{
  "data": {
    "accession": "0000320193-25-000079",
    "as_of": "2026-06-12T00:42:41Z",
    "cache_age_seconds": 48585,
    "form": "10-K",
    "freshness": "end_of_day",
    "market_status": "open",
    "prior_accession": "0000320193-24-000123",
    "prior_filing_date": "2024-11-01",
    "sections": {
      "mda": {
        "changed": [
          {
            "change": "modified",
            "index": 0,
            "section": "mda",
            "text": "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",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 1,
            "section": "mda",
            "text": "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 a",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 2,
            "section": "mda",
            "text": "2025 Change 2024 Change 2023 Americas $178,353 7 % $167,045 3 % $162,560 Europe 111,032 10 % 101,328 7 % 94,294 Greater China 64,377 (4) % 66,952 (8) % 72,559 Japan 28,703 15 % 25,052 3 % 24,257 Rest of Asia Pacific 33,696 10 % 30,658 4 % 29,615 Total net sales $416,161 6 % $391,035 2 % $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"
          },
          {
            "change": "modified",
            "index": 3,
            "section": "mda",
            "text": "Products and Services Performance The following table shows net sales by category for 2025, 2024 and 2023 (dollars in millions):"
          },
          {
            "change": "modified",
            "index": 4,
            "section": "mda",
            "text": "2025 Change 2024 Change 2023 iPhone $209,586 4 % $201,183 — % $200,583 Mac 33,708 12 % 29,984 2 % 29,357 iPad 28,023 5 % 26,694 (6) % 28,300 Wearables, Home and Accessories 35,686 (4) % 37,005 (7) % 39,845 Services (1) 109,158 14 % 96,169 13 % 85,200 Total net sales $416,161 6 % $391,035 2 % $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"
          },
          {
            "change": "modified",
            "index": 5,
            "section": "mda",
            "text": "Gross Margin Products and Services gross margin and gross margin percentage for 2025, 2024 and 2023 were as follows (dollars in millions):"
          },
          {
            "change": "modified",
            "index": 6,
            "section": "mda",
            "text": "2025 2024 2023 Gross margin: Products $112,887 $109,633 $108,803 Services 82,314 71,050 60,345 Total gross margin $195,201 $180,683 $169,148"
          },
          {
            "change": "modified",
            "index": 7,
            "section": "mda",
            "text": "Gross margin percentage: Products 36.8 % 37.2 % 36.5 % Services 75.4 % 73.9 % 70.8 % Total gross margin percentage 46.9 % 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):"
          },
          {
            "change": "modified",
            "index": 8,
            "section": "mda",
            "text": "2025 Change 2024 Change 2023 Research and development $34,550 10 % $31,370 5 % $29,915 Percentage of total net sales 8 % 8 % 8 % Selling, general and administrative $27,601 6 % $26,097 5 % $24,932 Percentage of total net sales 7 % 7 % 7 % Total operating expenses $62,151 8 % $57,467 5 % $54,847 Percentage of total net sales 15 % 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"
          },
          {
            "change": "modified",
            "index": 9,
            "section": "mda",
            "text": "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):"
          },
          {
            "change": "modified",
            "index": 10,
            "section": "mda",
            "text": "2025 2024 2023 Provision for income taxes $20,719 $29,749 $16,741 Effective tax rate 15.6 % 24.1 % 14.7 % Statutory federal income tax rate 21 % 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",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 11,
            "section": "mda",
            "text": "Capital Return Program In addition to its contractual cash requirements, the Company has an authorized share repurchase program. The program does not obligate the Company to acquire a minimum amount of shares. As of September 27, 2025, the Company’s quarterly cash dividend was $0.26 per share. The Company intends to increase its dividend on an annual basis, subject to declaration by the Board. In May 2025, the Company announced a new share repurchase program of up to $100 billion and raised its quarterly dividend from $0.25 to $0.26 per share beginning in May 2025. During 2025, the Company repurchased $89.3 billion of its common stock and paid dividends and dividend equivalents of $15.4 billion. Recent Accounting Pronouncements Internal-Use Software In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of soft",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 12,
            "section": "mda",
            "text": "Legal and Other Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, the outcomes of which are inherently uncertain. The Company records a liability when it is probable a loss has been incurred and the amount is reasonably estimable, the determination of which requires significant judgment. Resolution of legal matters in a manner inconsistent with management’s expectations could have a material impact on the Company’s financial condition and operating results."
