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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 29, 2025
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36743
Apple Inc.
(Exact name of Registrant as specified in its charter)
California 94-2404110
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
One Apple Park Way
Cupertino, California 95014
(Address of principal executive offices) (Zip Code)
(408) 996-1010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading 
symbol(s) Name of each exchange on which registered
Common Stock, $0.00001 par value per share AAPL The Nasdaq Stock Market LLC
0.000% Notes due 2025 — The Nasdaq Stock Market LLC
0.875% Notes due 2025 — The Nasdaq Stock Market LLC
1.625% Notes due 2026 — The Nasdaq Stock Market LLC
2.000% Notes due 2027 — The Nasdaq Stock Market LLC
1.375% Notes due 2029 — The Nasdaq Stock Market LLC
3.050% Notes due 2029 — The Nasdaq Stock Market LLC
0.500% Notes due 2031 — The Nasdaq Stock Market LLC
3.600% Notes due 2042 — The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)  has been 
subject to such filing requirements for the past 90 days.
Yes  ☒     No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to 
submit such files).
Yes  ☒     No  ☐

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Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and 
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with 
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐     No  ☒
14,935,826,000 shares of common stock were issued and outstanding as of April 18, 2025.

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Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended March 29, 2025 
TABLE OF CONTENTS
Page
Part I
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
Item 3. Quantitative and Qualitative Disclosures About Market Risk 18
Item 4. Controls and Procedures 18
Part II
Item 1. Legal Proceedings 19
Item 1A. Risk Factors 20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22
Item 3. Defaults Upon Senior Securities 22
Item 4. Mine Safety Disclosures 22
Item 5. Other Information 22
Item 6. Exhibits 22

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PART I  —  FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Net sales:
   Products $ 68,714 $ 66,886 $ 166,674 $ 163,344 
   Services  26,645  23,867  52,985  46,984 
Total net sales  95,359  90,753  219,659  210,328 
Cost of sales:
   Products  44,030  42,424  103,477  100,864 
   Services  6,462  6,058  13,040  12,338 
Total cost of sales  50,492  48,482  116,517  113,202 
Gross margin  44,867  42,271  103,142  97,126 
Operating expenses:
Research and development  8,550  7,903  16,818  15,599 
Selling, general and administrative  6,728  6,468  13,903  13,254 
Total operating expenses  15,278  14,371  30,721  28,853 
Operating income  29,589  27,900  72,421  68,273 
Other income/(expense), net  (279)  158  (527)  108 
Income before provision for income taxes  29,310  28,058  71,894  68,381 
Provision for income taxes  4,530  4,422  10,784  10,829 
Net income $ 24,780 $ 23,636 $ 61,110 $ 57,552 
Earnings per share:
Basic $ 1.65 $ 1.53 $ 4.06 $ 3.72 
Diluted $ 1.65 $ 1.53 $ 4.05 $ 3.71 
Shares used in computing earnings per share:
Basic  14,994,082  15,405,856  15,037,903  15,457,810 
Diluted  15,056,133  15,464,709  15,103,499  15,520,675 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2025 Form 10-Q | 1

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Net income $ 24,780 $ 23,636 $ 61,110 $ 57,552 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  90  (322)  (535)  (14) 
Change in unrealized gains/losses on derivative 
instruments, net of tax:
Change in fair value of derivative instruments  (318)  456  1,333  (75) 
Adjustment for net (gains)/losses realized and included 
in net income  (628)  232  156  (591) 
Total change in unrealized gains/losses on 
derivative instruments  (946)  688  1,489  (666) 
Change in unrealized gains/losses on marketable debt 
securities, net of tax:
Change in fair value of marketable debt securities  1,097  (7)  (550)  3,038 
Adjustment for net (gains)/losses realized and included 
in net income  185  59  405  134 
Total change in unrealized gains/losses on 
marketable debt securities  1,282  52  (145)  3,172 
Total other comprehensive income  426  418  809  2,492 
Total comprehensive income $ 25,206 $ 24,054 $ 61,919 $ 60,044 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2025 Form 10-Q | 2

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Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
March 29,
2025
September 28,
2024
ASSETS:
Current assets:
Cash and cash equivalents $ 28,162 $ 29,943 
Marketable securities  20,336  35,228 
Accounts receivable, net  26,136  33,410 
Vendor non-trade receivables  23,662  32,833 
Inventories  6,269  7,286 
Other current assets  14,109  14,287 
Total current assets  118,674  152,987 
Non-current assets:
Marketable securities  84,424  91,479 
Property, plant and equipment, net  46,876  45,680 
Other non-current assets  81,259  74,834 
Total non-current assets  212,559  211,993 
Total assets $ 331,233 $ 364,980 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 54,126 $ 68,960 
Other current liabilities  61,849  78,304 
Deferred revenue  8,976  8,249 
Commercial paper  5,982  9,967 
Term debt  13,638  10,912 
Total current liabilities  144,571  176,392 
Non-current liabilities:
Term debt  78,566  85,750 
Other non-current liabilities  41,300  45,888 
Total non-current liabilities  119,866  131,638 
Total liabilities  264,437  308,030 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 14,939,315 and 15,116,786 shares issued and outstanding, respectively  88,711  83,276 
Accumulated deficit  (15,552)  (19,154) 
Accumulated other comprehensive loss  (6,363)  (7,172) 
Total shareholders’ equity  66,796  56,950 
Total liabilities and shareholders’ equity $ 331,233 $ 364,980 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2025 Form 10-Q | 3

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per-share amounts)
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Total shareholders’ equity, beginning balances $ 66,758 $ 74,100 $ 56,950 $ 62,146 
Common stock and additional paid-in capital:
Beginning balances  84,768  75,236  83,276  73,812 
Common stock issued  825  752  825  752 
Common stock withheld related to net share settlement 
of equity awards  (206)  (222)  (2,097)  (1,882) 
Share-based compensation  3,324  3,049  6,707  6,133 
Ending balances  88,711  78,815  88,711  78,815 
Retained earnings/(Accumulated deficit):
Beginning balances  (11,221)  8,242  (19,154)  (214) 
Net income  24,780  23,636  61,110  57,552 
Dividends and dividend equivalents declared  (3,794)  (3,746)  (7,613)  (7,520) 
Common stock withheld related to net share settlement 
of equity awards  (85)  (71)  (1,187)  (1,089) 
Common stock repurchased  (25,232)  (23,722)  (48,708)  (44,390) 
Ending balances  (15,552)  4,339  (15,552)  4,339 
Accumulated other comprehensive loss:
Beginning balances  (6,789)  (9,378)  (7,172)  (11,452) 
Other comprehensive income  426  418  809  2,492 
Ending balances  (6,363)  (8,960)  (6,363)  (8,960) 
Total shareholders’ equity, ending balances $ 66,796 $ 74,194 $ 66,796 $ 74,194 
Dividends and dividend equivalents declared per share or RSU $ 0.25 $ 0.24 $ 0.50 $ 0.48 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2025 Form 10-Q | 4

