Apple and Samsung make up more than 100 percent of the smartphone industry's profits because other manufacturers don't make money or they break even, Canaccord Genuity said in a report that came out in May. Microsoft, for example, had a negative 4 percent share of profits in the smartphone market.
In all of 2013, Apple captured about 61 percent of smartphone profits.
Apple did not immediately respond to CNBC's request for comment. The Canaccord Genuity data compares profits from the eight top smartphone makers.
The launch of the iPhone 6 and iPhone 6 Plus last fall helped catapult Apple to market dominance, and the high-end margins for both products helped the tech giant capture the overwhelming majority of smartphone profits.
Canaccord Genuity estimates that Samsung is right behind Apple, snagging 15 percent of the profits in the smartphone market last quarter.
Canaccord's estimate were reported earlier Monday by The Wall Street Journal.