Analysis of Geographic Areas
Apple Inc. operates in 3 regions: U.S.; China (includes Hong Kong and Taiwan); and Other countries.
Area Asset Turnover
Apple Inc., asset turnover by geographic area
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | |
|---|---|---|---|---|---|---|
| U.S. | 3.77 | 3.99 | 4.16 | 4.75 | 4.74 | 4.22 |
| China (includes Hong Kong and Taiwan) | 17.80 | 13.96 | 12.56 | 10.22 | 9.09 | 5.56 |
| Other countries | 33.65 | 34.85 | 36.93 | 46.09 | 44.04 | 34.53 |
Based on: 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).
- U.S. Asset Turnover
- The asset turnover ratio for the U.S. demonstrates a gradual decline over the six-year period. Starting at 4.22 in 2020, it increased slightly to 4.74 in 2021 and 4.75 in 2022, indicating a short-term improvement. However, from 2023 onwards, the ratio decreased steadily, reaching 3.77 by 2025. This suggests a reduction in the efficiency of asset utilization in the U.S. market in recent years.
- China (includes Hong Kong and Taiwan) Asset Turnover
- The asset turnover ratio for China and affiliated regions shows a strong and consistent upward trend throughout the period analyzed. Beginning at 5.56 in 2020, it rose markedly each year, reaching 17.8 by 2025. This significant increase suggests a substantial improvement in asset management or revenue generation relative to assets in this geographic segment.
- Other Countries Asset Turnover
- The asset turnover ratio for other countries exhibits a fluctuating but overall decreasing pattern. It started from a high level of 34.53 in 2020, rose to a peak of 46.09 in 2022, and then declined to 33.65 in 2025. Despite the decline from the peak, the ratio remains relatively high compared to the U.S. and China, indicating a generally efficient use of assets in those markets, with some volatility over time.
- Summary
- In summary, the data reflects diverging asset turnover trends across geographic regions. The U.S. market is characterized by a gradual decline in asset turnover ratios, possibly signaling challenges in asset efficiency or market maturity. Conversely, the China region shows robust and sustained growth in asset turnover, highlighting expanding operational effectiveness. The 'Other countries' category displays high but volatile asset turnover figures, with a peak in 2022 followed by a decrease, implying variability in asset utilization across multiple markets outside the U.S. and China.
Area Asset Turnover: U.S.
Apple Inc.; U.S.; area asset turnover calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 151,790) | 142,196) | 138,573) | 147,859) | 133,803) | 109,197) |
| Long-lived assets | 40,274) | 35,664) | 33,276) | 31,119) | 28,203) | 25,890) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 3.77 | 3.99 | 4.16 | 4.75 | 4.74 | 4.22 |
Based on: 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).
1 2025 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 151,790 ÷ 40,274 = 3.77
- Net Sales
- Net sales in the U.S. geographic area exhibited a consistent upward trend from 2020 through 2025. Starting at $109,197 million in 2020, net sales increased significantly to $133,803 million in 2021 and continued to grow, reaching $147,859 million in 2022. In 2023, a dip occurred with sales declining to $138,573 million, but this was followed by recovery and growth in the subsequent years, reaching $142,196 million in 2024 and $151,790 million in 2025. Overall, net sales increased by approximately 39% over the six-year period, indicating strong revenue growth despite the temporary decline in 2023.
- Long-lived Assets
- The value of long-lived assets steadily increased throughout the period from 2020 to 2025. The asset base grew from $25,890 million in 2020 to $40,274 million in 2025. The growth was consistent year-over-year, reflecting ongoing investment in property, plant, and equipment or other long-term assets in the U.S. area. This represents an increase of over 55%, suggesting a significant expansion or enhancement of asset capacity or infrastructure over time.
- Area Asset Turnover
- The area asset turnover ratio, which measures the efficiency of using assets to generate sales, showed a declining trend in the later years despite initial stability. From 2020 to 2022, the ratio remained relatively stable and strong at around 4.2 to 4.75, indicating efficient asset utilization. However, starting in 2023, the turnover ratio decreased from 4.16 to 3.99 in 2024 and further down to 3.77 in 2025. This decline suggests that while assets were growing, the company was generating fewer sales per unit of assets, implying a reduction in asset efficiency or potentially lagging sales growth relative to asset increase during these years.
