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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  Twelve Months Ended  September 27, 2025  September 28, 2024  September 27, 2025  September 28, 2024 Net sales:           Products $ 73,716   $ 69,958   $ 307,003   $ 294,866     Services  28,750    24,972    109,158    96,169  Total net sales (1)  102,466    94,930    416,161    391,035  Cost of sales:           Products  47,019    44,566    194,116    185,233     Services  7,106    6,485    26,844    25,119  Total cost of sales  54,125    51,051    220,960    210,352  Gross margin  48,341    43,879    195,201    180,683          Operating expenses:        Research and development  8,866    7,765    34,550    31,370  Selling, general and administrative  7,048    6,523    27,601    26,097  Total operating expenses  15,914    14,288    62,151    57,467          Operating income  32,427    29,591    133,050    123,216  Other income/(expense), net  377    19    (321)   269  Income before provision for income taxes  32,804    29,610    132,729    123,485  Provision for income taxes  5,338    14,874    20,719    29,749  Net income $ 27,466   $ 14,736   $ 112,010   $ 93,736          Earnings per share:        Basic $ 1.85   $ 0.97   $ 7.49   $ 6.11  Diluted $ 1.85   $ 0.97   $ 7.46   $ 6.08  Shares used in computing earnings per share:        Basic  14,815,307    15,171,990    14,948,500    15,343,783  Diluted  14,863,609    15,242,853    15,004,697    15,408,095          (1) Net sales by reportable segment:        Americas $ 44,192   $ 41,664   $ 178,353   $ 167,045  Europe  28,703    24,924    111,032    101,328  Greater China  14,493    15,033    64,377    66,952  Japan  6,636    5,926    28,703    25,052  Rest of Asia Pacific  8,442    7,383    33,696    30,658  Total net sales $ 102,466   $ 94,930   $ 416,161   $ 391,035          (1) Net sales by category:        iPhone $ 49,025   $ 46,222   $ 209,586   $ 201,183  Mac  8,726    7,744    33,708    29,984  iPad  6,952    6,950    28,023    26,694  Wearables, Home and Accessories  9,013    9,042    35,686    37,005  Services  28,750    24,972    109,158    96,169  Total net sales $ 102,466   $ 94,930   $ 416,161   $ 391,035   

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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)   September 27, 2025  September 28, 2024 ASSETS: Current assets:    Cash and cash equivalents $ 35,934   $ 29,943  Marketable securities  18,763    35,228  Accounts receivable, net  39,777    33,410  Vendor non-trade receivables  33,180    32,833  Inventories  5,718    7,286  Other current assets  14,585    14,287  Total current assets  147,957    152,987      Non-current assets:    Marketable securities  77,723    91,479  Property, plant and equipment, net  49,834    45,680  Other non-current assets  83,727    74,834  Total non-current assets  211,284    211,993  Total assets $ 359,241   $ 364,980      LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities:    Accounts payable $ 69,860   $ 68,960  Other current liabilities  66,387    78,304  Deferred revenue  9,055    8,249  Commercial paper  7,979    9,967  Term debt  12,350    10,912  Total current liabilities  165,631    176,392      Non-current liabilities:    Term debt  78,328    85,750  Other non-current liabilities  41,549    45,888  Total non-current liabilities  119,877    131,638  Total liabilities  285,508    308,030      Commitments and contingencies        Shareholders’ equity:    Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,773,260 and 15,116,786 shares issued and outstanding, respectively  93,568    83,276  Accumulated deficit  (14,264)   (19,154) Accumulated other comprehensive loss  (5,571)   (7,172) Total shareholders’ equity  73,733    56,950  Total liabilities and shareholders’ equity $ 359,241   $ 364,980   

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Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)   Twelve Months Ended  September 27, 2025  September 28, 2024 Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances $ 29,943   $ 30,737      Operating activities:    Net income  112,010    93,736  Adjustments to reconcile net income to cash generated by operating activities:    Depreciation and amortization  11,698    11,445  Share-based compensation expense  12,863    11,688  Other  (89)   (2,266) Changes in operating assets and liabilities:    Accounts receivable, net  (6,682)   (3,788) Vendor non-trade receivables  (347)   (1,356) Inventories  1,400    (1,046) Other current and non-current assets  (9,197)   (11,731) Accounts payable  902    6,020  Other current and non-current liabilities  (11,076)   15,552  Cash generated by operating activities  111,482    118,254      Investing activities:    Purchases of marketable securities  (24,407)   (48,656) Proceeds from maturities of marketable securities  40,907    51,211  Proceeds from sales of marketable securities  12,890    11,135  Payments for acquisition of property, plant and equipment  (12,715)   (9,447) Other  (1,480)   (1,308) Cash generated by investing activities  15,195    2,935      Financing activities:    Payments for taxes related to net share settlement of equity awards  (5,960)   (5,441) Payments for dividends and dividend equivalents  (15,421)   (15,234) Repurchases of common stock  (90,711)   (94,949) Proceeds from issuance of term debt, net  4,481    —  Repayments of term debt  (10,932)   (9,958) Proceeds from/(Repayments of) commercial paper, net  (2,032)   3,960  Other  (111)   (361) Cash used in financing activities  (120,686)   (121,983)     Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents  5,991    (794) Cash, cash equivalents, and restricted cash and cash equivalents, ending balances $ 35,934   $ 29,943      Supplemental cash flow disclosure:    Cash paid for income taxes, net $ 43,369   $ 26,102   

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Apple Inc. RECONCILIATION OF 2024 NON-GAAP TO GAAP RESULTS OF OPERATIONS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per-share amounts)   Three Months Ended  Twelve Months Ended  September 28, 2024  September 28, 2024  As Reported (GAAP)  Non-GAAP Adjustments (a)  As Adjusted (Non-GAAP)  As Reported (GAAP)  Non-GAAP Adjustments (a)  As Adjusted (Non-GAAP) Income before provision for income taxes $ 29,610   $ —    $ 29,610   $ 123,485   $ —    $ 123,485  Provision for income taxes  14,874    (10,246) (b)   4,628    29,749    (10,246) (b)   19,503  Net income $ 14,736   $ 10,246  (b)  $ 24,982   $ 93,736   $ 10,246  (b)  $ 103,982                Diluted earnings per share $ 0.97   $ 0.67  (c)  $ 1.64   $ 6.08   $ 0.67  (c)  $ 6.75  Shares used in computing diluted earnings per share  15,242,853    —     15,242,853    15,408,095    —     15,408,095  (a) These adjustments reconcile certain of the Company’s GAAP results of operations to its non-GAAP results of operations. The Company believes that the presentation of results excluding the impact of the reversal of the European General Court’s State Aid decision provides meaningful supplemental information to both management and investors that is indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company’s GAAP results. (b) Non-GAAP adjustments to provision for income taxes and net income to reflect the impact of the reversal of the European General Court’s State Aid decision recognized during the fourth quarter of 2024. On September 10, 2024, the European Court of Justice announced that it had set aside the 2020 judgment of the European General Court and confirmed the European Commission’s 2016 State Aid decision. As a result, during the fourth quarter of 2024 the Company recorded a one-time income tax charge of $10.2 billion, net, which represented $15.8 billion payable to Ireland via release of restricted funds held in escrow, partially offset by a U.S. foreign tax credit of $4.8 billion and a decrease in unrecognized tax benefits of $823 million. For additional information, refer to Note 7, “Income Taxes” of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company's fiscal 2024 Annual Report on Form 10-K. (c) Represents the per-share impact of the non-GAAP adjustments to net income. 