Apple
Apple returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q3 | Jun 27, 2026 | 90.32% | 72.99% | 134.2% | 148.75% | 36.08% | 80.6 pp |
| FY 2026 Q2 | Mar 28, 2026 | 86.62% | 69.66% | 280.91% | 141.47% | 34.91% | 76.9 pp |
| FY 2026 Q1 | Dec 27, 2025 | 88.29% | 67.72% | 17,433.1% | 152.02% | 32.56% | 78.6 pp |
| FY 2025 Q4 | Sep 27, 2025 | 83.14% | 69.62% | 664.86% | 171.42% | 30.93% | 73.4 pp |
| FY 2025 Q3 | Jun 28, 2025 | 72.93% | 66.71% | — | 149.81% | 29.94% | 63.2 pp |
| FY 2025 Q2 | Mar 29, 2025 | 68.98% | 63.64% | — | 138.02% | 29.1% | 59.3 pp |
| FY 2025 Q1 | Dec 28, 2024 | 69.98% | 59.95% | — | 136.52% | 27.57% | 60.3 pp |
| FY 2024 Q4 | Sep 28, 2024 | 67.56% | 62.25% | — | 157.41% | 26.13% | 57.9 pp |
| FY 2024 Q3 | Jun 29, 2024 | 71.74% | 58.82% | 480.69% | 160.58% | 30.59% | 62 pp |
| FY 2024 Q2 | Mar 30, 2024 | 68.56% | 55.55% | — | 147.25% | 29.99% | 58.9 pp |
| FY 2024 Q1 | Dec 30, 2023 | 70.04% | 55.32% | — | 154.27% | 28.82% | 60.3 pp |
| FY 2023 Q4 | Sep 30, 2023 | 67.14% | 56.3% | — | 171.95% | 27.5% | 57.4 pp |
| FY 2023 Q3 | Jul 1, 2023 | 65.51% | 53.89% | — | 160.09% | 28.23% | 55.8 pp |
| FY 2023 Q2 | Apr 1, 2023 | 61.89% | 51.61% | — | 145.61% | 27.63% | 52.2 pp |
| FY 2023 Q1 | Dec 31, 2022 | 62.69% | 51.44% | — | 147.94% | 26.15% | 53 pp |
| FY 2022 Q4 | Sep 24, 2022 | 66.73% | 56.3% | — | 175.46% | 28.36% | 57 pp |
| FY 2022 Q3 | Jun 25, 2022 | 66.27% | 55.23% | — | 162.82% | 29.91% | 56.6 pp |
| FY 2022 Q2 | Mar 26, 2022 | 65.63% | 52.6% | 383.66% | 149.27% | 29.64% | 55.9 pp |
| FY 2022 Q1 | Dec 25, 2021 | 67.09% | 51.37% | 241.51% | 145.57% | 27.35% | 57.4 pp |
| FY 2021 Q4 | Sep 25, 2021 | 64.56% | 49.07% | 287.81% | 147.44% | 28.06% | 54.9 pp |
| FY 2021 Q3 | Jun 26, 2021 | 58.81% | 45.01% | 247.24% | 127.12% | 26.82% | 49.1 pp |
| FY 2021 Q2 | Mar 27, 2021 | 52.19% | 39.07% | 135.07% | 103.4% | 23.21% | 42.5 pp |
| FY 2021 Q1 | Dec 26, 2020 | 42.29% | 32.28% | — | 82.09% | 18.41% | 32.6 pp |
| FY 2020 Q4 | Sep 26, 2020 | 39.19% | 29.38% | — | 73.69% | 17.33% | 29.5 pp |
| FY 2020 Q3 | Jun 27, 2020 | 38.95% | 29.54% | — | 69.25% | 18.27% | 29.3 pp |
| FY 2020 Q2 | Mar 28, 2020 | 35.15% | 27.76% | — | 62.09% | 17.28% | 25.5 pp |
| FY 2020 Q1 | Dec 28, 2019 | 32.48% | 26.26% | — | 55.47% | 16.11% | 22.8 pp |
| FY 2019 Q4 | Sep 28, 2019 | 31.12% | 26.55% | — | 55.92% | 15.69% | 21.4 pp |
| FY 2019 Q3 | Jun 29, 2019 | 30.88% | 26.13% | — | 52.69% | 16.59% | 21.2 pp |
| FY 2019 Q2 | Mar 30, 2019 | 28.92% | 24.88% | — | 49.13% | 16.12% | 19.2 pp |
| FY 2019 Q1 | Dec 29, 2018 | 27.37% | 24.43% | — | 46.05% | 15.23% | 17.7 pp |
| FY 2018 Q4 | Sep 29, 2018 | 27.23% | 27.09% | — | 49.36% | 16.07% | 17.5 pp |
| FY 2018 Q3 | Jun 30, 2018 | 25.79% | 25.89% | — | 45.37% | 16.16% | 16.1 pp |
| FY 2018 Q2 | Mar 31, 2018 | 24.45% | 24.49% | — | 40.86% | 15.19% | 14.7 pp |
