TL;DR
Apple's higher FY2025 operating profit did not produce more operating cash. Profit rose from $123.216 billion to $133.050 billion, while operating cash flow fell from $118.254 billion to $111.482 billion. After property and equipment purchases, cash fell from $108.807 billion to $98.767 billion. Use AI to reproduce the filing comparison and inspect the cash reconciliation. These statements explain reported business results without establishing valuation or expected stock returns.
Did Apple's higher operating profit turn into more cash?
Reported operating cash flow minus property and equipment purchases. These annual amounts explain a cash comparison; they do not establish valuation or expected stock return.
- 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 the source-backed comparison
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.
Actual NexusTrade filing-tool output
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 are actual NexusTrade tool results; we did not start a paid research job. Preserve the returned filing date even when it differs from the earnings release date.
Use these product-returned observations as the factual part of the brief. Revenue of 109,417,000,000 USD and operating income of 35,695,000,000 USD share the same quarter. Their ratio is approximately 32.62%; that is an operating-margin calculation, not an estimate of stock return. Keep interpretation and the next unanswered question separate.
Show the table · 6 rows, 2 columns
| 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"
}
]What a usable research brief contains
Show what a usable research brief contains
For the AAPL example below, require a source record for each revenue and operating cash-flow value. This checklist describes the output format; it contains no invented company figures.
| Field | What you need |
|---|---|
| Company and question | The issuer and reporting periods you asked to compare |
| Reported value | Metric, unit and whether the period is quarterly or annual |
| Primary source | A filing link and its publication date |
| Change or gap | Any restatement, unavailable value or mismatch between periods |
| Interpretation | What the facts suggest and what would weaken that explanation |
No matching rows. Clear the filter to see all records.
Start with a question the evidence can answer
Show start with a question the evidence can answer
Use the stock page to confirm company identity and the displayed data date. Ask a specific question about reported revenue, cash flow, ownership disclosures or a business event over a stated period.
Reported values and disclosure dates are observations. Whether they support a business thesis is a separate interpretation, and a thesis is not a measured trading outcome.
Give Aurora a source-backed brief
Show give aurora a source-backed brief
Open Aurora and state the issuer, question, reporting periods and required evidence. Ask for source links and a clear distinction between available facts and gaps. This example keeps the task within research.
For AAPL, compare reported revenue and operating cash flow over stated filing periods. Cite the primary filings and their public availability dates. Explain missing or restated values, separate facts from interpretation, and list what would weaken the thesis. Do not create a portfolio or order.Join the evidence carefully
Show join the evidence carefully
An institutional position describes a reported holdings period, not a real-time portfolio. Insider and congressional transactions can become public after they occur. Review publication dates and source availability before comparing a disclosure with a later price move.
Public schema references help explain which fields can be queried and which meanings survive missing data. They do not guarantee every source is current for every issuer.
Keep the research outcome useful
Show keep the research outcome useful
Save the issuer identity, dates, source for each claim and unresolved questions with the conversation. You should be able to open the filing that supports each reported value.
If the brief produces a testable rule, make a separate historical experiment. Do not infer profitable execution from a summary of a company’s fundamentals.
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