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“Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services,” said Tim Cook, Apple’s CEO. “In September, we were thrilled to launch our best iPhone lineup ever, including iPhone 17, iPhone 17 Pro and Pro Max, and iPhone Air. In addition, we launched the fantastic AirPods Pro 3 and the all-new Apple Watch lineup. When combined with the recently announced MacBook Pro and iPad Pro with the powerhouse M5 chip, we are excited to be sharing our most extraordinary lineup of products as we head into the holiday season.”

“Our September quarter results capped off a record fiscal year, with revenue reaching $416 billion, as well as double-digit EPS growth,” said Kevan Parekh, Apple’s CFO. “And thanks to our very high levels of customer satisfaction and loyalty, our installed base of active devices also reached a new all-time high across all product categories and geographic segments.”

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, services, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.


	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


	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


	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


	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.