# Apple Inc. (AAPL)

> Source: Nexqual · https://nexqual.com/AAPL · data as of 2026-10-23 16:23 UTC · cite as "Nexqual, Apple Inc. (AAPL), nexqual.com/AAPL" · informational, not investment advice.

**Price:** USD 347.13 (-0.31% today) · US market open, as of October 23, 2026 at 16:23 UTC; quotes may be delayed. Prev close 348.22 · day 346.43–351.73 · 52w 243.42–351.73 · market cap $5.07T · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $467B, net income $129B (27.6% margin), free cash flow $137B (SEC filings).
- Valuation: P/E 39.3x (avg 33.4x at the last 3 fiscal year-ends), EV/EBITDA 30.3x, net debt $19.9B.
- 21 of 80 tracked superinvestors hold AAPL (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 0 new, 2 added, 12 reduced, 7 unchanged.
- Insider open-market sales, last ~7 months: 21 Form 4 filings, $183M; 2 not under a Rule 10b5-1 plan ($86.7M); 0 by opportunistic insiders, 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.52 on a 1–5 scale) (44 analysts), mean target USD 328.35 (range 215–405).
- Total return with dividends: 1Y +34.2% vs S&P 500 +14.7%; 5Y +137.6% vs S&P 500 +77.5%.
- Next earnings: 2026-11-02, EPS estimate USD 1.98, revenue estimate $113B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $366B | $394B | $383B | $391B | $416B | $467B |
| Gross profit | $153B | $171B | $169B | $181B | $195B | — |
| Operating income | $109B | $119B | $114B | $123B | $133B | $155B |
| Net income | $94.7B | $99.8B | $97.0B | $93.7B | $112B | $129B |
| EPS (diluted) | $5.61 | $6.11 | $6.13 | $6.08 | $7.46 | — |
| Free cash flow | $93.0B | $111B | $99.6B | $109B | $98.8B | $137B |
| Gross margin | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% | — |
| Operating margin | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% | 33.2% |
| Net margin | 25.9% | 25.3% | 25.3% | 24.0% | 26.9% | 27.6% |
| Revenue growth | +33.3% | +7.8% | -2.8% | +2.0% | +6.4% | — |
| Cash + short-term investments | $62.6B | $48.3B | $61.6B | $65.2B | $54.7B | — |
| Total debt | $119B | $110B | $105B | $96.7B | $90.7B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 39.3x · P/S 10.8x · EV/EBITDA 30.3x · EV/Sales 10.9x · P/FCF 37.1x · P/B 47.1x · FCF yield 2.70% · Earnings yield 2.54% · Dividend yield (paid, TTM) 0.31% · Buyback yield (TTM) 1.62% · Net debt $19.9B · EV $5.09T
P/E at fiscal year-ends: Sep 2025 34.1x, Sep 2024 38.3x, Sep 2023 27.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
21 of 80 tracked investors hold AAPL (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Duan Yongping | H&H International Investment | 41.05% | $7.84B | Reduced -6.4% | Q2 2026 |
| Warren Buffett | Berkshire Hathaway | 22.04% | $66.0B | Unchanged | Q2 2026 |
| David Rolfe | Wedgewood Partners | 7.81% | $37.8M | Reduced -3.3% | Q2 2026 |
| Jensen Investment Management |  | 6.04% | $249M | Reduced -46.0% | Q2 2026 |
| Francis Chou | Chou Associates | 5.34% | $11.6M | Reduced -9.1% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 4.14% | $50.3M | Reduced -0.8% | Q3 2026 |
| Mairs & Power | Mairs & Power Funds | 3.02% | $329M | Reduced -5.8% | Q2 2026 |
| Thomas Gayner | Markel Group | 2.70% | $355M | Unchanged | Q2 2026 |
| Torray Funds |  | 1.89% | $14.0M | Reduced -2.4% | Q2 2026 |
| Li Lu | Himalaya Capital Management | 0.86% | $32.0M | Unchanged | Q2 2026 |
| Christopher Bloomstran | Semper Augustus | 0.15% | $1.3M | Added +12.1% | Q2 2026 |
| Kahn Brothers | Kahn Brothers Group | 0.14% | $785K | Unchanged | Q2 2026 |
| Francois Rochon | Giverny Capital | 0.13% | $3.8M | Reduced -13.6% | Q2 2026 |
| Van Den Berg Management I |  | 0.06% | $261K | Unchanged | Q2 2026 |
| Bruce Berkowitz | Fairholme Capital | 0.05% | $694K | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | 0.05% | $38.0M | Reduced -0.2% | Q2 2026 |
