Apple Inc. (AAPL): return on invested capital, 10 filed years
ROIC at Apple Inc. was 74.8% in FY2025, the newest filed year. Across the 7 computed years from FY2019 it ranged from 35.9% (FY2019) to 74.8% (FY2025), with a median of 62.4%.
Tonight's figure on the company page: 74.8%, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.
Year by year
| Fiscal year | ROIC | Read from |
|---|---|---|
| FY2016 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2016-10-26 |
| FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2017-11-03 |
| FY2018 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read. | n/a | 10-K, filed 2018-11-05 |
| FY2019 | 35.9% | 10-K, filed 2019-10-31 |
| FY2020 | 37.9% | 10-K, filed 2020-10-30 |
| FY2021 | 57.4% | 10-K, filed 2021-10-29 |
| FY2022 | 62.8% | 10-K, filed 2022-10-28 |
| FY2023 | 62.4% | 10-K, filed 2023-11-03 |
| FY2024 | 64.0% | 10-K, filed 2024-11-01 |
| FY2025 | 74.8% | 10-K, filed 2025-10-31 |
How each year is computed
Operating income x (1 - effective tax rate) / (equity + total debt - cash) x 100
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
Read further
A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.