1 INSIDER OWNERSHIP AND SELLING IN THE PAST 12 MONTHS; 2 Peer Comparison & Ranking of AAPL; 3 Patents

INSIDER OWNERSHIP AND SELLING IN THE PAST 12 MONTHS
Shares Held by Insiders as on Jan 21, 2026 (Value computed at price $247.65)

NameShares HeldValue, $
Arthur D. Levinson4,125,5761,021,698,896
Tim Cook3,280,295812,365,057
Katherine Adams175,40843,439,791
Susan L. Wagner1,255310,801
Alex Gorsky1,255310,801
Ronald D. Sugar1,255310,801
Andrea Jung1,255310,801
Total7,586,2991,878,746,947

Arthur D. Levinson now has a beneficial interest in 4,125,576 Apple shares worth $1 billion.

Tim Cook now has a beneficial interest in 3,280,295 Apple shares worth $812.4 million.

Katherine Adams now has a beneficial interest in 175,408 Apple shares worth $43.4 million.

Susan L. Wagner now has a beneficial interest in 1,255 Apple shares worth $310,801.

Alex Gorsky now has a beneficial interest in 1,255 Apple shares worth $310,801.

Ronald D. Sugar now has a beneficial interest in 1,255 Apple shares worth $310,801.

Andrea Jung now has a beneficial interest in 1,255 Apple shares worth $310,801.


Insider selling Summary in the past 12 months

NameNo. of SharesPrice, $Value, $
Cook Timothy D [CEO]238,099241.757,560,381
Adams Katherine L. [Vice President]47,125256.812,101,154
Levinson Arthur D [Chairman]1,516226.4343,147
Total286,740244.170,004,682


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, Net Profit, second (2) by PV$1000, Revenue and third (3) by Total Assets.


Name (Code)MCapPV $1000
(1 yr)
RevenueNet ProfitTotal Assets
Rank of AAPL12213
Apple (AAPL)3,659.3B1,120.0416.2B112B359.2B
Amazon (AMZN)2,472.7B1,002.6638B59.2B624.9B
Alphabet (GOOGL)1,910.8B1,666.8350B100.1B450.3B
Meta Platforms (META)1,335B998.3164.5B62.4B276.1B
Netflix (NFLX)36.5B981.539B8.7B53.6B

FAANG PEER COMPARISON: AAPL - VALUATION INDICATORS

In value terms, comparing relative value of its shares, AAPL is ranked

+ 3 out of 5 by Price/Earnings per share [32.9]
+ 5 out of 5 by Price/Sales per share [8.7]
+ 5 out of 5 by Price/Book value per share [49.3]
+ 5 out of 5 by Turnover Rate (%) [77.4]


Name (Code)Last PriceP/EP/SP/BookTurnover Rate (%)
Rank of AAPL by value3555
Apple (AAPL)$247.6532.98.749.377.4
Amazon (AMZN)$231.3136.54.89.489.5
Alphabet (GOOGL)$328.4332.35.06.590.5
Meta Platforms (META)$612.9626.27.09.0176.5
Netflix (NFLX)$85.3634.60.81.52,831.3

BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING:
Apple vs NASDAQ Market

Out of 2,808 stocks and 4 units in the NASDAQ Market, Apple is ranked first(1) by Net Profit $, third(3) by Revenue, sixth(6) by Total Assets and sixth(6) by ROE.

NASDAQ AvgAAPLAAPL Rank
Net Profit $-112 B1
Revenue $-416.2 B3
Total Assets $-359.2 B6
ROE (%)19.999151.96
ROA (%)7.931.224
P/Earnings31.4x33.1x92
Price/Net Tangible Assets13.6x49.6x123
EBITDA Margin%16.331.9127
P/Sales4.8x8.8x132
P/Earnings/ Growth0.4x1.5x244
EPS Growth YOY (%)-22.6307
Yield (%)0.60.4619
Total Debt/Equity (the lower the better)0.5x0.1x829
Premium to 52-Wk Low (%)54.746.91369
Discount to 52-Wk High (%)5.714.21858
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 $416.2 billion[53.0% of aggregate sector revenue of $791.9 billion; down from 54.9% in the previous year.]
Net Profit of $112 billion [62.6% of aggregate sector net profit of $179.7 billion; down from 69.0% in the previous year.]
EBIT of $132.7 billion [63.3% of aggregate sector EBIT of $210.7 billion; down from 70.8% in the previous year.]

