Apple (AAPL) 10-K risk factor changes: FY2025 vs FY2024

[removed: The Company’s] [added: If the Company is unable to compete successfully, its] business, reputation, results of operations, financial condition and stock price can be [removed: affected by a number of factors, whether currently known or unknown, including those described below.][added: materially adversely affected.]

[removed: When any one or more] [added: Any] of [removed: these risks materialize from time to time,] the [added: foregoing can materially adversely affect the] Company’s business, [removed: reputation,] results of operations, financial condition and stock [removed: price can be materially and adversely affected.][added: price.]

The Company’s operations and performance depend significantly on global and regional economic conditions and adverse economic conditions can materially adversely affect the Company’s business, results of [removed: operations and] [added: operations,] financial [removed: condition.][added: condition and stock price.]

[removed: In addition to an adverse impact on demand for the Company’s products and services, uncertainty] [added: Uncertainty] about, or a decline in, global or regional economic conditions can [added: also] have a significant impact on the Company’s suppliers, contract manufacturers, logistics providers, distributors, cellular network carriers and other channel partners, and developers.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 5

[removed: Substantially all] [added: A significant majority] of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and [removed: Vietnam.][added: Vietnam, in addition to sourcing from partners and facilities located in the U.S. The Company relies on single-source partners in the U.S., Asia and Europe to supply and manufacture many components, and on partners primarily located in Asia, for final assembly of substantially all of the Company’s hardware products.]

[added: A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.] Restrictions on international trade, such as tariffs and other controls on imports or exports of goods, technology or data, can materially adversely affect the Company’s business and supply chain.

Restrictive measures can [removed: increase the cost of the Company’s products and the components and raw materials that go into them, and can] [added: also] require the Company to [removed: take various actions, including changing] [added: change] suppliers, [removed: restructuring] [added: restructure] business relationships and operations, [added: refrain from offering] and [removed: ceasing] [added: distributing or cease] to offer and distribute affected products, services and third-party applications to its [removed: customers.][added: customers, and increase the prices of its products and services.]

Changing the Company’s business and supply chain in accordance with new or changed restrictions on international trade can be expensive, time-consuming and disruptive to the Company’s [added: business and results of] operations.

Such restrictions can be announced with little or no advance notice, which can create uncertainty, and the Company may not be able to effectively mitigate [added: any or] all adverse impacts from such measures.

If disputes and conflicts further [removed: escalate in the future,] [added: escalate,] actions by governments in response could be significantly more severe and [removed: restrictive and could materially adversely affect the Company’s business.][added: restrictive.]

Many of the Company’s [removed: operations] [added: operations, retail stores] and facilities, as well as critical business operations of the Company’s suppliers and contract manufacturers, are in locations that are prone to earthquakes and other natural disasters.

In addition, the Company’s and its suppliers’ [removed: operations] [added: operations, retail stores] and facilities are subject to the risk of interruption by fire, power shortages, nuclear power plant accidents and other industrial accidents, terrorist attacks and other hostile acts, ransomware and other cybersecurity attacks, labor disputes, public health issues and other events beyond the Company’s control.

[removed: For example, global] [added: Global] supply chains can be highly [removed: concentrated] [added: concentrated,] and [added: an escalation of] geopolitical tensions or conflict could result in significant disruptions.

Following any interruption to its business, the Company can require substantial recovery time, [removed: experience] [added: incur] significant expenditures to resume operations, and lose significant sales.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 6

[removed: The Company’s products and services are offered in highly competitive global] [added: These] markets [added: are] characterized by aggressive price [removed: competition and resulting] [added: competition,] downward pressure on gross margins, [removed: frequent introduction of new products and services, short product life cycles, evolving industry standards,] continual improvement in product [removed: price and performance characteristics, rapid adoption of technological advancements by competitors,] [added: performance,] and price sensitivity on the part of consumers and businesses.

[removed: There can be no assurance these] [added: These] investments [removed: will] [added: may not] achieve expected returns, and the Company may not be able to develop and market new products and services successfully.

The Company has a minority market share in the global smartphone, personal [removed: computer and] [added: computer,] tablet [removed: markets.][added: and wearables markets, and some of the markets in which the Company competes have from time to time experienced little to no growth or contracted overall.]

The [removed: Company faces] [added: Company’s products and services face] substantial competition [removed: in these markets] from companies that have significant technical, marketing, distribution and other resources, as well as established hardware, software and [removed: digital content supplier relationships.][added: service offerings.]

[removed: In addition, some] [added: Some] of the Company’s competitors have [removed: broader] [added: broad] product lines, [removed: lower-priced products and a larger] [added: low-priced products, large] installed [removed: base] [added: bases] of active [removed: devices.][added: devices, and large customer bases.]

Certain competitors have the resources, experience or cost structures to provide products [added: and services] at little or no profit or even at a loss.

[removed: Additionally,] [added: In addition,] the Company faces significant competition as competitors imitate the Company’s product features and applications within their products [removed: or collaborate] to offer [removed: solutions that are] more competitive [removed: than those they currently offer.][added: solutions.]

Due to the highly volatile and competitive nature of the markets and industries in which the Company competes, the Company must continually introduce new products, services and technologies, enhance existing products and services, effectively stimulate customer demand for new and upgraded products and services, [added: navigate global regulatory requirements] and [added: barriers to market access, and] successfully manage the transition to these new and upgraded products and services.

[removed: The success of new product and service introductions depends] [added: Success also relies] on [removed: a number of factors, including timely and successful development, market acceptance,] the Company’s ability to manage the risks associated with new technologies and production ramp-up issues, the [removed: availability] [added: effective integration] of [added: third-party services and technologies into the Company’s products and services, the availability, delivery and performance of] application software or other third-party support for the Company’s products and services, the effective management of [added: manufacturing and other] purchase commitments and [added: the management of] inventory levels in line with anticipated product demand, [added: and] the availability of products in appropriate quantities and at expected costs to meet anticipated [removed: demand, and the risk that new products and services may have quality or other defects or deficiencies.][added: demand.]

New products, services and technologies may replace or supersede existing offerings and may produce lower revenues and lower profit [removed: margins, which can materially adversely impact the Company’s business, results of operations and financial condition.][added: margins.]

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 7

Such diminished control has from time to time [added: had,] and may in the future [removed: have] [added: have,] an adverse effect on the [added: cost,] quality or quantity of products manufactured or services provided, or adversely affect the Company’s flexibility to respond to changing conditions.

While the Company relies on its partners to adhere to its supplier code of conduct, violations of the supplier code of conduct occur from time to time and can materially adversely affect the Company’s business, reputation, results of [removed: operations and] [added: operations,] financial [removed: condition.][added: condition and stock price.]

Many components, including those that are available from multiple sources, are at times subject to industry-wide shortages and significant commodity pricing fluctuations that can materially adversely affect the Company’s business, results of [removed: operations and] [added: operations,] financial [removed: condition.][added: condition and stock price.]

In addition, component suppliers may [removed: suffer from poor financial conditions, which can lead] [added: fail, be subject] to [removed: business failure for the supplier or] consolidation within a particular industry, [added: or decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements,] further limiting the Company’s ability to obtain sufficient quantities of components on commercially reasonable terms, or at all.

Therefore, the Company remains subject to significant risks of supply shortages and price increases that can materially adversely affect its business, results of [removed: operations and] [added: operations,] financial [removed: condition.][added: condition and stock price.]

[removed: The] [added: Additionally, the] Company’s new products often utilize custom components available from only one source.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 8

[removed: There can be no assurance the] [added: The] Company [removed: will] [added: may not] be able to detect and fix all issues and defects in the hardware, software and services it [removed: offers.][added: offers, which can result in widespread technical and performance issues affecting the Company’s products and services.]

The Company records a write-down for product and component inventories [removed: that have become obsolete or exceed anticipated demand, or for which] [added: if] cost exceeds net realizable value.

The Company [removed: also] accrues necessary cancellation fee reserves for orders of excess products and components.

The Company reviews [removed: long-lived] [added: other] assets, including capital assets held at its suppliers’ [removed: facilities and] [added: facilities,] inventory [removed: prepayments,] [added: prepayments and other long-lived assets,] for impairment whenever events or circumstances indicate the assets may not be recoverable.

Although the Company believes its inventory, capital assets, inventory prepayments and other assets [removed: and purchase commitments] are currently recoverable, [removed: there can be no assurance] the Company [removed: will not] [added: may] incur write-downs, [removed: fees,] impairments and other charges given the rapid and unpredictable pace of product obsolescence in the industries in which the Company competes.

Because the Company’s markets are volatile, competitive and subject to rapid technology and price changes, there is a risk the Company will forecast incorrectly and order or produce excess or insufficient amounts of components or products, or not fully utilize [removed: firm] purchase commitments.

The Company may not be able to accurately predict, control or mitigate these risks.

Statements in this section are based on the Company’s beliefs and opinions regarding matters that could materially adversely affect the Company in the future and are not representations as to whether such matters have or have not occurred previously.

The risks and uncertainties described below are not exhaustive and should not be considered a complete statement of all potential risks or uncertainties that the Company faces or may face in the future.

Restrictive measures can increase the cost or limit the availability of the Company’s products and the components and rare earths and other raw materials that go into them.

Trade and other international disputes can also 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.

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 modifications to the U.S. Tariffs have been announced and further changes could be made in the future, which 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 ultimate impact remains uncertain and will depend on several factors, including whether additional or incremental U.S. 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.

The Company’s products and services are offered in highly competitive global markets.

These markets are further defined by frequent introduction of new products and services, short product life cycles, evolving industry standards, and rapid adoption of technological advancements.

The Company’s ability to compete successfully also depends on the effective protection and enforcement of its intellectual property rights.

Regulatory requirements, government investigations and litigation can force the Company to withdraw from, or modify its products and services for, certain countries and limit its ability to derive value from, or to enjoin others from using, its intellectual property rights.

Additionally, they may require the Company to share its innovations with competitors.

Any of these outcomes can have a negative impact on the Company’s competitive advantage and materially adversely affect its business, results of operations, financial condition and stock price.

