UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
For the fiscal year ended
Commission File Number:
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
(Address of principal executive offices, including zip code)
(
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of each exchange on which registered |
|---|---|---|
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes
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
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
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
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.
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 Exchange Act). Yes
The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was $
As of September 27, 2025, the registrant had
Auditor name:
Form type: 10-K
Period end: 2025-09-27
Apple Inc. (the "Company," "we," "us," or "our") is a public reporting company classified under Electronic Computers. Apple Inc. is a public reporting company classified under Electronic Computers. The Company designs, manufactures, and markets [COMPLETE: description of principal products and services], and offers related [COMPLETE: description of services and platforms] to customers in [COMPLETE: description of geographic markets and customer segments]. Our business strategy is focused on [COMPLETE: description of business strategy, including product innovation, ecosystem integration, and customer experience]. Our fiscal year ended on September 27, 2025, and unless otherwise noted, references to fiscal 2025 refer to the fiscal year ended on that date.
The Company's operations are significant in scale. Total net sales were $416,161,000,000 in fiscal 2025 compared with $391,035,000,000 in the prior year, an increase of 6.4%, and net income was $112,010,000,000. We continue to invest substantially in the development of new and enhanced products and services, and research and development expense was $34,550,000,000 in fiscal 2025 compared with $31,370,000,000 in the prior year, an increase of 10.1%. We also invest in the marketing and distribution of our offerings, and selling and marketing expense was $19,524,000,000 in fiscal 2025 compared with $18,639,000,000 in the prior year, an increase of 4.7%. During fiscal 2025, intangible assets, net, totaled $13,301,000,000 compared with none in the prior year, reflecting [COMPLETE: description of acquisitions or other transactions giving rise to intangible assets]. We compete in markets characterized by [COMPLETE: description of competitive conditions], and our principal competitors include [COMPLETE: identification of principal competitors].
The Company relies on [COMPLETE: description of supply chain, manufacturing, and component sourcing arrangements] for the manufacture and distribution of its products, and our business is subject to [COMPLETE: description of seasonality]. We rely on a combination of patents, copyrights, trademarks, and trade secrets to protect our intellectual property, which is described in [COMPLETE: description of intellectual property portfolio]. As of September 27, 2025, the Company had [COMPLETE: number of full-time equivalent employees], and our human capital programs are focused on [COMPLETE: description of human capital resources and initiatives]. The Company's common stock has a par value of $0.00001 per share with 50,400,000,000 shares authorized. The Company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements. Our periodic reports, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, are made available at [COMPLETE: investor relations website address] as soon as reasonably practicable after they are filed with or furnished to the SEC.
Apple Inc. is a public reporting company classified under Electronic Computers. For the period ended September 27, 2025, the Company reported revenue of $416,161 million and net income of $112,010 million. Our results depend significantly on the profitability of our products and services, and cost of revenue increased 5.0% to $220,960 million from $210,352 million while revenue increased 6.4% to $416,161 million from $391,035 million. Services gross margin increased during 2025 compared to 2024 primarily due to higher Services net sales and a different mix of services, and 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, and as a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure. Any sustained decline in gross margin, whether from shifts in product and service mix, higher component or content costs, or competitive pricing, could materially and adversely affect our financial condition and operating results.
We are exposed to financial market risks that could adversely affect the value of our investment portfolio and our cost of capital. Our primary market risk exposure is interest rate risk on cash, cash equivalents, and short-term investments. As of the end of the period, cash and cash equivalents were $35,934 million, short-term investments were $18,763 million, down 46.7% from $35,228 million, and long-term investments were $77,723 million, down 15.0% from $91,479 million. Changes in interest rates could reduce the fair value of these holdings or the income we earn on them. The Company does not have material foreign currency or commodity price exposure. We also rely on debt financing, and long-term debt was $78,328 million, current debt was $12,350 million, and commercial paper outstanding was $7,979 million as of period end. Total liabilities of $285,508 million substantially exceeded total equity of $73,733 million, and our ability to refinance maturing obligations on favorable terms depends on our credit ratings and conditions in the capital markets, which are beyond our control.
