MacNarrow moat

Apple (AAPL) — moat facet

Flat on Intel chips, up 56% on Apple's own, down 27% the year after, and now winning schools with the cheapest Mac yet.

The Mac is Apple's oldest line and, in the June 2026 quarter, its fastest-growing one. It sold $33.7 billion in fiscal 2025, 8.1% of the company1, and $10.4 billion in the June quarter, up 29% for a June-quarter record2.

Mac net sales by quarter ($B)7.8Q1'247.5Q27.0Q37.7Q49.0Q1'257.9Q28.0Q38.7Q48.4Q1'268.4Q210.4Q3Apple 10-Qs; Q4 = fiscal year (10-K) less nine months
The June 2026 quarter was the Mac's first above $10 billion in the three years shown, led by the MacBook Neo and the MacBook Pro.

Inside it are the laptops, MacBook Air and MacBook Pro, and the desktops, iMac, Mac mini, Mac Studio and Mac Pro3, and since the March quarter the MacBook Neo4. The line is sold one machine at a time, through Apple's own stores and website and through resellers, and increasingly to schools and companies: on the June-quarter call Apple said about half of the MacBook Neo purchases by US education institutions replaced Windows and Chromebook devices, and that one Florida school district is moving 25,000 students from Windows machines to the Neo5. In a survey of 300 US chief information officers, Apple already accounted for an average of 65% of enterprise endpoints, and 96% expected their Mac fleets to grow6.

The modern history of the line turns on one decision. In November 2020 Apple began moving the Mac from Intel processors to its own chips, starting with the M1 in the MacBook Air, the 13-inch MacBook Pro and the Mac mini7. Revenue had been about $25 billion a year for most of the decade, $25.5 billion in fiscal 2015 and $25.7 billion in fiscal 201989, and rose 11% in fiscal 2020 on higher sales of the MacBook Pro10; it then rose 23% in fiscal 2021 and 14% in fiscal 2022, to $40.2 billion11, 56% above fiscal 2019. The argument that the chips did it is made on Custom Chip Advantage.

Then came the steepest one-year fall of any Apple line in the decade on the chart. Mac sales fell 27%, or $10.8 billion, in fiscal 2023, on lower sales of laptops12. The filing gives no more reason than that; the likeliest reading is that many buyers who moved to Apple silicon in 2021 and 2022 had no need to buy again. The line recovered slowly, 2% in fiscal 2024 and 12% in fiscal 202513, and even at $33.7 billion it is still 16% below its fiscal 2022 peak14. From fiscal 2019 to fiscal 2025 it compounded at about 4.6% a year, the slowest of Apple's five lines15.

Unit data, available until fiscal 2018, show the line was never a volume business: Apple sold 16.3 million Macs in fiscal 2013 and 18.2 million in fiscal 2018, at $1,315 and $1,400 of revenue per machine16. The Mac has also become a smaller part of Apple: 10.9% of net sales in fiscal 2015 and 8.1% in fiscal 202517. What the Mac earns is not disclosed either. It sits inside a products gross margin of 36.8% in fiscal 202518, and because Apple designs the chip it keeps a margin a PC maker buying processors would pay away; how much, the filings do not say.

Fiscal 2026 is the recovery the line had been missing. Sales fell in the December quarter, to $8.4 billion from $9.0 billion, on lower sales of laptops and desktops19, then rose 6% in March and 29% in June2021, and Apple called the June quarter its best ever for customers new to the Mac and for upgraders, despite significant supply constraints, adding that IDC's figures showed it gaining share globally22. The line-up behind it is fresh: the MacBook Pro moved to the M5 chip in October 202523, and the Neo followed in the spring. The risk to the outlook is cost rather than demand: Apple raised Mac prices in June because of the memory shortage24, and Tim Cook told CNBC after the June-quarter results that memory prices were choking and that Apple would have to look at alternatives25. A price rise on a machine people replace every few years is easier to postpone than one on a phone.

