Page: Projections
Apple Inc.
$248.04
+0.72 (0.29%)
As of: 2026-01-23
Master Data Export
Historical Financials (Annual)
| Metric | 10Y Avg | % | TTM | % | 2025 | % | 2024 | % | 2023 | % | 2022 | % | 2021 | % | 2020 | % | 2019 | % | 2018 | % | 2017 | % | 2016 | % | 2015 | % | 2014 | % | 2013 | % | 2012 | % | 2011 | % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 319,578.30M | 100% | 416,161.00M | 100% | 416,161.00M | 100% | 391,035.00M | 100% | 383,285.00M | 100% | 394,328.00M | 100% | 365,817.00M | 100% | 274,515.00M | 100% | 260,174.00M | 100% | 265,595.00M | 100% | 229,234.00M | 100% | 215,639.00M | 100% | 233,715.00M | 100% | 182,795.00M | 100% | 170,910.00M | 100% | 156,508.00M | 100% | 108,249.00M | 100% |
| Revenue Per Share | 18.68 | - | 27.67 | - | 27.74 | - | 25.38 | - | 24.24 | - | 24.15 | - | 21.69 | - | 15.66 | - | 13.99 | - | 13.28 | - | 10.91 | - | 9.80 | - | 10.09 | - | 7.46 | - | 6.55 | - | 5.91 | - | 4.13 | - |
| Growth Horizon | 5 Year | 10 Year | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| LSR (True) | 9.99% | 12.43% | - | - | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CAGR (True) | 12.11% | 10.64% | - | - | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| R² (Rev Linear) | 0.71 | 0.91 | - | - | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| (-) Cost of Revenue | 184,949.70M | 57.87% | 220,960.00M | 53.09% | 220,960.00M | 53.09% | 210,352.00M | 53.79% | 214,137.00M | 55.87% | 223,546.00M | 56.69% | 212,981.00M | 58.22% | 169,559.00M | 61.77% | 161,782.00M | 62.18% | 163,756.00M | 61.66% | 141,048.00M | 61.53% | 131,376.00M | 60.92% | 140,089.00M | 59.94% | 112,258.00M | 61.41% | 106,606.00M | 62.38% | 87,846.00M | 56.13% | 64,431.00M | 59.52% |
| Gross Profit | 134,628.60M | 42.13% | 195,201.00M | 46.91% | 195,201.00M | 46.91% | 180,683.00M | 46.21% | 169,148.00M | 44.13% | 170,782.00M | 43.31% | 152,836.00M | 41.78% | 104,956.00M | 38.23% | 98,392.00M | 37.82% | 101,839.00M | 38.34% | 88,186.00M | 38.47% | 84,263.00M | 39.08% | 93,626.00M | 40.06% | 70,537.00M | 38.59% | 64,304.00M | 37.62% | 68,662.00M | 43.87% | 43,818.00M | 40.48% |
| (-) R&D Expenses | 21,483.10M | 6.72% | 34,550.00M | 8.30% | 34,550.00M | 8.30% | 31,370.00M | 8.02% | 29,915.00M | 7.80% | 26,251.00M | 6.66% | 21,914.00M | 5.99% | 18,752.00M | 6.83% | 16,217.00M | 6.23% | 14,236.00M | 5.36% | 11,581.00M | 5.05% | 10,045.00M | 4.66% | 8,067.00M | 3.45% | 6,041.00M | 3.30% | 4,475.00M | 2.62% | 3,381.00M | 2.16% | 2,429.00M | 2.24% |
| (-) SG&A Expenses | 21,001.80M | 6.57% | 27,601.00M | 6.63% | 27,601.00M | 6.63% | 26,097.00M | 6.67% | 24,932.00M | 6.50% | 25,094.00M | 6.36% | 21,973.00M | 6.01% | 19,916.00M | 7.25% | 18,245.00M | 7.01% | 16,705.00M | 6.29% | 15,261.00M | 6.66% | 14,194.00M | 6.58% | 14,329.00M | 6.13% | 11,993.00M | 6.56% | 10,830.00M | 6.34% | 10,040.00M | 6.42% | 7,599.00M | 7.02% |
