EBITDA Margin snapshot
Apple's ebitda margin was 34.8% in FY2025, compared with 34.4% in FY2024. On a trailing-twelve-month basis it was 35.4% as of Q2 FY26. EBITDA margin is earnings before interest, taxes, depreciation, and amortization, divided by revenue. It approximates operating cash profitability by adding back non-cash depreciation and amortization to operating income.
EBITDA Margin (latest FY)
34.8%
EBITDA Margin (TTM)
35.4%
Operating margin (latest FY)
32.0%
Net margin (latest FY)
26.9%
Apple EBITDA Margin
EBITDA ÷ revenue
EBITDA Margin vs. related metrics
Apple EBITDA Margin — by fiscal year
| Fiscal year | EBITDA margin | Operating margin | Net margin |
|---|---|---|---|
| FY2025 | 34.8% | 32.0% | 26.9% |
| FY2024 | 34.4% | 31.5% | 24.0% |
| FY2023 | 32.8% | 29.8% | 25.3% |
| FY2022 | 33.1% | 30.3% | 25.3% |
| FY2021 | 32.9% | 29.8% | 25.9% |
| FY2020 | 28.2% | 24.1% | 20.9% |
| FY2019 | 29.4% | 24.6% | 21.2% |
| FY2018 | 30.8% | 26.7% | 22.4% |
| FY2017 | 31.2% | 26.8% | 21.1% |
| FY2016 | 32.7% | 27.8% | 21.2% |
| FY2015 | 34.4% | 30.5% | 22.8% |
| FY2014 | 33.1% | 28.7% | 21.6% |
| FY2013 | 32.6% | 28.7% | 21.7% |
| FY2012 | 37.4% | 35.3% | 26.7% |
| FY2011 | 32.9% | 31.2% | 23.9% |
| FY2010 | 29.8% | 28.2% | 21.5% |
| FY2009 | 29.1% | 27.4% | 19.2% |
| FY2008 | 23.5% | 22.2% | 16.3% |
| FY2007 | 19.7% | 18.4% | 14.6% |
| FY2006 | — | — | — |
By quarter (trailing-twelve-month basis)
| Quarter | EBITDA margin | Operating margin | Net margin |
|---|---|---|---|
| Q2 FY26 | 35.4% | 32.6% | 27.2% |
| Q1 FY26 | 35.1% | 32.4% | 27.0% |
| Q4 FY25 | 34.8% | 32.0% | 26.9% |
| Q3 FY25 | 34.7% | 31.9% | 24.3% |
| Q2 FY25 | 34.7% | 31.8% | 24.3% |
| Q1 FY25 | 34.7% | 31.8% | 24.3% |
| Q4 FY24 | 34.4% | 31.5% | 24.0% |
| Q3 FY24 | 34.2% | 31.3% | 26.4% |
| Q2 FY24 | 34.0% | 31.0% | 26.3% |
| Q1 FY24 | 33.7% | 30.8% | 26.2% |
| Q4 FY23 | 32.8% | 29.8% | 25.3% |
| Q3 FY23 | 32.3% | 29.2% | 24.7% |
Figures normalized from SEC filings. See the full Apple ratios & metrics.