1 Top Management and Board of Directors; 2 INSIDER OWNERSHIP AND SELLING IN THE PAST 12 MONTHS; 3 Peer Comparison & Ranking of AAPL; 4 Patents Top Management and Board of Directors Top Management Top Management [Six top executives with tenure > 14 yrs] Name Designation Since Appointment Tim Cook Chief Executive Officer, Director 14 Yrs, 2 Mos Arthur D. Levinson Chairman, Director 25 Yrs, 3 Mos Kevan Parekh Chief Financial Officer, Senior Vice President - Jeff Williams Chief Operating Officer - Isabel Ge Mahe Vice President, Managing Director of Greater China - Katherine Adams Vice President, General Counsel - Board Of Directors Board Of Directors [One director with tenure > 14 yrs] Name Since Appointment Ronald D. Sugar 14 Yrs, 11 Mos Board Of Directors [Five directors with tenure < 4 yrs] Name Since Appointment Alex Gorsky 3 Yrs, 12 Mos Susan L. Wagner - Andrea Jung - Wanda Austin - Monica Lozano - Independent Ratings of Directors + Tim Cook- Glassdoor Ranking: Tim Cook was ranked 32 in the Glassdoor Employee Review's list of 100 Top CEOs in the United States for 2021. + Tim Cook- Bloomberg Pay Index Ranking: Tim Cook was ranked 3 in the Bloomberg Pay Index list in the United States for 2021, an improvement from rank 8 in 2020. According to Bloomberg Pay Index, Tim Cook's total compensation had increased by (222.13%) $588.7 million from $265 million to $853.8 million in 2021. + Tim Cook- Harvard Business Ranking: Tim Cook was ranked 62 in the Harvard Business Review's list of 100 Best-Performing CEO's in the world for 2019. INSIDER OWNERSHIP AND SELLING IN THE PAST 12 MONTHS Shares Held by Insiders as on Nov 06, 2025 (Value computed at price $269.79) Name Shares Held Value, $ Arthur D. Levinson 4,125,576 1,113,039,149 Tim Cook 3,280,295 884,990,788 Katherine Adams 179,158 48,335,037 Susan L. Wagner 1,255 338,586 Ronald D. Sugar 1,255 338,586 Alex Gorsky 1,255 338,586 Andrea Jung 1,255 338,586 Total 7,590,049 2,047,719,320 Arthur D. Levinson now has a beneficial interest in 4,125,576 Apple shares worth $1.1 billion. Tim Cook now has a beneficial interest in 3,280,295 Apple shares worth $885 million. Katherine Adams now has a beneficial interest in 179,158 Apple shares worth $48.3 million. Susan L. Wagner now has a beneficial interest in 1,255 Apple shares worth $338,586. Ronald D. Sugar now has a beneficial interest in 1,255 Apple shares worth $338,586. Alex Gorsky now has a beneficial interest in 1,255 Apple shares worth $338,586. Andrea Jung now has a beneficial interest in 1,255 Apple shares worth $338,586. Insider selling Summary in the past 12 months Name No. of Shares Price, $ Value, $ Cook Timothy D [CEO] 238,099 241.7 57,560,381 Levinson Arthur D [Chairman] 201,516 227.3 45,807,647 Adams Katherine L. [Vice President] 47,125 256.8 12,101,154 Total 486,740 237.2 115,469,182 Peer Comparison & Ranking of AAPL FAANG PEER COMPARISON: AAPL - SIZE (all figures in $) In its FAANG Peer Group of 5 companies (Facebook, Apple, Amazon, Netflix and Alphabet's Google) AAPL is ranked AAPL is ranked first (1) by MCap, second (2) by Revenue, Net Profit and third (3) by PV$1000, Total Assets. Name (Code) MCap PV $1000 (1 yr) Revenue Net Profit Total Assets Rank of AAPL 1 3 2 2 3 Apple (AAPL) 4,030.7B 1,221.2 391B 93.7B 365B Amazon (AMZN) 2,579.8B 1,173.0 638B 59.2B 527.9B Alphabet (GOOGL) 1,656.4B 1,623.3 350B 100.1B 450.3B Meta Platforms (META) 1,565.6B 1,087.0 164.5B 62.4B 276.1B Netflix (NFLX) 469.1B 1,405.4 39B 8.7B 53.6B FAANG PEER COMPARISON: AAPL - VALUATION INDICATORS In value terms, comparing relative value of its shares, AAPL is ranked + 4 out of 5 by Price/Earnings per