grepcent public filings, reorganized for comparison

Apple Inc. (AAPL)

CIK: 0000320193. SIC: 3571 Electronic Computers. Latest 10-K as of: 2025-10-31.

SIC breadcrumb: Manufacturing > Industrial And Commercial Machinery And Computer Equipment > SIC 3571 Electronic Computers

SEC company page: https://www.sec.gov/edgar/browse/?CIK=320193. Latest filing source: 0000320193-25-000079.

Informational only. Descriptive public-record data — not a rating, forecast, or investment advice. See Disclaimer.

At a glance

FY2025 · period end 2025-09-27 · filed 2025-10-31 · accession 0000320193-25-000079 · source: SEC companyfacts

Revenue
416,161,000,000 USD verified
Net income
112,010,000,000 USD verified
Assets
359,241,000,000 USD verified
Free cash flow
98,767,000,000 USD computed
Net margin
26.92% computed
Operating margin
31.97% computed
Revenue YoY
+6.43% computed
ROE
151.91% computed

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: Big-tech megacap platforms · SIC 3571 Electronic Computers

No market price, no rating, no forecast on this site. Not investment advice.

Peer & cluster context

Peer comparisons including AAPL

Peer percentile fingerprint

AAPL ratios vs SIC peers. Source: grepcent computed from latest SEC companyfacts ratios; peer set SIC major-group 35; per-ratio N printed.AAPL ratios vs SIC peers. Source: grepcent computed from latest SEC companyfacts ratios; peer set SIC major-group 35; per-ratio N printed.RatioAAPLPeer medianPercentileNNet margin26.9%7.7%96110Operating margin32.0%13.1%96104Revenue growth6.4%5.8%51111FCF margin23.7%9.6%90103ROE151.9%11.7%100108ROA31.2%5.6%98111Liabilities / equity3.871.1093108Current ratio0.892.022110

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 35 Industrial And Commercial Machinery And Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

Selected Fundamentals

MetricValueUnitFYFiled
Revenue416,161,000,000USD20252025-10-31
Net income112,010,000,000USD20252025-10-31
Assets359,241,000,000USD20252025-10-31

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-10-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Download these verified figures (annual + quarterly, with per-value filing provenance): JSON · CSV

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

Metric2016201720182019202020212022202320242025
Revenue229,234,000,000265,595,000,000260,174,000,000274,515,000,000365,817,000,000394,328,000,000383,285,000,000391,035,000,000416,161,000,000
Net income45,687,000,00048,351,000,00059,531,000,00055,256,000,00057,411,000,00094,680,000,00099,803,000,00096,995,000,00093,736,000,000112,010,000,000
Operating income60,024,000,00061,344,000,00070,898,000,00063,930,000,00066,288,000,000108,949,000,000119,437,000,000114,301,000,000123,216,000,000133,050,000,000
Gross profit84,263,000,00088,186,000,000101,839,000,00098,392,000,000104,956,000,000152,836,000,000170,782,000,000169,148,000,000180,683,000,000195,201,000,000
Diluted EPS8.319.212.982.973.285.616.116.136.087.46
Operating cash flow66,231,000,00064,225,000,00077,434,000,00069,391,000,00080,674,000,000104,038,000,000122,151,000,000110,543,000,000118,254,000,000111,482,000,000
Capital expenditures12,734,000,00012,451,000,00013,313,000,00010,495,000,0007,309,000,00011,085,000,00010,708,000,00010,959,000,0009,447,000,00012,715,000,000
Dividends paid12,150,000,00012,769,000,00013,712,000,00014,119,000,00014,081,000,00014,467,000,00014,841,000,00015,025,000,00015,234,000,00015,421,000,000
Share buybacks29,722,000,00032,900,000,00072,738,000,00066,897,000,00072,358,000,00085,971,000,00089,402,000,00077,550,000,00094,949,000,00090,711,000,000
Assets321,686,000,000375,319,000,000365,725,000,000338,516,000,000323,888,000,000351,002,000,000352,755,000,000352,583,000,000364,980,000,000359,241,000,000
Liabilities193,437,000,000241,272,000,000258,578,000,000248,028,000,000258,549,000,000287,912,000,000302,083,000,000290,437,000,000308,030,000,000285,508,000,000
Stockholders' equity128,249,000,000134,047,000,000107,147,000,00090,488,000,00065,339,000,00063,090,000,00050,672,000,00062,146,000,00056,950,000,00073,733,000,000
Cash and cash equivalents20,484,000,00020,289,000,00025,913,000,00048,844,000,00038,016,000,00034,940,000,00023,646,000,00029,965,000,00029,943,000,00035,934,000,000
Free cash flow53,497,000,00051,774,000,00064,121,000,00058,896,000,00073,365,000,00092,953,000,000111,443,000,00099,584,000,000108,807,000,00098,767,000,000

Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

Metric2016201720182019202020212022202320242025
Net margin21.09%22.41%21.24%20.91%25.88%25.31%25.31%23.97%26.92%
Operating margin26.76%26.69%24.57%24.15%29.78%30.29%29.82%31.51%31.97%
Return on equity35.62%36.07%55.56%61.06%87.87%150.07%196.96%156.08%164.59%151.91%
Return on assets14.20%12.88%16.28%16.32%17.73%26.97%28.29%27.51%25.68%31.18%
Liabilities / equity1.511.802.412.743.964.565.964.675.413.87
Current ratio1.351.281.131.541.361.070.880.990.870.89

Industry Peer Context

Each number-line places AAPL against the min, median, and max of latest reported values among companies in the same SIC industry when at least three peers report that ratio.

Net margin peer context

AAPL Net margin versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 3571; peer count 4.AAPL Net margin versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 3571; peer count 4.4 SIC peersMin 0.2%Median 5.0%Max 26.9%AAPL 26.9%

Operating margin peer context

AAPL Operating margin versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 3571; peer count 4.AAPL Operating margin versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 3571; peer count 4.4 SIC peersMin 0.4%Median 6.4%Max 32.0%AAPL 32.0%

ROE peer context

AAPL ROE versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 3571; peer count 3.AAPL ROE versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 3571; peer count 3.3 SIC peersMin 0.2%Median 16.6%Max 151.9%AAPL 151.9%

ROA peer context

AAPL ROA versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 3571; peer count 4.AAPL ROA versus SIC peer range. Source: grepcent computed from latest SEC companyfacts ratios for SIC industry 3571; peer count 4.4 SIC peersMin 0.1%Median 6.7%Max 31.2%AAPL 31.2%

Financial Bridges

Waterfall figures reconcile reported SEC companyfacts components. Missing bridges are omitted when required components are not present for the same fiscal year.

Income statement bridge from reported figures

AAPL FY2025 income statement bridge from reported figures.AAPL FY2025 income statement bridge from reported figures.AAPL income bridgeFY2025: revenue to net incomeSource: SEC companyfacts FY2025.Income statement bridgeReported amount$0.0B$225.0B$450.0B$416.2BRevenue-$221.0BCost$195.2BGross-$62.2BOpEx$133.1BOperating-$21.0BOther/tax$112.0BNet income

Figure provenance: SEC companyfacts FY 2025. Revenue: accession 0000320193-25-000079; concept RevenueFromContractWithCustomerExcludingAssessedTax; source concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | Gross profit: accession 0000320193-25-000079; concept GrossProfit; source concepts us-gaap:GrossProfit | Operating income: accession 0000320193-25-000079; concept OperatingIncomeLoss; source concepts us-gaap:OperatingIncomeLoss | Net income: accession 0000320193-25-000079; concept NetIncomeLoss; source concepts us-gaap:NetIncomeLoss

Free cash flow = operating cash flow - capital expenditures

AAPL FY2025 free cash flow bridge from reported figures.AAPL FY2025 free cash flow bridge from reported figures.AAPL free cash flow bridgeFY2025: operating cash flow less capital expendituresSource: SEC companyfacts FY2025.Free cash flow bridgeReported amount$0.0B$62.5B$125.0B$111.5BOperating cash flow-$12.7BCapex$98.8BFree cash flow

Figure provenance: SEC companyfacts FY 2025. Operating cash flow: accession 0000320193-25-000079; concept NetCashProvidedByUsedInOperatingActivities; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities | Capital expenditures: accession 0000320193-25-000079; concept PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | Free cash flow: accession 0000320193-25-000079; concept NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment; source concepts us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment

