Apple AAPL

Nasdaq · Electronic Computers · $5.10T

$344.17−1.53%Nov 5 close · Databento

Every report since 2023 →

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AAPL Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $344.171D −1.53%3M +11.65%SMA20 $343.10SMA50 $335.46RSI(14) 53.0

344.17

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 53.0

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

After a story on AAPL, the first close moved a median −0.11%. Up 9 of 25; over the next three trading days, a median +1.46%.

The numbers

fiscal 2026, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$5.10T

EV / True FCF42.1x

Revenue$478.8B +15.1%

True FCF (ex-SBC)$122.3B +37.8%

Rule of 4043.5%

ROIC80.1%

True FCF Yield2.4%

EPS, diluted$8.98 +20.4%

Modern Valuation (EOD)

Market Cap$5.10T

Enterprise Value$5,153B

EV / True FCF42.14

EV / FCF37.87

EV / Gross Profit22.06

EV / EBIT32.60

EV / Sales10.76

P / E (GAAP)38.59

P / FCF37.49

P / Oper. CF35.15

P / Book45.51

Owner & Cash Yields

True FCF Yield2.4%

FCF Yield2.7%

Owner Earn. Yield2.4%

Earnings Yield2.6%

Shareholder Yield+1.7%

Buyback Yield1.7%

Dividend Yield0.31%

Dividend / sh$1.06

Payout Ratio12%

FCF / sh$9.36

EPS (diluted)$8.98

Compounder & Returns

Rule of 4043.5%

ROIC80.1%

Cash ROIC (CROIC)83.1%

GP / Assets57.7%

ROE117.9%

ROA32.7%

Gross Margin48.8%

Oper. Margin33.0%

Net Margin27.6%

FCF Margin28.4%

True FCF Margin25.5%

Quality & Dilution

Cash Conversion103%

Accrual Ratio−3.2%

SBC % of FCF10.1%

SBC % of Rev2.9%

Reinvest. Rate38%

Sales Growth Y/Y+15.1%

Sales 3Y CAGR+7.7%

EPS Growth Y/Y+20.4%

FCF Growth Y/Y+37.8%

FCF 3Y CAGR+11.0%

Share Change Y/Y−1.9%

Balance Sheet & Scale

Revenue (FY)$478.8B

Gross Profit (FY)$233.6B

Oper. Income (FY)$158.1B

GAAP Net Income$132.2B

True FCF (ex-SBC)$122.3B

Cash & Equiv$36.3B

Total Debt$88.0B

Net Cash (Debt)$-51.7B

Net Cash % MCap−1.0%

Debt / FCF (yrs)0.7y

Current Ratio1.0214.53B sh

Price & Technicals (EOD)

Perf Week−1.36%

Perf Month+2.23%

Perf Quarter+9.84%

Perf Half Y+19.74%

Perf YTD+26.05%

SMA 20 Dist+0.31%$343.10

SMA 50 Dist+2.60%$335.46

SMA 100 Dist+6.44%$323.34

Window High−1.53%$349.51

Window Low+29.30%$266.17

RSI (14) · Vol53.026%v

Income Distribution & Cash Flow ConversionHow every dollar of AAPL revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2026)

Cost of Revenue (COGS)$245.2B ($51.2 / $100)

R&D Reinvestment$45.8B ($9.6 / $100)

SG&A & Other OpEx$29.8B ($6.2 / $100)

Tax & Non-Operating$25.9B ($5.4 / $100)

Net Profit Kept$132.2B ($27.6 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2026)

GAAP Net Income$132.2B (27.6% margin)

Operating Cash Flow (OCF)$145.1B(30.3% of rev)

Less: Capital Expenditures−$9.0B(1.9% of rev)

Standard Free Cash Flow (FCF)$136.1B(28.4% margin)

Less: Stock-Based Comp (SBC)−$13.8B(10.1% of FCF)