Our operating results are also subject to risks arising from our investments in innovation, working capital, taxation, and legal and regulatory matters. Research and development expense increased 10.1% to $34,550 million from $31,370 million, and there can be no assurance that these investments will result in commercially successful products or services. Accounts receivable increased 19.1% to $39,777 million from $33,410 million, and inventory decreased 21.5% to $5,718 million from $7,286 million, exposing us to credit risk from customers and to the risk of supply constraints or excess inventory if demand differs from our forecasts. Intangible assets, net, of $13,301 million were recognized during the period compared to none in the prior period, and these assets could be subject to impairment if expected benefits are not realized. Income tax expense was $20,719 million, a decrease of 30.4% from $29,749 million, and taxes payable declined 51.1% to $13,016 million from $26,601 million; changes in tax laws, rates, or the outcome of tax examinations could increase our effective tax rate and cash tax obligations. The Company is involved in legal proceedings arising in the ordinary course of business from time to time, and management does not currently believe any pending matter is material to the financial statements, although the outcome of litigation is inherently uncertain and an adverse result could have a material adverse effect. Management evaluated disclosure controls and procedures as of the end of the period and concluded they were effective at the reasonable assurance level, and no changes materially affected internal control over financial reporting during the quarter; however, any future failure to maintain effective controls could impair our ability to report financial results accurately and on a timely basis. [COMPLETE: additional risk factors relating to competition, supply chain concentration, cybersecurity, and regulatory matters]
Net sales for the fiscal year ended September 27, 2025 were $416,161 million, an increase of $25,126 million, or 6.4%, from $391,035 million in the prior year, driven primarily by [COMPLETE: principal product and service categories and geographic segments contributing to the year-over-year revenue increase]. Cost of revenue increased 5.0% to $220,960 million from $210,352 million, and because cost of revenue grew more slowly than net sales, gross margin increased to $195,201 million from $180,683 million, reflecting [COMPLETE: drivers of gross margin expansion, including product and services mix]. Research and development expense increased 10.1% to $34,550 million from $31,370 million, selling and marketing expense increased 4.7% to $19,524 million from $18,639 million, and general and administrative expense increased 8.3% to $8,077 million from $7,458 million, with the growth in research and development attributable primarily to [COMPLETE: headcount and program-related drivers of research and development growth]. Other income (expense), net was a net expense of $321 million compared with net income of $269 million in the prior year, reflecting [COMPLETE: drivers of the change in other income and expense, including interest income, interest expense and other items]. The provision for income taxes decreased 30.4% to $20,719 million from $29,749 million, primarily as a result of [COMPLETE: drivers of the decrease in income tax expense and the comparative effective tax rates]. Net income for the year was $112,010 million, and basic earnings per share were $7.49 on weighted-average basic shares outstanding of 14,948,500,000.
Cash and cash equivalents were $35,934 million at September 27, 2025, an increase of 20.0% from $29,943 million at the end of the prior year, while short-term investments decreased 46.7% to $18,763 million from $35,228 million and long-term investments decreased 15.0% to $77,723 million from $91,479 million. Cash generated by operating activities was [COMPLETE: net cash provided by operating activities for fiscal 2025 and the prior year], cash used in investing activities was [COMPLETE: net cash used in investing activities], and cash used in financing activities was [COMPLETE: net cash used in financing activities, including share repurchases and dividends]. Accounts receivable increased 19.1% to $39,777 million from $33,410 million, vendor non-trade receivables increased 1.1% to $33,180 million from $32,833 million, and inventories decreased 21.5% to $5,718 million from $7,286 million. Intangible assets, net were $13,301 million at year end, compared with none in the prior year, reflecting [COMPLETE: nature of the intangible assets recognized during the year].
