Before you read the chart · 1 analysis trap triggered on the latest filings

FCF growth = the business improved Triggered: Free cash flow rose $37.3B (+38%), from $98.8B to $136.1B, but working capital released $16.5B more cash than the year before and capital expenditure fell by $3.7B: 54% of the increase came from sources that need not repeat.
Low P/E at a cyclical peak = undervalued To review: Net income of $132.2B is at a high against a median of $97.0B over eight years; at 38.1× the market is not pricing it as cheap, but a multiple on this year's profit still understates the mid-cycle one (52.0×)..
A precise DCF value = the true value To review: The DCF's point value is 163.24 a share (price 342.37); 71% of it is the terminal value, a number about years no one has seen.

Every rule, the figures and the innocent explanations →

Filing Flows › Technology › Apple (AAPL)

Apple (AAPL) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Nov 3, 2026 · Apple (AAPL) Q4 FY26 earnings results →

Q4 FY26 Revenue up 12% year over year to $114.5B · 27¢ of every $1 of revenue kept as net profit · operating margin 31.1%

Apple made $114.5B in Q4 FY26 (+12% Y/Y): Products $82.9B, Services $31.6B. Operating margin 31.1%, net earnings $30.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Nov 3, 2026.

Revenue$114.5B

Year over year+12%

Operating margin31.1%

Net earnings$30.7B

Operating cash flow$28.1B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $114.5B in Q4 FY26, up 12% year over year and up 5% from the previous quarter. iPhone was the largest line at 50% of revenue.

Gross margin was 47.9%, up 0.7 points from Q4 FY25. Operating profit was $35.6B, a 31.1% margin (down 0.5 points year over year). Of the extra revenue versus Q4 FY25, 27% reached operating profit, below the 32% margin then. Operating expenses grew 21% against revenue growth of 12%. The fastest-growing cost line was Research & development (+32%). Net earnings were $30.7B, up 12% year over year. The effective tax rate was 15.0%.

Operating cash flow was $28.1B (down 5% year over year), 92% of net earnings. Non-cash charges added back $3.5B of depreciation and amortization and $3.3B of share-based compensation. Working capital and other items used $9.3B. Capital expenditures of $2.2B left free cash flow of $25.9B.

Quarterly history

Quarter	Form	Filed	Revenue	Y/Y	Op. margin	Net earnings	Op. cash flow
Q4 FY26	10-K	Nov 3, 2026	$114.5B	+12%	31.1%	$30.7B	$28.1B
Q3 FY26	10-Q	Jul 31, 2026	$109.4B	+16%	32.6%	$29.8B	$34.4B
Q2 FY26	10-Q	May 1, 2026	$111.2B	+17%	32.3%	$29.6B	$28.7B
Q1 FY26	10-Q	Jan 30, 2026	$143.8B	+16%	35.4%	$42.1B	$53.9B
Q4 FY25	10-K	Oct 31, 2025	$102.5B	+8%	31.6%	$27.5B	$29.7B
Q3 FY25	10-Q	Aug 1, 2025	$94.0B	+10%	30.0%	$23.4B	$27.9B
Q2 FY25	10-Q	May 2, 2025	$95.4B	+5%	31.0%	$24.8B	$24.0B
Q1 FY25	10-Q	Jan 31, 2025	$124.3B	+4%	34.5%	$36.3B	$29.9B

Charts

Latest (Q4 FY26): Y/Y +12%, Q/Q +5%.

From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.

Latest (Q4 FY26): Net income $30.7B, Operating cash flow $28.1B.

-12.7% since FY21: buybacks shrank the count.

Cash $36.3B, short-term investments $20.4B, long-term debt $78.1B at 2026-09-26.

Electronic Computers; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

ZDGE · Stated in 10-K (named, share not stated) · source
DUOL · Stated in 10-K (named, share not stated) · source
FRSH · Stated in 10-K (named, share not stated) · source
ASAN · Stated in 10-K (named, share not stated) · source
SNAL · Stated in 10-K (named, share not stated) · source
VIA · Stated in 10-K (named, share not stated) · source
ROOT · Stated in 10-K (named, share not stated) · source
LMND · Stated in 10-K (named, share not stated) · source
OWLT · Stated in 10-K (named, share not stated) · source
NXPI · Stated in 10-K (named, share not stated) · source
BBY · Stated in 10-K (named, share not stated) · source
PENN · Stated in 10-K (named, share not stated) · source

Buys from

CRUS — 91% of the supplier’s revenue · Stated in 10-K (sentence) · source
SWKS — 67% of the supplier’s revenue · Stated in 10-K (sentence) · source
DUOL — 61% of the supplier’s revenue · Stated in 10-K (sentence) · source
Qorvo, Inc. — 50% of the supplier’s revenue · Stated in 10-K (sentence) · source
RBLX — 29% of the supplier’s revenue · Stated in 10-K (sentence) · source
INGM — 21% of the supplier’s revenue · Stated in 10-K (sentence) · source
WMG — 20% of the supplier’s revenue · Stated in 10-K (sentence) · source
SITM — 17% of the supplier’s revenue · Stated in 10-K (sentence) · source
TTWO · Stated in 10-K (named, share not stated) · source
SNAL · Stated in 10-K (named, share not stated) · source
AMKR · Stated in 10-K (named, share not stated) · source

About Apple

The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. iPhone ® is the Company’s line of smartphones based on its iOS operating system. The iPhone line includes iPhone Duo™, iPhone 18 Pro, iPhone Air ® , iPhone 17, iPhone 17e and iPhone 16.

In its own words, from its 10-K, filed Nov 3, 2026.

Apple against its Electronic Computers peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +36%. Operating margin: 31.1% against the peers' median 10.4%.

Company	Quarter	Revenue	Y/Y	Op. margin
AAPL Apple	Q4 FY26	$114.5B	+12%	31.1%
DELL Dell Technologies	Q2 FY27	$47.0B	+58%	11.5%
SMCI Super Micro Computer	Q1 FY27	$19.9B	+298%	10.4%
OMCL Omnicell	Q3 2026	$308M	-0.9%	4.9%
OSS One Stop Systems	Q3 2026	$12.6M	+36%	-6.6%
SCKT Socket Mobile	Q3 2026	$3.4M	+9%	-19.0%

Source: Apple 10-K on SEC EDGAR · CIK 320193 · Electronic Computers

Guidance and outlook

3 statements; tone +0.33 (−1 all cautious, +1 all confident); 1 hedged.

13F: who owns AAPL and who is buying

Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on AAPL

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q1 FY25 results

Compare AAPL with

中文版：苹果（AAPL）财报

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