10-K – 2025-10-31 – aapl-20250927.htm

Fixed-rate 4.000 % – 4.750 % notes
2028 – 2035
4,500   4.07 % – 4.83 %
— 
Total term debt principal
91,281   97,341  

Unamortized premium/(discount) and issuance costs, net ( 309 ) ( 321 )
Hedge accounting fair value adjustments ( 294 ) ( 358 )
Total term debt
90,678   96,662  
Less: Current portion of term debt ( 12,350 ) ( 10,912 )
Total non-current portion of term debt $ 78,328   $ 85,750  

To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company uses interest rate swaps to effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to manage foreign exchange rate risk on certain of its foreign currency–denominated notes, the Company uses cross-currency swaps to effectively convert these notes to U.S. dollar–denominated notes.
The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if applicable, adjustments related to hedging.
The future principal payments for the Company’s Notes as of September 27, 2025, are as follows (in millions):

2026 $ 12,393  
2027 10,078  
2028 9,300  
2029 5,235  
2030 4,972  
Thereafter 49,303  
Total term debt principal $ 91,281  

As of September 27, 2025 and September 28, 2024, the fair value of the Company’s Notes, based on Level 2 inputs, was $ 80.4 billion and $ 88.4 billion, respectively.

Note 10 – Shareholders’ Equity
Share Repurchase Program
During 2025, the Company repurchased 402 million shares of its common stock for $ 89.3 billion. The Company’s share repurchase programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
Apple Inc. | 2025 Form 10-K | 44

Shares of Common Stock
The following table shows the changes in shares of common stock for 2025, 2024 and 2023 (in thousands):

2025 2024 2023
Common stock outstanding, beginning balances 15,116,786   15,550,061   15,943,425  
Common stock repurchased ( 401,672 ) ( 499,372 ) ( 471,419 )
Common stock issued, net of shares withheld for employee taxes 58,146   66,097   78,055  
Common stock outstanding, ending balances 14,773,260   15,116,786   15,550,061  

Note 11 – Share-Based Compensation
2022 Employee Stock Plan
The Apple Inc. 2022 Employee Stock Plan (“2022 Plan”) is a shareholder-approved plan that provides for broad-based equity grants to employees, including executive officers, and permits the granting of RSUs, stock grants, performance-based awards, stock options and stock appreciation rights. RSUs granted under the 2022 Plan generally vest over four years , based on continued employment, and are settled upon vesting in shares of the Company’s common stock on a one -for-one basis. All RSUs granted under the 2022 Plan have dividend equivalent rights, which entitle holders of RSUs to the same dividend value per share as holders of common stock. A maximum of approximately 1.3 billion shares were authorized for issuance pursuant to 2022 Plan awards at the time the plan was approved on March 4, 2022.
Restricted Stock Units
A summary of the Company’s RSU activity and related information for 2025 is as follows:

Number of
RSUs
(in thousands)
Weighted-Average
Grant-Date Fair
Value Per RSU

Balance as of September 28, 2024 163,326   $ 158.73  
RSUs granted 73,466   $ 226.68  
RSUs vested ( 76,845 ) $ 159.85  
RSUs forfeited
( 8,373 ) $ 183.03  
Balance as of September 27, 2025 151,574   $ 189.75  

The weighted-average grant-date fair value of RSUs granted in 2024 and 2023 was $ 173.78 and $ 150.87 , respectively. The Company estimates the grant-date fair value of RSUs based on the closing price of the Company’s common stock on the date of grant.
The total vesting-date fair value of RSUs was $ 17.1 billion, $ 15.8 billion and $ 15.9 billion for 2025, 2024 and 2023, respectively. The majority of RSUs that vested in 2025, 2024 and 2023 were net share settled such that the Company withheld shares with a value equivalent to the employees’ obligation for the applicable income and other employment taxes, and remitted cash to the appropriate taxing authorities. Total payments to taxing authorities for employees’ tax obligations were $ 6.1 billion in 2025 and $ 5.6 billion in both 2024 and 2023.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Consolidated Statements of Operations for 2025, 2024 and 2023 (in millions):