Financial Charts

AAPL revenue, last 5 periods. Source: SEC companyfacts FY2025.AAPL revenue, last 5 periods. Source: SEC companyfacts FY2025.AAPL RevenueLatest point: FY2025 = $416.2BSource: SEC companyfacts FY2025.Fiscal yearReported revenue$0.0B$225.0B$450.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

AAPL net income, last 5 periods. Source: SEC companyfacts FY2025.AAPL net income, last 5 periods. Source: SEC companyfacts FY2025.AAPL Net incomeLatest point: FY2025 = $112.0BSource: SEC companyfacts FY2025.Fiscal yearNet income$0.0B$62.5B$125.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.

AAPL operating income, last 5 periods. Source: SEC companyfacts FY2025.AAPL operating income, last 5 periods. Source: SEC companyfacts FY2025.AAPL Operating incomeLatest point: FY2025 = $133.1BSource: SEC companyfacts FY2025.Fiscal yearOperating income$0.0B$75.0B$150.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: OperatingIncomeLoss. Source concepts: us-gaap:OperatingIncomeLoss.

AAPL gross profit, last 5 periods. Source: SEC companyfacts FY2025.AAPL gross profit, last 5 periods. Source: SEC companyfacts FY2025.AAPL Gross profitLatest point: FY2025 = $195.2BSource: SEC companyfacts FY2025.Fiscal yearGross profit$0.0B$100.0B$200.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: GrossProfit. Source concepts: us-gaap:GrossProfit.

AAPL diluted eps, last 5 periods. Source: SEC companyfacts FY2025.AAPL diluted eps, last 5 periods. Source: SEC companyfacts FY2025.AAPL Diluted EPSLatest point: FY2025 = $7.46/shareSource: SEC companyfacts FY2025.Fiscal yearDiluted EPS (USD/share)$0.00/share$5.00/share$10.00/shareFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.

AAPL operating cash flow, last 5 periods. Source: SEC companyfacts FY2025.AAPL operating cash flow, last 5 periods. Source: SEC companyfacts FY2025.AAPL Operating cash flowLatest point: FY2025 = $111.5BSource: SEC companyfacts FY2025.Fiscal yearOperating cash flow$0.0B$62.5B$125.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: NetCashProvidedByUsedInOperatingActivities. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities.

AAPL capital expenditures, last 5 periods. Source: SEC companyfacts FY2025.AAPL capital expenditures, last 5 periods. Source: SEC companyfacts FY2025.AAPL Capital expendituresLatest point: FY2025 = $12.7BSource: SEC companyfacts FY2025.Fiscal yearCapital expenditures$0.0B$10.0B$20.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

AAPL dividends paid, last 5 periods. Source: SEC companyfacts FY2025.AAPL dividends paid, last 5 periods. Source: SEC companyfacts FY2025.AAPL Dividends paidLatest point: FY2025 = $15.4BSource: SEC companyfacts FY2025.Fiscal yearDividends paid$0.0B$10.0B$20.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: PaymentsOfDividends. Source concepts: us-gaap:PaymentsOfDividends.

AAPL share buybacks, last 5 periods. Source: SEC companyfacts FY2025.AAPL share buybacks, last 5 periods. Source: SEC companyfacts FY2025.AAPL Share buybacksLatest point: FY2025 = $90.7BSource: SEC companyfacts FY2025.Fiscal yearShare buybacks$0.0B$50.0B$100.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: PaymentsForRepurchaseOfCommonStock. Source concepts: us-gaap:PaymentsForRepurchaseOfCommonStock.

AAPL assets, last 5 periods. Source: SEC companyfacts FY2025.AAPL assets, last 5 periods. Source: SEC companyfacts FY2025.AAPL AssetsLatest point: FY2025 = $359.2BSource: SEC companyfacts FY2025.Fiscal yearAssets$0.0B$200.0B$400.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: Assets. Source concepts: us-gaap:Assets.