| (-) Total Operating Expenses | 42,484.90M | 13.29% | 62,151.00M | 14.93% | 62,151.00M | 14.93% | 57,467.00M | 14.70% | 54,847.00M | 14.31% | 51,345.00M | 13.02% | 43,887.00M | 12.00% | 38,668.00M | 14.09% | 34,462.00M | 13.25% | 30,941.00M | 11.65% | 26,842.00M | 11.71% | 24,239.00M | 11.24% | 22,396.00M | 9.58% | 18,034.00M | 9.87% | 15,305.00M | 8.96% | 13,421.00M | 8.58% | 10,028.00M | 9.26% |
| Operating Income | 92,143.70M | 28.83% | 133,050.00M | 31.97% | 133,050.00M | 31.97% | 123,216.00M | 31.51% | 114,301.00M | 29.82% | 119,437.00M | 30.29% | 108,949.00M | 29.78% | 66,288.00M | 24.15% | 63,930.00M | 24.57% | 70,898.00M | 26.69% | 61,344.00M | 26.76% | 60,024.00M | 27.84% | 71,230.00M | 30.48% | 52,503.00M | 28.72% | 48,999.00M | 28.67% | 55,241.00M | 35.30% | 33,790.00M | 31.22% |
| (+) Depreciation & Amortization | 11,221.80M | 3.51% | 11,698.00M | 2.81% | 11,698.00M | 2.81% | 11,445.00M | 2.93% | 11,519.00M | 3.01% | 11,104.00M | 2.82% | 11,284.00M | 3.08% | 11,056.00M | 4.03% | 12,547.00M | 4.82% | 10,903.00M | 4.11% | 10,157.00M | 4.43% | 10,505.00M | 4.87% | 11,257.00M | 4.82% | 7,946.00M | 4.35% | 6,757.00M | 3.95% | 3,277.00M | 2.09% | 1,814.00M | 1.68% |
| EBITDA | 103,365.50M | 32.34% | 144,748.00M | 34.78% | 144,748.00M | 34.78% | 134,661.00M | 34.44% | 125,820.00M | 32.83% | 130,541.00M | 33.10% | 120,233.00M | 32.87% | 77,344.00M | 28.17% | 76,477.00M | 29.39% | 81,801.00M | 30.80% | 71,501.00M | 31.19% | 70,529.00M | 32.71% | 82,487.00M | 35.29% | 60,449.00M | 33.07% | 55,756.00M | 32.62% | 58,518.00M | 37.39% | 35,604.00M | 32.89% |
| (-) Tax Adjustment | 19,350.18M | 6.05% | 27,940.50M | 6.71% | 27,940.50M | 6.71% | 25,875.36M | 6.62% | 24,003.21M | 6.26% | 25,081.77M | 6.36% | 22,879.29M | 6.25% | 13,920.48M | 5.07% | 13,425.30M | 5.16% | 14,888.58M | 5.61% | 12,882.24M | 5.62% | 12,605.04M | 5.85% | 14,958.30M | 6.40% | 11,025.63M | 6.03% | 10,289.79M | 6.02% | 11,600.61M | 7.41% | 7,095.90M | 6.56% |
| (-) Change In Working Capital | 74.10M | 0.02% | -25,000.00M | -6.01% | -25,000.00M | -6.01% | 3,651.00M | 0.93% | -6,577.00M | -1.72% | 1,200.00M | 0.30% | -4,911.00M | -1.34% | 5,690.00M | 2.07% | -3,488.00M | -1.34% | 34,694.00M | 13.06% | -4,923.00M | -2.15% | 405.00M | 0.19% | 11,262.00M | 4.82% | 7,047.00M | 3.86% | 6,478.00M | 3.79% | -299.00M | -0.19% | 5,757.00M | 5.32% |
| (-) Capital Expenditure | -11,237.40M | -3.52% | -12,715.00M | -3.06% | -12,715.00M | -3.06% | -9,447.00M | -2.42% | -10,959.00M | -2.86% | -10,708.00M | -2.72% | -11,085.00M | -3.03% | -7,309.00M | -2.66% | -10,495.00M | -4.03% | -13,313.00M | -5.01% | -12,795.00M | -5.58% | -13,548.00M | -6.28% | -11,488.00M | -4.92% | -9,813.00M | -5.37% | -9,076.00M | -5.31% | -9,402.00M | -6.01% | -7,452.00M | -6.88% |
| Unlevered Free Cash Flow | 72,703.82M | 22.75% | 129,092.50M | 31.02% | 129,092.50M | 31.02% | 95,687.64M | 24.47% | 97,434.79M | 25.42% | 93,551.23M | 23.72% | 91,179.71M | 24.92% | 50,424.52M | 18.37% | 56,044.70M | 21.54% | 18,905.42M | 7.12% | 50,746.76M | 22.14% | 43,970.96M | 20.39% | 44,778.70M | 19.16% | 32,563.37M | 17.81% | 29,912.21M | 17.50% | 37,814.39M | 24.16% | 15,299.10M | 14.13% |