True FCF (Owner Cash ex-SBC)$122.3B(25.5% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2024	FY2025	FY2026	YoY Δ	4Y CAGR
Income Statement
Revenue	$394.3B	$383.3B	$391.0B	$416.2B	$478.8B	+15.1%	+5.0%
Cost of Revenue (COGS)	$223.5B	$214.1B	$210.4B	$221.0B	$245.2B	+11.0%	+2.3%
Gross Profit	$170.8B	$169.1B	$180.7B	$195.2B	$233.6B	+19.7%	+8.1%
Research & Development (R&D)	$26.3B	$29.9B	$31.4B	$34.5B	$45.8B	+32.5%	+14.9%
Selling, General & Admin (SG&A)	$25.1B	$24.9B	$26.1B	$27.6B	$29.8B	+7.9%	+4.4%
Total Operating Expenses	$51.3B	$54.8B	$57.5B	$62.2B	$75.5B	+21.5%	+10.1%
Operating Income (EBIT)	$119.4B	$114.3B	$123.2B	$133.1B	$158.1B	+18.8%	+7.3%
Interest Expense	$2.9B	$3.9B	—	—	$3.9B	—	+7.6%
Income Tax Expense	$19.3B	$16.7B	$29.7B	$20.7B	$27.1B	+30.6%	+8.8%
GAAP Net Income	$99.8B	$97.0B	$93.7B	$112.0B	$132.2B	+18.0%	+7.3%
Diluted EPS	$6.11	$6.13	$6.08	$7.46	$8.98	+20.4%	+10.1%
Diluted Shares	16.33B	15.81B	15.41B	15.00B	14.72B	−1.9%	−2.6%
Balance Sheet
Cash & Equivalents	$25.0B	$30.7B	$29.9B	$35.9B	$36.3B	+1.0%	+9.8%
Inventory	$4.9B	$6.3B	$7.3B	$5.7B	$14.5B	+154.3%	+30.9%
Total Current Assets	$135.4B	$143.6B	$153.0B	$148.0B	$173.9B	+17.5%	+6.4%
Total Assets	$352.8B	$352.6B	$365.0B	$359.2B	$404.5B	+12.6%	+3.5%
Total Current Liabilities	$154.0B	$145.3B	$176.4B	$165.6B	$169.9B	+2.6%	+2.5%
Total Debt (Short + Long Term)	$121.2B	$114.9B	$107.6B	$103.0B	$88.0B	−14.6%	−7.7%
Total Liabilities	$302.1B	$290.4B	$308.0B	$285.5B	$292.5B	+2.4%	−0.8%
Stockholders' Equity	$50.7B	$62.1B	$57.0B	$73.7B	$112.1B	+52.0%	+22.0%
Net Cash / (Net Debt)	$-96.2B	$-84.2B	$-77.6B	$-67.1B	$-51.7B	+22.9%	—
Invested Capital	$146.9B	$146.3B	$134.6B	$140.8B	$163.8B	+16.3%	+2.8%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$122.2B	$110.5B	$118.3B	$111.5B	$145.1B	+30.2%	+4.4%
Depreciation & Amortization (D&A)	$11.1B	$11.5B	$11.4B	$11.7B	$13.4B	+14.7%	+4.9%
Stock-Based Compensation (SBC)	$9.0B	$10.8B	$11.7B	$12.9B	$13.8B	+7.2%	+11.1%
Capital Expenditures (CapEx)	$10.7B	$11.0B	$9.4B	$12.7B	$9.0B	−28.9%	−4.1%
Free Cash Flow (FCF)	$111.4B	$99.6B	$108.8B	$98.8B	$136.1B	+37.8%	+5.1%
True FCF (ex-SBC Owner Cash)	$102.4B	$88.8B	$97.1B	$85.9B	$122.3B	+42.3%	+4.5%
Share Repurchases (Buybacks)	$89.4B	$77.5B	$94.9B	$90.7B	$86.4B	−4.8%	−0.9%
Dividends Paid	$14.8B	$15.0B	$15.2B	$15.4B	$15.7B	+1.9%	+1.5%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what AAPL did at the next close after each story

Nov 2

Apple revenue reaches $114.5 billion as China sales miss estimates

Bloomberg Television · 5:58 PM ET

−1.90%

Nov 1

Apple’s first Ternus earnings report arrives amid memory-cost pressure

MarketWatch · 10:00 AM ET

−1.83%

Oct 16

Apple’s $2,000 foldable Duo slips to 2027 after launch sellout

Financial Times · 5:03 PM ET

−0.15%

Oct 14

Judge likely to bar OpenAI from using Apple trade secrets

ZeroHedge · 5:40 PM ET

−0.28%

Sep 24

Qualcomm and Apple extend chip licensing agreement

Investing.com · 7:48 AM ET

—

Sep 18

Apple’s Cook, OpenAI CEO to Attend Trump Dinner With Xi

Bloomberg Television · 11:00 AM ET

−0.26%

Sep 11

Dow rises 500 points on rate-hike bets; Apple advances with index

Investor's Business Daily · 4:41 PM ET

+0.24%

Sep 10

Stocks, bonds fall after PPI data; oil tops $100 amid Iran concerns

Bloomberg Television · 11:03 AM ET

+3.56%

Sep 10

Apple unveils £1,999 folding iPhone in first major design shift in 20 years

BBC Business · 5:32 AM ET

+3.56%

Sep 9

Oil prices and yields weigh on stocks as Apple prepares iPhone unveiling

Investor's Business Daily · 6:07 PM ET

+3.56%

The record, by topic

last 90 days · stories · median first close

consumer11−0.15%

regulation5+0.22%

macro3+3.56%

earnings2−1.86%

semis2−0.86%

geo1−0.26%

What happened · big days

26 big days in a year, and what we hold on each

A big day is a close more than 2.55% from the one before, three times AAPL’s median day (0.85%). On 10 of the 26, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.55%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayAAPLWhat we hold that dayGroup (median of 4) · each

