Apple Inc. Form 10-K for the fiscal year ended September 27, 2025

The filing

Apple Inc. filed this annual report on October 31, 2025 for the fiscal year that ended September 27, 2025. The cover page gives Commission File Number 001-36743, incorporation in California, and an address at One Apple Park Way, Cupertino, California 95014. The large accelerated filer box is checked, which under SRC:sec/form-10-k-general-instruction-a sets a 60-day due date.

Two cover-page figures carry their own dates rather than the fiscal year end: the aggregate market value of stock held by non-affiliates, about $3,253,431,000,000, is stated as of March 28, 2025, the last business day of the second fiscal quarter; and 14,776,353,000 shares were outstanding as of October 17, 2025.

What each Item contains

Part I holds Item 1 Business, Item 1A Risk Factors, Item 1B Unresolved Staff Comments, Item 1C Cybersecurity, Item 2 Properties, Item 3 Legal Proceedings, and Item 4 Mine Safety Disclosures. Part II holds Items 5 through 9C, among them Item 7, Management's Discussion and Analysis, and Item 8, the financial statements and the auditor's reports. Part III holds Items 10 through 14, all five of which incorporate their information by reference from the proxy statement. Part IV holds Item 15, the exhibit index, and Item 16, the optional summary, which Apple answers "None". The signature page follows Item 16.

Six Items are answered in a word or a phrase: Item 1B "None", Item 4 "Not applicable", Item 6 "[Reserved]", Item 9 "None", Item 9C "Not applicable", and Item 16 "None".

Measured shape

The filing's HTML was converted to a document model and serialized to markdown, split at each Item heading, and measured. The per-Item table is media/shared/shorts/assets/edgar-series/aapl-2025-10k-by-item.csv, with method and boundaries in the provenance file beside it.

Measure	Whole report
Words	30,067
Sentences	803
Numeric tokens	1,931
Table rows	719
Dates	195

Item 1A is 9,837 words, 302 sentences, and about 20 numeric tokens. Item 8 is 9,420 words, 218 sentences, and 1,184 numeric tokens with 511 table rows. Those two Items together are about two thirds of the report's words and are opposite in kind: one is argument in sentences, the other is measurement in tables.

Item 1A sets 27 risk factors, each headed by a full sentence in bold italic, under five group headings: Macroeconomic and Industry Risks with 3, Business Risks with 13, Legal and Regulatory Compliance Risks with 5, Financial Risks with 5, and General Risks with 1.

Figures a reader is most likely to want

From Item 7 and Item 8, in millions of dollars except per-share amounts and percentages:

Amount	2025
Total net sales	416,161
Gross margin	195,201
Operating income	133,050
Net income	112,010
Diluted earnings per share	$7.46
Total assets	359,241
Total shareholders' equity	73,733
Accumulated deficit	(14,264)
Cash generated by operating activities	111,482

Products gross margin was 36.8% and Services 75.4%, blended to 46.9%. The effective tax rate was 15.6% against 24.1% in 2024, a change Note 7 traces to the European Commission State Aid matter. Ernst & Young LLP, PCAOB Firm ID 42, has served as auditor since 2009 and dated both of its reports October 31, 2025; its single critical audit matter is uncertain tax positions, with gross unrecognized tax benefits of $23.2 billion.

What was checked

The pinned copy at sources/artifacts/sec/session-05/aapl-20250927.htm was read Item by Item on September 15, 2026, and independently re-read the same day from a markdown conversion by a second reviewer, which confirmed nineteen of twenty sampled figures and corrected the risk-factor count from 26 to 27. The review record is docs/youtube/checks/R22-APPLE-10K-RESEARCH.md.