GLOBAL RANK [out of 46,332 stocks] AND RANK OF APPLE IN THE AMERICAN REGION [out of 9,451 stocks]

DescriptionValueGlobal RankIn Am Region
Total Assets ($)359.2B22087
Revenue ($)416.2B243
Return on Equity %151.99434
Net Profit Margin %26.94,142759
Price to Book62.134,0524,803
Price/Earnings38.518,9192,635
Yield %0.418,4933,098
PV1000 (1Year) $1,12022,8833,855
$ Change (1Year) %39.16,7411,050

RANK OF APPLE IN THE NASDAQ-100 INDEX [out of 88 stocks], IN THE NASDAQ MARKET [out of 2723 stocks] AND IN THE TECHNOLOGY SECTOR [out of 209 stocks]

DescriptionValueIn NASDAQ-100 IndexIn NASDAQ MarketIn Technology sector
Total Assets ($)359.2B551
Revenue ($)416.2B231
Return on Equity %151.9251
Net Profit Margin %26.9181248
Price to Book49.6481,661100
Price/Earnings33.14372637
Yield %0.44363718
PV1000 (1Year) $1,1223414210

LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best]
Apple is ranked number 1 out of 267 listed technology companies in the United States with a market capitalization of $3,659.3 billion.

Finally, its earnings growth in the past 12 months has been a comparatively high 22.6%.
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
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 FY 2025, 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 13.3% to 15.6%, Income Tax as % of sales increased from 4.0% to 5.0% and Income Tax as % of operating cash flow increased from 13.3% to 15.6%.

Description20252024202320222021
As % of profit before tax15.624.114.716.213.3
As % of operating cash flow15.624.114.716.213.3
As % of sales57.64.44.94

The 5-year average of profit before tax was 16.8%.

Dividend History
In the past 5 years annual dividends have increased by 16.5c from 86.5c to 103.0c. Based on a start date of 5 years ago, there has been no decline in dividends over the last 5 years.

Date PaidValue (c)Type
10 Nov 202526Quarterly
11 Aug 202526Quarterly
12 May 202526Quarterly
10 Feb 202525Quarterly
Tr 12 Months103
2024 - 202599
2023 - 202495
2022 - 202391
2021 - 202286.5

Source: Nasdaq Stock Exchange: https://www.nasdaq.com/market-activity/stocks/AAPL/dividend-history, company (Apple)



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.



Profiles of Top Management
Tim Cook
CEO & Director
Tim Cook is the CEO of Apple and serves on its board of directors.
Before being named CEO in August 2011, Tim was Apple's chief operating officer and was responsible for all of the company's worldwide sales and operations, including end-to-end management of Apple's supply chain, sales activities, and service and support in all markets and countries. He also headed Apple's Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.
Prior to joining Apple, Tim was vice president of Corporate Materials for Compaq and was responsible for procuring and managing all of Compaq's product inventory.
Previous to his work at Compaq, Tim was the chief operating officer of the Reseller Division at Intelligent Electronics.
Tim also spent 12 years with IBM, most recently as director of North American Fulfillment where he led manufacturing and distribution functions for IBM's Personal Computer Company in North and Latin America.
Tim earned an MBA from Duke University, where he was a Fuqua Scholar, and a Bachelor of Science degree in Industrial Engineering from Auburn University.

Shareholder Value:
Creation of shareholder value in Apple:
Date of appointment: August 24, 2011
In the last 10 years the average annualized return to shareholders was 27.9%. The present value of $1,000 (PV1000) invested 10 years ago is now $11,676, a gain of $10,343 and dividend reinvested of $333.

