Apple Inc.
AAPLpublicConsumer Electronics & Services
Lowest AI CAPEX intensity of Mag7. Apple Intelligence uses Microsoft Azure and Google Cloud rather than building own AI infra. ~$10B CAPEX focused on manufacturing and retail.
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2025 CAPEX
$10.6B
YoY 2025 vs 2024
+8.2%
Latest Quarter
$3.0B
Q4'25
US infra 4yr Guidance
$500.0B
CAPEX History — Quarterly
Quarterly Data & Sources
| Quarter | CAPEX | Revenue | % Rev | Source |
|---|---|---|---|---|
| Q4'25 | $3.0B | $120.0B | 2.5% | 10-Q Q1 FY2026 (calendar Q4 2025, est.) |
| Q3'25 | $2.8B | $95.0B | 2.9% | 10-K FY2025 Q4 (calendar Q3 2025, est.) |
| Q2'25 | $2.5B | $85.8B | 2.9% | 10-Q Q3 FY2025 (calendar Q2 2025) |
| Q1'25 | $2.3B | $95.4B | 2.4% | 10-Q Q2 FY2025 (calendar Q1 2025) |
| Q4'24 | $2.6B | $94.9B | 2.7% | 10-K FY2024 |
| Q3'24 | $2.4B | $85.8B | 2.8% | 10-Q Q3 FY2024 |
| Q2'24 | $2.3B | $90.8B | 2.5% | 10-Q Q2 FY2024 |
| Q1'24 | $2.5B | $119.6B | 2.1% | 10-Q Q1 FY2024 |
| Q4'23 | $2.7B | $89.5B | 3.0% | 10-K FY2023 |
| Q3'23 | $2.3B | $81.8B | 2.8% | 10-Q Q3 FY2023 |
| Q2'23 | $2.2B | $94.8B | 2.3% | 10-Q Q2 FY2023 |
| Q1'23 | $2.8B | $117.2B | 2.4% | 10-Q Q1 FY2023 |
| Q4'22 | $3.0B | $117.2B | 2.6% | 10-Q Q1 FY2023 (calendar Q4 2022) |
Q4'22 — Apple FY ends September. Calendar Q4 2022 = FY2023 Q1.
Q4'23 — Full FY2023: ~$10.0B
Q4'24 — Full FY2024: ~$9.8B
Q1'25 — Apple FY ends September
Q3'25 — Estimated
Q4'25 — Estimated. Apple Intelligence driving modest CAPEX uptick.
Guidance Tracker
US infra 4yr
On Track
“Apple will invest $500 billion in the United States over the next four years, creating 20,000 new jobs.”
Guided: $500.0B
SEC Filings
consumerAIApple Intelligencelow-capexmag7