Index to Consolidated Financial Statements
Index to Consolidated Financial Statements / Index to Consolidated Financial Statements / Page / Page / Page
Consolidated Statements of Operations for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 ... Consolidated Statements of Operations for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 / Consolidated Statements of Operations for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 / 29 / 29 / 29
Consolidated Statements of Comprehensive Income for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 ... Consolidated Statements of Comprehensive Income for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 / Consolidated Statements of Comprehensive Income for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 / 30 / 30 / 30
Consolidated Balance Sheets as of September 27, 2025 and September 28, 2024 ... Consolidated Balance Sheets as of September 27, 2025 and September 28, 2024 / Consolidated Balance Sheets as of September 27, 2025 and September 28, 2024 / 31 / 31 / 31
Consolidated Statements of Shareholders’ Equity for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 ... Consolidated Statements of Shareholders’ Equity for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 / Consolidated Statements of Shareholders’ Equity for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 / 32 / 32 / 32
Consolidated Statements of Cash Flows for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 ... Consolidated Statements of Cash Flows for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 / Consolidated Statements of Cash Flows for the years ended September 27, 2025, September 28, 2024 and September 30, 2023 / 33 / 33 / 33
Notes to Consolidated Financial Statements ... Notes to Consolidated Financial Statements / Notes to Consolidated Financial Statements / 34 / 34 / 34
Reports of Independent Registered Public Accounting Firm ... Reports of Independent Registered Public Accounting Firm / Reports of Independent Registered Public Accounting Firm / 49 / 49 / 49
All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and accompanying notes. Apple Inc. | 2025 Form 10-K | 28
Apple Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Years ended
Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended
September 27,2025 / September 27,2025 / September 27,2025 / September 28,2024 / September 28,2024 / September 28,2024 / September 30,2023 / September 30,2023 / September 30,2023
Net sales: .............................. Net sales: / Net sales:
Products ................................ Products / Products / $ / 307,003 / $ / 294,866 / $ / 298,085
Services ................................ Services / Services / 109,158 / 109,158 / 96,169 / 96,169 / 85,200 / 85,200
Total net sales ......................... Total net sales / Total net sales / 416,161 / 416,161 / 391,035 / 391,035 / 383,285 / 383,285
Cost of sales: .......................... Cost of sales: / Cost of sales:
Products ................................ Products / Products / 194,116 / 194,116 / 185,233 / 185,233 / 189,282 / 189,282
Services ................................ Services / Services / 26,844 / 26,844 / 25,119 / 25,119 / 24,855 / 24,855
Total cost of sales ..................... Total cost of sales / Total cost of sales / 220,960 / 220,960 / 210,352 / 210,352 / 214,137 / 214,137
Gross margin ............................ Gross margin / Gross margin / 195,201 / 195,201 / 180,683 / 180,683 / 169,148 / 169,148
Operating expenses: ..................... Operating expenses: / Operating expenses:
Research and development ................ Research and development / Research and development / 34,550 / 34,550 / 31,370 / 31,370 / 29,915 / 29,915
Selling, general and administrative ..... Selling, general and administrative / Selling, general and administrative / 27,601 / 27,601 / 26,097 / 26,097 / 24,932 / 24,932
Total operating expenses ................ Total operating expenses / Total operating expenses / 62,151 / 62,151 / 57,467 / 57,467 / 54,847 / 54,847
Operating income ........................ Operating income / Operating income / 133,050 / 133,050 / 123,216 / 123,216 / 114,301 / 114,301
Other income/(expense), net ............. Other income/(expense), net / Other income/(expense), net / (321) / (321) / 269 / 269 / (565) / (565)
Income before provision for income taxes ... Income before provision for income taxes / Income before provision for income taxes / 132,729 / 132,729 / 123,485 / 123,485 / 113,736 / 113,736
Provision for income taxes .............. Provision for income taxes / Provision for income taxes / 20,719 / 20,719 / 29,749 / 29,749 / 16,741 / 16,741
