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Regulatory enforcement action
Time-sensitive event — see the red-flag panel below for the source-quoted detail.
Red Flags Detected
- Cease and Desist (worsened) — The European Commission's cease and desist order from April 2025 remains in effect and the Company has appealed, with potential additional fines if deemed noncompliant.
Apple's Q3 revenue jumps 16.4% to $109.4B, net income up 27.1% to $29.8B
Filed July 31, 2026 · Period ending June 27, 2026 · Compared to 10-Q Aug 1, 2025 · ~1 min read
Key Financials
SEC XBRL| Metric | PriorJun 28, 2025 | CurrentJun 27, 2026 | Δ |
|---|---|---|---|
| Revenue | $94.0B | $109.4B | ▲ +16.4% |
| Net income | $23.4B | $29.8B | ▲ +27.1% |
| Diluted EPS | $1.57 | $2.02 | ▲ +28.7% |
| Operating income | $28.2B | $35.7B | ▲ +26.6% |
| Cash & equivalents | $36.3B | $39.5B | ▲ +9.0% |
| Long-term debt (noncurrent) | $82.4B | $71.3B | ▼ -13.5% |
| Total assets | $331.5B | $383.3B | ▲ +15.6% |
As reported in XBRL by the filer · 10-Q vs 10-Q. Income figures cover the fiscal quarter (not year-to-date); cash & assets are period-end balances. n/m = not meaningful (sign change; a % would mislead). about this table · verify on EDGAR →
Key Number Changes
Prior filing · view on EDGAR →
Americas $ 41,198 $ 37,678 9 % $ 134,161 $ 125,381 7 %
Current filing · view on EDGAR →
Americas $ 45,781 $ 41,198 11% $ 149,403 $ 134,161 11%
Prior filing · view on EDGAR →
Greater China 15,369 14,728 4 % 49,884 51,919 (4) %
Current filing · view on EDGAR →
Greater China 18,816 15,369 22% 64,839 49,884 30%
Prior filing · view on EDGAR →
iPhone $ 44,582 $ 39,296 13 % $ 160,561 $ 154,961 4 %
Current filing · view on EDGAR →
iPhone $ 54,252 $ 44,582 22% $ 196,515 $ 160,561 22%
Prior filing · verify on EDGAR →
Products 34.5 % 35.3 % 36.9 % 37.5 %
Current filing · verify on EDGAR →
Products 40.1 % 34.5 % 39.9 % 36.9 %
Prior filing · verify on EDGAR →
Research and development $ 8,866 $ 8,006 $ 25,684 $ 23,605
Current filing · verify on EDGAR →
Research and development $ 11,729 $ 8,866 32 % $ 34,035 $ 25,684 33 %
Prior filing · verify on EDGAR →
As of June 28, 2025, the Company had manufacturing purchase obligations of $44.1 billion, with $43.8 billion payable within 12 months.
Current filing · verify on EDGAR →
As of June 27, 2026, the Company had manufacturing purchase obligations of $57.0 billion, with $56.2 billion payable within 12 months.
Prior filing · verify on EDGAR →
As of June 28, 2025, the Company’s quarterly cash dividend was $0.26 per share.
Current filing · verify on EDGAR →
As of June 27, 2026, the Company’s quarterly cash dividend was $0.27 per share.
Prior filing · verify on EDGAR →
During the third quarter of 2025, the Company repurchased $21.0 billion of its common stock and paid dividends and dividend equivalents of $3.9 billion.
Current filing · verify on EDGAR →
During the third quarter of 2026, the Company repurchased $25.8 billion of its common stock and paid dividends and dividend equivalents of $4.0 billion.
Prior filing · verify on EDGAR →
Total net sales $ 94,036 $ 85,777 $ 313,695 $ 296,105
Current filing · verify on EDGAR →
Total net sales $ 109,417 $ 94,036 $ 364,357 $ 313,695
Prior filing · verify on EDGAR →
Net income $ 23,434 $ 21,448 $ 84,544 $ 79,000
Current filing · verify on EDGAR →
Net income $ 29,789 $ 23,434 $ 101,464 $ 84,544
Prior filing · verify on EDGAR →
Components $ 2,288 $ 3,627
Current filing · verify on EDGAR →
Components $ 7,645 $ 2,124
Prior filing · verify on EDGAR →
During the nine months ended June 28, 2025, the Company repurchased 312 million shares of its common stock for $69.3 billion.