          }
        ],
        "total_changes": 13
      },
      "risk_factors": {
        "changed": [
          {
            "change": "modified",
            "index": 0,
            "section": "risk_factors",
            "text": "Item 1A. Risk Factors The following summarizes factors that could have a material adverse effect on the Company’s business, reputation, results of operations, financial condition and stock price. The Company may not be able to accurately predict, control or mitigate these risks. Statements in this section are based on the Company’s beliefs and opinions regarding matters that could materially adversely affect the Company in the future and are not representations as to whether such matters have or have not occurred previously. The risks and uncertainties described below are not exhaustive and should not be considered a complete statement of all potential risks or uncertainties that the Company faces or may face in the future. This section should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the consolidated financial statements and accompanying notes in Part II, Item 8, “Financial Statements and Supplementary Data” of this Form 10-K. Macroeconomic and Industry Risks The Company’s operations and performance depend significantly on global and regional economic conditions and adverse economic cond",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 1,
            "section": "risk_factors",
            "text": "The Company’s business can be impacted by political events, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, public health issues, industrial accidents and other business interruptions. Political events, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, public health issues, industrial accidents and other business interruptions can have a material adverse effect on the Company and its customers, employees, suppliers, contract manufacturers, logistics providers, distributors, cellular network carriers and other channel partners. The Company has a large, global business with sales outside the U.S. representing a majority of the Company’s total net sales, and the Company believes that it generally benefits from growth in international trade. A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S. Restrictions on international trade, such as tariffs and other controls on i",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 2,
            "section": "risk_factors",
            "text": "Following any interruption to its business, the Company can require substantial recovery time, incur significant expenditures to resume operations, and lose significant sales. Because the Company relies on single or limited sources for the supply and manufacture of many critical components, a business interruption affecting such sources would exacerbate any negative consequences to the Company. While the Company maintains insurance coverage for certain types of losses, such insurance coverage may be insufficient to cover all losses that may arise. Any of the foregoing can materially adversely affect the Company’s business, results of operations, financial condition and stock price. Global markets for the Company’s products and services are highly competitive and subject to rapid technological change, and the Company may be unable to compete effectively in these markets. The Company’s products and services are offered in highly competitive global markets. These markets are characterized by aggressive price competition, downward pressure on gross margins, continual improvement in product performance, and price sensitivity on the part of consumers and businesses. These markets are fur",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 3,
            "section": "risk_factors",
            "text": "Business Risks To remain competitive and stimulate customer demand, the Company must successfully manage frequent introductions and transitions of products and services. Due to the highly volatile and competitive nature of the markets and industries in which the Company competes, the Company must continually introduce new products, services and technologies, enhance existing products and services, effectively stimulate customer demand for new and upgraded products and services, navigate global regulatory requirements and barriers to market access, and successfully manage the transition to these new and upgraded products and services. The success of new product and service introductions depends on a number of factors, including the Company’s ability to recruit and retain highly skilled personnel to execute on its strategic initiatives, and the timely and successful development and market acceptance of new products, services and technologies. Success also relies on the Company’s ability to manage the risks associated with new technologies and production ramp-up issues, the effective integration of third-party services and technologies into the Company’s products and services, the ava",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 4,
            "section": "risk_factors",
