What this score covers. It is a fixed screen of five reported ratios with no valuation input, so a company can score highly while its valuation risk remains elevated. The full report scores valuation separately, as one of nine scored sections. How the score is calculated
Apple Inc. (AAPL) is a Technology company in the Consumer Electronics industry. It has a 84/100 Strong Buy score on our five-factor fundamentals screen. Key strengths include Revenue Growth (16.4%), Gross Margin (48.7%), Net Margin (27.6%). The score is a five-factor screen — revenue growth, gross margin, net margin, return on equity and debt-to-equity — each scored against fixed thresholds from a neutral starting point of 50 points. The full report scores nine sections, including moat, free cash flow, dilution and valuation, which this screen does not.
This page score and the strengths and concerns above are produced by deterministic, rule-based calculations from the available third-party financial inputs documented below. AI does not choose the score, strengths, or concerns. Data and automated summaries can contain errors. This is not personalized investment advice. See our methodology and disclaimer.
Historical filing-based context — Quarter ended June 27, 2026 (Q3 fiscal 2026), compared with the quarter ended June 28, 2025 (Q3 fiscal 2025). This editorial context is separate from the live provider-based score above. This is dated filing-based context, not a live business update.
Apple's Form 10-Q for the quarter ended June 27, 2026 reports net sales of $109,417 million, up from $94,036 million a year earlier. iPhone net sales were $54,252 million, up from $44,582 million, which the 10-Q attributes primarily to higher sales of Pro models. Amounts are in USD millions unless stated, and “Q3 FY2026” means the three months ended June 27, 2026.
Apple reports net sales two ways: by category (iPhone, Mac, iPad, Wearables, Home and Accessories, and Services) and by geographic segment (Americas, Europe, Greater China, Japan and Rest of Asia Pacific). In Q3 FY2026 iPhone was 54,252 of 109,417 in net sales and Services was 30,739, about 49.6% and 28.1% of net sales (calculated by StrongBuyAnalytics). Source: 10-Q: Note 2 – Revenue; 10-Q: Note 10 – Segment Information
Products and Services earn different margins. Services gross margin was 75.6% in both quarters, while Products gross margin was 40.1% against 34.5%. Services supplied 23,245 of the 54,770 total gross margin (about 42%, calculated by StrongBuyAnalytics), so the mix between the two affects the company-wide percentage. Source: 10-Q: Item 2 MD&A – Gross Margin
The Americas was 45,781 of net sales and Greater China was 18,816, about 41.8% and 17.2% of net sales (calculated by StrongBuyAnalytics). Selling and marketing expenses are allocated to the geographic segments, while research and development and general and administrative expenses are held in Corporate. Source: 10-Q: Note 10 – Segment Information; 10-Q: Item 2 MD&A – Segment Operating Performance
Apple had deferred revenue of $14.9 billion at June 27, 2026 ($13.7 billion at September 27, 2025). It expects 64% of it to be realized in less than a year, 23% within one to two years, 11% within two to three years and 2% after more than three years. Net sales of 4,086 in Q3 FY2026 had been included in deferred revenue at the start of the quarter. Source: 10-Q: Note 2 – Revenue
Each figure shows its period, unit and accounting basis. Changes are calculated by StrongBuyAnalytics from the rounded figures shown, so they can differ slightly from percentages a company reports. “pp” means percentage points; “n/m” means not meaningful because a value is zero or negative.