The success of new product and service introductions depends on a number of factors, including the Company’s ability to recruit and retain highly skilled personnel to execute on its strategic initiatives, and the timely and successful development and market acceptance of new products, services and technologies.

Additionally, quality issues or other defects or deficiencies can adversely affect the success of new product and service introductions and market acceptance.

The Company may not be able to successfully manage future introductions and transitions of products and services, which can materially adversely affect the Company’s business, reputation, results of operations, financial condition and stock price.

The Company may not be able to extend or renew agreements for the supply of components on similar terms, or at all, and may not be successful in obtaining sufficient quantities from its suppliers in a timely manner, or in identifying and obtaining sufficient quantities from an alternative source.

This risk may be exacerbated by the use of new and emerging technologies, including machine learning and artificial intelligence, which can involve, among other things, the acquisition and use of copyrighted materials for training as well as the potential reproduction of copyrighted materials in their outputs*.* From time to time, the Company has been notified that it may be infringing certain intellectual property rights of third parties.

The Company is not always able to obtain all necessary licenses to third-party intellectual property rights on commercially reasonable terms or at all.

Periods of intense competition for talent in particular fields can lead to increased costs as the Company seeks to offer competitive compensation to recruit and retain highly skilled employees.

In addition to competition for talent, workforce dynamics are constantly evolving and the Company must navigate changes effectively in order to achieve its strategic initiatives.

Laws and regulations, including immigration, labor and employment laws and export controls, among others, can materially adversely affect the Company’s ability to recruit and retain a highly skilled, global workforce.

Resellers offer financing, installment payment plans or subsidies for users’ purchases of devices, and such plans may be discontinued or modified any time.

These attacks target the confidentiality, integrity or availability of confidential information and may disrupt normal business operations.

These risks, and the risks of novel claims being attempted, may be exacerbated as new and emerging technologies, including machine learning and artificial intelligence, are further integrated into the Company’s products and services.

However, such agreements may not always be available on acceptable terms, and litigation may still arise.

Such agreements can also significantly reduce the Company’s revenue and increase the Company’s cost of sales and operating expenses, materially adversely affecting the Company’s business, results of operations, financial condition and stock price.

Further, such an outcome can result in significant monetary damages, disgorgement of revenue or profits, remedial corporate measures or injunctive relief against the Company.

Adverse resolution of legal matters has from time to time required, and can in the future require, the Company to change its business practices.

Various stakeholders, including governments, regulators, investors, employees, customers and others, have differing expectations about a wide range of social and other issues related to the Company’s business.

The Company also pursues environmental and other goals and initiatives that involve risks and uncertainties, require investments, and depend in part on third-party performance or data that is outside the Company’s control, and the Company may not be able to fully achieve all of its goals and initiatives.

Globally, several jurisdictions have adopted, or may in the future adopt, competition-related laws and regulations imposing wide-ranging obligations on technology companies and significant limitations on businesses, including the Company.

Changes to the Company’s business in response to the DMA or other laws and regulations could materially adversely affect the Company’s business, reputation, results of operations, financial condition and stock price.

On August 5, 2024, Google was found to have violated U.S. antitrust laws.

In connection with this finding, on September 2, 2025, the U.S. District Court for the District of Columbia (“D.C. District Court”) ordered certain remedies.

The court’s order is subject to further proceedings before the D.C. District Court, which may result in changes to the interpretation or application of the remedies ordered by the court, as well as new or changed remedies being ordered.

The court’s order is also subject to appeal by both the U.S. Department of Justice (“DOJ”) and Google.

Because of the following factors, as well as other factors affecting the Company’s results of operations and financial condition, past financial performance should not be considered to be a reliable indicator of future performance, and investors should not use historical trends to anticipate results or trends in future periods.

This discussion of risk factors contains forward-looking statements.

For example, tensions between governments, including the U.S. and China, have in the past led to tariffs and other restrictions affecting the Company’s business.

Some of the markets in which the Company competes have from time to time experienced little to no growth or contracted overall.

The Company’s services also face substantial competition, including from companies that have significant resources and experience and have established service offerings with large customer bases.

The Company competes with business models that provide content to users for free.

The Company also competes with illegitimate means to obtain third-party digital content and applications.

The Company’s business, results of operations and financial condition depend substantially on the Company’s ability to continually improve its products and services to maintain their functional and design advantages.

There can be no assurance the Company will be able to continue to provide products and services that compete effectively.

There can be no assurance the Company will successfully manage future introductions and transitions of products and services.

Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, and a significant concentration of this manufacturing is currently performed by a small number of outsourcing partners, often in single locations.

The Company relies on single-source outsourcing partners in the U.S., Asia and Europe to supply and manufacture many components, and on outsourcing partners primarily located in Asia, for final assembly of substantially all of the Company’s hardware products.

Any failure of these partners to perform can have a negative impact on the Company’s cost or supply of components or finished goods.

In addition, manufacturing or logistics in these locations or transit to final destinations can be disrupted for a variety of reasons, including natural and man-made disasters, information technology system failures, commercial disputes, economic, business, labor, environmental, public health or political issues, trade and other international disputes, geopolitical tensions, or conflict.

The Company has invested in manufacturing process equipment, much of which is held at certain of its outsourcing partners, and has made prepayments to certain of its suppliers associated with long-term supply agreements.

While these arrangements help ensure the supply of components and finished goods, if these outsourcing partners or suppliers experience severe financial problems or other disruptions in their business, such continued supply can be disrupted or terminated, and the recoverability of manufacturing process equipment or prepayments can be negatively impacted.

While the Company has entered into agreements for the supply of many components, there can be no assurance the Company will be able to extend or renew these agreements on similar terms, or at all.

The continued availability of these components at acceptable prices, or at all, can be affected for any number of reasons, including if suppliers decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements.

When the Company’s supply of components for a new or existing product has been delayed or constrained, or when an outsourcing partner has delayed shipments of completed products to the Company, the Company’s business, results of operations and financial condition have been adversely affected and future delays or constraints could materially adversely affect the Company’s business, results of operations and financial condition.

The Company’s business and financial performance could also be materially adversely affected depending on the time required to obtain sufficient quantities from the source, or to identify and obtain sufficient quantities from an alternative source.

Failure to do so can result in widespread technical and performance issues affecting the Company’s products and services.

If the Company determines that an impairment has occurred, it records a write-down equal to the amount by which the carrying value of the asset exceeds its fair value.

From time to time, the Company has been notified that it may be infringing certain patents or other intellectual property rights of third parties.

Based on experience and industry practice, the Company believes licenses to such third-party intellectual property can generally be obtained on commercially reasonable terms.

However, there can be no assurance the necessary licenses can be obtained on commercially reasonable terms or at all.

For the vast majority of applications, developers keep all of the revenue they generate on the App Store.

Where applicable, the Company retains a commission from sales of applications and sales of digital services or goods initiated within an application.

Changes to the Company’s products and services could materially adversely affect the Company’s business, results of operations and financial condition, including if such business changes result in reduced App Store or other sales, reductions in the rate of the commission that the Company retains on such sales, or if the rate of the commission is otherwise narrowed in scope or eliminated.

Some third-party digital content providers require the Company to provide digital rights management and other security solutions.

If requirements change, the Company may have to develop or license new technology to provide these solutions.

There can be no assurance the Company will be able to develop or license such solutions at a reasonable cost and in a timely manner.

In addition to intense competition for talent, workforce dynamics are constantly evolving.

The Company also sells its products and services and resells third-party products in most of its major markets directly to consumers, small and mid-sized businesses, and education, enterprise and government customers through its retail and online stores and its direct sales force.

Some carriers providing cellular network service for the Company’s products offer financing, installment payment plans or subsidies for users’ purchases of the device.

There can be no assurance such offers will be continued at all or in the same amounts.

The Company has implemented systems and processes intended to secure its information technology systems and prevent unauthorized access to or loss of sensitive data, and mitigate the impact of unauthorized access, including through the use of encryption and authentication technologies.

The Company’s retail stores are subject to numerous risks and uncertainties.

Other factors include the Company’s ability to: manage costs associated with retail store construction and operation; manage relationships with existing retail partners; manage costs associated with fluctuations in the value of retail inventory; and obtain and renew leases in quality retail locations at a reasonable cost.

There can be no assurance such agreements can be obtained on acceptable terms or that litigation will not occur.

The Company has implemented policies and procedures designed to ensure compliance with applicable laws and regulations, but there can be no assurance the Company’s employees, contractors or agents will not violate such laws and regulations or the Company’s policies and procedures.

This Item generally discusses [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] items and year-to-year comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

Discussions of [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] are not included, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended September [removed: 30, 2023.*][added: 28, 2024.*]

Significant announcements during fiscal year [removed: 2024] [added: 2025] included the following:

First Quarter [removed: 2024:][added: 2025:]

- MacBook Pro [removed: 14-in.;]

Second Quarter [removed: 2024:][added: 2025:]

- MacBook Air [removed: 13-in.; and]

Third Quarter [removed: 2024:][added: 2025:]

- iPad [removed: Air;][added: Air]

- iPad [removed: Pro;]

- iOS [removed: 18,] [added: 26,] macOS [removed: Sequoia,] [added: Tahoe 26,] iPadOS [removed: 18,] [added: 26,] watchOS [removed: 11,] [added: 26,] visionOS [removed: 2] [added: 26] and tvOS [removed: 18, updates to the Company’s operating systems; and][added: 26]

Fourth Quarter [removed: 2024:][added: 2025:]

- iPhone [removed: 16,] [added: 17,] iPhone [removed: 16 Plus,] [added: Air,] iPhone [removed: 16] [added: 17] Pro and iPhone [removed: 16] [added: 17] Pro [removed: Max;][added: Max]

- Apple Watch Series [removed: 10;] [added: 11, Apple Watch SE 3] and [added: Apple Watch Ultra 3]

- AirPods [removed: 4.][added: Pro 3]

The Company’s fiscal years [removed: 2024] [added: 2025] and [removed: 2022] [added: 2024] spanned 52 weeks each, whereas fiscal year 2023 spanned 53 weeks.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 21