Area Asset Turnover: China (includes Hong Kong and Taiwan)
Apple Inc.; China (includes Hong Kong and Taiwan); area asset turnover calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 64,377) | 66,952) | 72,559) | 74,200) | 68,366) | 40,308) |
| Long-lived assets | 3,617) | 4,797) | 5,778) | 7,260) | 7,521) | 7,256) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 17.80 | 13.96 | 12.56 | 10.22 | 9.09 | 5.56 |
Based on: 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).
1 2025 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 64,377 ÷ 3,617 = 17.80
- Net Sales
-
Net sales in the China geographic area exhibited significant growth from 2020 to 2022, increasing from approximately 40.3 billion US dollars in 2020 to a peak of 74.2 billion US dollars in 2022. Following this peak, sales declined over the next three years, falling to around 64.4 billion US dollars by 2025. This represents a notable contraction after the initial expansion phase, highlighting a potential shift in market dynamics or consumer demand within this region.
- Long-lived Assets
-
Long-lived assets allocated to the China region showed a clear declining trend across the entire period. Starting at 7.3 billion US dollars in 2020, these assets decreased steadily each year, reaching just 3.6 billion US dollars by 2025. This consistent reduction suggests a strategic de-emphasis on physical or capital-intensive assets in this geography, possibly reflecting asset divestiture, impairment, or changes in operational structure.
- Area Asset Turnover
-
The area asset turnover ratio demonstrated a strong and continuous upward trajectory, increasing from 5.56 in 2020 to 17.8 in 2025. This indicates progressively higher sales generated per unit of long-lived assets, signifying improved efficiency and asset utilization within the region. The ratio's consistent rise, even while net sales declined and assets shrank, implies better operational leverage or a strategic pivot toward less asset-heavy business models.
- Summary Insights
-
The data reflect a dynamic market performance characterized by rapid initial sales growth followed by a gradual sales decline. Concurrently, the significant reduction in long-lived assets, paired with a substantial increase in asset turnover rate, points toward enhanced efficiency or a shift in business focus. These trends may indicate adaptations to changing economic conditions, market competition, or company strategy within the China geographic area over the observed timeframe.
Area Asset Turnover: Other countries
Apple Inc.; Other countries; area asset turnover calculation
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net sales | 199,994) | 181,887) | 172,153) | 172,269) | 163,648) | 125,010) |
| Long-lived assets | 5,943) | 5,219) | 4,661) | 3,738) | 3,716) | 3,620) |
| Area Activity Ratio | ||||||
| Area asset turnover1 | 33.65 | 34.85 | 36.93 | 46.09 | 44.04 | 34.53 |
Based on: 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).
1 2025 Calculation
Area asset turnover = Net sales ÷ Long-lived assets
= 199,994 ÷ 5,943 = 33.65
- Net Sales
- The net sales in the "Other countries" geographic area show a consistent upward trend over the observed period. Starting from approximately 125 billion US dollars in 2020, sales increased significantly to nearly 200 billion US dollars by 2025. The most notable growth periods are between 2020 to 2021 and 2023 to 2025, indicating strong revenue expansion in this region over the six-year span.
- Long-lived Assets
- Long-lived assets in the region have demonstrated gradual growth, increasing from around 3.6 billion US dollars in 2020 to nearly 6 billion US dollars in 2025. This steady increase suggests ongoing investment in fixed assets or infrastructure within this geographic area. The rate of growth accelerated notably after 2022, with asset values rising more sharply through 2025.
- Area Asset Turnover
- The area asset turnover ratio exhibits a declining trend after reaching a peak in 2022 at 46.09. Initially, the ratio increased from 34.53 in 2020 to 46.09 in 2022, reflecting improving efficiency in asset utilization relative to sales. However, from 2023 onward, the ratio steadily decreases to 33.65 by 2025, indicating that despite rising sales, the increase in asset base outpaced sales growth, leading to less efficient use of assets in generating revenue during the later years.
- Overall Insights
- The region demonstrates strong revenue growth supported by incremental investments in long-lived assets. However, the declining asset turnover ratio in recent years points to potential diminishing returns on those investments or an expansion phase where asset growth temporarily outstrips sales efficiency. This pattern suggests a strategic focus on building or upgrading fixed assets while working to optimize how effectively those assets contribute to sales performance going forward.
