# Apple Inc — Form 10-K (Fiscal Year 2025, filed 2025-10-31)
# Source: https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm
# Excerpts: financial statements + human-capital section. Stripped from XBRL.

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[SECTION: Consolidated Statements of Operations (Income Statement)]
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CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Years ended
September 27,
2025
September 28,
2024
September 30,
2023
Net sales:
Products
$
307,003
$
294,866
$
298,085
Services
109,158
96,169
85,200
Total net sales
416,161
391,035
383,285
Cost of sales:
Products
194,116
185,233
189,282
Services
26,844
25,119
24,855
Total cost of sales
220,960
210,352
214,137
Gross margin
195,201
180,683
169,148
Operating expenses:
Research and development
34,550
31,370
29,915
Selling, general and administrative
27,601
26,097
24,932
Total operating expenses
62,151
57,467
54,847
Operating income
133,050
123,216
114,301
Other income/(expense), net
(
321
)
269
(
565
)
Income before provision for income taxes
132,729
123,485
113,736
Provision for income taxes
20,719
29,749
16,741
Net income
$
112,010
$
93,736
$
96,995
Earnings per share:
Basic
$
7.49
$
6.11
$
6.16
Diluted
$
7.46
$
6.08
$
6.13
Shares used in computing earnings per share:
Basic
14,948,500
15,343,783
15,744,231
Diluted
15,004,697
15,408,095
15,812,547
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2025 Form 10-K | 29
Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Years ended
September 27,
2025
September 28,
2024
September 30,
2023
Net income
$
112,010
$
93,736
$
96,995
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax
(
267
)
395
(
765
)
Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivative instruments
849
(
832
)
323
Adjustment for net (gains)/losses realized and included in net income
(
212
)
(
1,337
)
(
1,717
)
Total change in unrealized gains/losses on derivative instruments
637
(
2,169
)
(
1,394
)
Change in unrealized gains/losses on marketable debt securities, net of tax:
Change in fair value of marketable debt securities
817
5,850
1,563
Adjustment for net (gains)/losses realized and included in net income
414
204
253
Total change in unrealized gains/losses on marketable debt securities
1,231
6,054
1,816
Total other comprehensive income/(loss)
1,601
4,280
(
343
)
Total comprehensive income
$
113,611
$
98,016
$
96,652
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2025 Form 10-K | 30
Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, 

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[SECTION: Consolidated Balance Sheets]
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CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
September 27,
2025
September 28,
2024
ASSETS:
Current assets:
Cash and cash equivalents
$
35,934
$
29,943
Marketable securities
18,763
35,228
Accounts receivable, net
39,777
33,410
Vendor non-trade receivables
33,180
32,833
Inventories
5,718
7,286
Other current assets
14,585
14,287
Total current assets
147,957
152,987
Non-current assets:
Marketable securities
77,723
91,479
Property, plant and equipment, net
49,834
45,680
Other non-current assets
83,727
74,834
Total non-current assets
211,284
211,993
Total assets
$
359,241
$
364,980
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$
69,860
$
68,960
Other current liabilities
66,387
78,304
Deferred revenue
9,055
8,249
Commercial paper
7,979
9,967
Term debt
12,350
10,912
Total current liabilities
165,631
176,392
Non-current liabilities:
Term debt
78,328
85,750
Other non-current liabilities
41,549
45,888
Total non-current liabilities
119,877
131,638
Total liabilities
285,508
308,030
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $
0.00001
par value:
50,400,000
shares authorized;
14,773,260
and
15,116,786
shares issued and outstanding, respectively
93,568
83,276
Accumulated deficit
(
14,264
)
(
19,154
)
Accumulated other comprehensive loss
(
5,571
)
(
7,172
)
Total shareholders’ equity
73,733
56,950
Total liabilities and shareholders’ equity
$
359,241
$
364,980
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2025 Form 10-K | 31
Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per-share amounts)
Years ended
September 27,
2025
September 28,
2024
September 30,
2023
Total shareholders’ equity, beginning balances
$
56,950
$
62,146
$
50,672
Common stock and additional paid-in capital:
Beginning balances
83,276
73,812
64,849
Common stock issued
1,498
1,423
1,346
Common stock withheld related to net share settlement of equity awards
(
4,452
)
(
3,993
)
(
3,521
)
Share-based compensation
13,246
12,034
11,138
Ending balances
93,568
83,276
73,812
Accumulated deficit:
Beginning balances
(
19,154
)
(
214
)
(
3,068
)
Net income
112,010
93,736
96,995
Dividends and dividend equivalents declared
(
15,413
)
(
15,218
)
(
14,996
)
Common stock withheld related to net share settlement of equity awards
(
1,655
)
(
1,612
)
(
2,099
)
Common stock repurchased
(
90,052
)
(
95,846
)
(
77,046
)
Ending balances
(
14,264
)
(
19,154
)
(
214
)
Accumulated other comprehensive loss:
Beginning balances
(
7,172
)
(
11,452
)
(
11,109
)
Other comprehensive income/(loss)
1,601
4,280
(
343
)
Ending balances
(
5,571
)
(
7,172
)
(
11,452
)
Total shareholders’ equity, ending balances
$
73,733
$
56,950
$
62,146
Dividends and dividend equivalents declared per share or RSU
$
1.02
$
0.98
$
0.94
See accomp

