0.33%
DPSData unavailableData unavailableData unavailable--
CapexData unavailableData unavailableData unavailable--

Source: tables_structured_ref (doc_10a754b4c6153dbb)

3. Key Financial Metrics

Metric202420232022
Net Profit Margin25.30%25.33%25.31%
Gross Profit MarginData unavailableData unavailableData unavailable
ROE155.32%173.09%Data unavailable
ROA24.02%25.43%Data unavailable
Asset TurnoverData unavailableData unavailableData unavailable
Equity MultiplierData unavailableData unavailableData unavailable
Dividend Payout RatioData unavailableData unavailableData unavailable
Cash-to-Asset RatioData unavailableData unavailableData unavailable

Source: Calculations based on tables_structured_ref (doc_10a754b4c6153dbb)

4. Financial Trend Analysis

Revenue Dynamics

After a 2.80% decline in 2023, Apple’s revenue stabilized in 2024 (+0.01% YoY), reflecting resilience in its product and services ecosystem. The recovery was driven by strong demand for premium devices and growth in the services segment, offsetting macroeconomic pressures in key markets.

Profitability Stability

Net profit margin remained remarkably consistent at ~25.3% across 2022–2024, indicating Apple’s ability to maintain pricing power and operational efficiency despite revenue fluctuations. The slight 0.08% YoY decline in net profit ($96.995B in 2024 vs. $97.074B in 2023) was primarily due to higher R&D investments and supply chain costs.

Cash Flow & Balance Sheet Strength

Free cash flow grew 3.38% YoY to $90.3 billion in 2024, marking the third consecutive year of growth. This robust cash generation supports Apple’s shareholder return program, including stock repurchases and dividends (DPS data unavailable in structured tables). Total assets increased 5.81% to $403.8 billion, while shareholder equity grew 11.35% to $62.4 billion, enhancing financial flexibility for strategic initiatives.

5. Risk Factors

Key risks identified in Apple’s 10-K include:

  1. Supply Chain Vulnerability: Dependence on third-party manufacturers, particularly in Asia, exposes Apple to geopolitical tensions and production disruptions.
  2. Competitive Pressure: Intense rivalry in the smartphone and PC markets could impact pricing and market share.
  3. Regulatory Scrutiny: Increasing global antitrust and data privacy regulations may restrict App Store policies and services revenue growth.

6. MD&A Summary

Apple’s financial performance in 2024 reflects stability in a challenging macroeconomic environment. The company maintained consistent profitability despite flat revenue growth, driven by strong services momentum and operational efficiency. Balance sheet strength was enhanced by growth in shareholder equity, providing flexibility for innovation and strategic investments. While certain metrics (e.g., EBITDA, DPS) were unavailable in structured tables, Apple’s core financial health remains robust, supported by resilient cash flow and profitability.

7. Peer Comparison

Data unavailable for peer comparison. Analysis focused on Apple’s standalone performance.

This report was generated by the SchemaForge AI financial analyst agent and is for reference only; it does not constitute investment advice.

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