Apple has grown into a substantially larger business over the past decade, but its revenue trajectory has not been a straight line.

The company reported $416.2 billion in net sales in fiscal 2025, up from $233.7 billion in fiscal 2015. That represents an increase of about 78% over ten years, according to Apple’s annual filings with the U.S. Securities and Exchange Commission.

Along the way, Apple experienced several years of declining revenue, a sharp acceleration in the early 2020s, and an important shift toward Services as a larger source of sales.

Apple uses the term net sales for revenue in its financial statements. The figures below are reported results, not estimates or forecasts.

The figures come directly from Apple’s Forms 10-K. Apple reports its fiscal year as a 52- or 53-week period ending on the last Saturday of September, so these figures should not be interpreted as calendar-year revenue. Fiscal 2023 also contained 53 weeks, compared with 52 weeks in 2024 and 2025, which slightly limits direct year-to-year comparability.

Apple entered fiscal 2015 in the middle of one of the biggest growth periods in its history. Revenue climbed from $182.8 billion in 2014 to $233.7 billion in 2015, helped by strong demand for the iPhone 6 and iPhone 6 Plus. Apple reported $155.0 billion in iPhone net sales that year.

That momentum did not continue uninterrupted. Revenue fell to $215.6 billion in 2016, a decline of roughly 8%. Apple attributed the decline in iPhone sales primarily to a lower rate of upgrades and challenging economic conditions in several major markets. Revenue then recovered to $229.2 billion in 2017 and reached $265.6 billion in 2018.

Another modest decline followed in 2019, when net sales fell to $260.2 billion. Even then, the composition of Apple's business was beginning to change.

Apple entered a new period of growth after 2019. Net sales increased to $274.5 billion in 2020 before jumping 33% to $365.8 billion in 2021.

The growth was broad. Apple reported higher 2021 sales across the iPhone, Mac, iPad, Wearables, Home and Accessories, and Services categories. The company said iPhone growth was primarily related to newer models and a favorable sales mix, while Services benefited from advertising, the App Store and cloud services.

Revenue continued climbing in 2022, reaching $394.3 billion, nearly $120 billion above its 2020 level.

One of the most significant changes in Apple's revenue mix has been the expansion of Services.

Services generated $46.3 billion in fiscal 2019, representing about 18% of total net sales. By 2025, Services revenue had reached $109.2 billion, equivalent to roughly 26% of Apple's total.

Apple's Services category includes businesses such as advertising, AppleCare, cloud services, digital content and payment services, although the precise composition and accounting presentation have evolved over time. Apple changed its classification of certain bundled services beginning in fiscal 2019 and reclassified 2018 and 2017 figures to conform to the new presentation. That makes comparisons with some earlier product-category figures less straightforward than comparisons of total company revenue.

The iPhone nevertheless remains Apple's largest individual revenue category. It generated $209.6 billion in fiscal 2025, just over half of companywide net sales. Services was the second-largest category at $109.2 billion.

Apple's revenue declined again in 2023, falling about 3% to $383.3 billion from $394.3 billion in 2022. Apple said weakness in foreign currencies relative to the U.S. dollar accounted for more than the entire year-over-year decline, while lower Mac and iPhone sales were partly offset by higher Services revenue.

Revenue recovered to $391.0 billion in 2024 and then rose another 6% to a record $416.2 billion in fiscal 2025. Apple reported growth in iPhone, Mac, iPad and Services revenue during 2025, while Wearables, Home and Accessories declined. Services increased 14% to $109.2 billion.

The latest available results suggest that growth continued into fiscal 2026, although the year is not yet complete. For the nine months ended June 27, 2026, Apple reported $364.4 billion in unaudited net sales, up from $313.7 billion in the comparable period a year earlier. Because those figures cover only nine months, they should not be compared directly with Apple's full-year revenue totals.

Over the longer term, Apple's revenue history shows a company that has grown substantially while becoming less dependent on growth from any single hardware cycle. The iPhone remains central to the business, but the expansion of Services has added a much larger recurring revenue component to a company now generating more than $400 billion in annual sales.