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Read filing evidence with Claude Code

Did Apple's higher operating profit turn into more cash? Compare three filed periods, reproduce the calculation and inspect the accounting explanation.

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TL;DR

Apple's FY2025 operating profit rose to $133.050 billion, but operating cash flow fell to $111.482 billion and cash flow after capital spending fell to $98.767 billion. Higher accounting profit did not translate into more cash that year. Use Claude Code to compare matching fiscal periods and inspect the original statements; these figures alone do not establish an attractive stock valuation.

Did Apple's higher operating profit turn into more cash?

Apple profit and cash moved differently in FY2025

Scale: 0 to 133.05 B USD · zero baseline

FY2024

  • Operating profit+123.22B USD
  • Operating cash flow+118.25B USD
  • Cash after PPE+108.81B USD

FY2025

  • Operating profit+133.05B USD
  • Operating cash flow+111.48B USD
  • Cash after PPE+98.77B USD

These are exact annual statement and cash-bridge table values. Cash after PPE equals operating cash flow less property and equipment purchases; the measures are compared separately. Labels are rounded; the full tables retain the exact figures.

FY2025 operating profit
$133.050B
FY2025 operating cash flow
$111.482B
Show the table · 3 rows, 4 columns

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Operating cash flow110.543118.254111.482
PPE purchases10.9599.44712.715
CFO − PPE99.584108.80798.767

FY2025 operating profit rose from $123.216B to $133.050B, while operating cash flow fell from $118.254B to $111.482B. The business earned more accounting profit but generated less operating cash that year.

Reproduce this evidence in Claude Code

Inspect the request

This worked comparison was checked in NexusTrade and against the original statements. It is not an execution receipt from your external client. Use the connected client capability described in the setup guide, or supply the public statements directly when a tool is unavailable.

Compare three full fiscal periods

Scale: 0 to 416.16B USD · zero baseline

Revenue

  • AAPL · 2023-09-30$383.285B
  • AAPL · 2024-09-28$391.035B
  • AAPL · 2025-09-27$416.161B

Scale: 0 to 112.01B USD · zero baseline

Net income

  • AAPL · 2023-09-30$96.995B
  • AAPL · 2024-09-28$93.736B
  • AAPL · 2025-09-27$112.010B

Scale: 0 to 108.81B USD · zero baseline

Source FCF

  • AAPL · 2023-09-30$99.584B
  • AAPL · 2024-09-28$108.807B
  • AAPL · 2025-09-27$98.767B

Operating margin = operating income ÷ revenue. Not returned means missing, never zero. Source FCF definitions require the reconciliation below.

Show the table · 3 rows, 5 columns

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AAPL · 2023-09-30$383.285B$114.301B / 29.82%$96.995B$99.584B
AAPL · 2024-09-28$391.035B$123.216B / 31.51%$93.736B$108.807B
AAPL · 2025-09-27$416.161B$133.050B / 31.97%$112.010B$98.767B

Operating margin = operating income ÷ revenue. Not returned means missing, never zero. Source FCF definitions require the reconciliation below.

Read-only NexusTrade sec_edgar fundamentals retrieved October 12, 2026 and checked against the original annual statements. Amounts below are USD billions; the retained raw response uses USD. These are historical fiscal periods, not a live quote or a forecast.

Follow the calculation into the business

  1. Evidence 1

    Revenue: $391.035B → $416.161B. Operating margin: 31.51% → 31.97%.

  2. Evidence 2

    Capital expenditure: $9.447B → $12.715B. CFO minus capital expenditure: $108.807B → $98.767B.

  3. Evidence 3

    Services sales increased from $96.169B to $109.158B; product sales increased from $294.866B to $307.003B. Services are a reporting category, not a synonym for AI or cloud revenue.

What this result leaves unanswered

  1. Accounting explanation

    Profit and cash differ because of noncash expenses and working capital. Inspect the cash-flow reconciliation before blaming the revenue mix.

  2. Business and investment limits

    FY2024 net income includes a tax effect; operating income is the cleaner starting comparison here. This evidence contains no valuation, current share price or expected stock return.

Check fiscal periods and public availability

Inspect every input period, publication date and source

Select FY rows by periodEnd instead of assuming the array is latest first. Source statements may present comparative years in one filing. Their later publication does not prove those exact restated values were available at the earlier historical date.

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AAPL20232023-09-302023-11-03Annual FY, USD
AAPL20242024-09-282024-11-01Annual FY, USD
AAPL20252025-09-272025-10-31Annual FY, USD

Finish with a claim you can audit

Show the table · 3 rows, 3 columns

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The reported business improvedSame-period revenue and operating incomeSource definitions and segment mix
Profit turned into cashCFO reconciliation and PPE scopeWorking capital and noncash items
The stock is attractiveNot established by these statementsPrice, valuation assumptions and competing outcomes

AAPL: Q3 fiscal 2026 reported result

Inspect the original aapl: q3 fiscal 2026 reported result

NexusTrade sec_edgar read recorded October 10, 2026. The reporting period ended 2026-06-27; the filing date was 2026-07-31.

