UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~December 2827, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-36743

Apple Inc.

(Exact name of Registrant as specified in its charter)


California						94-2404110
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

One Apple Park Way
Cupertino, California						95014
(Address of principal executive offices)						(Zip Code)

(408) 996-1010

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value per share	AAPL	The Nasdaq Stock Market LLC
0.000% Notes due 2025	—	The Nasdaq Stock Market LLC
1.625% Notes due 2026	—	The Nasdaq Stock Market LLC
2.000% Notes due 2027	—	The Nasdaq Stock Market LLC
1.375% Notes due 2029	—	The Nasdaq Stock Market LLC
3.050% Notes due 2029	—	The Nasdaq Stock Market LLC
0.500% Notes due 2031	—	The Nasdaq Stock Market LLC
3.600% Notes due 2042	—	The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

14,~~840~~681,~~390~~140,000 shares of common stock were issued and outstanding as of ~~July~~January 1816, ~~2025~~2026.

Apple Inc.

Form 10-Q

For the Fiscal Quarter Ended ~~June~~December 2827, 2025

TABLE OF CONTENTS

		Page
Part I
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	1918
Item 4.	Controls and Procedures	1918
Part II
Item 1.	Legal Proceedings	2019
Item 1A.	Risk Factors	2120
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2120
Item 3.	Defaults Upon Senior Securities	2120
Item 4.	Mine Safety Disclosures	2120
Item 5.	Other Information	21
Item 6.	Exhibits	2221

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

December 27,2025

December 28,2024

Net sales:

Products

66113,~~613~~743

6197,~~564~~960

~~233,287~~

~~224,908~~

Services

2730,~~423~~013

2426,~~213~~340

~~80,408~~

~~71,197~~

Total net sales

94143,~~036~~756

85124,~~777~~300

~~313,695~~

~~296,105~~

Cost of sales:

Products

4367,~~620~~478

3959,~~803~~447

~~147,097~~

~~140,667~~

Services

67,~~698~~047

6,~~296~~578

~~19,738~~

~~18,634~~

Total cost of sales

5074,~~318~~525

4666,~~099~~025

~~166,835~~

~~159,301~~

Gross margin

4369,~~718~~231

3958,~~678~~275

~~146,860~~

~~136,804~~

Operating expenses:

Research and development

810,~~866~~887

8,~~006~~268

~~25,684~~

~~23,605~~

Selling, general and administrative

67,~~650~~492

67,~~320~~175

~~20,553~~

~~19,574~~

Total operating expenses

1518,~~516~~379

1415,~~326~~443

~~46,237~~

~~43,179~~

Operating income

2850,~~202~~852

2542,~~352~~832

~~100,623~~

~~93,625~~

Other income/(expense), net

~~(171)~~150

~~142~~(248)

~~(698)~~

~~250~~

Income before provision for income taxes

2851,~~031~~002

2542,~~494~~584

~~99,925~~

~~93,875~~

Provision for income taxes

48,~~597~~905

46,~~046~~254

~~15,381~~

~~14,875~~

Net income

2342,~~434~~097

2136,~~448~~330

~~84,544~~

~~79,000~~

Earnings per share:

Basic

12.5785

12.4041

~~5.64~~

~~5.13~~

Diluted

12.5784

12.40

~~5.62~~

~~5.11~~

Shares used in computing earnings per share:

Basic

14,~~902~~748,~~886~~158

15,~~287~~081,~~521~~724

~~14,992,898~~

~~15,401,047~~

Diluted

14,~~948~~810,~~179~~356

15,~~348~~150,~~175~~865

~~15,051,726~~

~~15,463,175~~

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 1

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In millions)

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

December 27,2025

December 28,2024

Net income

2342,~~434~~097

2136,~~448~~330

~~84,544~~

~~79,000~~

Other comprehensive income/(loss):

Change in foreign currency translation, net of tax

~~449~~(159)

(73625)

~~(86)~~

~~(87)~~

Change in unrealized gains/losses on derivative instruments, net of tax:

Change in fair value of derivative instruments

~~(523)~~211

~~406~~1,651

~~810~~

~~331~~

Adjustment for net (gains)/losses realized and included in net income

~~(571)~~237

~~(87)~~784

~~(415)~~

~~(678)~~

Total change in unrealized gains/losses on derivative instruments

~~(1,094)~~448

~~319~~2,435

~~395~~

~~(347)~~

Change in unrealized gains/losses on marketable debt securities, net of tax:

Change in fair value of marketable debt securities

~~640~~424

~~268~~(1,647)

~~3,306~~

Adjustment for net (gains)/losses realized and included in net income

~~(1)~~4

30220

~~404~~

~~164~~

Total change in unrealized gains/losses on marketable debt securities

~~639~~428

~~298~~(1,427)

~~494~~

~~3,470~~

Total other comprehensive income/(loss)

(6)

544

803

3,036

Total other comprehensive income

717

383

Total comprehensive income

2342,~~428~~814

2136,~~992~~713

~~85,347~~

~~82,036~~

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 2

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)

	June 28,2025		September 28,2024
	December 27,2025		September 27,2025
ASSETS:
Current assets:
Cash and cash equivalents	$	3645,~~269~~317	$	2935,~~943~~934
Marketable securities	1921,~~103~~590		3518,~~228~~763
Accounts receivable, net	2739,~~557~~921		3339,~~410~~777
Vendor non-trade receivables	1930,~~278~~399		3233,~~833~~180
Inventories	5,~~925~~875		75,~~286~~718
Other current assets	1415,~~359~~002		14,~~287~~585
Total current assets	~~122~~158,~~491~~104		~~152~~147,~~987~~957
Non-current assets:
Marketable securities	77,~~614~~888		9177,~~479~~723
Property, plant and equipment, net	4850,~~508~~159		4549,~~680~~834
Other non-current assets	8293,~~882~~146		7483,~~834~~727
Total non-current assets	~~209~~221,~~004~~193		211,~~993~~284
Total assets	$	~~331~~379,~~495~~297	$	~~364~~359,~~980~~241
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	5070,~~374~~587	$	6869,~~960~~860
Other current liabilities	6268,~~499~~543		7866,~~304~~387
Deferred revenue	89,~~979~~413		89,~~249~~055
Commercial paper	91,~~923~~997		97,~~967~~979
Term debt	911,~~345~~827		1012,~~912~~350
Total current liabilities	~~141~~162,~~120~~367		~~176~~165,~~392~~631
Non-current liabilities:
Term debt	8276,~~430~~685		8578,~~750~~328
Other non-current liabilities	4252,~~115~~055		4541,~~888~~549
Total non-current liabilities	~~124~~128,~~545~~740		~~131~~119,~~638~~877
Total liabilities	~~265~~291,~~665~~107		~~308~~285,~~030~~508
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,856,722 and 15,116,786 shares issued and outstanding, respectively	89,806		83,276
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,702,703 and 14,773,260 shares issued and outstanding, respectively	95,221		93,568
Accumulated deficit	(172,~~607~~177)		(1914,~~154~~264)
Accumulated other comprehensive loss	(64,~~369~~854)		(75,~~172~~571)
Total shareholders’ equity	6588,~~830~~190		5673,~~950~~733
Total liabilities and shareholders’ equity	$	~~331~~379,~~495~~297	$	~~364~~359,~~980~~241

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 3

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

(In millions, except per-share amounts)

