The Ecosystem

How Apple built a trillion-dollar walled garden

The real business model

74%Services profit margin
37%iPhone profit margin

Apple makes more profit on a $10/month subscription than a $1,000 iPhone sale, proportionally.

AAPLNASDAQ
Apple Inc.

Consumer tech giant — iPhone, Mac, Services

$315.20
+315100.0% since 1980
Revenue (TTM)
How much money came in the door over the past year. Think of it as total sales before paying any bills.
$391.1B
+2.0%
Net Income (TTM)
What's left after paying everyone—employees, suppliers, taxes, everything. This is the actual profit.
$93.7B
-3.5%
Gross Margin
For every dollar of sales, how much is left after making the product? Higher is better—more room for profit.
46.2%
EPS (TTM)
If you owned one share, this is your slice of the profit. Bigger number = more earnings for each share you hold.
$6.08
-0.7%

Financial Performance

Services now drives 25% of revenue with 70%+ margins, cushioning iPhone cyclicality. The installed base of 2B+ devices makes recurring revenue sticky.

Revenue

Money coming in the door each quarter—total sales before paying any bills.
$94.9B
+27.2%

Net Income

What's left after paying everyone. This is the real profit the company keeps.
$14.7B
-18.3%

Earnings Per Share

Your slice of the profit for each share you own. Bigger = better.
$0.97
-68.3%

Margins

How much profit is made on each dollar of sales. Higher margins = more efficient business.

Profitability over time

Gross
46.2%
Operating
31.2%

What Drives Apple Inc.

Revenue breakdown by product segment

Product Revenue Mix

Annual revenue by segment

iPhone$201B
Services$96B
Wearables$37B
Mac$30B
iPad$27B

The Services Transformation

From iPhone company to recurring revenue powerhouse — Services now 25% of revenue

Services Revenue

App Store, iCloud, Apple Music, TV+, and more

Revenue
$96B

Paid Subscriptions

Total across all Apple services

Subscriptions
1.1B

Enjoyed the Apple Inc. breakdown?

Get the next one in your inbox.

About Apple Inc.

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide.

TechnologyConsumer Electronics

Data Sources

Price Data: Yahoo FinanceFinancials: Apple Inc. SEC FilingsSegments: Company 10-K

Keep exploring

When did Uber finally turn profitable?

UBER→