2025 2024 2023
Share-based compensation expense $ 12,863   $ 11,688   $ 10,833  
Income tax benefit related to share-based compensation expense $ ( 3,602 ) $ ( 3,350 ) $ ( 3,421 )

As of September 27, 2025, the total unrecognized compensation cost related to outstanding RSUs was $ 21.8 billion, which the Company expects to recognize over a weighted-average period of 2.5 years.
Apple Inc. | 2025 Form 10-K | 45

Note 12 – Commitments, Contingencies and Supply Concentrations
Unconditional Purchase Obligations
The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier arrangements, licensed intellectual property and content, and distribution rights. Future payments under unconditional purchase obligations with a remaining term in excess of one year as of September 27, 2025, are as follows (in millions):

2026 $ 4,752  
2027 3,708  
2028 1,981  
2029 1,306  
2030 788  
Thereafter 773  
Total $ 13,308  

Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.
Concentrations in the Available Sources of Supply of Materials and Product
Although most components essential to the Company’s business are generally available from multiple sources, certain components are currently obtained from single or limited sources. The Company also competes for various components with other participants in the markets for smartphones, personal computers, tablets, wearables and accessories. Therefore, many components used by the Company, including those that are available from multiple sources, are at times subject to industry-wide shortage and significant commodity pricing fluctuations. 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.
The Company uses some custom components that are not commonly used by its competitors, and new products introduced by the Company often utilize custom components available from only one source. When a component or product uses new technologies, initial capacity constraints may exist until the suppliers’ yields have matured or their manufacturing capacities have increased. The Company has entered into agreements for the supply of many components; however, 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 or in a timely manner, or in identifying and obtaining sufficient quantities from an alternative source. 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.
Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam.
Apple Inc. | 2025 Form 10-K | 46

Note 13 – Segment Information and Geographic Data
The Company manages its business primarily on a geographic basis. The Company’s CEO is its CODM.
The Company’s reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia, New Zealand and those Asian countries not included in the Company’s other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company’s customers and distribution partners and the unique market dynamics of each geographic region.
The CODM uses segment net sales and operating income information to make certain decisions, such as product and service pricing, and to decide how to allocate resources related to sales activities and marketing investments. Net sales for geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in those geographic locations. Operating income for each segment consists of net sales to third parties, related cost of sales, and operating expenses directly attributable to the segment. The information provided to the CODM for purposes of making decisions and assessing segment performance excludes asset information.
The following tables show information by reportable segment for 2025, 2024 and 2023 (in millions):

2025
Americas Europe Greater
China
Japan Rest of
Asia Pacific Corporate Total
Net sales $ 178,353   $ 111,032   $ 64,377   $ 28,703   $ 33,696   $ —  $ 416,161  
Cost of sales ( 95,699 ) ( 58,617 ) ( 35,141 ) ( 13,779 ) ( 17,724 ) —  ( 220,960 )
Research and development —  —  —  —  —  ( 34,550 ) ( 34,550 )
Selling and marketing ( 10,174 ) ( 4,676 ) ( 2,319 ) ( 969 ) ( 1,386 ) —  ( 19,524 )
General and administrative —  —  —  —  —  ( 8,077 ) ( 8,077 )
Operating income/(loss) $ 72,480   $ 47,739   $ 26,917   $ 13,955   $ 14,586   $ ( 42,627 ) $ 133,050  

2024
Americas Europe Greater
China
Japan Rest of
Asia Pacific Corporate Total
Net sales $ 167,045   $ 101,328   $ 66,952   $ 25,052   $ 30,658   $ —  $ 391,035  
Cost of sales ( 89,587 ) ( 55,197 ) ( 37,519 ) ( 11,744 ) ( 16,305 ) —  ( 210,352 )
Research and development —  —  —  —  —  ( 31,370 ) ( 31,370 )
Selling and marketing ( 9,802 ) ( 4,341 ) ( 2,351 ) ( 854 ) ( 1,291 ) —  ( 18,639 )
General and administrative —  —  —  —  —  ( 7,458 ) ( 7,458 )
Operating income/(loss) $ 67,656   $ 41,790   $ 27,082   $ 12,454   $ 13,062   $ ( 38,828 ) $ 123,216  