The MacBook Neo is the new variable. It widens the way into the ecosystem, since a student with a Neo is often an iPhone owner with a second Apple device, and it is winning places in schools that bought Windows and Chromebook machines. The test is fiscal 2026 revenue against the $40.2 billion of fiscal 2022: passing it would show the Neo has opened a new market for the Mac, while falling short again after the price rises would say the Mac is still a replacement business that grows only when its owners need new machines.

Moat trajectory: Widening

Up 29% in the June 2026 quarter, a record for that quarter, with the MacBook Neo taking school purchases from Windows and Chromebook machines and IDC reporting share gains; still 16% below the fiscal 2022 peak.

The number that tests this moat
Reported
Mac net sales, first nine months of FY2026
$27,137M, +9% year on year

Nine months are up 9% after a weak December quarter and a record June quarter. Passing the $40.2 billion of fiscal 2022 in a full year would show the MacBook Neo has opened a new market.

Source: Apple Form 10-Q, Q3 FY2026 ↗
References
  1. ReportedIt sold $33.7 billion in fiscal 2025, 8.1% of the company, and $10.4 billion in the June quarter, up 29% for a June-quarter record.
    Apple Form 10-K, FY2025, Item 7 - net sales by category 2023-2025 (iPhone $209,586M / $201,183M / $200,583M; Mac $33,708M / $29,984M / $29,357M; iPad $28,023M / $26,694M / $28,300M; Wearables, Home and Accessories $35,686M / $37,005M / $39,845M; Services $109,158M / $96,169M / $85,200M) and the drivers of each change; products and services gross margin 36.8% and 75.4%; services cost of sales $26,844M — FY2023-FY2025 · publ. 31 October 2025 · source ↗
  2. ReportedIt sold $33.7 billion in fiscal 2025, 8.1% of the company, and $10.4 billion in the June quarter, up 29% for a June-quarter record.
    Apple Form 10-Q, quarter ended 27 June 2026 - iPhone $54,252M (+22%); Mac $10,352M (+29%); iPad $6,191M (-6%) on iPad mini and Air; Wearables $7,883M (+6%); Services $30,739M (+12%) on advertising and cloud services; nine months: iPhone $196,515M, Mac $27,137M, iPad $21,700M, Wearables $27,277M, Services $91,728M; services gross margin 75.6%; deferred revenue $14.9B, 64% within a year — Q3 FY2026 · publ. 31 July 2026 · source ↗
  3. ReportedInside it are the laptops, MacBook Air and MacBook Pro, and the desktops, iMac, Mac mini, Mac Studio and Mac Pro, and since the March quarter the MacBook Neo.
    Apple Form 10-K, FY2025, Item 1 - the iPhone, Mac, iPad and Wearables, Home and Accessories lines (wearables include smartwatches, wireless headphones and spatial computers); Services: advertising incl. third-party licensing arrangements, AppleCare, cloud services, digital content incl. the App Store and subscription services, payment services; reportable segments are geographic; direct and indirect channels 40% and 60% of net sales — FY2025 · publ. 31 October 2025 · source ↗
  4. ReportedInside it are the laptops, MacBook Air and MacBook Pro, and the desktops, iMac, Mac mini, Mac Studio and Mac Pro, and since the March quarter the MacBook Neo.
    Apple Q2 FY2026 results release (8-K, exhibit 99.1) - the iPhone 17e, the M4-powered iPad Air and the launch of MacBook Neo — Q2 FY2026 · publ. 30 April 2026 · source ↗
  5. ReportedThe line is sold one machine at a time, through Apple's own stores and website and through resellers, and increasingly to schools and companies: on the June-quarter call Apple said about half of the MacBook Neo purchases by US education institutions replaced Windows and Chromebook devices, and that one Florida school district is moving 25,000 students from Windows machines to the Neo.
