Apple (AAPL) (US $ in Millions)

FYE September '12-'16

2012 2013 2014 2015 2016 CAGR
Revenue 156,508 170,910 182,795 233,715 215,639 8.3%
Gross profit 68,662 64,304 70,537 93,626 84,263 5.3%
EBITDA 58,518 57,048 61,813 84,505 73,333 5.8%

Revenue - 9.2% 7.0% 27.9% (7.7%)

Gross Profit - (6.3%) 9.7% 32.7% (10.0%)
EBITDA - (2.5%) 8.4% 36.7% (13.2%)

Google (GOOG) (US $ in Millions)

FYE December '12-'16
2012 2013 2014 2015 2016 CAGR
Revenue 50,175 59,825 66,001 74,989 90,272 15.8%
Gross profit 29,541 33,967 40,310 46,825 55,134 16.9%
EBITDA 16,432 18,518 22,339 24,818 30,418 16.6%

Revenue - 19.2% 10.3% 13.6% 20.4%

Gross Profit - 15.0% 18.7% 16.2% 17.7%
EBITDA - 12.7% 20.6% 11.1% 22.6%
Apple (AAPL) (US $ in Millions)
FYE September
2012 2013 2014 2015 2016
Revenue 156,508 170,910 182,795 233,715 215,639
Gross profit 68,662 64,304 70,537 93,626 84,263
R&D Expenses (3,381) (4,475) (6,041) (8,067) (10,045)
EBITDA 58,518 57,048 61,813 84,505 73,333

Revenue 100.0% 100.0% 100.0% 100.0% 100.0%

Gross Profit 43.9% 37.6% 38.6% 40.1% 39.1%
R&D Expenses 2.2% 2.6% 3.3% 3.5% 4.7%
EBITDA 37.4% 33.4% 33.8% 36.2% 34.0%

Google (GOOG) (US $ in Millions)

FYE December
2012 2013 2014 2015 2016
Revenue 50,175 59,825 66,001 74,989 90,272
Gross profit 29,541 33,967 40,310 46,825 55,134
R&D Expenses (6,793) (7,952) (9,832) (12,282) (13,948)
EBITDA 16,432 18,518 22,339 24,818 30,418

Revenue 100.0% 100.0% 100.0% 100.0% 100.0%

Gross Profit 58.9% 56.8% 61.1% 62.4% 61.1%
R&D Expenses 13.5% 13.3% 14.9% 16.4% 15.5%
EBITDA 32.7% 31.0% 33.8% 33.1% 33.7%