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 29,
2025
March 30,
2024
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances $ 29,943 $ 30,737 
Operating activities:
Net income  61,110  57,552 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  5,741  5,684 
Share-based compensation expense  6,512  5,961 
Other  (2,217)  (1,971) 
Changes in operating assets and liabilities:
Accounts receivable, net  7,266  7,727 
Vendor non-trade receivables  9,171  12,164 
Inventories  858  53 
Other current and non-current assets  (4,371)  (4,438) 
Accounts payable  (14,604)  (16,710) 
Other current and non-current liabilities  (15,579)  (3,437) 
Cash generated by operating activities  53,887  62,585 
Investing activities:
Purchases of marketable securities  (12,442)  (25,042) 
Proceeds from maturities of marketable securities  26,587  27,462 
Proceeds from sales of marketable securities  5,210  4,314 
Payments for acquisition of property, plant and equipment  (6,011)  (4,388) 
Other  (635)  (729) 
Cash generated by investing activities  12,709  1,617 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (3,205)  (2,875) 
Payments for dividends and dividend equivalents  (7,614)  (7,535) 
Repurchases of common stock  (49,504)  (43,344) 
Repayments of term debt  (4,009)  (3,150) 
Repayments of commercial paper, net  (3,968)  (3,982) 
Other  (77)  (132) 
Cash used in financing activities  (68,377)  (61,018) 
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents  (1,781)  3,184 
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances $ 28,162 $ 33,921 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 31,683 $ 14,531 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2025 Form 10-Q | 5

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Apple Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 – Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries 
(collectively “Apple” or the “Company”). In the opinion of the Company’s management, the condensed consolidated financial 
statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. 
The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally 
accepted accounting principles (“GAAP”) requires the use of management estimates. These condensed consolidated financial 
statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements 
and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended  September 28, 2024 (the “2024 
Form 10-K”).
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The 
Company’s fiscal years 2025 and 2024 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, 
months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of 
those fiscal years.
Note 2 – Revenue
The following table shows disaggregated net sales, as well as the portion of total net sales that was previously deferred, for the 
three- and six-month periods ended March 29, 2025 and March 30, 2024 (in millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
iPhone® $ 46,841 $ 45,963 $ 115,979 $ 115,665 
Mac®  7,949  7,451  16,936  15,231 
iPad®  6,402  5,559  14,490  12,582 
Wearables, Home and Accessories  7,522  7,913  19,269  19,866 
Services  26,645  23,867  52,985  46,984 
Total net sales $ 95,359 $ 90,753 $ 219,659 $ 210,328 
Portion of total net sales that was included in deferred revenue 
as of the beginning of the period $ 3,672 $ 3,282 $ 5,440 $ 5,135 
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 10, “ Segment Information and Geographic Data ” for the three- and six-month periods ended March 29, 2025  and 
March 30, 2024, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of March  29, 2025 and September  28, 2024, the Company had total deferred revenue of $13.6 billion  and $12.8  billion, 
respectively. As of March 29, 2025, the Company expects 66% of total deferred revenue to be realized in less than a year, 24% 
within one-to-two years, 9% within two-to-three years and 1% in greater than three years.
Apple Inc. | Q2 2025 Form 10-Q | 6

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Note 3 – Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and six-month periods ended 
March 29, 2025 and March 30, 2024 (net income in millions and shares in thousands):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Numerator:
Net income $ 24,780 $ 23,636 $ 61,110 $ 57,552 
Denominator:
Weighted-average basic shares outstanding  14,994,082  15,405,856  15,037,903  15,457,810 
Effect of dilutive share-based awards  62,051  58,853  65,596  62,865 
Weighted-average diluted shares  15,056,133  15,464,709  15,103,499  15,520,675 
Basic earnings per share $ 1.65 $ 1.53 $ 4.06 $ 3.72 
Diluted earnings per share $ 1.65 $ 1.53 $ 4.05 $ 3.71 
Note 4 – Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category 
as of March 29, 2025 and September 28, 2024 (in millions):
March 29, 2025
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 25,061 $ — $ — $ 25,061 $ 25,061 $ — $ — 
Level 1: 
Money market funds  1,132  —  —  1,132  1,132  —  — 
Mutual funds  612  81  (11)  682  —  682  — 
Subtotal  1,744  81  (11)  1,814  1,132  682  — 
Level 2 (1):
U.S. Treasury securities  14,509  24  (445)  14,088  124  4,088  9,876 
U.S. agency securities  4,889  —  (233)  4,656  66  2,004  2,586 
Non-U.S. government securities  6,351  29  (625)  5,755  —  529  5,226 
Certificates of deposit and time deposits  1,744  —  —  1,744  1,731  —  13 
Commercial paper  2  —  —  2  —  2  — 
Corporate debt securities  55,743  121  (1,672)  54,192  48  12,412  41,732 
Municipal securities  303  —  (5)  298  —  170  128 
Mortgage- and asset-backed securities  26,742  121  (1,551)  25,312  —  449  24,863 
Subtotal  110,283  295  (4,531)  106,047  1,969  19,654  84,424 
Total $ 137,088 $ 376 $ (4,542) $ 132,922 $ 28,162 $ 20,336 $ 84,424 
Apple Inc. | Q2 2025 Form 10-Q | 7