2023
Americas Europe Greater
China
Japan Rest of
Asia Pacific Corporate Total
Net sales $ 162,560   $ 94,294   $ 72,559   $ 24,257   $ 29,615   $ —  $ 383,285  
Cost of sales ( 92,394 ) ( 54,101 ) ( 39,787 ) ( 11,542 ) ( 16,313 ) —  ( 214,137 )
Research and development —  —  —  —  —  ( 29,915 ) ( 29,915 )
Selling and marketing ( 9,658 ) ( 4,095 ) ( 2,444 ) ( 827 ) ( 1,236 ) —  ( 18,260 )
General and administrative —  —  —  —  —  ( 6,672 ) ( 6,672 )
Operating income/(loss) $ 60,508   $ 36,098   $ 30,328   $ 11,888   $ 12,066   $ ( 36,587 ) $ 114,301  

Apple Inc. | 2025 Form 10-K | 47

The following tables show net sales for 2025, 2024 and 2023 and long-lived assets as of September 27, 2025 and September 28, 2024 for countries that individually accounted for 10% or more of the respective totals, as well as aggregate amounts for the remaining countries (in millions):

2025 2024 2023
Net sales:
U.S. $ 151,790   $ 142,196   $ 138,573  
China (1)
64,377   66,952   72,559  
Other countries 199,994   181,887   172,153  
Total net sales $ 416,161   $ 391,035   $ 383,285  

2025 2024
Long-lived assets:
U.S. $ 40,274   $ 35,664  
China (1)
3,617   4,797  
Other countries 5,943   5,219  
Total long-lived assets $ 49,834   $ 45,680  

(1) China includes Hong Kong and Taiwan.
Apple Inc. | 2025 Form 10-K | 48

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Apple Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Apple Inc. (the “Company”) as of September 27, 2025 and September 28, 2024, the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended September 27, 2025, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at September 27, 2025 and September 28, 2024, and the results of its operations and its cash flows for each of the three years in the period ended September 27, 2025, in conformity with U.S. generally accepted accounting principles (“GAAP”).
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of September 27, 2025, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) and our report dated October 31, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the account or disclosure to which it relates.

Uncertain Tax Positions
Description of the Matter As discussed in Note 7 to the financial statements, the Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. As of September 27, 2025, the total amount of gross unrecognized tax benefits was $23.2 billion, of which $10.6 billion, if recognized, would impact the Company’s effective tax rate. In accounting for some of the uncertain tax positions, the Company uses significant judgment in the interpretation and application of GAAP and complex domestic and international tax laws.
Auditing management’s evaluation of whether an uncertain tax position is more likely than not to be sustained and the measurement of the benefit of various tax positions can be complex, involves significant judgment, and is based on interpretations of tax laws.

Apple Inc. | 2025 Form 10-K | 49

How We Addressed the
Matter in Our Audit We tested controls relating to the evaluation of uncertain tax positions, including controls over management’s assessment as to whether tax positions are more likely than not to be sustained, management’s process to measure the benefit of its tax positions that qualify for recognition, and the related disclosures.
We evaluated the Company’s assessment of which tax positions are more likely than not to be sustained and the related measurement of the amount of tax benefit that qualifies for recognition. Our audit procedures included, among others, reading and evaluating management’s assumptions and analysis, and, as applicable, the Company’s communications with taxing authorities, that detailed the basis and technical merits of the uncertain tax positions. We involved our tax subject matter resources in assessing the technical merits of certain of the Company’s tax positions based on our knowledge of relevant tax laws and experience with related taxing authorities. In addition, we evaluated the Company’s disclosure in relation to these matters included in Note 7 to the financial statements.

/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2009.

