Apple Inc.

On November 14, 2025, a Form 25 was filed notifying removal from listing and registration on Nasdaq of Apple’s 0.000% Notes due 2025 (25-NSE filed 2025-11-14 · 25-NSE). The notice names no deficiency, no compliance period, no deadline and no reverse split (25-NSE filed 2025-11-14 · 25-NSE). The notes were due in 2025, so the removal reflects maturity and is not a listing deficiency (25-NSE filed 2025-11-14 · 25-NSE). The filing’s words: “NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934” (25-NSE filed 2025-11-14 · 25-NSE). The passages show no change of independent auditor: the Audit Committee re-appointed Ernst & Young LLP for 2026, and Ernst & Young has served as Apple’s auditor since 2009 (DEF 14A filed 2026-01-08 · DEF 14A). No dismissal, resignation, or new engagement is reported, and no disagreements are mentioned (DEF 14A filed 2026-01-08 · DEF 14A). The filing’s words: “The Audit Committee has re-appointed Ernst & Young LLP as Apple’s independent registered public accounting firm and as auditors of Apple’s consolidated financial statements for 2026” (DEF 14A filed 2026-01-08 · DEF 14A). DMA Article 5(4) Investigation: the European Commission fined Apple €500 million on April 23, 2025 and issued a cease and desist order; Apple has appealed the Article 5(4) decision. The filing’s words: “On April 23, 2025, the Commission fined the Company €500 million in the Article 5(4) Investigation and issued a cease and desist order”. DMA Article 6(4) Investigation: Commission issued preliminary findings on April 23, 2025; a final determination could bring a cease and desist order and fines up to 10% of annual worldwide net sales. No final determination is reported in the Q3 2026 10-Q. The filing’s words: “Also on April 23, 2025, the Commission issued preliminary findings in the Article 6(4) Investigation”. Epic Games case (N.D. Cal.): on April 30, 2025 the court found Apple in violation of the 2021 Injunction and enjoined any commission on outside-app purchases (the 2025 Injunction). On December 11, 2025 the Ninth Circuit upheld the injunction in part, allowed parity requirements and a commission on link-out purchases, and remanded. On May 21, 2026 Apple petitioned the Supreme Court; on June 30, 2026 the Supreme Court granted review of the civil contempt legal standard; Apple is seeking a stay of district court proceedings. The filing’s words: “On June 30, 2026, the Supreme Court granted the Company’s petition to review the applicable legal standard for civil contempt”. Epic Games 2025 10-K: the California District Court referred Apple to the U.S. Attorney for the Northern District of California for a determination whether criminal contempt proceedings are appropriate; oral arguments in the Ninth Circuit were heard in October 2025. The filing’s words: “referred the Company to the U.S. Attorney for the Northern District of California for a determination whether criminal contempt proceedings are appropriate”. Google search remedies: on September 2, 2025 the D.C. District Court ordered remedies after Google was found to violate U.S. antitrust laws on August 5, 2024; the DOJ and Google have appealed the order. Apple’s search licensing revenue is at risk. The filing’s words: “on September 2, 2025, the U.S. District Court for the District of Columbia (“D.C. District Court”) ordered certain remedies”. Epic Games: on April 30, 2025 the court found Apple in violation of the 2021 Injunction, barred commissions on outside purchases, and referred Apple to the U.S. Attorney for possible criminal contempt; appeal to Ninth Circuit argued October 2025. Google search remedies were ordered September 2, 2025, and could affect Apple’s licensing revenue. Epic Games: Ninth Circuit on Dec 11, 2025 upheld the 2025 Injunction in part, held Apple can charge a commission on link-out purchases, and remanded. The filing’s words: “The Ninth Circuit Court also held that the Company can charge a commission on link-out purchases”. Tim Cook transitions from Chief Executive Officer to Executive Chair of the Board, effective September 1, 2026 (the Transition Date). This is a CEO change. The filing’s words: “Tim Cook will transition from his role as Chief Executive Officer to Executive Chair of Apple’s Board of Directors”. John Ternus, Senior Vice President of Hardware Engineering, was appointed Chief Executive Officer and a member of the Board, effective September 1, 2026. The Board made the appointment on April 17, 2026. This is a CEO change. The filing’s words: “On April 17, 2026, the Board appointed John Ternus, Apple’s Senior Vice President of Hardware Engineering, as Chief Executive Officer and a member of the Board”. Compensation for the incoming CEO: Ternus’s annual salary was increased to $3 million on the Transition Date, with a prorated RSU award having a target value of $2.5 million and a fiscal 2027 annual equity award with a target value of $55 million. The filing’s words: “Mr. Ternus’ annual salary was increased to $3 million on the Transition Date”. Kevan Parekh transitioned into the role of Chief Financial Officer during 2025, as part of a planned transition; he previously served as Vice President, Financial Planning and Analysis (DEF 14A filed 2026-01-08 · DEF 14A). Luca Maestri is now a former CFO (DEF 14A filed 2026-01-08 · DEF 14A). This is a CFO change (DEF 14A filed 2026-01-08 · DEF 14A). The filing’s words: “Mr. Parekh and Mr. Khan transitioned into the roles of Chief Financial Officer and Chief Operating Officer, respectively, during 2025 as part of planned transitions for these roles” (DEF 14A filed 2026-01-08 · DEF 14A). Apple filed this 8-K/A to disclose new compensation arrangements for John Ternus as CEO and Tim Cook as Executive Chair of the Board, effective September 1, 2026 (the Transition Date); the CEO transition was announced in an 8-K filed April 20, 2026. The filing’s words: “previously announced its Chief Executive Officer transition plan in its Current Report on Form 8-K filed on April 20, 2026”. Mr. Ternus' annual salary was increased to $3 million on the Transition Date, and he received a prorated RSU award with a target value of $2.5 million for his fiscal 2026 service as CEO. Apple Inc. announced that Tim Cook will transition from Chief Executive Officer to Executive Chair of the Board effective September 1, 2026, and the Board appointed John Ternus as Chief Executive Officer and a member of the Board, “in each case effective on the Transition Date” (8-K filed 2026-04-20, Item 5.02). Apple Inc. disclosed compensation arrangements for John Ternus in connection with his appointment as CEO and for Tim Cook in connection with his appointment as Executive Chair of the Board, both effective as of September 1, 2026 (the “Transition Date”) (8-K/A filed 2026-09-01, Item 5.02). Mr. Ternus' annual salary was increased to $3 million on the Transition Date, and a prorated RSU award with a target value of $2.5 million was granted for his period of service as CEO in fiscal 2026 (8-K/A filed 2026-09-01, Item 5.02).