The Company reduced its outstanding borrowings during the year: commercial paper decreased 19.9% to $7,979 million from $9,967 million and long-term debt decreased 8.7% to $78,328 million from $85,750 million, while the current portion of term debt increased 13.2% to $12,350 million from $10,912 million as maturities approached. Accounts payable increased 1.3% to $69,860 million from $68,960 million, other accrued liabilities increased 1.0% to $44,452 million from $44,024 million, deferred revenue increased 9.8% to $9,055 million from $8,249 million, taxes payable decreased 51.1% to $13,016 million from $26,601 million, and other noncurrent liabilities decreased 9.5% to $41,549 million from $45,888 million. Total liabilities were $285,508 million and total shareholders' equity was $73,733 million at September 27, 2025. Shareholders' equity reflected common stock and additional paid-in capital of $93,568 million, up 12.4% from $83,276 million, an accumulated deficit of $14,264 million compared with $19,154 million in the prior year, and accumulated other comprehensive loss of $5,571 million compared with $7,172 million. Capital expenditures for the year were [COMPLETE: capital expenditures for fiscal 2025], and the Company returned [COMPLETE: amounts of share repurchases and dividends paid] to shareholders during the year. The Company's primary market risk exposure is interest rate risk on its cash, cash equivalents and short-term investments, and it does not have material foreign currency or commodity price exposure. Management believes the Company's existing balances of cash, cash equivalents and investments, together with cash generated from ongoing operations and continued access to debt markets, will be sufficient to satisfy its working capital needs, capital expenditures, outstanding commitments, and other liquidity requirements for at least the next twelve months.
| Year Ended September 27, 2025 | Year Ended September 28, 2024 | |
|---|---|---|
| Revenue | ||
| Total Revenue | ||
| Cost of revenue | ||
| Total COGS | ||
| Gross Profit | ||
| General and administrative | ||
| Research and development | ||
| Selling and marketing | ||
| Total operating expenses | ||
| Operating income | ||
| Other income (expense) | ||
| Other income (expense), net | - | |
| Income before income taxes | ||
| Income tax expense (benefit) | ||
| Net Income | ||
| Basic earnings per share | ||
| Diluted earnings per share | ||
| Weighted average shares outstanding, basic | ||
| Weighted average shares outstanding, diluted | ||
| Year Ended September 27, 2025 | Year Ended September 28, 2024 | |
|---|---|---|
| Net income | 112,010,000,000 | 93,736,000,000 |
| Foreign currency translation adjustment, net of tax | - | |
| Other comprehensive income (loss), other components | 1,868,000,000 | 3,885,000,000 |
| Other comprehensive income (loss), net of tax | ||
| Comprehensive income |
| September 27, 2025 | September 28, 2024 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Accounts receivable | ||
| Cash and cash equivalents | ||
| Inventory | ||
| Other current assets | ||
| Short-term investments | ||
| Vendor non-trade receivables | ||
| Total current assets | ||
| Noncurrent assets | ||
| Deferred tax assets | ||
| Intangible assets, net | 0 | |
| Finite-lived intangible assets, accumulated amortization | ||
| Long-term investments | ||
| Operating lease right-of-use assets | ||
| Other noncurrent assets | ||
| Other noncurrent assets (derived) | 15,644,000,000 | 15,947,000,000 |
| Total noncurrent assets | ||
| Total Assets | ||
| Liabilities | ||
| Current liabilities | ||
| Accounts payable | ||
| Commercial paper | ||
| Debt, current | ||
| Deferred revenue | ||
| Finance lease liabilities, current | ||
| Operating lease liabilities, current | ||
| Other accrued liabilities | ||
| Other current liabilities (derived) | 6,802,000,000 | 6,047,000,000 |
| Taxes payable | ||
| Total current liabilities | ||
| Noncurrent liabilities | ||
| Long-term debt | ||
| Other noncurrent liabilities | ||
| Total noncurrent liabilities | ||
| Total Liabilities | ||
| Equity | ||
| Accumulated other comprehensive income (loss) | - | - |
| Common stock and additional paid-in capital | ||
| Common stock, par value per share | ||
| Common stock, shares authorized | ||
| Common stock, shares issued | ||
| Common stock, shares outstanding | ||
| Retained earnings (accumulated deficit) | - | - |
| Total Equity | ||
| Total liabilities and equity | ||
| Year Ended September 27, 2025 | Year Ended September 28, 2024 | |
|---|---|---|
| Operating activities | ||
| Net income | ||
| Depreciation and amortization | ||
| Stock-based compensation | ||
