Apple Inc.
Profit Margins
| Fiscal Year | Gross Margin | Operating Margin | Net Margin |
|---|---|---|---|
| FY2008 | 40.6% | 25.6% | 18.8% |
| FY2009 | 47.1% | 32.1% | 22.5% |
| FY2010 | 39.4% | 28.2% | 21.5% |
| FY2011 | 40.5% | 31.2% | 23.9% |
| FY2012 | 43.9% | 35.3% | 26.7% |
| FY2013 | 37.6% | 28.7% | 21.7% |
| FY2014 | 38.6% | 28.7% | 21.6% |
| FY2015 | 40.1% | 30.5% | 22.8% |
| FY2016 | 39.1% | 27.8% | 21.2% |
| FY2017 | 38.5% | 26.8% | 21.1% |
| FY2018 | 38.4% | 26.7% | 22.4% |
| FY2019 | 37.8% | 24.6% | 21.2% |
| FY2020 | 38.2% | 24.1% | 20.9% |
| FY2021 | 41.8% | 29.8% | 25.9% |
| FY2022 | 43.3% | 30.3% | 25.3% |
| FY2023 | 44.1% | 29.8% | 25.3% |
| FY2024 | 46.2% | 31.5% | 24.0% |
| FY2025 | 46.9% | 32.0% | 26.9% |
Obvious prospects for physical growth in a business do not translate into obvious profits for investors.