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.
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.
Glassdoor Ranking:
Tim Cook was ranked 32 in the Glassdoor Employee Review's list of 100 Top CEOs in the United States for 2021.

Arthur D. Levinson
Chairman & Director
In September 2013, Art was named chief executive officer of Calico. Before that, he was chief executive officer of Genentech from July 1995 to April 2009. He currently serves as the chairman of the board of Apple, and previously served as a director of Google from 2004 to 2009.
He has authored or co-authored more than 80 scientific articles and has been named an inventor on 11 United States patents. Art was inducted into the Biotech Hall of Fame at the 2003 Biotech Meeting of chief executive officers. BusinessWeek named him one of the "Best Managers of the Year" in 2004 and 2005, and Institutional Investor named him "America's Best CEO" in the biotech category four years in a row (2004-2007). In 2006, Princeton University awarded Art the James Madison Medal for a distinguished career in scientific research and in biotechnology. In 2008, he was elected as a Fellow to the American Academy of Arts & Sciences. In 2011, Art received the American Association for Cancer Research Margaret Foti Award for Leadership and Extraordinary Achievements in Cancer Research, and in 2012 he received the Cold Spring Harbor Laboratory Double Helix Medal. In 2014, he received the Alumnus Summa Laude Dignatus Award from the University of Washington, and was honored as a recipient of the National Medal of Technology and Innovation by President Barack Obama. The Franklin Institute named Levinson as the recipient of the 2021 Bower Award for Business Leadership, which recognizes individuals who have demonstrated outstanding leadership in an American business or industry while adhering to the highest ethical standards.
Art earned a doctorate in biochemical sciences from Princeton University and his Bachelor of Science degree from the University of Washington.

Shareholder Value:
Creation of shareholder value in Apple:
Date of appointment: August 15, 2000
In the last 20 years the average annualized return to shareholders was 26.6%. The present value of $1,000 (PV1000) invested 20 years ago is now $111,710, a gain of $107,524 and dividend reinvested of $3,186.


Kevan Parekh
CFO & Senior Vice President
Kevan Parekh is Apple's senior vice president and chief financial officer, reporting to CEO Tim Cook. As CFO, Kevan oversees Apple's accounting, business support, financial planning and analysis, treasury, investor relations, internal audit, and tax functions.
Kevan joined Apple in 2013, and has played a key role in Apple's financial and business planning, and product development planning since then. Prior to becoming CFO, he served as Apple's vice president of Financial Planning and Analysis. Before that, he served as Apple's vice president of Worldwide Finance, supporting a number of different functions throughout his tenure, including Engineering, iTunes, Marketing, Retail, and Sales.
He has over 20 years of experience leading global finance teams at major companies. Before joining Apple, Kevan held a number of senior leadership roles at Thomson Reuters and General Motors, including working across Europe and Asia.
Kevan graduated with a Bachelor of Science in Electrical Engineering from the University of Michigan and earned an MBA from the University of Chicago.

Sabih Khan
Chief Operating Officer
Sabih Khan is Apple's chief operating officer, reporting to CEO Tim Cook. In this role, he oversees Apple's entire worldwide operations, as well as AppleCare customer service and support.
Sabih leads the team in charge of Apple's global supply chain, ensuring product quality, and overseeing planning, procurement, manufacturing, logistics, and product fulfillment functions, as well as Apple's supplier responsibility programs that protect and educate workers at supplier facilities around the world.
The Operations team also supports Apple's environmental initiatives by partnering with suppliers to propel green manufacturing, helping conserve resources and protect the planet. And as the leader of AppleCare, Sabih also oversees the dedicated teams that help customers navigate any service and support they need for all of their Apple products and services.
Sabih previously served as Apple's senior vice president of Operations, and since joining Apple in 1995, he has played an important role in delivering each of Apple's innovative products to market. Prior to Apple, Sabih worked at GE Plastics. He earned bachelor's degrees in Economics and Mechanical Engineering from Tufts University, and a master's degree in Mechanical Engineering from Rensselaer Polytechnic Institute (RPI).