    MacRumors live coverage of Apple's Q3 FY2026 call (30 July 2026) — installed base above 2.5 billion; product margin 40.1% with a 2.5-point tariff-refund impact; September-quarter guidance: revenue growth of 9-11%, gross margin 47-48% with about 1% benefit from tariff refunds; Apple introduced a neural engine in 2017 — Q3 FY2026 call · publ. 30 July 2026 · source ↗
  6. Third-party estimateIn a survey of 300 US chief information officers, Apple already accounted for an average of 65% of enterprise endpoints, and 96% expected their Mac fleets to grow.
    Computerworld — enterprise Apple adoption accelerating: Apple silicon Macs favoured for running AI models locally, alongside Apple's consolidated business-management platform and large corporate deployments — 2026 · publ. 2026 · source ↗
  7. ReportedIn November 2020 Apple began moving the Mac from Intel processors to its own chips, starting with the M1 in the MacBook Air, the 13-inch MacBook Pro and the Mac mini.
    Apple press release, 'Introducing the next generation of Mac' (10 November 2020) - MacBook Air, 13-inch MacBook Pro and Mac mini powered by M1 — November 2020 · publ. 10 November 2020 · source ↗
  8. ReportedRevenue had been about $25 billion a year for most of the decade, $25.5 billion in fiscal 2015 and $25.7 billion in fiscal 2019, and rose 11% in fiscal 2020 on higher sales of the MacBook Pro; it then rose 23% in fiscal 2021 and 14% in fiscal 2022, to $40.2 billion, 56% above fiscal 2019.
    Apple Form 10-K, FY2015 - net sales and unit sales by product FY2013-FY2015 (iPhone $155,041M; iPad $23,227M on 54,856K units, and $31,980M on 71,033K in 2013; Mac $25,471M, $21,483M on 16,341K in 2013; Services $19,909M; Other Products $10,067M) — FY2013-FY2015 · publ. 28 October 2015 · source ↗
  9. ReportedRevenue had been about $25 billion a year for most of the decade, $25.5 billion in fiscal 2015 and $25.7 billion in fiscal 2019, and rose 11% in fiscal 2020 on higher sales of the MacBook Pro; it then rose 23% in fiscal 2021 and 14% in fiscal 2022, to $40.2 billion, 56% above fiscal 2019.
    Apple Form 10-K, FY2019 - the recast category table (Wearables, Home and Accessories +41% and +36% on AirPods and Apple Watch; iPhone -14% on lower unit sales; Services +16%); gross margin by products and services, services 55.0% (2017) and 63.7% (2019) — FY2017-FY2019 · publ. 31 October 2019 · source ↗
  10. ReportedRevenue had been about $25 billion a year for most of the decade, $25.5 billion in fiscal 2015 and $25.7 billion in fiscal 2019, and rose 11% in fiscal 2020 on higher sales of the MacBook Pro; it then rose 23% in fiscal 2021 and 14% in fiscal 2022, to $40.2 billion, 56% above fiscal 2019.
    Apple Form 10-K, FY2020 - iPhone decreased due primarily to the absence of new iPhone models in the fourth quarter of 2020; Mac +11% on the MacBook Pro — FY2020 · publ. 30 October 2020 · source ↗
  11. ReportedRevenue had been about $25 billion a year for most of the decade, $25.5 billion in fiscal 2015 and $25.7 billion in fiscal 2019, and rose 11% in fiscal 2020 on higher sales of the MacBook Pro; it then rose 23% in fiscal 2021 and 14% in fiscal 2022, to $40.2 billion, 56% above fiscal 2019.
    Apple Form 10-K, FY2022 - net sales by category FY2020-FY2022 (Mac $40,177M; Wearables, Home and Accessories $41,241M in 2022; iPad -8% on the iPad Pro) — FY2020-FY2022 · publ. 28 October 2022 · source ↗
  12. ReportedMac sales fell 27%, or $10.8 billion, in fiscal 2023, on lower sales of laptops.
    Apple Form 10-K, FY2023 - iPhone -2% ($4.9B) on non-Pro models; Mac -27% ($10.8B) on laptops; iPad -3% on iPad mini and Air; Wearables, Home and Accessories -3% ($1.4B); Services +9% ($7.1B) across all lines of business — FY2023 · publ. 3 November 2023 · source ↗
  13. ReportedThe line recovered slowly, 2% in fiscal 2024 and 12% in fiscal 2025, and even at $33.7 billion it is still 16% below its fiscal 2022 peak.