| Other noncash items, net | - | - |
| Change in accounts receivable | - | - |
| Change in inventories | - | |
| Change in other operating assets | - | - |
| Change in accounts payable | ||
| Changes in operating assets and liabilities, net | - | |
| Net cash from operating activities | ||
| Investing activities | ||
| Purchases of property and equipment | - | - |
| Payments for (proceeds from) other investing activities | - | - |
| Purchases of available-for-sale securities | - | - |
| Proceeds from sales of available-for-sale securities | ||
| Proceeds from maturities, prepayments and calls of available-for-sale securities | ||
| Net cash from investing activities | ||
| Financing activities | ||
| Repurchases of common stock | - | - |
| Dividends paid | - | - |
| Tax withholding payments for share-based compensation | - | - |
| Proceeds from (payments for) other financing activities | - | - |
| Other financing activities (derived) | - | - |
| Net cash from financing activities | - | - |
| Net change in cash | - | |
| Cash at beginning of period | 30,737,000,000 | |
| Cash at end of period | 29,943,000,000 | |
| Supplemental cash flow information | ||
| Cash paid for income taxes | ||
| Common stock and additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive income (loss) | Total | |
|---|---|---|---|---|
| Balance at beginning of prior year | 73,812,000,000 | -214,000,000 | -11,452,000,000 | 62,146,000,000 |
| Net income | ||||
| Other equity movements | 9,464,000,000 | -112,676,000,000 | 4,280,000,000 | -98,932,000,000 |
| Balance at September 28, 2024 | - | - | ||
| Net income | ||||
| Other equity movements | 10,292,000,000 | -107,120,000,000 | 1,601,000,000 | -95,227,000,000 |
| Balance at September 27, 2025 | - | - |
Apple Inc. is a public reporting company classified under Electronic Computers. The accompanying condensed financial statements are unaudited and have been prepared from the Company's connected books for the period ended September 27, 2025. In the opinion of management, these interim statements reflect all adjustments necessary for a fair presentation of the periods presented, and the results for the interim period are not necessarily indicative of the results to be expected for the full fiscal year. Total revenue for the period was $416,161 million and net income was $112,010 million, and total liabilities and total equity at period end were $285,508 million and $73,733 million, respectively.
Revenue increased 6.4% to $416,161 million from $391,035 million in the prior period, while cost of revenue rose 5.0% to $220,960 million from $210,352 million. Revenue recognized during the period from amounts included in contract liabilities at the beginning of the period was $8,229 million, and deferred revenue at period end was $9,055 million compared with $8,249 million at the end of the prior period, an increase of 9.8%. Accounts receivable increased 19.1% to $39,777 million from $33,410 million, and vendor non-trade receivables were $33,180 million compared with $32,833 million in the prior period. Basic earnings per share for the period were $7.49 and diluted earnings per share were $7.46, computed using weighted-average basic shares outstanding of 14,948,500,000 and a dilutive adjustment of 56,197,000 shares.
At period end, commercial paper outstanding was $7,979 million, a decrease of 19.9% from $9,967 million; the current portion of debt was $12,350 million compared with $10,912 million; and long-term debt was $78,328 million, down 8.7% from $85,750 million. Scheduled principal maturities of long-term debt are $12,393 million within one year, $10,078 million in year two, $9,300 million in year three, $5,235 million in year four, $4,972 million in year five and $49,303 million thereafter, for total long-term debt principal of $91,281 million. Operating lease right-of-use assets were $11,205 million compared with $10,234 million in the prior period, current operating lease liabilities were $1,579 million compared with $1,488 million, and current finance lease liabilities were $538 million compared with $144 million. Undiscounted operating lease payments total $14,725 million, consisting of $1,967 million within one year, $1,988 million in year two, $1,848 million in year three, $1,585 million in year four, $1,381 million in year five and $5,956 million thereafter, less imputed interest of $2,235 million, resulting in a present value of operating lease liabilities of $12,490 million. Operating lease cost for the period was $2,100 million, variable lease cost was $16,100 million, and cash paid for amounts included in the measurement of operating lease liabilities was $2,100 million.
