Short answer
Apple Inc (AAPL) filed its fiscal 2025 10-K annual report with the SEC on Oct 31, 2025. It reported revenue of $416.2B (+6.4% year over year) and net income of $112.0B.
- Top risk flagged: Tax risk from EU State Aid Decision, $10.7B decrease in income tax provision 2025 vs 2024
FY2025 key financial metrics · XBRL
- Revenue
- $416.2B
- +6.4% YoY
- Net income
- $112.0B
- +19.5% YoY
- Operating margin
- 32.0%
- +0.5 pp YoY
- Gross margin
- 46.9%
- +0.7 pp YoY
- EPS (diluted)
- $7.46
- +22.7% YoY
- ROE
- 151.9%
- −12.7 pp YoY
- Operating cash flow
- $111.5B
- −5.7% YoY
Source: XBRL data from the Apple Inc (AAPL) FY2025 10-K on SEC EDGAR. USD.
Apple Inc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Design, manufacture, and market of integrated hardware-software products and related services
- New emphasized products: Apple Vision Pro spatial computer with visionOS, Apple Watch Series 11 and Ultra 3, iPhone 17 Pro and iPhone Air
- Strategic focus on expanding market opportunities across smartphones, computers, tablets, wearables, and services amid intense competitive pricing pressure
- Employee count 166,000 full-time equivalents as of September 27, 2025, reflecting workforce scale and investment in human capital
- Distribution split 40% direct sales, 60% indirect sales channels, underscoring importance of diversified sales strategy
Management Discussion & Analysis
- Revenue $416.2B, up 6% YoY from $391.0B in 2024, driven by Services and iPhone growth
- Gross margin 46.9% vs 46.2% in 2024; Products margin 36.8% vs 37.2%; Services margin 75.4% vs 73.9%
- Best segment: Europe revenue $111.0B, up 10% YoY; Worst segment: Greater China $64.4B, down 4% YoY
- Risks include new tariffs impacting supply chain, pricing, gross margin and potential adverse macroeconomic effects
Risk Factors
- Tax risk from EU State Aid Decision, $10.7B decrease in income tax provision 2025 vs 2024
- Geopolitical exposure to foreign earnings with reduced effective tax rate impacting 15.6% rate in 2025
- R&D expense increase 10% driven by headcount and infrastructure cost growth to $34.55B in 2025
- SG&A expenses up 6% due to higher headcount and variable selling expenses to $27.60B in 2025
- Total operating expenses grew 8% to $62.15B, consuming 15% of net sales in 2025
Generated from the filing text; verify against the original. How to read a 10-K
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