10-K · year ended 27 September 2025
Apple Inc. (AAPL): what the last annual filing supports
Every figure below is lifted from Apple Inc.’s 10-K on SEC EDGAR, with the XBRL tag and the period it carries there. The value per share is a two-stage discounted cash flow — the same arithmetic as the calculator on this site, nothing proprietary — shown across a range of assumptions instead of as a single number, because the single number is almost entirely a function of which assumptions you pick.
The figures, and where each one comes from
A tag a company has stopped using still answers when you ask SEC EDGAR for it, so the builder behind this page takes, among the candidate tags for each figure, the one whose newest fact is newest — not the first that returns anything. A balance-sheet figure dated more than 45 days from the annual period end is dropped rather than mixed in.
| Figure | Value | XBRL tag it comes from | Period |
|---|---|---|---|
| Revenue | $416.16bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 27 September 2025 |
| Cash from operations | $111.48bn | us-gaap:NetCashProvidedByUsedInOperatingActivities | 27 September 2025 |
| Capital expenditure | $12.71bn | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 27 September 2025 |
| Free cash flow (operations − capex) | $98.77bn | derived from the rows above | 27 September 2025 |
| Cash and short-term investments | $35.93bn | us-gaap:CashAndCashEquivalentsAtCarryingValue | 27 September 2025 |
| Total debt | $90.68bn | us-gaap:LongTermDebtNoncurrent | 27 September 2025 |
| Net cash (cash − debt) | −$54.74bn | derived from the rows above | 27 September 2025 |
| Shares (shares outstanding) | 14.78bn | dei:EntityCommonStockSharesOutstanding | 17 October 2025 |
Six years of revenue and free cash flow
Free cash flow here is cash from operations minus capital expenditure. It is not adjusted for acquisitions, leases or stock compensation, and no year is restated to match another.
| Year ended | Revenue | Free cash flow |
|---|---|---|
| 26 September 2020 | $274.51bn | $73.36bn |
| 25 September 2021 | $365.82bn | $92.95bn |
| 24 September 2022 | $394.33bn | $111.44bn |
| 30 September 2023 | $383.29bn | $99.58bn |
| 28 September 2024 | $391.04bn | $108.81bn |
| 27 September 2025 | $416.16bn | $98.77bn |
| Compound annual growth | 3 years | 5 years |
|---|---|---|
| Revenue | +1.8% | +8.7% |
| Free cash flow | -3.9% | +6.1% |
Past growth is the starting point for an assumption, not the assumption itself. A company that compounded at +8.7% for five years has no obligation to do it again.
Value per share, across assumptions
Ten forecast years: the first five grow free cash flow at the rate in the column heading, the next five at half that rate, then a terminal value growing at 2.5% forever. Net cash is added, net debt subtracted, and the result divided by 14.78bn shares.
| Discount rate | 2% for 5y, 1.0% for 5 more | 6% for 5y, 3.0% for 5 more | 10% for 5y, 5.0% for 5 more |
|---|---|---|---|
| 8% | $112.13 | $143.88 | $183.91 |
| 10% | $81.83 | $103.78 | $131.24 |
| 12% | $64.22 | $80.61 | $100.97 |
Read the spread, not a cell. At a 10% discount rate and 6% then 3% growth this filing supports $103.78 a share. Moving the discount rate by two points, which is well inside normal disagreement about this company, moves the answer more than most people expect — and that is the honest finding, not a defect in the model.
No share price appears on this page. A price written into a static file is wrong by the next morning, and a value per share sitting next to a stale price is worse than no price at all. Bring your own price and compare it to the range above.
What this page does not tell you
- Whether AAPL is a good business. A DCF prices cash flows; it says nothing about competition, regulation, key-person risk or how the money was actually earned.
- Whether the growth you assume is reasonable. That judgement is yours and it dominates the answer.
- Anything that happened after 27 September 2025. Quarterly results, buybacks, acquisitions and new debt since then are not reflected here.
- Segment detail, lease obligations, pension gaps, off-balance-sheet commitments or litigation. Those live in the filing itself, which is linked above and worth reading.
- A recommendation. Fairvalue Radar publishes its own levels in a dated, append-only register, and this page is not one of them.
Figures from the 10-K for the year ended 27 September 2025 · page built 14 October 2026 · CIK 320193
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