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September 28, 2024
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 27,199 $ — $ — $ 27,199 $ 27,199 $ — $ — 
Level 1:
Money market funds  778  —  —  778  778  —  — 
Mutual funds  515  105  (3)  617  —  617  — 
Subtotal  1,293  105  (3)  1,395  778  617  — 
Level 2 (1):
U.S. Treasury securities  16,150  45  (516)  15,679  212  4,087  11,380 
U.S. agency securities  5,431  —  (272)  5,159  155  703  4,301 
Non-U.S. government securities  17,959  93  (484)  17,568  1,158  10,810  5,600 
Certificates of deposit and time deposits  873  —  —  873  387  478  8 
Commercial paper  1,066  —  —  1,066  28  1,038  — 
Corporate debt securities  65,622  270  (1,953)  63,939  26  16,027  47,886 
Municipal securities  412  —  (7)  405  —  190  215 
Mortgage- and asset-backed securities  24,595  175  (1,403)  23,367  —  1,278  22,089 
Subtotal  132,108  583  (4,635)  128,056  1,966  34,611  91,479 
Total (2)(3) $ 160,600 $ 688 $ (4,638) $ 156,650 $ 29,943 $ 35,228 $ 91,479 
(1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally 
have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant 
inputs derived from or corroborated by observable market data.
(2) As of September 28, 2024, cash and cash equivalents included $2.6 billion held in escrow and restricted from general use. 
These restricted cash and cash equivalents were designated to settle the Company’s obligation related to the 2016 
European Commission (the “Commission”) decision that Ireland granted state aid to the Company (the “State Aid Decision”), 
which was confirmed during the fourth quarter of 2024 by the European Court of Justice in a reversal of the 2020 judgment 
of the European General Court.
(3) As of September 28, 2024 , current marketable securities included $13.2 billion held in escrow and restricted from general 
use. These restricted marketable securities were designated to settle the Company’s obligation related to the State Aid 
Decision.
As of March 29, 2025 , 83% of the Company’s non-current marketable debt securities other than mortgage- and asset-backed 
securities had maturities between 1 and 5 years, 13% between 5 and 10 years, and 4% greater than 10 years. As of March 29, 
2025, 13% of the Company’s non-current mortgage- and asset-backed securities had maturities between 1 and 5 years, 10% 
between 5 and 10 years, and 77% greater than 10 years.
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 
However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations 
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a 
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Rate Risk
To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options or other 
instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its 
forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign 
exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these 
instruments as either cash flow or fair value hedges. As of March 29, 2025, the maximum length of time over which the Company 
is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 17 years.
The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from 
certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by 
the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Apple Inc. | Q2 2025 Form 10-Q | 8

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Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may use interest 
rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.
The notional amounts of the Company’s outstanding derivative instruments as of March 29, 2025 and September 28, 2024 were 
as follows (in millions):
March 29,
2025
September 28,
2024
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 68,533 $ 64,069 
Interest rate contracts $ 14,575 $ 14,575 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 68,388 $ 91,493 
As of March 29, 2025 and September 28, 2024, the carrying amount of the Company’s current and non-current term debt subject 
to fair value hedges was $13.4 billion and $13.5 billion, respectively.
Accounts Receivable
Trade Receivables
The Company’s third-party cellular network carriers accounted for 37% and 38% of total trade receivables as of March 29, 2025 
and September 28, 2024 , respectively. The Company requires third-party credit support or collateral from certain customers to 
limit credit risk.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. The Company does not reflect the sale of these components in products net sales. Rather, 
the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are 
sold by the Company. As of March 29, 2025, the Company had two vendors that individually represented 10% or more of total 
vendor non-trade receivables, which accounted f or 49% and 19%. As of September 28, 2024 , the Company had two vendors 
that individually represented 10% or more of total vendor non-trade receivables, which accounted for 44% and 23%.
Note 5 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of March  29, 2025  and 
September 28, 2024 (in millions):
Inventories
March 29,
2025
September 28,
2024
Components $ 2,673 $ 3,627 
Finished goods  3,596  3,659 
Total inventories $ 6,269 $ 7,286 
Property, Plant and Equipment, Net
March 29,
2025
September 28,
2024
Gross property, plant and equipment $ 121,179 $ 119,128 
Accumulated depreciation  (74,303)  (73,448) 
Total property, plant and equipment, net $ 46,876 $ 45,680 
Apple Inc. | Q2 2025 Form 10-Q | 9

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Note 6 – Debt
Commercial Paper
The Company issues unsecured short-term promissory notes pursuant to a commercial paper program. The Company uses net 
proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of 
March  29, 2025 and September  28, 2024, the Company had $6.0 billion  and $10.0 billion  of commercial paper outstanding, 
respectively.
Term Debt
As of March 29, 2025  and September 28, 2024 , the Company had outstanding fixed-rate notes with varying maturities for an 
aggregate carrying amount of $92.2 billion and $96.7 billion, respectively (collectively the “Notes”). As of March 29, 2025  and 
September  28, 2024, the fair value of the Company’s Notes, based on Level 2 inputs, was  $80.9 billion  and $88.4 billion , 
respectively.
Note 7 – Shareholders’ Equity
Share Repurchase Program
During the six months ended  March  29, 2025, the Company repurchased 208 million  shares of its common stock for $48.3 
billion. The Company’s share repurchase program does not obligate the Company to acquire a minimum amount of shares. 
Under the program, shares may be repurchased in privately negotiated or open market transactions, including under plans 
complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Note 8 – Share-Based Compensation
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the six months ended March 29, 2025 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant-Date Fair
Value Per RSU
Balance as of September 28, 2024  163,326 $ 158.73 
RSUs granted  63,378 $ 228.10 
RSUs vested  (39,177) $ 148.90 
RSUs canceled  (4,181) $ 177.54 
Balance as of March 29, 2025  183,346 $ 184.38 
The total vesting-date fair value of RSUs was $906 million and $9.3 billion for the three- and six-month periods ended March 29, 
2025, respectively, and was $821 million  and $8.6 billion  for the three- and six-month periods ended March 30, 2024 , 
respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed 
Consolidated Statements of Operations for the three- and six-month periods ended March 29, 2025 and March 30, 2024  (in 
millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Share-based compensation expense $ 3,226 $ 2,964 $ 6,512 $ 5,961 
Income tax benefit related to share-based compensation 
expense $ (743) $ (663) $ (2,075) $ (1,898) 
As of March  29, 2025, the total unrecognized compensation cost related to outstanding RSUs was $26.3 billion , which the 
Company expects to recognize over a weighted-average period of 2.7 years.
Apple Inc. | Q2 2025 Form 10-Q | 10

