Apple Inc. has released its 2025 Form 10-K, revealing key financial and operational insights from the fiscal year ending September 27, 2025. The report highlights the company's product, service, and software announcements, macroeconomic conditions, segment operating performance, product and services performance, gross margin, operating expenses, provision for income taxes, liquidity and capital resources, capital return program, recent accounting pronouncements, and critical accounting estimates.
Product, Service, and Software Announcements: * Notable product, service, and software announcements during fiscal year 2025 included the launch of various devices such as MacBook Pro, Mac mini, iMac, iPad mini, iPhone 16e, iPad Air, iPad, MacBook Air, Mac Studio, iOS 26, macOS Tahoe 26, iPadOS 26, watchOS 26, visionOS 26, tvOS 26, iPhone 17, iPhone Air, iPhone 17 Pro, iPhone 17 Pro Max, Apple Watch Series 11, Apple Watch SE 3, Apple Watch Ultra 3, and AirPods Pro 3.
Macroeconomic Conditions: * The report highlights the impact of macroeconomic conditions, including inflation, interest rates, and currency fluctuations, on the company's results of operations and financial condition.
Tariffs and Other Measures: * The report acknowledges the impact of new U.S. Tariffs announced in the second quarter of 2025, including additional tariffs on imports from various countries. It also discusses the potential adverse impact of tariffs and other measures on the company's business, results of operations, and financial condition.
Segment Operating Performance: * Net sales by reportable segment for 2025, 2024, and 2023 are detailed, with the Americas, Europe, Greater China, Japan, and Rest of Asia Pacific segments showing varying levels of growth or decline in net sales.
Products and Services Performance: * Net sales by category for 2025, 2024, and 2023 are provided, with iPhone, Mac, iPad, Wearables, Home and Accessories, and Services showing changes in net sales over the years.
Gross Margin: * The report details the products and services gross margin and gross margin percentage for 2025, 2024, and 2023, highlighting the factors contributing to changes in gross margin and gross margin percentage.
Operating Expenses: * Operating expenses for 2025, 2024, and 2023 are outlined, including research and development expenses and selling, general, and administrative expenses.
Provision for Income Taxes: * The provision for income taxes, effective tax rate, and statutory federal income tax rate for 2025, 2024, and 2023 are disclosed, along with the factors contributing to the company's effective tax rate.
Liquidity and Capital Resources: * The report provides insights into the company's liquidity and capital resources, including its cash balances, contractual obligations related to debt, leases, manufacturing purchase obligations, other purchase obligations, and deemed repatriation tax payable.
Capital Return Program: * Details of the company's share repurchase program, dividend payments, and recent share repurchase and dividend activities are provided.
Recent Accounting Pronouncements: * The report discusses recent accounting pronouncements, including ASU 2025-06, ASU 2024-03, and ASU 2023-09, and the company's plans for their adoption.
Critical Accounting Estimates: * The report emphasizes the importance of management's judgments, assumptions, and estimates in the preparation of financial statements and related disclosures in conformity with U.S. GAAP.
The 2025 Form 10-K offers a comprehensive overview of Apple Inc.'s financial performance, strategic initiatives, and market dynamics, providing investors and stakeholders with valuable insights into the company's operations and outlook. Today the company's shares have moved 0.63% to a price of $271.40. For more information, read the company's full 10-K submission here.
