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Read filing evidence with Meta Muse

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

As of 2026-10-11

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TL;DR

Apple's FY2025 operating profit increased to $133.050 billion while operating cash flow fell to $111.482 billion. More accounting profit did not mean more cash that year. The separate fiscal Q3 2026 example reports 50.1% gross margin, including roughly two percentage points from tariff refunds. Ask Muse to preserve those periods and qualifications when separating business changes from a stock valuation thesis.

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

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

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 Meta Muse

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

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

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.

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

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

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

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.

Choose a separate next task

Inspect the original choose a separate next task

Work through an AAPL filing brief

Inspect the original work through an aapl filing brief

Apple's July 30, 2026 release covers fiscal Q3 ended June 27, 2026. Revenue was $109.4 billion, 16% above the prior-year quarter. Gross margin was 50.1%, with approximately 2 percentage points from tariff refunds. Keep those units and the refund qualification together.

The reported sales grew, and a refund contributed to the margin. That does not establish the recurring margin or a stock-price forecast. Ask Muse to compare the filing's product and regional tables, then separate durable operating changes from the disclosed benefit. The release's statement about operating cash flow is not a numeric value; retrieve the financial statement before reporting a figure.

Brief fieldSource observation
Issuer and tickerApple Inc. · AAPL
Reporting periodFiscal Q3 ended June 27, 2026
PublishedJuly 30, 2026
Revenue$109.4 billion · 16% year-over-year growth
Margin qualification50.1% gross margin includes ~2 percentage points from tariff refunds

Read the filing list before starting paid research

Inspect the original read the filing list before starting paid research

Use sec_edgar to list AAPL filings with the read-only request below. Open the relevant 10-Q and earnings 8-K; confirm issuer, accession, reporting period and filed date. The example above is a dated source check, not a claim that it will remain the latest quarter.

Missing filing values stay unresolved. action=ingest_filings persists source text and is a separate write, so listing filings does not grant permission to ingest them.

JSON
{
  "ticker": "AAPL",
  "action": "list_filings",
  "forms": [
    "10-Q",
    "8-K"
  ],
  "since": "2026-07-01",
  "limit": 10
}

Read the reported quarterly fundamentals

Inspect the original read the reported quarterly fundamentals

Use this separate sec_edgar request to read available quarterly XBRL metrics. Match each observation to its fiscal period, unit and filing date rather than assuming the first row is the quarter in this example. Open the issuer statement to resolve any discrepancy. A missing operating cash-flow value remains missing.

JSON
{
  "ticker": "AAPL",
  "action": "fundamentals",
  "periods": "quarterly"
}

Submit one bounded question, then poll its ID

Inspect the original submit one bounded question, then poll its id

After reviewing the question and its usage cost, explicitly approve one research_topic call with message. The structured result returns researchJobId and status. Copy that returned ID into get_research_status as research_job_id. PROCESSING means poll the same job; COMPLETED should include the report and citations; FAILED includes an error to inspect.

If the response is lost, inspect the task transcript for the accepted ID before starting another request. A second research_topic call can create another billed job. A missing or foreign ID is an ownership or identity problem, not an instruction to invent a result. Read each primary citation before accepting the brief.

Prompt
After I approve one research_topic request, use message: "Research AAPL using the primary earnings release and corresponding 10-Q. Compare reported revenue and operating cash flow with the matching prior-year period. Preserve GAAP basis, units, quarter-end and publication dates. Explain disclosed one-off items, customer concentration and missing evidence. Return facts, interpretation and disconfirming evidence with source URLs. Do not draft orders or alter portfolios."
Save the returned researchJobId. Call get_research_status with research_job_id set to that exact value until terminal status.

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.

Review the brief in Muse before saving a candidate

Ask Muse to return a short AAPL brief with one row per fact and a separate interpretation paragraph. Compare its revenue and margin qualification with the primary release above. Review the approval request before any follow-on paid research or portfolio write; connector sign-in does not approve those actions.

Keep the source links and unresolved cash-flow question in the conversation. If the connector reports expired authentication, reconnect from Settings → Connectors, repeat the read-only account check and resume the same accepted research job.

Prompt
Return my AAPL brief with source URL, fiscal period, publication date, metric, unit and GAAP basis for every row. Explain the tariff-refund margin benefit separately. Mark operating cash flow unresolved until you read the statement. Give one condition that would weaken the growth interpretation. Stop before creating a strategy.

Choose a separate strategy experiment

A filing brief ends with a documented thesis and what would change it. Turning that thesis into a rule requires a separate entry, exit, sizing and timing decision. The price-rule guide below tests mechanics; it does not retrospectively treat a 2026 earnings release as information known in 2021.

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.

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"
  }
]

Connect Meta Muse in the intended environment

Documented setup flow for this client
Documented setup flow for this client
Connect Meta Muse in the intended environment
Exact endpoint
https://nexustrade.io/api/mcp; remote Streamable HTTP with account authentication.
Inspect the request

Open Muse and send the Custom Connector request below. Review the proposed NexusTrade endpoint and tools, then finish NexusTrade sign-in using the private authentication flow. Muse Code has a separate setup; this path is for the Muse personal agent.

What you should see: The connector exposes NexusTrade tools after authentication. A generated connector alone does not establish that it can read your account.

Create a Custom Connector named NexusTrade. Use the remote Streamable HTTP MCP endpoint https://nexustrade.io/api/mcp. Read the server authentication discovery and tool schemas. Guide me through NexusTrade sign-in and list the available tools. Do not place orders, activate portfolios, run backtests or change account settings.

Optional: check the account before owned-record changes

Optional: check the account before owned-record changes

Skip this step if you only want to inspect the public filing in the next step. Before reading or changing an owned portfolio, ask for a read-only list, inspect one returned ID with get_portfolio and compare its name, strategies and deployment type. An authenticated empty list is valid for a new account.

What you should see: For owned records, you have the intended account response or an authenticated empty response. Resolve an account mismatch before saving anything. Public filing inspection does not require an owned-portfolio read.

Identity boundary
A server list or public filing read does not verify access to your owned portfolios.
JSON
{
  "include_live": false,
  "include_paper": true,
  "include_chat_portfolios": true,
  "include_inactive": true,
  "include_positions": false,
  "limit": 50,
  "page": 1
}

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