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Note 9 – Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that 
have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at 
least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, 
concerning loss contingencies for asserted legal and other claims.
Note 10 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and six-month periods ended March 29, 2025 and 
March 30, 2024 (in millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Americas:
Net sales $ 40,315 $ 37,273 $ 92,963 $ 87,703 
Operating income $ 16,774 $ 15,074 $ 38,283 $ 35,431 
Europe:
Net sales $ 24,454 $ 24,123 $ 58,315 $ 54,520 
Operating income $ 10,316 $ 9,991 $ 24,923 $ 22,702 
Greater China:
Net sales $ 16,002 $ 16,372 $ 34,515 $ 37,191 
Operating income $ 6,626 $ 6,700 $ 14,786 $ 15,322 
Japan:
Net sales $ 7,298 $ 6,262 $ 16,285 $ 14,029 
Operating income $ 3,434 $ 3,135 $ 7,748 $ 6,954 
Rest of Asia Pacific:
Net sales $ 7,290 $ 6,723 $ 17,581 $ 16,885 
Operating income $ 2,986 $ 2,806 $ 7,570 $ 7,385 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three- and six-month periods ended March 29, 2025 and March 30, 2024 is as follows (in millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Segment operating income $ 40,136 $ 37,706 $ 93,310 $ 87,794 
Research and development expense  (8,550)  (7,903)  (16,818)  (15,599) 
Other corporate expenses, net  (1,997)  (1,903)  (4,071)  (3,922) 
Total operating income $ 29,589 $ 27,900 $ 72,421 $ 68,273 
Apple Inc. | Q2 2025 Form 10-Q | 11

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Item and other sections of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within 
the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking 
statements provide current expectations of future events based on certain assumptions and include any statement that does 
not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future 
impact of macroeconomic conditions and tariffs and other trade measures on the Company’s business and results of 
operations are forward-looking statements . Forward-looking statements can also be identified by words such as “future,” 
“anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and 
similar terms. Forward-looking statements are not guarantees of future performance and the Company’s actual results may 
differ significantly from the results discussed in the forward-looking statements. Factors that might cause such differences 
include, but are not limited to, those discussed in Part I, Item 1A of the 2024 Form 10-K and Part II, Item 1A of this Form 10-Q, 
in each case under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking 
statements for any reason, except as required by law.
Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to 
particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated 
quarters, months and periods of those fiscal years.
The following discussion should be read in conjunction with the 2024 Form 10-K filed with the U.S. Securities and Exchange 
Commission (the “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, 
Item 1 of this Form 10-Q.
Available Information
The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor 
relations website, investor.apple.com. This includes press releases and other information about financial performance, 
information on corporate governance, and details related to the Company’s annual meeting of shareholders. The information 
contained on the websites referenced in this Form 10-Q is not incorporated by reference into this filing. Further, the Company’s 
references to website URLs are intended to be inactive textual references only.
Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in 
part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of 
sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect 
distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an 
older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and 
distributors anticipate a product introduction.
During the second quarter of 2025, the Company announced the following new or updated products:
• iPhone 16e
• iPad Air®
• iPad
• MacBook Air®
• Mac Studio®
Macroeconomic Conditions
Macroeconomic conditions, including inflation, interest rates and currency fluctuations, have directly and indirectly impacted, and 
could in the future materially impact, the Company’s results of operations and financial condition.
Apple Inc. | Q2 2025 Form 10-Q | 12

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Tariffs and Other Trade Measures
Beginning in the second quarter of 2025, new tariffs were announced on imports to the U.S. (“U.S. Tariffs”), including additional 
tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the European Union (“EU”), among others. In 
response, several countries have imposed, or threatened to impose, reciprocal tariffs on imports from the U.S. and other 
retaliatory measures. Various modifications and delays to the U.S. Tariffs have been announced and further changes are 
expected to be made in the future, which may include additional sector-based tariffs or other measures. For example, the U.S. 
Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, 
into, among other things, imports of semiconductors, semiconductor manufacturing equipment, and their derivative products, 
including downstream products that contain semiconductors. Tariffs and other measures that are applied to the Company’s 
products or their components can have a material adverse impact on the Company’s business, results of operations and financial 
condition, including impacting the Company’s supply chain, the availability of rare earths and other raw materials and 
components, pricing and gross margin. The ultimate impact remains uncertain and will depend on several factors, including 
whether additional or incremental U.S. Tariffs or other measures are announced or imposed, to what extent other countries 
implement tariffs or other retaliatory measures in response, and the overall magnitude and duration of these measures. Trade 
and other international disputes can have an adverse impact on the overall macroeconomic environment and result in shifts and 
reductions in consumer spending and negative consumer sentiment for the Company’s products and services, all of which can 
further adversely affect the Company’s business and results of operations.
Segment Operating Performance
The following table shows net sales by reportable segment for the three- and six-month periods ended March 29, 2025  and 
March 30, 2024 (dollars in millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024 Change
March 29,
2025
March 30,
2024 Change
Americas $ 40,315 $ 37,273  8 % $ 92,963 $ 87,703  6 %
Europe  24,454  24,123  1 %  58,315  54,520  7 %
Greater China  16,002  16,372  (2) %  34,515  37,191  (7) %
Japan  7,298  6,262  17 %  16,285  14,029  16 %
Rest of Asia Pacific  7,290  6,723  8 %  17,581  16,885  4 %
Total net sales $ 95,359 $ 90,753  5 % $ 219,659 $ 210,328  4 %
Americas
Americas net sales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due 
primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to the U.S.  dollar h ad an 
unfavorable year-over-year impact on Americas net sales during the second quarter and first six months of 2025.
Europe
Europe net sales were relatively flat during the second quarter of 2025 compared to the second quarter of 2024. Year-over-year 
Europe net sales increased during the first six months of 2025 due primarily to higher net sales of Services, Mac and iPad. The 
weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales 
during the second quarter of 2025.
Greater China
Greater China net sales decreased during the first six months of 2025 compared to the same period in 2024 due to lower net 
sales of iPhone. The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater 
China net sales during the second quarter of 2025.
Japan
Japan net sales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due 
primarily to higher net sales of iPhone and Services. The weakness in the yen relative to the U.S. dollar had an unfavorable year-
over-year impact on Japan net sales during the second quarter and first six months of 2025.
Apple Inc. | Q2 2025 Form 10-Q | 13

