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?
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
Scroll sideways to compare all columns. Select a heading to sort.
| Operating cash flow | 110.543 | 118.254 | 111.482 |
| PPE purchases | 10.959 | 9.447 | 12.715 |
| CFO − PPE | 99.584 | 108.807 | 98.767 |
No matching rows. Clear the filter to see all records.
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
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
Scroll sideways to compare all columns. Select a heading to sort.
| 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 |
No matching rows. Clear the filter to see all records.
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
Evidence 1
Revenue: $391.035B → $416.161B. Operating margin: 31.51% → 31.97%.
Evidence 2
Capital expenditure: $9.447B → $12.715B. CFO minus capital expenditure: $108.807B → $98.767B.
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
Accounting explanation
Profit and cash differ because of noncash expenses and working capital. Inspect the cash-flow reconciliation before blaming the revenue mix.
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.
Scroll sideways to compare all columns. Select a heading to sort.
| AAPL | 2023 | 2023-09-30 | 2023-11-03 | Annual FY, USD |
| AAPL | 2024 | 2024-09-28 | 2024-11-01 | Annual FY, USD |
| AAPL | 2025 | 2025-09-27 | 2025-10-31 | Annual FY, USD |
No matching rows. Clear the filter to see all records.
Finish with a claim you can audit
Show the table · 3 rows, 3 columns
Scroll sideways to compare all columns. Select a heading to sort.
| The reported business improved | Same-period revenue and operating income | Source definitions and segment mix |
| Profit turned into cash | CFO reconciliation and PPE scope | Working capital and noncash items |
| The stock is attractive | Not established by these statements | Price, valuation assumptions and competing outcomes |
No matching rows. Clear the filter to see all records.
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 field | Review |
|---|---|
| Issuer and filing accession | The source belongs to the company you asked about |
| Metric, period and unit | Quarterly and annual values are not mixed |
| Publication date | The information was public at the time relevant to your question |
| Restatement or missing value | The report explains a revision or gap |
| Interpretation | The conclusion points back to the cited facts |
No matching rows. Clear the filter to see all records.
From a question to evidence
Read filings
NexusTrade toolsec_edgar
Output to inspectIssuer, accession, reporting period and publication date
Read relevant news
NexusTrade toolsearch_stock_news
Output to inspectDated publisher links; distinguish news from filings
Submit bounded research
NexusTrade toolresearch_topic
Output to inspectresearchJobId and source-backed question
Poll the accepted job
NexusTrade toolget_research_status
Output to inspectSame 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 filings | sec_edgar | Issuer, accession, reporting period and publication date |
| Read relevant news | search_stock_news | Dated publisher links; distinguish news from filings |
| Submit bounded research | research_topic | researchJobId and source-backed question |
| Poll the accepted job | get_research_status | Same research_job_id, completed report and citations |
No matching rows. Clear the filter to see all records.
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.
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 field | Actual value |
|---|---|
| Ticker | AAPL |
| Fiscal period | Q3 fiscal 2026 |
| periodEnd | 2026-06-27 |
| filed | 2026-07-31 |
| totalRevenue (USD) | 109417000000 |
| operatingIncome (USD) | 35695000000 |
No matching rows. Clear the filter to see all records.
[
{
"ticker": "AAPL",
"action": "list_filings",
"forms": [
"10-K",
"10-Q"
],
"limit": 2
},
{
"ticker": "AAPL",
"action": "fundamentals",
"periods": "quarterly"
}
]
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