Common stock and additional paid-in capital increased 12.4% to $93,568 million from $83,276 million in the prior period. The accumulated deficit narrowed to $14,264 million from $19,154 million, and accumulated other comprehensive loss decreased to $5,571 million from $7,172 million. Total share-based compensation expense recognized during the period was $12,863 million compared with $11,688 million in the prior period. Total stockholders' equity at period end was $73,733 million. The Company's share repurchase and dividend activity during the period was [COMPLETE: share repurchases, dividends declared per share, and authorized repurchase program remaining].
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and the applicable rules and regulations of the Securities and Exchange Commission. In the opinion of management, the financial statements reflect all adjustments necessary for a fair statement of the financial position, results of operations, and cash flows for the periods presented.
The financial statements include the accounts of the Company and its consolidated subsidiaries, if any. All intercompany balances and transactions have been eliminated in consolidation.
Inventories are stated at the lower of cost and net realizable value.
Receivables are recorded at the amounts contractually due from customers and other counterparties, net of any allowance for amounts not expected to be collected.
The Company determines whether an arrangement is or contains a lease at inception. For leases with terms greater than twelve months, a right-of-use asset and a corresponding lease liability are recognized at the lease commencement date, measured at the present value of the remaining lease payments over the lease term.
Debt is carried at amortized cost. Debt issuance costs and discounts or premiums are presented as an adjustment to the carrying amount of the related debt and amortized to interest expense over the contractual term of the debt.
Revenue is recognized when control of the promised goods or services is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services, following the five-step model of ASC 606, Revenue from Contracts with Customers.
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is recognized when it is more likely than not that some portion of the deferred tax assets will not be realized.
Share-based compensation is measured at the grant-date fair value of the award and recognized as expense over the requisite service period of the award.
Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock, except when the effect would be antidilutive.
Advertising and marketing costs are expensed as incurred and are included in operating expenses in the statements of operations.
Equity instruments issued by the Company are classified in stockholders' equity based on their terms. The components of stockholders' equity and the changes in those components for the periods presented are set forth in the equity note.
The Company evaluates the applicability and impact of Accounting Standards Updates issued by the Financial Accounting Standards Board as they are issued. Adopted updates and updates not yet effective are not expected to have a material effect on the financial statements, except as otherwise described in these notes.
| Current | Prior | |
|---|---|---|
| Commercial paper | ||
| Debt, current | ||
| Finance lease liabilities, current | ||
| Long-term debt | ||
| Operating lease liabilities, current | ||
| Total debt | 100,774,000,000 | 108,261,000,000 |
| Amount | |
|---|---|
| Within one year | |
| Year two | |
| Year three | |
| Year four | |
| Year five | |
| Thereafter | |
| Total long-term debt principal |
| Current | Prior | |
|---|---|---|
| Accumulated other comprehensive income (loss) | - | - |
| Common stock and additional paid-in capital | ||
| Retained earnings (accumulated deficit) | - | - |
| Total stockholders' equity | 73,733,000,000 | 56,950,000,000 |
| Current | Prior | |
|---|---|---|
| Weighted average shares outstanding, basic | ||
| Dilutive effect of potential common shares | ||
| Weighted average shares outstanding, diluted | ||
| Basic earnings per share | 7.49 | 6.11 |
| Diluted earnings per share |
| Amount | |
|---|---|
| Within one year | |
| Year two | |
| Year three | |
| Year four | |
| Year five | |
| Thereafter | |
| Total undiscounted lease payments | |
| Less imputed interest | |
| Present value of operating lease liabilities |
| Current | Prior | |
|---|---|---|
| Operating lease cost | ||
| Variable lease cost | ||
| Cash paid for amounts included in the measurement of operating lease liabilities |
| Current | Prior | |
|---|---|---|
| Current federal | ||
| Current state and local | ||
| Current foreign | ||
| Deferred federal | ( | ( |
| Deferred state and local | ( | ( |
| Deferred foreign | ||