Net sales by category
GAAP, USD millions. Q3 FY2026 = three months ended June 27, 2026; Q3 FY2025 = three months ended June 28, 2025. Products net sales is the sum of the four product categories above it.
| Measure | Q3 FY2026 | Q3 FY2025 | Change |
|---|---|---|---|
| iPhone GAAP | $54,252 million | $44,582 million | +21.7% |
| Mac GAAP | $10,352 million | $8,046 million | +28.7% |
| iPad GAAP | $6,191 million | $6,581 million | −5.9% |
| Wearables, Home and Accessories GAAP | $7,883 million | $7,404 million | +6.5% |
| Total Products net sales GAAP | $78,678 million | $66,613 million | +18.1% |
| Services GAAP | $30,739 million | $27,423 million | +12.1% |
| Total net sales GAAP | $109,417 million | $94,036 million | +16.4% |
Source: 10-Q: Note 2 – Revenue; 10-Q: Item 2 MD&A – Products and Services Performance
Net sales and operating income by reportable segment
GAAP, USD millions. Q3 FY2026 = three months ended June 27, 2026; Q3 FY2025 = three months ended June 28, 2025. The segments are Apple's geographic segments. Research and development and general and administrative expenses are reported under Corporate, not allocated to segments, and are shown as a negative amount.
| Measure | Q3 FY2026 | Q3 FY2025 | Change |
|---|---|---|---|
| Americas net sales GAAP | $45,781 million | $41,198 million | +11.1% |
| Europe net sales GAAP | $29,395 million | $24,014 million | +22.4% |
| Greater China net sales GAAP | $18,816 million | $15,369 million | +22.4% |
| Japan net sales GAAP | $6,554 million | $5,782 million | +13.4% |
| Rest of Asia Pacific net sales GAAP | $8,871 million | $7,673 million | +15.6% |
| Americas operating income GAAP | $21,701 million | $16,511 million | +31.4% |
| Europe operating income GAAP | $13,443 million | $10,501 million | +28.0% |
| Greater China operating income GAAP | $7,406 million | $5,822 million | +27.2% |
| Japan operating income GAAP | $3,004 million | $2,872 million | +4.6% |
| Rest of Asia Pacific operating income GAAP | $4,182 million | $3,243 million | +29.0% |
| Corporate (research and development, general and administrative) GAAP | −$14,041 million | −$10,747 million | n/m |
| Total operating income GAAP | $35,695 million | $28,202 million | +26.6% |
Source: 10-Q: Note 10 – Segment Information; 10-Q: Item 2 MD&A – Segment Operating Performance
Margins, expenses and per-share results
USD millions except per-share amounts and percentages. Q3 FY2026 = three months ended June 27, 2026; Q3 FY2025 = three months ended June 28, 2025. All rows are GAAP as reported; Apple's release gives no non-GAAP measures.
| Measure | Q3 FY2026 | Q3 FY2025 | Change |
|---|---|---|---|
| Products gross margin GAAP | $31,525 million | $22,993 million | +37.1% |
| Products gross margin percentage GAAP | 40.1% | 34.5% | +5.6 pp |
| Services gross margin GAAP | $23,245 million | $20,725 million | +12.2% |
| Services gross margin percentage GAAP | 75.6% | 75.6% | No change |
| Total gross margin GAAP | $54,770 million | $43,718 million | +25.3% |
| Total gross margin percentage GAAP | 50.1% | 46.5% | +3.6 pp |
| Research and development GAAP | $11,729 million | $8,866 million | +32.3% |
| Selling, general and administrative GAAP | $7,346 million | $6,650 million | +10.5% |
| Operating income GAAP | $35,695 million | $28,202 million | +26.6% |
| Other income/(expense), net GAAP | $572 million | −$171 million | n/m |
| Provision for income taxes GAAP | $6,478 million | $4,597 million | +40.9% |
| Effective tax rate GAAP | 17.9% | 16.4% | +1.5 pp |
| Net income GAAP | $29,789 million | $23,434 million | +27.1% |
| Diluted earnings per share GAAP | $2.02 | $1.57 | +28.7% |
Source: 10-Q: Condensed Consolidated Statements of Operations; 10-Q: Item 2 MD&A – Gross Margin; 10-Q: Item 2 MD&A – Provision for Income Taxes
Net sales rose to 109,417 from 94,036. The 10-Q attributes the iPhone increase primarily to higher sales of Pro models, the Mac increase to laptops, the Services increase primarily to advertising and cloud services, and the Wearables, Home and Accessories increase to Accessories and Wearables. iPad net sales fell to 6,191 from 6,581, which the 10-Q attributes primarily to lower sales of iPad mini and iPad Air. Source: 10-Q: Item 2 MD&A – Products and Services Performance
Gross margin was 50.1% against 46.5%. The 10-Q says Products gross margin and its percentage increased primarily due to a different mix of products and tariff refunds, partially offset by higher costs, including memory. Apple's release says the company gross margin included a favorable impact of approximately 2 percentage points from tariff refunds and that diluted earnings per share of $2.02 included a favorable $0.11 from them. The 10-Q also says Apple believes gross margins will, in general, be subject to volatility and downward pressure. Source: 10-Q: Item 2 MD&A – Gross Margin; 8-K Ex. 99.1: Apple reports third quarter results