    Apple Form 10-K, FY2025, Item 7 - net sales by category 2023-2025 (iPhone $209,586M / $201,183M / $200,583M; Mac $33,708M / $29,984M / $29,357M; iPad $28,023M / $26,694M / $28,300M; Wearables, Home and Accessories $35,686M / $37,005M / $39,845M; Services $109,158M / $96,169M / $85,200M) and the drivers of each change; products and services gross margin 36.8% and 75.4%; services cost of sales $26,844M — FY2023-FY2025 · publ. 31 October 2025 · source ↗
  14. Moat Explorer calcThe line recovered slowly, 2% in fiscal 2024 and 12% in fiscal 2025, and even at $33.7 billion it is still 16% below its fiscal 2022 peak.
    Moat Explorer calc from Apple Forms 10-K (FY2015-FY2025) and 10-Q (FY2026): category net sales, units to FY2018, products and services gross margin, installed base reported each January — FY2013 to June 2026 · publ. 2026-09-19 · source ↗
    Method: Mac $33,708M (FY2025) / $40,177M (FY2022) - 1 = -16.1%; FY2025 share $33,708M / $416,161M = 8.1%.
  15. Moat Explorer calcFrom fiscal 2019 to fiscal 2025 it compounded at about 4.6% a year, the slowest of Apple's five lines.
    Moat Explorer calc from Apple Forms 10-K (FY2015-FY2025) and 10-Q (FY2026): category net sales, units to FY2018, products and services gross margin, installed base reported each January — FY2013 to June 2026 · publ. 2026-09-19 · source ↗
    Method: Mac $25,740M (FY2019) to $33,708M (FY2025) = 4.6% a year compounded, against iPad 4.7%, Wearables 6.5%, iPhone 6.7% and Services 15.4%.
  16. Moat Explorer calcUnit data, available until fiscal 2018, show the line was never a volume business: Apple sold 16.3 million Macs in fiscal 2013 and 18.2 million in fiscal 2018, at $1,315 and $1,400 of revenue per machine.
    Moat Explorer calc from Apple Forms 10-K (FY2015-FY2025) and 10-Q (FY2026): category net sales, units to FY2018, products and services gross margin, installed base reported each January — FY2013 to June 2026 · publ. 2026-09-19 · source ↗
    Method: Mac net sales / units: $21,483M / 16,341K = $1,315 (FY2013); $25,484M / 18,209K = $1,400 (FY2018).
  17. Moat Explorer calcThe Mac has also become a smaller part of Apple: 10.9% of net sales in fiscal 2015 and 8.1% in fiscal 2025.
    Moat Explorer calc from Apple Forms 10-K (FY2015-FY2025) and 10-Q (FY2026): category net sales, units to FY2018, products and services gross margin, installed base reported each January — FY2013 to June 2026 · publ. 2026-09-19 · source ↗
    Method: Mac $25,471M / net sales $233,715M = 10.9% (FY2015 10-K); $33,708M / $416,161M = 8.1% (FY2025 10-K).
  18. ReportedIt sits inside a products gross margin of 36.8% in fiscal 2025, and because Apple designs the chip it keeps a margin a PC maker buying processors would pay away; how much, the filings do not say.
    Apple Form 10-K, FY2025, Item 7 - net sales by category 2023-2025 (iPhone $209,586M / $201,183M / $200,583M; Mac $33,708M / $29,984M / $29,357M; iPad $28,023M / $26,694M / $28,300M; Wearables, Home and Accessories $35,686M / $37,005M / $39,845M; Services $109,158M / $96,169M / $85,200M) and the drivers of each change; products and services gross margin 36.8% and 75.4%; services cost of sales $26,844M — FY2023-FY2025 · publ. 31 October 2025 · source ↗
  19. ReportedSales fell in the December quarter, to $8.4 billion from $9.0 billion, on lower sales of laptops and desktops, then rose 6% in March and 29% in June, and Apple called the June quarter its best ever for customers new to the Mac and for upgraders, despite significant supply constraints, adding that IDC's figures showed it gaining share globally.
    Apple Form 10-Q, quarter ended 27 December 2025 - iPhone $85,269M; Mac $8,386M (from $8,987M) on lower laptop and desktop sales; iPad $8,595M on iPad and iPad Pro; Wearables $11,493M (from $11,747M); Services $30,013M — Q1 FY2026 · publ. 30 January 2026 · source ↗
