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📌 FYI, as promised ...

(table last updated 6 PM, Thurs, Oct 30, 2025)
15 / 15+ / 15P / 15PM

(CY23)


16 / 16+ / 16P / 16PM

(CY24)


17 / Air / 17P / 17PM

(CY25)


4Q23


1Q24


4Q24


1Q25


4Q25


1Q26


Reported
iPhone
Revenue


$43.805


$69.702


$46.222


$69.138


$49.025


(2)


$113.51


$115.36


-


Reported
Long Term
Debt


$95.281


$95.088


$85.750


$83.956


$78.328


(2)


(1) Reported by Apple Thurs 10/30/25.

 (2) Reported by Apple late-Jan / early-Feb.


--> updated graph will go here <---

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Click on the graph to view the 4K Res version.


Important Notes:

1.) The Orange line represents "our Estimate of" the Total Addressable Market (TAM).

It takes into account the 1/3 of Camera Tech in every iPhone that Apple has
"intentionally" suppressed knowledge of.

And by extension, the associated Domains & Applications/Use-Cases.

2.) The difference between the Orange line & the Burgundy line represents "our Estimate of" the high-end iPhone revenue Apple "left on the table," due to iPhone Upgrade Cycles being longer
than they should have been.

i.e., the decision by iPhone owners as to when to upgrade.

By our count, Apple left $113B USD of (mostly high-end) iPhone revenue on the table over the years.

3.) The graph was last updated April 4, 2023.

We have intentionally NOT upgraded it past that point.

The date April 4, 2023 has significance.

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