On February 20, 2026 the U.S. Supreme Court struck down certain tariffs imposed under the International Emergency Economic Powers Act. The 10-Q says Apple applied for a refund of tariffs paid, following U.S. Customs and Border Protection processes, and recognizes refunds received as a reduction of Products cost of sales. Source: 10-Q: Item 2 MD&A – Macroeconomic Conditions; Tariffs and Other Measures
Operating expenses rose to 19,075 from 15,516. Research and development was 11,729 against 8,866 (up 32%), which the 10-Q attributes primarily to higher infrastructure-related costs, including investments in artificial intelligence, and headcount-related expenses. Selling, general and administrative expense was 7,346 against 6,650 (up 10%), which the 10-Q says was driven by various factors, none significant individually or in the aggregate. Source: 10-Q: Item 2 MD&A – Operating Expenses
Other income/(expense), net was income of 572 against an expense of 171. The provision for income taxes was 6,478 against 4,597, an effective rate of 17.9% against 16.4%. The 10-Q attributes the higher rate primarily to a higher effective tax rate on foreign earnings, partially offset by changes in unrecognized tax benefits and tax benefits from share-based compensation. Net income was 29,789 against 23,434. Source: 10-Q: Condensed Consolidated Statements of Operations; 10-Q: Item 2 MD&A – Provision for Income Taxes
Every geographic segment's net sales rose. Greater China was 18,816 against 15,369, which the 10-Q attributes primarily to higher iPhone sales, with the strength of the renminbi having a favorable year-over-year impact. Japan was 6,554 against 5,782, with the weakness of the yen having an unfavorable year-over-year impact, according to the 10-Q. Source: 10-Q: Item 2 MD&A – Segment Operating Performance
Cash and cash equivalents were 39,544 at June 27, 2026, with current marketable securities of 22,855 and non-current marketable securities of 84,118. Commercial paper was $2.0 billion (against $8.0 billion at September 27, 2025) and term debt had an aggregate carrying amount of $82.3 billion (against $90.7 billion). The 10-Q says Apple believes its cash, marketable securities, operating cash flow and continued access to debt markets will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond. Source: 10-Q: Condensed Consolidated Balance Sheets; 10-Q: Note 6 – Debt; 10-Q: Item 2 MD&A – Liquidity and Capital Resources
In Q3 FY2026 Apple repurchased $25.8 billion of its common stock and paid $4.0 billion of dividends and dividend equivalents. In the first nine months it repurchased 215 million shares for $61.8 billion. In May 2026 it entered accelerated share repurchase agreements with up-front payments totaling $10.0 billion, with purchase periods ending in the fourth quarter of 2026. Apple announced a new $100 billion repurchase program on April 30, 2026, and $38.0 billion remained under the May 2025 program at June 27, 2026. The quarterly dividend was $0.27 per share, payable August 13, 2026 to holders of record on August 10, 2026. Source: 10-Q: Item 2 MD&A – Capital Return Program; 10-Q: Part II, Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds; 10-Q: Note 7 – Shareholders’ Equity; 8-K Ex. 99.1: Apple reports third quarter results
Manufacturing purchase obligations were $57.0 billion at June 27, 2026, with $56.2 billion payable within 12 months. Other purchase obligations were $29.3 billion, with $9.2 billion payable within 12 months. The 10-Q says contractual cash requirements have not changed materially since the 2025 Form 10-K except for these two categories and the deemed repatriation tax payable, of which Apple paid the remaining $8.8 billion balance in the first nine months. Source: 10-Q: Item 2 MD&A – Liquidity and Capital Resources
Inventories were 11,092 at June 27, 2026 against 5,718 at September 27, 2025. Components were 7,645 against 2,124 and finished goods were 3,447 against 3,594. Accounts receivable were 31,398 against 39,777. Source: 10-Q: Note 5 – Condensed Consolidated Financial Statement Details; 10-Q: Condensed Consolidated Balance Sheets
Nine-month cash flow and capital return
USD millions. 9M FY2026 = nine months ended June 27, 2026; 9M FY2025 = nine months ended June 28, 2025. Apple's 10-Q and release present cash flows for nine months only, not for the quarter. Outflows are shown as positive amounts of cash spent. Operating cash flow less payments for property, plant and equipment is calculated by StrongBuyAnalytics and is not an Apple-reported measure.