share [44.5] + 4 out of 5 by Price/Sales per share [10.4] + 5 out of 5 by Turnover Rate (%) [76.9] Name (Code) Last Price P/E P/S P/Book Turnover Rate (%) Rank of AAPL by value 4 4 5 Apple (AAPL) $269.79 44.5 10.4 76.9 Amazon (AMZN) $242.92 43.3 4.1 14.5 97.0 Alphabet (GOOGL) $284.60 35.3 4.8 5.7 98.0 Meta Platforms (META) $618.81 25.4 9.6 10.7 149.4 Netflix (NFLX) $1,096.54 53.7 11.9 18.8 228.6 BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Apple vs NASDAQ Market Out of 2,831 stocks and 4 units in the NASDAQ Market, Apple is ranked second(2) by Revenue, fourth(4) by Net Profit $, sixth(6) by Total Assets and sixth(6) by ROE. NASDAQ Avg AAPL AAPL Rank Revenue $ - 391 B 2 Net Profit $ - 93.7 B 4 Total Assets $ - 365 B 6 ROE (%) 12.98 164.6 6 ROA (%) 5.2 25.7 29 EBITDA Margin% 16.9 31.6 128 P/Earnings - 44.2x 177 P/Sales - 10.3x 225 Yield (%) 0.6 0.4 626 Total Debt/Equity (the lower the better) 0.5x 0.2x 933 Premium to 52-Wk Low (%) 55.6 59.8 1690 Discount to 52-Wk High (%) 5.2 2.7 2630 Negative values are shown in brackets. MARKET SHARE Apple has a position of market dominance in the Technology sector. Apple vs Technology sector [Technology sector Total in Brackets] Revenue of $391 billion[52.2% of aggregate sector revenue of $753.9 billion; down from 54.5% in the previous year.] Net Profit of $93.7 billion [58.9% of aggregate sector net profit of $155.6 billion; down from 67.8% in the previous year.] EBIT of $123.5 billion [62.3% of aggregate sector EBIT of $195 billion; down from 67.4% in the previous year.] GLOBAL RANK [out of 46,391 stocks] AND RANK OF APPLE IN THE AMERICAN REGION [out of 9,533 stocks] Description Value Global Rank In Am Region Total Assets ($) 365B 224 91 Revenue ($) 391B 27 6 Net Profit ($) 93.7B 13 4 Return on Equity % 164.6 89 35 Net Profit Margin % 24.0 4,796 848 Price to Book 62.1 34,308 4,906 Price/Earnings 38.5 19,070 2,682 Yield % 0.4 18,667 3,147 PV1000 (1Year) $ 1,221 14,607 2,597 $ Change (1Year) % 39.1 6,756 1,070 RANK OF APPLE IN THE NASDAQ-100 INDEX [out of 89 stocks], IN THE NASDAQ MARKET [out of 2800 stocks] AND IN THE TECHNOLOGY SECTOR [out of 218 stocks] Description Value In NASDAQ-100 Index In NASDAQ Market In Technology sector Total Assets ($) 365B 5 5 1 Revenue ($) 391B 2 2 1 Net Profit ($) 93.7B 4 4 1 Return on Equity % 164.6 2 4 1 Net Profit Margin % 24.0 20 137 9 Price/Earnings 44.2 56 813 38 Yield % 0.4 44 642 18 PV1000 (1Year) $ 1,223 26 152 14 LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best] Apple is ranked number 1 out of 259 listed technology companies in the United States with a market capitalization of $4,030.7 billion. Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1. Patents Number of Patents Issued to Apple by the US Patent Office and the European Patent Office A total of 35,906 patents were issued to Apple in the last eleven years. In the past year 4,284 patents were issued, 1.3 times average of 3,264 patents per year. 12 months ended Nov 06 No. of Patents Issued 2025 4,284 2024 8,051 2023 4,937 2022 3,003 2021 3,402 2020 3,111 2019 2,615 2018 2,570 2017 2,117 2016 1,469 2015 347 Total 35,906 Rank by patents issued in the past 12 months: Apple vs NASDAQ stocks Apple is ranked 2 by patents issued in the past year out of 3,730 NASDAQ listed companies. A total of 97,073 patents were issued to NASDAQ listed companies in the past year, an average of 82.5 patents per company. Apple received 7,773 patents in the past 12 months, 299 times average. Source: https://www.uspto.gov/, https://www.epo.org/en, company (Apple) 1 Tax & Dividend; 2 Financials as Reported Q4 2024-25, Past 10 Years Tax & Dividend Average Income Tax Paid (Past 5 Years) In the past 5 years, Income Tax as % of profit before tax increased from 14.4% to 24.1%, Income Tax as % of sales increased from 3.5% to 7.6% and Income Tax as % of operating cash flow increased from 14.4% to 24.1%. Description 2024 2023 2022 2021 2020 As % of profit before tax 24.1 14.7 16.2 13.3 14.4 As % of operating cash flow 24.1 14.7 16.2 13.3 14.4 As % of sales 7.6 4.4 4.9 4 3.5 The 5-year average of profit before tax was 16.5%. Dividend History In the past 2 years annual dividends have increased by 4.0c from 98.0c to 102.0c. Based on a start date of 2 years ago, there has been no decline in dividends over the last 2 years. Date Paid Value (c) Type 11 Aug 2025 26 Quarterly 12 May 2025 26 Quarterly 10 Feb 2025 25 Quarterly 11 Nov 2024 25 Quarterly Tr 12 Months 102 2023 - 2024 98 Source: Nasdaq Stock Exchange: https://www.nasdaq.com/market-activity/stocks/AAPL/dividend-history, company (Apple) Financials as Reported Q4 2024-25, Past 10 Years Financials as reported (Q4/2025) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In $ Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (Q4/2025) Description $ Million $ Million Sep 27, 2025 Sep 28, 2024 Change % Net sales: Products 73,716 69,958 Up 5.4 Services 28,750 24,972 Up 15.1 Total net sales(1) 102,466 94,930 Up 7.9 Cost of sales: Products 47,019 44,566 Up 5.5 Services 7,106 6,485 Up 9.6 Total cost of sales 54,125 51,051 Up 6.0 Gross margin 48,341 43,879 Up 10.2 Operating expenses: Research and development 8,866 7,765 Up 14.2 Selling general and administrative 7,048 6,523 Up 8.0 Total operating expenses 15,914 14,288 Up 11.4 Operating income 32,427 29,591 Up 9.6 Other income/(expense) net 377 19 Up 1,884.2 Income before provision for income taxes 32,804 29,610 Up 10.8 Provision for income taxes 5,338 14,874 Down 64.1 Net income 27,466 14,736 Up 86.4 Earnings per share: Basic $1.85 97.0c Up 90.7 Diluted $1.85 97.0c Up 90.7 Shares used in computing earnings per share: Basic 14,815,307,000 15,171,990,000 Down 2.4 Diluted 14,863,609,000 15,242,853,000 Down 2.5 BALANCE SHEET AS REPORTED (Q4/2025) Description $ Million $ Million Sep 27, 2025 Sep 28, 2024 Change % ASSETS: Current assets: Cash and cash equivalents 35,934 29,943 Up 20.0 Marketable securities 18,763 35,228 Down 46.7 Accounts receivable net 39,777 33,410 Up 19.1 Vendor non-trade receivables 33,180 32,833 Up 1.1 Inventories 5,718 7,286 Down 21.5 Other current assets 14,585 14,287 Up 2.1 Total current assets 147,957 152,987 Down 3.3 Non-current assets: Marketable securities 77,723 91,479 Down 15.0 Property plant and equipment net 49,834 45,680 Up 9.1 Other non-current assets 83,727 74,834 Up 11.9 Total non-current assets 211,284 211,993 Down 0.3 Total assets 359,241 364,980 Down 1.6 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable 69,860 68,960 Up 1.3 Other current liabilities 66,387 78,304 Down 15.2 Deferred revenue 9,055 8,249 Up 9.8 Commercial paper 7,979 9,967 Down 19.9 Term debt 12,350 10,912 Up 13.2 Total current liabilities 165,631 176,392 Down 6.1 Non-current liabilities: Term debt 78,328 85,750 Down 8.7 Other non-current liabilities 41,549 45,888 Down 9.5 Total non-current liabilities 119,877 131,638 Down 8.9 Total liabilities 285,508 308,030 Down 7.3 Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital 0.00001 par value: 50400000 shares authorized; 14773260 and 15116786 shares issued and outstanding respectively 93,568 83,276 Up 12.4 Accumulated deficit -14,264 -19,154 Improved 25.5 Accumulated other comprehensive loss -5,571 -7,172 Improved 22.3 Total shareholders' equity 73,733 56,950 Up 