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Rest of Asia Pacific
Rest of Asia Pacific net sales increased during the second quarter of 2025 compared to the second quarter of 2024 due primarily 
to higher net sales of Services and iPhone. Year-over-year Rest of Asia Pacific net sales increased during the first six months of 
2025 due primarily to higher net sales of Services. Changes in foreign currencies relative to the U.S. dollar had a net unfavorable 
year-over-year impact on Rest of Asia Pacific net sales during the second quarter of 2025, while they had a net favorable impact 
during the first six months of 2025.
Products and Services Performance
The following table shows net sales by category for the three- and six-month periods ended March 29, 2025 and March 30, 2024 
(dollars in millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024 Change
March 29,
2025
March 30,
2024 Change
iPhone $ 46,841 $ 45,963  2 % $ 115,979 $ 115,665  — %
Mac  7,949  7,451  7 %  16,936  15,231  11 %
iPad  6,402  5,559  15 %  14,490  12,582  15 %
Wearables, Home and Accessories  7,522  7,913  (5) %  19,269  19,866  (3) %
Services  26,645  23,867  12 %  52,985  46,984  13 %
Total net sales $ 95,359 $ 90,753  5 % $ 219,659 $ 210,328  4 %
iPhone
iPhone net sales increased during the second quarter of 2025 compared to the second quarter of 2024 due primarily to higher 
net sales of Pro models. Year-over-year iPhone net sales were relatively flat during the first six months of 2025.
Mac
Mac net sales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due 
primarily to higher net sales of both laptops and desktops.
iPad
iPad net sales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due 
primarily to higher net sales of iPad Air.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales decreased during the second quarter and first six months of 2025 compared to the 
same periods in 2024 due primarily to lower net sales of Wearables.
Services
Services net sales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due 
primarily to higher net sales from advertising, the App Store® and cloud services.
Apple Inc. | Q2 2025 Form 10-Q | 14

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Gross Margin
Products and Services gross margin and gross margin percentage for the three- and six-month periods ended March 29, 2025  
and March 30, 2024 were as follows (dollars in millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Gross margin:
Products $ 24,684 $ 24,462 $ 63,197 $ 62,480 
Services  20,183  17,809  39,945  34,646 
Total gross margin $ 44,867 $ 42,271 $ 103,142 $ 97,126 
Gross margin percentage:
Products  35.9%  36.6%  37.9%  38.3% 
Services  75.7%  74.6%  75.4%  73.7% 
Total gross margin percentage  47.1%  46.6%  47.0%  46.2% 
Products Gross Margin
Products gross margin was relatively flat during the second quarter of 2025 compared to the second quarter of 2024. Year-over-
year Products gross margin increased during the first six months of 2025 due primarily to favorable costs, partially offset by a 
different mix of products and weakness in foreign currencies relative to the U.S. dollar.
Products gross margin percentage decreased during the second quarter and first six months of 2025 compared to the same 
periods in 2024 due primarily to a different mix of products and weakness in foreign currencies relative to the U.S. dollar, partially 
offset by favorable costs.
Services Gross Margin
Services gross margin increased during the second quarter and first six months of 2025 compared to the same periods in 2024 
due primarily to higher Services net sales.
Services gross margin percentage increased during the second quarter and first six months of 2025 compared to the same 
periods in 2024 due primarily to a different mix of services, partially offset by higher Services costs and weakness in foreign 
currencies relative to the U.S. dollar.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2024 Form 
10-K and Part II, Item 1A of this Form 10-Q, in each case under the heading “Risk Factors.” As a result, the Company believes, 
in general, gross margins will be subject to volatility and downward pressure.
Apple Inc. | Q2 2025 Form 10-Q | 15

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Operating Expenses
Operating expenses for the three- and six-month periods ended March 29, 2025  and March 30, 2024 were as follows (dollars in 
millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Research and development $ 8,550 $ 7,903 $ 16,818 $ 15,599 
Percentage of total net sales  9%  9%  8%  7% 
Selling, general and administrative $ 6,728 $ 6,468 $ 13,903 $ 13,254 
Percentage of total net sales  7%  7%  6%  6% 
Total operating expenses $ 15,278 $ 14,371 $ 30,721 $ 28,853 
Percentage of total net sales  16%  16%  14%  14% 
Research and Development
The growth in research and development expense during the second quarter and first six months of 2025 compared to the same 
periods in 2024 was driven primarily by increases in headcount-related expenses and infrastructure-related costs.
Selling, General and Administrative
The growth in selling, general and administrative expense during the second quarter of 2025 compared to the second quarter of 
2024 was driven primarily by increases in professional services and headcount-related expenses. Year-over-year selling, general 
and administrative expense increased during the first six months of 2025 due primarily to increases in variable selling expenses, 
headcount-related expenses and professional services.
Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- and six-month periods ended 
March 29, 2025 and March 30, 2024 were as follows (dollars in millions):
Three Months Ended Six Months Ended
March 29,
2025
March 30,
2024
March 29,
2025
March 30,
2024
Provision for income taxes $ 4,530 $ 4,422 $ 10,784 $ 10,829 
Effective tax rate  15.5%  15.8%  15.0%  15.8% 
Statutory federal income tax rate  21%  21%  21%  21% 
The Company’s effective tax rate for the second quarter of 2025 was lower than the statutory federal income tax rate due 
primarily to a lower effective tax rate on foreign earnings, including the impact of changes in unrecognized tax benefits, partially 
offset by state income taxes. The Company’s effective tax rate for the first six months of 2025 was lower than the statutory 
federal income tax rate due primarily to a lower effective tax rate on foreign earnings, including the impact of changes in 
unrecognized tax benefits, tax benefits from share-based compensation, the impact of foreign currency loss regulations issued 
by the U.S. Department of the Treasury in December 2024, and the tax impact from foreign currency revaluations related to the 
State Aid Decision.
The Company’s effective tax rate for the second quarter of 2025 was lower compared to the second quarter of 2024 due 
primarily to the impact of changes in unrecognized tax benefits, partially offset by a higher effective tax rate on foreign earnings. 
The Company’s effective tax rate for the first six months of 2025 was lower compared to the same period in 2024 due primarily to 
the impact of changes in unrecognized tax benefits, the impact of foreign currency loss regulations issued by the U.S. 
Department of the Treasury in December 2024 , and the tax impact from foreign currency revaluations related to the State Aid 
Decision, partially offset by a higher effective tax rate on foreign earnings.
Apple Inc. | Q2 2025 Form 10-Q | 16