AAPL liabilities, last 5 periods. Source: SEC companyfacts FY2025.AAPL liabilities, last 5 periods. Source: SEC companyfacts FY2025.AAPL LiabilitiesLatest point: FY2025 = $285.5BSource: SEC companyfacts FY2025.Fiscal yearLiabilities$0.0B$175.0B$350.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: Liabilities. Source concepts: us-gaap:Liabilities.

AAPL stockholders' equity, last 5 periods. Source: SEC companyfacts FY2025.AAPL stockholders' equity, last 5 periods. Source: SEC companyfacts FY2025.AAPL Stockholders' equityLatest point: FY2025 = $73.7BSource: SEC companyfacts FY2025.Fiscal yearStockholders' equity$0.0B$37.5B$75.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: StockholdersEquity. Source concepts: us-gaap:StockholdersEquity.

AAPL cash and cash equivalents, last 5 periods. Source: SEC companyfacts FY2025.AAPL cash and cash equivalents, last 5 periods. Source: SEC companyfacts FY2025.AAPL Cash and cash equivalentsLatest point: FY2025 = $35.9BSource: SEC companyfacts FY2025.Fiscal yearCash and cash equivalents$0.0B$20.0B$40.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: CashAndCashEquivalentsAtCarryingValue. Source concepts: us-gaap:CashAndCashEquivalentsAtCarryingValue.

AAPL free cash flow, last 5 periods. Source: SEC companyfacts FY2025.AAPL free cash flow, last 5 periods. Source: SEC companyfacts FY2025.AAPL Free cash flowLatest point: FY2025 = $98.8BSource: SEC companyfacts FY2025.Fiscal yearFree cash flow$0.0B$62.5B$125.0BFY2021FY2022FY2023FY2024FY2025

Figure provenance: SEC companyfacts. Latest point: FY 2025 ended 2025-09-27; accession 0000320193-25-000079; filed 2025-10-31. Concept: NetCashProvidedByUsedInOperatingActivities - PaymentsToAcquirePropertyPlantAndEquipment. Source concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

View the filing-by-filing ledger →

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000320193.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

QuarterEnd DateRevenueNet IncomeDiluted EPSMethod
2022-Q32022-06-251.20reported discrete quarter
2023-Q22023-04-011.52reported discrete quarter
2023-Q32023-07-011.26reported discrete quarter
2023-Q42023-09-3089,498,000,00022,956,000,000derived Q4 = FY annual - nine-month YTD
2024-Q12023-12-30119,575,000,00033,916,000,0002.18reported discrete quarter
2024-Q22024-03-3090,753,000,00023,636,000,0001.53reported discrete quarter
2024-Q32024-06-2985,777,000,00021,448,000,0001.40reported discrete quarter
2024-Q42024-09-2894,930,000,00014,736,000,000derived Q4 = FY annual - nine-month YTD
2025-Q12024-12-28124,300,000,00036,330,000,0002.40reported discrete quarter
2025-Q22025-03-2995,359,000,00024,780,000,0001.65reported discrete quarter
2025-Q32025-06-2894,036,000,00023,434,000,0001.57reported discrete quarter
2025-Q42025-09-27102,466,000,00027,466,000,000derived Q4 = FY annual - nine-month YTD
2026-Q12025-12-27143,756,000,00042,097,000,0002.84reported discrete quarter
2026-Q22026-03-28111,184,000,00029,578,000,0002.01reported discrete quarter
2026-Q32026-06-27109,417,000,00029,789,000,0002.02reported discrete quarter

Quarterly Charts

AAPL quarterly revenue, last 12 periods. Source: SEC companyfacts 2026-Q3.AAPL quarterly revenue, last 12 periods. Source: SEC companyfacts 2026-Q3.AAPL Quarterly RevenueLatest point: 2026-Q3 = $109.4BSource: SEC companyfacts 2026-Q3.Fiscal quarterQuarterly Revenue$0.0B$75.0B$150.0B2023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q22026-Q3

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-27; accession 0000320193-26-000020; filed 2026-07-31. Concept: RevenueFromContractWithCustomerExcludingAssessedTax. Source concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

AAPL quarterly net income, last 12 periods. Source: SEC companyfacts 2026-Q3.AAPL quarterly net income, last 12 periods. Source: SEC companyfacts 2026-Q3.AAPL Quarterly Net incomeLatest point: 2026-Q3 = $29.8BSource: SEC companyfacts 2026-Q3.Fiscal quarterQuarterly Net income$0.0B$25.0B$50.0B2023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q22026-Q3

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-27; accession 0000320193-26-000020; filed 2026-07-31. Concept: NetIncomeLoss. Source concepts: us-gaap:NetIncomeLoss.