            "text": "The Company’s products and services may be affected from time to time by design and manufacturing defects that could materially adversely affect the Company’s business and result in harm to the Company’s reputation. The Company offers complex hardware and software products and services that can be affected by design and manufacturing defects. Sophisticated operating system software and applications, such as those offered by the Company, often have issues that can unexpectedly interfere with the intended operation of hardware or software products and services. Defects can also exist in components and products the Company purchases from third parties. Component defects could make the Company’s products unsafe and create a risk of environmental or property damage and personal injury. These risks may increase as the Company’s products are introduced into specialized applications, including health. In addition, the Company’s service offerings can have quality issues and from time to time experience outages, service slowdowns or errors. As a result, from time to time the Company’s services have not performed as anticipated and may not meet customer expectations. The introduction of new a",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 5,
            "section": "risk_factors",
            "text": "The Company’s future performance depends in part on support from third-party software developers. The Company believes decisions by customers to purchase its hardware products depend in part on the availability of third-party software applications and services. Third-party developers may discontinue the development and maintenance of software applications and services for the Company’s products. If third-party software applications and services cease to be developed and maintained for the Company’s products, customers may choose not to buy the Company’s products, adversely impacting the Company’s business, results of operations, financial condition and stock price. The Company believes that third-party developer support depends on the perceived benefits of creating software and services for the Company’s products compared to competitors’ platforms, such as Android for smartphones and tablets, Windows for personal computers and tablets, and PlayStation, Nintendo and Xbox for gaming platforms. This analysis may be based on factors such as the market position of the Company and its products, the anticipated revenue that may be generated, expected future growth of product sales, and th",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 6,
            "section": "risk_factors",
            "text": "The Company depends on the performance of carriers and other resellers. The Company distributes its products and certain of its services through cellular network carriers and other resellers, many of which distribute products and services from competitors. Resellers offer financing, installment payment plans or subsidies for users’ purchases of devices, and such plans may be discontinued or modified any time. The Company has invested and will continue to invest in programs to enhance reseller sales, including staffing selected resellers’ stores with Company employees and contractors, improving product placement displays, and developing and making digital marketing assets available to resellers. These programs can require a substantial investment while not assuring return or incremental sales. For example, the purchasing preferences and behaviors of consumers may change, the financial condition of resellers could weaken, resellers could stop distributing the Company’s products, or uncertainty regarding demand for some or all of the Company’s products could cause resellers to reduce their ordering and marketing of the Company’s products, all of which could materially adversely impact",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 7,
            "section": "risk_factors",
            "text": "As with all companies, the security the Company has implemented may not be sufficient for all eventualities and are vulnerable to hacking, ransomware attacks, employee error, malfeasance, system error, faulty password management or other irregularities. For example, third parties can fraudulently induce the Company’s or its suppliers’ and other third parties’ employees or customers into disclosing usernames, passwords or other sensitive information, which can, in turn, be used for unauthorized access to the Company’s or such suppliers’ or third parties’ systems and services. To help protect customers and the Company, the Company deploys and makes available technologies like multifactor authentication, monitors its services and systems for unusual activity and may freeze accounts under suspicious circumstances, which, among other things, can result in the delay or loss of customer orders or impede customer access to the Company’s products and services. While the Company maintains insurance coverage that is intended to address certain aspects of data security risks, such insurance coverage may be insufficient to cover all losses or all types of claims that may arise. Investment in ne",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 8,
            "section": "risk_factors",
            "text": "The outcome of litigation or government investigations is inherently uncertain. If one or more legal matters were resolved against the Company or an indemnified third party in a reporting period for amounts above management’s expectations, the Company’s results of operations, financial condition and stock price for that reporting period could be materially adversely affected. Further, such an outcome can result in significant monetary damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief against the Company. Adverse resolution of legal matters has from time to time required, and can in the future require, the Company to change its business practices. It can also limit the Company’s ability to enjoin others from using, or to derive value from, its intellectual property rights, and to develop, manufacture, use, import or offer for sale certain products and services, all of which could materially adversely affect the Company’s business, reputation, results of operations, financial condition and stock price. While the Company maintains insurance coverage for certain types of claims, such insurance coverage may be insufficient to cover all losses",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 9,
