AAPL · 10-K · 2025A · Full report

Export Controls / Regulatory Risk

Apple Inc. · 2025-10-31 · Importance 53 · Surprise 60

The Company discloses that the U.S. Department of Commerce has initiated a Section 232 investigation into imports of semiconductors, semiconductor manufacturing equipment and derivative products, including downstream products that contain semiconductors. Apple warns that such export controls or investigations could lead to tariffs or measures that materially affect product components and downstream products. Management emphasizes uncertainty about whether further U.S. tariffs or other measures will be announced and how other countries may respond, highlighting potential supply and pricing impacts. The disclosure ties export-control activity to broader tariff risk and potential negative effects on operations and margins.