AAPL quarterly diluted eps, last 12 periods. Source: SEC companyfacts 2026-Q3.AAPL quarterly diluted eps, last 12 periods. Source: SEC companyfacts 2026-Q3.AAPL Quarterly Diluted EPSLatest point: 2026-Q3 = $2.02/shareSource: SEC companyfacts 2026-Q3.Fiscal quarterQuarterly Diluted EPS (USD/share)$0.00/share$2.00/share$4.00/share2022-Q32023-Q22023-Q32024-Q12024-Q22024-Q32025-Q12025-Q22025-Q32026-Q12026-Q22026-Q3

Figure provenance: SEC companyfacts. Latest point: FY 2026 ended 2026-06-27; accession 0000320193-26-000020; filed 2026-07-31. Concept: EarningsPerShareDiluted. Source concepts: us-gaap:EarningsPerShareDiluted.

Business

Read AAPL's verbatim Item 1 Business section from its latest 10-K: Business.

Risk Factors

Read AAPL's verbatim Item 1A Risk Factors from its latest 10-K: Risk Factors.

Latest quarter (10-Q)

Latest 10-Q source: 0000320193-26-000020.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-07-31. Report date: 2026-06-27.

Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Item and other sections of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future impact of macroeconomic conditions and tariffs and other measures on the Company’s business and results of operations are forward-looking statements. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of the 2025 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.

The following discussion should be read in conjunction with the 2025 Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q.

Available Information

The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, information on corporate governance, and details related to the Company’s annual meeting of shareholders. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.

Business Seasonality and Product Introductions

The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and distributors anticipate a product introduction.

During the third quarter of 2026, the Company announced iOS 27, macOS® 27 Golden Gate, iPadOS® 27, watchOS® 27, visionOS® 27 and tvOS® 27, and introduced Siri AI.

Macroeconomic Conditions

Macroeconomic conditions, including inflation, interest rates, component pricing and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company’s results of operations and financial condition.

The Company is experiencing a period of supply constraints and increasing costs for components driven by factors such as industry supply-demand imbalances for components, including advanced semiconductors, storage (NAND) and memory (DRAM). The Company expects these trends to intensify, which may materially negatively impact the Company’s revenue, costs, gross margin, results of operations and financial condition. Actions, such as price increases, that have been and may in the future be taken by the Company may not effectively mitigate these negative impacts, and may also reduce demand for the Company’s products and materially adversely affect the Company’s revenue, costs, gross margin, results of operations and financial condition.

Apple Inc. | Q3 2026 Form 10-Q | 13

Tariffs and Other Measures

Beginning in the second quarter of 2025, new tariffs were announced on imports to the U.S., including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the European Union (“EU”), among others. In response, several countries have imposed, or threatened to impose, reciprocal tariffs on imports from the U.S. and other retaliatory measures. On January 14, 2026, initial results were published of the previously announced U.S. Department of Commerce investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into imports of semiconductors, semiconductor manufacturing equipment, and their derivative products, including downstream products that contain semiconductors. The announcement of the initial results of the investigation did not impose any additional tariffs affecting the Company’s products. Separately, on February 20, 2026, the U.S. Supreme Court (“Supreme Court”) issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act of 1977. The Company has applied for a refund of tariffs paid, following the processes established by U.S. Customs and Border Protection, and has recognized any refunds received as a reduction of products cost of sales. Various modifications to U.S. tariffs have been announced, including the recent imposition of tariffs under Section 301 of the Trade Act of 1974, and further changes could be made in the future, which may include additional measures under the Section 232 semiconductor sector investigation, additional sector-based tariffs, further actions under Section 301, or other measures. Tariffs and other measures that are applied to the Company’s products or their components can have a material adverse impact on the Company’s business, results of operations and financial condition, including impacting the Company’s supply chain, the availability of rare earths and other raw materials and components, pricing and gross margin. The ultimate impact remains uncertain and will depend on several factors, including whether additional or incremental U.S. tariffs or other measures are announced or imposed, to what extent other countries implement tariffs or other retaliatory measures in response, and the overall magnitude and duration of these measures. Trade and other international disputes can have an adverse impact on the overall macroeconomic environment and result in shifts and reductions in consumer spending and negative consumer sentiment for the Company’s products and services, all of which can further adversely affect the Company’s business and results of operations.