Current filing · verify on EDGAR →
During the nine months ended June 27, 2026, the Company repurchased 215 million shares of its common stock for $61.8 billion.
Prior filing · verify on EDGAR →
As of June 28, 2025 and September 28, 2024, the Company had $9.9 billion and $10.0 billion of commercial paper outstanding, respectively.
Current filing · verify on EDGAR →
As of June 27, 2026 and September 27, 2025, the Company had $2.0 billion and $8.0 billion of commercial paper outstanding, respectively.
Prior filing · verify on EDGAR →
As of June 28, 2025 and September 28, 2024, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $91.8 billion and $96.7 billion, respectively
Current filing · verify on EDGAR →
As of June 27, 2026 and September 27, 2025, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $82.3 billion and $90.7 billion, respectively
Prior filing · verify on EDGAR →
As of June 28, 2025, the Company expects 66% of total deferred revenue to be realized in less than a year, 23% within one-to-two years, 9% within two-to-three years and 2% in greater than three years.
Current filing · verify on EDGAR →
As of June 27, 2026, the Company expects 64% of total deferred revenue to be realized in less than a year, 23% within one-to-two years, 11% within two-to-three years and 2% in greater than three years.
Key Changes
-
high
Total net sales rose 16.4% to $109.4 billion, with iPhone sales and Greater China.
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high
Net income increased 27.1% to $29.8 billion.
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high
Products gross margin expanded to 40.1% from 34.5% a year ago, driven by favorable mix and cost management.
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high
New risk factors highlight supply constraints and rising costs for components like advanced semiconductors, NAND, and DRAM, expected to intensify.
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high
Regulatory risks escalate: Supreme Court will review Epic Games injunction, and EU DMA interoperability obligations may limit product launches like Siri AI.
Summary
Apple delivered a strong fiscal third quarter, with revenue up 16.4% to $109.4 billion and net income up 27.1% to $29.8 billion. Growth was broad-based, led by a 22% jump in iPhone sales and a 22% surge in Greater China. Products gross margin expanded to 40.1%, reflecting favorable product mix and cost controls.
However, the company flagged intensifying supply constraints and rising component costs for advanced semiconductors, NAND, and DRAM, which could pressure future margins. Regulatory and legal risks are mounting. The Supreme Court has agreed to review the Epic Games injunction, which could alter App Store commission structures.
In Europe, the DMA's interoperability requirements may force Apple to limit product launches, such as Siri AI, in certain jurisdictions. Additionally, the European Commission's cease and desist order remains in effect, with potential fines if Apple is deemed noncompliant. Investors should watch next quarter for any updates on component supply and pricing, as well as developments in the Epic Games and EU regulatory matters, which could materially impact Apple's business model and profitability.
Section-by-Section Diff
Legal Proceedings
Epic Games litigation advanced to Supreme Court review; DMA and DOJ matters unchanged.
Previous filing · verify on EDGAR →
The California District Court also denied the Company’s motion to narrow or vacate the 2021 Injunction and referred the Company to the U.S. Attorney for the Northern District of California for a determination whether criminal contempt proceedings are appropriate. The Company will continue to vigorously defend its actions and employees, and has appealed the California District Court’s most recent decision to the U.S. Court of Appeals for the Ninth Circuit (the “Ninth Circuit Court”). Although the Company’s request to stay the decision pending appeal was denied, the Ninth Circuit Court has agreed to consider the Company’s appeal on an expedited basis, with arguments scheduled for October 2025.
Current filing · verify on EDGAR →
On December 11, 2025, the Ninth Circuit Court issued an order upholding the 2025 Injunction in part and modifying certain aspects to allow the Company to require parity in size, form and placement between the Company’s in-app purchase and any links for consumers to make purchases outside an app. The Ninth Circuit Court also held that the Company can charge some commission on link-out purchases, and remanded to the California District Court to further amend or modify the 2025 Injunction, consistent with the Ninth Circuit Court’s order. On May 21, 2026, the Company filed a petition seeking Supreme Court review of the Ninth Circuit Court’s opinion. On June 30, 2026, the Supreme Court granted the Company’s petition to review the applicable legal standard for civil contempt. The Company is seeking a stay of the California District Court proceedings pending the Supreme Court’s decision on the question under review.
