Apple’s own 10-K puts the market value of shares held by outside investors at about $3.25 trillion as of 28 March 2025, with 14.78 billion shares outstanding on 17 October 2025. Behind that value: $112.0B of net income in fiscal 2025, of which $106.1B went back to shareholders.
How we source: figures on this page come from the company’s own filings (SEC 10-K, 10-Q and earnings releases, or its annual report), with the period stated next to each number. Last refreshed October 2026. Our methodology.
Apple returned $106B to shareholders in fiscal 2025, close to its $112B net income. Source: Apple Form 10-K filings via SEC EDGAR XBRL company facts. Analysis by The Business Engineer.Apple's revenue reached $416B in fiscal 2025, 1.9x its fiscal 2016 level. Source: Apple Form 10-K filings via SEC EDGAR XBRL company facts. Analysis by The Business Engineer.
The Business Engineer view: what Apple’s value rests on
A company’s worth on the stock market is its share count times its share price, so it changes every trading day. The filings give two fixed points: about $3.25 trillion of stock held by non-affiliates on 28 March 2025, and 14.78 billion shares outstanding in October 2025.
What investors pay for is cash: Apple earned $112.0B in fiscal 2025 on $416.2B of sales and returned $90.7B through buybacks and $15.4B in dividends. See Apple cash on hand.
Note (10 Oct 2026): the paragraphs below this point date from early 2024 and use fiscal 2023 figures (revenue $383B, iPhone about $200B). For dated figures from Apple’s latest filings, see the top of this page: about $3.25 trillion of stock held by non-affiliates on 28 March 2025 and 14.78 billion shares outstanding on 17 October 2025 (fiscal 2025 10-K).
By February 2024, Apple was worth nearly three trillion dollars. Apple generated over $200 billion from iPhone sales in 2023, which accounted for over 52% of its net sales—followed by services revenues at over $85.2 billion, wearables and accessories at over $39.84 billion, Mac sales at $29.36 billion, and iPad sales at over $28 billion.
By February 2024, Apple was worth nearly three trillion dollars. Apple generated over $200 billion from iPhone sales in 2023, which accounted for over 52% of its net sales—followed by services revenues at over $85.2 billion, wearables and accessories at over $39.84 billion, Mac sales at $29.36 billion, and iPad sales at over $28 billion.
Apple has a business model that is divided into products and services. Apple generated over $383 billion in revenues in 2023, of which over $200 billion came from iPhone sales, $29.36 billion came from Mac sales, $39.84 billion came from accessories and wearables (AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch, and accessories), $28.3 billion came from iPad sales, and $85.2 billion came from services.
Apple is a tech giant, and as such, it encompasses a set of value propositions that make Apple’s brand recognized among consumers. The three fundamental value propositions of Apple’s brand leverage the “Think Different” motto; reliable tech devices for mass markets; and starting in 2019, Apple also emphasized more privacy to differentiate itself from other tech giants.
Apple’s mission is “to bring the best user experience to its customers through innovative hardware, software, and services.” And in a manifesto dated 2009, Tim Cook set the vision as “We believe that we are on the face of the earth to make great products, and that’s not changing.”
When looking at the Apple Business Model, it is easy to assume that it is solely a product company, which sells devices that are beautifully crafted. However, there would have been no success for the Mac without its OS operating system. There would not have been iPod success without iTunes. And no success for iPhones without the Apple Store. What’s next for Apple’s success?
Stores are critical for customer experience, enabling the service business and branding at scale. In 2022, most of Apple’s sales (62%) came from indirect channels (comprising third-party cellular networks, wholesalers/retailers, and resellers). These channels are critical for sales amplification, scale, and subsidies (to enable the iPhone to be purchased by many people). At the same time, the direct channel represented 38% of the total revenues.