1 Jan 20, 2026−3.46%
Before our storiesgroup −3.3%, moved with AAPL
1Jan 20, 2026−3.46%
Before our stories
−3.3% moved with AAPLDELL −7.8 · SMCI −3.8 · OMCL −2.9 · OSS +1.1
2 Jan 26, 2026+2.97%
Before our storiesgroup −1.4%, did not move with it
2Jan 26, 2026+2.97%
Before our stories
−1.4% did not move with itDELL +0.4 · OMCL +0.0 · SMCI −2.8 · OSS −4.5
3 Feb 2, 2026+4.06%
Before our storiesgroup +1.2%, did not move with it
3Feb 2, 2026+4.06%
Before our stories
+1.2% did not move with itDELL +4.1 · SMCI +2.1 · OMCL +0.4 · OSS −3.4
4 Feb 4, 2026+2.60%
Before our storiesgroup +2.8%, moved with AAPL
4Feb 4, 2026+2.60%
Before our stories
+2.8% moved with AAPLSMCI +13.8 · DELL +4.2 · OMCL +1.4 · OSS −6.1
5 Feb 12, 2026−5.00%
Before our storiesgroup −7.1%, moved with AAPL
5Feb 12, 2026−5.00%
Before our stories
−7.1% moved with AAPLOSS −9.5 · DELL −9.1 · SMCI −5.0 · OMCL −4.3
6 Feb 17, 2026+3.17%
Before our storiesgroup −1.3%, did not move with it
6Feb 17, 2026+3.17%
Before our stories
−1.3% did not move with itOMCL +2.4 · DELL −1.2 · SMCI −1.4 · OSS −4.8
7 Feb 27, 2026−3.21%
Before our storiesgroup −0.8%, did not move with it
7Feb 27, 2026−3.21%
Before our stories
−0.8% did not move with itOSS −9.6 · OMCL −2.0 · SMCI +0.3 · DELL +21.9
8 Mar 31, 2026+2.90%
Before our storiesgroup +4.1%, moved with AAPL
8Mar 31, 2026+2.90%
Before our stories
+4.1% moved with AAPLSMCI +8.1 · OSS +5.0 · OMCL +3.2 · DELL −0.3
9 Apr 15, 2026+2.94%
Before our storiesgroup +1.8%, moved with AAPL
9Apr 15, 2026+2.94%
Before our stories
+1.8% moved with AAPLOSS +12.2 · OMCL +3.3 · SMCI +0.3 · DELL −3.9
10 Apr 17, 2026+2.59%
Before our storiesgroup +1.7%, moved with AAPL
10Apr 17, 2026+2.59%
Before our stories
+1.7% moved with AAPLOMCL +1.8 · DELL +1.8 · OSS +1.6 · SMCI +0.6
11 Apr 22, 2026+2.63%
Before our storiesgroup +1.9%, moved with AAPL
11Apr 22, 2026+2.63%
Before our stories
+1.9% moved with AAPLOSS +4.7 · SMCI +2.6 · DELL +1.1 · OMCL −0.3
12 May 1, 2026+3.24%
Resultsgroup +2.0%, moved with AAPL
12May 1, 2026+3.24%
ResultsFirst close after the Apr 30 results filing
+2.0% moved with AAPLOSS +5.7 · OMCL +3.3 · DELL +0.6 · SMCI −1.1
13 May 5, 2026+2.66%
Before our storiesgroup +0.2%, did not move with it
13May 5, 2026+2.66%
Before our stories
+0.2% did not move with itDELL +2.2 · OMCL +0.3 · OSS +0.1 · SMCI −0.3
14 Jun 2, 2026+2.90%
Before our storiesgroup +1.2%, did not move with it
14Jun 2, 2026+2.90%
Before our stories
+1.2% did not move with itSMCI +7.0 · OSS +5.2 · OMCL −2.9 · DELL −6.6
15 Jun 9, 2026−3.64%
Before our storiesgroup −4.7%, moved with AAPL
15Jun 9, 2026−3.64%
Before our stories
−4.7% moved with AAPLSMCI −7.6 · DELL −4.7 · OSS −4.7 · OMCL −3.0
16 Jun 25, 2026−6.12%
Nothing on AAPLgroup −1.1%, did not move with it
16Jun 25, 2026−6.12%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
−1.1% did not move with itDELL −5.7 · SMCI −2.4 · OMCL +0.1 · OSS +0.6
17 Jun 26, 2026+3.14%
Nothing on AAPLgroup −1.1%, did not move with it
17Jun 26, 2026+3.14%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
−1.1% did not move with itOMCL +1.5 · OSS +0.3 · DELL −2.4 · SMCI −3.3
18 Jun 30, 2026+2.70%
Nothing on AAPLgroup +4.1%, moved with AAPL
18Jun 30, 2026+2.70%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
+4.1% moved with AAPLOSS +9.7 · SMCI +4.2 · DELL +4.1 · OMCL +1.5
19 Jul 2, 2026+4.84%
Nothing on AAPLgroup −4.4%, did not move with it
19Jul 2, 2026+4.84%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
−4.4% did not move with itOMCL +2.6 · SMCI −1.6 · DELL −7.3 · OSS −12.5
20 Jul 15, 2026+4.01%
Nothing on AAPLgroup −2.7%, did not move with it
20Jul 15, 2026+4.01%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
−2.7% did not move with itOMCL +1.9 · OSS −2.6 · SMCI −2.8 · DELL −9.8
21 Jul 24, 2026+3.53%
Nothing on AAPLgroup −2.0%, did not move with it
21Jul 24, 2026+3.53%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
−2.0% did not move with itOMCL +2.9 · DELL −0.4 · SMCI −3.5 · OSS −6.2
22 Jul 31, 2026−7.35%
Resultsgroup +1.0%, did not move with it
22Jul 31, 2026−7.35%
ResultsFirst close after the Jul 30 results filing
+1.0% did not move with itOMCL −4.7 · DELL +0.1 · OSS +1.9 · SMCI +2.4
23 Sep 1, 2026+2.61%
Nothing on AAPLgroup −3.1%, did not move with it
23Sep 1, 2026+2.61%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
−3.1% did not move with itSMCI −1.5 · OMCL −1.9 · OSS −4.3 · DELL −6.8
24 Sep 10, 2026+3.56%
4 storiesgroup −4.6%, did not move with it
24Sep 10, 2026+3.56%
4 stories “Stocks, Bonds Fall After PPI Data as US Oil Tops $100” · Bloomberg Television
−4.6% did not move with itSMCI −4.0 · OMCL −4.1 · OSS −5.1 · DELL −5.3
25 Sep 29, 2026−2.66%
Nothing on AAPLgroup −1.3%, did not move with it
25Sep 29, 2026−2.66%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
−1.3% did not move with itOSS −2.9 · SMCI −1.8 · DELL −0.7 · OMCL +1.3
26 Nov 4, 2026+5.31%
Nothing on AAPLgroup −5.3%, did not move with it
26Nov 4, 2026+5.31%
Nothing on AAPLNo AAPL story, brief or results filing in our record that day
−5.3% did not move with itOMCL +11.1 · OSS −4.9 · SMCI −5.7 · DELL −8.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of DELL, SMCI, OMCL and OSS that day, the largest companies in AAPL’s SEC industry; “moved with AAPL” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). AAPL reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Oct 30, 2025

