Apple Stock (AAPL): iPhone, Services and Buybacks in Numbers

Michael Whitman · Trading since 2017, full-time since 2020 · YouTube creator, 137K subscribers · Published 2026-11-07

Apple stock trades on the Nasdaq under the ticker AAPL, and it is one share of the company that makes the iPhone, the Mac and the iPad and runs the App Store, iCloud and Apple Music. For most of the last decade the debate about it has come down to two lines in its annual report: how much the iPhone still sells, and how much of the profit now comes from Services instead.

Quote pages give you the price, a P/E and a market value. They leave out the split between hardware and Services, what each one earns per dollar of sales, and how much of the company’s cash has gone back into its own shares. Those are below, taken from Apple’s filings with the SEC and the daily price record.

AAPL at a glance: a record close in November 2026

The share price is the November 6, 2026 close. Earnings, revenue and equity come from the 10-K for the year to September 26, 2026, filed November 3. Apple’s fiscal year ends on the last Saturday of September, so the 10-K already covers the trailing twelve months.

The price rose 25.9% in 2026 to November 6, against 7.8% for the S&P 500. Its record close was $349.51 on November 4, 2026, and its lowest close of the past year was $246.63 on March 30, 2026.

How it works: the iPhone, Services and Greater China

Apple reports by region (the Americas, Europe, Greater China, Japan and Rest of Asia Pacific), but the more useful cut for a shareholder is the one in its revenue note: five product lines, four of them hardware.

Services is the App Store, advertising, cloud, payments, AppleCare and subscriptions. It grew 13.0% in fiscal 2026. The iPhone grew faster, by 21.2%, which is why the Services share of revenue slipped from 26.2% in fiscal 2025 to 25.8%.

Greater China is the region investors watch. It brought in $82.38 billion, 17.2% of fiscal 2026 revenue. The United States alone was $167.75 billion, 35.0%.

In the September 2026 quarter alone, iPhone revenue was $57.58 billion against $49.03 billion a year earlier, and Services $31.57 billion against $28.75 billion, an all-time high for that line according to the release.

The original data: Services’ growing share of Apple’s gross profit

Services’ share of gross profit, fiscal 2017-2026. Apple has split its cost of sales between Products and Services since its fiscal 2019 10-K, which went back to fiscal 2017. We took each year from the latest 10-K that reports it and divided Services gross profit by Apple’s total gross profit.

• Fiscal 2017: Services was 14.3% of revenue at a 55.0% gross margin, and 20.4% of gross profit.
• Fiscal 2019 to 2023: 17.8% of revenue and 30.0% of gross profit in 2019, 18.7% and 31.2% in 2021 (at a 69.7% margin), then 22.2% and 35.7% in 2023.
• Fiscal 2025: 26.2% of revenue at 75.4%, and 42.2% of gross profit, the high of the series.
• Fiscal 2026: 25.8% of revenue at 76.2%, and 40.2% of gross profit. Hardware’s own gross margin rose from 36.8% to 39.3% in the same year, so the Services share dipped even as its margin went up.

Apple’s total gross margin went from 38.5% in fiscal 2017 to 48.8% in fiscal 2026. By our split of that 10.3-point rise, about 3.2 points came from the mix moving toward Services, 4.2 from Services’ own margin climbing from 55.0% to 76.2%, and 2.9 from hardware’s margin rising from 35.7% to 39.3%.

Apple’s buybacks: a 43.6% smaller share count since 2013

Buybacks and the share count, fiscal 2012-2026. We added up the cash Apple paid to repurchase its stock in each 10-K’s cash-flow statement, and put the diluted share count on today’s basis by adjusting for the 7-for-1 split of June 2014 and the 4-for-1 split of August 2020. Our stock buybacks page compares Apple’s program with nine other companies.

• Fiscal 2013 to 2026: $902.7 billion spent on buybacks and $190.7 billion paid in dividends.
• The share count: 26.09 billion diluted shares in fiscal 2013 and 14.72 billion in fiscal 2026, a fall of 43.6%.
• What that did to EPS: net income grew 3.57 times, from $37.04 billion to $132.18 billion, while diluted EPS grew 6.32 times, from $1.42 (split-adjusted) to $8.98.
• Fiscal 2026: $86.39 billion of buybacks, equal to 65.4% of net income. The 10-K says Apple bought back 297 million shares for $85.8 billion in the year; the cash-flow line counts cash paid in the year, so the two differ. On April 30, 2026 the board authorized a further program of up to $100 billion.

Download the data: revenue mix and margins, buybacks and share count and earnings-day moves. If you reuse them, credit us and link back; the site license has the terms.

A worked example: rebuilding AAPL’s ratios from the fiscal 2026 10-K

Every input below is in the fiscal 2026 10-K filed November 3, 2026 or the results release of November 2, except the share price.