The following table shows net sales by reportable segment for [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] (dollars in millions):

| | | | [removed: 2024] [added: 2025] | | | | | | Change | | | | | | [removed: 2023] [added: 2024] | | | | | | Change | | | | | | [removed: 2022] [added: 2023] | | |

| Americas | | | $ | [removed: 167,045] [added: 178,353] | | | | | [removed: 3] [added: 7] | | % | | | | $ | [removed: 162,560] [added: 167,045] | | | | | [removed: (4)] [added: 3] | | % | | | | $ | [removed: 169,658] [added: 162,560] | |

| Europe | | | [removed: 101,328] [added: 111,032] | | | | | | [removed: 7] [added: 10] | | % | | | | [removed: 94,294] [added: 101,328] | | | | | | [removed: (1)] [added: 7] | | % | | | | [removed: 95,118] [added: 94,294] | | |

| Greater China | | | [removed: 66,952] [added: 64,377] | | | | | | [removed: (8)] [added: (4)] | | % | | | | [removed: 72,559] [added: 66,952] | | | | | | [removed: (2)] [added: (8)] | | % | | | | [removed: 74,200] [added: 72,559] | | |

| Japan | | | [removed: 25,052] [added: 28,703] | | | | | | [removed: 3] [added: 15] | | % | | | | [removed: 24,257] [added: 25,052] | | | | | | [removed: (7)] [added: 3] | | % | | | | [removed: 25,977] [added: 24,257] | | |

| Rest of Asia Pacific | | | [removed: 30,658] [added: 33,696] | | | | | | [removed: 4] [added: 10] | | % | | | | [removed: 29,615] [added: 30,658] | | | | | | [removed: 1] [added: 4] | | % | | | | [removed: 29,375] [added: 29,615] | | |

| Total net sales | | | $ | [removed: 391,035] [added: 416,161] | | | | | [removed: 2] [added: 6] | | % | | | | $ | [removed: 383,285] [added: 391,035] | | | | | [removed: (3)] [added: 2] | | % | | | | $ | [removed: 394,328] [added: 383,285] | |

Americas net sales increased during [removed: 2024] [added: 2025] compared to [removed: 2023 due] [added: 2024] primarily [added: due] to higher net sales of [added: iPhone and] Services.

Europe net sales increased during [removed: 2024] [added: 2025] compared to [removed: 2023 due] [added: 2024] primarily [added: due] to higher net sales of [removed: Services] [added: Services, iPhone] and [removed: iPhone.][added: Mac.]

Greater China net sales decreased during [removed: 2024] [added: 2025] compared to [removed: 2023 due] [added: 2024] primarily [added: due] to lower net sales of [removed: iPhone and iPad.][added: iPhone, partially offset by higher net sales of Mac.]

The weakness in [removed: the renminbi] [added: foreign currencies] relative to the U.S. dollar had an unfavorable year-over-year impact on [removed: Greater China] [added: Americas] net sales during [removed: 2024.][added: 2025.]

Japan net sales increased during [removed: 2024] [added: 2025] compared to [removed: 2023 due] [added: 2024] primarily [added: due] to higher net sales of [removed: iPhone.][added: iPhone, Services and iPad.]

Rest of Asia Pacific net sales increased during [removed: 2024] [added: 2025] compared to [removed: 2023 due] [added: 2024] primarily [added: due] to higher net sales of [removed: Services.][added: iPhone, Services and Mac.]

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 22

The following table shows net sales by category for [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] (dollars in millions):

| iPhone | | | $ | [removed: 201,183] [added: 209,586] | | | | | [removed: —] [added: 4] | | % | | | | $ | [removed: 200,583] [added: 201,183] | | | | | [removed: (2)] [added: —] | | % | | | | $ | [removed: 205,489] [added: 200,583] | |

| Mac | | | [removed: 29,984] [added: 33,708] | | | | | | [removed: 2] [added: 12] | | % | | | | [removed: 29,357] [added: 29,984] | | | | | | [removed: (27)] [added: 2] | | % | | | | [removed: 40,177] [added: 29,357] | | |

| iPad | | | [removed: 26,694] [added: 28,023] | | | | | | [removed: (6)] [added: 5] | | % | | | | [removed: 28,300] [added: 26,694] | | | | | | [removed: (3)] [added: (6)] | | % | | | | [removed: 29,292] [added: 28,300] | | |

| Wearables, Home and Accessories | | | [removed: 37,005] [added: 35,686] | | | | | | [removed: (7)] [added: (4)] | | % | | | | [removed: 39,845] [added: 37,005] | | | | | | [removed: (3)] [added: (7)] | | % | | | | [removed: 41,241] [added: 39,845] | | |

| Services (1) | | | [removed: 96,169] [added: 109,158] | | | | | | [removed: 13] [added: 14] | | % | | | | [removed: 85,200] [added: 96,169] | | | | | | [removed: 9] [added: 13] | | % | | | | [removed: 78,129] [added: 85,200] | | |

Mac net sales increased during [removed: 2024] [added: 2025] compared to [removed: 2023 due] [added: 2024] primarily [added: due] to higher net sales of [removed: laptops.][added: laptops and desktops.]

iPad net sales [removed: decreased] [added: increased] during [removed: 2024] [added: 2025] compared to [removed: 2023 due] [added: 2024] primarily [added: due] to [removed: lower] [added: higher] net sales of iPad [removed: Pro and the entry-level] [added: Air,] iPad [removed: models,] [added: mini and iPad,] partially offset by [removed: higher] [added: lower] net sales of iPad [removed: Air.][added: Pro.]

- Mac mini

- iMac

- iPad mini

- iPhone 16e

- Mac Studio

Tariffs and Other Measures

Beginning in the second quarter of 2025, new U.S. Tariffs were announced, including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the 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 modifications to the U.S. Tariffs have been announced and further changes could be made in the future, which 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.

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 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.

| | | | 2025 | | | | | | Change | | | | | | 2024 | | | | | | Change | | | | | | 2023 | | |

| Total net sales | | | $ | 416,161 | | | | | 6 | | % | | | | $ | 391,035 | | | | | 2 | | % | | | | $ | 383,285 | |

iPhone net sales increased during 2025 compared to 2024 due to higher net sales of Pro models.

Products gross margin percentage decreased during 2025 compared to 2024 primarily due to a different mix of products and tariff costs, partially offset by other favorable costs.

| | | | 2025 | | | | | | Change | | | | | | 2024 | | | | | | Change | | | | | | 2023 | | |

The growth in selling, general and administrative expense during 2025 compared to 2024 was primarily driven by increases in headcount-related expenses and variable selling expenses.

| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | |

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

*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 FASB issued 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.

- MacBook Pro 16-in.; and

- iMac.

- MacBook Air 15-in.

- Apple Intelligence™, a personal intelligence system that uses generative models.

The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during 2024.

The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Rest of Asia Pacific net sales during 2024.

iPhone net sales were relatively flat during 2024 compared to 2023.

Selling, general and administrative expense increased $1.2 billion during 2024 compared to 2023.

The Company’s effective tax rate for 2024 was higher compared to 2023 due primarily to a one-time income tax charge of $10.2 billion, net, related to the State Aid Decision, a higher effective tax rate on foreign earnings and lower tax benefits from share-based compensation.

*State Aid Decision Tax Payable*

As of September 28, 2024, the Company had an obligation to pay €14.2 billion or $15.8 billion to Ireland in connection with the State Aid Decision, all of which was expected to be paid within 12 months.

The funds necessary to settle the obligation were held in escrow as of September 28, 2024, and restricted from general use.

*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 following table sets forth potential impacts on the Company’s investment portfolio and term debt, including the effects of any associated derivatives, that would result from a hypothetical increase in relevant interest rates as of September [removed: 28, 2024] [added: 27, 2025] and September [removed: 30, 2023] [added: 28, 2024] (dollars in millions):

| Interest Rate Sensitive Instrument | | | | | | Hypothetical Interest Rate Increase | | | | | | Potential Impact | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |

| Investment portfolio | | | | | | 100 basis points, all tenors | | | | | | Decline in fair value | | | | | | $ | [removed: 2,755] [added: 2,416] | | | | | $ | [removed: 3,089] [added: 2,755] | |

| Term debt | | | | | | 100 basis points, all tenors | | | | | | Increase in annual interest expense | | | | | | $ | [removed: 139] [added: 129] | | | | | $ | [removed: 194] [added: 139] | |

Based on the results of the model, the Company estimates, with 95% confidence, a maximum one-day loss in fair value of [removed: $538] [added: $590] million and [removed: $669] [added: $538] million as of September [removed: 28, 2024] [added: 27, 2025] and September [removed: 30, 2023,] [added: 28, 2024,] respectively.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 27

The iPhone line includes iPhone [removed: 16] [added: 17] Pro, iPhone [removed: 16,] [added: Air™,] iPhone [removed: 15,] [added: 17,] iPhone [removed: 14] [added: 16] and iPhone [removed: SE®.][added: 16e.]

The Company’s line of smartwatches, based on its watchOS® operating system, includes Apple [removed: Watch Ultra® 2, Apple] Watch® Series [removed: 10] [added: 11, Apple Watch SE® 3] and Apple Watch [removed: SE®.][added: Ultra® 3.]

Apple Vision Pro™ is the Company’s [removed: first] spatial computer based on its [removed: visionOS™] [added: visionOS®] operating system.

Home includes Apple [removed: TV®,] [added: TV 4K®,] the Company’s media streaming and gaming device based on its tvOS® operating system, and HomePod® and HomePod mini®, high-fidelity wireless smart speakers.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 1

The Company also offers digital content through subscription-based services, including Apple Arcade®, a game [removed: subscription] service; Apple [removed: Fitness+SM,] [added: Fitness+®,] a personalized fitness service; Apple Music®, which offers users a curated listening experience with on-demand radio stations; Apple News+®, a [removed: subscription] news and magazine service; and Apple [removed: TV+®,] [added: TV®,] which offers exclusive original content and live sports.

Rest of Asia Pacific includes [removed: Australia] [added: Australia, New Zealand] and those Asian countries not included in the Company’s other reportable segments.

The Company also employs a variety of indirect distribution channels, such as third-party cellular network [removed: carriers, wholesalers, retailers] [added: carriers] and [removed: resellers.][added: other resellers, for the sale of its products and certain of its services.]