29.5 Total liabilities and shareholders' equity 359,241 364,980 Down 1.6 CASH FLOW AS REPORTED (Q4/2025) Description $ Million $ Million Sep 27, 2025 Sep 28, 2024 Change % Cash cash equivalents and restricted cash and cash equivalents beginning balances 29,943 30,737 Down 2.6 Operating activities: Net income 112,010 93,736 Up 19.5 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 11,698 11,445 Up 2.2 Share-based compensation expense 12,863 11,688 Up 10.1 Other -89 -2,266 Improved 96.1 Changes in operating assets and liabilities: Accounts receivable net -6,682 -3,788 Deterioration 76.4 Vendor non-trade receivables -347 -1,356 Improved 74.4 Inventories 1,400 -1,046 Recovery Other current and non-current assets -9,197 -11,731 Improved 21.6 Accounts payable 902 6,020 Down 85.0 Other current and non-current liabilities -11,076 15,552 Deterioration Cash generated by operating activities 111,482 118,254 Down 5.7 Investing activities: Purchases of marketable securities -24,407 -48,656 Improved 49.8 Proceeds from maturities of marketable securities 40,907 51,211 Down 20.1 Proceeds from sales of marketable securities 12,890 11,135 Up 15.8 Payments for acquisition of property plant and equipment -12,715 -9,447 Deterioration 34.6 Other -1,480 -1,308 Deterioration 13.1 Cash generated by investing activities 15,195 2,935 Up 417.7 Financing activities: Payments for taxes related to net share settlement of equity awards -5,960 -5,441 Deterioration 9.5 Payments for dividends and dividend equivalents -15,421 -15,234 Deterioration 1.2 Repurchases of common stock -90,711 -94,949 Improved 4.5 Proceeds from issuance of term debt net 4,481 Repayments of term debt -10,932 -9,958 Deterioration 9.8 Proceeds from/(Repayments of) commercial paper net -2,032 3,960 Deterioration Other -111 -361 Improved 69.3 Cash used in financing activities -120,686 -121,983 Improved 1.1 Increase/(Decrease) in cash cash equivalents and restricted cash and cash equivalents 5,991 -794 Recovery Cash cash equivalents and restricted cash and cash equivalents ending balances 35,934 29,943 Up 20.0 Download APPLE Financials Past 10 Years Description Sep 24 Sep 23 Sep 22 Sep 21 Sep 20 Income Statement Revenue per share 25.38 24.24 24,153.64 21.69 15.66 Tax (B) 29.7 16.7 19.3 14.5 9.7 Net profit (B) 93.7 97 99.8 94.7 57.4 EPS 6.11 6.16 6.15 5.67 3.31 Balance Sheet Equity Share Capital (B) 57 62.1 50.7 63.1 65.3 Retained Earnings (19.2 B) (214 M) (3.1 B) 5.6 B 15 B Total Debt (B) 10 6 10 6 5 Total Assets (B) 365 352.6 352.8 351 323.9 Current Asset (B) 153 143.6 135.4 134.8 143.7 Fixed Asset (B) 45.7 43.7 42.1 39.4 36.8 Working Capital (B) (23.4) (1.7) (18.6) 9.4 38.3 Cash Flow Operating Cash Flow (B) 118.3 110.5 122.2 104 80.7 Investing Cash Flow (B) 2.9 3.7 (22.4) (14.5) (4.3) Financing Cash Flow (B) (122) (108.5) (110.7) (93.4) (86.8) Net Cash Flow (794 M) 5.8 B (11 B) (3.9 B) (10.4 B) Description Sep 19 Sep 18 Sep 17 Sep 16 Sep 15 Income Statement Revenue per share 13.99 53.12 43.65 39.21 40.34 Tax (B) 10.5 13.4 15.7 15.7 19.1 Net profit (B) 55.3 59.5 48.4 45.7 53.4 EPS 2.99 3 2.32 2.09 2.32 Balance Sheet Equity Share Capital (B) 90.5 107.1 134 128.2 119.4 Retained Earnings (B) 45.9 66.9 98.2 97 91.9 Total Debt (B) 6 12 12 87 64.3 Total Assets (B) 338.5 365.7 375.3 321.7 290.3 Current Asset (B) 162.8 131.3 128.6 106.9 89.4 Fixed Asset (B) 37.4 41.3 33.8 27 22.5 Working Capital (B) 57.1 15.4 27.8 27.9 8.8 Cash Flow Operating Cash Flow (B) 69.4 77.4 64.2 65.8 81.3 Investing Cash Flow (B) 45.9 16.1 (46.4) (46) (56.3) Financing Cash Flow (B) (91) (87.9) (18) (20.5) (17.7) Net Cash Flow 24.3 B 5.6 B (195 M) (636 M) 7.3 B