| Polen Capital | Polen Capital Management | 0.01% | $837K | Reduced -28.6% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.01% | $1.3M | Reduced -3.2% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $9.1M | Reduced -0.7% | Q2 2026 |
| Sarah Ketterer | Causeway Capital Management | <0.01% | $274K | Added +2.6% | Q2 2026 |
| Ruane Cunniff | Ruane Cunniff LP | <0.01% | $278K | Unchanged | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
19 of 21 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Newstead Jennifer | SVP, GC and Government Affairs | 2,399 | $815K | 6.4% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-16 | Borders Ben | Principal Accounting Officer | 1,280 | $442K | 3.2% | Yes (adopted February 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-16 | Parekh Kevan | Senior Vice President, CFO | 1,392 | $480K | 7.4% | Yes (adopted November 21, 2025) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-13 | Newstead Jennifer | SVP, GC and Government Affairs | 2,399 | $828K | 6.1% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-06 | Newstead Jennifer | SVP, GC and Government Affairs | 2,399 | $796K | 5.7% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-02 | Cook Timothy D | Executive Chair | 191,753 | $63.8M | 5.6% | Yes (adopted May 28, 2026) | Routine (sold in Apr & Oct each year 2023–2025) |
| 2026-10-02 | O'Brien Deirdre | Senior Vice President | 46,389 | $15.5M | 25.3% | Yes (adopted November 24, 2025) | Routine (sold in Oct each year 2023–2025) |
| 2026-10-02 | Ternus John | CEO | 25,412 | $8.5M | 29.9% | Yes (adopted May 21, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-29 | Newstead Jennifer | SVP, GC and Government Affairs | 2,399 | $806K | 5.4% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-22 | Newstead Jennifer | SVP, GC and Government Affairs | 2,399 | $816K | 5.1% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-15 | Newstead Jennifer | SVP, GC and Government Affairs | 1,438 | $475K | 3% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08 | Newstead Jennifer | SVP, GC and Government Affairs | 1,438 | $456K | 4% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Newstead Jennifer | SVP, GC and Government Affairs | 1,439 | $456K | 3.9% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Newstead Jennifer | SVP, GC and Secretary | 1,439 | $447K | 3.7% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Newstead Jennifer | SVP, GC and Secretary | 1,439 | $442K | 3.6% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Newstead Jennifer | SVP, GC and Secretary | 1,439 | $443K | 3.5% | Yes (adopted May 5, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-16 | Borders Ben | Principal Accounting Officer | 116 | $34K | 0.3% | Yes (adopted February 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-27 | Levinson Arthur D | Director | 50,000 | $15.6M | 1.3% | No | Too little history (no open-market trades in 2023) |
| 2026-05-08 | Borders Ben | Principal Accounting Officer | 1,274 | $369K | 3.2% | Yes (adopted February 6, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-06 | Levinson Arthur D | Director | 250,000 | $71.2M | 6.1% | No | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.52 on a 1–5 scale), 44 analysts; mean target USD 328.35 (low 215, high 405).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | MoffettNathanson | Target lowered | Neutral | $304 → $283 |
| 2026-10-20 | Loop Capital | Downgrade | Buy → Hold | $370 → $330 |
| 2026-10-12 | JP Morgan | Target raised | Overweight | $340 → $360 |
| 2026-10-01 | Morgan Stanley | Target lowered | Overweight | $360 → $355 |
| 2026-10-01 | Needham | Reiterated | Hold |  |