Segment Operating Performance

The following table shows net sales by reportable segment for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (dollars in millions):

Three Months EndedNine Months Ended
June 27, 2026June 28, 2025ChangeJune 27, 2026June 28, 2025Change
Americas$45,781$41,19811%$149,403$134,16111%
Europe29,39524,01422%95,59682,32916%
Greater China18,81615,36922%64,83949,88430%
Japan6,5545,78213%24,36822,06710%
Rest of Asia Pacific8,8717,67316%30,15125,25419%
Total net sales$109,417$94,03616%$364,357$313,69516%

Americas

Americas net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher net sales of iPhone, Services and Mac.

Europe

Europe net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher net sales of iPhone, Services and Mac. The strength in foreign currencies relative to the U.S. dollar had a net favorable year-over-year impact on Europe net sales during the first nine months of 2026.

Greater China

Greater China net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher net sales of iPhone. The strength in the renminbi relative to the U.S. dollar had a favorable year-over-year impact on Greater China net sales during the third quarter and first nine months of 2026.

Apple Inc. | Q3 2026 Form 10-Q | 14

Japan

Japan net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 due to higher net sales of iPhone. The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during the third quarter and first nine months of 2026.

Rest of Asia Pacific

Rest of Asia Pacific net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher net sales of iPhone, Services and Mac. The strength in foreign currencies relative to the U.S. dollar had a net favorable year-over-year impact on Rest of Asia Pacific net sales during the third quarter of 2026.

Products and Services Performance

The following table shows net sales by category for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (dollars in millions):

Three Months EndedNine Months Ended
June 27, 2026June 28, 2025ChangeJune 27, 2026June 28, 2025Change
iPhone$54,252$44,58222%$196,515$160,56122%
Mac10,3528,04629%27,13724,9829%
iPad6,1916,581(6)%21,70021,0713%
Wearables, Home and Accessories7,8837,4046%27,27726,6732%
Services30,73927,42312%91,72880,40814%
Total net sales$109,417$94,03616%$364,357$313,69516%

iPhone

iPhone net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher net sales of Pro models.

Mac

Mac net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 due to higher net sales of laptops.

iPad

iPad net sales decreased during the third quarter of 2026 compared to the third quarter of 2025 primarily due to lower net sales of iPad mini® and iPad Air®. Year-over-year iPad net sales increased during the first nine months of 2026 primarily due to higher net sales of iPad, partially offset by lower net sales of iPad mini.

Wearables, Home and Accessories

Wearables, Home and Accessories net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 due to higher net sales of Accessories and Wearables.

Services

Services net sales increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher net sales from advertising and cl

[Excerpt truncated for page length; source filing is linked above.]

Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: 0000320193-25-000079. The complete FY 2025 MD&A is published at /company/AAPL/mda/fy2025/.

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high. Filing date: 2025-10-31. Report date: 2025-09-27.

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes included in Part II, Item 8 of this Form 10-K. This Item generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2023 items and year-to-year comparisons between 2024 and 2023 are not included, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended September 28, 2024.

Product, Service and Software Announcements

The Company announces new product, service and software offerings at various times during the year. Significant announcements during fiscal year 2025 included the following:

First Quarter 2025:

•MacBook Pro

•Mac mini

•iMac

•iPad mini

Second Quarter 2025:

•iPhone 16e

•iPad Air

•iPad

•MacBook Air

•Mac Studio

Third Quarter 2025:

•iOS 26, macOS Tahoe 26, iPadOS 26, watchOS 26, visionOS 26 and tvOS 26

Fourth Quarter 2025:

•iPhone 17, iPhone Air, iPhone 17 Pro and iPhone 17 Pro Max

•Apple Watch Series 11, Apple Watch SE 3 and Apple Watch Ultra 3

•AirPods Pro 3

Fiscal Period

The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first quarter of 2023. The Company’s fiscal years 2025 and 2024 spanned 52 weeks each, whereas fiscal year 2023 spanned 53 weeks.