San Jose, California
October 31, 2025
Apple Inc. | 2025 Form 10-K | 50

Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Apple Inc.
Opinion on Internal Control Over Financial Reporting
We have audited Apple Inc.’s internal control over financial reporting as of September 27, 2025, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the “COSO criteria”). In our opinion, Apple Inc. (the “Company”) maintained, in all material respects, effective internal control over financial reporting as of September 27, 2025, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the consolidated balance sheets of the Company as of September 27, 2025 and September 28, 2024, the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended September 27, 2025, and the related notes and our report dated October 31, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Ernst & Young LLP

San Jose, California
October 31, 2025
Apple Inc. | 2025 Form 10-K | 51

Item 9.    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.

Item 9A.    Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of September 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.
Inherent Limitations over Internal Controls
The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The Company’s internal control over financial reporting includes those policies and procedures that: 
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company’s assets;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that the Company’s receipts and expenditures are being made only in accordance with authorizations of the Company’s management and directors; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
Management, including the Company’s Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management’s Annual Report on Internal Control over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Management conducted an assessment of the effectiveness of the Company’s internal control over financial reporting based on the criteria set forth in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on the Company’s assessment, management has concluded that its internal control over financial reporting was effective as of September 27, 2025 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP. The Company’s independent registered public accounting firm, Ernst & Young LLP, has issued an audit report on the Company’s internal control over financial reporting, which appears in Part II, Item 8 of this Form 10-K.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the fourth quarter of 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. | 2025 Form 10-K | 52

Item 9B.    Other Information
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.

Insider Trading Arrangements
None.

Item 9C.    Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.

PART III

Item 10.    Directors, Executive Officers and Corporate Governance
The 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 27, 2025, in connection with the solicitation of proxies for the Company’s 2026 annual meeting of shareholders (“2026 Proxy Statement”), and is incorporated herein by reference.

Item 11.    Executive Compensation
The information required by this Item will be included in the 2026 Proxy Statement, and is incorporated herein by reference.

Item 12.    Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this Item will be included in the 2026 Proxy Statement, and is incorporated herein by reference.

Item 13.    Certain Relationships and Related Transactions, and Director Independence
The information required by this Item will be included in the 2026 Proxy Statement, and is incorporated herein by reference.

Item 14.    Principal Accountant Fees and Services
The information required by this Item will be included in the 2026 Proxy Statement, and is incorporated herein by reference.
Apple Inc. | 2025 Form 10-K | 53

PART IV

Item 15.    Exhibit and Financial Statement Schedules
(a) Documents filed as part of this report
(1) All financial statements

Index to Consolidated Financial Statements Page
Consolidated Statements of Operations for the years ended September 27, 2025, September 28, 2024 and September 30, 2023
29

Consolidated Statements of Comprehensive Income for the years ended September 27, 2025, September 28, 2024 and September 30, 2023
30

Consolidated Balance Sheets as of September 27, 2025 and September 28, 2024
31

Consolidated Statements of Shareholders’ Equity for the years ended September 27, 2025, September 28, 2024 and September 30, 2023
32

Consolidated Statements of Cash Flows for the years ended September 27, 2025, September 28, 2024 and September 30, 2023
33

Notes to Consolidated Financial Statements
34

Reports of Independent Registered Public Accounting Firm*
49

* Ernst & Young LLP, PCAOB Firm ID No. 000 42 .
(2) Financial Statement Schedules
All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient to require submission of the schedule, or because the information required is included in the consolidated financial statements and accompanying notes included in this Form 10-K.
(3) Exhibits required by Item 601 of Regulation S-K  (1)

Incorporated by Reference
Exhibit Number Exhibit Description Form Exhibit Filing Date/
Period End Date
3.1 Restated Articles of Incorporation of the Registrant filed on August 3, 2020.
8-K 3.1 8/7/20
3.2 Amended and Restated Bylaws of the Registrant effective as of August 20, 2024.
8-K 3.2 8/23/24

4.1** Description of Securities of the Registrant.