day 1−0.38%day 6−1.08%

Reported Jan 29, 2026

day 1+0.46%day 6+7.68%

Reported Apr 30, 2026

day 1+3.24%day 6+8.10%

Reported Jul 30, 2026

day 1−7.35%day 6−6.03%

Next report: expected late January to early FebruaryEstimated from the dates of its last four results filings. Not announced. Since the Nov 2 report: +3.31%. Four reports is a small sample.

Every report since 2023 →

Each line is AAPL’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

AAPL against four computer peers, a year at 100

AAPL is up 30.2% in a year. Dell Technologies is up 2.5 times. Of these four, Omnicell (+10.5%), One Stop Systems (−10.2%) and Super Micro Computer (−25.5%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 2.5-fold rise and a 25.5% fall both read honestly.

Share this chart

AAPL +30.2%. Dell Technologies ×2.5, Omnicell +10.5%, One Stop Systems −10.2%, Super Micro Computer −25.5%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in AAPL’s SEC industry (Electronic Computers) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

DELL	Dell Technologies	$254.7B	−14.89%
SMCI	Super Micro Computer	$19.4B	−8.51%
OMCL	Omnicell	$1.8B	−3.50%
OSS	One Stop Systems	$116M	−15.88%
ZEPP	Zepp Health	$36M	−2.63%
SCKT	Socket Mobile	$2M	−8.20%