Apple (AAPL) 10-K Summary — Year Ended Sep 27, 2025
Apple reported a year of revenue growth and strong profitability, driven by its diversified product and service portfolio. The company maintained robust liquidity and continued its capital return program.
Key takeaway
Year ended Sep 27, 2025 · FY2025 10-K
Apple reported a year of revenue growth and strong profitability, driven by its diversified product and service portfolio. The company maintained robust liquidity and continued its capital return program.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$416.2B
Revenue reported for the fiscal year.
Operating income
$133.1B
Income from operations reported for the year.
Net income
$112B
Net income reported for the year.
Operating cash flow
$111.5B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 24, 2022 | $394.3B | +7.8% |
| Sep 30, 2023 | $383.3B | -2.8% |
| Sep 28, 2024 | $391B | +2.0% |
| Sep 27, 2025 | $416.2B | +6.4% |
Business overview
Apple designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells related services. The company globally distributes its products through retail and online stores, wholesalers, and network carriers.
Financial performance
Revenue increased from the prior year, with net income and operating cash flow also rising year over year. The reported metrics indicate improved operating income compared to the prior period.
Material risks
The filing notes risks common to global technology companies, including market competition, supply chain disruptions, and macroeconomic conditions. Cybersecurity threats and unresolved staff comments are also mentioned as areas of attention.
Liquidity and capital
The company holds substantial cash, cash equivalents, and marketable securities, and expects ongoing operations and debt market access to support its cash needs and capital return program.
What to watch
Revenue trend in the next filing, given the fluctuating growth pattern shown in recent years.