During [removed: 2024,] [added: 2025,] the Company’s net sales through its direct and indirect distribution channels accounted for [removed: 38%] [added: 40%] and [removed: 62%,] [added: 60%,] respectively, of total net sales.

The markets for the Company’s products and services are highly [removed: competitive,] [added: competitive] and are characterized by aggressive price [removed: competition and resulting] [added: competition,] downward pressure on gross margins, [removed: frequent introduction of new products and services, short product life cycles, evolving industry standards,] continual improvement in product [removed: price and performance characteristics, rapid adoption of technological advancements by competitors,] [added: performance,] and price sensitivity on the part of consumers and businesses.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 2

Principal competitive factors important to the Company include price, product and service features (including security features), relative price and performance, product and service quality and reliability, design [added: and technology] innovation, a strong third-party software and accessories ecosystem, marketing and distribution capability, service and support, [removed: and] corporate [removed: reputation.][added: reputation, and the ability to effectively protect and enforce the Company’s intellectual property rights.]

The [removed: Company faces] [added: Company’s products and services face] substantial competition [removed: in these markets] from companies that have significant technical, marketing, distribution and other resources, as well as established hardware, software, and service offerings with large customer bases.

[removed: In addition, some] [added: Some] of the Company’s competitors have [removed: broader] [added: broad] product lines, [removed: lower-priced products and a larger] [added: low-priced products, large] installed [removed: base] [added: bases] of active [removed: devices.][added: devices, and large customer bases.]

Certain competitors have the resources, experience or cost structures to provide products [added: and services] at little or no profit or even at a loss.

[removed: The] [added: In addition, the] Company faces significant competition as competitors imitate the Company’s product features and applications within their [removed: products, or collaborate] [added: products] to offer [removed: integrated solutions that are] more competitive [removed: than those they currently offer.][added: solutions.]

The Company has entered into agreements for the supply of many components; however, [removed: there can be no guarantee that] the Company [removed: will] [added: may not] be able to extend or renew [removed: these] agreements [added: for the supply of components] on similar terms, or at [removed: all.][added: all, and may not be successful in obtaining sufficient quantities from its suppliers or in a timely manner, or in identifying and obtaining sufficient quantities from an alternative source.]

The Company currently holds a broad collection of intellectual property rights relating to certain aspects of its hardware, [removed: accessories,] software and services.

The Company regularly files patent, design, copyright and trademark applications to protect innovations arising from its [added: hardware, software and service] research, development, design and marketing, and is currently pursuing thousands of applications around the world.

In addition to Company-owned intellectual property, many of the Company’s products and services [removed: are designed to] include [added: technology or] intellectual property [removed: owned by] [added: that must be licensed from] third parties.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 3

As of September [removed: 28, 2024,] [added: 27, 2025,] the Company had approximately [removed: 164,000] [added: 166,000] full-time equivalent employees.

The Company believes that compensation should be competitive and equitable, and [removed: should] [added: offers discretionary cash and equity awards to] enable employees to share in the Company’s success.

Team members can also take advantage of online classes for business, technical and personal [removed: development, as well as learning opportunities to support their well-being.][added: development.]

The Company is an equal opportunity employer committed to inclusion and [removed: diversity and] to providing a workplace free of harassment or discrimination.

Team members are encouraged to come to their managers with questions, feedback or concerns, and the Company conducts surveys that gauge employee sentiment in areas like career development, manager performance and [removed: inclusivity.][added: inclusion.]

The Company is committed to [removed: protecting] [added: the safety and security of] its team members everywhere it operates.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 4

The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended [removed: (the “Exchange] [added: (“Exchange] Act”), are filed with the U.S. Securities and Exchange Commission [removed: (the “SEC”).][added: (“SEC”).]

This includes press releases and other information about financial performance, information on [removed: environmental, social and governance matters,] [added: corporate governance,] and details related to the Company’s annual meeting of shareholders.

The Company sells its services in the same markets through its various service platforms.

The markets in which the Company competes are further defined by frequent introduction of new products and services, short product life cycles, evolving industry standards, and rapid adoption of technological advancements by competitors.

The Company also expects competition to intensify as competitors imitate the Company’s approach to providing components seamlessly within their offerings or work collaboratively to offer integrated solutions.

The Company has a minority market share in the global smartphone, personal computer, tablet and wearables markets, and some of the markets in which the Company competes have from time to time experienced little to no growth or contracted overall.

Restrictions on international trade can increase the cost or limit the availability of the Company’s products and the components and rare earths and other raw materials that go into them.

In addition, component suppliers may fail, be subject to consolidation within a particular industry, or decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements, further limiting the Company’s ability to obtain sufficient quantities of components on commercially reasonable terms, or at all.

The Company works to create a culture of collaboration, one where people with a broad range of backgrounds and perspectives can come together to innovate and do the best work of their lives.

The Company’s services compete with business models that provide content to users for free and use illegitimate means to obtain third-party digital content and applications.

The continued availability of these components at acceptable prices, or at all, may be affected if suppliers decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements.

The Company works to create an inclusive, safe and supportive environment for all of its team members, so that its people can do the best work of their lives.

*Compensation and Benefits*

*Growth and Development*

*Workplace Practices and Policies*

*Inclusion and Diversity*

The Company is committed to its vision to build and sustain a more inclusive workforce that is representative of the communities it serves.

The Company continues to work to increase diverse representation at every level, foster an inclusive culture, and support equitable pay and access to opportunity for all employees.

*Engagement*

*Health and Safety*

The Company identifies potential workplace risks in order to develop measures to mitigate possible hazards.

Additionally, the Company works to protect the safety and security of its team members, visitors and customers through its global security team.

On March 25, 2024, the Commission announced that it had opened [removed: two] [added: a] formal noncompliance [removed: investigations] [added: investigation] against the Company under [added: Article 5(4) of] the [removed: DMA.][added: EU DMA (“Article 5(4) Investigation”).]

The [removed: Commission’s investigations concern (1)] Article 5(4) [removed: of the DMA, which] [added: Investigation] relates to how developers may communicate and promote offers to end users for apps distributed through the App [removed: Store] [added: Store,] as well as how developers may conclude contracts with those end [removed: users; and (2) Article 6(3) of the DMA, which relates to default settings, uninstallation of apps, and a web browser choice screen on iOS.][added: users.]

On June 24, 2024, the Commission announced [removed: its preliminary findings in the Article 5(4) investigation alleging] that [removed: the Company’s App Store rules are in breach of the DMA and announced that] it had opened [removed: a third] [added: 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 [removed: DMA.][added: DMA (“Article 6(4) Investigation”).]

If the Commission makes a final determination [added: 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.

On March 21, 2024, the [removed: U.S. Department of Justice (the “DOJ”)] [added: 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.

Epic Games, Inc. [removed: (“Epic”)] filed a lawsuit in the U.S. District Court for the Northern District of California [removed: (the “California] [added: (“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 [removed: Store] Review Guidelines violate California’s unfair competition law and issued an injunction [added: (the “2021 Injunction”)] enjoining the Company from prohibiting developers from including in their apps [added: buttons,] external [removed: links] [added: links, or other calls to action] that direct customers to purchasing mechanisms other than [removed: Apple] [added: the Company’s] in-app [removed: purchasing.][added: purchase system.]

The [removed: injunction] [added: 2021 Injunction] applies to apps on the U.S. [removed: storefront] [added: storefronts] of the iOS and iPadOS App [removed: Store.][added: Stores.]

On January 16, 2024, the Company implemented a plan to comply with the [removed: injunction] [added: 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 [removed: injunction.][added: 2021 Injunction.]

The Company settled certain matters during the fourth quarter of [removed: 2024] [added: 2025] that did not individually or in the aggregate have a material impact on the Company’s financial condition or operating results.

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.

The Commission may also seek to impose additional fines if it deems that the Company has violated a cease and desist order.

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 California District Court also denied the Company’s motion to narrow or vacate the 2021 Injunction and referred the Company to the U.S. Attorney for the Northern District of California for a determination whether criminal contempt proceedings are appropriate.

The Company will continue to vigorously defend its actions and employees, and has appealed the California District Court’s most recent decision to the U.S. Court of Appeals for the Ninth Circuit (“Ninth Circuit Court”).

Although the Company’s request to stay the decision pending appeal was denied, the Ninth Circuit Court has agreed to consider the Company’s appeal on an expedited basis, with oral arguments heard in October 2025.

Although any decision by the Commission can be appealed to the General Court of the EU, the effectiveness of the Commission’s order would apply immediately while the appeal is pending, unless a stay of the order is granted.

The Company believes it has substantial defenses and intends to vigorously defend itself.

A motion by Epic disputing the Company’s compliance plan and seeking to enforce the injunction, which the Company has opposed, is pending before the California District Court.

For the fiscal year ended September [removed: 28, 2024][added: 27, 2025]

[removed: ][added: ]

The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant, as of March [removed: 29, 2024,] [added: 28, 2025,] the last business day of the Registrant’s most recently completed second fiscal quarter, was approximately [removed: $2,628,553,000,000.][added: $3,253,431,000,000.]

[removed: 15,115,823,000] [added: 14,776,353,000] shares of common stock were issued and outstanding as of October [removed: 18, 2024.][added: 17, 2025.]