| 2026-09-29 | Morgan Stanley | Reiterated | Overweight | $360 |
| 2026-09-23 | B of A Securities | Reiterated | Buy | $370 |
| 2026-09-18 | Evercore ISI Group | Target raised | Outperform | $365 → $380 |
| 2026-09-17 | B of A Securities | Reiterated | Buy | $370 |
| 2026-09-10 | TD Cowen | Reiterated | Buy | $400 |
| 2026-09-10 | Rosenblatt | Maintained | Neutral | $303 |
| 2026-09-10 | B of A Securities | Target lowered | Buy | $380 → $370 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +34.2% | +137.6% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| Per year | +34.3% | +18.9% |
| Volatility (annualized) | 24.1% | 27.6% |
| Max drawdown | -13.8% (Dec 2025→Jan 2026) | -27.4% (Dec 2021→Jan 2023) |

## Peers (Consumer Electronics)
SONY (Sony Group Corporation) USD 26.11 -0.34% · LPL (LG Display Co, Ltd AMERICAN DEP) USD 2.59 -0.96% · SONO (Sonos, Inc.) USD 17.55 -0.90% · NVDA (NVIDIA Corporation) USD 211.95 -0.12% · MSFT (Microsoft Corporation) USD 524.18 +0.59% · TSM (Taiwan Semiconductor Manufactur) USD 418.18 +1.41%

## More
Full page: https://nexqual.com/AAPL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AAPL's own 10-K filed 2025-10-31 (https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Alphabet (Google) (GOOGL) | "For example, the Company earns revenue from licensing arrangements with Google LLC ("Google") and other companies to offer their search services on the Company's platforms and applications, and certain of these arrangeme…" |
| Competitor | Nintendo | "The Company believes that third-party developer support depends on the perceived benefits of creating software and services for the Company's products compared to competitors' platforms, such as Android for smartphones a…" |

Other companies that name AAPL in their own reports (relationship from AAPL's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | LuxExperience B.V. (LUXE) | 20-F 2026-09-16 | "Further, digital platforms such as Apple and Google have announced changes to their privacy policies that, as implemented, could adversely affect our ability to provide more relevant online advertisem…" |
| supplier | INTUIT INC. (INTU) | 10-K 2026-09-09 | "We increasingly utilize third-party platforms, such as Apple's App Store, Google's Play Store, AI platforms and other digital channels, for the discovery and distribution of certain of our offerings, …" |
| partner | Affirm Holdings, Inc. (AFRM) | 10-K 2026-08-27 | "In addition, as we add new commercial partners, it could take a significant amount of time for these commercial partners, particularly larger platforms such as Apple Pay, to fully integrate our platfo…" |
| competitor | UTime Ltd (FXHO) | 20-F 2026-08-10 | "The competitive landscape is currently led by major players such as Apple," |
| supplier | NEWS CORP (NWSA) | 10-K 2026-08-07 | "HarperCollins derives its revenue from the sale and licensing of print and digital books to a customer base that includes global technology companies, traditional brick and mortar booksellers, wholesa…" |
| supplier | EShallGo Inc. (EHGO) | 20-F 2026-07-31 | "end App will support both Android and Apple smart phones, providing customers with convenient scan codes for repairs and other business-related" |
| supplier | Waton Financial Ltd (WTF) | 20-F 2026-07-31 | "To attract customers, we conduct marketing mainly through our websites, APP in the mobile APP stores such as Google Play Store and Apple App Store, referrals and offline networking events." |
| competitor | PayPay Corp (PAYP) | 20-F 2026-06-30 | "We also compete with contactless NFC credit card payment offered by credit card companies as well as smartphone contactless payments such as Apple Pay, Google Pay, QUICPay and iD." |
