What are Apple's profit margins?

Apple (AAPL) runs a 47.9% gross margin and a 32.6% operating margin, with a 27.2% net margin.

Where do Apple's ratios come from?

Every ratio is computed from Apple's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.

Apple AAPL Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	Q2 '26	Q1 '26	Q4 '25	Q3 '25	Q2 '25
Profitability
Gross margin	47.9%+0.5pp	47.3%+0.4pp	46.9%+0.2pp	46.7%0.0pp	46.6%+0.1pp
Operating margin	32.6%+0.3pp	32.4%+0.4pp	32%+0.1pp	31.9%+0.1pp	31.8%+0.1pp
Net margin	27.2%+0.1pp	27%+0.1pp	26.9%+2.6pp	24.3%0.0pp	24.3%0.0pp
EBITDA margin	35.4%+0.3pp	35.1%+0.3pp	34.8%+0.1pp	34.7%0.0pp	34.7%0.0pp
Free cash flow margin	28.6%+0.3pp	28.3%+4.6pp	23.7%+0.2pp	23.5%-1.1pp	24.6%-0.2pp
Returns
Return on equity	141.5%-10.6pp	152%-19.4pp	171.4%+21.6pp	149.8%+11.8pp	138%+1.5pp
Return on assets	34.9%+2.3pp	32.6%+1.6pp	30.9%+1.0pp	29.9%+0.8pp	29.1%+1.5pp
Return on invested capital	89.1%-0.5pp	89.6%+8.9pp	80.7%+3.8pp	76.9%+5.6pp	71.3%0.0pp
Efficiency
Asset turnover	1.3×+0.1×	1.2×+0.1×	1.1×-0.1×	1.2×0.0×	1.2×+0.1×
Inventory turnover	36.2×+0.3×	35.9×+1.9×	34×-2.1×	36×+1.9×	34.2×+2.6×
Liquidity
Current ratio	1.1×+0.1×	1×+0.1×	0.9×0.0×	0.9×0.0×	0.8×-0.1×
Quick ratio	1×+0.1×	0.9×+0.1×	0.9×0.0×	0.8×0.0×	0.8×-0.1×
Cash ratio	0.3×+0.1×	0.3×+0.1×	0.2×0.0×	0.3×+0.1×	0.2×0.0×
Leverage
Debt-to-equity	0.8×-0.2×	1×-0.4×	1.4×0.0×	1.4×0.0×	1.4×0.0×
Debt-to-assets	0.2×0.0×	0.2×-0.1×	0.3×0.0×	0.3×0.0×	0.3×0.0×
Net debt / EBITDA	0.2×-0.1×	0.3×-0.2×	0.5×+0.1×	0.4×-0.1×	0.5×0.0×
Per Share
Book value per share	$7.23+21.4%	$5.95+21.2%	$4.91+11.6%	$4.40-0.7%	$4.44+0.7%
Valuation
Market capitalization	$3.73T-7.2%	$4.02T+6.3%	$3.78T+26.3%	$2.99T-10.3%	$3.34T-11.8%
Enterprise value	$3.76T-7.3%	$4.06T+5.5%	$3.85T+26.3%	$3.05T-10.4%	$3.4T-11.7%
Price / earnings	30.4×-3.7×	34.1×+0.4×	33.7×+3.6×	30.1×-4.2×	34.3×-5.1×
Price / sales	8.3×-1.0×	9.2×+0.1×	9.1×+1.8×	7.3×-1.0×	8.3×-1.2×
Price / book	35×-10.6×	45.6×-5.7×	51.2×+5.8×	45.4×-4.5×	50×-6.7×
EV / EBITDA	23.5×-3.0×	26.6×0.0×	26.6×+5.1×	21.5×-3.0×	24.5×-3.5×
EV / sales	8.3×-1.0×	9.3×+0.1×	9.2×+1.8×	7.5×-1.0×	8.5×-1.2×
Free cash flow yield	3.5%+0.4pp	3.1%+0.5pp	2.6%-0.6pp	3.2%+0.3pp	3%+0.4pp
Earnings yield	3.3%+0.4pp	2.9%0.0pp	3%-0.4pp	3.3%+0.4pp	2.9%+0.4pp
Dividend yield	0.4%0.0pp	0.4%0.0pp	0.4%-0.1pp	0.5%+0.1pp	0.5%+0.1pp
PEG ratio	1.2×-0.3×	1.5×-0.2×	1.7×—	——	——

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Questions, answered.

What are Apple's profit margins?: Apple (AAPL) runs a 47.9% gross margin and a 32.6% operating margin, with a 27.2% net margin.
Where do Apple's ratios come from?: Every ratio is computed from Apple's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.