Net income .............................. Net income / Net income / $ / 112,010 / $ / 93,736 / $ / 96,995
Earnings per share: ..................... Earnings per share: / Earnings per share:
Basic ................................... Basic / Basic / $ / 7.49 / $ / 6.11 / $ / 6.16
Diluted ................................. Diluted / Diluted / $ / 7.46 / $ / 6.08 / $ / 6.13
Shares used in computing earnings per share: ... Shares used in computing earnings per share: / Shares used in computing earnings per share:
Basic ................................... Basic / Basic / 14,948,500 / 14,948,500 / 15,343,783 / 15,343,783 / 15,744,231 / 15,744,231
Diluted ................................. Diluted / Diluted / 15,004,697 / 15,004,697 / 15,408,095 / 15,408,095 / 15,812,547 / 15,812,547
See accompanying Notes to Consolidated Financial Statements. Apple Inc. | 2025 Form 10-K | 29
Apple Inc. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In millions)
Years ended
Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended
September 27,2025 / September 27,2025 / September 27,2025 / September 28,2024 / September 28,2024 / September 28,2024 / September 30,2023 / September 30,2023 / September 30,2023
Net income .............................. Net income / Net income / $ / 112,010 / $ / 93,736 / $ / 96,995
Other comprehensive income/(loss): ...... Other comprehensive income/(loss): / Other comprehensive income/(loss):
Change in foreign currency translation, net of tax ... Change in foreign currency translation, net of tax / Change in foreign currency translation, net of tax / (267) / (267) / 395 / 395 / (765) / (765)
Change in unrealized gains/losses on derivative instruments, net of tax: ... Change in unrealized gains/losses on derivative instruments, net of tax: / Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivative instruments ... Change in fair value of derivative instruments / Change in fair value of derivative instruments / 849 / 849 / (832) / (832) / 323 / 323
Adjustment for net (gains)/losses realized and included in net income ... Adjustment for net (gains)/losses realized and included in net income / Adjustment for net (gains)/losses realized and included in net income / (212) / (212) / (1,337) / (1,337) / (1,717) / (1,717)
Total change in unrealized gains/losses on derivative instruments ... Total change in unrealized gains/losses on derivative instruments / Total change in unrealized gains/losses on derivative instruments / 637 / 637 / (2,169) / (2,169) / (1,394) / (1,394)
Change in unrealized gains/losses on marketable debt securities, net of tax: ... Change in unrealized gains/losses on marketable debt securities, net of tax: / Change in unrealized gains/losses on marketable debt securities, net of tax:
Change in fair value of marketable debt securities ... Change in fair value of marketable debt securities / Change in fair value of marketable debt securities / 817 / 817 / 5,850 / 5,850 / 1,563 / 1,563
Adjustment for net (gains)/losses realized and included in net income ... Adjustment for net (gains)/losses realized and included in net income / Adjustment for net (gains)/losses realized and included in net income / 414 / 414 / 204 / 204 / 253 / 253
Total change in unrealized gains/losses on marketable debt securities ... Total change in unrealized gains/losses on marketable debt securities / Total change in unrealized gains/losses on marketable debt securities / 1,231 / 1,231 / 6,054 / 6,054 / 1,816 / 1,816
Total other comprehensive income/(loss) ... Total other comprehensive income/(loss) / Total other comprehensive income/(loss) / 1,601 / 1,601 / 4,280 / 4,280 / (343) / (343)
Total comprehensive income .............. Total comprehensive income / Total comprehensive income / $ / 113,611 / $ / 98,016 / $ / 96,652
See accompanying Notes to Consolidated Financial Statements. Apple Inc. | 2025 Form 10-K | 30
Apple Inc. CONSOLIDATED BALANCE SHEETS (In millions, except number of shares, which are reflected in thousands, and par value)
September 27,2025
September 27,2025 / September 27,2025 / September 28,2024 / September 28,2024 / September 28,2024
ASSETS: ................................. ASSETS: / ASSETS: / ASSETS: / ASSETS: / ASSETS: / ASSETS: / ASSETS: / ASSETS: / ASSETS: / ASSETS: / ASSETS:
Current assets: ......................... Current assets: / Current assets:
Cash and cash equivalents ............... Cash and cash equivalents / Cash and cash equivalents / $ / 35,934 / $ / 29,943
Marketable securities ................... Marketable securities / Marketable securities / 18,763 / 18,763 / 35,228 / 35,228
Accounts receivable, net ................ Accounts receivable, net / Accounts receivable, net / 39,777 / 39,777 / 33,410 / 33,410
