AAPL Apple Inc. FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-09-27 · FILED 2025-10-31 · 15,005M DILUTED WTD-AVG SHARES
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

The company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells related services. Product lines include iPhone, Mac, iPad, and Wearables, Home and Accessories, alongside services such as advertising, AppleCare, cloud services, digital content, and payment services. Customers are primarily in the consumer, small and mid-sized business, education, enterprise and government markets, served through direct retail and online stores as well as indirect channels including cellular carriers and resellers.

S&P 500 · INFORMATION TECHNOLOGY · CIK 320193
REVENUE$416.2B+6.4% YoY
NET INCOME$112.0B+19.5% YoY
OPERATING CASH FLOW$111.5B-5.7% YoY
FREE CASH FLOW
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Free cash flow = operating cash flow − capital expenditure, both as filed.
$98.8B-9.2% YoY
74
FILING SCORE / 100
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How the score is computed: 8 management claims are checked against the filed statements and 7 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 10/16 on claims and 12/14 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG15 CHECKS · 0 red · 2 watchNEXT 10-Q ~NOV 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues416,161391,035383,2855
· iPhone209,586201,183200,583
· Service109,15896,16985,200
· Wearables home and accessories35,68637,00539,845
· Mac33,70829,98429,357
· iPad28,02326,69428,300
Cost of revenue220,960210,352214,137
Gross profit195,201180,683169,1481
Research and development34,55031,37029,9151
Selling, general and administrative27,60126,09724,932
Depreciation, depletion and amortization11,69811,44511,519
Total operating expenses62,15157,46754,847
Operating income133,050123,216114,301
Interest expense3,933
Other income (expense), net(321)269(565)
Income before income taxes132,729123,485113,736
Income tax provision20,71929,74916,7413
Net income attributable to common112,01093,73696,9952
Diluted earnings per share$7.46$6.08$6.13
Weighted-average diluted shares15,00515,40815,8131
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests112,01093,73696,995
Depreciation, depletion and amortization11,69811,44511,519
Share-based compensation12,86311,68810,833
Change in receivables6,6823,7881,688
Change in inventories(1,400)1,0461,618
Change in payables9026,020(1,889)
Net cash provided by operating activities111,482118,254110,5433
Capital expenditure12,7159,44710,9591
Net cash used in investing activities15,1952,9353,705
Dividends paid15,42115,23415,0252
Repurchases of common stock90,71194,94977,5502
Debt issued4,48105,228
Debt repaid10,9329,95811,151
Net cash used in financing activities(120,686)(121,983)(108,488)
Cash and equivalents at end of period35,93429,94330,737
Balance sheet · $ millions20252024
Cash and cash equivalents35,93429,9431
Short-term investments18,76335,2281
Receivables, net39,77733,4101
Inventories5,7187,2861
Total current assets147,957152,987
Property, plant and equipment, net49,83445,680
Intangible assets, net13,301
Total assets359,241364,980
Accounts payable69,86068,960
Current debt12,35010,912
Total current liabilities165,631176,392
Long-term debt78,32885,750
Total liabilities285,508308,030
Stockholders' equity73,73356,950
Total equity73,73356,950
Segments · as filed in the segment note · $ millionsAmericas segmentEurope segmentGreater china segmentRest of asia pacific segmentJapan segmentConsolidated
Net sales178,353111,03264,37733,69628,703416,161
Cost of sales95,69958,61735,14117,72413,779220,960

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total revenues · IS416,161391,035+25,126+6.4%
Total liabilities · BS285,508308,030−22,522-7.3%
Net income attributable to common · IS112,01093,736+18,274+19.5%
Net income incl. noncontrolling interests · CF112,01093,736+18,274+19.5%
Stockholders' equity · BS73,73356,950+16,783+29.5%
Total equity · BS73,73356,950+16,783+29.5%
Short-term investments · BS18,76335,228−16,465-46.7%
Gross profit · IS195,201180,683+14,518+8.0%
· Service · IS109,15896,169+12,989+13.5%
Net cash used in investing activities · CF15,1952,935+12,260+417.7%
Total current liabilities · BS165,631176,392−10,761-6.1%
Cost of revenue · IS220,960210,352+10,608+5.0%
Operating income · IS133,050123,216+9,834+8.0%
Income before income taxes · IS132,729123,485+9,244+7.5%
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
Return on equity
net income ÷ average of start- and end-of-year equity
171.4%
sector median 17.7%
strong
Share count, year-end
(year-end shares − prior year-end) ÷ prior year-end
-2.3%
sector median -0.7%
shrinking
Debt to equity
(current debt + long-term debt) ÷ year-end equity
1.23
sector median 0.43
leveraged
FCF consistency, 5yr
operating cash flow − capital expenditure, per year
positive 5 of 5consistent
Margin stability
pre-tax income ÷ revenue, swing across up to five years
pre-tax margin 31.9%
sector median 20.1%
stable
Quarterly · as filed in 10-Q/10-K · $ millionsMAR 25JUN 25DEC 25MAR 26JUN 26
Total revenues95,35994,036143,756111,184109,417
Cost of revenue50,49250,31874,52556,40354,647
Gross profit44,86743,71869,23154,78154,770
Research and development8,5508,86610,88711,41911,729
Selling, general and administrative6,7286,6507,4927,4777,346
Total operating expenses15,27815,51618,37918,89619,075
Operating income29,58928,20250,85235,88535,695
Other income (expense), net(279)(171)150(52)572
Income before income taxes29,31028,03151,00235,83336,267
Income tax provision4,5304,5978,9056,2556,478
Net income attributable to common24,78023,43442,09729,57829,789
Diluted earnings per share$1.65$1.57$2.84$2.01$2.02
Weighted-average diluted shares15,05614,94814,81014,72614,715
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues111,184109,417−1,767-1.6%
Cost of revenue56,40354,647−1,756-3.1%
Other income (expense), net(52)572+624+1,200.0%
Income before income taxes35,83336,267+434+1.2%
Research and development11,41911,729+310+2.7%
Income tax provision6,2556,478+223+3.6%
Net income attributable to common29,57829,789+211+0.7%
Operating income35,88535,695−190-0.5%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$3,253,431M10-K cover · as of 2025-03-28
Insider Form 4s, 90d11 filings · 0 buys / 14 sellsnet selling · −$111,739,341
· Levinson Arthur DSELL $42,550,898Form 4 filed 2026-05-08 · open market
· Levinson Arthur DSELL $28,638,824Form 4 filed 2026-05-08 · open market
· Levinson Arthur DSELL $15,551,000Form 4 filed 2026-05-29 · open market
· Cook Timothy DSELL $7,192,732Form 4 filed 2026-04-03 · open market
· O'Brien DeirdreSELL $5,188,631Form 4 filed 2026-04-03 · open market
Insider ownership %*directors & officers as a group · DEF 14A filed 2026-01-08
· The Vanguard Group9.63%5%+ holder · DEF 14A filed 2026-01-08
· BlackRock, Inc.7.10%5%+ holder · DEF 14A filed 2026-01-08
Institutional %2 holders of 5%+ namedfull 13F total pending — never estimated
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Terms and acronyms used on this page
Income statement & cash flow
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Apple Inc.'s Form 10-K for FY2025 (accession 0000320193-25-000079), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. AAPL is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.