The only debt financing evidenced in the passages is an Officer’s Certificate dated May 12, 2025 covering global notes for 4.000% Notes due 2028, 4.200% Notes due 2030, 4.500% Notes due 2032 and 4.750% Notes due 2035. The passages give no offering size, issue price, gross or net proceeds, agent, or comparison with any registration statement or planned terms. In 2025 Apple issued $4.5 billion of fixed-rate notes (4.000%–4.750%, due 2028–2035); net proceeds were $4.48 billion. Shares issued and outstanding were 15,116,786 thousand at September 28, 2024 and 14,773,260 thousand at September 27, 2025. Outstanding shares fell by about 343.5 million over FY2025, mainly through share repurchases. Shares issued and outstanding were 14,702,703 thousand at December 27, 2025. Shares issued and outstanding were 14,667,688 thousand at March 28, 2026. Shares issued and outstanding were 14,608,963 thousand at June 27, 2026. As of September 27, 2025, equity compensation plans approved by shareholders covered 151,604,285 shares to be issued upon exercise of outstanding options, warrants and rights, at a weighted-average exercise price of $14.12 (DEF 14A filed 2026-01-08 · DEF 14A). The weighted-average price reflects only options and excludes RSUs, which have no exercise price (DEF 14A filed 2026-01-08 · DEF 14A). Of the 151,604,285 shares, 142,900,767 were under the 2022 Plan with no options outstanding (all RSUs), and 8,694,875 were under the 2014 Employee Stock Plan, of which 24,993 were subject to outstanding options and the rest RSUs (DEF 14A filed 2026-01-08 · DEF 14A). The Director Plan had 8,643 RSUs and no options (DEF 14A filed 2026-01-08 · DEF 14A). Apple had no warrants disclosed (DEF 14A filed 2026-01-08 · DEF 14A). The plans prohibit repricing of options (DEF 14A filed 2026-01-08 · DEF 14A). The Director Plan bars any adjustment that would constitute a repricing, and the 2022 Plan bars any action that would constitute a repricing, in each case except for stock-split-type adjustments or repricings approved by shareholders (DEF 14A filed 2026-01-08 · DEF 14A). The filings show no repricing or modification of options (DEF 14A filed 2026-01-08 · DEF 14A). Dilutive effect of share-based awards on weighted-average shares was 58,566 thousand for the three months ended June 27, 2026. Shares outstanding were 14,608,963 thousand at June 27, 2026 (14,773,260 thousand at Sep 27, 2025) and 14,594,180,000 at July 17, 2026; RSUs outstanding 143,962 thousand. Shares outstanding fell to 14,773,260 thousand at fiscal year-end from 15,116,786 thousand; 151,574 thousand RSUs outstanding. 14,687,356,000 shares were outstanding at April 17, 2026; 14,667,688k at March 28, 2026. RSUs outstanding were 173,985k at March 28, 2026; 66,083k granted at $256.04 in six months. Shares outstanding were 14,702,703K at Dec 27, 2025 versus 14,773,260K at Sept 27, 2025; 14,681,140,000 as of Jan 16, 2026. RSUs outstanding 176,096K. As of January 2, 2026, 14,697,926,000 shares were outstanding (DEF 14A filed 2026-01-08 · DEF 14A). The Vanguard Group holds 9.63% and BlackRock 7.10% (DEF 14A filed 2026-01-08 · DEF 14A). At September 27, 2025, 151,604,285 securities were to be issued under equity plans at a weighted-average option exercise price of $14.12. 1,051,241,204 shares remained available (DEF 14A filed 2026-01-08 · DEF 14A). Proposal 4 would extend the Director Plan term from November 13, 2027 to February 23, 2036 with no increase in share reserve. 4,092,836 shares remain available out of a 44,800,000 maximum (DEF 14A filed 2026-01-08 · DEF 14A). Director Annual Director Award raised to $310,000 in 2025 (1,255 RSUs) (DEF 14A filed 2026-01-08 · DEF 14A). Levinson’s stayed at $275,000 (1,113 RSUs) (DEF 14A filed 2026-01-08 · DEF 14A). Exhibits include the restated Non-Employee Director Stock Plan and a form of RSU award agreement, both effective February 24, 2026.

As of June 27, 2026, Apple had $2.0 billion of commercial paper outstanding, down from $8.0 billion at September 27, 2025. Commercial paper is unsecured short-term promissory notes issued under a commercial paper program. As of June 27, 2026, outstanding fixed-rate term notes had an aggregate carrying amount of $82.3 billion, versus $90.7 billion at September 27, 2025. Their Level 2 fair value was $71.2 billion, versus $80.4 billion at September 27, 2025. Balance sheet at June 27, 2026 shows term debt of $11.0 billion current and $71.3 billion non-current, and commercial paper of $2.00 billion. Nine-month cash flows to June 27, 2026 included repayments of term debt of $8.15 billion and net repayments of commercial paper of $5.91 billion. Carrying amount of fixed-rate notes was $82.7 billion at March 28, 2026 and $88.5 billion at December 27, 2025 (each against $90.7 billion at September 27, 2025). At fiscal year-end September 27, 2025, fixed-rate notes had an aggregate principal amount of $91.3 billion, with $12.4 billion payable within 12 months and future interest payments of $37.0 billion, of which $2.6 billion is payable within 12 months. Term debt at September 27, 2025 comprised 0.000% to 4.850% fixed-rate notes from 2013–2023 issuances totaling $86.8 billion (maturing 2025–2062) and a 2025 issuance of 4.000% to 4.750% fixed-rate notes totaling $4.50 billion (maturing 2028–2035); total term debt principal was $91.3 billion. Commercial paper weighted-average interest rate was 4.19% at September 27, 2025, versus 5.00% at September 28, 2024. The Notes are senior unsecured obligations with interest payable in arrears, and Apple uses interest rate and cross-currency swaps to hedge certain notes. Commercial paper outstanding was $2.0B (down from $8.0B); term debt fixed-rate notes had carrying amount $82.3B versus $90.7B, fair value $71.2B. Repayments of term debt were $8.15 billion in nine months, with no term debt issued (versus $4.48 billion net proceeds a year earlier). Manufacturing purchase obligations were $57.0B ($56.2B within 12 months); other purchase obligations $29.3B. Term debt principal was $91.3 billion ($12.4B due within 12 months); commercial paper outstanding $8.0B at 4.19% weighted rate. Term debt carrying amount was $82.7B (vs $90.7B); fair value $70.8B; commercial paper $2.0B (vs $8.0B). Six-month repayments of term debt were $7.91 billion and net commercial paper repayments $5.91 billion. Manufacturing purchase obligations were $44.6B ($43.9B within 12 months); other purchase obligations $30.4B. Commercial paper fell to $2.00 billion from $7.98 billion; current term debt $11.0 billion and non-current term debt $71.3 billion; no term debt issued in nine months, $8.15 billion repaid. Manufacturing purchase obligations were $44.4B and other purchase obligations $35.1B. Debt: commercial paper $2.00 billion (vs $7.98 billion), current term debt $8.31 billion, non-current term debt $74.4 billion; term debt repayments of $7.91 billion in six months. Commercial paper fell to $2.00 billion from $7.98 billion; current term debt was $11.8 billion and non-current term debt $76.7 billion; term debt repayments were $2.16 billion and net commercial paper repayments $5.91 billion. Term debt was $12.4 billion current and $78.3 billion non-current; commercial paper $7.98 billion. FY2025 issued $4.48 billion net term debt and repaid $10.9 billion. The cover page lists six series of Apple notes registered on Nasdaq: 1.625% due 2026, 2.000% due 2027, 1.375% due 2029, 3.050% due 2029, 0.500% due 2031 and 3.600% due 2042. Apple does not name its trade-receivable customers. As of June 27, 2026, one unnamed customer represented 10% or more of total trade receivables, at 18%; as of September 27, 2025 it was 12%. As of March 28, 2026, one unnamed customer represented 10% or more of total trade receivables, at 17%; as of September 27, 2025 it was 12%. As of December 27, 2025, two unnamed customers each represented 10% or more of total trade receivables, at 15% and 10%. As of September 27, 2025, one unnamed customer represented 12% of total trade receivables. Third-party cellular network carriers (an aggregate group, not a named customer) accounted for 27% of total trade receivables as of June 27, 2026 and 34% as of September 27, 2025. As of June 27, 2026, two unnamed vendors each represented 10% or more of total vendor non-trade receivables, at 47% and 22%; as of September 27, 2025 the two vendors were 46% and 