	Three Months Ended				~~Nine Months Ended~~
	June 28,2025		June 29,2024		June 28,2025		June 29,2024
	December 27,2025		December 28,2024
Total shareholders’ equity, beginning balances	$	6673,~~796~~733	$	7456,~~194~~950	$	~~56,950~~	$	~~62,146~~
Common stock and additional paid-in capital:
Beginning balances	8893,~~711~~568		7883,~~815~~276		~~83,276~~		~~73,812~~
Common stock issued	—		—		825		752
Common stock withheld related to net share settlement of equity awards	(2,058)		(1,891)
Common stock withheld related to net share settlement of equity awards	(2,163)		(1,920)		(4,260)		(3,802)
Share-based compensation	3,711		3,383
Share-based compensation	3,258		2,955		9,965		9,088
Ending balances	95,221		84,768
Ending balances	89,806		79,850		89,806		79,850
Accumulated deficit:
Retained earnings/(Accumulated deficit):
Beginning balances	(14,264)		(19,154)
Beginning balances	(15,552)		4,339		(19,154)		(214)
Net income	42,097		36,330
Net income	23,434		21,448		84,544		79,000
Dividends and dividend equivalents declared	(3,880)		(3,819)
Dividends and dividend equivalents declared	(3,912)		(3,864)		(11,525)		(11,384)
Common stock withheld related to net share settlement of equity awards	(936)		(1,102)
Common stock withheld related to net share settlement of equity awards	(411)		(428)		(1,598)		(1,517)
Common stock repurchased	(25,194)		(23,476)
Common stock repurchased	(21,166)		(26,221)		(69,874)		(70,611)
Ending balances	(2,177)		(11,221)
Ending balances	(17,607)		(4,726)		(17,607)		(4,726)
Accumulated other comprehensive loss:
Beginning balances	(65,~~363~~571)		(87,~~960~~172)		~~(7,172)~~		~~(11,452)~~
Other comprehensive income/(loss)	(6)		544		803		3,036
Other comprehensive income	717		383
Ending balances	(64,~~369~~854)		(86,~~416~~789)		~~(6,369)~~		~~(8,416)~~
Total shareholders’ equity, ending balances	$	6588,~~830~~190	$	66,~~708~~758	$	~~65,830~~	$	~~66,708~~
Dividends and dividend equivalents declared per share or RSU	$	0.26	$	0.25	$	~~0.76~~	$	~~0.73~~

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 4

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

	Nine Months Ended
	Three Months Ended
	June 28,2025		June 29,2024
	December 27,2025		December 28,2024
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances	$	2935,~~943~~934	$	3029,~~737~~943
Operating activities:
Net income	8442,~~544~~097		7936,~~000~~330
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization	83,~~571~~214		83,~~534~~080
Share-based compensation expense	93,~~680~~594		83,~~830~~286
Other	(~~1,748~~528)		(12,~~964~~009)
Changes in operating assets and liabilities:
Accounts receivable, net	~~5,685~~(153)		63,~~697~~597
Vendor non-trade receivables	132,~~555~~781		113,~~100~~166
Inventories	~~1,223~~(211)		41215
Other current and non-current assets	(610,~~116~~250)		~~(5,626)~~939
Accounts payable	~~(18,479)~~848		(156,~~171~~671)
Other current and non-current liabilities	~~(15~~12,~~161)~~533		2(11,998)
Cash generated by operating activities	8153,~~754~~925		9129,~~443~~935
Investing activities:
Purchases of marketable securities	(1712,~~591~~693)		(386,~~074~~124)
Proceeds from maturities of marketable securities	357,~~036~~510		3915,~~838~~967
Proceeds from sales of marketable securities	102,~~785~~824		73,~~382~~492
Payments for acquisition of property, plant and equipment	(92,~~473~~373)		(62,~~539~~940)
Other	(~~975~~154)		(~~1,117~~603)
Cash generated by investing activities	17,782		1,490
Cash generated by/(used in) investing activities	(4,886)		9,792
Financing activities:
Payments for taxes related to net share settlement of equity awards	(52,~~719~~922)		(52,~~163~~921)
Payments for dividends and dividend equivalents	(113,~~559~~921)		(113,~~430~~856)
Repurchases of common stock	(7024,~~579~~701)		(6923,~~866~~606)
Proceeds from issuance of term debt, net	4,481		—
Repayments of term debt	(2,164)		(1,009)
Repayments of term debt	(9,682)		(7,400)
Repayments of commercial paper, net	(5,910)		(7,944)
Repayments of commercial paper, net	(65)		(2,985)
Other	(38)		(35)
Other	(87)		(191)
Cash used in financing activities	(39,656)		(39,371)
Cash used in financing activities	(93,210)		(97,035)
Increase in cash, cash equivalents, and restricted cash and cash equivalents	9,383		356
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents	6,326		(4,102)
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	$	45,317	$	30,299
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	$	36,269	$	26,635
Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	373,~~332~~434	$	1918,~~230~~651

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 5

Apple Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1 – Summary of Significant Accounting Policies

Basis of Presentation and Preparation

The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the use of management estimates. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 2827, ~~2024~~2025 (the “~~2024~~2025 Form 10-K”).

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 quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The Company’s fiscal years ~~2025~~2026 and ~~2024~~2025 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.

Note 2 – Revenue

The following table shows disaggregated net sales, as well as the portion of total net sales that was previously deferred, for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024 (in millions):

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

December 27,2025

December 28,2024

iPhone®

4485,~~582~~269

3969,~~296~~138

~~160,561~~

~~154,961~~

Mac®

8,~~046~~386

78,~~009~~987

~~24,982~~

~~22,240~~

iPad®

68,~~581~~595

78,~~162~~088

~~21,071~~

~~19,744~~

Wearables, Home and Accessories

711,~~404~~493

811,~~097~~747

~~26,673~~

~~27,963~~

Services

2730,~~423~~013

2426,~~213~~340

~~80,408~~

~~71,197~~

Total net sales

94143,~~036~~756

85124,~~777~~300

~~313,695~~

~~296,105~~

Portion of total net sales that was included in deferred revenue as of the beginning of the period

4,~~015~~050

3,~~405~~690

~~6,958~~

~~6,541~~

The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 10, “Segment Information ~~and Geographic Data~~” for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.