  20. ReportedSales fell in the December quarter, to $8.4 billion from $9.0 billion, on lower sales of laptops and desktops, then rose 6% in March and 29% in June, and Apple called the June quarter its best ever for customers new to the Mac and for upgraders, despite significant supply constraints, adding that IDC's figures showed it gaining share globally.
    Apple Form 10-Q, quarter ended 28 March 2026 - iPhone $56,994M (from $46,841M) on Pro models; Mac $8,399M on laptops; iPad $6,914M on the iPad; Wearables $7,901M (from $7,522M); Services $30,976M (from $26,645M) — Q2 FY2026 · publ. 1 May 2026 · source ↗
  21. ReportedSales fell in the December quarter, to $8.4 billion from $9.0 billion, on lower sales of laptops and desktops, then rose 6% in March and 29% in June, and Apple called the June quarter its best ever for customers new to the Mac and for upgraders, despite significant supply constraints, adding that IDC's figures showed it gaining share globally.
    Apple Form 10-Q, quarter ended 27 June 2026 - iPhone $54,252M (+22%); Mac $10,352M (+29%); iPad $6,191M (-6%) on iPad mini and Air; Wearables $7,883M (+6%); Services $30,739M (+12%) on advertising and cloud services; nine months: iPhone $196,515M, Mac $27,137M, iPad $21,700M, Wearables $27,277M, Services $91,728M; services gross margin 75.6%; deferred revenue $14.9B, 64% within a year — Q3 FY2026 · publ. 31 July 2026 · source ↗
  22. ReportedSales fell in the December quarter, to $8.4 billion from $9.0 billion, on lower sales of laptops and desktops, then rose 6% in March and 29% in June, and Apple called the June quarter its best ever for customers new to the Mac and for upgraders, despite significant supply constraints, adding that IDC's figures showed it gaining share globally.
    MacRumors live coverage of Apple's Q3 FY2026 call (30 July 2026) — installed base above 2.5 billion; product margin 40.1% with a 2.5-point tariff-refund impact; September-quarter guidance: revenue growth of 9-11%, gross margin 47-48% with about 1% benefit from tariff refunds; Apple introduced a neural engine in 2017 — Q3 FY2026 call · publ. 30 July 2026 · source ↗
  23. ReportedThe line-up behind it is fresh: the MacBook Pro moved to the M5 chip in October 2025, and the Neo followed in the spring.
    Apple Q4 FY2025 results release (8-K, exhibit 99.1) - the recently announced MacBook Pro and iPad Pro with the M5 chip — Q4 FY2025 · publ. 30 October 2025 · source ↗
  24. ReportedThe risk to the outlook is cost rather than demand: Apple raised Mac prices in June because of the memory shortage, and Tim Cook told CNBC after the June-quarter results that memory prices were choking and that Apple would have to look at alternatives.
    CNN Business live coverage of Apple's 9 September 2026 event — CEO John Ternus, who took over from Tim Cook earlier in the month, revealed the foldable iPhone Duo, starting at $1,999 and topping out at $3,199; pre-orders from October 16, availability from October 23; iPhone 18 Pro from $1,199 and Pro Max from $1,299 against $1,099 and $1,199 for the iPhone 17 Pro models; older iPhones up $100 (iPhone 17 $899 from $799, 17e $699 from $599); a new leasing plan, Apple Upgrade — 9 September 2026 · publ. 9 September 2026 · source ↗
  25. ReportedThe risk to the outlook is cost rather than demand: Apple raised Mac prices in June because of the memory shortage, and Tim Cook told CNBC after the June-quarter results that memory prices were choking and that Apple would have to look at alternatives.
    CNBC live coverage of Apple's Q3 FY2026 results (30 July 2026) — Services revenue up 12%; Cook said Apple has 1.5 billion paid subscriptions; gross margin guidance of 47%-48%; memory costs rising — Q3 FY2026 · publ. 30 July 2026 · source ↗
Sources
Generated September 19, 2026