
--- Page 1 ---

  
 
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 (1)  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          (1) Net sales by reportable segment:        Americas $ 40,315   $ 37,273   $ 92,963   $ 87,703  Europe  24,454    24,123    58,315    54,520  Greater China  16,002    16,372    34,515    37,191  Japan  7,298    6,262    16,285    14,029  Rest of Asia Pacific  7,290    6,723    17,581    16,885  Total net sales $ 95,359   $ 90,753   $ 219,659   $ 210,328          (1) Net sales by category:        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   

--- Page 2 ---

  
 
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   

--- Page 3 ---

  
 
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   