23%. As of March 28, 2026, two unnamed vendors each represented 10% or more of total vendor non-trade receivables, at 51% and 18%. As of December 27, 2025, two unnamed vendors each represented 10% or more of total vendor non-trade receivables, at 47% and 26%. No named customer is shown as 10% or more of revenue. The FY2025 10-K gives revenue only by geography (U.S. $151.8 billion; China $64.4 billion, which includes Hong Kong and Taiwan), not by customer. One customer was 18% of trade receivables (12% at Sep 2025); cellular carriers were 27% (34%). Two vendors were 47% and 22% of vendor non-trade receivables. One customer was 12% of trade receivables; carriers were 34% (38% prior); two vendors held 46% and 23% of vendor non-trade receivables. One customer represented 17% of trade receivables (12% at Sept 2025); cellular carriers were 30% (34%). Two vendors held 51% and 18% of vendor non-trade receivables (46% and 23% at Sept 2025). Two customers were 10%+ of trade receivables (15% and 10%) versus one at 12% in September; carriers were 35% of receivables. Two vendors accounted for 47% and 26% of vendor non-trade receivables (46% and 23% in September). For the three months ended June 27, 2026, operating income by reportable segment was Americas $21,701m, Europe $13,443m, Greater China $7,406m, Japan $3,004m and Rest of Asia Pacific $4,182m; Corporate was $(14,041)m, and total operating income was $35,695m (in millions). For the three months ended June 27, 2026, net sales by geographic segment were Americas $45,781m, Europe $29,395m, Greater China $18,816m, Japan $6,554m and Rest of Asia Pacific $8,871m, totaling $109,417m (in millions). For the nine months ended June 27, 2026, net sales by reportable segment were Americas $149,403m, Europe $95,596m, Greater China $64,839m, Japan $24,368m and Rest of Asia Pacific $30,151m, totaling $364,357m (in millions), compared with $313,695m in the prior-year nine months. Three-month segment net sales changes for the quarter ended June 27, 2026 versus June 28, 2025: Americas up 11%, Europe up 22%, Greater China up 22%, Japan up 13%, Rest of Asia Pacific up 16%, total up 16%. Revenue by disaggregated product line for the three months ended June 27, 2026 was iPhone $54,252m, Mac $10,352m, iPad $6,191m, Wearables, Home and Accessories $7,883m and Services $30,739m, totaling $109,417m (in millions). Nine-month segment operating income (profit) for the period ended June 27, 2026 is not shown in the passages; the nine-month segment table is cut off after net sales. Q3 FY2026 total net sales were $109.4 billion versus $94.0 billion a year earlier, up 16%. Q3 gross margin was $54.8 billion (50.1%) versus $43.7 billion (46.5%); nine-month gross margin was $178.8 billion (49.1%) versus $146.9 billion (46.8%). Q3 operating expenses were $19.1 billion versus $15.5 billion (up 23%); R&D rose 32% to $11.7 billion; operating income was $35.7 billion versus $28.2 billion. Q3 net income was $29.8 billion versus $23.4 billion; diluted EPS $2.02 versus $1.57. Nine-month net income was $101.5 billion, diluted EPS $6.88 versus $5.62. Nine-month cash generated by operating activities was $117.0 billion versus $81.8 billion. Q3 net sales by category: iPhone $54.3 billion (+22%), Mac $10.4 billion (+29%), iPad $6.19 billion (-6%), Wearables $7.88 billion (+6%), Services $30.7 billion (+12%). FY2025 total net sales were $416.2 billion, up 6% from $391.0 billion in FY2024 (FY2023: $383.3 billion). Total gross margin was $195.2 billion (46.9% of sales) in 2025 vs $180.7 billion (46.2%) in 2024. Operating expenses rose 8% to $62.2 billion; R&D was $34.6 billion (up 10%) and SG&A $27.6 billion (up 6%). Operating income was $133.1 billion vs $123.2 billion; net income $112.0 billion vs $93.7 billion; diluted EPS $7.46 vs $6.08. Cash generated by operating activities was $111.5 billion in 2025, down from $118.3 billion in 2024. Net sales by segment in 2025: Americas $178.4 billion (+7%), Europe $111.0 billion (+10%), Greater China $64.4 billion (-4%), Japan $28.7 billion (+15%), Rest of Asia Pacific $33.7 billion (+10%). 2025 segment operating income: Americas $72.5 billion, Europe $47.7 billion, Greater China $26.9 billion, Japan $14.0 billion, Rest of Asia Pacific $14.6 billion. Net sales by category 2025: iPhone $209.6 billion (+4%), Mac $33.7 billion (+12%), iPad $28.0 billion (+5%), Wearables $35.7 billion (-4%), Services $109.2 billion (+14%). U.S. net sales were $151.8 billion and China (incl. Hong Kong and Taiwan) $64.4 billion in 2025. Q2 FY2026 total net sales were $111.2 billion versus $95.4 billion a year earlier, up 17%. Q2 gross margin was $54.8 billion (49.3%) versus $44.9 billion (47.1%); six-month gross margin was $124.0 billion (48.6%) versus $103.1 billion (47.0%). Q2 operating expenses rose 24% to $18.9 billion; R&D rose 34% to $11.4 billion. Q2 operating income was $35.9 billion versus $29.6 billion; six-month operating income was $86.7 billion versus $72.4 billion. Q2 net income was $29.6 billion versus $24.8 billion; diluted EPS $2.01 versus $1.65; six-month net income $71.7 billion and diluted EPS $4.85 versus $4.05. Six-month cash generated by operating activities was $82.6 billion versus $53.9 billion. Q2 net sales by segment: Americas $45.1 billion (+12%), Europe $28.1 billion (+15%), Greater China $20.5 billion (+28%), Japan $8.40 billion (+15%), Rest of Asia Pacific $9.14 billion (+25%). Q2 iPhone net sales were $57.0 billion (+22%); Services $31.0 billion (+16%); Mac +6%; iPad +8%; Wearables +5%. Q2 segment operating income: Americas $19.4 billion, Europe $13.1 billion, Greater China $9.19 billion, Japan $3.84 billion, Rest of Asia Pacific $4.13 billion. Q3 fiscal 2026 revenue was $109.4 billion, up 16 percent year over year; total net sales were $109.4 billion versus $94.0 billion. Q3 gross margin was $54.8 billion (50.1 percent), including about 2 percentage points favorable impact from tariff refunds, versus $43.7 billion a year earlier. Q3 operating expenses were $19.1 billion versus $15.5 billion; R&D rose to $11.7 billion from $8.87 billion and SG&A to $7.35 billion from $6.65 billion. Q3 diluted EPS was $2.02, up 29 percent, including a $0.11 favorable tariff refund impact; prior year $1.57. Nine-month operating cash flow was $117.0 billion versus $81.8 billion; the CFO cited a June quarter record for operating cash flow. Q3 segment net sales: Americas $45.8 billion, Europe $29.4 billion, Greater China $18.8 billion, Japan $6.55 billion, Rest of Asia Pacific $8.87 billion, all above prior year. Q3 net sales by category: iPhone $54.3 billion, Mac $10.4 billion, iPad $6.19 billion (down from $6.58 billion), Wearables $7.88 billion, Services $30.7 billion. Q1 FY2026 total net sales were $143.8 billion versus $124.3 billion a year earlier, up 16%. Gross margin was $69.2 billion versus $58.3 billion; gross margin percentage rose to 48.2% from 46.9%. Operating expenses were $18.4 billion versus $15.4 billion (up 19%); operating income was $50.9 billion versus $42.8 billion. Net income was $42.1 billion versus $36.3 billion; diluted EPS was $2.84 versus $2.40. Cash generated by operating activities was $53.9 billion versus $29.9 billion. Greater China net sales rose 38% to $25.5 billion; Americas $58.5 billion (+11%), Europe $38.1 billion (+13%), Japan $9.41 billion (+5%), Rest of Asia Pacific $12.1 billion (+18%). Product category sales: iPhone $85.3 billion (+23%), Mac $8.39 billion (-7%), iPad $8.60 billion (+6%), Wearables $11.5 billion (-2%), Services $30.0 billion (+14%). Segment operating income: Americas $24.0 billion, Europe $17.8 billion, Greater China $11.8 billion, Japan $4.61 billion, Rest of Asia Pacific $5.69 billion. Apple reported fiscal 2025 net sales of $416.2 billion and operating income of $133.1 billion, up six percent ($25.2 billion) and eight percent ($9.9 billion) year over year (DEF 14A filed 2026-01-08 · DEF 14A). Fiscal 2025 gross margin was 46.9%, up 70 basis points; diluted EPS was a record $7.46; Services revenue grew 14% and passed $100B (DEF 14A filed 2026-01-08 · DEF 14A). Pay-versus-performance table shows net income of $112.0 billion and net sales of $416.2 billion for 2025, versus $93.7 billion and $391.0 billion for 2024 (DEF 14A filed 2026-01-08 · DEF 14A). The CEO pay ratio was 533 to 1: CEO total pay $74,294,811 against median employee pay of $139,483 (DEF 14A filed 2026-01-08 · DEF 14A). The shareholder proposal states Greater China accounted for nearly 20% of revenue, about $74 billion annually (DEF 14A filed 2026-01-08 · DEF 14A). Q2 FY2026 (quarter ended March 28, 2026) revenue was $111.2 billion, up 17% year over year; diluted EPS was $2.01, up 22%. Three-month results: gross margin $54.8 billion vs $44.9 billion, operating expenses $18.9 billion vs $15.3 billion, operating income $35.9 billion vs $29.6 billion, net income $29.6 billion vs $24.8 billion. Six-month results: net sales $254.9 billion vs $219.7 billion, net income $71.7 billion vs $61.1 billion, diluted EPS $4.85 vs $4.05, operating cash flow $82.6 billion vs $53.9 billion. CFO said the March quarter generated over $28 billion in operating cash flow, a March quarter record. Quarterly segment net sales: Americas $45.1 billion, Europe $28.1 billion, Greater China $20.5 billion (vs $16.0 billion), Japan $8.40 billion, Rest of Asia Pacific $9.14 billion. Quarterly net sales by category: iPhone $57.0 billion (vs $46.8 billion), Mac $8.40 billion, iPad $6.91 billion, Wearables $7.90 billion, Services $31.0 billion (vs $26.6 billion). Q1 fiscal 2026 (ended Dec 27, 2025) net sales were $143.8 billion versus $124.3 billion a year earlier, up 16 percent. Total operating expenses were $18.4 billion versus $15.4 billion; R&D rose to $10.9 billion from $8.27 billion and SG&A to $7.49 billion from $7.18 billion. Net income was $42.1 billion versus $36.3 billion; diluted EPS was $2.84 versus $2.40, up 19 percent, and basic EPS was $2.85 versus $2.41. Net sales by segment: Americas $58.5 billion (vs $52.6 billion), Europe $38.1 billion (vs $33.9 billion), Greater China $25.5 billion (vs $18.5 billion), Japan $9.41 billion (vs $8.99 billion), Rest of Asia Pacific $12.1 billion (vs $10.3 billion). Net sales by category: iPhone $85.3 billion (vs $69.1 billion), Mac $8.39 billion (vs $8.99 billion), iPad $8.60 billion (vs $8.09 billion), Wearables/Home/Accessories $11.5 billion (vs $11.7 billion), Services $30.0 billion (vs $26.3 billion). Q4 FY2025 total net sales were $102.5 billion versus $94.9 billion a year earlier (up 8%); the release says revenue was $102.5 billion. Q4 gross margin was $48.3 billion versus $43.9 billion; operating expenses were $15.9 billion versus $14.3 billion; operating income was $32.4 billion versus $29.6 billion. Q4 net income was $27.5 billion versus $14.7 billion; diluted EPS was $1.85 versus $0.97 GAAP (up 13% over the adjusted $1.64). FY2025 net income was $112.0 billion versus $93.7 billion; diluted EPS $7.46 versus $6.08; operating cash flow was $111.5 billion versus $118.3 billion. Q4 segment net sales: Americas $44.2 billion, Europe $28.7 billion, Greater China $14.5 billion (down from $15.0 billion), Japan $6.64 billion, Rest of Asia Pacific $8.44 billion. Q4 net sales by category: iPhone $49.0 billion, Mac $8.73 billion, iPad $6.95 billion, Wearables $9.01 billion, Services $28.8 billion; FY Services $109.2 billion versus $96.2 billion. Apple issued a press release on April 30, 2026 on its financial results for the second fiscal quarter ended March 28, 2026, attached as Exhibit 99.1. The 8-K body itself gives no revenue, margin, income, EPS or cash flow figures. Apple issued a press release on July 30, 2026 reporting results for its third fiscal quarter ended June 27, 2026, attached as Exhibit 99.1. The information in the report is furnished and not deemed filed for purposes of Section 18 of the Exchange Act, nor incorporated by reference into any filing except by specific reference. Apple issued a press release on January 29, 2026 reporting financial results for its first fiscal quarter ended December 27, 2025; the press release is Exhibit 99.1. The 8-K itself contains no figures such as revenue, margin, income or EPS. Apple issued a press release on October 30, 2025 on its financial results for the fourth fiscal quarter ended September 27, 2025, attached as Exhibit 99.1. The 8-K itself does not include any figures such as revenue, margin, income or EPS.

The auditor is Ernst & Young LLP, which has served as the Company’s auditor since 2009, with its report dated October 31, 2025 from San Jose, California. The auditor issued an unqualified opinion that the financial statements (consolidated balance sheets as of September 27, 2025 and September 28, 2024, and three years ended September 27, 2025) present fairly, in all material respects, in conformity with U.S. GAAP. The auditor issued an unqualified opinion that Apple maintained, in all material respects, effective internal control over financial reporting as of September 27, 2025, based on the COSO 2013 framework. The one critical audit matter named is Uncertain Tax Positions. As of September 27, 2025, gross unrecognized tax benefits totaled $23.2 billion, of which $10.6 billion, if recognized, would impact the effective tax rate. Ernst & Young LLP has been auditor since 2009 and was re-appointed for 2026 (DEF 14A filed 2026-01-08 · DEF 14A). Total fees were $34.3 million in 2025 versus $30.3 million in 2024 (DEF 14A filed 2026-01-08 · DEF 14A). For the Q3 2026 10-Q (period ended June 27, 2026), management and the principal executive and financial officers concluded disclosure controls and procedures were effective. No material weakness is named in the passages. For Q3 2026, the company reported no changes in internal control over financial reporting in the third quarter that materially affected or were reasonably likely to materially affect ICFR. No material weakness or remediation is described. For the Q2 2026 10-Q (period ended March 28, 2026), the principal executive and financial officers concluded disclosure controls and procedures were effective. For Q2 2026, the company reported no changes in internal control over financial reporting in the second quarter that materially affected or were reasonably likely to materially affect ICFR. For the Q1 2026 10-Q (period ended December 27, 2025), the principal executive and financial officers concluded disclosure controls and procedures were effective. For Q1 2026, the company reported no changes in internal control over financial reporting in the first quarter that materially affected or were reasonably likely to materially affect ICFR. For fiscal year-end September 27, 2025, the principal executive and financial officers concluded disclosure controls and procedures were effective. For fiscal year-end September 27, 2025, management concluded ICFR was effective under the 2013 COSO framework, and Ernst & Young LLP issued an unqualified opinion that the company maintained effective ICFR. No material weakness is reported. For Q4 2025, the company reported no changes in internal control over financial reporting that materially affected or were reasonably likely to materially affect ICFR. The 10-K also reports a principal accounting officer transition effective January 1, 2026, which is not described as a control weakness. Disclosure controls were concluded effective; no internal control changes in the quarter. At the Annual Meeting, shareholders approved ratifying Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2026, with 11,794,611,709 votes for, 202,435,745 against, and 28,621,018 abstentions. Apple’s 8-K reports that Mr. Ternus, Apple’s Senior Vice President of Hardware Engineering, will become CEO and a Board member effective September 1, 2026, and the filing states there are no transactions between Mr. Ternus and Apple requiring disclosure under Item 404(a) of Regulation S-K. Apple will enter into its standard indemnification agreement for directors and executive officers with Mr. Ternus in connection with his appointment. The proxy statement says Apple does not believe any director had a direct or indirect material interest in relationships with organizations where directors serve as officers or directors, including commercial and charitable relationships, during 2025 through the proxy date (DEF 14A filed 2026-01-08 · DEF 14A). A family member of Apple’s former Chief Operating Officer is employed by Apple and received total compensation over $120,000 from the beginning of fiscal year 2025 through the proxy filing date; Apple states the pay was set under its usual compensation practices (DEF 14A filed 2026-01-08 · DEF 14A). The Audit and Finance Committee applies a