Financials Apple Inc.

Equities

AAPL

US0378331005

Phones & Handheld Devices

Market Closed - Nasdaq Other stock markets 21:00:00 24/06/2025 BST			5-day change	1st Jan Change
200.30 ^USD	-0.60%		+2.38%	-20.01%

06-16	Communications Services Up as Roku Rallies -- Communications Services Roundup	DJ
06-16	Trump family in phone service licensing deal, touts a $499 device	RE

Projected Income Statement: Apple Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	274,515	365,817	394,328	383,285	391,035	407,348	430,962	457,093
Change	-	33.26%	7.79%	-2.8%	2.02%	4.17%	5.8%	6.06%
EBITDA ¹	77,344	120,233	130,541	125,820	134,661	139,515	147,617	159,601
Change	-	55.45%	8.57%	-3.62%	7.03%	3.6%	5.81%	8.12%
EBIT ¹	66,288	108,949	119,437	114,301	123,216	128,001	136,376	145,268
Change	-	64.36%	9.63%	-4.3%	7.8%	3.88%	6.54%	6.52%
Interest Paid ¹	-2,873	-2,645	-334	-565	269	-1,119	-923.2	-446
Earnings before Tax (EBT) ¹	67,091	109,207	119,103	113,736	123,485	127,140	134,861	145,777
Change	-	62.77%	9.06%	-4.51%	8.57%	2.96%	6.07%	8.09%
Net income ¹	57,411	94,680	99,803	96,995	93,736	107,637	114,021	123,276
Change	-	64.92%	5.41%	-2.81%	-3.36%	14.83%	5.93%	8.12%
Announcement Date	29/10/20	28/10/21	27/10/22	02/11/23	31/10/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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
Net sales ¹	59,685	64,698	111,439	89,584	81,434	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	88,631	97,742	129,602	99,408	92,930	102,714	129,966	101,585
Change	-	8.4%	72.24%	-19.61%	-9.1%	2.37%	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%	-7.06%	10.28%	32.6%	-23.3%	-6.52%	10.53%	26.53%	-21.84%
EBITDA ¹	15,843	17,477	36,200	30,300	26,958	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	28,007	31,080	43,887	33,099	29,693	33,914	45,414	34,349
Change	-	10.31%	107.13%	-16.3%	-11.03%	-0.68%	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%	-13.16%	10.97%	41.2%	-24.58%	-10.29%	14.22%	33.91%	-24.36%
EBIT ¹	13,091	14,775	33,534	27,503	24,126	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	25,469	29,553	42,958	30,645	27,705	31,978	42,385	31,339
Change	-	12.86%	126.96%	-17.98%	-12.28%	-1.41%	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%	-13.93%	16.04%	45.36%	-28.66%	-9.6%	15.43%	32.54%	-26.06%
Charge d'intérêts ¹	-697	-634	-638	-670	-665	-	-247	160	-10	-237	-393	64	-265	29	-50	-158	142	19	-248	-279	-300	-300	-250	-200	-150	-150	-	-
Earnings before Tax (EBT) ¹	13,137	14,901	33,579	28,011	24,369	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	25,199	29,433	42,557	30,272	27,499	31,772	42,175	31,101
Change	-	13.43%	125.35%	-16.58%	-13%	-4.6%	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%	-14.03%	16.8%	44.59%	-28.87%	-9.16%	15.54%	32.74%	-26.26%
Net income ¹	11,253	12,673	28,755	23,630	21,744	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	21,230	24,728	36,018	25,666	23,088	26,665	35,856	25,757
Change	-	12.62%	126.9%	-17.82%	-7.98%	-5.49%	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%	-14.32%	16.48%	45.66%	-28.74%	-10.04%	15.49%	34.47%	-28.17%
Announcement Date	30/07/20	29/10/20	27/01/21	28/04/21	27/07/21	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	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Apple Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-79,394	-65,797	-49,040	-51,011	-50,021	-38,007	-44,580	-51,121
Change	-	17.13%	25.47%	-4.02%	1.94%	24.02%	-17.29%	-14.67%
Announcement Date	29/10/20	28/10/21	27/10/22	02/11/23	31/10/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Apple Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	7,309	11,085	10,708	10,959	9,447	11,127	11,378	11,868
Change	-	51.66%	-3.4%	2.34%	-13.8%	17.78%	2.26%	4.3%
Free Cash Flow (FCF) ¹	73,365	92,953	111,443	99,584	108,807	109,330	125,839	138,951
Change	-	26.7%	19.89%	-10.64%	9.26%	0.48%	15.1%	10.42%
Announcement Date	29/10/20	28/10/21	27/10/22	02/11/23	31/10/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Apple Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	28.17%	32.87%	33.1%	32.83%	34.44%	34.25%	34.25%	34.92%
EBIT Margin (%)	24.15%	29.78%	30.29%	29.82%	31.51%	31.42%	31.64%	31.78%
EBT Margin (%)	24.44%	29.85%	30.2%	29.67%	31.58%	31.21%	31.29%	31.89%
Net margin (%)	20.91%	25.88%	25.31%	25.31%	23.97%	26.42%	26.46%	26.97%
FCF margin (%)	26.73%	25.41%	28.26%	25.98%	27.83%	26.84%	29.2%	30.4%
FCF / Net Income (%)	127.79%	98.18%	111.66%	102.67%	116.08%	101.57%	110.37%	112.72%
Profitability
ROA	17.33%	28.06%	28.36%	27.5%	26.13%	30.67%	32.87%	35.75%
ROE	73.69%	147.44%	175.46%	171.95%	157.41%	181.75%	173.82%	145.26%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.66%	3.03%	2.72%	2.86%	2.42%	2.73%	2.64%	2.6%
CAPEX / EBITDA (%)	9.45%	9.22%	8.2%	8.71%	7.02%	7.98%	7.71%	7.44%
CAPEX / FCF (%)	9.96%	11.93%	9.61%	11%	8.68%	10.18%	9.04%	8.54%
Items per share
Cash flow per share ¹	4.603	6.169	7.482	6.991	7.675	7.946	9.2	10.59
Change	-	34.03%	21.29%	-6.57%	9.78%	3.53%	15.78%	15.13%
Dividend per Share ¹	0.795	0.85	0.9	0.94	0.98	1.027	1.079	1.112
Change	-	6.92%	5.88%	4.44%	4.26%	4.78%	5.07%	3.03%
Book Value Per Share ¹	3.676	3.841	3.178	3.996	3.767	4.04	4.524	5.732
Change	-	4.47%	-17.25%	25.75%	-5.74%	7.25%	11.97%	26.7%
EPS ¹	3.28	5.61	6.11	6.13	6.08	7.177	7.821	8.641
Change	-	71.04%	8.91%	0.33%	-0.82%	18.05%	8.96%	10.49%
Nbr of stocks (in thousands)	17,102,536	16,530,166	16,070,752	15,634,232	15,204,137	14,935,826	14,935,826	14,935,826
Announcement Date	29/10/20	28/10/21	27/10/22	02/11/23	31/10/24	-	-	-