Apple said its balances of cash, cash equivalents and marketable securities totaled $132.4 billion as of September 27, 2025, and that along with cash generated by ongoing operations and continued access to debt markets, it will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond.

1. 01

   Apple said its balances of cash, cash equivalents and marketable securities totaled $132.4 billion as of September 27, 2025, and that along with cash generated by ongoing operations and continued access to debt markets, it will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond.

2. 02

   In May 2025, Apple announced a new share repurchase program of up to $100 billion and raised its quarterly dividend from $0.25 to $0.26 per share. During 2025, the company repurchased $89.3 billion of its common stock and paid dividends and dividend equivalents of $15.4 billion.

3. 03

   Apple said new U.S. tariffs were announced beginning in Q2 2025. Products gross margin percentage decreased in 2025 compared to 2024, which the company cited a different mix of products and tariff costs as factors.

4. 04

   Apple said Greater China net sales decreased in 2025 compared to 2024, primarily due to lower net sales of iPhone. Overall iPhone net sales increased, which the company attributed to higher net sales of Pro models.

Key figures

Fiscal year ended September 27, 2025

Revenue

$416.2B

Operating income

$133.1B

Net income

$112.0B

EPS

$7.46

Gross profit

$195.2B

Operating cash flow

$111.5B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.