Vendor non-trade receivables ............ Vendor non-trade receivables / Vendor non-trade receivables / 33,180 / 33,180 / 32,833 / 32,833
Inventories ............................. Inventories / Inventories / 5,718 / 5,718 / 7,286 / 7,286
Other current assets .................... Other current assets / Other current assets / 14,585 / 14,585 / 14,287 / 14,287
Total current assets .................... Total current assets / Total current assets / 147,957 / 147,957 / 152,987 / 152,987
Non-current assets: ..................... Non-current assets: / Non-current assets:
Marketable securities ................... Marketable securities / Marketable securities / 77,723 / 77,723 / 91,479 / 91,479
Property, plant and equipment, net ...... Property, plant and equipment, net / Property, plant and equipment, net / 49,834 / 49,834 / 45,680 / 45,680
Other non-current assets ................ Other non-current assets / Other non-current assets / 83,727 / 83,727 / 74,834 / 74,834
Total non-current assets ................ Total non-current assets / Total non-current assets / 211,284 / 211,284 / 211,993 / 211,993
Total assets ............................ Total assets / Total assets / $ / 359,241 / $ / 364,980
LIABILITIES AND SHAREHOLDERS’ EQUITY: ... LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY: / LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities: .................... Current liabilities: / Current liabilities:
Accounts payable ........................ Accounts payable / Accounts payable / $ / 69,860 / $ / 68,960
Other current liabilities ............... Other current liabilities / Other current liabilities / 66,387 / 66,387 / 78,304 / 78,304
Deferred revenue ........................ Deferred revenue / Deferred revenue / 9,055 / 9,055 / 8,249 / 8,249
Commercial paper ........................ Commercial paper / Commercial paper / 7,979 / 7,979 / 9,967 / 9,967
Term debt ............................... Term debt / Term debt / 12,350 / 12,350 / 10,912 / 10,912
Total current liabilities ............... Total current liabilities / Total current liabilities / 165,631 / 165,631 / 176,392 / 176,392
Non-current liabilities: ................ Non-current liabilities: / Non-current liabilities:
Term debt ............................... Term debt / Term debt / 78,328 / 78,328 / 85,750 / 85,750
Other non-current liabilities ........... Other non-current liabilities / Other non-current liabilities / 41,549 / 41,549 / 45,888 / 45,888
Total non-current liabilities ........... Total non-current liabilities / Total non-current liabilities / 119,877 / 119,877 / 131,638 / 131,638
Total liabilities ....................... Total liabilities / Total liabilities / 285,508 / 285,508 / 308,030 / 308,030
Commitments and contingencies ........... Commitments and contingencies / Commitments and contingencies
Shareholders’ equity: ................... Shareholders’ equity: / Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,773,260 and 15,116,786 shares issued and outstanding, respectively ... Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,773,260 and 15,116,786 shares issued and outstanding, respectively / Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,773,260 and 15,116,786 shares issued and outstanding, respectively / 93,568 / 93,568 / 83,276 / 83,276
Accumulated deficit ..................... Accumulated deficit / Accumulated deficit / (14,264) / (14,264) / (19,154) / (19,154)
Accumulated other comprehensive loss .... Accumulated other comprehensive loss / Accumulated other comprehensive loss / (5,571) / (5,571) / (7,172) / (7,172)
Total shareholders’ equity .............. Total shareholders’ equity / Total shareholders’ equity / 73,733 / 73,733 / 56,950 / 56,950
Total liabilities and shareholders’ equity ... Total liabilities and shareholders’ equity / Total liabilities and shareholders’ equity / $ / 359,241 / $ / 364,980
See accompanying Notes to Consolidated Financial Statements. Apple Inc. | 2025 Form 10-K | 31
Apple Inc. CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (In millions, except per-share amounts)
Years ended
Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended
September 27,2025 / September 27,2025 / September 27,2025 / September 28,2024 / September 28,2024 / September 28,2024 / September 30,2023 / September 30,2023 / September 30,2023
Total shareholders’ equity, beginning balances ... Total shareholders’ equity, beginning balances / Total shareholders’ equity, beginning balances / $ / 56,950 / $ / 62,146 / $ / 50,672
Common stock and additional paid-in capital: ... Common stock and additional paid-in capital: / Common stock and additional paid-in capital:
