“Apple designs iPhones, Macs, iPads, wearables and the services that run on them (App Store, iCloud, Apple Music, AppleCare).”
🐂 Bull
- Huge installed base keeps services revenue recurring
- 33% GAAP operating margin last quarter
- Free cash flow $98.8B = 24% of FY revenue
🐻 Bear
- App Store fees face regulatory pressure in US/EU
- Net debt $19.9B ($82.3B debt vs $62.4B cash + ST inv)
- Insiders sold ~$89M in open-market trades since 2026-04-18
What changed
Quarter revenue $109.4B, +16% YoY; operating income $35.7B vs $28.2B a year ago (+27%).
AAPL · Apple Inc.
Hardware & Electrical · ◆ Epic · Power 87/100 · CIK 0000320193
What it does
Apple designs iPhones, Macs, iPads, wearables and the services that run on them (App Store, iCloud, Apple Music, AppleCare). The iPhone drives the business, while services add high-margin recurring revenue on top of the installed base.
What changed
10-Q for the period ending 2026-06-27, filed 2026-07-31 0000320193-26-000020
Quarter revenue $109.4B, +16% YoY; operating income $35.7B vs $28.2B a year ago (+27%).
- Revenue (qtr to 2026-06-27): $109.4B (+16% YoY) 0000320193-26-000020
- Operating income (qtr to 2026-06-27): $35.7B (+27% YoY) 0000320193-26-000020
- Operating cash flow (FY to 2025-09-27): $111.5B (-5.7% YoY) 0000320193-25-000079
🐂 Bull case
- Huge installed base keeps services revenue recurring
- 33% GAAP operating margin last quarter 0000320193-26-000020
- Free cash flow $98.8B = 24% of FY revenue 0000320193-25-000079
🐻 Bear case
- App Store fees face regulatory pressure in US/EU
- Net debt $19.9B ($82.3B debt vs $62.4B cash + ST inv) 0000320193-26-000020
- Insiders sold ~$89M in open-market trades since 2026-04-18 0001140361-26-038307
🚩 Red flags
- 💸 Insider selling: ~$89M of open-market sales in 10 of 26 Form 4s since 2026-04-18 0001140361-26-038307, 0001140361-26-038669, 0001140361-26-038672
10-year history PRO
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How the power level is computed
Power (0–100) = Growth 25 × clip(quarter revenue YoY ÷ 30%) + Profit 25 × clip(quarter GAAP operating margin ÷ 30%) + Cash 20 × clip(FY free cash flow ÷ FY revenue ÷ 25%) + Fortress 15 (full if cash + short-term investments ≥ debt, else 15 × clip(1 − net debt ÷ FY revenue); half if debt isn't tagged) + Dilution 15 (full if diluted shares flat/down YoY, 0 at +5%). Missing inputs get half credit. Banks and insurers get a Financials frame: their score isn't comparable.
Not investment advice. Ticker Card summarizes public SEC EDGAR filings, which can be restated or late. No stock prices. Every number cites the filing's accession number. Source: SEC EDGAR.