4.2 Indenture, dated as of April 29, 2013, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee.
S-3 4.1 4/29/13
4.3 Officer’s Certificate of the Registrant, dated as of May 3, 2013, including forms of global notes representing the Floating Rate Notes due 2016, Floating Rate Notes due 2018, 0.45% Notes due 2016, 1.00% Notes due 2018, 2.40% Notes due 2023 and 3.85% Notes due 2043.
8-K 4.1 5/3/13
4.4 Officer’s Certificate of the Registrant, dated as of May 6, 2014, including forms of global notes representing the Floating Rate Notes due 2017, Floating Rate Notes due 2019, 1.05% Notes due 2017, 2.10% Notes due 2019, 2.85% Notes due 2021, 3.45% Notes due 2024 and 4.45% Notes due 2044.
8-K 4.1 5/6/14
4.5 Officer’s Certificate of the Registrant, dated as of November 10, 2014, including forms of global notes representing the 1.000% Notes due 2022 and 1.625% Notes due 2026.
8-K 4.1 11/10/14
4.6 Officer’s Certificate of the Registrant, dated as of February 9, 2015, including forms of global notes representing the Floating Rate Notes due 2020, 1.55% Notes due 2020, 2.15% Notes due 2022, 2.50% Notes due 2025 and 3.45% Notes due 2045.
8-K 4.1 2/9/15
4.7 Officer’s Certificate of the Registrant, dated as of May 13, 2015, including forms of global notes representing the Floating Rate Notes due 2017, Floating Rate Notes due 2020, 0.900% Notes due 2017, 2.000% Notes due 2020, 2.700% Notes due 2022, 3.200% Notes due 2025, and 4.375% Notes due 2045.
8-K 4.1 5/13/15
4.8 Officer’s Certificate of the Registrant, dated as of July 31, 2015, including forms of global notes representing the 3.05% Notes due 2029 and 3.60% Notes due 2042.
8-K 4.1 7/31/15

