# Apple (AAPL) Forecast Calculator

Interactive five-year financial forecast and DCF for Apple. Adjust revenue growth, margins, capex, and WACC to update revenue, free cash flow, and enterprise value.

- Canonical: https://finamodel.com/companies/apple/forecast
- Industry: Technology
- Forecast start year: 2026

## Historical data

| Year | Revenue | Free cash flow | EBITDA | Net income |
|---:|---:|---:|---:|---:|
| 2021 | 260174000000 | 58896000000 | 76477000000 | 55256000000 |
| 2022 | 274515000000 | 73365000000 | 77344000000 | 57411000000 |
| 2023 | 365817000000 | 92953000000 | 120233000000 | 94680000000 |
| 2024 | 394328000000 | 111443000000 | 130541000000 | 99803000000 |
| 2025 | 383285000000 | 99584000000 | 125820000000 | 96995000000 |

## Frequently asked questions

### What does Apple Inc. do?

Apple Inc. designs, manufactures, and markets various electronic devices like smartphones, personal computers, and wearables, alongside a profitable suite of related services. The company's business model leverages a premium hardware ecosystem to drive recurring, high-margin subscription and transaction-based services revenue.

### What are Apple's main revenue sources?

Apple's revenue is primarily driven by its iPhone sales, which account for approximately 51% of its total revenue. Other significant contributors include Services at 26%, and Wearables, Home and Accessories at 10%, with Mac and iPad making up smaller portions.

### What is Apple's capital expenditure strategy?

Apple's capital expenditure (Capex) historically ranges from 2% to 3% of revenue, amounting to $10 billion to $12 billion annually. Approximately 60% of this capex is allocated to growth initiatives, such as expanding data centers for Apple Intelligence and new product tooling.

### How does Apple manage its working capital?

Apple operates with a structurally negative net working capital, meaning its suppliers effectively fund its growth. This is achieved through very lean inventory (7-10 days) and efficient receivables management (20-25 days), combined with extended payment terms to suppliers (90-110 days).

### What is the purpose of the Apple financial model?

The Apple financial model aims to provide a comprehensive equity valuation and forecast capital returns. It helps equity research analysts determine Apple's intrinsic value and assess the EPS accretion resulting from its substantial share repurchase program.

### Can I download an Excel financial model for Apple?

Yes, a comprehensive Excel financial model for Apple Inc. is available for download. This model provides a forecast horizon from FY2026 to FY2030 and includes key assumptions for revenue growth, margins, and capital expenditures.