Financials Apple Cinnober Boat

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0R2V

US0378331005

Phones & Handheld Devices

Real-time Estimate Cboe BZX 01:00:00 20/08/2026 BST			5-day change	1st Jan Change
318.00 ^USD	0.00%		0.00%	-

05:46am	French and Benelux stocks-Factors to watch	RE
01:00am	Apple Camera-Equipped AirPods Remain On Track For 2027	MT

Projected Income Statement: Apple

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	365,817	394,328	383,285	391,035	416,161	477,701	524,164	566,265
Change	-	7.79%	-2.8%	2.02%	6.43%	14.79%	9.73%	8.03%
EBITDA ¹	120,233	130,541	125,820	134,661	144,495	169,262	179,344	197,560
Change	-	8.57%	-3.62%	7.03%	7.3%	17.14%	5.96%	10.16%
EBIT ¹	108,949	119,437	114,301	123,216	133,050	156,048	165,433	184,947
Change	-	9.63%	-4.3%	7.8%	7.98%	17.29%	6.01%	11.8%
Interest Paid ¹	-2,645	-334	-565	269	-321	-402	-1,000	-1,000
Earnings before Tax (EBT) ¹	109,207	119,103	113,736	123,485	132,729	156,581	165,002	184,369
Change	-	9.06%	-4.51%	8.57%	7.49%	17.97%	5.38%	11.74%
Net income ¹	94,680	99,803	96,995	93,736	112,010	129,786	138,102	153,446
Change	-	5.41%	-2.81%	-3.36%	19.5%	15.87%	6.41%	11.11%
Announcement Date	28/10/21	27/10/22	02/11/23	31/10/24	30/10/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4	2028 Q1	2028 Q2	2028 Q3
Net sales ¹	83,360	123,945	97,278	82,959	90,146	117,154	94,836	81,797	89,498	119,575	90,753	85,777	94,930	124,300	95,359	94,036	102,466	143,756	111,184	109,417	113,551	154,215	123,287	119,323	122,713	164,356	130,904	126,634
Change	-	48.69%	-21.52%	-14.72%	8.66%	29.96%	-19.05%	-13.75%	9.41%	33.61%	-24.1%	-5.48%	10.67%	30.94%	-23.28%	-1.39%	8.96%	40.3%	-22.66%	-1.59%	3.78%	35.81%	-20.06%	-3.22%	2.84%	33.94%	-20.35%	-3.26%
EBITDA ¹	26,775	44,185	32,716	25,881	27,759	38,932	31,216	26,050	29,622	43,221	30,736	28,202	32,502	45,912	32,250	31,032	35,301	54,066	39,324	39,015	37,799	53,174	41,267	39,136	39,991	59,127	45,630	41,880
Change	-	65.02%	-25.96%	-20.89%	7.26%	40.25%	-19.82%	-16.55%	13.71%	45.91%	-28.89%	-8.24%	15.25%	41.26%	-29.76%	-3.78%	13.76%	53.16%	-27.27%	-0.79%	-3.12%	40.67%	-22.39%	-5.16%	2.19%	47.85%	-22.83%	-8.22%
EBIT ¹	23,786	41,488	29,979	23,076	24,894	36,016	28,318	22,998	26,969	40,373	27,900	25,352	29,591	42,832	29,589	28,202	32,427	50,852	35,885	35,695	34,490	51,239	37,707	36,062	37,828	56,798	43,311	39,588
Change	-	74.42%	-27.74%	-23.03%	7.88%	44.68%	-21.37%	-18.79%	17.27%	49.7%	-30.89%	-9.13%	16.72%	44.75%	-30.92%	-4.69%	14.98%	56.82%	-29.43%	-0.53%	-3.38%	48.56%	-26.41%	-4.36%	4.9%	50.15%	-23.75%	-8.6%
Charge d'intérêts	-	-247	160	-10	-237	-393	64	-265	29	-50	158	142	19	-248	-279	-171	377	150	-52	572	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	23,248	41,241	30,139	23,066	24,657	35,623	28,382	22,733	26,998	40,323	28,058	25,494	29,610	42,584	29,310	28,031	32,804	51,002	35,833	36,267	34,774	51,873	37,489	36,228	38,002	56,564	40,766	39,129
Change	-	77.4%	-26.92%	-23.47%	6.9%	44.47%	-20.33%	-19.9%	18.76%	49.36%	-30.42%	-9.14%	16.14%	43.82%	-31.17%	-4.36%	17.03%	55.47%	-29.74%	1.21%	-4.12%	49.17%	-27.73%	-3.36%	4.9%	48.85%	-27.93%	-4.01%
Net income ¹	20,551	34,630	25,010	19,442	20,721	29,998	24,160	19,881	22,956	33,916	23,636	21,448	14,736	36,330	24,780	23,434	27,466	42,097	29,578	29,789	28,951	42,711	31,932	30,248	31,723	47,338	33,864	32,600
Change	-	68.51%	-27.78%	-22.26%	6.58%	44.77%	-19.46%	-17.71%	15.47%	47.74%	-30.31%	-9.26%	-31.29%	146.54%	-31.79%	-5.43%	17.21%	53.27%	-29.74%	0.71%	-2.81%	47.53%	-25.24%	-5.27%	4.88%	49.22%	-28.46%	-3.73%
Announcement Date	28/10/21	27/01/22	28/04/22	28/07/22	27/10/22	02/02/23	04/05/23	03/08/23	02/11/23	01/02/24	02/05/24	01/08/24	31/10/24	30/01/25	01/05/25	31/07/25	30/10/25	29/01/26	30/04/26	30/07/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Apple

