Return on Equity (ROE)
since 2005
Calculation
Apple Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income (loss)1 | ÷ | Shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Sep 26, 2026 | 117.92% | = | 100 | × | 132,175) | ÷ | 112,093) |
| Sep 27, 2025 | 151.91% | = | 100 | × | 112,010) | ÷ | 73,733) |
| Sep 28, 2024 | 164.59% | = | 100 | × | 93,736) | ÷ | 56,950) |
| Sep 30, 2023 | 156.08% | = | 100 | × | 96,995) | ÷ | 62,146) |
| Sep 24, 2022 | 196.96% | = | 100 | × | 99,803) | ÷ | 50,672) |
| Sep 25, 2021 | 150.07% | = | 100 | × | 94,680) | ÷ | 63,090) |
| Sep 26, 2020 | 87.87% | = | 100 | × | 57,411) | ÷ | 65,339) |
| Sep 28, 2019 | 61.06% | = | 100 | × | 55,256) | ÷ | 90,488) |
| Sep 29, 2018 | 55.56% | = | 100 | × | 59,531) | ÷ | 107,147) |
| Sep 30, 2017 | 36.07% | = | 100 | × | 48,351) | ÷ | 134,047) |
| Sep 24, 2016 | 35.62% | = | 100 | × | 45,687) | ÷ | 128,249) |
| Sep 26, 2015 | 44.74% | = | 100 | × | 53,394) | ÷ | 119,355) |
| Sep 27, 2014 | 35.42% | = | 100 | × | 39,510) | ÷ | 111,547) |
| Sep 28, 2013 | 29.98% | = | 100 | × | 37,037) | ÷ | 123,549) |
| Sep 29, 2012 | 35.30% | = | 100 | × | 41,733) | ÷ | 118,210) |
| Sep 24, 2011 | 33.83% | = | 100 | × | 25,922) | ÷ | 76,615) |
| Sep 25, 2010 | 29.32% | = | 100 | × | 14,013) | ÷ | 47,791) |
| Sep 26, 2009 | 20.49% | = | 100 | × | 5,704) | ÷ | 27,832) |
| Sep 27, 2008 | 22.99% | = | 100 | × | 4,834) | ÷ | 21,030) |
| Sep 29, 2007 | 24.06% | = | 100 | × | 3,496) | ÷ | 14,532) |
| Sep 30, 2006 | 19.92% | = | 100 | × | 1,989) | ÷ | 9,984) |
| Sep 24, 2005 | 17.88% | = | 100 | × | 1,335) | ÷ | 7,466) |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
1 US$ in millions
The financial trajectory between 2005 and 2026 is characterized by a significant expansion in profitability and a strategic shift in capital structure, resulting in an extraordinary increase in Return on Equity (ROE).
- Net Income Trends
- Net income demonstrated consistent long-term growth, rising from 1.335 billion USD in 2005 to a projected 132.175 billion USD by 2026. A period of accelerated growth occurred between 2009 and 2012, followed by a stabilization phase and another significant surge starting in 2021, where annual earnings surpassed 90 billion USD.
- Shareholders' Equity Dynamics
- Equity patterns shifted from a growth phase to a contraction phase and back to a growth phase. From 2005 to 2017, equity grew steadily, peaking at 134.047 billion USD. However, a sharp decline began in 2018, with equity reaching a low of 50.672 billion USD in 2021. A subsequent recovery trend is observed from 2022 onward, with equity projected to reach 112.093 billion USD by 2026.
- Return on Equity (ROE) Analysis
- ROE exhibited three distinct stages. An initial growth stage occurred from 2005 to 2015, with ROE rising from 17.88% to 44.74%. This was followed by an exponential surge between 2016 and 2022, peaking at 196.96%. This spike was driven by the convergence of rising net income and a simultaneous reduction in shareholders' equity. Finally, a normalization phase is evident from 2023 to 2026, where ROE moderates toward 117.92% as the equity base expands again.
The data indicates that the peak ROE levels were not solely the result of operational profitability, but were heavily influenced by the reduction of the equity denominator. The subsequent decline in ROE from its 2022 peak coincides with an increase in shareholders' equity, suggesting a shift in the capital allocation strategy while maintaining high absolute earnings.