Isabel Ge Mahe
Vice President
Isabel Ge Mahe is Apple's vice president and managing director of Greater China, reporting to CEO Tim Cook and COO Jeff Williams. Isabel provides leadership and coordination across Apple's China-based team.
Isabel joined Apple in 2008 as vice president of Wireless Technologies, overseeing the development of cellular, Wi-Fi, Bluetooth, NFC, location, and motion technologies for nearly every Apple product. She also played a key role in developing new China-specific features for iPhone and iPad.
Before joining Apple, Isabel served as vice president of Wireless Software Engineering at Palm and held key technical and managerial positions at other wireless companies.
Isabel holds a Bachelor of Applied Science and a Master of Engineering from Simon Fraser University in British Columbia and an MBA from the University of California, Berkeley.

Katherine Adams
Vice President
Katherine Adams is Apple's general counsel and senior vice president of Legal and Global Security, reporting to CEO Tim Cook. Kate serves on the company's executive team and oversees all legal matters, including corporate governance, intellectual property, litigation and securities compliance, global security, and privacy. Kate joined Apple from Honeywell in 2017, where she worked for 14 years, most recently as senior vice president and general counsel. At Honeywell, Kate was in charge of the organization's global legal strategy across more than 100 countries.
Prior to joining Honeywell, Kate was a partner at Sidley Austin LLP in New York. Earlier in her career, she served as a law clerk for Supreme Court Justice Sandra Day O'Connor; as trial attorney for the United States Department of Justice, Appellate Section, Environment and Natural Resources division; and as law clerk for Stephen Breyer, then chief judge of the U.S. Court of Appeals for the First Circuit.
Kate earned a bachelor's degree in Comparative Literature from Brown University and a law degree from the University of Chicago Law School.



Profiles of Board of Directors
Susan L. Wagner
Director
Wagner co-founded BlackRock in 1988 and helped it become one of the world's most successful asset-management companies, holding a range of leadership positions including vice chairman until mid-2012. She continues to serve on the boards of BlackRock and DSP BlackRock (India), as well as Swiss Re, Wellesley College and Hackley School.
Wagner graduated with honors from Wellesley College with a BA in English and Economics, and earned an MBA in Finance from the University of Chicago. She has been recognized as one of Fortune Magazine's 50 Most Powerful Women in Business and honored by the National Council for Research on Women. At BlackRock, she championed and continues to support the Women's Initiative Network, designed to foster the full potential of women within the company.

Alex Gorsky
Director
During Gorsky's tenure as CEO and chairman, Johnson & Johnson has become the world's largest healthcare company and one of the foremost innovators in research and development for emerging health technologies.
Gorsky began his tenure at Johnson & Johnson in 1988, accumulating a broad range of experience in sales, management, and marketing before becoming CEO in 2012. Gorsky has made innovation and technology key priorities, with groundbreaking investments that have helped shape the future of the pharmaceutical, medical device, and consumer health sectors.
An experienced leader in healthcare and business, Gorsky directs a global team of more than 130,000 at Johnson & Johnson. He is also a member of the Business Roundtable's board of directors and the chairman of its Corporate Governance committee. Gorsky serves on the boards of IBM, Travis Manion Foundation, and The Wharton School of the University of Pennsylvania.
As a former captain in the US Army, Gorsky has been a vocal advocate for improving mental health services for veterans and their families. He has also been a trailblazer for diversity and inclusion - helping Johnson & Johnson become a nationally recognized leader, and expanding parental paid leave and mentorship programs for employees across the company. Gorsky holds a Bachelor of Science from the US Military Academy at West Point, New York, and spent six years in the US Army, finishing his military career with the rank of captain. Gorsky also earned a Master of Business Administration from The Wharton School of the University of Pennsylvania in 1996.

Shareholder Value:
Creation of shareholder value in Apple:
Since appointment as Director: The present value of $1,000 invested on the appointment date of November 09, 2021 at close price of $147.71 is $1,711, including a capital gain of $677 and dividend reinvested of $34.

