Apple was the first publicly traded business to exceed a $1 trillion market capitalization in 2018.
Its achievement was built on the commercial success of the iPhone, which had become a major global consumer product since its 2007 launch. The company also benefited from revenue from services, accessories, and other hardware such as the iPad and Mac.
Apple passed the threshold on August 2, 2018, when its shares rose to the required price. Because market capitalization equals share price multiplied by outstanding shares, the exact threshold depends on the company's share count and can be reached at different prices after stock buybacks or share issuance.
The milestone was widely reported as a corporate valuation record, but it was not a measure of annual profit. It described the combined market value of Apple's equity at that time.