Portions of the Registrant’s definitive proxy statement relating to its [removed: 2025] [added: 2026] annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

For the Fiscal Year Ended September [removed: 28, 2024][added: 27, 2025]

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| [Item [removed: 9B.](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_244)] [added: 9B.](#i719388195b384d85a4e238ad88eba90a_250)] | | | [Other [removed: Information](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_244)] [added: Information](#i719388195b384d85a4e238ad88eba90a_250)] | | | [removed: [52](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_244)] [added: [53](#i719388195b384d85a4e238ad88eba90a_250)] | | |

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| [Item [removed: 12](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_265).] [added: 12](#i719388195b384d85a4e238ad88eba90a_271).] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_265)] [added: Matters](#i719388195b384d85a4e238ad88eba90a_271)] | | | [removed: [52](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_265)] [added: [53](#i719388195b384d85a4e238ad88eba90a_271)] | | |

| [Item [removed: 13](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_268).] [added: 13](#i719388195b384d85a4e238ad88eba90a_274).] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_268)] [added: Independence](#i719388195b384d85a4e238ad88eba90a_274)] | | | [removed: [52](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_268)] [added: [53](#i719388195b384d85a4e238ad88eba90a_274)] | | |

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| [Item [removed: 16.](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_280)] [added: 16.](#i719388195b384d85a4e238ad88eba90a_286)] | | | [Form 10-K [removed: Summary](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_280)] [added: Summary](#i719388195b384d85a4e238ad88eba90a_286)] | | | [removed: [56](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_280)] [added: [57](#i719388195b384d85a4e238ad88eba90a_286)] | | |

For example, statements in this Form 10-K regarding the potential future impact of macroeconomic conditions [added: and tariffs and other measures] on the Company’s business and results of operations are forward-looking statements.

| [Part I](#i719388195b384d85a4e238ad88eba90a_10) | | | | | | | | |

| [Part II](#i719388195b384d85a4e238ad88eba90a_85) | | | | | | | | |

| [Part III](#i719388195b384d85a4e238ad88eba90a_262) | | | | | | | | |

| [Part IV](#i719388195b384d85a4e238ad88eba90a_280) | | | | | | | | |

| 0.875% Notes due 2025 | | | — | | | The Nasdaq Stock Market LLC | | |

| [Part I](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_10) | | | | | | | | |

| [Part II](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_85) | | | | | | | | |

| [Part III](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_256) | | | | | | | | |

| [Part IV](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_274) | | | | | | | | |

The Company has processes to log, track, address, and escalate for further assessment and report, as appropriate, cybersecurity incidents across the Company and its suppliers to senior management and the Audit and Finance Committee [removed: (the “Audit] [added: (“Audit] Committee”) of the Board.

Apple Inc. | 2024 Form 10-K | 17

As of September [removed: 28, 2024,] [added: 27, 2025,] the Company owned or leased facilities and land for corporate functions, R&D, data centers, retail and other purposes at locations throughout the U.S. and in various places outside the U.S. The Company believes its existing facilities and equipment, which are used by all reportable segments, are in good operating condition and are suitable for the conduct of its business.

Apple Inc. | 2025 Form 10-K | 17

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 18

As of October [removed: 18, 2024,] [added: 17, 2025,] there were [removed: 23,301] [added: 22,429] shareholders of record.

Share repurchase activity during the three months ended September [removed: 28, 2024] [added: 27, 2025,] was as follows (in millions, except number of shares, which are reflected in thousands, and per-share amounts):

| June [removed: 30, 2024] [added: 29, 2025] to August [removed: 3, 2024:] [added: 2, 2025:] | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Open market and privately negotiated purchases | | | | | | [removed: 35,697] [added: 33,265] | | | | | | $ | [removed: 224.11] [added: 210.43] | | | | | [removed: 35,697] [added: 33,265] | | | | | | | | |

| Open market and privately negotiated purchases | | | | | | [removed: 42,910] [added: 28,986] | | | | | | $ | [removed: 221.39] [added: 224.25] | | | | | [removed: 42,910] [added: 28,986] | | | | | | | | |

| Open market and privately negotiated purchases | | | | | | [removed: 33,653] [added: 27,247] | | | | | | $ | [removed: 222.86] [added: 238.56] | | | | | [removed: 33,653] [added: 27,247] | | | | | | | | |

[removed: (1)As of September 28,] [added: (1)On May 2,] 2024, the Company [removed: was authorized by the Board] [added: announced a program] to [removed: purchase] [added: repurchase] up to $110 billion of the Company’s common [removed: stock under a share repurchase program announced on May 2, 2024, of which $20.9 billion had been utilized.][added: stock.]

During the fourth quarter of [removed: 2024,] [added: 2025,] the Company [removed: also] utilized the final [removed: $4.1] [added: $19.8] billion under [removed: its previous repurchase program, which was authorized in] [added: the] May [removed: 2023.][added: 2024 program.]

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 19

The following graph shows a comparison of five-year cumulative total shareholder return, calculated on a dividend-reinvested basis, for the Company, the S&P 500 Index and the Dow Jones U.S. Technology [removed: Supersector] [added: Total Stock Market] Index.

The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index and the Dow Jones U.S. Technology [removed: Supersector] [added: Total Stock Market] Index as of the market close on September [removed: 27, 2019.][added: 25, 2020.]

[removed: ][added: ]

| | | | | | | September [removed: 2019] [added: 2020] | | | | | | September [removed: 2020] [added: 2021] | | | | | | September [removed: 2021] [added: 2022] | | | | | | September [removed: 2022] [added: 2023] | | | | | | September [removed: 2023] [added: 2024] | | | | | | September [removed: 2024] [added: 2025] | | |

| August 3, 2025 to August 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| August 31, 2025 to September 27, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 89,498 | | | | | | | | | | | | | | | | | | $ | 99,779 | |

On May 1, 2025, the Company announced an additional program to repurchase up to $100 billion of the Company’s common stock.

As of September 27, 2025, $221 million of the May 2025 program had been utilized.

| Apple Inc. | | | | | | $ | 100 | | | | | $ | 132 | | | | | $ | 136 | | | | | $ | 155 | | | | | $ | 208 | | | | | $ | 234 | |

| S&P 500 Index | | | | | | $ | 100 | | | | | $ | 137 | | | | | $ | 115 | | | | | $ | 136 | | | | | $ | 185 | | | | | $ | 217 | |

| Dow Jones U.S. Technology Total Stock Market Index | | | | | | $ | 100 | | | | | $ | 147 | | | | | $ | 107 | | | | | $ | 147 | | | | | $ | 220 | | | | | $ | 287 | |

| August 4, 2024 to August 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| September 1, 2024 to September 28, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 112,260 | | | | | | | | | | | | | | | | | | $ | 89,074 | |

| Apple Inc. | | | | | | $ | 100 | | | | | $ | 207 | | | | | $ | 273 | | | | | $ | 281 | | | | | $ | 322 | | | | | $ | 430 | |

| S&P 500 Index | | | | | | $ | 100 | | | | | $ | 113 | | | | | $ | 156 | | | | | $ | 131 | | | | | $ | 155 | | | | | $ | 210 | |

| Dow Jones U.S. Technology Supersector Index | | | | | | $ | 100 | | | | | $ | 146 | | | | | $ | 216 | | | | | $ | 156 | | | | | $ | 215 | | | | | $ | 322 | |

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 20

| [Consolidated Statements of Operations for the years ended September [removed: 28, 2024,] [added: 27, 2025,] September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_175)] [added: 30, 2023](#i719388195b384d85a4e238ad88eba90a_181)] | | | | | | [removed: [29](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_175)] [added: [29](#i719388195b384d85a4e238ad88eba90a_181)] | | |

| [Consolidated Statements of Comprehensive Income for the years ended September [removed: 28, 2024,] [added: 27, 2025,] September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_178)] [added: 30, 2023](#i719388195b384d85a4e238ad88eba90a_184)] | | | | | | [removed: [30](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_178)] [added: [30](#i719388195b384d85a4e238ad88eba90a_184)] | | |

| [Consolidated Balance Sheets as of September [removed: 28, 2024] [added: 27, 2025] and September [removed: 30, 2023](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_181)] [added: 28, 2024](#i719388195b384d85a4e238ad88eba90a_187)] | | | | | | [removed: [31](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_181)] [added: [31](#i719388195b384d85a4e238ad88eba90a_187)] | | |

| [Consolidated Statements of Shareholders’ Equity for the years ended September [removed: 28, 2024,] [added: 27, 2025,] September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_184)] [added: 30, 2023](#i719388195b384d85a4e238ad88eba90a_190)] | | | | | | [removed: [32](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_184)] [added: [32](#i719388195b384d85a4e238ad88eba90a_190)] | | |

| [Consolidated Statements of Cash Flows for the years ended September [removed: 28, 2024,] [added: 27, 2025,] September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_187)] [added: 30, 2023](#i719388195b384d85a4e238ad88eba90a_193)] | | | | | | [removed: [33](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_187)] [added: [33](#i719388195b384d85a4e238ad88eba90a_193)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_190)] [added: Statements](#i719388195b384d85a4e238ad88eba90a_196)] | | | | | | [removed: [34](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_190)] [added: [34](#i719388195b384d85a4e238ad88eba90a_196)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_235)] [added: Firm](#i719388195b384d85a4e238ad88eba90a_241)] | | | | | | [removed: [48](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_235)] [added: [49](#i719388195b384d85a4e238ad88eba90a_241)] | | |

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 28

| | | | September [removed: 28, 2024] [added: 27, 2025] | | | | | | September [removed: 30, 2023] [added: 28, 2024] | | | | | | September [removed: 24, 2022] [added: 30, 2023] | | |

| Products | | | $ | [removed: 294,866] [added: 307,003] | | | | | $ | [removed: 298,085] [added: 294,866] | | | | | $ | [removed: 316,199] [added: 298,085] | |

| Services | | | [removed: 96,169] [added: 109,158] | | | | | | [removed: 85,200] [added: 96,169] | | | | | | [removed: 78,129] [added: 85,200] | | |

| Total net sales | | | [removed: 391,035] [added: 416,161] | | | | | | [removed: 383,285] [added: 391,035] | | | | | | [removed: 394,328] [added: 383,285] | | |

| Products | | | [removed: 185,233] [added: 194,116] | | | | | | [removed: 189,282] [added: 185,233] | | | | | | [removed: 201,471] [added: 189,282] | | |

| Services | | | [removed: 25,119] [added: 26,844] | | | | | | [removed: 24,855] [added: 25,119] | | | | | | [removed: 22,075] [added: 24,855] | | |

| Total cost of sales | | | [removed: 210,352] [added: 220,960] | | | | | | [removed: 214,137] [added: 210,352] | | | | | | [removed: 223,546] [added: 214,137] | | |

| Gross margin | | | [removed: 180,683] [added: 195,201] | | | | | | [removed: 169,148] [added: 180,683] | | | | | | [removed: 170,782] [added: 169,148] | | |