As of ~~June~~December 2827, 2025 and September 2827, ~~2024~~2025, the Company had total deferred revenue of $1314.63 billion and $1213.87 billion, respectively. As of ~~June~~December 2827, 2025, the Company expects 66% of total deferred revenue to be realized in less than a year, 23% within one-to-two years, 9% within two-to-three years and 2% in greater than three years.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 6

Note 3 – Earnings Per Share

The following table shows the computation of basic and diluted earnings per share for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024 (net income in millions and shares in thousands):

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

December 27,2025

December 28,2024

Numerator:

Net income

2342,~~434~~097

2136,~~448~~330

~~84,544~~

~~79,000~~

Denominator:

Weighted-average basic shares outstanding

14,~~902~~748,~~886~~158

15,~~287~~081,~~521~~724

~~14,992,898~~

~~15,401,047~~

Effect of dilutive share-based awards

4562,~~293~~198

6069,~~654~~141

~~58,828~~

~~62,128~~

Weighted-average diluted shares

14,~~948~~810,~~179~~356

15,~~348~~150,~~175~~865

~~15,051,726~~

~~15,463,175~~

Basic earnings per share

12.5785

12.4041

~~5.64~~

~~5.13~~

Diluted earnings per share

12.5784

12.40

~~5.62~~

~~5.11~~

Note 4 – Financial Instruments

Cash, Cash Equivalents and Marketable Securities

The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of ~~June~~December 2827, 2025 and September 2827, ~~2024~~2025 (in millions):

June 28, 2025

December 27, 2025

AdjustedCost

UnrealizedGains

UnrealizedLosses

FairValue

Cash andCashEquivalents

CurrentMarketableSecurities

Non-CurrentMarketableSecurities

Cash

2630,~~686~~826

—

2630,~~686~~826

—

Level 1:

Money market funds

35,~~779~~959

—

35,~~779~~959

—

Mutual funds

~~646~~792

~~134~~195

(32)

~~777~~985

—

~~777~~985

—

Subtotal

46,~~425~~751

~~134~~195

(32)

46,~~556~~944

35,~~779~~959

~~777~~985

—

Level 2 (1):

U.S. Treasury securities

1518,~~775~~715

4664

(~~362~~211)

1518,~~459~~568

12,~~030~~302

35,~~649~~341

10,~~780~~925

U.S. agency securities

58,~~383~~692

—1

(~~189~~114)

58,~~194~~579

~~647~~4,192

21,~~030~~998

2,~~517~~389

Non-U.S. government securities

6,~~756~~675

43117

(~~567~~399)

6,~~232~~393

~~297~~—

~~795~~771

5,~~140~~622

Certificates of deposit and time deposits

31,~~177~~737

—

31,~~177~~737

31,~~113~~723

51—

1314

Commercial paper

~~710~~991

—

~~710~~991

~~710~~297

—694

—

Corporate debt securities

4946,~~671~~682

~~212~~280

(~~1,251~~695)

4846,~~632~~267

718

11,~~576~~568

3734,~~049~~681

Municipal securities

~~263~~154

—

(31)

~~260~~153

—

~~157~~97

~~103~~56

Mortgage- and asset-backed securities

2325,~~424~~296

90158

(1,~~434~~117)

2224,~~080~~337

—

68136

2224,~~012~~201

Subtotal

~~105~~108,~~159~~942

~~391~~620

(32,~~806~~537)

~~101~~107,~~744~~025

58,~~804~~532

1820,~~326~~605

77,~~614~~888

Total

~~136~~146,~~270~~519

~~525~~815

(32,~~809~~539)

~~132~~144,~~986~~795

3645,~~269~~317

1921,~~103~~590

77,~~614~~888

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 7

	September 28, 2024
	September 27, 2025
	AdjustedCost		UnrealizedGains		UnrealizedLosses		FairValue		Cash andCashEquivalents		CurrentMarketableSecurities		Non-CurrentMarketableSecurities
Cash	$	2728,~~199~~267	$	—	$	—	$	2728,~~199~~267	$	2728,~~199~~267	$	—	$	—
Level 1:
Money market funds	~~778~~5,272		—		—		~~778~~5,272		~~778~~5,272		—		—
Mutual funds	~~515~~679		~~105~~177		(32)		~~617~~854		—		~~617~~854		—
Subtotal	15,~~293~~951		~~105~~177		(32)		16,~~395~~126		~~778~~5,272		~~617~~854		—
Level 2 (1):
U.S. Treasury securities	16,~~150~~074		4556		(~~516~~282)		15,~~679~~848		~~212~~1,190		43,~~087~~712		1110,~~380~~946
U.S. agency securities	5,~~431~~269		—		(~~272~~149)		5,~~159~~120		~~155~~251		~~703~~2,456		42,~~301~~413
Non-U.S. government securities	176,~~959~~586		93111		(~~484~~424)		176,~~568~~273		~~1,158~~—		~~10,810~~855		5,~~600~~418
Certificates of deposit and time deposits	~~873~~917		—		—		~~873~~917		~~387~~904		~~478~~—		813
Commercial paper	~~1,066~~100		—		—		~~1,066~~100		2850		~~1,038~~50		—
Corporate debt securities	6547,~~622~~210		~~270~~266		(~~1,953~~916)		6346,~~939~~560		26—		1610,~~027~~623		4735,~~886~~937
Municipal securities	~~412~~207		—		(72)		~~405~~205		—		~~190~~119		~~215~~86
Mortgage- and asset-backed securities	24,~~595~~130		~~175~~126		(1,~~403~~252)		23,~~367~~004		—		~~1,278~~94		22,~~089~~910
Subtotal	~~132~~100,~~108~~493		~~583~~559		(43,~~635~~025)		~~128~~98,~~056~~027		12,~~966~~395		3417,~~611~~909		9177,~~479~~723
Total (2)(3)	$	160,600	$	688	$	(4,638)	$	156,650	$	29,943	$	35,228	$	91,479
Total	$	134,711	$	736	$	(3,027)	$	132,420	$	35,934	$	18,763	$	77,723

(1)The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.

~~(2)~~As of ~~September~~December 2827, ~~2024~~2025, ~~cash~~78% ~~and~~of ~~cash~~the ~~equivalents~~Company’s ~~included~~non-current ~~$2.6 billion~~marketable ~~held~~debt insecurities ~~escrow~~other ~~and~~than ~~restricted~~mortgage- ~~from~~and ~~general~~asset-backed ~~use.~~securities ~~These~~had ~~restricted~~maturities ~~cash~~between 1 and ~~cash~~5 ~~equivalents~~years, ~~were~~17% ~~designated~~between to5 ~~settle~~and ~~the~~10 ~~Company’s~~years, ~~obligation~~and ~~related~~5% togreater ~~the~~than ~~2016~~10 ~~European~~years. ~~Commission~~As ~~(the~~of ~~“Commission”)~~December 27, ~~decision~~2025, ~~that~~12% ~~Ireland~~of ~~granted state aid to~~ the Company’s ~~(the~~non-current ~~“State~~mortgage- ~~Aid~~and ~~Decision”),~~asset-backed ~~which~~securities ~~was~~had ~~confirmed~~maturities ~~during~~between ~~the~~1 ~~fourth~~and ~~quarter~~5 ofyears, ~~2024~~18% bybetween ~~the~~5 ~~European~~and ~~Court~~10 ofyears, ~~Justice~~and in70% agreater ~~reversal~~than of10 ~~the 2020 judgment of the European General Court~~years.

(3)As of September 28, 2024, current marketable securities included $13.2 billion held in escrow and restricted from general use. These restricted marketable securities were designated to settle the Company’s obligation related to the State Aid Decision.

As of June 28, 2025, 82% of the Company’s non-current marketable debt securities other than mortgage- and asset-backed securities had maturities between 1 and 5 years, 14% between 5 and 10 years, and 4% greater than 10 years. As of June 28, 2025, 12% of the Company’s non-current mortgage- and asset-backed securities had maturities between 1 and 5 years, 11% between 5 and 10 years, and 77% greater than 10 years.

Derivative Instruments and Hedging

The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates.

Foreign Exchange Rate Risk

To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months.

To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of ~~June~~December 2827, 2025, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 17 years.

The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.

Apple Inc. | Q3 2025 Form 10-Q | 8

Interest Rate Risk

To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may use interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.