Beginning balances ...................... Beginning balances / Beginning balances / 83,276 / 83,276 / 73,812 / 73,812 / 64,849 / 64,849
Common stock issued ..................... Common stock issued / Common stock issued / 1,498 / 1,498 / 1,423 / 1,423 / 1,346 / 1,346
Common stock withheld related to net share settlement of equity awards ... Common stock withheld related to net share settlement of equity awards / Common stock withheld related to net share settlement of equity awards / (4,452) / (4,452) / (3,993) / (3,993) / (3,521) / (3,521)
Share-based compensation ................ Share-based compensation / Share-based compensation / 13,246 / 13,246 / 12,034 / 12,034 / 11,138 / 11,138
Ending balances ......................... Ending balances / Ending balances / 93,568 / 93,568 / 83,276 / 83,276 / 73,812 / 73,812
Accumulated deficit: .................... Accumulated deficit: / Accumulated deficit:
Beginning balances ...................... Beginning balances / Beginning balances / (19,154) / (19,154) / (214) / (214) / (3,068) / (3,068)
Net income .............................. Net income / Net income / 112,010 / 112,010 / 93,736 / 93,736 / 96,995 / 96,995
Dividends and dividend equivalents declared ... Dividends and dividend equivalents declared / Dividends and dividend equivalents declared / (15,413) / (15,413) / (15,218) / (15,218) / (14,996) / (14,996)
Common stock withheld related to net share settlement of equity awards ... Common stock withheld related to net share settlement of equity awards / Common stock withheld related to net share settlement of equity awards / (1,655) / (1,655) / (1,612) / (1,612) / (2,099) / (2,099)
Common stock repurchased ................ Common stock repurchased / Common stock repurchased / (90,052) / (90,052) / (95,846) / (95,846) / (77,046) / (77,046)
Ending balances ......................... Ending balances / Ending balances / (14,264) / (14,264) / (19,154) / (19,154) / (214) / (214)
Accumulated other comprehensive loss: ... Accumulated other comprehensive loss: / Accumulated other comprehensive loss:
Beginning balances ...................... Beginning balances / Beginning balances / (7,172) / (7,172) / (11,452) / (11,452) / (11,109) / (11,109)
Other comprehensive income/(loss) ....... Other comprehensive income/(loss) / Other comprehensive income/(loss) / 1,601 / 1,601 / 4,280 / 4,280 / (343) / (343)
Ending balances ......................... Ending balances / Ending balances / (5,571) / (5,571) / (7,172) / (7,172) / (11,452) / (11,452)
Total shareholders’ equity, ending balances ... Total shareholders’ equity, ending balances / Total shareholders’ equity, ending balances / $ / 73,733 / $ / 56,950 / $ / 62,146
Dividends and dividend equivalents declared per share or RSU ... Dividends and dividend equivalents declared per share or RSU / Dividends and dividend equivalents declared per share or RSU / $ / 1.02 / $ / 0.98 / $ / 0.94
See accompanying Notes to Consolidated Financial Statements. Apple Inc. | 2025 Form 10-K | 32
Apple Inc. CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions)
Years ended
Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended / Years ended
September 27,2025 / September 27,2025 / September 27,2025 / September 28,2024 / September 28,2024 / September 28,2024 / September 30,2023 / September 30,2023 / September 30,2023
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances ... Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances / Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances / $ / 29,943 / $ / 30,737 / $ / 24,977
Operating activities: ................... Operating activities: / Operating activities:
Net income .............................. Net income / Net income / 112,010 / 112,010 / 93,736 / 93,736 / 96,995 / 96,995
Adjustments to reconcile net income to cash generated by operating activities: ... Adjustments to reconcile net income to cash generated by operating activities: / Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization ........... Depreciation and amortization / Depreciation and amortization / 11,698 / 11,698 / 11,445 / 11,445 / 11,519 / 11,519
Share-based compensation expense ........ Share-based compensation expense / Share-based compensation expense / 12,863 / 12,863 / 11,688 / 11,688 / 10,833 / 10,833
Other ................................... Other / Other / (89) / (89) / (2,266) / (2,266) / (2,227) / (2,227)
Changes in operating assets and liabilities: ... Changes in operating assets and liabilities: / Changes in operating assets and liabilities:
Accounts receivable, net ................ Accounts receivable, net / Accounts receivable, net / (6,682) / (6,682) / (3,788) / (3,788) / (1,688) / (1,688)