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Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and marketable securities, along with cash generated by ongoing 
operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program 
over the next 12 months and beyond.
The Company’s contractual cash requirements have not changed materially since the 2024 Form 10-K, except for manufacturing 
purchase obligations and the State Aid Decision tax payable.
Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform 
final assembly and testing of finished products. The Company also obtains individual components for its products from a wide 
variety of individual suppliers. As of March  29, 2025, the Company had manufacturing purchase obligations of $38.4 billion, 
which were payable within 12 months.
State Aid Decision Tax Payable
During the first six months of 2025, the Company released from escrow €14.2 billion or $15.4 billion to Ireland in connection with 
the State Aid Decision, which fully settled the obligation.
Capital Return Program
In addition to its contractual cash requirements, the Company has an authorized share repurchase program, under which the 
remaining availability was $40.8 billion as of March 29, 2025. On May 1, 2025, the Company announced the Board of Directors 
had authorized an additional program to repurchase up to $100 billion of the Company’s common stock. The programs do not 
obligate the Company to acquire a minimum amount of shares.
On May 1, 2025, the Company also announced the Board of Directors raised the Company’s quarterly cash dividend from $0.25 
to $0.26 per share, beginning with the dividend to be paid during the third quarter of 2025. The Company intends to increase its 
dividend on an annual basis, subject to declaration by the Board of Directors.
During the second quarter of 2025, the Company repurchased $25.0 billion of its common stock and paid dividends and dividend 
equivalents of $3.8 billion.
Recent Accounting Pronouncements
Disaggregation of Income Statement Expenses
In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 
2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): 
Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU No. 2025-01, 
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the 
Effective Date, which clarified the effective date of ASU 2024-03. ASU 2024-03 will require the Company to disclose the amounts 
of purchases of inventory, employee compensation, depreciation and intangible asset amortization, as applicable, included in 
certain expense captions in the Consolidated Statements of Operations, as well as qualitatively describe remaining amounts 
included in those captions. ASU 2024-03 will also require the Company to disclose both the amount and the Company’s 
definition of selling expenses. The Company will adopt ASU 2024-03 in its fourth quarter of 2028 using a prospective transition 
method.
Income Taxes
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures 
(“ASU 2023-09”), which will require the Company to disclose specified additional information in its income tax rate reconciliation 
and provide additional information for reconciling items that meet a quantitative threshold. ASU 2023-09 will also require the 
Company to disaggregate its income taxes paid disclosure by federal, state and foreign taxes, with further disaggregation 
required for significant individual jurisdictions. The Company will adopt ASU 2023-09 in its fourth quarter of 2026 using a 
prospective transition method.
Apple Inc. | Q2 2025 Form 10-Q | 17

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Segment Reporting
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment 
Disclosures (“ASU 2023-07”), which will require the Company to disclose segment expenses that are significant and regularly 
provided to the Company’s chief operating decision maker (“CODM”). In addition, ASU 2023-07 will require the Company to 
disclose the title and position of its CODM and how the CODM uses segment profit or loss information in assessing segment 
performance and deciding how to allocate resources. The Company will adopt ASU 2023-07 in its fourth quarter of 2025 using a 
retrospective transition method.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with GAAP and the Company’s discussion and 
analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions 
and estimates that affect the amounts reported. Note 1, “Summary of Significant Accounting Policies” of the Notes to Condensed 
Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in 
Part II, Item 8 of the 2024 Form 10-K describe the significant accounting policies and methods used in the preparation of the 
Company’s condensed consolidated financial statements. There have been no material changes to the Company’s critical 
accounting estimates since the 2024 Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company’s market risk during the first six months of 2025. For a discussion of the 
Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and 
Qualitative Disclosures About Market Risk” of the 2024 Form 10-K.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal 
executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined 
in Rules 13a-15(e) and 15d-15(e) under the Exchange Act were effective as of March 29, 2025 to provide reasonable assurance 
that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is 
(i)  recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms and 
(ii)  accumulated and communicated to the Company’s management, including its principal executive officer and principal 
financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the second quarter of 2025, which were 
identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the 
Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over 
financial reporting.
Apple Inc. | Q2 2025 Form 10-Q | 18

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PART II  —  OTHER INFORMATION
Item 1. Legal Proceedings
Digital Markets Act Investigations
On March 25, 2024, the Commission announced that it had opened two formal noncompliance investigations against the 
Company under the EU Digital Markets Act (the “DMA”). The Commission’s investigations concerned (1) Article 5(4) of the DMA, 
which relates to how developers may communicate and promote offers to end users for apps distributed through the App Store 
as well as how developers may conclude contracts with those end users (the “Article 5(4) Investigation”); and (2) Article 6(3) of 
the DMA, which relates to default settings, uninstallation of apps, and a web browser choice screen on iOS (the “Article 6(3) 
Investigation”). On June 24, 2024, the Commission announced that it had opened a third formal investigation against the 
Company regarding whether the Company’s new contractual requirements for third- party app developers and app marketplaces 
may violate the DMA (the “Article 6(4) Investigation”). On April 23, 2025, the Commission fined the Company €500 million in the 
Article 5(4) Investigation and issued a cease and desist order requiring the Company to remove technical and commercial 
restrictions that prevent developers from steering users to alternative distribution channels outside the App Store. The Company 
plans to appeal the Commission’s Article 5(4) decision. Unless a stay is granted, any order by the Commission is effective while 
an appeal is pending. Also on April 23, 2025, the Commission closed the Article 6(3) Investigation without imposing a fine and 
issued preliminary findings in the Article 6(4) Investigation. If the Commission makes a final determination in the Article 6(4) 
Investigation that there has been a violation, it can issue a cease and desist order and may impose fines up to 10% of the 
Company’s annual worldwide net sales. The Commission may also seek to impose additional fines if it deems that the Company 
has violated a cease and desist order. The Company believes that it complies with the DMA and has continued to make changes 
to its compliance plan in response to feedback and engagement with the Commission.
Department of Justice Lawsuit
On March 21, 2024, the U.S. Department of Justice (the “DOJ”) and a number of state and district attorneys general filed a civil 
antitrust lawsuit in the U.S. District Court for the District of New Jersey against the Company alleging monopolization or 
attempted monopolization in the markets for “performance smartphones” and “smartphones” in violation of U.S. antitrust laws. 
The DOJ is seeking equitable relief to redress the alleged anticompetitive behavior. In addition, various civil litigation matters 
have been filed in state and federal courts in the U.S.  alleging similar violations of U.S. antitrust laws and seeking monetary 
damages and other nonmonetary relief. The Company believes it has substantial defenses and intends to vigorously defend 
itself.
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “California District 
Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law based 
upon the Company’s operation of its App Store. The California District Court found that certain provisions of the Company’s App 
Review Guidelines violate California’s unfair competition law and issued an injunction (the “2021 Injunction”) enjoining the 
Company from prohibiting developers from including in their apps buttons, external links, or other calls to action that direct 
customers to purchasing mechanisms other than the Company’s in-app purchase system. The 2021 Injunction applies to apps 
on the U.S. storefronts of the iOS and iPadOS ® App Stores. On January 16, 2024, the Company implemented a plan to comply 
with the 2021 Injunction and filed a statement of compliance with the California District Court. On September 30, 2024, the 
Company filed a motion with the California District Court to narrow or vacate the 2021 Injunction. On April 30, 2025, the 
California District Court found the Company to be in violation of the 2021 Injunction and enjoined the Company from imposing 
any commission or any fee on purchases that consumers make outside an app; restricting, conditioning, limiting, or prohibiting 
how developers guide consumers to purchases outside an app; or otherwise interfering with a consumer’s choice to proceed in 
or out of an app. The California District Court also denied the Company’s motion to narrow or vacate the 2021 Injunction and 
referred the Company to the U.S. Attorney for the Northern District of California for a determination whether criminal contempt 
proceedings are appropriate. The Company will continue to vigorously defend its actions and employees, including by appealing 
the California District Court’s most recent decision.
Other Legal Proceedings
The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the 
ordinary course of business. The Company settled certain matters during the second quarter of 2025 that did not individually or 
in the aggregate have a material impact on the Company’s financial condition or operating results. The outcome of litigation is 
inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above 
management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially 
adversely affected.
Apple Inc. | Q2 2025 Form 10-Q | 19

