Apple Inc. (AAPL) closed fiscal year 2025 with a gross margin of 46.9 % and a net margin of 26.9 %.
Apple Inc. (AAPL) closed fiscal year 2025 with a gross margin of 46.9 % and a net margin of 26.9 %. The same year shows an EBITDA margin of 34.8 % and an EBIT margin of 32.0 %. The free cash flow margin was 23.7 %. Against the previous year the gross margin moved +0.7 pp and the net margin +2.9 pp. Across the period the gross margin ranges between 33.2 % in 2007 and 46.9 % in 2025. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: September
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 33.17 % | 35.20 % | 40.14 % | 39.38 % | 40.48 % | 43.87 % | 37.62 % | 38.59 % | 40.06 % | 39.08 % | 38.47 % | 38.34 % | 37.82 % | 38.23 % | 41.78 % | 43.31 % | 44.13 % | 46.21 % | 46.91 % |
| EBITDA margin (%) | 19.26 % | 23.24 % | 28.78 % | 29.44 % | 32.69 % | 36.96 % | 32.06 % | 32.50 % | 34.41 % | 32.71 % | 31.19 % | 30.80 % | 29.39 % | 28.17 % | 32.87 % | 33.10 % | 32.83 % | 34.44 % | 34.78 % |
| EBIT margin (%) | 17.93 % | 22.21 % | 27.36 % | 28.19 % | 31.22 % | 35.30 % | 28.67 % | 28.72 % | 30.48 % | 27.84 % | 26.76 % | 26.69 % | 24.57 % | 24.15 % | 29.78 % | 30.29 % | 29.82 % | 31.51 % | 31.97 % |
| Net margin (%) | 14.22 % | 16.32 % | 19.19 % | 21.48 % | 23.95 % | 26.67 % | 21.67 % | 21.61 % | 22.85 % | 21.19 % | 21.09 % | 22.41 % | 21.24 % | 20.91 % | 25.88 % | 25.31 % | 25.31 % | 23.97 % | 26.92 % |
| FCF margin (%) | 19.27 % | 22.69 % | 21.01 % | 25.44 % | 30.73 % | 27.19 % | 26.62 % | 27.43 % | 29.96 % | 24.81 % | 22.59 % | 24.14 % | 22.64 % | 26.73 % | 25.41 % | 28.26 % | 25.98 % | 27.83 % | 23.73 % |