| FY 2018 Q1 | Dec 30, 2017 | 22.11% | 23.89% | 14.57% | 37.07% | 13.69% | 12.4 pp |
| FY 2017 Q4 | Sep 30, 2017 | 21.82% | 23.72% | 4.61% | 36.87% | 13.87% | 12.1 pp |
| FY 2017 Q3 | Jul 1, 2017 | 21.6% | 24.09% | -6.6% | 36.03% | 14.34% | 11.9 pp |
| FY 2017 Q2 | Apr 1, 2017 | 21.71% | 23.81% | -19.4% | 34.57% | 14.29% | 12 pp |
| FY 2017 Q1 | Dec 31, 2016 | 23.22% | 25.51% | -29.98% | 34.69% | 14.48% | 13.5 pp |
| FY 2016 Q4 | Sep 24, 2016 | 25% | 26.53% | -24.19% | 36.9% | 14.93% | 15.3 pp |
| FY 2016 Q3 | Jun 25, 2016 | 26.14% | 28.46% | -10.9% | 37.9% | 16.52% | 16.4 pp |
| FY 2016 Q2 | Mar 26, 2016 | 28.6% | 30.43% | 8.39% | 39.06% | 17.89% | 18.9 pp |
| FY 2016 Q1 | Dec 26, 2015 | 33.42% | 35.1% | 25.71% | 42.71% | 19.36% | 23.7 pp |
| FY 2015 Q4 | Sep 26, 2015 | 35.47% | 37.66% | 46% | 46.25% | 20.45% | 25.8 pp |
| FY 2015 Q3 | Jun 27, 2015 | 32.85% | 35.28% | 46.23% | 41.15% | 20.47% | 23.1 pp |
| FY 2015 Q2 | Mar 28, 2015 | 34.06% | 35.03% | 24.86% | 38.37% | 20.47% | 24.4 pp |
| FY 2015 Q1 | Dec 27, 2014 | 32.1% | 32.96% | 97.03% | 35.15% | 18.26% | 22.4 pp |
| FY 2014 Q4 | Sep 27, 2014 | 29.92% | 31.65% | 38.57% | 33.61% | 18.01% | 20.2 pp |
| FY 2014 Q3 | Jun 28, 2014 | 28.33% | 30.23% | 9.67% | 31.56% | 18.26% | 18.6 pp |
| FY 2014 Q2 | Mar 29, 2014 | — | 31.23% | — | 29.5% | 18.82% | — |
| FY 2014 Q1 | Dec 28, 2013 | — | 30.72% | — | 28.81% | 17.58% | — |
| FY 2013 Q4 | Sep 28, 2013 | 30.96% | 32.57% | -27.46% | 30.64% | 19.34% | 21.3 pp |
| FY 2013 Q3 | Jun 29, 2013 | — | 34.03% | — | 32.11% | 20.81% | — |
| FY 2013 Q2 | Mar 30, 2013 | — | 37.6% | — | 33.34% | 22.95% | — |
| FY 2013 Q1 | Dec 29, 2012 | — | 43.52% | — | 38.41% | 24.94% | — |
| FY 2012 Q4 | Sep 29, 2012 | — | 48.9% | — | 42.84% | 28.54% | — |
| FY 2012 Q3 | Jun 30, 2012 | — | 50.55% | — | 44.32% | 29.77% | — |
| FY 2012 Q2 | Mar 31, 2012 | — | 53.64% | — | 47.1% | 31.42% | — |
| FY 2012 Q1 | Dec 31, 2011 | — | 51.85% | — | 45.58% | 29.26% | — |
| FY 2011 Q4 | Sep 24, 2011 | — | 47.3% | — | 41.67% | 27.06% | — |
| FY 2011 Q3 | Jun 25, 2011 | — | 47.32% | — | 41.99% | 27.53% | — |
| FY 2011 Q2 | Mar 26, 2011 | — | 43.99% | — | 38.78% | 25.73% | — |
| FY 2011 Q1 | Dec 25, 2010 | — | 41.41% | — | 36.8% | 23.66% | — |
| FY 2010 Q4 | Sep 25, 2010 | — | 41.3% | — | 37.06% | 21.72% | — |
| FY 2010 Q3 | Jun 26, 2010 | — | 47.68% | — | 35.47% | 21.68% | — |
| FY 2010 Q2 | Mar 27, 2010 | — | — | — | — | — | — |
| FY 2010 Q1 | Dec 26, 2009 | — | — | — | — | — | — |
| FY 2009 Q4 | Sep 26, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Jun 27, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 9.7%, rounded from the Computers / Peripherals benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · AAPL, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.