Apple dividend: cash coverage and yield
Apple generated $98,767 million of free cash flow in 2025 and paid $15,421 million in dividends. That covered the dividend, although Apple distributed $106,132 million in total after $90,711 million of buybacks.
How much does Apple pay in dividends over time?
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| EPS, diluted | 7.46 | 6.08 | 6.13 | 6.11 | 5.61 |
| Real free cash flow per share | 5.73 | 6.30 | 5.61 | 6.27 | 5.04 |
| Free cash flow per share | 6.58 | 7.06 | 6.30 | 6.83 | 5.51 |
| − Paid to minority owners, per share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| − Dividends paid, per share | 1.03 | 0.99 | 0.95 | 0.91 | 0.86 |
| − Share buybacks, per share | 6.05 | 6.16 | 4.90 | 5.48 | 5.10 |
Is Apple’s dividend covered by its cash?
From fiscal 2021 through fiscal 2025, Apple generated $511,554 million of free cash flow and paid shareholders $513,571 million. In 2025, it generated $98,767 million but distributed $106,132 million. Buybacks accounted for $90,711 million and dividends for $15,421 million. A buyback purchases shares from sellers, reducing the number remaining; that can increase each remaining share’s claim on profits, but only if Apple does not overpay or sacrifice better investments.
| Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 98,767 | 108,807 | 99,584 | 111,443 | 92,953 |
| − Paid to minority owners | 0 | 0 | 0 | 0 | 0 |
| − Dividends paid | 15,421 | 15,234 | 15,025 | 14,841 | 14,467 |
| − Share buybacks | 90,711 | 94,949 | 77,550 | 89,402 | 85,971 |
| = Free cash flow not paid out | 7,009 | 7,200 | |||
| = Paid out more than the free cash flow | 7,365 | 1,376 | 7,485 |
What could change Apple’s dividend?
The base dividend rises from $1.10 per share to $1.14, then $1.18. That follows five years of increases and management’s stated intention to raise the dividend annually. The bear case holds each period at $1.08, while the bull case reaches $1.24 as stronger cash generation permits faster increases.
The bear case would gain support during FY2027–FY2028 if shortages delay shipments, memory costs rise and tariff refunds fade before gross margin stabilizes. It would strengthen in FY2028–FY2029 if iPhone replacement slows, AI fails to prompt upgrades or China competition persists.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 142,000 (133,280 / 144,200) | 147,680 (129,850 / 162,400) | 153,644 (126,225 / 181,500) |
| Shares (millions) | 14,420 (14,503 / 14,378) | 14,256 (14,414 / 14,180) | 14,100 (14,325 / 13,999) |
| Dividends per share | 1.10 (1.08 / 1.12) | 1.14 (1.08 / 1.18) | 1.18 (1.08 / 1.24) |
| Price to earnings | 33.00 (28.00 / 36.00) | 31.00 (25.00 / 36.00) | 29.00 (22.00 / 35.00) |
What is Apple’s dividend yield at the current price?
Revenue recovered in fiscal 2025 after declining in 2023, while operating margin rose across the five-year period. Computed free cash flow—as cash from operations minus capital spending—as a share of revenue fell in 2025 even as earnings increased; net debt declined from its 2022 level. Apple’s share price is $336.64. Trailing P/E is 38.6x; forward P/E is 35.0x. Free cash flow yield is 2.0%; real free cash flow yield is 1.7%.