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Comparison to Competitors
Apple Inc., ROE, long-term trends, comparison to competitors
| Apple Inc. | Arista Networks Inc. | Cisco Systems Inc. | Dell Technologies Inc. | Lumentum Holdings Inc. | Super Micro Computer Inc. | |
|---|---|---|---|---|---|---|
| Sep 26, 2026 | 117.92% | — | 26.38% | — | -149.34% | 15.40% |
| Sep 27, 2025 | 151.91% | 28.39% | 21.73% | — | 2.28% | 16.64% |
| Sep 28, 2024 | 164.59% | 28.54% | 22.70% | — | -57.09% | 21.28% |
| Sep 30, 2023 | 156.08% | 28.91% | 28.44% | — | -9.71% | 32.45% |
| Sep 24, 2022 | 196.96% | 27.68% | 29.70% | — | 10.61% | 20.00% |
| Sep 25, 2021 | 150.07% | 21.13% | 25.66% | 131.10% | 20.14% | 10.20% |
| Sep 26, 2020 | 87.87% | 19.11% | 29.57% | — | 7.75% | 7.91% |
| Sep 28, 2019 | 61.06% | 29.71% | 34.62% | — | -2.43% | 7.64% |
| Sep 29, 2018 | 55.56% | 15.31% | 0.25% | — | 26.79% | 5.47% |
| Sep 30, 2017 | 36.07% | 25.46% | 14.53% | — | -16.56% | 8.64% |
| Sep 24, 2016 | 35.62% | 16.63% | 16.89% | — | 1.87% | 9.99% |
| Sep 26, 2015 | 44.74% | 15.37% | 15.04% | — | -0.89% | 16.46% |
| Sep 27, 2014 | 35.42% | 15.63% | 13.86% | — | — | 11.55% |
| Sep 28, 2013 | 29.98% | — | 16.89% | — | — | 5.70% |
| Sep 29, 2012 | 35.30% | — | 15.68% | — | — | 8.82% |
| Sep 24, 2011 | 33.83% | — | 13.74% | — | — | 14.00% |
| Sep 25, 2010 | 29.32% | — | 17.55% | — | — | 11.98% |
| Sep 26, 2009 | 20.49% | — | 15.87% | — | — | 9.02% |
| Sep 27, 2008 | 22.99% | — | 23.44% | — | — | 16.74% |
| Sep 29, 2007 | 24.06% | — | 23.29% | — | — | 16.69% |
| Sep 30, 2006 | 19.92% | — | 23.34% | — | — | — |
| Sep 24, 2005 | 17.88% | — | 24.77% | — | — | — |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
Comparison to Sector (Technology Hardware & Equipment)
Apple Inc., ROE, long-term trends, comparison to sector (technology hardware & equipment)
| Apple Inc. | Technology Hardware & Equipment | |
|---|---|---|
| Sep 26, 2026 | 117.92% | — |
| Sep 27, 2025 | 151.91% | 94.58% |
| Sep 28, 2024 | 164.59% | 95.15% |
| Sep 30, 2023 | 156.08% | 100.63% |
| Sep 24, 2022 | 196.96% | 122.76% |
| Sep 25, 2021 | 150.07% | 96.47% |
| Sep 26, 2020 | 87.87% | 68.72% |
| Sep 28, 2019 | 61.06% | 52.95% |
| Sep 29, 2018 | 55.56% | 39.07% |
| Sep 30, 2017 | 36.07% | 28.71% |
| Sep 24, 2016 | 35.62% | 29.20% |
| Sep 26, 2015 | 44.74% | 34.61% |
| Sep 27, 2014 | 35.42% | 28.07% |
| Sep 28, 2013 | 29.98% | 25.70% |
| Sep 29, 2012 | 35.30% | 29.32% |
| Sep 24, 2011 | 33.83% | 26.14% |
| Sep 25, 2010 | 29.32% | 23.63% |
| Sep 26, 2009 | 20.49% | 17.78% |
| Sep 27, 2008 | 22.99% | 23.25% |
| Sep 29, 2007 | 24.06% | 23.52% |
| Sep 30, 2006 | 19.92% | 22.33% |
| Sep 24, 2005 | 17.88% | 23.09% |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).
Comparison to Industry (Information Technology)
Apple Inc., ROE, long-term trends, comparison to industry (information technology)
| Apple Inc. | Information Technology | |
|---|---|---|
| Sep 26, 2026 | 117.92% | — |
| Sep 27, 2025 | 151.91% | 34.17% |
| Sep 28, 2024 | 164.59% | 28.70% |
| Sep 30, 2023 | 156.08% | 31.27% |
| Sep 24, 2022 | 196.96% | 38.15% |
| Sep 25, 2021 | 150.07% | 41.76% |
| Sep 26, 2020 | 87.87% | 35.38% |
| Sep 28, 2019 | 61.06% | 35.94% |
| Sep 29, 2018 | 55.56% | 30.23% |
| Sep 30, 2017 | 36.07% | 23.19% |
| Sep 24, 2016 | 35.62% | 23.00% |
| Sep 26, 2015 | 44.74% | 25.97% |
| Sep 27, 2014 | 35.42% | 25.43% |
| Sep 28, 2013 | 29.98% | 24.73% |
| Sep 29, 2012 | 35.30% | 26.09% |
| Sep 24, 2011 | 33.83% | 29.03% |
| Sep 25, 2010 | 29.32% | 27.62% |
| Sep 26, 2009 | 20.49% | 20.05% |
| Sep 27, 2008 | 22.99% | 25.24% |
| Sep 29, 2007 | 24.06% | 23.67% |
| Sep 30, 2006 | 19.92% | 22.58% |
| Sep 24, 2005 | 17.88% | 21.92% |
Based on: 10-K (reporting date: 2026-09-26), 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24), 10-K (reporting date: 2015-09-26), 10-K (reporting date: 2014-09-27), 10-K (reporting date: 2013-09-28), 10-K (reporting date: 2012-09-29), 10-K (reporting date: 2011-09-24), 10-K (reporting date: 2010-09-25), 10-K (reporting date: 2009-09-26), 10-K (reporting date: 2008-09-27), 10-K (reporting date: 2007-09-29), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-24).