| Measure | 9M FY2026 | 9M FY2025 | Change |
|---|---|---|---|
| Cash generated by operating activities GAAP | $116,996 million | $81,754 million | +43.1% |
| Payments for acquisition of property, plant and equipment GAAP | $6,799 million | $9,473 million | −28.2% |
| Operating cash flow less property, plant and equipment payments Calculated by StrongBuyAnalytics | $110,197 million | $72,281 million | +52.5% |
| Repurchases of common stock GAAP | $62,094 million | $70,579 million | −12.0% |
| Payments for dividends and dividend equivalents GAAP | $11,778 million | $11,559 million | +1.9% |
| Payments for taxes related to net share settlement of equity awards GAAP | $6,462 million | $5,719 million | +13.0% |
| Repayments of term debt GAAP | $8,146 million | $9,682 million | −15.9% |
| Repayments of commercial paper, net GAAP | $5,911 million | $65 million | +8993.8% |
Source: 10-Q: Condensed Consolidated Statements of Cash Flows; 8-K Ex. 99.1: Condensed Consolidated Statements of Cash Flows
Balance sheet and funding
GAAP, USD millions, at June 27, 2026 compared with September 27, 2025 (the prior fiscal year-end, not the same quarter a year earlier). Total cash and marketable securities adds cash and cash equivalents to current and non-current marketable securities. Total debt adds commercial paper to current and non-current term debt. Both totals are calculated by StrongBuyAnalytics.
| Measure | June 27, 2026 | September 27, 2025 | Change |
|---|---|---|---|
| Cash and cash equivalents GAAP | $39,544 million | $35,934 million | +10.0% |
| Marketable securities, current GAAP | $22,855 million | $18,763 million | +21.8% |
| Marketable securities, non-current GAAP | $84,118 million | $77,723 million | +8.2% |
| Total cash and marketable securities Calculated by StrongBuyAnalytics | $146,517 million | $132,420 million | +10.6% |
| Accounts receivable, net GAAP | $31,398 million | $39,777 million | −21.1% |
| Vendor non-trade receivables GAAP | $27,509 million | $33,180 million | −17.1% |
| Inventories GAAP | $11,092 million | $5,718 million | +94.0% |
| Commercial paper GAAP | $1,997 million | $7,979 million | −75.0% |
| Term debt, current GAAP | $11,007 million | $12,350 million | −10.9% |
| Term debt, non-current GAAP | $71,340 million | $78,328 million | −8.9% |
| Total debt Calculated by StrongBuyAnalytics | $84,344 million | $98,657 million | −14.5% |
| Total assets GAAP | $383,266 million | $359,241 million | +6.7% |
| Total shareholders' equity GAAP | $107,520 million | $73,733 million | +45.8% |
Source: 10-Q: Condensed Consolidated Balance Sheets; 10-Q: Note 6 – Debt
Components and computing resources. The 10-Q says Apple is experiencing a period of supply constraints and increasing costs for components, including advanced semiconductors, NAND storage and DRAM memory, and that it expects these trends to intensify. It also says its artificial intelligence and machine learning offerings depend on access to sufficient computing resources, that supply is constrained with extended lead times and rising costs, and that it may be unable to secure capacity on commercially reasonable terms. Source: 10-Q: Part II, Item 1A – Risk Factors; 10-Q: Item 2 MD&A – Macroeconomic Conditions
Tariffs. The 10-Q says tariffs and other measures applied to Apple's products or their components can have a material adverse impact on its business, results and financial condition, including its supply chain, the availability of rare earths and other materials, pricing and gross margin. It notes that the initial results of the Section 232 semiconductor investigation, published January 14, 2026, did not impose additional tariffs affecting Apple's products, and that further changes could be made. Source: 10-Q: Item 2 MD&A – Macroeconomic Conditions; Tariffs and Other Measures
