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?
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 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
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.
Choose a separate next task
Inspect the original choose a separate next task
These guides are independent choices after this research brief. Review any proposed paid research, historical test or portfolio change before authorizing it.
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 field | Source observation |
|---|---|
| Issuer and ticker | Apple Inc. · AAPL |
| Reporting period | Fiscal Q3 ended June 27, 2026 |
| Published | July 30, 2026 |
| Revenue | $109.4 billion · 16% year-over-year growth |
| Margin qualification | 50.1% gross margin includes ~2 percentage points from tariff refunds |
No matching rows. Clear the filter to see all records.
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.
{
"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.
{
"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.
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
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.
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.
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 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"
}
]Connect Meta Muse in the intended environment
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.
{
"include_live": false,
"include_paper": true,
"include_chat_portfolios": true,
"include_inactive": true,
"include_positions": false,
"limit": 50,
"page": 1
}
No comments yet.