~~The~~Apple ~~notional~~Inc. ~~amounts~~| ofQ1 ~~the~~2026 ~~Company’s~~Form ~~outstanding~~10-Q ~~derivative~~| ~~instruments as of June 28, 2025 and September 28, 2024, were as follows (in millions):~~8

	June 28,2025		September 28,2024
Derivative instruments designated as accounting hedges:
Foreign exchange contracts	$	63,212	$	64,069
Interest rate contracts	$	12,875	$	14,575
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts	$	78,649	$	91,493

The notional amounts of the Company’s outstanding derivative instruments as of December 27, 2025 and September 27, 2025, were as follows (in millions):

As of June 28, 2025 and September 28, 2024, the carrying amount of the Company’s current and non-current term debt subject to fair value hedges was $12.5 billion and $13.5 billion, respectively.


	December 27, 2025		September 27, 2025
Derivative instruments designated as accounting hedges:
Foreign exchange contracts	$	46,619	$	62,647
Interest rate contracts	$	12,875	$	12,875

Derivative instruments not designated as accounting hedges:
Foreign exchange contracts	$	120,980	$	109,079

As of both December 27, 2025 and September 27, 2025, the carrying amount of the Company’s current and non-current term debt subject to fair value hedges was $12.6 billion.

Accounts Receivable

Trade Receivables

As of ~~June~~December 2827, 2025, the Company had two customers that individually represented 10% or more of total trade receivables, which accounted for 1815% and 10%. As of September 27, 2025, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 12%. The Company’s third-party cellular network carriers accounted for 3135% and 3834% of total trade receivables as of ~~June~~December 2827, 2025 and September 2827, ~~2024~~2025, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit risk.

Vendor Non-Trade Receivables

The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. The Company does not reflect the sale of these components in products net sales. Rather, the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company. As of ~~June~~December 2827, 2025, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 4847% and 1426%. As of September 2827, ~~2024~~2025, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 4446% and 23%.

Note 5 – Condensed Consolidated Financial Statement Details

The following ~~tables~~table ~~show~~shows the Company’s condensed consolidated financial statement details as of ~~June~~December 2827, 2025 and September 2827, ~~2024~~2025 (in millions):

Inventories

	June 28,2025		September 28,2024
Components	$	2,288	$	3,627
Finished goods	3,637		3,659
Total inventories	$	5,925	$	7,286

Property, Plant and Equipment, Net

	June 28,2025		September 28,2024
	December 27,2025		September 27,2025
Gross property, plant and equipment	$	~~124~~127,~~311~~320	$	~~119~~125,~~128~~848
Accumulated depreciation	(7577,~~803~~161)		(7376,~~448~~014)
Total property, plant and equipment, net	$	4850,~~508~~159	$	4549,~~680~~834

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 9

Note 6 – Debt

Commercial Paper

The Company issues unsecured short-term promissory notes pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of ~~June~~December 2827, 2025 and September 2827, ~~2024~~2025, the Company had $92.90 billion and $108.0 billion of commercial paper outstanding, respectively. The following table provides a summary of cash flows associated with commercial paper for the ~~nine~~three months ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024 (in millions):

	Nine Months Ended
	Three Months Ended
	June 28,2025		June 29,2024
	December 27,2025		December 28,2024
Maturities 90 days or less:
Repayments of commercial paper, net	$	(52,~~690~~122)	$	(27,~~985~~944)
Maturities greater than 90 days:
Proceeds from commercial paper	5,625		—
Repayments of commercial paper	(3,788)		—
Total repayments of commercial paper, net	$	(655,910)	$	(27,~~985~~944)

Term Debt

As of ~~June~~December 2827, 2025 and September 2827, ~~2024~~2025, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $9188.85 billion and $9690.7 billion, respectively (collectively the “Notes”). As of ~~June~~December 2827, 2025 and September 2827, ~~2024~~2025, the fair value of the Company’s Notes, based on Level 2 inputs, was $8078.41 billion and $8880.4 billion, respectively.

Note 7 – Shareholders’ Equity

Share Repurchase Program

During the ~~nine~~three months ended ~~June~~December 2827, 2025, the Company repurchased ~~312~~93 million shares of its common stock for $6925.30 billion. The Company’s share repurchase ~~programs~~program dodoes not obligate the Company to acquire a minimum amount of shares. Under the ~~programs~~program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (~~the~~ “Exchange Act”).

Note 8 – Share-Based Compensation

Restricted Stock Units

A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the ~~nine~~three months ended ~~June~~December 2827, 2025, is as follows:

	Number ofRSUs(in thousands)	Weighted-AverageGrant-Date FairValue Per RSU
Balance as of September 28, 2024	163,326	$	158.73
Balance as of September 27, 2025	151,574	$	189.75
RSUs granted	6661,~~667~~897	$	~~226~~256.8722
RSUs vested	(7333,~~515~~905)	$	~~159~~173.2900
RSUs canceled	(6,502)	$	180.14
RSUs forfeited	(3,470)	$	208.14
Balance as of June 28, 2025	149,976	$	187.82
Balance as of December 27, 2025	176,096	$	215.98

The total vesting-date fair value of RSUs was $78.06 billion and $168.34 billion for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025, ~~respectively,~~ and ~~was $6.4 billion and $15.0 billion for the three- and nine-month periods ended June 29~~December 28, 2024, respectively.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 10

Share-Based Compensation

The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024 (in millions):

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

December 27,2025

December 28,2024

Share-based compensation expense

3,~~168~~594

23,~~869~~286

~~9,680~~

~~8,830~~

Income tax benefit related to share-based compensation expense

(~~795~~1,293)

(~~764~~1,332)

~~(2,870)~~

~~(2,662)~~

As of ~~June~~December 2827, 2025, the total unrecognized compensation cost related to outstanding RSUs was $2331.75 billion, which the Company expects to recognize over a weighted-average period of 2.69 years.

Note 9 – Commitments and Contingencies

Unconditional Purchase Obligations

The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier arrangements, licensed intellectual property and content, and distribution rights. Future payments under unconditional purchase obligations with a remaining term in excess of one year as of December 27, 2025, are as follows (in millions):


2026 (remaining nine months)	$	4,754
2027	8,066
2028	7,005
2029	6,538
2030	5,992
Thereafter	827
Total	$	33,182

Contingencies

The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.

