Apple: The High-Margin Services Business Built on 2.5 Billion Devices

Apple Inc. — A consumer technology company built around the iPhone, turning an installed base of more than 2.5 billion active devices into high-margin services revenue.

In FY2025 iPhone still brought in about 50% of Apple’s $416.2B of revenue, but Services, with a ~75% gross margin, generated about 42% of gross profit on 26% of sales.