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-65,797	-49,040	-51,011	-50,021	-33,763	-67,602	-106,513	-138,985
Change	-	25.47%	-4.02%	1.94%	32.5%	-100.23%	-57.56%	-30.49%
Announcement Date	28/10/21	27/10/22	02/11/23	31/10/24	30/10/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Apple

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	11,085	10,708	10,959	9,447	12,715	10,229	13,158	14,085
Change	-	-3.4%	2.34%	-13.8%	34.59%	-19.55%	28.63%	7.05%
Free Cash Flow (FCF) ¹	92,953	111,443	99,584	108,807	98,767	145,162	153,005	168,742
Change	-	19.89%	-10.64%	9.26%	-9.23%	46.97%	5.4%	10.29%
Announcement Date	28/10/21	27/10/22	02/11/23	31/10/24	30/10/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Apple

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	32.87%	33.1%	32.83%	34.44%	34.72%	35.43%	34.22%	34.89%
EBIT Margin (%)	29.78%	30.29%	29.82%	31.51%	31.97%	32.67%	31.56%	32.66%
EBT Margin (%)	29.85%	30.2%	29.67%	31.58%	31.89%	32.78%	31.48%	32.56%
Net margin (%)	25.88%	25.31%	25.31%	23.97%	26.92%	27.17%	26.35%	27.1%
FCF margin (%)	25.41%	28.26%	25.98%	27.83%	23.73%	30.39%	29.19%	29.8%
FCF / Net Income (%)	98.18%	111.66%	102.67%	116.08%	88.18%	111.85%	110.79%	109.97%
Profitability
ROA	28.06%	28.36%	27.5%	26.13%	30.93%	33.74%	33.94%	35.01%
ROE	147.44%	175.46%	171.95%	157.41%	171.42%	140.85%	120.58%	107.15%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	3.03%	2.72%	2.86%	2.42%	3.06%	2.14%	2.51%	2.49%
CAPEX / EBITDA (%)	9.22%	8.2%	8.71%	7.02%	8.8%	6.04%	7.34%	7.13%
CAPEX / FCF (%)	11.93%	9.61%	11%	8.68%	12.87%	7.05%	8.6%	8.35%
Items per share
Cash flow per share ¹	6.169	7.482	6.991	7.675	7.43	10.39	11.34	12.74
Change	-	21.29%	-6.57%	9.78%	-3.19%	39.78%	9.19%	12.35%
Dividend per Share ¹	0.85	0.9	0.94	0.98	1.02	1.069	1.115	1.168
Change	-	5.88%	4.44%	4.26%	4.08%	4.82%	4.32%	4.72%
Book Value Per Share ¹	3.841	3.178	3.996	3.767	4.991	6.895	9.651	15.11
Change	-	-17.25%	25.75%	-5.74%	32.48%	38.14%	39.97%	56.53%
EPS ¹	5.61	6.11	6.13	6.08	7.46	8.805	9.532	10.72
Change	-	8.91%	0.33%	-0.82%	22.7%	18.03%	8.26%	12.48%
Nbr of stocks (in thousands)	16,530,166	16,070,752	15,634,232	15,204,137	14,840,390	14,594,180	14,594,180	14,594,180
Announcement Date	28/10/21	27/10/22	02/11/23	31/10/24	30/10/25	-	-	-