~~Note~~Apple 10Inc. –| ~~Segment~~Q1 ~~Information~~2026 ~~and~~Form ~~Geographic~~10-Q ~~Data~~| 11

~~The~~Note ~~following~~10 ~~table~~– ~~shows~~Segment ~~information by reportable segment for the three- and nine-month periods ended June 28, 2025 and June 29, 2024 (in millions):~~Information

	Three Months Ended				Nine Months Ended
	June 28,2025		June 29,2024		June 28,2025		June 29,2024
Americas:
Net sales	$	41,198	$	37,678	$	134,161	$	125,381
Operating income	$	16,511	$	15,209	$	54,794	$	50,640
Europe:
Net sales	$	24,014	$	21,884	$	82,329	$	76,404
Operating income	$	10,501	$	9,170	$	35,424	$	31,872
Greater China:
Net sales	$	15,369	$	14,728	$	49,884	$	51,919
Operating income	$	5,822	$	5,562	$	20,608	$	20,884
Japan:
Net sales	$	5,782	$	5,097	$	22,067	$	19,126
Operating income	$	2,872	$	2,544	$	10,620	$	9,498
Rest of Asia Pacific:
Net sales	$	7,673	$	6,390	$	25,254	$	23,275
Operating income	$	3,243	$	2,610	$	10,813	$	9,995

The following table shows information by reportable segment for the three months ended December 27, 2025 and December 28, 2024 (in millions):

Apple Inc. | Q3 2025 Form 10-Q | 11


	Three Months Ended December 27, 2025
	Americas		Europe		Greater China		Japan		Rest of Asia Pacific		Corporate		Total
Net sales	$	58,529	$	38,146	$	25,526	$	9,413	$	12,142	$	—	$	143,756
Cost of sales	(31,849)		(19,061)		(13,030)		(4,511)		(6,074)		—		(74,525)
Research and development	—		—		—		—		—		(10,887)		(10,887)
Selling and marketing	(2,727)		(1,295)		(704)		(289)		(382)		—		(5,397)
General and administrative	—		—		—		—		—		(2,095)		(2,095)
Operating income/(loss)	$	23,953	$	17,790	$	11,792	$	4,613	$	5,686	$	(12,982)	$	50,852

	Three Months Ended December 28, 2024
	Americas		Europe		Greater China		Japan		Rest of Asia Pacific		Corporate		Total
Net sales	$	52,648	$	33,861	$	18,513	$	8,987	$	10,291	$	—	$	124,300
Cost of sales	(28,495)		(18,043)		(9,759)		(4,393)		(5,335)		—		(66,025)
Research and development	—		—		—		—		—		(8,268)		(8,268)
Selling and marketing	(2,644)		(1,211)		(594)		(280)		(372)		—		(5,101)
General and administrative	—		—		—		—		—		(2,074)		(2,074)
Operating income/(loss)	$	21,509	$	14,607	$	8,160	$	4,314	$	4,584	$	(10,342)	$	42,832

AApple ~~reconciliation~~Inc. of| ~~the~~Q1 ~~Company’s~~2026 ~~segment~~Form ~~operating income to the Condensed Consolidated Statements of Operations for the three~~10-Q ~~and~~| ~~nine-month periods ended June 28, 2025 and June 29, 2024, is as follows (in millions):~~12

	Three Months Ended				Nine Months Ended
	June 28,2025		June 29,2024		June 28,2025		June 29,2024
Segment operating income	$	38,949	$	35,095	$	132,259	$	122,889
Research and development expense	(8,866)		(8,006)		(25,684)		(23,605)
Other corporate expenses, net	(1,881)		(1,737)		(5,952)		(5,659)
Total operating income	$	28,202	$	25,352	$	100,623	$	93,625

Apple Inc. | Q3 2025 Form 10-Q | 12

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This Item and other sections of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future impact of macroeconomic conditions and tariffs and other measures on the Company’s business and results of operations are forward-looking statements. Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, Item 1A of the ~~2024~~2025 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking statements for any reason, except as required by law.

Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.

The following discussion should be read in conjunction with the ~~2024~~2025 Form 10-K filed with the U.S. Securities and Exchange Commission (~~the~~ “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Form 10-Q.

Available Information

The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, information on corporate governance, and details related to the Company’s annual meeting of shareholders. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.

Business Seasonality and Product Introductions

The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and distributors anticipate a product introduction.

During the ~~third~~first quarter of ~~2025~~2026, the Company announced ~~iOS~~the ~~26,~~following ~~macOS®~~updated ~~Tahoe 26, iPadOS® 26, watchOS® 26, visionOS® 26 and tvOS® 26.~~products:

•14-inch MacBook Pro®

•iPad Pro®

•Apple Vision Pro®

Macroeconomic Conditions

Macroeconomic conditions, including inflation, interest rates, component pricing and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company’s results of operations and financial condition.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 13

Tariffs and Other Measures

Beginning in the second quarter of 2025, new tariffs were announced on imports to the U.S. ~~(“U.S. Tariffs”)~~, including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the European Union (“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~~On ~~modifications~~January to14, ~~the~~2026, ~~U.S.~~initial ~~Tariffs~~results ~~have~~were ~~been~~published ~~announced~~of ~~and further changes could be made in~~ the ~~future,~~previously ~~which~~announced ~~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. The announcement of the initial results of the investigation did not impose any additional tariffs affecting the Company’s products at this time. Various modifications to U.S. tariffs have been announced and further changes could be made in the future, which may include additional measures under the Section 232 semiconductor sector investigation, additional sector-based tariffs, or other measures. 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 and gross margin. The ultimate impact remains uncertain and will depend on several factors, including whether additional or incremental U.S. ~~Tariffs~~tariffs or other measures are announced or imposed, to what extent other countries implement tariffs or other retaliatory measures in response, and the overall magnitude and duration of these measures. Trade and other international disputes can have an adverse impact on the overall macroeconomic environment and result in shifts and reductions in consumer spending and negative consumer sentiment for the Company’s products and services, all of which can further adversely affect the Company’s business and results of operations.

Segment Operating Performance

The following table shows net sales by reportable segment for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024 (dollars in millions):

	Three Months Ended						~~Nine Months Ended~~
	June 28,2025		June 29,2024		Change		June 28,2025		June 29,2024		Change
	December 27,2025		December 28,2024		Change
Americas	$	4158,~~198~~529	$	3752,~~678~~648	911	%	$	~~134,161~~	$	~~125,381~~	7	%
Europe	2438,~~014~~146		2133,~~884~~861		1013	%	~~82,329~~		~~76,404~~		8	%
Greater China	1525,~~369~~526		1418,~~728~~513		438	%	~~49,884~~		~~51,919~~		~~(4)~~	%
Japan	59,~~782~~413		58,~~097~~987		135	%	~~22,067~~		~~19,126~~		15	%
Rest of Asia Pacific	712,~~673~~142		610,~~390~~291		2018	%	~~25,254~~		~~23,275~~		9	%
Total net sales	$	94143,~~036~~756	$	85124,~~777~~300	1016	%	$	~~313,695~~	$	~~296,105~~	6	%

Americas

Americas net sales increased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 ~~due~~ 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 the third quarter and first nine months of 2025.~~

Europe

Europe net sales increased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 ~~due~~ primarily due to higher net sales of ~~Services~~iPhone and ~~iPhone~~Services. The strength in foreign currencies relative to the U.S. dollar had a net favorable year-over-year impact on Europe net sales during the first quarter of 2026.

Greater China

Greater China net sales increased during the ~~third~~first quarter of ~~2025~~2026 compared to the ~~third~~same quarter ofin ~~2024~~2025 due ~~primarily~~ to higher net sales of iPhone ~~and Mac~~. ~~Greater China net sales decreased during the first nine months of 2025 compared to the same period in 2024 due to lower net sales of iPhone, partially offset by higher net sales of Mac.~~

Japan

Japan net sales increased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 ~~due~~ primarily due to higher net sales of iPhone and ~~Services~~iPad. The ~~strength~~weakness in the yen relative to the U.S. dollar had aan ~~favorable~~unfavorable year-over-year impact on Japan net sales during the ~~third~~first quarter of ~~2025~~2026.