| Research and development | | | [removed: 31,370] [added: 34,550] | | | | | | [removed: 29,915] [added: 31,370] | | | | | | [removed: 26,251] [added: 29,915] | | |

| Selling, general and administrative | | | [removed: 26,097] [added: 27,601] | | | | | | [removed: 24,932] [added: 26,097] | | | | | | [removed: 25,094] [added: 24,932] | | |

| Total operating expenses | | | [removed: 57,467] [added: 62,151] | | | | | | [removed: 54,847] [added: 57,467] | | | | | | [removed: 51,345] [added: 54,847] | | |

| Operating income | | | [removed: 123,216] [added: 133,050] | | | | | | [removed: 114,301] [added: 123,216] | | | | | | [removed: 119,437] [added: 114,301] | | |

| Other income/(expense), net | | | [removed: 269] [added: (321)] | | | | | | [removed: (565)] [added: 269] | | | | | | [removed: (334)] [added: (565)] | | |

| Income before provision for income taxes | | | [removed: 123,485] [added: 132,729] | | | | | | [removed: 113,736] [added: 123,485] | | | | | | [removed: 119,103] [added: 113,736] | | |

| Provision for income taxes | | | [removed: 29,749] [added: 20,719] | | | | | | [removed: 16,741] [added: 29,749] | | | | | | [removed: 19,300] [added: 16,741] | | |

| Net income | | | $ | [removed: 93,736] [added: 112,010] | | | | | $ | [removed: 96,995] [added: 93,736] | | | | | $ | [removed: 99,803] [added: 96,995] | |

| Basic | | | $ | [removed: 6.11] [added: 7.49] | | | | | $ | [removed: 6.16] [added: 6.11] | | | | | $ | [removed: 6.15] [added: 6.16] | |

| Diluted | | | $ | [removed: 6.08] [added: 7.46] | | | | | $ | [removed: 6.13] [added: 6.08] | | | | | $ | [removed: 6.11] [added: 6.13] | |

| Basic | | | [removed: 15,343,783] [added: 14,948,500] | | | | | | [removed: 15,744,231] [added: 15,343,783] | | | | | | [removed: 16,215,963] [added: 15,744,231] | | |

| Diluted | | | [removed: 15,408,095] [added: 15,004,697] | | | | | | [removed: 15,812,547] [added: 15,408,095] | | | | | | [removed: 16,325,819] [added: 15,812,547] | | |

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 29

| Change in foreign currency translation, net of tax | | | [removed: 395] [added: (267)] | | | | | | [removed: (765)] [added: 395] | | | | | | [removed: (1,511)] [added: (765)] | | |

| Change in fair value of derivative instruments | | | [removed: (832)] [added: 849] | | | | | | [removed: 323] [added: (832)] | | | | | | [removed: 3,212] [added: 323] | | |

| Adjustment for net (gains)/losses realized and included in net income | | | [removed: (1,337)] [added: (212)] | | | | | | [removed: (1,717)] [added: (1,337)] | | | | | | [removed: (1,074)] [added: (1,717)] | | |

| Total change in unrealized gains/losses on derivative instruments | | | [removed: (2,169)] [added: 637] | | | | | | [removed: (1,394)] [added: (2,169)] | | | | | | [removed: 2,138] [added: (1,394)] | | |

| Change in fair value of marketable debt securities | | | [removed: 5,850] [added: 817] | | | | | | [removed: 1,563] [added: 5,850] | | | | | | [removed: (12,104)] [added: 1,563] | | |

| Adjustment for net (gains)/losses realized and included in net income | | | [removed: 204] [added: 414] | | | | | | [removed: 253] [added: 204] | | | | | | [removed: 205] [added: 253] | | |

| Total change in unrealized gains/losses on marketable debt securities | | | [removed: 6,054] [added: 1,231] | | | | | | [removed: 1,816] [added: 6,054] | | | | | | [removed: (11,899)] [added: 1,816] | | |

| Total other comprehensive income/(loss) | | | [removed: 4,280] [added: 1,601] | | | | | | [removed: (343)] [added: 4,280] | | | | | | [removed: (11,272)] [added: (343)] | | |

| Total comprehensive income | | | $ | [removed: 98,016] [added: 113,611] | | | | | $ | [removed: 96,652] [added: 98,016] | | | | | $ | [removed: 88,531] [added: 96,652] | |

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | 30

| | | | September [added: 27, 2025 | | | | | | September] 28, 2024 | | | | | | September 30, 2023 | | |

| | | | September 27, 2025 | | | | | | September 28, 2024 | | |

| | | | September 27, 2025 | | | | | | September 28, 2024 | | | | | | September 30, 2023 | | |

| Net income | | | 112,010 | | | | | | 93,736 | | | | | | 96,995 | | |

| | | | September 27, 2025 | | | | | | September 28, 2024 | | | | | | September 30, 2023 | | |

| Net income | | | 112,010 | | | | | | 93,736 | | | | | | 96,995 | | |

Recently Adopted Accounting Pronouncements

*Segment Reporting*

Beginning with the 2025 annual reporting period, the Company adopted the FASB’s ASU No. 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* (“ASU 2023-07”), which requires 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 requires 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 adopted ASU 2023-07 using a retrospective transition method.

Trade Receivables

Trade receivables are stated at transaction price.

Property, plant and equipment are stated at cost.

The following table shows disaggregated net sales, as well as the portion of total net sales that was previously deferred, for 2025, 2024 and 2023 (in millions):

| Portion of total net sales that was included in deferred revenue as of the beginning of the period | | | $ | 8,229 | | | | | $ | 7,728 | | | | | $ | 8,169 | |

| Net income | | | $ | 112,010 | | | | | $ | 93,736 | | | | | $ | 96,995 | |

| Cash | | | $ | 28,267 | | | | | $ | — | | | | | $ | — | | | | | $ | 28,267 | | | | | $ | 28,267 | | | | | $ | — | | | | | $ | — | |

| Mutual funds | | | 679 | | | | | | 177 | | | | | | (2) | | | | | | 854 | | | | | | — | | | | | | 854 | | | | | | — | | |

| Subtotal | | | 5,951 | | | | | | 177 | | | | | | (2) | | | | | | 6,126 | | | | | | 5,272 | | | | | | 854 | | | | | | — | | |

| U.S. Treasury securities | | | 16,074 | | | | | | 56 | | | | | | (282) | | | | | | 15,848 | | | | | | 1,190 | | | | | | 3,712 | | | | | | 10,946 | | |

| U.S. agency securities | | | 5,269 | | | | | | — | | | | | | (149) | | | | | | 5,120 | | | | | | 251 | | | | | | 2,456 | | | | | | 2,413 | | |

| Non-U.S. government securities | | | 6,586 | | | | | | 111 | | | | | | (424) | | | | | | 6,273 | | | | | | — | | | | | | 855 | | | | | | 5,418 | | |

| Corporate debt securities | | | 47,210 | | | | | | 266 | | | | | | (916) | | | | | | 46,560 | | | | | | — | | | | | | 10,623 | | | | | | 35,937 | | |

| Municipal securities | | | 207 | | | | | | — | | | | | | (2) | | | | | | 205 | | | | | | — | | | | | | 119 | | | | | | 86 | | |

| Mortgage- and asset-backed securities | | | 24,130 | | | | | | 126 | | | | | | (1,252) | | | | | | 23,004 | | | | | | — | | | | | | 94 | | | | | | 22,910 | | |

| Subtotal | | | 100,493 | | | | | | 559 | | | | | | (3,025) | | | | | | 98,027 | | | | | | 2,395 | | | | | | 17,909 | | | | | | 77,723 | | |

| Total | | | $ | 134,711 | | | | | $ | 736 | | | | | $ | (3,027) | | | | | $ | 132,420 | | | | | $ | 35,934 | | | | | $ | 18,763 | | | | | $ | 77,723 | |

All derivative instruments are recorded in the Consolidated Balance Sheets at fair value.

The accounting treatment for derivative gains and losses is based on intended use and hedge designation.

Gains and losses arising from amounts that are included in the assessment of cash flow hedge effectiveness are initially deferred in accumulated other comprehensive income/(loss) and subsequently reclassified into earnings when the hedged transaction affects earnings, and in the same line item in the Consolidated Statements of Operations.

Gains and losses arising from amounts that are included in the assessment of fair value hedge effectiveness are recognized in the Consolidated Statements of Operations line item to which the hedge relates along with offsetting losses and gains related to the change in value of the hedged item.

For derivative instruments designated as cash flow and fair value hedges, amounts excluded from the assessment of hedge effectiveness are recognized on a straight-line basis over the life of the hedge in the Consolidated Statements of Operations line item to which the hedge relates.

Changes in the fair value of amounts excluded from the assessment of hedge effectiveness are recognized in other comprehensive income/(loss).

Gains and losses arising from changes in the fair values of derivative instruments that are not designated as accounting hedges are recognized in the Consolidated Statements of Operations.

| | | | 2025 | | | | | | 2024 | | |

As of September 27, 2025 and September 28, 2024, the carrying amount of the Company’s current and non-current term debt subject to fair value hedges was $12.6 billion and $13.5 billion, respectively.

As of September 27, 2025, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 12%.