| Total income tax expense (benefit) | 20,719,000,000 | 29,749,000,000 |
| Current | Prior | |
|---|---|---|
| Tax at federal statutory rate | ||
| Federal statutory rate | ||
| State and local taxes | ||
| Valuation allowance change | ||
| Foreign rate differential | ( | ( |
| Research tax credits | ||
| Other adjustments | ||
| Effective tax rate |
| Current | Prior | |
|---|---|---|
| Deferred tax assets, gross | ||
| Other deferred tax assets | ||
| Valuation allowance | ||
| Deferred tax assets, net | ||
| Tax credit carryforwards | ||
| Deferred income | ||
| Reserves and accruals | ||
| Foreign tax credit carryforwards | ||
| Research tax credit carryforwards | ||
| Deferred income tax liabilities | ||
| Property and equipment | ||
| Other deferred tax liabilities | ||
| Leasing arrangements | ||
| Net deferred tax position |
| Current | Prior | |
|---|---|---|
| Balance at beginning of period | 19,454,000,000 | |
| Increases for current period tax positions | ||
| Increases for prior period tax positions | ||
| Decreases for prior period tax positions | ||
| Decreases from settlements with taxing authorities | ||
| Decreases from lapse of statute of limitations | ||
| Balance at end of period | 22,038,000,000 |
| Current | Prior | |
|---|---|---|
| Portion that would impact the effective tax rate | ||
| Decrease reasonably possible within twelve months |
| Current | Prior | |
|---|---|---|
| Income before income taxes: foreign |
| Current | Prior | |
|---|---|---|
| Federal | ||
| State and local | ||
| Foreign | ||
| Total income tax expense (benefit) | 20,719,000,000 | 29,749,000,000 |
| Current | Prior | |
|---|---|---|
| Total share-based compensation expense |
| Current | Prior | |
|---|---|---|
| Revenue recognized that was included in contract liabilities at the beginning of the period |
| Current | Prior | |
|---|---|---|
| Depreciation |
Management of Apple Inc., with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 27, 2025, the end of the period covered by this annual report on Form 10-K. Our certifying officers are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). Disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and is accumulated and communicated to management to allow timely decisions regarding required disclosure. Based on that evaluation, management concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of the end of the period. [COMPLETE: management to review and formally adopt the foregoing conclusion language, including the identification of the principal executive officer, prior to filing; the principal financial officer certification is signed by Parekh Kevan, Principal Financial Officer of Apple Inc.]
Management is also responsible for establishing and maintaining adequate internal control over financial reporting and for assessing its effectiveness as of the end of the fiscal year. [COMPLETE: management's annual report on internal control over financial reporting as of September 27, 2025, including the framework used for the assessment and management's conclusion on the effectiveness of internal control over financial reporting.] [COMPLETE: reference to the attestation report of the independent registered public accounting firm on the effectiveness of internal control over financial reporting, if required.]
There were no changes in our internal control over financial reporting during the quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Any system of controls, however well designed and operated, can provide only reasonable, not absolute, assurance that its objectives are met, and management does not expect that our disclosure controls and procedures or internal control over financial reporting will prevent or detect all errors and all fraud. The certifications of our Principal Executive Officer and Principal Financial Officer pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350 are filed or furnished as Exhibits 31.1, 31.2, 32.1 and 32.2 to this report.
Apple Inc. is a public reporting company classified under Electronic Computers. The Company maintains a cybersecurity risk management program designed to identify, assess, and manage material risks from cybersecurity threats, which is [COMPLETE: description of the cybersecurity risk management program, including its integration into the Company's overall enterprise risk management processes]. The program's processes for identifying and assessing cybersecurity threats include [COMPLETE: description of risk assessment processes, use of internal security teams, and engagement of assessors, consultants, auditors, or other third parties]. The Company also has processes to oversee and identify cybersecurity risks associated with its use of third-party service providers, which consist of [COMPLETE: description of third-party risk oversight processes].