The Epic Games litigation has progressed significantly. The Ninth Circuit partially upheld and modified the 2025 injunction, allowing Apple to require parity in link placement and to charge some commission on link-out purchases. Apple then petitioned the Supreme Court, which granted review of the civil contempt standard. The current filing omits the earlier reference to criminal contempt proceedings and the expedited appeal schedule, reflecting the case's advancement.
Removed from previous filing · verify on EDGAR →
referred the Company to the U.S. Attorney for the Northern District of California for a determination whether criminal contempt proceedings are appropriate
The baseline filing disclosed that the California District Court referred Apple to the U.S. Attorney for a determination on criminal contempt proceedings. This reference is absent from the current filing, likely because the matter has been superseded by the Ninth Circuit's ruling and the Supreme Court's grant of review. The removal is not a lifecycle event but reflects the evolving procedural posture.
Added in current filing · verify on EDGAR →
Future payments under unconditional purchase obligations with a remaining term in excess of one year as of June 27, 2026, are as follows (in millions): 2026 (remaining three months) $ 2,053 | 2027 7,652 | 2028 6,406 | 2029 5,421 | 2030 5,481 | Thereafter 615 | Total $ 27,628
The current filing adds a detailed schedule of unconditional purchase obligations totaling $27.6 billion, which was not present in the baseline. This new disclosure provides investors with visibility into Apple's future contractual commitments for supplier arrangements, licensed intellectual property, and distribution rights.
Show 1 minor / wording change
Previous filing · verify on EDGAR →
The Company settled certain matters during the third quarter of 2025 that did not individually or in the aggregate have a material impact on the Company’s financial condition or operating results.
Current filing · verify on EDGAR →
The Company settled certain matters during the third quarter of 2026 that did not individually or in the aggregate have a material impact on the Company’s financial condition or operating results.
The settlement disclosure is updated for the current period, indicating that Apple settled certain matters during Q3 2026. The language is otherwise identical, and the settlements are stated to be immaterial.
MD&A
Apple's Q3 2026 MD&A shows strong growth, new tariff developments, and higher costs, with updated segment and product details.
Previous filing · verify on EDGAR →
For example, the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into, among other things, imports of semiconductors, semiconductor manufacturing equipment, and their derivative products, including downstream products that contain semiconductors.
Current filing · verify on EDGAR →
On January 14, 2026, initial results were published of the previously announced U.S. Department of Commerce investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into imports of semiconductors, semiconductor manufacturing equipment, and their derivative products, including downstream products that contain semiconductors. The announcement of the initial results of the investigation did not impose any additional tariffs affecting the Company’s products. Separately, on February 20, 2026, the U.S. Supreme Court (“Supreme Court”) issued a ruling striking down certain tariffs previously imposed under the International Emergency Economic Powers Act of 1977. The Company has applied for a refund of tariffs paid, following the processes established by U.S. Customs and Border Protection, and has recognized any refunds received as a reduction of products cost of sales.
The current filing adds specific developments: the Section 232 investigation results were published in January 2026 without new tariffs on Apple products, and a Supreme Court ruling in February 2026 struck down certain tariffs, leading Apple to apply for refunds. This is a material update to the tariff narrative.
Added in current filing · verify on EDGAR →
The Company is experiencing a period of supply constraints and increasing costs for components driven by factors such as industry supply-demand imbalances for components, including advanced semiconductors, storage (NAND) and memory (DRAM). The Company expects these trends to intensify, which may materially negatively impact the Company’s revenue, costs, gross margin, results of operations and financial condition.
The current filing adds a new paragraph describing supply constraints and rising component costs, with an expectation that these trends will intensify and materially negatively impact results. This is a new disclosure not present in the baseline.
Previous filing · view on EDGAR →
Americas $ 41,198 $ 37,678 9 % $ 134,161 $ 125,381 7 %
Current filing · view on EDGAR →
Americas $ 45,781 $ 41,198 11% $ 149,403 $ 134,161 11%
Americas segment net sales increased 11% year-over-year in Q3 2026 versus 9% in Q3 2025, and 11% for the nine-month period versus 7% previously. The growth rate accelerated.
Previous filing · view on EDGAR →
Greater China 15,369 14,728 4 % 49,884 51,919 (4) %
Current filing · view on EDGAR →
Greater China 18,816 15,369 22% 64,839 49,884 30%
Greater China net sales growth accelerated significantly, from 4% in Q3 2025 to 22% in Q3 2026, and from a 4% decline in the nine-month period to a 30% increase. This is a major improvement.