Rest of Asia Pacific

Rest of Asia Pacific net sales increased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 ~~due~~ primarily due to higher net sales of ~~Services~~iPhone and ~~iPhone~~Services.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 14

Products and Services Performance

The following table shows net sales by category for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024 (dollars in millions):

	Three Months Ended						~~Nine Months Ended~~
	June 28,2025		June 29,2024		Change		June 28,2025		June 29,2024		Change
	December 27,2025		December 28,2024		Change
iPhone	$	4485,~~582~~269	$	3969,~~296~~138	1323	%	$	~~160,561~~	$	~~154,961~~	4	%
Mac	8,~~046~~386		78,~~009~~987		15(7)	%	~~24,982~~		~~22,240~~		12	%
iPad	68,~~581~~595		78,~~162~~088		~~(8)~~6	%	~~21,071~~		~~19,744~~		7	%
Wearables, Home and Accessories	711,~~404~~493		811,~~097~~747		(92)	%	~~26,673~~		~~27,963~~		~~(5)~~	%
Services	2730,~~423~~013		2426,~~213~~340		1314	%	~~80,408~~		~~71,197~~		13	%
Total net sales	$	94143,~~036~~756	$	85124,~~777~~300	1016	%	$	~~313,695~~	$	~~296,105~~	6	%

iPhone

iPhone net sales increased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 due to higher net sales of Pro models.

Mac

Mac net sales ~~increased~~decreased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 primarily due to ~~higher~~lower net sales of ~~both~~ laptops and desktops.

iPad

iPad net sales ~~decreased~~increased during the ~~third~~first quarter of ~~2025~~2026 compared to the ~~third~~same quarter ofin ~~2024~~2025 primarily due to ~~lower~~higher net sales of iPad and iPad Pro®, partially offset by ~~higher~~lower net sales of ~~all other~~ iPad ~~models. iPad net sales increased during the first nine months of 2025 compared to the same period in 2024 due primarily to higher net sales of iPad Air~~mini®.

Wearables, Home and Accessories

Wearables, Home and Accessories net sales decreased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 ~~due~~ primarily due to lower net sales of Wearables ~~and Accessories~~.

Services

Services net sales increased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 ~~due~~ primarily due to higher net sales from advertising, the App Store® and cloud services.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 15

Gross Margin

Products and Services gross margin and gross margin percentage for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024, were as follows (dollars in millions):

Three Months Ended

~~Nine Months Ended~~

June 28,2025

June 29,2024

June 28,2025

June 29,2024

December 27,2025

December 28,2024

Gross margin:

Products

2246,~~993~~265

2138,~~761~~513

~~86,190~~

~~84,241~~

Services

2022,~~725~~966

1719,~~917~~762

~~60,670~~

~~52,563~~

Total gross margin

4369,~~718~~231

3958,~~678~~275

~~146,860~~

~~136,804~~

Gross margin percentage:
Products	3440.57	%	3539.3	%	~~36.9~~	%	~~37.5~~	%
Services	7576.65	%	7475.0	%	~~75.5~~	%	~~73.8~~	%
Total gross margin percentage	4648.52	%	46.39	%	~~46.8~~	%	~~46.2~~	%

Products Gross Margin

Products gross margin ~~increased during the third quarter of 2025 compared to the third quarter of 2024 due primarily to a different mix of products~~ and ~~favorable costs, partially offset by tariffs. Products~~ gross margin percentage increased during the first ~~nine~~quarter ~~months~~ of ~~2025~~2026 compared to the same ~~period~~quarter in ~~2024~~2025 ~~due~~ primarily due to ~~favorable costs and~~ a different mix of products, partially offset by ~~tariffs~~tariff ~~and the weakness in foreign currencies relative to the U~~costs.~~S. dollar.~~

Products gross margin percentage decreased during the third quarter of 2025 compared to the third quarter of 2024 due primarily to tariffs and a different mix of products, partially offset by favorable costs. Products gross margin percentage decreased during the first nine months of 2025 compared to the same period in 2024 due primarily to a different mix of products and tariffs, partially offset by favorable costs.

Services Gross Margin

Services gross margin increased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 ~~due~~ primarily due to higher Services net sales and a different mix of services.

Services gross margin percentage increased during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 ~~due~~ 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 the ~~2024~~2025 Form 10-K and Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility and downward pressure.

Apple Inc. | Q3 2025 Form 10-Q | 16

Operating Expenses

Operating expenses for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024, were as follows (dollars in millions):

	Three Months Ended						~~Nine Months Ended~~
	June 28,2025			June 29,2024			June 28,2025			June 29,2024
	December 27,2025			December 28,2024			Change
Research and development	$	810,~~866~~887		$	8,~~006~~268		$32	~~25,684~~	%	$	~~23,605~~
Percentage of total net sales	98		%	97		%	8		%	8		%
Selling, general and administrative	$	67,~~650~~492		$	67,~~320~~175		$4	~~20,553~~	%	$	~~19,574~~
Percentage of total net sales	75		%	76		%	7		%	7		%
Total operating expenses	$	1518,~~516~~379		$	1415,~~326~~443		$19	~~46,237~~	%	$	~~43,179~~
Percentage of total net sales	1713		%	1712		%	15		%	15		%

Research and Development

The growth in research and development (“R&D”) expense during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 was ~~driven~~ primarily driven by increases in infrastructure-related costs, headcount-related expenses and ~~infrastructure-related~~engineering program costs.

Selling, General and Administrative

The growth in selling, general and administrative expense during the ~~third~~first quarter ~~and first nine months~~ of ~~2025~~2026 compared to the same ~~periods~~quarter in ~~2024~~2025 was ~~driven~~ primarily driven by increases in headcount-related expenses and variable selling expenses.

Apple Inc. | Q1 2026 Form 10-Q | 16

Provision for Income Taxes

Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- ~~and~~months ~~nine-month periods~~ ended ~~June~~December 2827, 2025 and ~~June~~December 2928, 2024, were as follows (dollars in millions):

	Three Months Ended						~~Nine Months Ended~~
	June 28,2025			June 29,2024			June 28,2025			June 29,2024
	December 27,2025			December 28,2024
Provision for income taxes	$	48,~~597~~905		$	46,~~046~~254		$	~~15,381~~		$	~~14,875~~
Effective tax rate	1617.45		%	1514.97		%	~~15.4~~		%	~~15.8~~		%
Statutory federal income tax rate	21		%	21		%	21		%	21		%

The Company’s effective tax rate for the ~~third~~first quarter of ~~2025~~2026 was lower than the statutory federal income tax rate ~~due~~ primarily due to a lower effective tax rate on foreign earnings, the impact of the U.S. federal R&D credit, and tax benefits from share-based compensation, partially offset by state income taxes. The Company’s effective tax rate for the first nine months of 2025 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on foreign earnings, including the impact of changes in unrecognized tax benefits, tax benefits from share-based compensation, and the impact of the U.S. federal R&D credit, partially offset by state income taxes.

The Company’s effective tax rate for the ~~third~~first quarter of ~~2025~~2026 was higher compared to the ~~third~~first quarter of ~~2024~~2025 ~~due~~ primarily due to the impact ~~from~~of foreign currency ~~revaluations~~loss ofregulations ~~unrecognized~~issued ~~tax~~by ~~benefits. The Company’s effective tax rate for~~ the ~~first~~U.S. ~~nine~~Department ~~months~~ of ~~2025 was lower compared to~~ the ~~same~~Treasury ~~period~~ in December 2024 ~~due~~and ~~primarily to~~ the tax impact offrom ~~changes~~foreign incurrency ~~unrecognized~~revaluations ~~tax~~in ~~benefits,~~the ~~partially~~first ~~offset~~quarter byof a2025 ~~higher~~related ~~effective~~to ~~tax~~the ~~rate~~State onAid ~~foreign earnings~~Decision.