Ronald D. Sugar
Director
Dr. Sugar served as Chairman and Chief Executive Officer at Northrop Grumman Corporation from 2003 until his retirement in 2010. Previous to Northrop, he held executive positions at Litton Industries and TRW Inc., where he served as chief financial officer.
He is a member of the National Academy of Engineering and a fellow of both the American Institute of Aeronautics and Astronautics and the Royal Aeronautical Society. He is a director of Chevron Corporation, Amgen Inc. and Air Lease Corporation, and serves as a senior advisor to the private investment firm Ares Management LLC.
He is a trustee of the University of Southern California, where he also holds the Judge Widney Chair as Professor of Management and Technology. He is a member of the boards of UCLA Anderson School of Management, the Los Angeles Philharmonic Orchestra and several other philanthropic organizations focused on children and education.
He graduated summa cum laude in engineering in 1968 from the University of California, Los Angeles, where he also received master's and doctorate degrees in the same field. He subsequently completed executive programs at Stanford, Wharton and Harvard.

Shareholder Value:
Creation of shareholder value in Apple:
Date of appointment: November 17, 2010
In the last 10 years the average annualized return to shareholders was 27.9%. The present value of $1,000 (PV1000) invested 10 years ago is now $11,676, a gain of $10,343 and dividend reinvested of $333.


Wanda Austin
Director
Dr. Wanda Austin began her tenure at The Aerospace Corporation in 1979, when she joined as a member of the organization's technical staff. Over the following decades, she took on a wide range of new roles and responsibilities, including program management and major customer-facing systems management. From 2008 to 2016, she served as the organization's president and CEO.
From 2018 to 2019, Dr. Austin was the interim president of the University of Southern California. She serves on the board of Amgen, and also serves on the board of Chevron, where she is the lead independent director. She served on the board of Virgin Galactic, the spaceflight company, from 2019 until 2023.
Dr. Austin is also a leading advocate for STEM education. Her book, Making Space: Strategic Leadership for a Complex World, explores the leadership principles she learned during her decadeslong journey as an engineer and space industry executive.
Dr. Austin earned a bachelor's degree in mathematics from Franklin & Marshall College in 1975, and a master's in civil engineering and mathematics from the University of Pittsburgh in 1977. She went on to earn a Ph.D. in industrial and systems engineering from the University of Southern California in 1988.

Monica Lozano
Director
Lozano is a co-founder of the Aspen Institute Latinos and Society Program, and a former chair of both the University of California Board of Regents and the board of directors of the Weingart Foundation, a private philanthropic organization. Lozano is also a former board member of The Walt Disney Company.

Andrea Jung
Director
Andrea Jung is President and Chief Executive Officer of Grameen America, the fastest-growing microfinance organization in the United States. The former Chairman and Chief Executive Officer of Avon Products, Inc., and longtime champion of women's issues, Ms. Jung was appointed by Grameen's Founder and Nobel Peace Prize Laureate Muhammad Yunus to the position in April 2014. Founded in 2008, Grameen America is dedicated to helping women who live in poverty build small businesses to create better lives for their families. Since Grameen America's inception, the organization has invested over $5.2 billion to more than 220,000 low-income women across the United States through its unique social capital model.
Ms. Jung, the longest-serving female chief executive in the Fortune 500, is respected as a trailblazer for women. She served as CEO of Avon from 1999 through April 2012, and as Chairman from 2001 through December 2012. As Avon's first woman CEO and Chairman, Ms. Jung was also the first woman to serve as Chairman of the Cosmetic, Toiletry & Fragrance Association, and as Chairman of the World Federation of Direct Selling Associations. During her tenure at Avon, she was responsible for developing and expanding economic earnings opportunities for over six million women in more than 100 countries. She has been lauded globally for her pursuit of public-private partnerships to end violence against women and to stem the breast cancer epidemic. Under her leadership, the Avon Foundation for Women raised and awarded nearly $1 billion to support health and empowerment causes, becoming the largest women-focused corporate philanthropy around the world. Ms. Jung's efforts were recognized by the Clinton Global Initiative, which in 2010 honored her with the Clinton Global Citizen Award for her visionary leadership in solving pressing global challenges.
Throughout her corporate tenure, Ms. Jung ranked consistently among the top leaders on lists including Fortune's "Most Powerful Women in Business," Forbes' "Most Powerful Women in the World," and the Financial Times' "Top Women in World Business." Ms. Jung is a graduate of Princeton University. She is a member of the Board of Directors of Apple Inc., Unilever, Rockefeller Capital Management and Wayfair Inc. She previously served on the boards of General Electric and Daimler AG.