1. Earnings. Diluted EPS for the year to September 26, 2026 was $8.98, up from $7.46. Because the fiscal year has just ended, that is already the trailing twelve months.
2. P/E. $342.37 ÷ $8.98 = 38.1. The P/E ratio page explains what the multiple measures.
3. Market value. $342.37 × 14,532,182,000 shares = $4.98 trillion, using the share count on the 10-K cover. Our market cap page covers the measure.
4. Price-to-sales. $4.98 trillion ÷ $478.83 billion of revenue = 10.39.
5. Book value. Shareholders’ equity of $112.09 billion ÷ 14,532,182,000 shares = $7.71 a share, so the price-to-book ratio is 44.4. Equity is small because buybacks and dividends have paid out much of what Apple earned.
6. Yield. $0.27 × 4 = $1.08 a year, and $1.08 ÷ $342.37 = 0.32%.

Apple’s P/E since 2016: from 13.6x to 38.0x

The multiple has more than doubled in ten years. At the close nearest each fiscal year end, the P/E was 13.6x in 2016, 18.9x in 2018, 34.2x in 2020, 24.6x in 2022, 37.5x in 2024, 34.2x in 2025 and 38.0x in 2026, when the price was $341.07. Buyers now pay almost three times as much for each dollar of profit as in 2016.

Earnings days: 89 Apple results releases since 2004

Apple publishes quarterly results in an 8-K just after the 4 p.m. Eastern close. We took every Item 2.02 8-K since October 2004, read each one, and kept the 89 that announce a quarter’s results. Six were something else: Macworld unit counts in 2005, 2006 and 2008, a 2006 restatement notice, a late-filing notice, and the January 2, 2019 letter cutting guidance. Every one of the 89 was accepted after the close, so the move is measured on the next session.

• The median move was 4.18%, against 0.97% across the other 5,463 sessions, about 4.3 times as large.
• 34 of the 89 (38.2%) moved 5% or more, against 2.1% of other sessions; 5 moved 10% or more.
• Direction: 49 rose (55.1%), against a 53.0% up-rate on ordinary days. That gap is well within chance (two-sided binomial p = 0.75).
• The largest were +13.16% on October 14, 2004 and −12.36% on January 24, 2013.
• Since 2021 the 24 releases had a median move of 2.47%, and only 9 were up. The latest, on November 3, 2026, was −1.90%; the one before, on July 31, was −7.35%.

When it fails: two falls of more than 80% and a weak iPhone cycle

Apple has lost most of its value before. From a close of $0.65 (split-adjusted) on April 2, 1991, the stock fell 82.2% to December 23, 1997. It fell 81.8% again from March 22, 2000 to April 17, 2003 and did not regain that high until January 26, 2005. In 2007-2009 it fell 60.9%. Our drawdown page explains the measure.

Big falls kept coming after it became the largest company. It dropped 44.4% from September 19, 2012 to April 19, 2013, 38.7% from October 3, 2018 to January 3, 2019, and 33.4% from December 26, 2024 to April 8, 2025, regaining the high on October 20, 2025.

It does not always beat the index. AAPL rose 86.2% in 2019 and 48.2% in 2023, but fell 26.8% in 2022 against the S&P 500’s 19.4%, and rose 8.6% in 2025 against the index’s 16.4%.

A high multiple leaves less room for disappointment. At 38.1x earnings the price already assumes profits keep growing. Both earnings days since July were down, by 7.35% and 1.90%, even though revenue rose 11.7% in the September quarter.

One region and one product still matter. The iPhone is more than half of sales and Greater China 17.2%, so a weak phone cycle or a trade dispute reaches the whole company.

Questions people ask

What is Apple’s market cap?

$4.98 trillion at the November 6, 2026 close of $342.37, using the 14,532,182,000 shares on the 10-K cover dated October 23, 2026.

Does Apple pay a dividend?

Yes. It declared $0.27 a share on November 2, 2026, payable November 16 to holders of record on November 12. At four payments a year that is $1.08, a 0.32% yield at $342.37. The dividend yield page covers the arithmetic.

How much of Apple’s revenue is Services?

25.8% in fiscal 2026, or $123.30 billion of $478.83 billion. Because Services carries a 76.2% gross margin, it made up 40.2% of gross profit.

How many times has Apple stock split?

Five: 2-for-1 in June 1987, June 2000 and February 2005, 7-for-1 in June 2014 and 4-for-1 in August 2020. One share bought before 1987 is 224 shares today. The stock split page explains why a split changes the share count but not the value.

What would $1,000 in Apple be worth?

That is worked out on our invested $1,000 in Apple page, over 1, 5 and 10 years, with and without dividends.

Related

Apple is one of the Magnificent Seven, and its weight in index funds is part of the concentration risk story. The ratios here are explained on earnings per share and free cash flow. For how hard it swings next to the market, see beta and volatility.

This page is educational, not financial advice. Test every idea on your own charts before risking money.