Apple Inc.

AAPL ·Technology, Computer Hardware, United States

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Profit Margins

Gross Margin Operating Margin Net Margin

Period	Gross Margin	Operating Margin	Net Margin
Mar 2009	39.9%	25.6%	17.8%
Jun 2009	40.9%	27.0%	18.8%
Sep 2009	41.8%	—	20.7%
Dec 2009	40.9%	30.1%	21.5%
Mar 2010	41.7%	29.5%	22.8%
Jun 2010	39.1%	27.0%	20.7%
Sep 2010	36.9%	—	21.2%
Dec 2010	38.5%	29.3%	22.5%
Mar 2011	41.4%	31.9%	24.3%
Jun 2011	41.7%	32.8%	25.6%
Sep 2011	40.3%	—	23.4%
Dec 2011	44.7%	37.4%	28.2%
Mar 2012	47.4%	39.3%	29.7%
Jun 2012	42.8%	33.0%	25.2%
Sep 2012	40.0%	—	22.9%
Dec 2012	38.6%	31.6%	24.0%
Mar 2013	37.5%	28.8%	21.9%
Jun 2013	36.9%	26.0%	19.5%
Sep 2013	37.0%	—	20.0%
Dec 2013	37.9%	30.3%	22.7%
Mar 2014	39.3%	29.8%	22.4%
Jun 2014	39.4%	27.5%	20.7%
Sep 2014	38.0%	—	20.1%
Dec 2014	39.9%	32.5%	24.2%
Mar 2015	40.8%	31.5%	23.4%
Jun 2015	39.7%	28.4%	21.5%
Sep 2015	39.9%	—	21.6%
Dec 2015	40.1%	31.9%	24.2%
Mar 2016	39.4%	27.7%	20.8%
Jun 2016	38.0%	23.9%	18.4%
Sep 2016	38.0%	—	19.2%
Dec 2016	38.5%	29.8%	22.8%
Apr 2017	38.9%	26.7%	20.9%
Jul 2017	38.5%	23.7%	19.2%
Sep 2017	37.9%	—	20.4%
Dec 2017	38.4%	29.8%	22.7%
Mar 2018	38.3%	26.0%	22.6%
Jun 2018	38.3%	23.7%	21.6%
Sep 2018	38.3%	—	22.5%
Dec 2018	38.0%	27.7%	23.7%
Mar 2019	37.6%	23.1%	19.9%
Jun 2019	37.6%	21.5%	18.7%
Sep 2019	38.0%	—	21.4%
Dec 2019	38.4%	27.8%	24.2%
Mar 2020	38.4%	22.0%	19.3%
Jun 2020	38.0%	21.9%	18.9%
Sep 2020	38.2%	—	19.6%
Dec 2020	39.8%	30.1%	25.8%
Mar 2021	42.5%	30.7%	26.4%
Jun 2021	43.3%	29.6%	26.7%
Dec 2021	43.8%	33.5%	27.9%
Mar 2022	43.7%	30.8%	25.7%
Jun 2022	43.3%	27.8%	23.4%
Dec 2022	43.0%	30.7%	25.6%
Apr 2023	44.3%	29.9%	25.5%
Jul 2023	44.5%	28.1%	24.3%
Dec 2023	45.9%	33.8%	28.4%
Mar 2024	46.6%	30.7%	26.0%
Jun 2024	46.3%	29.6%	25.0%
Dec 2024	46.9%	34.5%	29.2%
Mar 2025	47.1%	31.0%	26.0%
Jun 2025	46.5%	30.0%	24.9%
Dec 2025	48.2%	35.4%	29.3%
Mar 2026	49.3%	32.3%	26.6%
Jun 2026	50.1%	32.6%	27.2%

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