Revenue
$109.417B109,417,000,000 USD
Operating income
$35.695B35,695,000,000 USD
Operating margin
32.62%Calculated as operating income ÷ revenue.

Interpret the reported figures

Inspect the original interpret the reported figures

Operating margin describes this reported period. Keep annual and quarterly values separate, select the matching period explicitly, and retain the source filing. The fundamentals array includes older observations and is not ordered latest first.

What to keep from the research job

Inspect the original what to keep from the research job

For each revenue or operating cash-flow observation, save its reporting period, unit, source filing and publication date. The brief should explain any difference between a reported change and your interpretation of it.

Brief fieldReview
Issuer and filing accessionThe source belongs to the company you asked about
Metric, period and unitQuarterly and annual values are not mixed
Publication dateThe information was public at the time relevant to your question
Restatement or missing valueThe report explains a revision or gap
InterpretationThe conclusion points back to the cited facts

From a question to evidence

  1. Read filings

    NexusTrade tool

    sec_edgar

    Output to inspect

    Issuer, accession, reporting period and publication date

  2. Read relevant news

    NexusTrade tool

    search_stock_news

    Output to inspect

    Dated publisher links; distinguish news from filings

  3. Submit bounded research

    NexusTrade tool

    research_topic

    Output to inspect

    researchJobId and source-backed question

  4. Poll the accepted job

    NexusTrade tool

    get_research_status

    Output to inspect

    Same research_job_id, completed report and citations

Inspect the original from a question to evidence

Scroll sideways to compare all columns. Select a heading to sort.

Read filingssec_edgarIssuer, accession, reporting period and publication date
Read relevant newssearch_stock_newsDated publisher links; distinguish news from filings
Submit bounded researchresearch_topicresearchJobId and source-backed question
Poll the accepted jobget_research_statusSame research_job_id, completed report and citations

research_topic is asynchronous. Poll get_research_status with the same job ID instead of launching another billed research run for the same question.

Identify the company and the question

Inspect the original identify the company and the question

Start with ticker and issuer identity, then state a bounded question. For example: how did revenue, operating cash flow and disclosed institutional ownership change across the last reported periods? Distinguish a statement’s reporting period from when it became public.

A useful stock brief records what changed, which source established it, and the uncertainty. It should not turn a filing fact into a price forecast without an explicit additional argument.

Tell Claude which evidence to collect

Inspect the original tell claude which evidence to collect

Connect through remote MCP OAuth, then ask for primary sources and dated observations. Avoid a broad instruction to find a stock to buy. Keep the task anchored to an issuer and the stated reporting periods.

Prompt
Research AAPL’s reported revenue and operating cash flow over a clearly stated set of filings. Cite issuer filings and publication dates. Separate raw facts, interpretation and missing evidence. Explain any restatement or unavailable value. Return a source-backed brief, not an order recommendation.

Poll research without duplicating it

Inspect the original poll research without duplicating it

research_topic accepts a message and returns a job identity. Preserve that identity and poll get_research_status using research_job_id. A processing response means wait on the same accepted job; starting research again creates another billed request.

Review the returned citation destinations and whether each claim is supported by the cited source. Search and summary outputs do not replace reading the relevant primary filing.

Save the thesis and its disconfirming evidence

Inspect the original save the thesis and its disconfirming evidence

Keep the source record, the reporting dates, caveats and the conditions that would change your interpretation. If the brief suggests a testable trading rule, author a separate strategy experiment with explicit timing rather than treating the brief as proof of a trading edge.

Actual NexusTrade filing-tool output

Inspect the exact returned fields and original requests

We ran the two read-only sec_edgar requests below through NexusTrade on October 10, 2026. The filing list and quarterly fundamentals returned AAPL Q3 fiscal 2026, ending 2026-06-27, filed 2026-07-31. The original SEC statement's three-month columns agree with the revenue and operating income shown here after converting millions to USD.

Select the matching fiscal period and periodEnd explicitly. The returned fundamentals array includes older observations and is not ordered latest first. These recorded NexusTrade tool results provide a reference for your own filing reads. Preserve the returned filing date even when it differs from the earnings release date.

This receipt records a NexusTrade filing read on October 10, 2026. Optional historical exercises retain their own periods and units.

Returned fieldActual value
TickerAAPL
Fiscal periodQ3 fiscal 2026
periodEnd2026-06-27
filed2026-07-31
totalRevenue (USD)109417000000
operatingIncome (USD)35695000000
JSON
[
  {
    "ticker": "AAPL",
    "action": "list_filings",
    "forms": [
      "10-K",
      "10-Q"
    ],
    "limit": 2
  },
  {
    "ticker": "AAPL",
    "action": "fundamentals",
    "periods": "quarterly"
  }
]

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