The iPhone is half of sales, but Services is 26% of revenue and 42% of gross profit.
Each counter = FY2025 total from the 10-K ÷ 31,449,600 seconds (364 days, the 52-week fiscal year). These are averages, not real-time sales. Buybacks and dividends are the cash paid in the cash flow statement. 1
Apple sells devices, and sells services that run on them. In fiscal 2025 Services were 26.2% of net sales but 42.2% of gross margin, because Services earned a 75.4% margin against 36.8% on products (derived). 1
Net sales FY2025: products vs. Services.
Total: $416.16B
Gross margin FY2025 as filed. Apple reports operating income only by geography, so gross margin is the product/services profit view.
Gross margin: $195.20B
Services: 26.2% of net sales, 42.2% of gross margin (derived). Gross margin percentage: Services 75.4%, Products 36.8% (as filed).
Apple's 10-K does not allocate R&D (34,550) or SG&A (27,601) to products or Services, so operating profit by product line is not reported and not shown. Reported segment operating income by region is in the Geography section. US$ millions. 1
Every dollar of FY2025 revenue, from where it came to where it went. Values in US$ billions.
Scroll sideways to follow the money →
US$ millions from the 10-K: 209,586 + 33,708 + 28,023 + 35,686 + 109,158 = 416,161 net sales. Cost of sales 220,960 (products 194,116, services 26,844). Operating income 133,050 less other expense, net 321 = pre-tax 132,729 (derived); tax 20,719; net income 112,010. 1 Net income 112,010 → dividends 15,421 + buybacks 90,711 (cash flow statement) + left after payouts 5,878 (112,010 − 15,421 − 90,711, derived). 1
Per-second basis: Fiscal-year total ÷ seconds in the fiscal year. Apple's FY2025 was 52 weeks = 364 days = 31,449,600 seconds (not 365 days). Each counter shows that per-second rate × seconds since Jan 1 in your time zone. The counters are projections from that average, not live sales. † = derived (calculated from filed figures, math in the note).
| Node | Fiscal year | Per second |
|---|---|---|
| iPhone | $209.59B | $6.7K/s |
| Mac | $33.71B | $1.1K/s |
| iPad | $28.02B | $891/s |
| Wearables, Home & Accessories | $35.69B | $1.1K/s |
| Services | $109.16B | $3.5K/s |
| Total revenue | $416.16B | $13.2K/s |
| Cost of sales | $220.96B | $7.0K/s |
| Research & development | $34.55B | $1.1K/s |
| Selling, general & admin | $27.60B | $878/s |
| Operating income | $133.05B | $4.2K/s |
| Pre-tax income | $132.73B | $4.2K/s |
| Other expense, net | $321.00M | $10/s |
| Income tax | $20.72B | $659/s |
| Net income | $112.01B | $3.6K/s |
| Dividends paid | $15.42B | $490/s |
| Share buybacks | $90.71B | $2.9K/s |
| Left after payouts † † | $5.88B | $187/s |
| Flow | Fiscal year | Per second |
|---|---|---|
| iPhone → Total revenue | $209.59B | $6.7K/s |
| Mac → Total revenue | $33.71B | $1.1K/s |
| iPad → Total revenue | $28.02B | $891/s |
| Wearables, Home & Accessories → Total revenue | $35.69B | $1.1K/s |
| Services → Total revenue | $109.16B | $3.5K/s |
| Total revenue → Cost of sales | $220.96B | $7.0K/s |
| Total revenue → Research & development | $34.55B | $1.1K/s |
| Total revenue → Selling, general & admin | $27.60B | $878/s |
| Total revenue → Operating income | $133.05B | $4.2K/s |
| Operating income → Pre-tax income | $132.73B | $4.2K/s |
| Operating income → Other expense, net | $321.00M | $10/s |
| Pre-tax income → Income tax | $20.72B | $659/s |
| Pre-tax income → Net income | $112.01B | $3.6K/s |
| Net income → Dividends paid | $15.42B | $490/s |
| Net income → Share buybacks | $90.71B | $2.9K/s |
| Net income → Left after payouts † | $5.88B | $187/s |
Scroll sideways to follow the money →
Operating cash flow 111,482; capex 12,715; dividends and dividend equivalents 15,421; common stock repurchased 90,711 (cash basis; the 10-K MD&A says $89.3B of shares repurchased, 402 million shares). Apple paid out 7,365 more than it generated: 12,715 + 15,421 + 90,711 − 111,482 = 7,365 (derived), funded from cash, marketable securities and net debt activity. 1
How Apple's filed numbers connect hardware, Services and what the money is used for. Apple's 10-K does not report active devices or say Services growth comes from its installed base, so this loop shows the filed dollars and the one link the company states itself.
Scroll sideways to see the whole loop →
Buybacks on a cash basis; the MD&A says $89.3B of shares repurchased. 1
About 166,000 full-time equivalent employees at fiscal year-end. 1
Apple reports five geographic segments, and sales by product category. It does not disclose revenue by US state.
| Segment | Net sales | Operating income | Margin |
|---|---|---|---|
| Americas | $178.4B | $72.5B | 40.6% |
| Europe | $111.0B | $47.7B | 43.0% |
| Greater China | $64.4B | $26.9B | 41.8% |
| Japan | $28.7B | $14.0B | 48.6% |
| Rest of Asia Pacific | $33.7B | $14.6B | 43.3% |
Segment operating income excludes R&D ($34.6B) and general & administrative ($8.1B), which are held at corporate. Margins are derived. 1
Services sales were $109.2B (up 14%) with a 75.4% gross margin, against 36.8% for products. That is $82.3B of the $195.2B total gross margin (derived). The 10-K credits advertising, the App Store and cloud services for the growth.1
402 million shares retired. In May 2025 Apple announced a new $100B program and raised the quarterly dividend from $0.25 to $0.26. Cash returned (buybacks 90.7B + dividends 15.4B) was 95% of net income (derived).1
Greater China net sales were $72.6B in FY2023, $67.0B in FY2024 and $64.4B in FY2025, now 15% of the total (derived). The 10-K attributes the FY2025 drop mainly to lower iPhone sales.1
R&D was $34.6B, up 10%, and R&D plus SG&A ($62.2B) was 14.9% of revenue (derived). Cost of sales alone took 53%.1
FY2024's rate included the State Aid Decision charge. The 10-K says the provision fell $10.7B year over year on that item. Cash taxes paid were $43.4B in FY2025.1
Revenue and net income by fiscal year, from the 10-Ks.
Figures are as published by each source on the dates shown. Derived numbers say so and show their math.