Net sales
Apple Inc., net sales by geographic area
US$ in millions
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | |
|---|---|---|---|---|---|---|
| U.S. | 151,790) | 142,196) | 138,573) | 147,859) | 133,803) | 109,197) |
| China (includes Hong Kong and Taiwan) | 64,377) | 66,952) | 72,559) | 74,200) | 68,366) | 40,308) |
| Other countries | 199,994) | 181,887) | 172,153) | 172,269) | 163,648) | 125,010) |
| Total | 416,161) | 391,035) | 383,285) | 394,328) | 365,817) | 274,515) |
Based on: 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).
- U.S. Net Sales
- The net sales in the U.S. demonstrated a consistent upward trend over the observed period. Starting at approximately $109.2 billion in 2020, sales increased steadily to reach nearly $151.8 billion by 2025. There was a minor decrease observed in 2023 compared to 2022, but the overall growth trajectory remained positive with a subsequent rise in 2024 and 2025.
- China (including Hong Kong and Taiwan) Net Sales
- Net sales in China and its associated regions exhibited considerable volatility. From around $40.3 billion in 2020, sales surged sharply to about $68.4 billion in 2021, followed by a moderate increase to $74.2 billion in 2022. However, subsequent years showed a declining trend, dropping to approximately $64.4 billion by 2025. This indicates a peak in 2022, after which the region experienced a reduction in net sales.
- Other Countries Net Sales
- Sales from other countries collectively showed persistent growth throughout the period. Beginning at $125 billion in 2020, the figure climbed consistently year over year, reaching nearly $200 billion by 2025. The growth here was robust and uninterrupted, marking the strongest absolute increase among all geographic segments.
- Total Net Sales
- The total net sales mirrored the trends seen in the individual regions, with a general upward progression over the six-year span. Total annual sales increased from approximately $274.5 billion in 2020 to $416.2 billion in 2025. While the overall total showed minor fluctuations, notably a slight decrease in 2023 compared to 2022, the longer-term trend was positive, driven primarily by growth in the U.S. and other countries segments.
- Summary Insights
- The data reveals a strong growth pattern in the U.S. and other countries, contributing significantly to total sales expansion. In contrast, the China region showed a peak followed by a decline, highlighting potential market challenges or shifts in regional demand. The stability and growth outside of China suggest diversification benefits in geographic sales distribution. The overall sales trajectory remains favorable, emphasizing successful market penetration and revenue growth in multiple regions, albeit with varying regional dynamics.
Long-lived assets
Apple Inc., long-lived assets by geographic area
US$ in millions
| Sep 27, 2025 | Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | |
|---|---|---|---|---|---|---|
| U.S. | 40,274) | 35,664) | 33,276) | 31,119) | 28,203) | 25,890) |
| China (includes Hong Kong and Taiwan) | 3,617) | 4,797) | 5,778) | 7,260) | 7,521) | 7,256) |
| Other countries | 5,943) | 5,219) | 4,661) | 3,738) | 3,716) | 3,620) |
| Total | 49,834) | 45,680) | 43,715) | 42,117) | 39,440) | 36,766) |
Based on: 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).
The analysis of the annual long-lived assets across geographic areas reveals distinct trends over the six-year period under review.
- United States
- The value of long-lived assets in the U.S. has exhibited consistent growth throughout the period, increasing from $25,890 million to $40,274 million. This steady upward trend indicates ongoing investment or asset accumulation in this region, with a notable acceleration in asset growth particularly in the last two years.
- China (including Hong Kong and Taiwan)
- Contrasting the U.S. trend, assets in China have shown a declining trajectory over the years. Starting at $7,256 million, the assets peaked slightly in the second year before continuously decreasing to $3,617 million by the end of the period. This decline suggests a reduction in asset holdings or divestments in this geographic area.
- Other Countries
- Assets categorized under other countries have demonstrated a general upward trend, rising from $3,620 million to $5,943 million. This growth appears to be steady, particularly notable after the third year, indicating increased asset allocation or expansion in regions outside the U.S. and China.
- Total Long-lived Assets
- The aggregate total of long-lived assets globally reflects a consistent increase from $36,766 million to $49,834 million over the examined period. This overall growth is primarily driven by the strong increases in the U.S. and other countries, which more than offset the decline in China-related assets.
In summary, the data indicates a strategic shift in asset allocation, with a clear emphasis on expanding or maintaining long-lived assets in the U.S. and other countries, while assets in China have been progressively reduced. The total asset base has grown steadily, suggesting ongoing capital investment and asset development on a global scale.