related-person transaction review that considers whether a transaction would impair the independence of a non-employee director (DEF 14A filed 2026-01-08 · DEF 14A). The Audit and Finance Committee members (Ron Sugar, Wanda Austin, Monica Lozano, Sue Wagner) are stated to be independent directors under Nasdaq and SEC rules as of October 29, 2025 (DEF 14A filed 2026-01-08 · DEF 14A). Art Levinson, current Chair, will become Lead Independent Director on the Transition Date, and Tim Cook will move to Executive Chair. Principal Accounting Officer Ben Borders adopted a 10b5-1 plan on Feb 6, 2026 to sell up to 898 shares plus vesting shares, expiring Dec 31, 2026. Board waived the age-75 guideline so Levinson (75) and Sugar (77) can stand for re-election; all directors except Cook are independent (DEF 14A filed 2026-01-08 · DEF 14A). Art Levinson, current Chair of the Board, will become Lead Independent Director on the Transition Date (September 1, 2026). Compensation for Tim Cook in his Executive Chair role: annual salary of $2 million effective September 26, 2026, and a fiscal 2027 equity award with a target value of $45 million. Jennifer Newstead was announced to become Apple’s General Counsel on March 1, 2026, succeeding Kate Adams, who had served as general counsel since 2017. Newstead was to join as Senior Vice President in January 2026. Adams remains to oversee government affairs until her retirement in late 2026. Ben Borders was appointed Principal Accounting Officer effective January 1, 2026, succeeding Chris Kondo in that role. Borders, 45, joined Apple in November 2010. Sabih Khan transitioned into the role of Chief Operating Officer during 2025, as part of a planned transition; he previously served as Senior Vice President of Operations (DEF 14A filed 2026-01-08 · DEF 14A). Jennifer Newstead’s signature block in the 8-K/A reads Senior Vice President, General Counsel and Government Affairs, reflecting her expanded title after the general counsel transition. Board nominations: the shareholder meeting voted on eight nominees to the Board, including Tim Cook, Art Levinson, and others (DEFA14A filed 2026-01-08 · DEFA14A). No other director additions or departures appear in the passages (DEFA14A filed 2026-01-08 · DEFA14A). Insider 10b5-1 plans: Jennifer Newstead (May 5, 2026; up to 24,912 shares) and Tim Cook (May 28, 2026; up to 16,250 shares plus gifting up to 37,104 shares). Principal Accounting Officer Chris Kondo will transition January 1, 2026; Ben Borders will succeed him. CFO Kevan Parekh adopted a 10b5-1 plan on Nov 21, 2025; Deirdre O’Brien terminated a prior plan and adopted a new one on Nov 24, 2025. Kevan Parekh became CFO in January 2025 and Sabih Khan became COO in July 2025 (DEF 14A filed 2026-01-08 · DEF 14A). Luca Maestri moved off the CFO role (DEF 14A filed 2026-01-08 · DEF 14A). The report is signed by Kevan Parekh as Senior Vice President, Chief Financial Officer. The report was signed by Kevan Parekh, Senior Vice President, Chief Financial Officer. Mr. Ternus was approved for an annual equity award with a target value of $55 million to be granted in fiscal 2027: 75% performance-based RSUs vesting on relative total shareholder return versus the S&P 500, and 25% time-based RSUs vesting semiannually in 12.5% installments over four years. Mr. Cook was approved for an equity award with a target value of $45 million to be granted in fiscal 2027, split 50% performance-based RSUs and 50% time-based RSUs vesting semiannually in 12.5% installments over four years; on retirement on or after the first anniversary of grant, the award vests (subject to performance) but settles on the original dates. Mr. Ternus is 50, joined Apple in 2001, and assumed his current position in 2021; he was previously Vice President, Hardware Engineering. Apple and Mr. Ternus will enter into Apple’s standard indemnification agreement, and Apple will file an amendment with Item 5.02(c)(3) information within four business days after it is determined or available. Apple’s Board appointed Ben Borders, 45, as Principal Accounting Officer effective January 1, 2026, as part of a previously announced transition plan. Mr. Borders joined Apple in November 2010, assumed his current position in January 2026, and previously served as Director of Technical Accounting. Apple announced on December 4, 2025 that Jennifer Newstead will become general counsel on March 1, 2026, after a transition of duties from Kate Adams. Kate Adams has served as Apple’s general counsel since 2017. Ms. Adams will remain at Apple overseeing government affairs until her retirement in late 2026, after which Ms. Newstead will lead that organization. At the 2026 Annual Meeting held February 24, 2026, shareholders elected eight directors (Wanda Austin, Tim Cook, Alex Gorsky, Andrea Jung, Art Levinson, Monica Lozano, Ron Sugar, Sue Wagner) to serve until the next annual meeting. Each received a large majority of For votes; for example, Wanda Austin received 9,077,916,399 For, 40,654,561 Against, 17,836,844 Abstained and 2,889,260,668 broker non-votes, and Sue Wagner received 8,596,360,759 For, 522,576,019 Against, 17,471,026 Abstained and 2,889,260,668 broker non-votes. Shareholders ratified the appointment of Ernst & Young LLP as independent registered public accounting firm for fiscal year 2026 (Proposal 2): 11,794,611,709 For, 202,435,745 Against, 28,621,018 Abstained. Shareholders approved, on an advisory basis, the executive compensation (Proposal 3): 8,304,055,118 For, 781,645,634 Against, 50,707,052 Abstained, 2,889,260,668 broker non-votes. Shareholders approved the Apple Inc. Non-Employee Director Stock Plan, as Amended and Restated (Proposal 4): 8,927,137,986 For, 178,910,631 Against, 30,359,187 Abstained, 2,889,260,668 broker non-votes. Shareholders did not approve the shareholder proposal entitled 'China Entanglement Audit' (Proposal 5): 129,158,181 For, 8,939,194,258 Against, 68,055,365 Abstained, 2,889,260,668 broker non-votes. The latest proxy statement (dated January 8, 2026) asks shareholders to vote on five proposals: (1) election of eight directors; (2) ratification of Ernst & Young LLP for fiscal 2026; (3) advisory vote on executive compensation; (4) approval of the amended and restated Non-Employee Director Stock Plan, which extends its term to February 23, 2036; and (5) a shareholder proposal on 'China Entanglement Audit', which the Board recommends against (DEF 14A filed 2026-01-08 · DEF 14A). The Board recommends FOR Proposals 1 through 4 (DEF 14A filed 2026-01-08 · DEF 14A). The annual meeting is on February 24, 2026 (DEF 14A filed 2026-01-08 · DEF 14A). The proposals are: elect eight directors, ratify EY, a say-on-pay vote, the amended Director Stock Plan, and a shareholder China Entanglement Audit proposal that the Board opposes (DEF 14A filed 2026-01-08 · DEF 14A). Say-on-pay received 92% approval at the 2025 annual meeting (DEF 14A filed 2026-01-08 · DEF 14A). The board asks shareholders to elect eight nominees: Wanda Austin, Tim Cook, Alex Gorsky, Andrea Jung, Art Levinson, Monica Lozano, Ron Sugar and Sue Wagner, and recommends a vote FOR all of them (DEF 14A filed 2026-01-08 · DEF 14A). Proposal 2 asks shareholders to ratify Ernst & Young LLP as independent registered public accounting firm for fiscal 2026; the board recommends FOR (DEF 14A filed 2026-01-08 · DEF 14A). Proposal 3 is an advisory vote to approve executive compensation, and Proposal 4 asks for approval of the Apple Inc. Non-Employee Director Stock Plan, as Amended and Restated; the board recommends FOR both (DEF 14A filed 2026-01-08 · DEF 14A). Proposal 5 is a shareholder proposal entitled “China Entanglement Audit”; the board recommends a vote AGAINST (DEF 14A filed 2026-01-08 · DEF 14A). The annual meeting will be held virtually on February 24, 2026 at 8:00 A.M. Pacific Time (DEF 14A filed 2026-01-08 · DEF 14A). Internet and phone voting closes at 8:59 P.M. PT on February 23, 2026 (DEF 14A filed 2026-01-08 · DEF 14A). Kate Adams and Kevan Parekh are appointed as proxies (DEF 14A filed 2026-01-08 · DEF 14A). Unmarked proxies are voted FOR the nominees and Proposals 2 to 4, and AGAINST Proposal 5 (DEF 14A filed 2026-01-08 · DEF 14A). All eight director nominees were elected; Art Levinson received the most against votes (822,322,806) and Wanda Austin the most For votes (9,077,916,399).

