Financials Apple Inc.

Equities

AAPL

US0378331005

Phones & Handheld Devices

Market Closed - Nasdaq Other stock markets 04:00:00 2025-01-17 pm EST			5-day change	1st Jan Change
229.98 ^USD	+0.75%		-1.89%	-8.16%

04:27am	Apple about to fall from its pedestal?
02:29am	Apple's Smartphone Sales Slump in China as Huawei Gains Market Share	DJ

Projected Income Statement: Apple Inc.

income-statement-evolution-chart 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	413,923	447,295	475,613
Change	-	33.26%	7.79%	-2.8%	2.02%	5.85%	8.06%	6.33%
EBITDA ¹	77,344	120,233	130,541	125,820	134,661	145,115	158,126	171,626
Change	-	55.45%	8.57%	-3.62%	7.03%	7.76%	8.97%	8.54%
EBIT ¹	66,288	108,949	119,437	114,301	123,216	132,240	144,330	158,300
Change	-	64.36%	9.63%	-4.3%	7.8%	7.32%	9.14%	9.68%
Interest Paid ¹	-2,873	-2,645	-334	-565	269	-990.8	-962.3	-
Earnings before Tax (EBT) ¹	67,091	109,207	119,103	113,736	123,485	131,734	142,992	162,653
Change	-	62.77%	9.06%	-4.51%	8.57%	6.68%	8.55%	13.75%
Net income ¹	57,411	94,680	99,803	96,995	93,736	110,645	120,588	131,769
Change	-	64.92%	5.41%	-2.81%	-3.36%	18.04%	8.99%	9.27%
Announcement Date	10/29/20	10/28/21	10/27/22	11/2/23	10/31/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2020 Q1	2020 Q2	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
Net sales ¹	91,819	58,313	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	124,144	96,222	91,338	101,120	134,007	103,149	97,131	107,952
Change	-	-36.49%	2.35%	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%	30.77%	-22.49%	-5.08%	10.71%	32.52%	-23.03%	-5.83%	11.14%
EBITDA ¹	28,385	15,639	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	45,958	33,835	31,488	35,522	45,869	34,101	31,382	36,500
Change	-	-44.9%	1.3%	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%	41.4%	-26.38%	-6.94%	12.81%	29.13%	-25.66%	-7.97%	16.31%
EBIT ¹	25,569	12,853	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	42,505	30,022	27,687	31,663	44,720	32,079	29,432	33,815
Change	-	-49.73%	1.85%	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%	43.64%	-29.37%	-7.78%	14.36%	41.24%	-28.27%	-8.25%	14.89%
Charge d'intérêts ¹	-785	-757	-697	-634	-638	-670	-665	-	-247	160	-10	-237	-393	64	-265	29	-50	-158	142	19	-253	-254.5	-179	-174.7	-259	-	-	-
Earnings before Tax (EBT) ¹	25,918	13,135	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	42,334	29,829	27,601	31,615	44,550	31,756	29,056	33,387
Change	-	-49.32%	0.02%	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%	42.97%	-29.54%	-7.47%	14.54%	40.91%	-28.72%	-8.5%	14.9%
Net income ¹	22,236	11,249	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	35,549	25,209	23,231	26,475	37,422	26,675	24,407	28,045
Change	-	-49.41%	0.04%	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%	141.24%	-29.09%	-7.85%	13.97%	41.35%	-28.72%	-8.5%	14.91%
Announcement Date	1/28/20	4/30/20	7/30/20	10/29/20	1/27/21	4/28/21	7/27/21	10/28/21	1/27/22	4/28/22	7/28/22	10/27/22	2/2/23	5/4/23	8/3/23	11/2/23	2/1/24	5/2/24	8/1/24	10/31/24	-	-	-	-	-	-	-	-

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	-48,123	-63,692	-71,377
Change	-	-182.87%	-174.53%	-204.02%	-198.06%	-196.21%	-232.35%	-212.07%
Announcement Date	10/29/20	10/28/21	10/27/22	11/2/23	10/31/24	-	-	-

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	10,781	11,633	11,857
Change	-	51.66%	-3.4%	2.34%	-13.8%	14.12%	7.9%	1.92%
Free Cash Flow (FCF) ¹	73,365	92,953	111,443	99,584	108,807	124,734	130,801	156,550
Change	-	26.7%	19.89%	-10.64%	9.26%	14.64%	4.86%	19.69%
Announcement Date	10/29/20	10/28/21	10/27/22	11/2/23	10/31/24	-	-	-

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%	35.06%	35.35%	36.09%
EBIT Margin (%)	24.15%	29.78%	30.29%	29.82%	31.51%	31.95%	32.27%	33.28%
EBT Margin (%)	24.44%	29.85%	30.2%	29.67%	31.58%	31.83%	31.97%	34.2%
Net margin (%)	20.91%	25.88%	25.31%	25.31%	23.97%	26.73%	26.96%	27.71%
FCF margin (%)	26.73%	25.41%	28.26%	25.98%	27.83%	30.13%	29.24%	32.92%
FCF / Net Income (%)	127.79%	98.18%	111.66%	102.67%	116.08%	112.73%	108.47%	118.81%
Profitability
ROA	17.33%	28.06%	28.36%	27.5%	26.13%	31.3%	33.61%	40.2%
ROE	73.69%	147.44%	175.46%	171.95%	157.41%	184.6%	158.01%	148.02%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.66%	3.03%	2.72%	2.86%	2.42%	2.6%	2.6%	2.49%
CAPEX / EBITDA (%)	9.45%	9.22%	8.2%	8.71%	7.02%	7.43%	7.36%	6.91%
CAPEX / FCF (%)	9.96%	11.93%	9.61%	11%	8.68%	8.64%	8.89%	7.57%
Items per share
Cash flow per share ¹	4.603	6.169	7.482	6.991	7.675	8.397	9.329	10.58
Change	-	34.03%	21.29%	-6.57%	9.78%	9.41%	11.1%	13.43%
Dividend per Share ¹	0.795	0.85	0.9	0.94	0.98	1.027	1.095	1.127
Change	-	6.92%	5.88%	4.44%	4.26%	4.83%	6.63%	2.92%
Book Value Per Share ¹	3.676	3.841	3.178	3.996	3.767	4.513	6.068	8.64
Change	-	4.47%	-17.25%	25.75%	-5.74%	19.79%	34.46%	42.37%
EPS ¹	3.28	5.61	6.11	6.13	6.08	7.377	8.253	9.128
Change	-	71.04%	8.91%	0.33%	-0.82%	21.33%	11.88%	10.59%
Nbr of stocks (in thousands)	17,102,536	16,530,166	16,070,752	15,634,232	15,204,137	15,037,874	15,037,874	15,037,874
Announcement Date	10/29/20	10/28/21	10/27/22	11/2/23	10/31/24	-	-	-