# Apple Inc. | 10-K | Filed 2025-10-31 | | | | | --- | --- | --- | | | | | UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 | | | | | --- | --- | --- | | | | | FORM 10-K | | | | | --- | --- | --- | | | | | (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 27, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-36743 | | | | | --- | --- | --- | | | | | Apple Inc. (Exact name of Registrant as specified in its charter) | | | | | --- | --- | --- | | | | | > **California** > > California / California / 94-2404110 / 94-2404110 / 94-2404110 > > (State or other jurisdiction of incorporation or organization) ... (State or other jurisdiction of incorporation or organization) / (State or other jurisdiction of incorporation or organization) / (I.R.S. Employer Identification No.) / (I.R.S. Employer Identification No.) / (I.R.S. Employer Identification No.) > One Apple Park Way ...................... One Apple Park Way / One Apple Park Way > Cupertino, California ................... Cupertino, California / Cupertino, California / 95014 / 95014 / 95014 > (Address of principal executive offices) ... (Address of principal executive offices) / (Address of principal executive offices) / (Zip Code) / (Zip Code) / (Zip Code) (408) 996-1010 (Registrant’s telephone number, including area code) | | | | | --- | --- | --- | | | | | Securities registered pursuant to Section 12(b) of the Act: > **Title of each class** > > Title of each class / Title of each class / Trading symbol(s) / Trading symbol(s) / Trading symbol(s) / Name of each exchange on which registered / Name of each exchange on which registered / Name of each exchange on which registered > > Common Stock, $0.00001 par value per share ... Common Stock, $0.00001 par value per share / Common Stock, $0.00001 par value per share / AAPL / AAPL / AAPL / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC > 0.000% Notes due 2025 ................... 0.000% Notes due 2025 / 0.000% Notes due 2025 / — / — / — / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC > 1.625% Notes due 2026 ................... 1.625% Notes due 2026 / 1.625% Notes due 2026 / — / — / — / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC > 2.000% Notes due 2027 ................... 2.000% Notes due 2027 / 2.000% Notes due 2027 / — / — / — / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC > 1.375% Notes due 2029 ................... 1.375% Notes due 2029 / 1.375% Notes due 2029 / — / — / — / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC > 3.050% Notes due 2029 ................... 3.050% Notes due 2029 / 3.050% Notes due 2029 / — / — / — / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC > 0.500% Notes due 2031 ................... 0.500% Notes due 2031 / 0.500% Notes due 2031 / — / — / — / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC > 3.600% Notes due 2042 ................... 3.600% Notes due 2042 / 3.600% Notes due 2042 / — / — / — / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC / The Nasdaq Stock Market LLC Securities registered pursuant to Section 12(g) of the Act: None | | | | | --- | --- | --- | | | | | Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes   ☒      No   ☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes   ☐      No   ☒ Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   ☒      No   ☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes   ☒      No   ☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. > **Large accelerated filer** > > Large accelerated filer / Large accelerated filer / ☒ / ☒ / ☒ / Accelerated filer / Accelerated filer / Accelerated filer / ☐ / ☐ / ☐ > > Non-accelerated filer ................... Non-accelerated filer / Non-accelerated filer / ☐ / ☐ / ☐ / Smaller reporting company / Smaller reporting company / Smaller reporting company / ☐ / ☐ / ☐ > Emerging growth company / Emerging growth company / Emerging growth company / ☐ / ☐ / ☐ If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes   ☐      No   ☒ The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant, as of March 28, 2025, the last business day of the Registrant’s most recently completed second fiscal quarter, was approximately $3,253,431,000,000. Solely for purposes of this disclosure, shares of common stock held by executive officers and directors of the Registrant as of such date have been excluded because such persons may be deemed to be affiliates. This determination of executive officers and directors as affiliates is not necessarily a conclusive determination for any other purposes. 14,776,353,000 shares of common stock were issued and outstanding as of October 17, 2025. DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement relating to its 2026 annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. The Registrant’s definitive proxy statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. | | | | | --- | --- | --- | | | | | --- Apple Inc. Form 10-K For the Fiscal Year Ended September 27, 2025 TABLE OF CONTENTS > **Page / Page / Page** > > Part I .................................. Part I / Part I / Part I / Part I / Part I / Part I / Part I / Part I > Item 1. ................................. Item 1. / Item 1. / Business / Business / Business / 1 / 1 / 1 > Item 1A. ................................ Item 1A. / Item 1A. / Risk Factors / Risk Factors / Risk Factors / 5 / 5 / 5 > Item 1B. ................................ Item 1B. / Item 1B. / Unresolved Staff Comments / Unresolved Staff Comments / Unresolved Staff Comments / 17 / 17 / 17 > Item 1C. ................................ Item 1C. / Item 1C. / Cybersecurity / Cybersecurity / Cybersecurity / 17 / 17 / 17 > Item 2. ................................. Item 2. / Item 2. / Properties / Properties / Properties / 17 / 17 / 17 > Item 3. ................................. Item 3. / Item 3. / Legal Proceedings / Legal Proceedings / Legal Proceedings / 18 / 18 / 18 > Item 4. ................................. Item 4. / Item 4. / Mine Safety Disclosures / Mine Safety Disclosures / Mine Safety Disclosures / 18 / 18 / 18 > Part II ................................. Part II / Part II / Part II / Part II / Part II / Part II / Part II / Part II > Item 5. ................................. Item 5. / Item 5. / Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities / Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities / Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities / 19 / 19 / 19 > Item 6. ................................. Item 6. / Item 6. / [Reserved] / [Reserved] / [Reserved] / 20 / 20 / 20 > Item 7. ................................. Item 7. / Item 7. / Management’s Discussion and Analysis of Financial Condition and Results of Operations / Management’s Discussion and Analysis of Financial Condition and Results of Operations / Management’s Discussion and Analysis of Financial Condition and Results of Operations / 21 / 21 / 21 > Item 7A. ................................ Item 7A. / Item 7A. / Quantitative and Qualitative Disclosures About Market Risk / Quantitative and Qualitative Disclosures About Market Risk / Quantitative and Qualitative Disclosures About Market Risk / 27 / 27 / 27 > Item 8. ................................. Item 8. / Item 8. / Financial Statements and Supplementary Data / Financial Statements and Supplementary Data / Financial Statements and Supplementary Data / 28 / 28 / 28 > Item 9. ................................. Item 9. / Item 9. / Changes in and Disagreements with Accountants on Accounting and Financial Disclosure / Changes in and Disagreements with Accountants on Accounting and Financial Disclosure / Changes in and Disagreements with Accountants on Accounting and Financial Disclosure / 52 / 52 / 52 > Item 9A. ................................ Item 9A. / Item 9A. / Controls and Procedures / Controls and Procedures / Controls and Procedures / 52 / 52 / 52 > Item 9B. ................................ Item 9B. / Item 9B. / Other Information / Other Information / Other Information / 53 / 53 / 53 > Item 9C. ................................ Item 9C. / Item 9C. / Disclosure Regarding Foreign Jurisdictions that Prevent Inspections / Disclosure Regarding Foreign Jurisdictions that Prevent Inspections / Disclosure Regarding Foreign Jurisdictions that Prevent Inspections / 53 / 53 / 53 > Part III ................................ Part III / Part III / Part III / Part III / Part III / Part III / Part III / Part III > Item 10. ................................ Item 10. / Item 10. / Directors, Executive Officers and Corporate Governance / Directors, Executive Officers and Corporate Governance / Directors, Executive Officers and Corporate Governance / 53 / 53 / 53 > Item 11. ................................ Item 11. / Item 11. / Executive Compensation / Executive Compensation / Executive Compensation / 53 / 53 / 53 > Item 12 . .............................. Item 12 . / Item 12 . / Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters / Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters / Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters / 53 / 53 / 53 > Item 13 . .............................. Item 13 . / Item 13 . / Certain Relationships and Related Transactions, and Director Independence / Certain Relationships and Related Transactions, and Director Independence / Certain Relationships and Related Transactions, and Director Independence / 53 / 53 / 53 > Item 14. ................................ Item 14. / Item 14. / Principal Accountant Fees and Services / Principal Accountant Fees and Services / Principal Accountant Fees and Services / 53 / 53 / 53 > Part IV ................................. Part IV / Part IV / Part IV / Part IV / Part IV / Part IV / Part IV / Part IV > Item 15. ................................ Item 15. / Item 15. / Exhibit and Financial Statement Schedules / Exhibit and Financial Statement Schedules / Exhibit and Financial Statement Schedules / 54 / 54 / 54 > Item 16. ................................ Item 16. / Item 16. / Form 10-K Summary / Form 10-K Summary / Form 10-K Summary / 57 / 57 / 57 --- This Annual Report on Form 10-K (“Form 10-K”) contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Many of the forward-looking statements are located in Part I, Item 1 of this Form 10-K under the heading “Business” and Part II, Item 7 of this Form 10-K under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” 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-K 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 this Form 10-K 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. Each of the terms the “Company” and “Apple” as used herein refers collectively to Apple Inc. and its wholly owned subsidiaries, unless otherwise stated. PART I