Apple Inc. | Q3 2025 Form 10-Q | 17

Liquidity and Capital Resources

The Company believes its balances of cash, cash equivalents and marketable securities, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond.

The Company’s contractual cash requirements have not changed materially since the ~~2024~~2025 Form 10-K, except for manufacturing purchase obligations and ~~the~~other ~~State~~purchase ~~Aid Decision tax payable~~obligations.

Manufacturing Purchase Obligations

The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform final assembly and testing of finished products. The Company also obtains individual components for its products from a wide variety of individual suppliers. As of ~~June~~December 2827, 2025, the Company had manufacturing purchase obligations of $44.14 billion, with $43.87 billion payable within 12 months.

~~State~~Other ~~Aid~~Purchase ~~Decision Tax Payable~~Obligations

~~During~~The ~~the~~Company’s ~~first~~other ~~nine~~purchase ~~months~~obligations primarily consist of ~~2025~~noncancelable obligations related to supplier arrangements, ~~the~~licensed ~~Company~~intellectual ~~released~~property ~~from~~and ~~escrow~~content, ~~€14.2 billion~~distribution rights, orand ~~$15.4~~the ~~billion,~~acquisition of capital assets related to ~~Ireland~~product inmanufacturing. ~~connection~~As ~~with~~of December 27, 2025, the ~~State~~Company ~~Aid~~had ~~Decision~~other purchase obligations of $35.1 billion, ~~which~~with ~~fully~~$9.3 ~~settled~~billion ~~the~~payable ~~obligation~~within 12 months.

Capital Return Program

In addition to its contractual cash requirements, the Company has an authorized share repurchase ~~programs~~program. The ~~programs~~program dodoes not obligate the Company to acquire a minimum amount of shares. As of ~~June~~December 2827, 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 of Directors.

During the ~~third~~first quarter of ~~2025~~2026, the Company repurchased $2125.0 billion of its common stock and paid dividends and dividend equivalents of $3.9 billion.

Apple Inc. | Q1 2026 Form 10-Q | 17

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 software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 will be effective for the Company in its first quarter of 2029, and early adoption is permitted. The Company is currently evaluating the timing and method of its adoption of ASU 2025-06.

Disaggregation of Income Statement Expenses

In November 2024, the ~~Financial Accounting Standards Board (the “~~FASB”) issued ~~Accounting Standards Update (“~~ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in certain expense captions in the Consolidated Statements of Operations, as well as qualitatively describe remaining amounts included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s definition of selling expenses. The Company will adopt ASU 2024-03 in its fourth quarter of 2028 using a prospective transition method.

Income Taxes

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The Company will adopt ASU 2023-09 in its fourth quarter of 2026 using a prospective transition method.

Segment Reporting

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which will require the Company to disclose segment expenses that are significant and regularly provided to the Company’s chief operating decision maker (“CODM”). In addition, ASU 2023-07 will require the Company to disclose the title and position of its CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. The Company will adopt ASU 2023-07 in its fourth quarter of 2025 using a retrospective transition method.

Apple Inc. | Q3 2025 Form 10-Q | 18

Critical Accounting Estimates

The preparation of financial statements and related disclosures in conformity with GAAP and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Summary of Significant Accounting Policies” of the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II, Item 8 of the ~~2024~~2025 Form 10-K describe the significant accounting policies and methods used in the preparation of the Company’s condensed consolidated financial statements. There have been no material changes to the Company’s critical accounting estimates since the ~~2024~~2025 Form 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes to the Company’s market risk during the first ~~nine~~three months of ~~2025~~2026. For a discussion of the Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and Qualitative Disclosures About Market Risk” of the ~~2024~~2025 Form 10-K.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of ~~June~~December 2827, 2025 to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and (ii) accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Apple Inc. | Q1 2026 Form 10-Q | 18

Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting during the ~~third~~first quarter of ~~2025~~2026, which were identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Apple Inc. | Q3 2025 Form 10-Q | 19

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

Digital Markets Act Investigations

On March 25, 2024, the European Commission (“Commission”) announced that it had opened a formal noncompliance investigation against the Company under Article 5(4) of the EU Digital Markets Act (~~the~~ “DMA”) (~~the~~ “Article 5(4) Investigation”). The Article 5(4) Investigation relates to how developers may communicate and promote offers to end users for apps distributed through the App Store, as well as how developers may conclude contracts with those end users. On June 24, 2024, the Commission announced that it had opened an additional formal investigation against the Company regarding whether the Company’s new contractual requirements for third-party app developers and app marketplaces may violate the DMA (~~the~~ “Article 6(4) Investigation”). On April 23, 2025, the Commission fined the Company €500 million in the Article 5(4) Investigation and issued a cease and desist order requiring the Company to remove technical and commercial restrictions that prevent developers from steering users to alternative distribution channels outside the App Store. The Company has appealed the Commission’s Article 5(4) decision. Also on April 23, 2025, the Commission issued preliminary findings in the Article 6(4) Investigation. If the Commission makes a final determination in the Article 6(4) Investigation that there has been a violation, it can issue a cease and desist order and may impose fines up to 10% of the Company’s annual worldwide net sales. The Commission may also seek to impose additional fines if it deems that the Company has violated a cease and desist order. The Company believes that it complies with the DMA and has continued to make changes to its compliance plan in response to feedback and engagement with the Commission.

Department of Justice Lawsuit

On March 21, 2024, the U.S. Department of Justice (~~the~~ “DOJ”) and a number of state and district attorneys general filed a civil antitrust lawsuit in the U.S. District Court for the District of New Jersey against the Company alleging monopolization or attempted monopolization in the markets for “performance smartphones” and “smartphones” in violation of U.S. antitrust laws. The DOJ is seeking equitable relief to redress the alleged anticompetitive behavior. In addition, various civil litigation matters have been filed in state and federal courts in the U.S. alleging similar violations of U.S. antitrust laws and seeking monetary damages and other nonmonetary relief. The Company believes it has substantial defenses and intends to vigorously defend itself.

