California | 001-36743 | 94-2404110 | ||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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 |
Exhibit Number |
Exhibit Description | |||||||
99.1 | ||||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8-K. |
Date: | May 1, 2025 | Apple Inc. | |||||||||||||||
By: | /s/ Kevan Parekh | ||||||||||||||||
Kevan Parekh | |||||||||||||||||
Senior Vice President, Chief Financial Officer |
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 |
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 |
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 |