Platform and antitrust matters. The 10-Q describes these proceedings: the European Commission fined Apple €500 million on April 23, 2025 under Article 5(4) of the Digital Markets Act and issued a cease and desist order; Apple has appealed, and the Commission issued preliminary findings in a separate Article 6(4) investigation. The U.S. Department of Justice and a number of state and district attorneys general sued Apple on March 21, 2024 alleging monopolization or attempted monopolization in smartphone markets; Apple says it believes it has substantial defenses. In the Epic Games case, the Ninth Circuit on December 11, 2025 upheld an injunction in part, held that Apple can charge some commission on link-out purchases and remanded the case; on June 30, 2026 the Supreme Court agreed to review the legal standard for civil contempt. Source: 10-Q: Part II, Item 1 – Legal Proceedings
Search licensing. The 10-Q says Apple earns revenue from licensing arrangements with Google and other companies to offer their search services on its platforms, and that certain of these arrangements are subject to government investigations and legal proceedings. A court ordered remedies against Google on September 2, 2025, both the Department of Justice and Google appealed, and the 10-Q says a reversal could result in remedies initially proposed by the Department of Justice, such as prohibiting Google from offering Apple commercial terms for search distribution. Source: 10-Q: Part II, Item 1A – Risk Factors
Every figure above comes from the documents below, filed with the U.S. Securities and Exchange Commission (SEC). Accession numbers identify each filing.
0000320193-26-000020.
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Filing index
0000320193-26-000018.
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Filing index
Later filings, listed by identifier only. These were filed after the documents above and are not summarized on this page.
0001140361-26-035325.
Filing index
Filings this page did not read. They exist, but their text was not used for the analysis above.
0000320193-25-000079.
Filing index
The calculation starts at 50 points and applies the five fixed adjustments shown below. Missing or invalid inputs contribute no adjustment. A finite provider-reported zero is treated as a measured value and evaluated against that input's displayed threshold. The pre-clamp result is 84; the published result is clamped to a minimum of 10 and maximum of 98, producing 84/100.
| Input | Displayed value | Threshold applied | Adjustment | Data status |
|---|---|---|---|---|
| Revenue Growth | 16.4% | > 10% to 20% | +8 | Available |
| Gross Margin | 48.7% | > 35% to 50% | +6 | Available |
| Net Margin | 27.6% | > 20% | +10 | Available |
| Return on Equity | 148.8% | > 20% | +10 | Available |
| Debt/Equity | 0.78 | 0.60 to < 1.00 | +0 | Available |
80 or higher: Strong Buy; 65–79: Buy; 50–64: Hold; below 50: Caution.
These are fixed names for score ranges. The score is not a success probability, recommendation, or forecast, and 80/100 does not mean an 80% chance of a gain.
This page was generated . The provider identifies the latest underlying financial period as June 27, 2026. The displayed market quote is dated October 15, 2026. Generation time is not the same as the date of the underlying filing or market observation.