Financials as Reported FY 2025, Past 10 Years
Financials as reported (FY 2025 [year-ended 27 September 2025 ])

10-K RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In $ Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2025 [year-ended 27 September 2025 ])

Description$ Million$ Million
Sep 27, 2025Sep 28, 2024Change %
Net sales:
Products307,003294,866Up 4.1
Services109,15896,169Up 13.5
Total net sales416,161391,035Up 6.4
Cost of sales:
Products194,116185,233Up 4.8
Services26,84425,119Up 6.9
Total cost of sales220,960210,352Up 5.0
Gross margin195,201180,683Up 8.0
Operating expenses:
Research and development34,55031,370Up 10.1
Selling general and administrative27,60126,097Up 5.8
Total operating expenses62,15157,467Up 8.2
Operating income133,050123,216Up 8.0
Other income/(expense) net-321269Deterioration
Income before provision for income taxes132,729123,485Up 7.5
Provision for income taxes20,71929,749Down 30.4
Net income112,01093,736Up 19.5
Earnings per share:
Basic$7.49$6.11Up 22.6
Diluted$7.46$6.08Up 22.7
Shares used in computing earnings per share:
Basic14,948,500,00015,343,783,000Down 2.6
Diluted15,004,697,00015,408,095,000Down 2.6

BALANCE SHEET AS REPORTED (FY 2025 [year-ended 27 September 2025 ])

Description$ Million$ Million
Sep 27, 2025Sep 28, 2024Change %
ASSETS:
Current assets:
Cash and cash equivalents35,93429,943Up 20.0
Marketable securities18,76335,228Down 46.7
Accounts receivable net39,77733,410Up 19.1
Vendor non-trade receivables33,18032,833Up 1.1
Inventories5,7187,286Down 21.5
Other current assets14,58514,287Up 2.1
Total current assets147,957152,987Down 3.3
Non-current assets:
Marketable securities77,72391,479Down 15.0
Property plant and equipment net49,83445,680Up 9.1
Other non-current assets83,72774,834Up 11.9
Total non-current assets211,284211,993Down 0.3
Total assets359,241364,980Down 1.6
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable69,86068,960Up 1.3
Other current liabilities66,38778,304Down 15.2
Deferred revenue9,0558,249Up 9.8
Commercial paper7,9799,967Down 19.9
Term debt12,35010,912Up 13.2
Total current liabilities165,631176,392Down 6.1
Non-current liabilities:
Term debt78,32885,750Down 8.7
Other non-current liabilities41,54945,888Down 9.5
Total non-current liabilities119,877131,638Down 8.9
Total liabilities285,508308,030Down 7.3
Commitments and contingencies
Shareholders' equity:
Common stock and additional paid-in capital 0.00001par value:50400000shares authorized;14773260and15116786shares issued and outstanding respectively93,56883,276Up 12.4
Accumulated deficit-14,264-19,154Improved 25.5
Accumulated other comprehensive loss-5,571-7,172Improved 22.3
Total shareholders' equity73,73356,950Up 29.5
Total liabilities and shareholders' equity359,241364,980Down 1.6

CASH FLOW AS REPORTED (FY 2025 [year-ended 27 September 2025 ])