Macroeconomic Conditions

Macroeconomic conditions, including inflation, interest rates and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company’s results of operations and financial condition.

Apple Inc. | 2025 Form 10-K | 21

Tariffs and Other Measures

Beginning in the second quarter of 2025, new U.S. Tariffs were announced, including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU, among others. In response, several countries have imposed, or threatened to impose, reciprocal tariffs on imports from the U.S. and other retaliatory measures. Various modifications to the U.S. Tariffs have been announced and further changes could be made in the future, which may include additional sector-based tariffs or other measures. For example, the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into, among other things, imports of semiconductors, semiconductor manufacturing equipment, and their derivative products, including downstream products that contain semiconductors. Tariffs and other measures that are applied to the Company’s products or their components can have a material adverse impact on the Company’s business, results of operations and financial condition, including impacting the Company’s supply chain, the availability of rare earths and other raw materials and components, pricing and gross margin. The ultimate impact remains uncertain and will depend on several factors, including whether additional or incremental U.S. Tariffs or other measures are announced or imposed, to what extent other countries implement tariffs or other retaliatory measures in response, and the overall magnitude and duration of these measures. Trade and other international disputes can have an adverse impact on the overall macroeconomic environment and result in shifts and reductions in consumer spending and negative consumer sentiment for the Company’s products and services, all of which can further adversely affect the Company’s business and results of operations.

Segment Operating Performance

The following table shows net sales by reportable segment for 2025, 2024 and 2023 (dollars in millions):

2025Change2024Change2023
Americas$178,3537%$167,0453%$162,560
Europe111,03210%101,3287%94,294
Greater China64,377(4)%66,952(8)%72,559
Japan28,70315%25,0523%24,257
Rest of Asia Pacific33,69610%30,6584%29,615
Total net sales$416,1616%$391,0352%$383,285

Americas

Americas net sales increased during 2025 compared to 2024 primarily due to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Americas net sales during 2025.

Europe

Europe net sales increased during 2025 compared to 2024 primarily due to higher net sales of Services, iPhone and Mac.

Greater China

Greater China net sales decreased during 2025 compared to 2024 primarily due to lower net sales of iPhone, partially offset by higher net sales of Mac.

Japan

Japan net sales increased during 2025 compared to 2024 primarily due to higher net sales of iPhone, Services and iPad.

Rest of Asia Pacific

Rest of Asia Pacific net sales increased during 2025 compared to 2024 primarily due to higher net sales of iPhone, Services and Mac.

Apple Inc. | 2025 Form 10-K | 22

Products and Services Performance

The following table shows net sales by category for 2025, 2024 and 2023 (dollars in millions):

2025Change2024Change2023
iPhone$209,5864%$201,183—%$200,583
Mac33,70812%29,9842%29,357
iPad28,0235%26,694(6)%28,300
Wearables, Home and Accessories35,686(4)%37,005(7)%39,845
Services (1)109,15814%96,16913%85,200
Total net sales$416,1616%$391,0352%$383,285

(1)Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.

iPhone

iPhone net sales increased during 2025 compared to 2024 due to higher net sales of Pro models.

Mac

Mac net sales increased during 2025 compared to 2024 primarily due to higher net sales of laptops and desktops.

iPad

iPad net sales increased during 2025 compared to 2024 primarily due to higher net sales of iPad Air, iPad mini and iPad, partially offset by lower net sales of iPad Pro.

Wearables, Home and Accessories

Wearables, Home and Accessories net sales decreased during 2025 compared to 2024 primarily due to lower net sales of Accessories and Wearables.

Services

Services net sales increased during 2025 compared to 2024 primarily due to higher net sales from advertising, the App Store and cloud services.