Vendor non-trade receivables ............ Vendor non-trade receivables / Vendor non-trade receivables / (347) / (347) / (1,356) / (1,356) / 1,271 / 1,271
Inventories ............................. Inventories / Inventories / 1,400 / 1,400 / (1,046) / (1,046) / (1,618) / (1,618)
Other current and non-current assets .... Other current and non-current assets / Other current and non-current assets / (9,197) / (9,197) / (11,731) / (11,731) / (5,684) / (5,684)
Accounts payable ........................ Accounts payable / Accounts payable / 902 / 902 / 6,020 / 6,020 / (1,889) / (1,889)
Other current and non-current liabilities ... Other current and non-current liabilities / Other current and non-current liabilities / (11,076) / (11,076) / 15,552 / 15,552 / 3,031 / 3,031
Cash generated by operating activities ... Cash generated by operating activities / Cash generated by operating activities / 111,482 / 111,482 / 118,254 / 118,254 / 110,543 / 110,543
Investing activities: ................... Investing activities: / Investing activities:
Purchases of marketable securities ...... Purchases of marketable securities / Purchases of marketable securities / (24,407) / (24,407) / (48,656) / (48,656) / (29,513) / (29,513)
Proceeds from maturities of marketable securities ... Proceeds from maturities of marketable securities / Proceeds from maturities of marketable securities / 40,907 / 40,907 / 51,211 / 51,211 / 39,686 / 39,686
Proceeds from sales of marketable securities ... Proceeds from sales of marketable securities / Proceeds from sales of marketable securities / 12,890 / 12,890 / 11,135 / 11,135 / 5,828 / 5,828
Payments for acquisition of property, plant and equipment ... Payments for acquisition of property, plant and equipment / Payments for acquisition of property, plant and equipment / (12,715) / (12,715) / (9,447) / (9,447) / (10,959) / (10,959)
Other ................................... Other / Other / (1,480) / (1,480) / (1,308) / (1,308) / (1,337) / (1,337)
Cash generated by investing activities ... Cash generated by investing activities / Cash generated by investing activities / 15,195 / 15,195 / 2,935 / 2,935 / 3,705 / 3,705
Financing activities: ................... Financing activities: / Financing activities:
Payments for taxes related to net share settlement of equity awards ... Payments for taxes related to net share settlement of equity awards / Payments for taxes related to net share settlement of equity awards / (5,960) / (5,960) / (5,441) / (5,441) / (5,431) / (5,431)
Payments for dividends and dividend equivalents ... Payments for dividends and dividend equivalents / Payments for dividends and dividend equivalents / (15,421) / (15,421) / (15,234) / (15,234) / (15,025) / (15,025)
Repurchases of common stock ............. Repurchases of common stock / Repurchases of common stock / (90,711) / (90,711) / (94,949) / (94,949) / (77,550) / (77,550)
Proceeds from issuance of term debt, net ... Proceeds from issuance of term debt, net / Proceeds from issuance of term debt, net / 4,481 / 4,481 / — / — / 5,228 / 5,228
Repayments of term debt ................. Repayments of term debt / Repayments of term debt / (10,932) / (10,932) / (9,958) / (9,958) / (11,151) / (11,151)
Proceeds from/(Repayments of) commercial paper, net ... Proceeds from/(Repayments of) commercial paper, net / Proceeds from/(Repayments of) commercial paper, net / (2,032) / (2,032) / 3,960 / 3,960 / (3,978) / (3,978)
Other ................................... Other / Other / (111) / (111) / (361) / (361) / (581) / (581)
Cash used in financing activities ....... Cash used in financing activities / Cash used in financing activities / (120,686) / (120,686) / (121,983) / (121,983) / (108,488) / (108,488)
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents ... Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents / Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents / 5,991 / 5,991 / (794) / (794) / 5,760 / 5,760
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances ... Cash, cash equivalents, and restricted cash and cash equivalents, ending balances / Cash, cash equivalents, and restricted cash and cash equivalents, ending balances / $ / 35,934 / $ / 29,943 / $ / 30,737
Supplemental cash flow disclosure: ...... Supplemental cash flow disclosure: / Supplemental cash flow disclosure:
Cash paid for income taxes, net ......... Cash paid for income taxes, net / Cash paid for income taxes, net / $ / 43,369 / $ / 26,102 / $ / 18,679
See accompanying Notes to Consolidated Financial Statements. Apple Inc. | 2025 Form 10-K | 33
Apple Inc.