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Signal Ledger LabApple
AAPLSIGNAL LEDGER VALUATIONWhat the shares are worth today if management delivers the targets it has set for each business: every business valued at FY2030 and discounted back, every input cited.
Research updated 2026-10-23 03:44:11 UTCBUY below $191.94WATCHSELL above $359.89
Price viewWATCH
Buy below · 80% of FV$191.94
Sell above · 150% of FV$359.89
BUY below 80% of FV · WATCH from 80% to 150% · SELL above 150%. Thresholds use unrounded fair values.
REPORTED FIGURES / LATEST SEC FILING
What AAPL reported, business by business.
SEC 10-Q ↗ · quarter ended 2026-06-27 · filed 2026-07-31 · checked 2026-10-29 01:22 UTC; an earnings release published before the 10-Q or 10-K is not included.
- Reported revenue
- $109.417B
- Reported net income
- $29.789B
- Reported diluted EPS
- $2.02
RECONCILED Business rows reconcile to SEC revenue from the same filing and reporting period. Unverified segment profits remain blank.
Non-overlapping reported revenue lines, 2026-03-29 to 2026-06-27. Reported results; the valuation above uses the dated research assumptions.
| Business | Revenue | Share of revenue | Operating profit | Margin |
|---|---|---|---|---|
| iPhone | $54.252B | 49.6% | — | — |
| Mac | $10.352B | 9.5% | — | — |
| iPad | $6.191B | 5.7% | — | — |
| Wearables, Home and Accessories | $7.883B | 7.2% | — | — |
| Services | $30.739B | 28.1% | — | — |
| Consolidated revenue | $109.417B | 100% | — |
View reported source cells
Accession 0000320193-26-000020
iPhone
The following table shows net sales by category for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (dollars in millions): Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 Change June 27, 2026 June 28, 2025 Change iPhone $ 54,252; Total net sales $ 109,417
Mac
The following table shows net sales by category for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (dollars in millions): Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 Change June 27, 2026 June 28, 2025 Change Mac 10,352; Total net sales $ 109,417
iPad
The following table shows net sales by category for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (dollars in millions): Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 Change June 27, 2026 June 28, 2025 Change iPad 6,191; Total net sales $ 109,417
Wearables, Home and Accessories
The following table shows net sales by category for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (dollars in millions): Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 Change June 27, 2026 June 28, 2025 Change Wearables, Home and Accessories 7,883; Total net sales $ 109,417
Services
The following table shows net sales by category for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (dollars in millions): Three Months Ended Nine Months Ended June 27, 2026 June 28, 2025 Change June 27, 2026 June 28, 2025 Change Services 30,739; Total net sales $ 109,417
THE COMPANY
What does Apple do?
Device ecosystem with recurring services and capital return
Businesses: Products · Services
EVIDENCE
Follow every input to its source
Read the full valuation for each business, the assumptions behind it and the cited evidence.