For those who like to comment without reading the post :/
The figures from TD Cowen say that a 256GB iPhone 16 Pro Max costs Apple about $485 to manufacture, including the components, box, and assembly process. By comparison, the iPhone 15 Pro Max had a so-called Bill of Materials (BOM) of $453, about $32 cheaper than the newer model.
For those who like to comment without reading the post :/