| competitor | LiveOne, Inc. (LVO) | 10-K 2026-06-29 | "Our competitors include (i) broadcast radio providers, including terrestrial radio providers such as CBS and satellite radio providers such as Sirius XM, (ii) interactive on-demand audio content and p…" |
| competitor | PodcastOne, Inc. (PODC) | 10-K 2026-06-29 | "We compete for the time and attention of our users across different forms of media, including traditional broadcast, satellite, and internet radio (iHeartRadio, LastFM, Pandora, and SiriusXM), other p…" |
| supplier | Cineverse Corp. (CNVS) | 10-K 2026-06-26 | "More than 15 years of experience as a primary distributor of content to scale third-party OTT platforms such as Netflix, Hulu, Amazon Prime, Tubi, Apple iTunes and more, and nearly seven years of hist…" |
| partner | Reservoir Media, Inc. (RSVR) | 10-K 2026-05-28 | "In connection with the digital distribution of our music, we currently partner with a broad range of digital music services, such as Amazon, Apple, Deezer, Spotify, SoundCloud, Tencent Music Entertain…" |
| partner | ARM HOLDINGS PLC /UK (ARM) | 20-F 2026-05-26 | "Established in 1990, Arm began as a joint venture between Acorn Computers, Apple Computer, and VLSI Technology." |
| supplier | TAKE TWO INTERACTIVE SOFTWARE INC (TTWO) | 10-K 2026-05-22 | "Sales to our five largest customers during the fiscal year ended March 31, 2026, accounted for 80.6% of our net revenue, with Apple, Sony, Google, and Microsoft each accounting for more than 10.0% of …" |
| competitor | Gen Digital Inc. (GEN) | 10-K 2026-05-21 | "We face global competition from a broad range of companies, including software providers focusing on cyber safety solutions, platform and ecosystem providers such as Apple, Google and Microsoft, and ‘…" |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Americas | $45.78B | 41.8% | +11.1% | $21.70B | 47.4% |
| Europe | $29.39B | 26.9% | +22.4% | $13.44B | 45.7% |
| Greater China | $18.82B | 17.2% | +22.4% | $7.41B | 39.4% |
| Rest of Asia Pacific | $8.87B | 8.1% | +15.6% | $4.18B | 47.1% |
| Japan | $6.55B | 6.0% | +13.4% | $3.00B | 45.8% |
| Corporate costs (not allocated) | — | — | — | -$14.04B | — |
| Total revenue | $109.42B | 100% | — | $35.70B | 32.6% |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Products | $78.68B | 71.9% | +18.1% |
| — iPhone (part of Products) | $54.25B | 49.6% | +21.7% |
| — Mac (part of Products) | $10.35B | 9.5% | +28.7% |
| — Wearables, Home and Accessories (part of Products) | $7.88B | 7.2% | +6.5% |
| — iPad (part of Products) | $6.19B | 5.7% | -5.9% |
| Services | $30.74B | 28.1% | +12.1% |
| Total revenue | $109.42B | 100% | — |

## Revenue by region (fiscal year ended 2025-09-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other Countries | $199.99B | 48.1% | +10.0% |
| United States | $151.79B | 36.5% | +6.7% |
| China | $64.38B | 15.5% | -3.8% |
| Total revenue | $416.16B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.98 | $2.02 | -2.0% | $113.36B | 27 |
| Next quarter (ends 2026-12-31) | $2.90 | $2.97 | -2.3% | $153.44B | 21 |
| Current fiscal year (ends 2026-09-30) | $8.82 | $8.77 | +0.6% | $477.62B | 39 |
| Next fiscal year (ends 2027-09-30) | $9.56 | $9.71 | -1.5% | $527.26B | 40 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-04 (includes earnings 2026-11-02): ±4.7%; earnings reaction alone ±3.5%; last 8 reports averaged ±3.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-26 | 3 | 19.0% | ±1.3% |
| 2026-10-28 | 5 | 22.2% | ±2.1% |
| 2026-10-30 | 7 | 23.0% | ±2.6% |
| 2026-11-04 | 12 | 32.0% | ±4.7% |
| 2026-11-06 | 14 | 31.6% | ±5.0% |
| 2026-11-13 | 21 | 29.4% | ±5.7% |
| 2026-11-20 | 28 | 27.6% | ±6.1% |
| 2026-11-27 | 35 | 26.8% | ±6.6% |