As of 2024, major Apple shareholders comprised Warren Buffet’s Berkshire Hathaway with 5.92% of the company’s stock (valued at nearly $170 billion as of February 2024). Followed by other individual shareholders like Tim Cook, CEO of Apple, with about 3.3 million shares, and Artur Levinson, chairman of Apple, with over 4.5 million shares. Top institutional investors comprise The Vanguard Group with 8.27% ownership and BlackRock with 6.66% ownership.
Apple has a business model that is divided into products and services. Apple generated over $383 billion in revenues in 2023, of which over $200 billion came from iPhone sales, $29.36 billion came from Mac sales, $39.84 billion came from accessories and wearables (AirPods, Apple TV, Apple Watch, Beats products, HomePod, iPod touch, and accessories), $28.3 billion came from iPad sales, and $85.2 billion came from services.
iPhone and Services sales represented the main revenue drivers in 2022. Within the service revenues, the fastest growing sub-segment was the advertising business Apple built on top of the App Store, followed by the Mac, Accessories & Wearables, and the iPad.
In 2023, most of Apple’s sales (63%) came from indirect channels (comprising third-party cellular networks, wholesalers/retailers, and resellers). These channels are critical for sales amplification, scale, and subsidies (to enable the iPhone to be purchased by many people). In comparison, the direct channel represented 37% of the total revenues. Stores are critical for customer experience, enabling the service business and branding at scale.
Apple is a tech giant, and as such, it encompasses a set of value propositions that make Apple’s brand recognized, among consumers. The three fundamental value propositions of Apple’s brand leverage the “Think Different” motto; reliable tech devices for mass markets; and starting in 2019, Apple also started to emphasize more and more privacy to differentiate itself from other tech giants.
By February 2024, Apple was worth nearly three trillion dollars. Apple generated over $200 billion from iPhone sales in 2023, which accounted for over 52% of its net sales—followed by services revenues at over $85.2 billion, wearables and accessories at over $39.84 billion, Mac sales at $29.36 billion, and iPad sales at over $28 billion.
In 2023, iPhone sales represented 52% of Apple’s net sales, the same in 2022. Yet in 2023 revenue from the iPhone slightly slew down to over $200 billion in sales, compared to over $205 billion in iPhone sales in 2022, still a growth compared to almost $192 billion in iPhone sales in 2021.
Apple generated nearly $97 billion in profits in 2023, compared to almost a hundred billion dollars in profits in 2022, $94.6 billion in 2021, and over $57 billion in 2020.
Apple’s mission is “to bring the best user experience to its customers through its innovative hardware, software, and services.” And in a manifesto dated 2019 Tim Cook set the vision specified as “We believe that we are on the face of the earth to make great products and that’s not changing.”
It costs Apple $501 to make an iPhone 14 Pro Max, and the company sells it at a base price of $1099. This makes Apple’s base markup on the latest iPhone model at 119% Apple is the only tech company able to sell its tech products at such a premium, thanks to a combination of hardware, software, and marketplace.
While Apple Tim Cook’s salary has been $3 million since 2016, most of Tim Cook’s compensation is performance-based. For instance, in 2023, while the salary of Tim Cook was $3 million, he had total compensation of over $63.2 million, which comprised stock awards and other incentives and bonuses.
Tim Cook’s net worth is primarily comprised of his Apple stocks. As of 2024, he owned 3,28 million shares of Apple worth over $600 million at the current rate. However, Tim Cook has sold part of his Apple stocks over the years for hundreds of millions of dollars, making him a billionaire.
Apple’s fiscal 2025 10-K reports a market value of about $3.25 trillion for shares held by non-affiliates as of 28 March 2025. Its value changes daily with the share price; multiply the 14.78 billion shares outstanding by today’s price for a current figure.
How many Apple shares are there?
14,776,353,000 shares were outstanding as of 17 October 2025, according to the cover of Apple’s fiscal 2025 10-K.
How much profit does Apple make?
Apple’s net income was $112.0B in fiscal 2025 (to 27 September 2025), on $416.2B of net sales.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