            "section": "risk_factors",
            "text": "The technology industry, including, in some instances, the Company, is subject to intense media, political and regulatory scrutiny, which exposes the Company to increasing regulation, government investigations, legal actions and penalties. From time to time, the Company has made changes to its business, including actions taken in response to litigation, competition, market conditions and legal and regulatory requirements. The Company expects to make further business changes in the future. For example, in the U.S., the Company has implemented changes to how developers communicate with consumers within apps on the U.S. storefront of the iOS and iPadOS App Store regarding alternative purchasing mechanisms and is currently subject to a court order preventing it from imposing any commission or fee on certain purchases that consumers make. Globally, several jurisdictions have adopted, or may in the future adopt, competition-related laws and regulations imposing wide-ranging obligations on technology companies and significant limitations on businesses, including the Company. For example, the Company has implemented changes to iOS, iPadOS, the App Store and Safari® in the EU as it seeks to",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 10,
            "section": "risk_factors",
            "text": "The Company’s business is subject to a variety of U.S. and international laws, rules, policies and other obligations regarding the collection, use, protection and transfer of personal data. The Company is subject to an increasing number of federal, state and international laws relating to the collection, use, retention, protection and transfer of various types of personal data. In many cases, these laws apply not only to third-party transactions, but also restrict transfers of personal data among the Company and its international subsidiaries. Several jurisdictions have passed laws in this area, and additional jurisdictions are considering imposing additional restrictions or have laws that are pending. These laws continue to develop and may be inconsistent from jurisdiction to jurisdiction. Complying with emerging and changing requirements causes the Company to incur substantial costs and has required and may in the future require the Company to change its business practices. Noncompliance could result in significant penalties or legal liability. The Company makes statements about its use and disclosure of personal data through its privacy policy, information provided on its websit",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 11,
            "section": "risk_factors",
            "text": "Conversely, a strengthening of foreign currencies relative to the U.S. dollar, while generally beneficial to the Company’s foreign currency–denominated sales and earnings, could cause the Company to reduce international pricing or incur losses on its foreign currency derivative instruments, thereby limiting the benefit. Additionally, strengthening of foreign currencies may increase the Company’s cost of product components denominated in those currencies, thus adversely affecting gross margins. The Company uses derivative instruments, such as foreign currency forward and option contracts, to hedge certain exposures to fluctuations in foreign exchange rates. The use of such hedging activities may not be effective to offset any, or more than a portion, of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are in place. The Company is exposed to credit risk and fluctuations in the values of its investment portfolio. The Company’s investments can be negatively affected by changes in liquidity, credit deterioration, financial results, market and economic conditions, political risk, sovereign risk, interest rate fluctuations o",
            "trimmed": true
          },
          {
            "change": "modified",
            "index": 12,
            "section": "risk_factors",
            "text": "General Risks The price of the Company’s stock is subject to volatility. The Company’s stock has experienced substantial price volatility in the past and may continue to do so in the future. Additionally, the Company, the technology industry and the stock market as a whole have, from time to time, experienced extreme stock price and volume fluctuations that have affected stock prices in ways that may have been unrelated to these companies’ operating performance. Price volatility may cause the average price at which the Company repurchases its stock in a given period to exceed the stock’s price at a given point in time. The Company believes the price of its stock should reflect expectations of future growth and profitability. The Company also believes the price of its stock should reflect expectations that its cash dividend will continue at current levels or grow, and that its current share repurchase program will be fully consummated. Future dividends are subject to declaration by the Company’s Board of Directors (“Board”), and the Company’s share repurchase program does not obligate it to acquire any specific number of shares. If the Company fails to meet expectations related to f",
            "trimmed": true
          }
        ],
        "total_changes": 13
      }
    }
  },
  "schema_version": "2026-06-17.6"
}