Epic Games

Epic Games, Inc. ~~(“Epic”)~~ filed a lawsuit in the U.S. District Court for the Northern District of California (~~the~~ “California District Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law based upon the Company’s operation of its App Store. The California District Court found that certain provisions of the Company’s App Review Guidelines violate California’s unfair competition law and issued an injunction (the “2021 Injunction”) enjoining the Company from prohibiting developers from including in their apps buttons, external links, or other calls to action that direct customers to purchasing mechanisms other than the Company’s in-app purchase system. ~~The 2021 Injunction applies to apps on the U.S. storefronts of the iOS and iPadOS® App Stores.~~ On January 16, 2024, the Company implemented a plan to comply with the 2021 Injunction and filed a statement of compliance with the California District Court. On September 30, 2024, the Company filed a motion with the California District Court to narrow or vacate the 2021 Injunction. On April 30, 2025, the California District Court found the Company to be in violation of the 2021 Injunction and enjoined the Company from imposing any commission or any fee on purchases that consumers make outside an app; restricting, conditioning, limiting, or prohibiting how developers guide consumers to purchases outside an app; or otherwise interfering with a consumer’s choice to proceed in or out of an app. ~~The~~(the ~~California~~“2025 ~~District~~Injunction”). ~~Court~~The ~~also~~Company ~~denied~~appealed the ~~Company~~California District Court’s ~~motion~~April to2025 ~~narrow~~decision orto ~~vacate~~ the ~~2021~~U.S. ~~Injunction~~Court ~~and~~of ~~referred~~Appeals for the ~~Company~~Ninth toCircuit ~~the~~(“Ninth UCircuit Court”).S. ~~Attorney~~On ~~for~~December ~~the~~11, ~~Northern~~2025, ~~District~~the ofNinth ~~California~~Circuit ~~for~~Court aissued ~~determination~~an ~~whether~~order ~~criminal~~upholding ~~contempt~~the ~~proceedings~~2025 ~~are~~Injunction ~~appropriate.~~in ~~The~~part ~~Company~~and ~~will~~modifying ~~continue~~certain aspects to ~~vigorously~~allow ~~defend~~the ~~its~~Company ~~actions~~to ~~and~~require ~~employees~~parity in size, form and ~~has~~placement ~~appealed~~between the ~~California District Court~~Company’s ~~most~~in-app ~~recent~~purchase ~~decision~~and toany ~~the~~links ~~U.S.~~for ~~Court~~consumers ofto ~~Appeals~~make ~~for~~purchases ~~the~~outside ~~Ninth~~an ~~Circuit~~app. ~~(the~~The “Ninth Circuit Court~~”).~~ ~~Although~~also held that the Company’s ~~request~~can tocharge ~~stay~~a commission on link-out purchases, and remanded to the ~~decision~~California ~~pending~~District ~~appeal~~Court ~~was~~to ~~denied~~further amend or modify the 2025 Injunction, consistent with the Ninth Circuit Court’s ~~has~~order. ~~agreed~~The todeadline ~~consider~~for the Company’s ~~appeal~~to onfile ana ~~expedited~~petition ~~basis,~~for ~~with~~rehearing ~~arguments~~is ~~scheduled~~March ~~for~~2, ~~October 2025~~2026.

Apple Inc. | Q1 2026 Form 10-Q | 19

Other Legal Proceedings

The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business. The Company settled certain matters during the ~~third~~first quarter of ~~2025~~2026 that did not individually or in the aggregate have a material impact on the Company’s financial condition or operating results. The outcome of litigation is inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially adversely affected.

Apple Inc. | Q3 2025 Form 10-Q | 20

Item 1A. Risk Factors

The Company’s business, reputation, results of operations, financial condition and stock price can be materially and adversely affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the ~~2024~~2025 Form 10-K ~~and Part II, Item 1A of the Forms 10-Q for the quarters ended December 28, 2024 (the “first quarter 2025 Form 10-Q”) and March 29, 2025 (the “second quarter 2025 Form 10-Q”), in each case~~ under the heading “Risk Factors.” ~~When~~There any one or more of these risks materialize from time to time, the Company’s business, reputation, results of operations, financial condition and stock price can be materially and adversely affected. Except for the risk factors disclosed in Part II, Item 1A of the first quarter 2025 Form 10-Q and the second quarter 2025 Form 10-Q, which are hereby incorporated by reference into this Part II, Item 1A of this Form 10-Q, there have been no material changes to the Company’s risk factors since the ~~2024~~2025 Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Share repurchase activity during the three months ended ~~June~~December 2827, 2025, was as follows (in millions, except number of shares, which are reflected in thousands, and per-share amounts):

Periods

Total Numberof Shares Purchased

Average PricePaid Per Share

Total Number of SharesPurchased as Part of PubliclyAnnounced Plans or Programs

Approximate Dollar Value ofShares That May Yet Be PurchasedUnder the Plans or Programs (1)

March 30, 2025 to May 3, 2025:

September 28, 2025 to November 1, 2025:

Open market and privately negotiated purchases

4328,~~161~~567

~~200~~256.7969

4328,~~161~~567

May 4, 2025 to May 31, 2025:

November 2, 2025 to November 29, 2025:

Open market and privately negotiated purchases

2829,~~223~~018

~~203~~272.1725

2829,~~223~~018

June 1, 2025 to June 28, 2025:

November 30, 2025 to December 27, 2025:

Open market and privately negotiated purchases

3235,~~880~~309

~~200~~276.7361

3235,~~880~~309

Total

~~104~~92,~~264~~894

~~119~~74,779

(1)On May 21, ~~2024~~2025, the Company announced a program to repurchase up to $~~110~~100 billion of the Company’s common stock. As of ~~June~~December 2827, 2025, ~~remaining availability under the May 2024 program was~~ $1925.82 billion. Onof the May 1, 2025, ~~the Company announced an additional~~ program tohad ~~repurchase~~been ~~up to $100 billion of the Company’s common stock~~utilized. The ~~programs~~program dodoes not obligate the Company to acquire a minimum amount of shares. Under the ~~programs~~program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Apple Inc. | Q1 2026 Form 10-Q | 20

Item 5. Other Information

Insider Trading Arrangements

~~None~~On November 21, 2025, Kevan Parekh, the Company’s Senior Vice President and Chief Financial Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale, subject to certain price limits, of shares vesting between April 15, 2026 and October 15, 2026, pursuant to certain equity awards granted to Mr. Parekh, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Mr. Parekh’s plan will expire on December 31, 2026, subject to early termination in accordance with the terms of the plan.

~~Apple~~On ~~Inc~~November 24, 2025, Deirdre O’Brien, the Company’s Senior Vice President, Retail + People, terminated a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act, which was previously adopted on August 27, 2024 (the “Prior Plan”). |The Q3Prior Plan provided for the sale, subject to certain price limits, of shares vesting between April 1, 2025 ~~Form~~and 10October 1, 2026, pursuant to certain equity awards granted to Ms. O’Brien, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. The Prior Plan would have expired on December 31, 2026, subject to early termination in accordance with the terms of the plan. Following termination of the Prior Plan, on November 24, 2025, Ms. O’Brien entered into a new trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-Q1(c) |under 21the Exchange Act. The new plan provides for the sale of shares vesting between April 1, 2026 and October 1, 2026, pursuant to certain equity awards granted to Ms. O’Brien, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Ms. O’Brien’s new plan will expire on December 31, 2026, subject to early termination in accordance with the terms of the plan.

Item 6. Exhibits

Incorporated by Reference

ExhibitNumber

Exhibit Description

Form

Exhibit

Filing Date/Period End Date

4.1

Officer’s Certificate of the Registrant, dated as of May 12, 2025, including forms of global notes representing the 4.000% Notes due 2028, 4.200% Notes due 2030, 4.500% Notes due 2032 and 4.750% Notes due 2035.

8-K

4.1

5/12/25

31.1*

Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.

31.2*

Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.

32.1**

Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.

101*

Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I, Item 1, “Financial Statements” of this Quarterly Report on Form 10-Q.

104*

Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.

* Filed herewith.

** Furnished herewith.

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 2221

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: August 1, 2025	Apple Inc.
Date: January 30, 2026	Apple Inc.
	By:	/s/ Kevan Parekh
		Kevan Parekh
		Senior Vice President,Chief Financial Officer

Apple Inc. | Q3Q1 ~~2025~~2026 Form 10-Q | 2322

Filing Compare · Apple Inc.