Apple Inc. | 2025 Form 10-K | 23

Gross Margin

Products and Services gross margin and gross margin percentage for 2025, 2024 and 2023 were as follows (dollars in millions):

202520242023
Gross margin:
Products$112,887$109,633$108,803
Services82,31471,05060,345
Total gross margin$195,201$180,683$169,148
Gross margin percentage:
Products36.8%37.2%36.5%
Services75.4%73.9%70.8%
Total gross margin percentage46.9%46.2%44.1%

Products Gross Margin

Products gross margin increased during 2025 compared to 2024 primarily due to favorable costs and a different mix of products, partially offset by tariff costs.

Products gross margin percentage decreased during 2025 compared to 2024 primarily due to a different mix of products and tariff costs, partially offset by other favorable costs.

Services Gross Margin

Services gross margin increased during 2025 compared to 2024 primarily due to higher Services net sales and a different mix of services.

Services gross margin percentage increased during 2025 compared to 2024 primarily due to a different mix of services, partially offset by higher costs.

The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of this Form 10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure.

Operating Expenses

Operating expenses for 2025, 2024 and 2023 were as follows (dollars in millions):

2025Change2024Change2023
Research and development$34,55010%$31,3705%$29,915
Percentage of total net sales8%8%8%
Selling, general and administrative$27,6016%$26,0975%$24,932
Percentage of total net sales7%7%7%
Total operating expenses$62,1518%$57,4675%$54,847
Percentage of total net sales15%15%14%

Research and Development

The growth in R&D expense during 2025 compared to 2024 was primarily driven by increases in headcount-related expenses and infrastructure-related costs.

Selling, General and Administrative

The growth in selling, general and administrative expense during 2025 compared to 2024 was primarily driven by increases in headcount-related expenses and variable selling expenses.

Apple Inc. | 2025 Form 10-K | 24

Provision for Income Taxes

Provision for income taxes, effective tax rate and statutory federal income tax rate for 2025, 2024 and 2023 were as follows (dollars in millions):

202520242023
Provision for income taxes$20,719$29,749$16,741
Effective tax rate15.6%24.1%14.7%
Statutory federal income tax rate21%21%21%

The Company’s effective tax rate for 2025 was lower than the statutory federal income tax rate primarily due to a lower effective tax rate on foreign earnings, including the impact of changes in unrecognized tax benefits, the impact of the U.S. federal R&D credit, and tax benefits from share-based compensation, partially offset by a change in valuation allowance and state income taxes.

The Company’s effective tax rate for 2025 was lower compared to 2024 due to a $10.7 billion year-over-year decrease in the provision for income taxes related to the State Aid Decision (refer to Note 7, “Income Taxes” in the Notes to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K) and the impact of changes in unrecognized tax benefits, partially offset by a change in valuation allowance and a higher effective tax rate on foreign earnings.

Liquidity and Capital Resources

The Company believes its balances of cash, cash equivalents and marketable securities, which totaled $132.4 billion as of September 27, 2025, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond.

The Company’s material cash requirements include the following contractual obligations:

Debt

As of September 27, 2025, the Company had outstanding fixed-rate notes with varying maturities for an aggregate principal amount of $91.3 billion (collectively the “Notes”), with $12.4 billion payable within 12 months. Future interest payments associated

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A or browse all MD&A years.

MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

Analysis & quant

Single-company analysis

Read the cited, descriptive article for AAPL: single-company analysis.

AI-assembled from public SEC filings. Verified claims: 21. Pack 58e1662a8989.

Risk-adjusted performance profile

Read the descriptive, lmfin-computed profile for AAPL: risk-adjusted performance profile.

Historical price statistics from a frozen evidence pack; not investment advice. Pack 06169ae66c5e.

Illustrative DCF scenario

Read the stated-assumption DCF scenario for AAPL: illustrative DCF scenario.

Arithmetic scenario from verified inputs and explicit assumptions; not investment advice. Pack bdf37ef866ea.

Macro cross-references for AAPL

Indicators mapped to this company's SIC classification (industry 3571 Electronic Computers) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

Macro-to-micro threads including this sector: Inflation (CPI / PCE / PPI), US labor market, Growth & output, Money & trade, Government finances, Sector employment, Industrial orders & inventories, Trade & external.

All 71 macro indicators →

For LLMs & downloads

Markdown twin: /company/AAPL.md · JSON record: /company/AAPL.json · verified financials: JSON / CSV · machine TOC for the whole site: /llms.txt