DOJ antitrust lawsuit filed March 21, 2024 in the U.S. District Court for the District of New Jersey alleging monopolization of 'performance smartphones' and 'smartphones'; the Company intends to vigorously defend itself. No change reported in the Q3 2026 10-Q. Epic Games: the Q1 2026 10-Q noted the deadline to petition for rehearing of the Ninth Circuit decision was March 2, 2026. Irish State Aid Decision: on September 10, 2024 the ECJ set aside the 2020 General Court judgment and confirmed the 2016 Commission decision; Apple recorded a one-time income tax charge of $10.2 billion, net in Q4 2024 ($15.8 billion payable to Ireland from escrow, offset by a $4.8 billion U.S. foreign tax credit and an $823 million decrease in unrecognized tax benefits). Other legal proceedings: Apple settled certain matters in Q3 2026 that were not individually or in aggregate material; no accrual amounts disclosed. Contingencies note: management sees no reasonable possibility of a material loss beyond recorded accruals. Tariffs: on February 20, 2026 the U.S. Supreme Court struck down certain IEEPA tariffs; Apple has applied for refunds through U.S. Customs and Border Protection and recognized refunds received as a reduction of products cost of sales. Section 301 tariffs were recently imposed (regulatory matter, not a court case). Risk factor update in Q3 2026 10-Q: EU DMA compliance plan challenged by the Commission and may be challenged by private litigants; Q3 2026 10-Q states no other material changes to risk factors beyond those listed. EU DMA: €500M fine in the Article 5(4) investigation (appealed); Article 6(4) preliminary findings could bring fines up to 10% of annual worldwide net sales. DOJ antitrust suit continues. The company settled certain matters in Q3 2026 without material impact. DOJ and state attorneys general filed an antitrust suit on March 21, 2024 in D.N.J. alleging smartphone monopolization; Apple intends to defend vigorously. Apple excluded one shareholder proposal for failure to document ownership, after the SEC Staff said it would not respond to most Rule 14a-8 no-action requests (DEF 14A filed 2026-01-08 · DEF 14A).

The Q1 FY2026 10-Q (quarter ended December 27, 2025) states there were no material changes to risk factors since the 2025 Form 10-K. The Q2 FY2026 10-Q (quarter ended March 28, 2026) adds a new risk factor on design and manufacturing defects in products and services, including possible harm in specialized applications such as health and from new technologies such as artificial intelligence. Otherwise it states there were no material changes since the 2025 Form 10-K. The Q3 FY2026 10-Q (quarter ended June 27, 2026) adds a new risk factor on the ability to obtain components and computing resources in sufficient quantities and on commercially reasonable terms, citing supply constraints and rising component costs (advanced semiconductors, NAND, DRAM). The Company expects these trends to intensify. The Q2 risk factors are incorporated by reference, and otherwise there were no material changes since the 2025 Form 10-K. New U.S. tariffs beginning in Q2 2025 are discussed; products gross margin percentage fell partly due to tariff costs, and a Section 232 semiconductor investigation was initiated. The information in the report is furnished and not deemed filed under Section 18 of the Exchange Act, nor incorporated by reference in other filings except by specific reference.

Management stated in the FY2025 10-K that it intends to increase its dividend annually, subject to Board declaration. The Board later raised the quarterly dividend from $0.26 to $0.27 per share, effective with the dividend paid in Q3 2026, which is consistent with the stated intent (kept). The FY2025 10-K stated the remaining TCJA deemed repatriation tax payable of $8.8 billion was payable within 12 months. The Q2 2026 10-Q reports the company paid the remaining $8.8 billion balance during the first six months of 2026 (kept). For 2025, the Compensation Committee set net sales goals of $380 billion (threshold), $391 billion (target) and $402 billion (maximum), and operating income goals of $113 billion, $118.5 billion and $124 billion (DEF 14A filed 2026-01-08 · DEF 14A). The proxy later reports 2025 net sales of $416.2 billion and operating income of $133.1 billion, exceeding the maximum goals (kept/exceeded) (DEF 14A filed 2026-01-08 · DEF 14A). In the Q2 2026 10-Q, management said it expects supply constraints and rising component costs (advanced semiconductors, NAND, DRAM) to intensify, which may adversely affect demand, revenue, costs and margins. The Q3 2026 10-Q repeats that expectation with wording shifted to direct revenue and gross margin impact, so the outlook was reaffirmed and reworded, not resolved. The 8-K/A reports Cook’s annual salary will be $2 million effective September 26, 2026, and a fiscal 2027 equity award with a $45 million target value. Ternus’s salary rises to $3 million and he receives a $55 million fiscal 2027 target equity award. No later filing in the passages shows these being kept or changed (open). The company expects component supply constraints and cost increases to intensify and says gross margins will face volatility and downward pressure; it intends to raise its dividend annually. Cook’s 2025 total target pay was $59 million, unchanged from 2024, and 2026 pay is also unchanged (DEF 14A filed 2026-01-08 · DEF 14A). Maximum cash incentive payouts were earned because results exceeded goals (net sales target $391B, operating income target $118.5B) (DEF 14A filed 2026-01-08 · DEF 14A). Performance RSUs from 2021 vested at 187% of target on Relative TSR at the 81.20th percentile (DEF 14A filed 2026-01-08 · DEF 14A). CEO said revenue was well above expectations and the installed base exceeds 2.5 billion active devices. Apple’s CFO said the installed base reached an all-time high; the release says it will hold a conference call at 2:00 p.m. PT on October 30, 2025.