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | 2025 | | | | | | 2024 | | |

| | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Net sales disaggregated by significant products and services for 2024, 2023 and 2022 were as follows (in millions):

Total net sales include $7.7 billion of revenue recognized in 2024 that was included in deferred revenue as of September 30, 2023, $8.2 billion of revenue recognized in 2023 that was included in deferred revenue as of September 24, 2022, and $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021.

| Cash | | | $ | 28,359 | | | | | $ | — | | | | | $ | — | | | | | $ | 28,359 | | | | | $ | 28,359 | | | | | $ | — | | | | | $ | — | |

| Mutual funds and equity securities | | | 442 | | | | | | 12 | | | | | | (26) | | | | | | 428 | | | | | | — | | | | | | 428 | | | | | | — | | |

| Subtotal | | | 923 | | | | | | 12 | | | | | | (26) | | | | | | 909 | | | | | | 481 | | | | | | 428 | | | | | | — | | |

| U.S. Treasury securities | | | 19,406 | | | | | | — | | | | | | (1,292) | | | | | | 18,114 | | | | | | 35 | | | | | | 5,468 | | | | | | 12,611 | | |

| U.S. agency securities | | | 5,736 | | | | | | — | | | | | | (600) | | | | | | 5,136 | | | | | | 36 | | | | | | 271 | | | | | | 4,829 | | |

| Non-U.S. government securities | | | 17,533 | | | | | | 6 | | | | | | (1,048) | | | | | | 16,491 | | | | | | — | | | | | | 11,332 | | | | | | 5,159 | | |

| Corporate debt securities | | | 76,840 | | | | | | 6 | | | | | | (5,956) | | | | | | 70,890 | | | | | | 20 | | | | | | 12,627 | | | | | | 58,243 | | |

| Municipal securities | | | 628 | | | | | | — | | | | | | (26) | | | | | | 602 | | | | | | — | | | | | | 192 | | | | | | 410 | | |

| Mortgage- and asset-backed securities | | | 22,365 | | | | | | 6 | | | | | | (2,735) | | | | | | 19,636 | | | | | | — | | | | | | 344 | | | | | | 19,292 | | |

| Subtotal | | | 144,470 | | | | | | 18 | | | | | | (11,657) | | | | | | 132,831 | | | | | | 1,125 | | | | | | 31,162 | | | | | | 100,544 | | |

| Total (3) | | | $ | 173,752 | | | | | $ | 30 | | | | | $ | (11,683) | | | | | $ | 162,099 | | | | | $ | 29,965 | | | | | $ | 31,590 | | | | | $ | 100,544 | |

The carrying amounts of the Company’s hedged items in fair value hedges as of September 28, 2024 and September 30, 2023 were as follows (in millions):

| Hedged assets/(liabilities): | | | | | | | | | | | |

| Current and non-current marketable securities | | | $ | — | | | | | $ | 14,433 | |

| Current and non-current term debt | | | $ | (13,505) | | | | | $ | (18,247) | |

| Income taxes payable | | | $ | 9,254 | | | | | $ | 15,457 | |

| Total other non-current liabilities | | | $ | 45,888 | | | | | $ | 49,848 | |

The recovery amount was calculated to be €13.1 billion, plus interest of €1.2 billion.

From time to time, the Company requested approval from the Irish Minister for Finance to reduce the recovery amount for certain taxes paid to other countries.

As of September 28, 2024, the adjusted recovery amount of €12.7 billion plus interest of €1.2 billion was held in escrow and restricted from general use.

The total balance of the escrow, including net unrealized investment gains, was €14.2 billion or $15.8 billion as of September 28, 2024, of which $2.6 billion was classified as cash and cash equivalents and $13.2 billion was classified as current marketable securities in the Consolidated Balance Sheet.

Refer to the Cash, Cash Equivalents and Marketable Securities section of Note 4, “Financial Instruments” for more information.

| State taxes, net of federal effect | | | 1,162 | | | | | | 1,124 | | | | | | 1,518 | | |

| Excess tax benefits from equity awards | | | (893) | | | | | | (1,120) | | | | | | (1,871) | | |

| Other | | | 10 | | | | | | (192) | | | | | | 160 | | |

| Unrealized losses | | | 1,173 | | | | | | 2,447 | | |

| Other | | | 2,168 | | | | | | 2,343 | | |

| Unrealized gains | | | — | | | | | | 511 | | |

| | | | | | | Other non-current liabilities | | | | | | 10,046 | | | | | | 10,408 | | | | | | | | |

| | | | | | | Other non-current liabilities | | | | | | 752 | | | | | | 859 | | | | | | | | |

| 2025 | | | $ | 1,820 | | | | | $ | 171 | | | | | $ | 1,991 | |

| 2026 | | | 1,914 | | | | | | 131 | | | | | | 2,045 | | |

| 2027 | | | 1,674 | | | | | | 59 | | | | | | 1,733 | | |

| 2028 | | | 1,360 | | | | | | 38 | | | | | | 1,398 | | |

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 September [removed: 28, 2024] [added: 27, 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.

Based on the Company’s assessment, management has concluded that its internal control over financial reporting was effective as of September [removed: 28, 2024] [added: 27, 2025] to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP.

There were no changes in the Company’s internal control over financial reporting during the fourth quarter of [removed: 2024,] [added: 2025,] 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. | [removed: 2024] [added: 2025] Form 10-K | [removed: 51][added: 52]

On October 31, 2025, the Company announced that Chris Kondo, Senior Director of Corporate Accounting and Principal Accounting Officer, will transition from his role on January 1, 2026.

Following the transition, Mr. Kondo will continue to work on other projects.

Ben Borders, the Company’s Director of Technical Accounting, will become Senior Director of Corporate Accounting and assume the role of Principal Accounting Officer.

Mr. Borders will report to Kevan Parekh, the Company’s Chief Financial Officer.

None.

On August 27, 2024, Deirdre O’Brien, the Company’s Senior Vice President, Retail, 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 1, 2025 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 plan will expire on December 31, 2026, subject to early termination in accordance with the terms of the plan.

On August 29, 2024, Jeff Williams, the Company’s Chief Operating 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 up to 100,000 shares of common stock, as well as shares vesting between April 1, 2025 and October 1, 2025, pursuant to certain equity awards granted to Mr. Williams, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations.

Mr. Williams’ plan will expire on December 15, 2025, subject to early termination in accordance with the terms of the plan.

The [removed: remaining] information required by this Item will be included in the Company’s definitive proxy statement to be filed with the SEC within 120 days after September [removed: 28, 2024,] [added: 27, 2025,] in connection with the solicitation of proxies for the Company’s [removed: 2025] [added: 2026] annual meeting of shareholders [removed: (the “2025] [added: (“2026] Proxy Statement”), and is incorporated herein by reference.

The Company has an insider trading policy governing the purchase, sale and other dispositions of the Company’s securities that applies to all Company personnel, including directors, officers, employees, and other covered persons.

The Company also follows procedures for the repurchase of its securities.

The Company believes that its insider trading policy and repurchase procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company.

A copy of the Company’s insider trading policy is filed as Exhibit 19.1 to this Form 10-K.

The information required by this Item will be included in the [removed: 2025] [added: 2026] Proxy Statement, and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2025] [added: 2026] Proxy Statement, and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2025] [added: 2026] Proxy Statement, and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2025] [added: 2026] Proxy Statement, and is incorporated herein by reference.

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | [removed: 52][added: 53]

| [Consolidated Statements of Operations for the years ended September [removed: 28, 2024,] [added: 27, 2025,] September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_175)] [added: 30, 2023](#i719388195b384d85a4e238ad88eba90a_181)] | | | | | | [removed: [29](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_175)] [added: [29](#i719388195b384d85a4e238ad88eba90a_181)] | | |

| [Consolidated Statements of Comprehensive Income for the years ended September [removed: 28, 2024,] [added: 27, 2025,] September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_178)] [added: 30, 2023](#i719388195b384d85a4e238ad88eba90a_184)] | | | | | | [removed: [30](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_178)] [added: [30](#i719388195b384d85a4e238ad88eba90a_184)] | | |

| [Consolidated Balance Sheets as of September [removed: 28, 2024] [added: 27, 2025] and September [removed: 30, 2023](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_181)] [added: 28, 2024](#i719388195b384d85a4e238ad88eba90a_187)] | | | | | | [removed: [31](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_181)] [added: [31](#i719388195b384d85a4e238ad88eba90a_187)] | | |

| [Consolidated Statements of Shareholders’ Equity for the years ended September [removed: 28, 2024,] [added: 27, 2025,] September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_184)] [added: 30, 2023](#i719388195b384d85a4e238ad88eba90a_190)] | | | | | | [removed: [32](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_184)] [added: [32](#i719388195b384d85a4e238ad88eba90a_190)] | | |

| [Consolidated Statements of Cash Flows for the years ended September [removed: 28, 2024,] [added: 27, 2025,] September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_187)] [added: 30, 2023](#i719388195b384d85a4e238ad88eba90a_193)] | | | | | | [removed: [33](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_187)] [added: [33](#i719388195b384d85a4e238ad88eba90a_193)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_190)] [added: Statements](#i719388195b384d85a4e238ad88eba90a_196)] | | | | | | [removed: [34](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_190)] [added: [34](#i719388195b384d85a4e238ad88eba90a_196)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm*](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_235)] [added: Firm*](#i719388195b384d85a4e238ad88eba90a_241)] | | | | | | [removed: [48](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_235)] [added: [49](#i719388195b384d85a4e238ad88eba90a_241)] | | |

| 4.1 | | | | | | [Description of Securities of the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit4109282024.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/a10-kexhibit4109272025.htm)] | | | | | | | | | | | | | | | | | | | | |

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | [removed: 53][added: 54]

| 4.26 | | | | | | [Indenture, dated as of October 28, 2021, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as [removed: Trustee.](https://www.sec.gov/Archives/edgar/data/0000320193/000119312521312274/d192862ds3asr.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/320193/000119312521312274/d192862dex41.htm)] | | | | | | S-3 | | | | | | 4.1 | | | | | | 10/29/21 | | |

