Apple Inc (AAPL) FY2025 10-K Annual Report
Apple Inc (AAPL) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Oct 31, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Apple Inc FY2025 10-K Analysis
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
- • No cash flow, buyback, dividend, or capex details disclosed in provided text
- • 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
Apple Inc FY2025 Key Financial MetricsXBRL
Revenue
$416.2B
▲ +6.4% YoY
Net Income
$112.0B
▲ +19.5% YoY
Gross Margin
46.9%
▲ +70bp YoY
Operating Margin
32.0%
▲ +46bp YoY
Net Margin
26.9%
▲ +294bp YoY
ROE
151.9%
▼ -1268bp YoY
Total Assets
$359.2B
▼ -1.6% YoY
EPS (Diluted)
$7.46
▲ +22.7% YoY
Operating Cash Flow
$111.5B
▼ -5.7% YoY
Source: XBRL data from Apple Inc FY2025 10-K filing on SEC EDGAR. All figures in USD.
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