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[SECTION: Consolidated Statements of Cash Flows]
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CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended
September 27,
2025
September 28,
2024
September 30,
2023
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances
$
29,943
$
30,737
$
24,977
Operating activities:
Net income
112,010
93,736
96,995
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
11,698
11,445
11,519
Share-based compensation expense
12,863
11,688
10,833
Other
(
89
)
(
2,266
)
(
2,227
)
Changes in operating assets and liabilities:
Accounts receivable, net
(
6,682
)
(
3,788
)
(
1,688
)
Vendor non-trade receivables
(
347
)
(
1,356
)
1,271
Inventories
1,400
(
1,046
)
(
1,618
)
Other current and non-current assets
(
9,197
)
(
11,731
)
(
5,684
)
Accounts payable
902
6,020
(
1,889
)
Other current and non-current liabilities
(
11,076
)
15,552
3,031
Cash generated by operating activities
111,482
118,254
110,543
Investing activities:
Purchases of marketable securities
(
24,407
)
(
48,656
)
(
29,513
)
Proceeds from maturities of marketable securities
40,907
51,211
39,686
Proceeds from sales of marketable securities
12,890
11,135
5,828
Payments for acquisition of property, plant and equipment
(
12,715
)
(
9,447
)
(
10,959
)
Other
(
1,480
)
(
1,308
)
(
1,337
)
Cash generated by investing activities
15,195
2,935
3,705
Financing activities:
Payments for taxes related to net share settlement of equity awards
(
5,960
)
(
5,441
)
(
5,431
)
Payments for dividends and dividend equivalents
(
15,421
)
(
15,234
)
(
15,025
)
Repurchases of common stock
(
90,711
)
(
94,949
)
(
77,550
)
Proceeds from issuance of term debt, net
4,481
—
5,228
Repayments of term debt
(
10,932
)
(
9,958
)
(
11,151
)
Proceeds from/(Repayments of) commercial paper, net
(
2,032
)
3,960
(
3,978
)
Other
(
111
)
(
361
)
(
581
)
Cash used in financing activities
(
120,686
)
(
121,983
)
(
108,488
)
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents
5,991
(
794
)
5,760
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances
$
35,934
$
29,943
$
30,737
Supplemental cash flow disclosure:
Cash paid for income taxes, net
$
43,369
$
26,102
$
18,679
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2025 Form 10-K | 33
Apple Inc.
Notes to Consolidated Financial Statements
Note 1 –
Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries. The preparation of these consolidated financial statements and accompanying notes in conformity with GAAP requires the use of management estimates. Certain prior period amounts in the notes to consolidated financial statements have been reclassified to conform to the current period’s presentation.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal qu

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[SECTION: Human Capital (employee count + culture)]
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Human Capital
The Company believes that its people play an important role in its success, and strives to attract, develop and retain the best talent. The Company works to create a culture of collaboration, one where people with a broad range of backgrounds and perspectives can come together to innovate and do the best work of their lives. The Company is an equal opportunity employer committed to inclusion and to providing a workplace free of harassment or discrimination. As of September 27, 2025, the Company had approximately 166,000 full-time equivalent employees.
The Company believes that compensation should be competitive and equitable, and offers discretionary cash and equity awards to enable employees to share in the Company’s success. The Company recognizes its people are most likely to thrive when they have the resources to meet their needs and the time and support to succeed in their professional and personal lives. In support of this, the Company offers a wide variety of benefits for employees around the world, including health, wellness and time away.
The Company invests in resources to help its people develop and achieve their career goals. The Company offers programs through Apple University on leadership, management and influence, as well as Apple culture and values. Team members can also take advantage of online classes for business, technical and personal development.
The Company believes that open and honest communication among team members, managers and leaders helps create an open, collaborative work environment where everyone can contribute, grow and succeed. Team members are encouraged to come to their managers with questions, feedback or concerns, and the Company conducts surveys that gauge employee sentiment in areas like career development, manager performance and inclusion.
The Company is committed to the safety and security of its team members everywhere it operates. The Company supports employees with general safety, security and crisis management training, and by putting specific programs in place for those working in potentially high-hazard environments.
Available Information
The Company’s Annual Reports on Form 10-K, Quarterly Report