Apple

Apple designs iPhone, Mac, iPad, and wearables, then attaches high-margin Services (App Store commissions, AppleCare, cloud, content, payments) to a huge installed base. FY2025 (year ended September 27, 2025) net sales were $416.2B (+6.4%), with Products $307.0B and Services $109.2B; net income was $112.0B. About 63.5% of sales were outside the U.S.

Click any of the 9 blocks below for a plain-language story of how that part of the model works for Apple — and how it connects to the others.