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Apple delivered a strong fiscal Q4 2025, with revenue surging 15.7% YoY to $143.8B, net income rising 15.9% to $42.1B, and operating cash flow jumping 80.1% to $53.9B, reflecting broad-based growth and expanding margins.
营业收入
$143.76B
同比 ++15.65%
每股收益（基本）
$2.85
同比 ++18.26%
毛利率
48.2%
同比 ++1.28%
营业利润
$50.85B
同比 ++18.72%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Apple (AAPL) Q1 FY2026 营收 $143.76B，同比增长 15.7%。 净利润 $42.1B，同比增长 15.9%，稀释每股收益 $2.84。 毛利率 48.2%。
Apple's total revenue grew 15.7% YoY to $143.8B in Q4 2025, up from $124.3B in the prior-year period, marking a significant acceleration that suggests strong demand across product and services segments.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Gross margin improved 130 basis points YoY to 48.2% (from 46.9%), while operating margin expanded 92 bps to 35.4%, indicating Apple is achieving greater operating leverage and a favorable mix shift, likely toward higher-margin services.
来源: Source: 10-Q Key Ratios (XBRL Financial Data)
R&D expenses jumped 31.7% YoY to $10.9B, far outpacing revenue growth of 15.7%, signaling Apple is making substantial investments in next-generation technologies, potentially including AI, mixed reality, and silicon development.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Operating cash flow soared 80.1% YoY to $53.9B, a dramatic improvement from $29.9B in the prior year, reflecting strong earnings quality and favorable working capital dynamics that significantly bolster Apple's financial flexibility.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Apple returned approximately $28.6B to shareholders in Q4 2025 through $24.7B in share buybacks (+4.6% YoY) and $3.9B in dividends (+1.7% YoY), underscoring management's continued commitment to shareholder returns.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Apple's current ratio stands at 0.97, meaning current liabilities of $162.4B slightly exceed current assets of $158.1B. While Apple's strong cash generation typically mitigates this risk, it indicates the company relies on ongoing cash flows and short-term financing to meet near-term obligations. Any disruption to cash generation could create liquidity pressure.
来源: Source: 10-Q Balance Sheet & Key Ratios (XBRL Financial Data)
Apple's debt-to-equity ratio is 3.30, reflecting total liabilities of $291.1B against stockholders' equity of $88.2B. While Apple's cash flows comfortably service this debt, the elevated leverage leaves the company more exposed to interest rate increases and could limit financial flexibility in a downturn.
来源: Source: 10-Q Balance Sheet & Key Ratios (XBRL Financial Data)
Investing cash flow swung sharply to -$4.9B from +$9.8B in the prior year, a $14.7B reversal. This suggests Apple is deploying significantly more capital into investments or acquisitions, which could reduce future financial flexibility if returns on these investments disappoint.
来源: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
R&D expenses grew 31.7% YoY to $10.9B, more than double the pace of revenue growth. While this reflects strategic investment, sustained cost escalation at this rate without commensurate revenue contribution could pressure margins in future periods.
来源: Source: 10-Q Income Statement (XBRL Financial Data)
Apple carries $88.5B in long-term debt, and while this declined 6.6% YoY, it remains substantial. Refinancing risk exists if interest rates remain elevated when existing debt matures, potentially increasing Apple's cost of capital over time.
来源: Source: 10-Q Balance Sheet (XBRL Financial Data)
Q1 FY2026 实际 EPS $2.84，分析师一致预期 $2.73，超预期 +4.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $143.76B | $124.3B | +15.65% |
营业成本 | $74.53B | $66.03B | +12.87% |
毛利润 | $69.23B | $58.27B | +18.80% |
营业利润 | $50.85B | $42.83B | +18.72% |
净利润 | $42.1B | $36.33B | +15.87% |
每股收益（基本） | $2.85 | $2.41 | +18.26% |
每股收益（稀释） | $2.84 | $2.40 | +18.33% |
研发费用 | $10.89B | $8.27B | +31.68% |
销售及管理费用 | $7.49B | $7.17B | +4.42% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $379.3B | $344.08B | +10.23% |
流动资产 | $158.1B | $133.24B | +18.66% |
总负债 | $291.11B | $277.33B | +4.97% |
流动负债 | $162.37B | $144.37B | +12.47% |
股东权益 | $88.19B | $66.76B | +32.10% |
现金及等价物 | $45.32B | $30.3B | +49.57% |
长期债务 | $88.5B | $94.8B | -6.65% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $53.92B | $29.93B | +80.14% |
投资活动现金流 | $-4.89B | $9.79B | -149.90% |
筹资活动现金流 | $-39.66B | $-39.37B | -0.72% |
股息支出 | $3.92B | $3.86B | +1.69% |
股票回购 | $24.7B | $23.61B | +4.64% |
折旧及摊销 | $3.21B | $3.08B | +4.35% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 48.2% | 46.9% | +1.28% |
营业利润率 | 35.4% | 34.5% | +0.92% |
净利率 | 29.3% | — | — |
净资产收益率 | 47.7% | — | — |
总资产收益率 | 11.1% | — | — |
流动比率 | $0.974 | — | — |
资产负债率 | $3.301 | — | — |
Technology Hardware, Storage & Peripherals 行业其他公司
Apple delivered a strong Q4 2025, with revenue of $143.8B (+15.7% YoY), net income of $42.1B (+15.9% YoY), and diluted EPS of $2.84 (+18.3% YoY). Operating cash flow was a standout, surging 80.1% YoY to $53.9B, reflecting excellent earnings quality.
The key takeaways are: revenue growth accelerated to 15.7%, gross margins expanded to 48.2%, and operating cash flow nearly doubled YoY to $53.9B. Apple also significantly increased R&D spending by 31.7% to $10.9B, signaling heavy investment in future technologies. Shareholder returns remained strong at ~$28.6B via buybacks and dividends.
Yes, Apple expanded both gross and operating margins in Q4 2025. Gross margin improved to 48.2% from 46.9% a year ago, and operating margin rose to 35.4% from 34.5%, suggesting a favorable revenue mix shift and improving operational leverage despite a sharp increase in R&D spending.
Apple returned approximately $28.6B to shareholders in Q4 2025, comprising $24.7B in share repurchases (up 4.6% YoY) and $3.9B in dividends (up 1.7% YoY). This robust capital return program is supported by Apple's $53.9B in operating cash flow generated during the quarter.
Key financial risks include a current ratio below 1.0 (0.97), meaning current liabilities of $162.4B slightly exceed current assets, and a high debt-to-equity ratio of 3.30 reflecting $291.1B in total liabilities. Additionally, R&D expenses grew 31.7% YoY to $10.9B — more than double the pace of revenue growth — which could pressure margins if these investments do not generate commensurate returns.