Apple Inc. | 2025 Form 10-K | 54

Incorporated by Reference
Exhibit Number Exhibit Description Form Exhibit Filing Date/
Period End Date
4.9 Officer’s Certificate of the Registrant, dated as of September 17, 2015, including forms of global notes representing the 1.375% Notes due 2024 and 2.000% Notes due 2027.
8-K 4.1 9/17/15
4.10 Officer’s Certificate of the Registrant, dated as of February 23, 2016, including forms of global notes representing the Floating Rate Notes due 2019, Floating Rate Notes due 2021, 1.300% Notes due 2018, 1.700% Notes due 2019, 2.250% Notes due 2021, 2.850% Notes due 2023, 3.250% Notes due 2026, 4.500% Notes due 2036 and 4.650% Notes due 2046.
8-K 4.1 2/23/16
4.11 Supplement No. 1 to the Officer’s Certificate of the Registrant, dated as of March 24, 2016.
8-K 4.1 3/24/16
4.12 Officer’s Certificate of the Registrant, dated as of August 4, 2016, including forms of global notes representing the Floating Rate Notes due 2019, 1.100% Notes due 2019, 1.550% Notes due 2021, 2.450% Notes due 2026 and 3.850% Notes due 2046.
8-K 4.1 8/4/16
4.13 Officer’s Certificate of the Registrant, dated as of February 9, 2017, including forms of global notes representing the Floating Rate Notes due 2019, Floating Rate Notes due 2020, Floating Rate Notes due 2022, 1.550% Notes due 2019, 1.900% Notes due 2020, 2.500% Notes due 2022, 3.000% Notes due 2024, 3.350% Notes due 2027 and 4.250% Notes due 2047.
8-K 4.1 2/9/17
4.14 Officer’s Certificate of the Registrant, dated as of May 11, 2017, including forms of global notes representing the Floating Rate Notes due 2020, Floating Rate Notes due 2022, 1.800% Notes due 2020, 2.300% Notes due 2022, 2.850% Notes due 2024 and 3.200% Notes due 2027.
8-K 4.1 5/11/17
4.15 Officer’s Certificate of the Registrant, dated as of May 24, 2017, including forms of global notes representing the 0.875% Notes due 2025 and 1.375% Notes due 2029.
8-K 4.1 5/24/17
4.16 Officer’s Certificate of the Registrant, dated as of June 20, 2017, including form of global note representing the 3.000% Notes due 2027.
8-K 4.1 6/20/17
4.17
Officer’s Certificate of the Registrant, dated as of September 12, 2017, including forms of global notes representing the 1.500% Notes due 2019, 2.100% Notes due 2022, 2.900% Notes due 2027 and 3.750% Notes due 2047.
8-K 4.1 9/12/17
4.18
Officer’s Certificate of the Registrant, dated as of November 13, 2017, including forms of global notes representing the 1.800% Notes due 2019, 2.000% Notes due 2020, 2.400% Notes due 2023, 2.750% Notes due 2025, 3.000% Notes due 2027 and 3.750% Notes due 2047.
8-K 4.1 11/13/17
4.19
Indenture, dated as of November 5, 2018, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee.
S-3 4.1 11/5/18
4.20
Officer’s Certificate of the Registrant, dated as of September 11, 2019, including forms of global notes representing the 1.700% Notes due 2022, 1.800% Notes due 2024, 2.050% Notes due 2026, 2.200% Notes due 2029 and 2.950% Notes due 2049.
8-K 4.1 9/11/19
4.21
Officer’s Certificate of the Registrant, dated as of November 15, 2019, including forms of global notes representing the 0.000% Notes due 2025 and 0.500% Notes due 2031.
8-K 4.1 11/15/19
4.22
Officer’s Certificate of the Registrant, dated as of May 11, 2020, including forms of global notes representing the 0.750% Notes due 2023, 1.125% Notes due 2025, 1.650% Notes due 2030 and 2.650% Notes due 2050.
8-K 4.1 5/11/20
4.23
Officer’s Certificate of the Registrant, dated as of August 20, 2020, including forms of global notes representing the 0.550% Notes due 2025, 1.25% Notes due 2030, 2.400% Notes due 2050 and 2.550% Notes due 2060.
8-K 4.1 8/20/20
4.24
Officer’s Certificate of the Registrant, dated as of February 8, 2021, including forms of global notes representing the 0.700% Notes due 2026, 1.200% Notes due 2028, 1.650% Notes due 2031, 2.375% Notes due 2041, 2.650% Notes due 2051 and 2.800% Notes due 2061.
8-K 4.1 2/8/21
4.25
Officer’s Certificate of the Registrant, dated as of August 5, 2021, including forms of global notes representing the 1.400% Notes due 2028, 1.700% Notes due 2031, 2.700% Notes due 2051 and 2.850% Notes due 2061.
8-K 4.1 8/5/21

