Business
Premium consumer hardware — iPhone above all, plus Mac, iPad, Watch — and the high-margin Services that ride on the installed base (App Store, iCloud, payments, ads). Hardware is the base; Services is the margin.
Flat units, record margins — a Services-mix and capital-return story now.
AnalystBook Intelligence · FY2025 10-K✓ Figures checked against SEC
- Growth — Revenue +6% to $416.2B; mix, not unitsNote
- Profitability — Record 46.9% gross marginOK
- Earnings quality — Very high quality; net income +19% as the EU charge rolled offOK
- Balance sheet — Modest net debt by designNote
- Accounting — Distress score “grey” (a formula quirk, not weakness) · clean · EYOK
- Capital — Buybacks exceed cumulative profitOK
In the full briefFree for 14 days
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- Insider signal🔒
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Every figure in the brief links to the filing paragraph it came from, and a brief whose figures don't match SEC data is rejected before publication.
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