Operating Margin snapshot
Apple's operating margin was 32.0% in FY2025, compared with 31.5% in FY2024. On a trailing-twelve-month basis it was 32.6% as of Q2 FY26. Operating margin is operating income divided by revenue — the share of sales remaining after both cost of revenue and operating expenses (R&D, SG&A). It measures core operating profitability before interest and taxes.
Operating Margin (latest FY)
32.0%
Operating Margin (TTM)
32.6%
Gross margin (latest FY)
46.9%
Net margin (latest FY)
26.9%
Apple Operating Margin
Operating income ÷ revenue
Operating Margin vs. related metrics
Apple Operating Margin — by fiscal year
| Fiscal year | Operating margin | Gross margin | Net margin |
|---|---|---|---|
| FY2025 | 32.0% | 46.9% | 26.9% |
| FY2024 | 31.5% | 46.2% | 24.0% |
| FY2023 | 29.8% | 44.1% | 25.3% |
| FY2022 | 30.3% | 43.3% | 25.3% |
| FY2021 | 29.8% | 41.8% | 25.9% |
| FY2020 | 24.1% | 38.2% | 20.9% |
| FY2019 | 24.6% | 37.8% | 21.2% |
| FY2018 | 26.7% | 38.3% | 22.4% |
| FY2017 | 26.8% | 38.5% | 21.1% |
| FY2016 | 27.8% | 39.1% | 21.2% |
| FY2015 | 30.5% | 40.1% | 22.8% |
| FY2014 | 28.7% | 38.6% | 21.6% |
| FY2013 | 28.7% | 37.6% | 21.7% |
| FY2012 | 35.3% | 43.9% | 26.7% |
| FY2011 | 31.2% | 40.5% | 23.9% |
| FY2010 | 28.2% | 39.4% | 21.5% |
| FY2009 | 27.4% | 40.1% | 19.2% |
| FY2008 | 22.2% | 35.2% | 16.3% |
| FY2007 | 18.4% | 34.0% | 14.6% |
| FY2006 | — | — | — |
By quarter (trailing-twelve-month basis)
| Quarter | Operating margin | Gross margin | Net margin |
|---|---|---|---|
| Q2 FY26 | 32.6% | 47.9% | 27.2% |
| Q1 FY26 | 32.4% | 47.3% | 27.0% |
| Q4 FY25 | 32.0% | 46.9% | 26.9% |
| Q3 FY25 | 31.9% | 46.7% | 24.3% |
| Q2 FY25 | 31.8% | 46.6% | 24.3% |
| Q1 FY25 | 31.8% | 46.5% | 24.3% |
| Q4 FY24 | 31.5% | 46.2% | 24.0% |
| Q3 FY24 | 31.3% | 46.0% | 26.4% |
| Q2 FY24 | 31.0% | 45.6% | 26.3% |
| Q1 FY24 | 30.8% | 45.0% | 26.2% |
| Q4 FY23 | 29.8% | 44.1% | 25.3% |
| Q3 FY23 | 29.2% | 43.4% | 24.7% |
Figures normalized from SEC filings. See the full Apple ratios & metrics.