Description$ Million$ Million
Sep 27, 2025Sep 28, 2024Change %
Cash cash equivalents and restricted cash and cash equivalents beginning balances29,94330,737Down 2.6
Operating activities:
Net income112,01093,736Up 19.5
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization11,69811,445Up 2.2
Share-based compensation expense12,86311,688Up 10.1
Other-89-2,266Improved 96.1
Changes in operating assets and liabilities:
Accounts receivable net-6,682-3,788Deterioration 76.4
Vendor non-trade receivables-347-1,356Improved 74.4
Inventories1,400-1,046Recovery
Other current and non-current assets-9,197-11,731Improved 21.6
Accounts payable9026,020Down 85.0
Other current and non-current liabilities-11,07615,552Deterioration
Cash generated by operating activities111,482118,254Down 5.7
Investing activities:
Purchases of marketable securities-24,407-48,656Improved 49.8
Proceeds from maturities of marketable securities40,90751,211Down 20.1
Proceeds from sales of marketable securities12,89011,135Up 15.8
Payments for acquisition of property plant and equipment-12,715-9,447Deterioration 34.6
Other-1,480-1,308Deterioration 13.1
Cash generated by investing activities15,1952,935Up 417.7
Financing activities:
Payments for taxes related to net share settlement of equity awards-5,960-5,441Deterioration 9.5
Payments for dividends and dividend equivalents-15,421-15,234Deterioration 1.2
Repurchases of common stock-90,711-94,949Improved 4.5
Proceeds from issuance of term debt net4,481
Repayments of term debt-10,932-9,958Deterioration 9.8
Proceeds from/(Repayments of) commercial paper net-2,0323,960Deterioration
Other-111-361Improved 69.3
Cash used in financing activities-120,686-121,983Improved 1.1
Increase/(Decrease) in cash cash equivalents and restricted cash and cash equivalents5,991-794Recovery
Cash cash equivalents and restricted cash and cash equivalents ending balances35,93429,943Up 20.0

Source: Apple's, 10-K filing dated October 31, 2025, available at the U.S. Securities and Exchange Commission website: https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm and Apple's website: https://investor.apple.com/investor-relations/default.aspx.

Download APPLE Financials Past 10 Years


DescriptionSep 25Sep 24Sep 23Sep 22Sep 21
Income Statement
Revenue per share 27.7425.3824.2424,153.6421.69
Tax (B)20.729.716.719.314.5
Net profit (B)11293.79799.894.7
EPS 7.496.116.166.155.67
Balance Sheet
Equity Share Capital (B)73.75762.150.763.1
Retained Earnings (14.3 B)(19.2 B)(214 M)(3.1 B)5.6 B
Total Debt (B)8106106
Total Assets (B)359.2365352.6352.8351
Current Asset (B)148153143.6135.4134.8
Fixed Asset (B)49.845.743.742.139.4
Working Capital (B)(17.7)(23.4)(1.7)(18.6)9.4
Cash Flow
Operating Cash Flow (B)111.5118.3110.5122.2104
Investing Cash Flow (B)15.22.93.7(22.4)(14.5)
Financing Cash Flow (B)(120.7)(122)(108.5)(110.7)(93.4)
Net Cash Flow 6 B(794 M)5.8 B(11 B)(3.9 B)

DescriptionSep 20Sep 19Sep 18Sep 17Sep 16
Income Statement
Revenue per share 15.6613.9953.1243.6539.21
Tax (B)9.710.513.415.715.7
Net profit (B)57.455.359.548.445.7
EPS 3.312.9932.322.09
Balance Sheet
Equity Share Capital (B)65.390.5107.1134128.2
Retained Earnings (B)1545.966.998.297
Total Debt (B)56121287
Total Assets (B)323.9338.5365.7375.3321.7
Current Asset (B)143.7162.8131.3128.6106.9
Fixed Asset (B)36.837.441.333.827
Working Capital (B)38.357.115.427.827.9
Cash Flow
Operating Cash Flow (B)80.769.477.464.265.8
Investing Cash Flow (B)(4.3)45.916.1(46.4)(46)
Financing Cash Flow (B)(86.8)(91)(87.9)(18)(20.5)
Net Cash Flow (10.4 B)24.3 B5.6 B(195 M)(636 M)

Source: Apple's, 10-K filing dated October 31, 2025, available at the U.S. Securities and Exchange Commission website: https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm and Apple's website: https://investor.apple.com/investor-relations/default.aspx.