| Diluted Shares Outstanding | 17,854,827,100 | - | 15,039,968,500 | - | 15,004,697,000 | - | 15,408,095,000 | - | 15,812,547,000 | - | 16,325,819,000 | - | 16,864,919,000 | - | 17,528,214,000 | - | 18,595,652,000 | - | 20,000,436,000 | - | 21,006,768,000 | - | 22,001,124,000 | - | 23,172,276,000 | - | 24,490,652,000 | - | 26,086,536,000 | - | 26,469,932,000 | - | 26,226,060,000 | - |
Net Working Capital Schedule (LTM)
| Metric | 2025-09-27 | 2025-06-28 | 2025-03-29 | 2024-12-28 | 2024-09-28 | 2024-06-29 |
|---|---|---|---|---|---|---|
| Total Current Assets | 147,957.00M | 122,491.00M | 118,674.00M | 133,240.00M | 152,987.00M | 125,435.00M |
| (-) Cash and Short Term Invest. | (54,697.00M) | (55,372.00M) | (48,498.00M) | (53,775.00M) | (65,171.00M) | (61,801.00M) |
| (-) Total Current Liab. | (165,631.00M) | (141,120.00M) | (144,571.00M) | (144,365.00M) | (176,392.00M) | (131,624.00M) |
| (+) Current Portion of Debt | 20,329.00M | 19,268.00M | 19,620.00M | 12,843.00M | 22,511.00M | 15,108.00M |
| Net Working Capital | -52,042.00M | -54,733.00M | -54,775.00M | -52,057.00M | -66,065.00M | -52,882.00M |
| % of LTM Revenue | -12.51% | -13.39% | -13.68% | -13.15% | -16.89% | -13.71% |
Projected Revenue & Drivers
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 453,571.67M | 491,830.83M | 530,590.53M | 569,463.26M | 608,026.90M | 645,831.23M | 682,405.67M | 717,268.21M | 749,935.37M | 779,932.79M |
| % Growth | 8.99% | 8.44% | 7.88% | 7.33% | 6.77% | 6.22% | 5.66% | 5.11% | 4.55% | 4.00% |
Projected Cash Flow & Valuation
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | 2032 | 2033 | 2034 | 2035 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 157,760.08M | 171,067.28M | 184,548.57M | 198,069.18M | 211,482.28M | 224,631.28M | 237,352.51M | 249,478.30M | 260,840.51M | 271,274.13M |
| D&A | -15,926.90M | -17,270.34M | -18,631.37M | -19,996.36M | -21,350.50M | -22,677.98M | -23,962.27M | -25,186.44M | -26,333.53M | -27,386.87M |
| EBIT | 141,833.18M | 153,796.93M | 165,917.21M | 178,072.82M | 190,131.78M | 201,953.31M | 213,390.24M | 224,291.86M | 234,506.98M | 243,887.25M |
| Pro forma Taxes | -25,330.17M | -27,466.79M | -29,631.36M | -31,802.25M | -33,955.87M | -36,067.09M | -38,109.63M | -40,056.56M | -41,880.90M | -43,556.13M |
| NOPAT | 116,503.02M | 126,330.14M | 136,285.84M | 146,270.57M | 156,175.91M | 165,886.21M | 175,280.61M | 184,235.29M | 192,626.08M | 200,331.12M |
| Capital Expenditures | -15,949.04M | -17,294.35M | -18,657.27M | -20,024.16M | -21,380.18M | -22,709.50M | -23,995.58M | -25,221.46M | -26,370.14M | -27,424.94M |
| NWC Investment | 4,932.09M | 5,043.95M | 5,109.94M | 5,124.84M | 5,084.10M | 4,983.99M | 4,821.85M | 4,596.16M | 4,306.72M | 3,954.75M |
| (+) D&A | 15,926.90M | 17,270.34M | 18,631.37M | 19,996.36M | 21,350.50M | 22,677.98M | 23,962.27M | 25,186.44M | 26,333.53M | 27,386.87M |
| Free Cash Flow | 121,412.97M | 131,350.09M | 141,369.89M | 151,367.62M | 161,230.32M | 170,838.68M | 180,069.14M | 188,796.44M | 196,896.20M | 204,247.81M |
| FCF % Growth | 0.00% | 8.18% | 7.63% | 7.07% | 6.52% | 5.96% | 5.40% | 4.85% | 4.29% | 3.73% |