Apple Inc. | 2025 Form 10-K | 55

Incorporated by Reference
Exhibit Number Exhibit Description Form Exhibit Filing Date/
Period End Date
4.26
Indenture, dated as of October 28, 2021, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as Trustee.
S-3 4.1 10/29/21
4.27
Officer’s Certificate of the Registrant, dated as of August 8, 2022, including forms of global notes representing the 3.250% Notes due 2029, 3.350% Notes due 2032, 3.950% Notes due 2052 and 4.100% Notes due 2062.
8-K 4.1 8/8/22
4.28
Officer’s Certificate of the Registrant, dated as of May 10, 2023, including forms of global notes representing the 4.421% Notes due 2026, 4.000% Notes due 2028, 4.150% Notes due 2030, 4.300% Notes due 2033 and 4.850% Notes due 2053.
8-K 4.1 5/10/23
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.
8-K 4.1 5/12/25
4.30*
Apple Inc. Deferred Compensation Plan.
S-8 4.1 8/23/18
10.1* Apple Inc. Employee Stock Purchase Plan, as amended as of Novem ber 6, 2024 .
10-Q
10.1 12/28/24
10.2* Form of Indemnification Agreement between the Registrant and each director and executive officer of the Registrant.
10-Q 10.2 6/27/09
10.3* Apple Inc. Non-Employee Director Stock Plan, as amended November 6 , 2024 .
10-Q 10.2
12/28/24
10.4* Apple Inc. 2014 Employee Stock Plan, as amended and restated as of October 1, 2017.
10-K 10.8 9/30/17
10.5*
Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock Plan effective as of August 18, 2020.
10-K 10.16 9/26/20
10.6*
Apple Inc. 2022 Employee Stock Plan.
8-K 10.1 3/4/22
10.7*
Form of Restricted Stock Unit Award Agreement under 2022 Employee Stock Plan effective as of March 4, 2022.
8-K 10.2 3/4/22
10.8*
Form of Performance Award Agreement under 2022 Employee Stock Plan effective as of March 4, 2022.
8-K 10.3 3/4/22
10.9*
Apple Inc. Executive Cash Incentive Plan.
8-K 10.1 8/19/22
10.10*
Form of CEO Restricted Stock Unit Award Agreement under 2022 Employee Stock Plan effective as of September 25, 2022.
10-Q 10.1 12/31/22
10.11*
Form of CEO Performance Award Agreement under 2022 Employee Stock Plan effective as of September 25, 2022.
10-Q 10.2 12/31/22
10.12*
Form of Restricted Stock Unit Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.
10-K
10.19 9/28/24
10.13*
Form of Performance Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.
10-K
10.20
9/28/24
10.14*
Form of CEO Restricted Stock Unit Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.
10-K
10.21 9/28/24
10.15*
Form of CEO Performance Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.
10-K
10.22 9/28/24
19.1
Insider Trading Policy.
10-K
19.1 9/28/24
21.1** Subsidiaries of the Registrant.

23.1** Consent of Independent Registered Public Accounting Firm.

24.1** Power of Attorney (included on the Signatures page of this Annual Report on Form 10-K).

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

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

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

97.1*
Rule 10D-1 Recovery Policy
10-K
97.1 9/28/24

Apple Inc. | 2025 Form 10-K | 56

Incorporated by Reference
Exhibit Number Exhibit Description Form Exhibit Filing Date/
Period End Date
101** Inline XBRL Document Set for the consolidated financial statements and accompanying notes in Part II, Item 8, “Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.

104** Inline XBRL for the cover page of this Annual Report on Form 10-K, included in the Exhibit 101 Inline XBRL Document Set.

* Indicates management contract or compensatory plan or arrangement.
** Filed herewith.
*** Furnished herewith.
(1) Certain instruments defining the rights of holders of long-term debt securities of the Registrant are omitted pursuant to Item 601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such instruments.

Item 16.    Form 10-K Summary
None.
Apple Inc. | 2025 Form 10-K | 57

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 31, 2025
Apple Inc.

By: /s/ Kevan Parekh
Kevan Parekh
Senior Vice President,
Chief Financial Officer

Power of Attorney
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Timothy D. Cook and Kevan Parekh, jointly and severally, his or her attorneys-in-fact, each with the power of substitution, for him or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated:

Name Title Date

/s/ Timothy D. Cook Chief Executive Officer and Director
(Principal Executive Officer) October 31, 2025
TIMOTHY D. COOK

/s/ Kevan Parekh Senior Vice President, Chief Financial Officer
(Principal Financial Officer) October 31, 2025
KEVAN PAREKH

/s/ Chris Kondo Senior Director of Corporate Accounting
(Principal Accounting Officer) October 31, 2025
CHRIS KONDO

/s/ Wanda Austin
Director October 31, 2025
WANDA AUSTIN

/s/ Alex Gorsky Director October 31, 2025
ALEX GORSKY

/s/ Andrea Jung Director October 31, 2025
ANDREA JUNG

/s/ Arthur D. Levinson Director and Chair of the Board October 31, 2025
ARTHUR D. LEVINSON

/s/ Monica Lozano Director October 31, 2025
MONICA LOZANO

/s/ Ronald D. Sugar Director October 31, 2025
RONALD D. SUGAR

/s/ Susan L. Wagner Director October 31, 2025
SUSAN L. WAGNER

Apple Inc. | 2025 Form 10-K | 58