Payments to Acquire Debt Securities, Available-for-sale went from $17.59B to $48.75B for the period 2024-09-29 to 2025-06-28 against 2025-09-28 to 2026-06-27 (+177.1%), as the 10-Q filed 2026-07-31 prints it; the filings read state no specific cause for it. Increase (Decrease) in Other Operating Liabilities went from $-15.16B to $10.02B for the period 2024-09-29 to 2025-06-28 against 2025-09-28 to 2026-06-27 (+166.1%), as the 10-Q filed 2026-07-31 prints it; the filings read state no specific cause for it. Marketable Securities, Current went from $35.23B to $18.76B from 2024-09-28 to 2025-09-27 (-46.7%), as the 10-K filed 2025-10-31 prints it; the filings read state no specific cause for it. Accrued Income Taxes, Current went from $26.60B to $13.02B from 2024-09-28 to 2025-09-27 (-51.1%), as the 10-K filed 2025-10-31 prints it; the filings read state no specific cause for it. Other Liabilities, Noncurrent went from $41.55B to $55.08B from 2025-09-27 to 2026-06-27 (+32.6%), as the 10-Q filed 2026-07-31 prints it; the filings read state no specific cause for it. Increase (Decrease) in Accounts Payable went from $-18.48B to $-5.20B for the period 2024-09-29 to 2025-06-28 against 2025-09-28 to 2026-06-27 (+71.8%), as the 10-Q filed 2026-07-31 prints it; the filings read state no specific cause for it. Intangible Assets, Gross (Excluding Goodwill) went from $24.95B to $38.22B from 2025-09-27 to 2026-06-27 (+53.2%), as the 10-Q filed 2026-07-31 prints it; the filings read state no specific cause for it. Payments for Repurchase of Common Stock went from $49.50B to $36.99B for the period 2024-09-29 to 2025-03-29 against 2025-09-28 to 2026-03-28 (-25.3%), as the 10-Q filed 2026-05-01 prints it; the filings read state no specific cause for it. Intangible Assets, Net (Excluding Goodwill) went from $13.30B to $25.42B from 2025-09-27 to 2026-06-27 (+91.1%), as the 10-Q filed 2026-07-31 prints it; the filings read state no specific cause for it. Income Taxes Paid, Net went from $37.33B to $26.55B for the period 2024-09-29 to 2025-06-28 against 2025-09-28 to 2026-06-27 (-28.9%), as the 10-Q filed 2026-07-31 prints it; the filings read state no specific cause for it. Increase (Decrease) in Other Operating Assets went from $6.12B to $16.27B for the period 2024-09-29 to 2025-06-28 against 2025-09-28 to 2026-06-27 (+166%), as the 10-Q filed 2026-07-31 prints it; the filings read state no specific cause for it. Nontrade Receivables, Current went from $33.18B to $23.17B from 2025-09-27 to 2026-03-28 (-30.2%), as the 10-Q filed 2026-05-01 prints it; the filings read state no specific cause for it. Inventories rose to $11.1 billion from $5.72 billion, mainly components ($7.65 billion vs $2.12 billion); intangible assets net rose to $20.3 billion from $11.1 billion; accounts receivable fell to $31.4 billion from $39.8 billion. Tariff refunds were recognized after the Feb 20, 2026 Supreme Court ruling and contributed to higher products gross margin. Other current liabilities fell to $66.4 billion from $78.3 billion as income taxes payable dropped to $13.0 billion from $26.6 billion; marketable securities fell and escrow was released. Intangible assets non-current rose to $21.3 billion from $11.1 billion; gross intangibles rose to $37.8 billion from $25.0 billion. Accounts payable fell to $57.3 billion from $69.9 billion; accounts receivable to $30.3 billion from $39.8 billion; vendor non-trade receivables to $23.2 billion from $33.2 billion. Total shareholders' equity rose to $106.5 billion from $73.7 billion; retained earnings turned positive at $12.4 billion. Tariffs: Supreme Court on Feb 20, 2026 struck down certain IEEPA tariffs; Apple is applying for a refund. Inventories nearly doubled to $11.1 billion from $5.72 billion, and intangible assets rose to $20.3 billion from $11.1 billion; the document gives no cause. Retained earnings moved to $11.3 billion from an accumulated deficit of $14.3 billion; other non-current liabilities rose to $55.1 billion from $41.5 billion. Cash and equivalents rose to $45.3 billion from $35.9 billion; other non-current assets and liabilities rose about $9.4B and $10.5B. Large balance sheet moves: accounts receivable fell to $30.3 billion from $39.8 billion, vendor non-trade receivables to $23.2 billion from $33.2 billion, intangible assets rose to $21.3 billion from $11.1 billion, retained earnings turned to $12.4 billion from deficit; the document gives no cause for intangibles. Cash and equivalents rose to $45.3 billion from $35.9 billion; other non-current assets rose to $93.1 billion from $83.7 billion and other non-current liabilities to $52.1 billion from $41.5 billion; operating cash flow swings include other current/non-current assets (10,250) and liabilities +12,533. No cause is given. Marketable securities (current) fell to $18.8 billion from $35.2 billion; other current liabilities fell to $66.4 billion from $78.3 billion (reflecting the Irish tax payment, though the document does not state it explicitly); cash rose to $35.9 billion.

The Q1 FY2026 earnings release balance sheet shows 'Other non-current assets' of $83.7 billion at September 27, 2025, but the Q2 and Q3 FY2026 balance sheets split out 'Intangible assets, net' of $11.1 billion and show other non-current assets of $72.6 billion for the same date. The two presentations are reclassified versions of the same total of $211.3 billion. The 10-Q says prior-period amounts were reclassified. The 8-K on Mr. Ternus’s appointment signs Jennifer Newstead as 'General Counsel and Secretary', while the 8-K/A signs her as 'General Counsel and Government Affairs'. Her title is stated two ways. The Q1 FY2026 10-Q reports $25.2 billion of the May 2025 repurchase program utilized as of December 27, 2025, but the Q2 10-Q reports $36.2 billion utilized as of March 28, 2026, and the Q3 10-Q describes $38.0 billion 'remaining availability' under the same program at June 27, 2026. The wording shifts from 'utilized' to 'remaining'. These are different dates and are not necessarily inconsistent. The 10-Q cover shows 14,594,180,000 shares outstanding at July 17, 2026, while the balance sheet shows 14,608,963 thousand at June 27, 2026. The two figures are at different dates, so this is not necessarily a conflict. The proxy statement says all seven Non-Employee Directors participate in the Director Plan, but it also describes eight director nominees, including Mr. Cook (DEF 14A filed 2026-01-08 · DEF 14A). The eight include the CEO, who is an employee, so this is probably consistent (DEF 14A filed 2026-01-08 · DEF 14A). The filings give two values for Deferred Tax Assets, Other (2024-09-28): 2,168,000,000 in the 10-K filed 2024-11-01 and 3,341,000,000 in the 10-K filed 2025-10-31 (EDGAR’s structured data). The filings give two values for Effective Income Tax Rate Reconciliation, Other Adjustments, Amount (2022-09-25 to 2023-09-30): -192,000,000 in the 10-K filed 2023-11-03 and -188,000,000 in the 10-K filed 2025-10-31 (EDGAR’s structured data). The filings give two values for Effective Income Tax Rate Reconciliation, Other Adjustments, Amount (2023-10-01 to 2024-09-28): 10,000,000 in the 10-K filed 2024-11-01 and 279,000,000 in the 10-K filed 2025-10-31 (EDGAR’s structured data). The filings give two values for Other Accrued Liabilities, Current (2024-09-28): 51,703,000,000 in the 10-K filed 2024-11-01 and 44,024,000,000 in the 10-K filed 2025-10-31 (EDGAR’s structured data). The filings give two values for Other Assets, Noncurrent (2025-09-27): 83,727,000,000 in the 10-K filed 2025-10-31 and 72,634,000,000 in the 10-Q filed 2026-05-01 (EDGAR’s structured data). Repurchase amounts differ across the document: $61.8B in Note 7 versus $62.1 billion in cash flows and $62.2 billion in equity statement. Q3 repurchases are $25.8B in MD&A versus $25.9 billion in the equity statement; share-based compensation differs ($3.59 billion equity vs $3.40 billion expense). The 10-K says the debt table at Note 9 principal and MD&A Notes are consistent, but the cover shares (14,776,353,000 at Oct 17) differ from balance sheet shares (14,773,260 thousand) at year-end, reflecting different dates. Unconditional purchase obligations total $27.7 billion in Note 9, while MD&A cites other purchase obligations of $30.4B, a differing scope. Repurchase total differs: equity statement shows $36.3 billion repurchased and cash flow shows $37.0 billion, versus text $36.0B. Greater China nine-month sales are inconsistent: the segment table shows 64,839, but a quoted figure from the same row elsewhere is not present; the segment sum (149,403+95,596+64,839+24,368+30,151=364,357) matches the total. Pay table says the 2022 performance RSUs vested at 139% on Oct 1, 2025; separately, the CD&A refers to 187% for the 2021 grant (DEF 14A filed 2026-01-08 · DEF 14A). These are different grants, so they do not conflict (DEF 14A filed 2026-01-08 · DEF 14A).