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Item 1A. Risk Factors
The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of 
factors, whether currently known or unknown, including those described in Part I, Item 1A of the 2024 Form 10-K and Part II, 
Item 1A of the Form 10-Q for the quarter ended December 28, 2024 (the “first quarter 2025 Form 10-Q”), in each case under the 
heading “Risk Factors.” When any one or more of these risks materialize from time to time, the Company’s business, reputation, 
results of operations, financial condition and stock price can be materially and adversely affected. Except for the risk factors set 
forth below and those disclosed in Part II, Item 1A of the first quarter 2025 Form 10-Q , which are hereby incorporated by 
reference into this Part II, Item 1A of this Form 10-Q, there have been no material changes to the Company’s risk factors since 
the 2024 Form 10-K.
The Company’s business can be impacted by political events, trade and other international disputes, geopolitical 
tensions, conflict, terrorism, natural disasters, public health issues, industrial accidents and other business 
interruptions.
Political events, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, public health 
issues, industrial accidents and other business interruptions can have a material adverse effect on the Company and its 
customers, employees, suppliers, contract manufacturers, logistics providers, distributors, cellular network carriers and other 
channel partners.
The Company has a large, global business with sales outside the U.S. representing a majority of the Company’s total net sales, 
and the Company believes that it generally benefits from growth in international trade. A significant majority of the Company’s 
manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South 
Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S. Restrictions on international 
trade, such as tariffs and other controls on imports or exports of goods, technology or data, can materially adversely affect the 
Company’s business and supply chain. The impact can be particularly significant if these restrictive measures apply to countries 
and regions where the Company derives a significant portion of its revenues and/or has significant supply chain operations. 
Restrictive measures can increase the cost of the Company’s products and the components and rare earths and other raw 
materials that go into them or affect the availability of such components and rare earths and other raw materials, and can require 
the Company to take various actions, including changing suppliers, restructuring business relationships and operations, ceasing 
to offer and distribute affected products, services and third-party applications to its customers, and increasing the prices of its 
products and services. Changing the Company’s business and supply chain in accordance with new or changed restrictions on 
international trade can be expensive, time-consuming and disruptive to the Company’s business and results of operations. Trade 
and other international disputes can also have an adverse impact on the overall macroeconomic environment and result in shifts 
and reductions in consumer spending and negative consumer sentiment for the Company’s products and services, all of which 
can further adversely affect the Company’s business and results of operations. Such restrictions can be announced with little or 
no advance notice, which can create uncertainty, and the Company may not be able to effectively mitigate any or all adverse 
impacts from such measures. Beginning in the second quarter of 2025, new U.S. Tariffs were announced, including additional 
tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the EU, among others. In response, several 
countries have imposed, or threatened to impose, reciprocal tariffs on imports from the U.S. and other retaliatory measures. 
Various modifications and delays to the U.S. Tariffs have been announced and further changes are expected to be made in the 
future, which may include additional sector-based tariffs or other measures. For example, the U.S. Department of Commerce has 
initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into, among other things, imports 
of semiconductors, semiconductor manufacturing equipment, and their derivative products, including downstream products that 
contain semiconductors. The ultimate impact remains uncertain and will depend on several factors, including whether additional 
or incremental U.S. Tariffs or other measures are announced or imposed, to what extent other countries implement tariffs or 
other retaliatory measures in response, and the overall magnitude and duration of these measures. If disputes and conflicts 
further escalate, actions by governments in response could be significantly more severe and restrictive. Any of the foregoing 
could materially adversely affect the Company’s business, results of operations, financial condition and stock price.
Many of the Company’s operations and facilities, as well as critical business operations of the Company’s suppliers and contract 
manufacturers, are in locations that are prone to earthquakes and other natural disasters. Global climate change is resulting in 
certain types of natural disasters and extreme weather occurring more frequently or with more intense effects. In addition, the 
Company’s and its suppliers’ operations and facilities are subject to the risk of interruption by fire, power shortages, nuclear 
power plant accidents and other industrial accidents, terrorist attacks and other hostile acts, ransomware and other cybersecurity 
attacks, labor disputes, public health issues and other events beyond the Company’s control. For example, global supply chains 
can be highly concentrated and geopolitical tensions or conflict could result in significant disruptions.
Such events can make it difficult or impossible for the Company to manufacture and deliver products to its customers, create 
delays and inefficiencies in the Company’s supply and manufacturing chain, result in slowdowns and outages to the Company’s 
service offerings, increase the Company’s costs, and negatively impact consumer spending and demand in affected areas.
Apple Inc. | Q2 2025 Form 10-Q | 20

