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%+1.2pp	47.3%+0.8pp	46.9%+0.7pp	46.7%+0.7pp	46.6%+1.0pp
Operating margin	32.6%+0.8pp	32.4%+0.6pp	32%+0.5pp	31.9%+0.6pp	31.8%+0.8pp
Net margin	27.2%+2.9pp	27%+2.7pp	26.9%+2.9pp	24.3%-2.1pp	24.3%-2.0pp
EBITDA margin	35.4%+0.8pp	35.1%+0.4pp	34.8%+0.3pp	34.7%+0.5pp	34.7%+0.7pp
Free cash flow margin	28.6%+4.0pp	28.3%+3.5pp	23.7%-4.1pp	23.5%-3.5pp	24.6%-2.1pp
Returns
Return on equity	141.5%+3.5pp	152%+15.5pp	171.4%+14.0pp	149.8%-10.8pp	138%-9.2pp
Return on assets	34.9%+5.8pp	32.6%+5.0pp	30.9%+4.8pp	29.9%-0.6pp	29.1%-0.9pp
Return on invested capital	89.1%+17.8pp	89.6%+18.3pp	80.7%+15.2pp	76.9%+2.6pp	71.3%+0.9pp
Efficiency
Asset turnover	1.3×+0.1×	1.2×+0.1×	1.1×+0.1×	1.2×+0.1×	1.2×+0.1×
Inventory turnover	36.2×+2.0×	35.9×+4.4×	34×+3.1×	36×+5.2×	34.2×+3.9×
Liquidity
Current ratio	1.1×+0.2×	1×+0.1×	0.9×0.0×	0.9×-0.1×	0.8×-0.2×
Quick ratio	1×+0.2×	0.9×+0.1×	0.9×0.0×	0.8×-0.1×	0.8×-0.2×
Cash ratio	0.3×+0.1×	0.3×+0.1×	0.2×0.0×	0.3×+0.1×	0.2×-0.1×
Leverage
Debt-to-equity	0.8×-0.6×	1×-0.4×	1.4×-0.5×	1.4×-0.1×	1.4×0.0×
Debt-to-assets	0.2×-0.1×	0.2×0.0×	0.3×0.0×	0.3×0.0×	0.3×0.0×
Net debt / EBITDA	0.2×-0.2×	0.3×-0.2×	0.5×-0.1×	0.4×-0.2×	0.5×-0.1×
Per Share
Book value per share	$7.23+63.0%	$5.95+35.1%	$4.91+33.0%	$4.40+1.3%	$4.44-7.5%
Valuation
Market capitalization	$3.73T+11.7%	$4.02T+6.1%	$3.78T+6.7%	$2.99T-7.4%	$3.34T+26.0%
Enterprise value	$3.76T+10.6%	$4.06T+5.5%	$3.85T+6.2%	$3.05T-7.7%	$3.4T+25.2%
Price / earnings	30.4×-3.9×	34.1×-5.3×	33.7×-4.1×	30.1×-1.5×	34.3×+7.9×
Price / sales	8.3×-0.1×	9.2×-0.3×	9.1×0.0×	7.3×-1.1×	8.3×+1.4×
Price / book	35×-15.0×	45.6×-11.2×	51.2×-11.0×	45.4×-3.0×	50×+14.3×
EV / EBITDA	23.5×-1.0×	26.6×-1.5×	26.6×-0.3×	21.5×-3.5×	24.5×+3.5×
EV / sales	8.3×-0.2×	9.3×-0.4×	9.2×0.0×	7.5×-1.1×	8.5×+1.4×
Free cash flow yield	3.5%+0.5pp	3.1%+0.5pp	2.6%-0.5pp	3.2%0.0pp	3%-0.9pp
Earnings yield	3.3%+0.4pp	2.9%+0.4pp	3%+0.3pp	3.3%+0.2pp	2.9%-0.9pp
Dividend yield	0.4%0.0pp	0.4%0.0pp	0.4%0.0pp	0.5%0.0pp	0.5%-0.1pp
PEG ratio	1.2×—	1.5×—	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.