AAPL · 10-K · 2025A

Apple Inc.

Filed 2025-10-31 · Technology · View original filing on EDGAR

Ranked Events

• Capital Return ProgramImportance 71 · Surprise 60
  In May 2025 Apple 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 fiscal 2025, the Company repurchased $89.3…
• Tariffs and Other MeasuresImportance 63 · Surprise 60
  Beginning in Q2 2025 new U.S. tariffs were announced covering imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU; the filing notes reciprocal and threatened retaliatory measures by other…
• R&D InvestmentImportance 57 · Surprise 46
  Research and development expense increased to $34,550 million in fiscal 2025 from $31,370 million in 2024, a year-over-year rise of 10.1%, primarily driven by increases in headcount-related expenses and…
• Outstanding IndebtednessImportance 56 · Surprise 24
  As of September 27, 2025, Apple had $91.3 billion aggregate principal of outstanding fixed‑rate notes with varying maturities, including $12.4 billion payable within 12 months, and future interest payments on those…
• Operating Expense TrendsImportance 55 · Surprise 32
  Total operating expenses were $62,151 million in fiscal 2025 versus $57,467 million in 2024, an increase of approximately $4,684 million (about 8.2%). Research and development expense was $34,550 million in 2025, up…
• Research and Development ExpenseImportance 54 · Surprise 40
  R&D expense for fiscal 2025 was $34,550 million, an increase from $31,370 million in 2024; management attributes the growth primarily to increases in headcount‑related expenses and infrastructure‑related costs. The…
• Services Growth and MixImportance 54 · Surprise 40
  Services net sales grew to $109,158 million in fiscal 2025 from $96,169 million in 2024, an increase of $12,989 million (≈13.5% year-over-year), driven primarily by advertising, the App Store and cloud services.…
• Services GrowthImportance 54 · Surprise 40
  Services net sales rose to $109,158 million in fiscal 2025 from $96,169 million in 2024, an increase of more than 13% year over year. Services gross margin increased to $82,314 million in 2025 from $71,050 million in…
• Export Controls / Regulatory RiskImportance 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…
• Liquidity and Cash PositionImportance 53 · Surprise 6
  As of September 27, 2025, the company held $132.4 billion of cash, cash equivalents and marketable securities and expects these balances, plus cash from operations and access to debt markets, to satisfy cash…
• Product Launch and TransitionImportance 52 · Surprise 42
  Apple announced multiple product and software refreshes across iPhone, iPad, Mac and wearables in fiscal 2025, including iPhone 17, iPhone Air, iPhone 17 Pro/Pro Max, Apple Watch Series 11 and iOS 26. The company also…
• Revenue Performance and MixImportance 50 · Surprise 32
  Total net sales were $416,161 million in fiscal 2025 compared with $391,035 million in fiscal 2024, driven by higher iPhone and Services sales. iPhone net sales were $209,586 million in 2025 and increased versus 2024…
• Gross Margin DriversImportance 49 · Surprise 32
  Products gross margin increased in absolute dollars to $112,887 million in 2025 but products gross margin percentage decreased to 36.8% primarily due to a different product mix and tariff costs, partially offset by…
• Geographic Revenue ShiftImportance 49 · Surprise 32
  Americas net sales were $178,353 million in fiscal 2025 and increased versus 2024 primarily due to higher iPhone and Services sales. Europe net sales were $111,032 million in 2025 and increased year over year driven by…
• Manufacturing Purchase ObligationsImportance 44 · Surprise 24
  Apple reported manufacturing purchase obligations of $56.2 billion as of September 27, 2025, with $55.4 billion payable within 12 months, reflecting large near-term commitments to contract manufacturers and component…
• Other Purchase ObligationsImportance 37 · Surprise 6
  Apple’s other purchase obligations primarily consist of noncancelable commitments to acquire capital assets (including product manufacturing assets), obligations related to supplier arrangements, licensed intellectual…
• Occupancy and Leasing ActivityImportance 37 · Surprise 6
  Apple maintains lease arrangements for corporate, data center, manufacturing and retail space as well as certain equipment, reflecting a mix of owned and leased facilities across its operations. As of September 27,…
• New Accounting PronouncementsImportance 29 · Surprise 24
  Apple discloses several recent FASB ASUs and the Company’s planned adoption timelines: ASU 2025‑06 (internal‑use software) issued September 2025, effective for Apple in Q1 2029 with optional early adoption; ASU 2024‑03…
• Income Tax Rate ChangesImportance 26 · Surprise 24
  Apple reports an effective tax rate of 15.6% for fiscal 2025 and notes the rate was lower than the U.S. statutory rate primarily due to a lower effective tax rate on foreign earnings, changes in unrecognized tax…
• FX / Currency HeadwindsImportance 25 · Surprise 6
  The filing states that weakness in foreign currencies relative to the U.S. dollar had an unfavorable year‑over‑year impact on Americas net sales during fiscal 2025. Apple identifies currency movements as a direct…

Revenue by Product (in millions)

Revenue by Geography (in millions)