The Company's Board of Directors oversees the Company's management of risks from cybersecurity threats through [COMPLETE: description of Board and committee oversight of cybersecurity risk, including the committee responsible and the frequency and manner in which the Board or committee is informed of cybersecurity matters]. At the management level, responsibility for assessing and managing material risks from cybersecurity threats rests with [COMPLETE: management positions or committees responsible for cybersecurity, and the relevant expertise of such persons]. Management is informed about and monitors the prevention, detection, mitigation, and remediation of cybersecurity incidents through [COMPLETE: description of processes by which management is informed of and monitors cybersecurity incidents, and the manner in which such information is reported to the Board or committee].
As of the period ended [COMPLETE: fiscal year-end date], [COMPLETE: statement as to whether any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have materially affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations, or financial condition]. The Company continues to evaluate developments in the cybersecurity threat landscape and will update its disclosure as appropriate.
The Item 408(a) Rule 10b5-1 trading arrangement disclosure renders here from the guided trading arrangement intake on this page. Complete the intake to state whether any director or officer adopted or terminated a trading arrangement during the fourth fiscal quarter. Author any other Item 9B disclosure in this section as well.
The information required by Item 10 with respect to the Company's directors and executive officers is set forth below and in [COMPLETE: cross-reference to the Company's definitive proxy statement for its annual meeting of shareholders, if incorporated by reference], and relates to the fiscal year ended September 27, 2025. The Company is Apple Inc. The Company's executive officers include John Ternus, Chief Executive Officer and a member of the Board of Directors; Kevan Parekh, Senior Vice President and Chief Financial Officer; Sabih Khan, Chief Operating Officer; Jennifer Newstead, Senior Vice President, General Counsel and Secretary; and Ben Borders, Principal Accounting Officer. Persons who have served as directors of the Company include Timothy D. Cook, Arthur D. Levinson, Ronald D. Sugar, Andrea Jung, Robert A. Iger, Susan Wagner, James A. Bell, Monica C. Lozano, Alex Gorsky and Wanda M. Austin [COMPLETE: confirm the current composition of the Board of Directors, each director's age, term and committee memberships, and the ages and business experience of each executive officer as of the filing date]. The Company's insider trading policy is filed as Exhibit 19 to this Form 10-K. [COMPLETE: description of the Company's code of ethics applicable to its principal executive officer, principal financial officer and principal accounting officer, where it is available, and the identity of the audit committee and its financial expert.]
Delinquent Section 16(a) Reports. Section 16(a) of the Securities Exchange Act of 1934 requires the Company's directors, executive officers and beneficial owners of more than 10% of its common stock to file reports of ownership and changes in ownership with the SEC. Based solely on a review of the copies of such reports and related information available to the Company, the Company believes that during fiscal year 2025 an initial statement of beneficial ownership on Form 3 for Kevan Parekh, due January 13, 2025, and an initial statement of beneficial ownership on Form 3 for Sabih Khan, due August 4, 2025, were not filed on a timely basis. Mr. Parekh's Forms 4 reporting transactions on April 15, 2025 and April 23, 2025 were filed on a timely basis. [COMPLETE: confirm with counsel whether the Form 3 filings for Mr. Parekh and Mr. Khan have since been made and the accession numbers, and whether any other required reports were not timely filed during fiscal year 2025.]
The information required by Item 11 regarding executive compensation, including director compensation and the compensation committee report, is [COMPLETE: incorporated by reference to the Company's definitive proxy statement or set forth here, including all compensation tables and narrative]. The information required by Item 12 regarding security ownership of certain beneficial owners and management, and securities authorized for issuance under equity compensation plans, is [COMPLETE: incorporated by reference to the Company's definitive proxy statement or set forth here, including the beneficial ownership table and equity compensation plan information]. The information required by Item 13 regarding certain relationships and related transactions and director independence is [COMPLETE: incorporated by reference to the Company's definitive proxy statement or set forth here, including the Company's related-person transaction policy and independence determinations]. The information required by Item 14 regarding principal accountant fees and services, including the identity of the Company's independent registered public accounting firm, fees billed for audit, audit-related, tax and all other services for each of the last two fiscal years, and the audit committee's pre-approval policies and procedures, is [COMPLETE: incorporated by reference to the Company's definitive proxy statement or set forth here].