| Three Months Ended December 27, 2025 | Three Months Ended December 28, 2024 | |
|---|---|---|
| Net sales: | ||
| Products | $ 113,743 | $ 97,960 |
| Services | 30,013 | 26,340 |
| Total net sales | 143,756 | 124,300 |
| Cost of sales: | ||
| Products | 67,478 | 59,447 |
| Services | 7,047 | 6,578 |
| Total cost of sales | 74,525 | 66,025 |
| Gross margin | 69,231 | 58,275 |
| Operating expenses: | ||
| Research and development | 10,887 | 8,268 |
| Selling, general and administrative | 7,492 | 7,175 |
| Total operating expenses | 18,379 | 15,443 |
| Operating income | 50,852 | 42,832 |
| Other income/(expense), net | 150 | (248) |
| Income before provision for income taxes | 51,002 | 42,584 |
| Provision for income taxes | 8,905 | 6,254 |
| Net income | $ 42,097 | $ 36,330 |
| Earnings per share: | ||
| Basic | $ 2.85 | $ 2.41 |
| Diluted | $ 2.84 | $ 2.40 |
| Net sales by reportable segment: | Dec 27, 2025 | Dec 28, 2024 |
|---|---|---|
| Americas | $ 58,529 | $ 52,648 |
| Europe | 38,146 | 33,861 |
| Greater China | 25,526 | 18,513 |
| Japan | 9,413 | 8,987 |
| Rest of Asia Pacific | 12,142 | 10,291 |
| Total net sales | $ 143,756 | $ 124,300 |
| Net sales by category: | Dec 27, 2025 | Dec 28, 2024 |
|---|---|---|
| iPhone | $ 85,269 | $ 69,138 |
| Mac | 8,386 | 8,987 |
| iPad | 8,595 | 8,088 |
| Wearables, Home and Accessories | 11,493 | 11,747 |
| Services | 30,013 | 26,340 |
| Total net sales | $ 143,756 | $ 124,300 |
| December 27, 2025 | September 27, 2025 | |
|---|---|---|
| ASSETS: | ||
| Current assets: | ||
| Cash and cash equivalents | $ 45,317 | $ 35,934 |
| Marketable securities | 21,590 | 18,763 |
| Accounts receivable, net | 39,921 | 39,777 |
| Vendor non-trade receivables | 30,399 | 33,180 |
| Inventories | 5,875 | 5,718 |
| Other current assets | 15,002 | 14,585 |
| Total current assets | 158,104 | 147,957 |
| Non-current assets: | ||
| Marketable securities | 77,888 | 77,723 |
| Property, plant and equipment, net | 50,159 | 49,834 |
| Other non-current assets | 93,146 | 83,727 |
| Total non-current assets | 221,193 | 211,284 |
| Total assets | $ 379,297 | $ 359,241 |
| LIABILITIES AND SHAREHOLDERS' EQUITY: | ||
| Current liabilities: | ||
| Accounts payable | $ 70,587 | $ 69,860 |
| Other current liabilities | 68,543 | 66,387 |
| Deferred revenue | 9,413 | 9,055 |
| Commercial paper | 1,997 | 7,979 |
| Term debt | 11,827 | 12,350 |
| Total current liabilities | 162,367 | 165,631 |
| Term debt | 76,685 | 78,328 |
| Other non-current liabilities | 52,055 | 41,549 |
| Total liabilities | 291,107 | 285,508 |
| Shareholders' equity: | ||
| Common stock and additional paid-in capital | 95,221 | 93,568 |
| Accumulated deficit | (2,177) | (14,264) |
| Accumulated other comprehensive loss | (4,854) | (5,571) |
| Total shareholders' equity | 88,190 | 73,733 |
| Total liabilities and shareholders' equity | $ 379,297 | $ 359,241 |
| Three Months Ended Dec 27, 2025 | Three Months Ended Dec 28, 2024 | |
|---|---|---|
| Cash, beginning balances | $ 35,934 | $ 29,943 |
| Operating activities: | ||
| Net income | 42,097 | 36,330 |
| Depreciation and amortization | 3,214 | 3,080 |
| Share-based compensation expense | 3,594 | 3,286 |
| Other | (528) | (2,009) |
| Accounts receivable, net | (153) | 3,597 |
| Vendor non-trade receivables | 2,781 | 3,166 |
| Inventories | (211) | 215 |
| Other current and non-current assets | (10,250) | 939 |
| Accounts payable | 848 | (6,671) |
| Other current and non-current liabilities | 12,533 | (11,998) |
| Cash generated by operating activities | 53,925 | 29,935 |
| Investing activities: | ||
| Purchases of marketable securities | (12,693) | (6,124) |
| Proceeds from maturities | 7,510 | 15,967 |
| Proceeds from sales | 2,824 | 3,492 |
| Payments for PP&E | (2,373) | (2,940) |
| Other | (154) | (603) |
| Cash generated by/(used in) investing | (4,886) | 9,792 |
| Financing activities: | ||
| Taxes for net share settlement | (2,922) | (2,921) |
| Payments for dividends | (3,921) | (3,856) |
| Repurchases of common stock | (24,701) | (23,606) |
| Repayments of term debt | (2,164) | (1,009) |
| Repayments of commercial paper, net | (5,910) | (7,944) |
| Other | (38) | (35) |
| Cash used in financing activities | (39,656) | (39,371) |
| Cash, ending balances | $ 45,317 | $ 30,299 |
$143.8 billion in revenue. $42.1 billion in net income. Driven by an iPhone super-cycle and a 38% surge in Greater China.
One revenue number. Three stories. Click any segment to filter the entire report.
From $143.8B in revenue to $42.1B in net income. The waterfall reveals the story that tables hide.
Apple generated $53.9B in operating cash flow. Here's every dollar's journey.
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