As of September 27, 2025, the total valuation allowance against deferred tax assets was $11.0 billion, up from $8.87 billion at September 28, 2024. The allowance covers credit carryforwards and a portion of other temporary differences. The 2025 tax reconciliation includes a $2.09 billion change in valuation allowance, and the 2025 effective tax rate was partially offset by it. No such change appeared in 2024 or 2023. As of September 27, 2025, the Company had $4.7 billion of Irish foreign tax credit carryforwards and $4.0 billion of California R&D credit carryforwards, both of which can be carried forward indefinitely. Gross unrecognized tax benefits were $23.2 billion at September 27, 2025, up from $22.0 billion a year earlier. Of the 2025 amount, $10.6 billion would affect the effective tax rate if recognized. The Company believes it is reasonably possible that its gross unrecognized tax benefits could decrease by as much as $6 billion in the next 12 months, as examinations may resolve. In the fourth quarter of 2024, following the ECJ’s decision on the State Aid Decision, the Company recorded a one-time income tax charge of $10.2 billion, net. This comprised $15.8 billion payable to Ireland from escrow, partly offset by a $4.8 billion U.S. foreign tax credit and an $823 million decrease in unrecognized tax benefits. The deemed repatriation tax payable under the TCJA was $8.8 billion at September 27, 2025, all payable within 12 months. The Company paid the remaining $8.8 billion balance during the first nine months of 2026, so this one-time tax has been fully settled. In the second quarter of 2026, the effective tax rate was partially offset by a change in valuation allowance. The change in unrecognized tax benefits was also a driver of the rate in the first half and third quarter of 2026. Effective tax rate was 17.9% in Q3 (16.4% prior) and 17.6% for nine months (15.4%); the remaining $8.8B deemed repatriation tax was paid; cash taxes paid were $26.6 billion versus $37.3 billion. Effective tax rate was 15.6% vs 24.1%, driven by a $10.7B lower State Aid provision; a $2.09 billion valuation allowance change was recorded; gross unrecognized tax benefits were $23.2B. In Q4 2024 Apple recorded a $10.2B one-time charge for the State Aid Decision; deemed repatriation tax payable is $8.8B due within 12 months; cash taxes paid were $43.4 billion. Effective tax rate was 17.5% in Q2 versus 15.5%; six-month 17.5% versus 15.0%; Company paid remaining $8.8B deemed repatriation tax. Cash paid for income taxes was $20.4 billion versus $31.7 billion. Cash paid for income taxes was $26.6 billion versus $37.3 billion; Q3 tax provision $6.48 billion versus $4.60 billion. Effective tax rate was 17.5% versus 14.7%, higher due to foreign currency loss regulations and State Aid Decision revaluation impact in prior year; cash taxes paid were $3.43 billion versus $18.7 billion. Quarter tax provision was $6.26 billion vs $4.53 billion; six-month cash taxes paid were $20.4 billion vs $31.7 billion. Provision for income taxes was $8.91 billion versus $6.25 billion; cash paid for income taxes, net was $3.43 billion versus $18.7 billion. Q4 2024 included a one-time income tax charge of $10.2 billion net from the State Aid reversal: $15.8 billion payable to Ireland, offset by a $4.8 billion US foreign tax credit and an $823 million decrease in unrecognized tax benefits. Q4 2025 tax provision was $5.34 billion versus $14.9 billion; cash paid for income taxes in FY2025 was $43.4 billion versus $26.1 billion. During the nine months ended June 27, 2026, Apple repurchased 215 million shares of its common stock for $61.8 billion. During the third quarter of 2026 (ended June 27, 2026), Apple repurchased $25.8 billion of its common stock and paid dividends and dividend equivalents of $4.0 billion. In May 2026 Apple entered into new accelerated share repurchase agreements under which financial institutions received up-front payments totaling $10.0 billion, with purchase periods ending in the fourth quarter of 2026; the May 2026 ASRs accounted for 26,468 thousand shares in the May 3 to May 30, 2026 period. Apple’s Q3 2026 share repurchase activity totaled 79,611 thousand shares, with approximately $138.0 billion (about $138.0 billion) of remaining authorization available as of the end of the quarter’s table. As of June 27, 2026, remaining availability under the May 2025 $100 billion program was $38.0 billion; on April 30, 2026 Apple announced an additional program to repurchase up to $100 billion of common stock. Apple’s quarterly cash dividend was $0.27 per share as of June 27, 2026, raised from $0.26 on April 30, 2026 (about a 4 percent increase), payable August 13, 2026 to holders of record August 10, 2026. During the second quarter of 2026, Apple repurchased $11.0 billion of common stock and paid dividends and dividend equivalents of $3.8 billion; for the six months ended March 28, 2026 it repurchased 135 million shares for $36.0 billion. As of March 28, 2026, remaining availability under the authorized share repurchase program was $63.8 billion; on April 30, 2026 the Board authorized an additional program to repurchase up to $100 billion of common stock. On April 30, 2026 Apple raised its quarterly cash dividend from $0.26 to $0.27 per share, beginning with the dividend paid in Q3 2026. During the first quarter of 2026 Apple repurchased $25.0 billion of common stock and paid dividends and dividend equivalents of $3.9 billion; the quarterly dividend was $0.26 per share. During 2025 (fiscal year ended September 27, 2025), Apple repurchased $89.3 billion of common stock (402 million shares) and paid dividends and dividend equivalents of $15.4 billion; in May 2025 it announced a new $100 billion program. In nine months the company repurchased 215 million shares for $61.8B; Q3 repurchases were $25.8B and dividends $4.0B; quarterly dividend $0.27 per share. A new $100B repurchase program was announced April 30, 2026; $38.0B remained under the May 2025 program; new ASRs entered May 2026 with $10.0B up-front payments ending in Q4 2026. Apple repurchased 402 million shares for $89.3B in 2025; used final $19.8B of the May 2024 $110B program and announced a new $100B program in May 2025 ($221M used). Quarterly dividend raised from $0.25 to $0.26 per share in May 2025; dividends paid were $15.4B. Company repurchased 135 million shares for $36.0B in six months; Q2 repurchases were $11.0B and dividends $3.8B. On April 30, 2026 the Board authorized an additional $100B repurchase program; $63.8B remained under the existing program. Q2 repurchases: 41,032k shares at $259.26 (Dec 28–Jan 31), 1,395k at $265.20 (Feb), none in March; total 42,427k. Board declared a $0.27 per share dividend payable August 13, 2026 to holders of record August 10, 2026. Nine-month repurchases of common stock were $62.1 billion versus $70.6 billion; dividends paid $11.8 billion. The company repurchased 93 million shares for $25.0B in the quarter; $25.2B of the $100B May 2025 program used, $74.8 billion remaining. Quarterly dividend was $0.26 per share; dividends paid were $3.9B; company intends to raise the dividend annually. Apple returned over $110B to shareholders in fiscal 2025 (DEF 14A filed 2026-01-08 · DEF 14A). Board declared a $0.27 per share dividend, up 4%, payable May 14, 2026 to holders of record May 11, 2026, and authorized an additional $100 billion repurchase program. Six-month repurchases were $37.0 billion (vs $49.5 billion) and dividends paid $7.74 billion. The board declared a $0.26 per share cash dividend payable February 12, 2026 to holders of record February 9, 2026. Repurchases of common stock were $24.7 billion and dividends paid $3.92 billion in the quarter; the CFO said almost $32 billion was returned. The board declared a $0.26 per share cash dividend, payable November 13, 2025 to holders of record on November 10, 2025. FY2025 repurchases were $90.7 billion versus $94.9 billion; dividends paid $15.4 billion versus $15.2 billion.