Financial inputs may be delayed, restated, differently standardized by the data provider, or unavailable. Missing, invalid, or non-finite values receive no positive or negative adjustment rather than being estimated. A finite provider-reported zero is retained and evaluated against that metric's displayed threshold; it is not treated as missing. This can make a sparse-data score less informative. The screen does not capture every business, market, valuation, or portfolio risk, and investors can lose money.
Review filings at SEC EDGAR and read our data sources, score guide, methodology, AI disclosure, and corrections policy.
The 84/100 on this page comes from a fixed screen of 5 ratios. The downloadable report is a separate analysis with its own score, built from 9 weighted sections.
Each factor is scored against fixed thresholds from a starting point of 50 points. No factor prices the stock, so valuation is not part of the 84/100.
When the inputs allow, the report also shows a fair-value estimate with its discounted cash flow (DCF) assumptions and a 3×3 sensitivity table, a confidence figure, and the data limitations that reduced that confidence. Its headline label can add a valuation-risk flag next to the fundamental-quality rating.
4 data points drawn from analyst targets, consensus estimates, and ownership data. These are supplementary observations, not event predictions or causal explanations:
AAPL is the only Consumer Electronics company we cover, so the comparison uses the nearest Technology companies by market capitalisation instead.
Comparison context only: this peer set is selected statically from our covered companies using industry and company-size context. Peer data and peer selection do not change the AAPL page score.
Apple Inc.'s liquidity and cash generation as of the most recent filing — note the cash position of $62.40B against $84.34B of debt:
These are provider-normalized figures and may differ from the issuer's as-filed presentation, units, or latest amendment. Use source filings for verification.
Institutional investment managers with >$100 M in qualifying assets must disclose their equity positions quarterly on SEC Form 13F — typically within 45 days of quarter-end. Search those filings below to see which hedge funds, mutual funds, and asset managers reported AAPL as a holding, how many shares they held, and how positions changed quarter over quarter.
AAPL rates 84/100 on our five-factor fundamentals screen, which puts it in the "Strong Buy" band. The band name describes a fixed range in this model; it is not a recommendation or prediction. The calculation above shows how each reported input affected the result.
Apple Inc. clears our thresholds on most of what we measure. The strongest readings are revenue growth (16.4%) and gross margin (48.7%). Nothing in the data we score currently works against it.
Apple Inc. reported revenue growth of 16.4% year over year, against a Consumer Electronics peer set where scale and pricing power vary widely. That is solid but not exceptional, so it lifts the score without dominating it.
Earnings grew 28.7% over the same period, outpacing revenue — a sign of operating leverage.
Track upcoming report dates on our earnings calendar.
This is a review of reported fundamentals, not a price target or an estimate of future returns. These are the current figures that may be useful to monitor as new filings become available.
Current reading: Revenue growth of 16.4% is above the model's 10% threshold. Net margins of 27.6% show how much reported revenue currently converts to profit. Future filings may change either figure and the resulting score.
These are the Apple Inc. figures that push the score up, taken straight from the most recent reported financials:
See how the metrics on this AAPL page — quality score, valuation, DCF scenarios, confidence labels, and data limitations — are organized in the downloadable research report.
Generate My Free AAPL ReportGuides to the specific measures used in this AAPL analysis:
How the financial statements behind this page fit together.
Understanding P/E RatioWhat AAPL's 39.2x multiple does and does not tell you.
Return on Equity (ROE)Why AAPL's 148.8% return on equity matters for stock selection.
Stock Valuation MethodsHow DCF, multiples and asset-based approaches value a company like Apple Inc..
DCF Assumptions and LimitationsWhat a discounted cash flow estimate for AAPL depends on, and where it breaks down.
How to Read an AI Stock ReportWhat each section of a AAPL report is for, and what it leaves out.
How to Read Earnings ReportsWhere the AAPL growth and margin figures on this page come from.
What Are Demand Zones?The technical side we deliberately keep out of the AAPL score.
Latest SEC filings for AAPL explained in plain English — insider buys/sells (Form 4), proposed sales (Form 144), material events (8-K), and quarterly & annual reports.