--- Page 24 ---

The Company’s operations are also subject to the risks of industrial accidents at its suppliers and contract manufacturers. While 
the Company’s suppliers are required to maintain safe working environments and operations, an industrial accident could occur 
and could result in serious injuries or loss of life, disruption to the Company’s business, and harm to the Company’s reputation. 
Major public health issues, including pandemics such as the COVID-19 pandemic, have adversely affected, and could in the 
future materially adversely affect, the Company due to their impact on the global economy and demand for consumer products; 
the imposition of protective public safety measures, such as stringent employee travel restrictions and limitations on freight 
services and the movement of products between regions; and disruptions in the Company’s operations, supply chain and sales 
and distribution channels, resulting in interruptions to the supply of current products and offering of existing services, and delays 
in production ramps of new products and development of new services.
Following any interruption to its business, the Company can require substantial recovery time, experience significant 
expenditures to resume operations, and lose significant sales. Because the Company relies on single or limited sources for the 
supply and manufacture of many critical components, a business interruption affecting such sources would exacerbate any 
negative consequences to the Company. While the Company maintains insurance coverage for certain types of losses, such 
insurance coverage may be insufficient to cover all losses that may arise.
The Company expects its quarterly net sales and results of operations to fluctuate.
The Company’s profit margins vary across its products, services, geographic segments and distribution channels. For example, 
the gross margins on the Company’s products and services vary significantly and can change over time. The Company’s gross 
margins are subject to volatility and downward pressure due to a variety of factors, including: continued industry-wide global 
product pricing pressures and product pricing actions that the Company may take in response to such pressures; increased 
competition; the Company’s ability to effectively stimulate demand for certain of its products and services; compressed product 
life cycles; supply shortages; potential increases in the cost of components, outside manufacturing services, and developing, 
acquiring and delivering content for the Company’s services; the Company’s ability to manage product quality and warranty costs 
effectively; shifts in the mix of products and services, or in the geographic, currency or channel mix, including to the extent that 
regulatory changes require the Company to modify its product and service offerings; fluctuations in foreign exchange rates; 
inflation and other macroeconomic pressures; the imposition of new or increased tariffs and other trade restrictions, their overall 
magnitude and duration, and retaliatory actions in response; and the introduction of new products or services, including new 
products or services with lower profit margins. These and other factors could have a materially adverse impact on the Company’s 
results of operations, financial condition and stock price.
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in 
part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of 
sales and operating expenses. Further, the Company generates a significant portion of its net sales from a single product and a 
decline in demand for that product could significantly impact quarterly net sales. The Company could also be subject to 
unexpected developments, such as lower-than-anticipated demand for the Company’s products or services, issues with new 
product or service introductions, information technology system failures or network disruptions, or a change in or failure of one or 
more of the Company’s logistics, supply or manufacturing partners.
Varied stakeholder expectations about social and other issues expose the Comp any to potential liabilities, in creased 
costs, reputational harm, and other adverse effects on the Company’s business.
Various stakeholders, including governments, regulators, investors, employees, customers and others, have differing 
expectations about a wide range of social and other issues related to the Company’s business. The Company makes statements 
about its values, including the environmental and societal impact of its business, through various non-financial reports, 
information provided on the Company’s website, and in press statements and other communications. The Company also pursues 
environmental and other goals and initiatives that involve risks and uncertainties, require investments, and depend in part on 
third-party performance or data that is outside the Company’s control, and there can be no assurance that the Company will fully 
achieve all of its goals and initiatives. Efforts by the Company to advance its business and values, or achieve its goals and 
further its initiatives, or to align with stakeholders’ expectations, or comply with evolving, varied and at times conflicting federal, 
state and international laws, regulations and standards, or any failure or perceived failure to do so, can result in adverse 
reactions by consumers and other stakeholders, including the commencement of legal and regulatory proceedings against the 
Company, and can materially adversely affect the Company’s business, reputation, results of operations, financial condition and 
stock price.
Apple Inc. | Q2 2025 Form 10-Q | 21

--- Page 25 ---

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended March 29, 2025 was as follows (in millions, except number of shares, 
which are reflected in thousands, and per-share amounts):
Periods
Total Number
of Shares 
Purchased
Average 
Price
Paid Per 
Share
Total Number 
of Shares
Purchased as 
Part of Publicly
Announced 
Plans or 
Programs
Approximate 
Dollar Value of
Shares That May 
Yet Be Purchased
Under the Plans 
or Programs (1)
December 29, 2024 to February 1, 2025:
Open market and privately negotiated purchases  36,809 $ 235.43  36,809 
February 2, 2025 to March 1, 2025:
Open market and privately negotiated purchases  31,856 $ 238.07  31,856 
March 2, 2025 to March 29, 2025:
Open market and privately negotiated purchases  39,455 $ 221.77  39,455 
Total  108,120 $ 40,779 
(1) As of March  29, 2025 , the Company was authorized by the Board of Directors to purchase up to $110 billion  of the 
Company’s common stock under a share repurchase program announced on May 2, 2024, of which $69.2 billion had been 
utilized. On May  1, 2025 , the Company announced the Board of Directors had authorized an additional program to 
repurchase up to $100 billion of the Company’s common stock. The programs do not obligate the Company to acquire a 
minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market 
transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Insider Trading Arrangements
None.
Item 6. Exhibits
Incorporated by Reference
Exhibit
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
32.1** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
101* Inline XBRL Document Set for the condensed consolidated financial statements 
and accompanying notes in Part I, Item 1, “Financial Statements” of this 
Quarterly Report on Form 10-Q.
104* Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in 
the Exhibit 101 Inline XBRL Document Set.
* F iled herewith.
** Furnished herewith.
Apple Inc. | Q2 2025 Form 10-Q | 22

--- Page 26 ---

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on 
its behalf by the undersigned thereunto duly authorized.
Date: May 2, 2025 Apple Inc.
By: /s/ Kevan Parekh
Kevan Parekh
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q2 2025 Form 10-Q | 23

--- Page 27 ---

Exhibit 31.1
CERTIFICATION
I, Timothy D. Cook, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: May 2, 2025
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

--- Page 28 ---

Exhibit 31.2
CERTIFICATION
I, Kevan Parekh, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: May 2, 2025
By: /s/ Kevan Parekh
Kevan Parekh
Senior Vice President,
Chief Financial Officer

--- Page 29 ---

Exhibit 32.1
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Timothy D. Cook, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended March 29, 2025  fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: May 2, 2025
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer
I, Kevan Parekh, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended March 29, 2025  fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: May 2, 2025
By: /s/ Kevan Parekh
Kevan Parekh
Senior Vice President,
Chief Financial Officer
A signed original of this written statement required by Section 906 has been provided to Apple Inc. and will be retained by Apple 
Inc. and furnished to the Securities and Exchange Commission or its staff upon request.