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | [removed: 54][added: 55]

| [removed: 4.29*] [added: 4.30*] | | | | | | [Apple Inc. Deferred Compensation Plan.](https://www.sec.gov/Archives/edgar/data/320193/000119312518256354/d609898dex41.htm) | | | | | | S-8 | | | | | | 4.1 | | | | | | 8/23/18 | | |

| 10.1* | | | | | | [Apple Inc. Employee Stock Purchase Plan, as [removed: amended and restated as of March 10, 2015.](https://www.sec.gov/Archives/edgar/data/320193/000110465915019336/a15-5624_1ex10d1.htm)] [added: amended](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10112282024.htm) [as of](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10112282024.htm) [Novem](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10112282024.htm)[ber 6,](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10112282024.htm) [2024](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10112282024.htm)[.](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10112282024.htm)] | | | | | | [removed: 8-K] [added: 10-Q] | | | | | | 10.1 | | | | | | [removed: 3/13/15] [added: 12/28/24] | | |

| 10.3* | | | | | | [Apple Inc. Non-Employee Director Stock Plan, as amended [removed: November 9, 2021.](https://www.sec.gov/Archives/edgar/data/320193/000032019322000007/a10-qexhibit10112252021.htm)] [added: November](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10212282024.htm) [6](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10212282024.htm)[,](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10212282024.htm) [2024](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10212282024.htm)[.](https://www.sec.gov/Archives/edgar/data/320193/000032019325000008/a10-qexhibit10212282024.htm)] | | | | | | 10-Q | | | | | | [removed: 10.1] [added: 10.2] | | | | | | [removed: 12/25/21] [added: 12/28/24] | | |

| 10.5* | | | | | | [Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock Plan effective as of [removed: September 26, 2017.](https://www.sec.gov/Archives/edgar/data/320193/000032019317000070/a10-kexhibit10202017.htm)] [added: August 18, 2020.](https://www.sec.gov/Archives/edgar/data/0000320193/000032019320000096/a10-kexhibit10169262020.htm)] | | | | | | 10-K | | | | | | [removed: 10.20] [added: 10.16] | | | | | | [removed: 9/30/17] [added: 9/26/20] | | |

| [removed: 10.6*] [added: 10.12*] | | | | | | [Form of Restricted Stock Unit Award Agreement under [removed: Non-Employee Director] [added: 2022 Employee] Stock Plan effective as of [removed: February 13, 2018.](https://www.sec.gov/Archives/edgar/data/320193/000032019318000070/a10-qexhibit1023312018.htm)] [added: September 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10199282024.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | [removed: 10.2] [added: 10.19] | | | | | | [removed: 3/31/18] [added: 9/28/24] | | |

| [removed: 10.7*] [added: 10.10*] | | | | | | [Form of [added: CEO] Restricted Stock Unit Award Agreement under [removed: 2014] [added: 2022] Employee Stock Plan effective as of [removed: August 21, 2018.](https://www.sec.gov/Archives/edgar/data/320193/000032019318000145/a10-kexhibit10172018.htm)] [added: September 25, 2022.](https://www.sec.gov/Archives/edgar/data/320193/000032019323000006/a10-qexhibit10112312022.htm)] | | | | | | [removed: 10-K] [added: 10-Q] | | | | | | [removed: 10.17] [added: 10.1] | | | | | | [removed: 9/29/18] [added: 12/31/22] | | |

| [removed: 10.8*] [added: 10.14*] | | | | | | [Form of [added: CEO] Restricted Stock Unit Award Agreement under [removed: 2014] [added: 2022] Employee Stock Plan effective as of September 29, [removed: 2019.](https://www.sec.gov/Archives/edgar/data/320193/000032019319000119/a10-kexhibit10152019.htm)] [added: 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10219282024.htm)] | | | | | | 10-K | | | | | | [removed: 10.15] [added: 10.21] | | | | | | [removed: 9/28/19] [added: 9/28/24] | | |

| [removed: 10.9*] [added: 10.7*] | | | | | | [Form of Restricted Stock Unit Award Agreement under [removed: 2014] [added: 2022] Employee Stock Plan effective as of [removed: August 18, 2020.](https://www.sec.gov/Archives/edgar/data/0000320193/000032019320000096/a10-kexhibit10169262020.htm)] [added: March 4, 2022.](https://www.sec.gov/Archives/edgar/data/0000320193/000119312522066169/d294699dex102.htm)] | | | | | | [removed: 10-K] [added: 8-K] | | | | | | [removed: 10.16] [added: 10.2] | | | | | | [removed: 9/26/20] [added: 3/4/22] | | |

| [removed: 10.10*] [added: 10.13*] | | | | | | [Form of Performance Award Agreement under [removed: 2014] [added: 2022] Employee Stock Plan effective as of [removed: August 18, 2020.](https://www.sec.gov/Archives/edgar/data/320193/000032019320000096/a10-kexhibit10179262020.htm)] [added: September 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10209282024.htm)] | | | | | | 10-K | | | | | | [removed: 10.17] [added: 10.20] | | | | | | [removed: 9/26/20] [added: 9/28/24] | | |

| 10.11* | | | | | | [Form of CEO [removed: Restricted Stock Unit] [added: Performance] Award Agreement under [removed: 2014] [added: 2022] Employee Stock Plan effective as of September [removed: 27, 2020.](https://www.sec.gov/Archives/edgar/data/320193/000032019321000010/a10-qexhibit10112262020.htm)] [added: 25, 2022.](https://www.sec.gov/Archives/edgar/data/320193/000032019323000006/a10-qexhibit10212312022.htm)] | | | | | | 10-Q | | | | | | [removed: 10.1] [added: 10.2] | | | | | | [removed: 12/26/20] [added: 12/31/22] | | |

| [removed: 10.12*] [added: 10.15*] | | | | | | [Form of CEO Performance Award Agreement under [removed: 2014] [added: 2022] Employee Stock Plan effective as of September [removed: 27, 2020.](https://www.sec.gov/Archives/edgar/data/320193/000032019321000010/a10-qexhibit10212262020.htm)] [added: 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10229282024.htm)] | | | | | | [removed: 10-Q] [added: 10-K] | | | | | | [removed: 10.2] [added: 10.22] | | | | | | [removed: 12/26/20] [added: 9/28/24] | | |

| [removed: 10.13*] [added: 10.6*] | | | | | | [Apple Inc. 2022 Employee Stock Plan.](https://www.sec.gov/Archives/edgar/data/320193/000119312522066169/d294699dex101.htm) | | | | | | 8-K | | | | | | 10.1 | | | | | | 3/4/22 | | |

| [removed: 10.14*] [added: 10.8*] | | | | | | [Form of [removed: Restricted Stock Unit] [added: Performance] Award Agreement under 2022 Employee Stock Plan effective as of March 4, [removed: 2022.](https://www.sec.gov/Archives/edgar/data/0000320193/000119312522066169/d294699dex102.htm)] [added: 2022.](https://www.sec.gov/Archives/edgar/data/0000320193/000119312522066169/d294699dex103.htm)] | | | | | | 8-K | | | | | | [removed: 10.2] [added: 10.3] | | | | | | 3/4/22 | | |

| [removed: 10.16*] [added: 10.9*] | | | | | | [Apple Inc. Executive Cash Incentive Plan.](https://www.sec.gov/Archives/edgar/data/0000320193/000119312522225365/d366128dex101.htm) | | | | | | 8-K | | | | | | 10.1 | | | | | | 8/19/22 | | |

| [removed: 19.1] [added: 19.1] | | | | | | [removed: [I](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit1919282024.htm)[nsider Trading](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit1919282024.htm) [Policy](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit1919282024.htm)] [added: [Insider Trading Policy.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit1919282024.htm)] | | | | | | [added: 10-K] | | | | | | [added: 19.1] | | | | | | [added: 9/28/24] | | |

| 21.1 | | | | | | [Subsidiaries of the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit21109282024.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/a10-kexhibit21109272025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 23.1 | | | | | | [Consent of Independent Registered Public Accounting [removed: Firm.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit23109282024.htm)] [added: Firm.](https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/a10-kexhibit23109272025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 24.1 | | | | | | [Power of Attorney (included on the Signatures page of this Annual Report on Form [removed: 10-K).](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_286)] [added: 10-K).](#i719388195b384d85a4e238ad88eba90a_292)] | | | | | | | | | | | | | | | | | | | | |

| 31.1 | | | | | | [Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive [removed: Officer.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit31109282024.htm)] [added: Officer.](https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/a10-kexhibit31109272025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 31.2 | | | | | | [Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial [removed: Officer.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit31209282024.htm)] [added: Officer.](https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/a10-kexhibit31209272025.htm)] | | | | | | | | | | | | | | | | | | | | |

| 32.1* | | | | | | [Section 1350 Certifications of Chief Executive Officer and Chief Financial [removed: Officer.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit32109282024.htm)] [added: Officer.](https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/a10-kexhibit32109272025.htm)] | | | | | | | | | | | | | | | | | | | | |

| [removed: 97.1*,] [added: 97.1*] | | | | | | [Rule 10D-1 [removed: Reco](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit97109282024.htm)[very Pol](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit97109282024.htm)[icy](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit97109282024.htm)] [added: Recovery Policy](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit97109282024.htm)] | | | | | | [added: 10-K] | | | | | | [added: 97.1] | | | | | | [added: 9/28/24] | | |

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | [removed: 55][added: 56]

| 4.29 | | | | | | [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.](https://www.sec.gov/Archives/edgar/data/320193/000114036125018400/ef20048691_ex4-1.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | 5/12/25 | | |

| 10.15* | | | | | | [Form of Performance Award Agreement under 2022 Employee Stock Plan effective as of March 4, 2022.](https://www.sec.gov/Archives/edgar/data/0000320193/000119312522066169/d294699dex103.htm) | | | | | | 8-K | | | | | | 10.3 | | | | | | 3/4/22 | | |

| 10.17* | | | | | | [Form of CEO Restricted Stock Unit Award Agreement under 2022 Employee Stock Plan effective as of September 25, 2022.](https://www.sec.gov/Archives/edgar/data/320193/000032019323000006/a10-qexhibit10112312022.htm) | | | | | | 10-Q | | | | | | 10.1 | | | | | | 12/31/22 | | |

| 10.18* | | | | | | [Form of CEO Performance Award Agreement under 2022 Employee Stock Plan effective as of September 25, 2022.](https://www.sec.gov/Archives/edgar/data/320193/000032019323000006/a10-qexhibit10212312022.htm) | | | | | | 10-Q | | | | | | 10.2 | | | | | | 12/31/22 | | |

| 10.19*, | | | | | | [Form of Restricted Stock Unit Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10199282024.htm) | | | | | | | | | | | | | | | | | | | | |

| 10.20*, | | | | | | [Form of Performance Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10209282024.htm) | | | | | | | | | | | | | | | | | | | | |

| 10.21*, | | | | | | [Form of CEO Restricted Stock Unit Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10219282024.htm) | | | | | | | | | | | | | | | | | | | | |

| 10.22*, | | | | | | [Form of CEO Performance Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10229282024.htm) | | | | | | | | | | | | | | | | | | | | |

Apple Inc. | [removed: 2024] [added: 2025] Form 10-K | [removed: 56][added: 57]