Previous filing · view on EDGAR →
iPhone $ 44,582 $ 39,296 13 % $ 160,561 $ 154,961 4 %
Current filing · view on EDGAR →
iPhone $ 54,252 $ 44,582 22% $ 196,515 $ 160,561 22%
iPhone net sales growth accelerated from 13% in Q3 2025 to 22% in Q3 2026, and from 4% for the nine-month period to 22%. This is a significant acceleration.
Previous filing · verify on EDGAR →
Products 34.5 % 35.3 % 36.9 % 37.5 %
Current filing · verify on EDGAR →
Products 40.1 % 34.5 % 39.9 % 36.9 %
Products gross margin percentage increased from 34.5% in Q3 2025 to 40.1% in Q3 2026, and from 36.9% to 39.9% for the nine-month period. The improvement is substantial.
Previous filing · verify on EDGAR →
Research and development $ 8,866 $ 8,006 $ 25,684 $ 23,605
Current filing · verify on EDGAR →
Research and development $ 11,729 $ 8,866 32 % $ 34,035 $ 25,684 33 %
R&D expense increased 32% year-over-year in Q3 2026 and 33% for the nine-month period, driven by higher infrastructure-related costs including AI investments. The growth rate is higher than the prior year's increase.
Previous filing · verify on EDGAR →
As of June 28, 2025, the Company had manufacturing purchase obligations of $44.1 billion, with $43.8 billion payable within 12 months.
Current filing · verify on EDGAR →
As of June 27, 2026, the Company had manufacturing purchase obligations of $57.0 billion, with $56.2 billion payable within 12 months.
Manufacturing purchase obligations increased from $44.1 billion to $57.0 billion, a 29% increase, indicating higher committed component purchases.
Added in current filing · verify on EDGAR →
As of June 27, 2026, the Company had other purchase obligations of $29.3 billion, with $9.2 billion payable within 12 months.
The current filing adds a new disclosure for other purchase obligations of $29.3 billion, which was not separately disclosed in the baseline.
Added in current filing · verify on EDGAR →
During the first nine months of 2026, the Company paid the remaining $8.8 billion balance of the deemed repatriation tax payable imposed by the U.S. Tax Cuts and Jobs Act of 2017.
The current filing adds a new disclosure about paying the remaining $8.8 billion deemed repatriation tax payable, which was not mentioned in the baseline.
Previous filing · verify on EDGAR →
As of June 28, 2025, the Company’s quarterly cash dividend was $0.26 per share.
Current filing · verify on EDGAR →
As of June 27, 2026, the Company’s quarterly cash dividend was $0.27 per share.
The quarterly dividend increased from $0.26 to $0.27 per share, a 3.8% increase.
Previous filing · verify on EDGAR →
During the third quarter of 2025, the Company repurchased $21.0 billion of its common stock and paid dividends and dividend equivalents of $3.9 billion.
Current filing · verify on EDGAR →
During the third quarter of 2026, the Company repurchased $25.8 billion of its common stock and paid dividends and dividend equivalents of $4.0 billion.
Share repurchases increased from $21.0 billion to $25.8 billion, and dividends paid increased from $3.9 billion to $4.0 billion.
Show 3 minor / wording changes
Removed from previous filing · verify on EDGAR →
During the first nine months of 2025, the Company released from escrow €14.2 billion, or $15.4 billion, to Ireland in connection with the State Aid Decision, which fully settled the obligation.
The baseline disclosed the settlement of the State Aid Decision tax payable, which is no longer mentioned in the current filing. This is a lifecycle removal as the obligation was fully settled.
Added in current filing · verify on EDGAR →
In September 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”), which modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. ASU 2025-06 will be effective for the Company in its first quarter of 2029, and early adoption is permitted. The Company is currently evaluating the timing and method of its adoption of ASU 2025-06.
The current filing adds a new accounting pronouncement disclosure for ASU 2025-06 on internal-use software, which was not present in the baseline.
Removed from previous filing · verify on EDGAR →
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which will require the Company to disclose segment expenses that are significant and regularly provided to the Company’s chief operating decision maker (“CODM”). In addition, ASU 2023-07 will require the Company to disclose the title and position of its CODM and how the CODM uses segment profit or loss information in assessing segment performance and deciding how to allocate resources. The Company will adopt ASU 2023-07 in its fourth quarter of 2025 using a retrospective transition method.
The baseline disclosed the adoption of ASU 2023-07, which is no longer mentioned in the current filing. This is a lifecycle removal as the standard has been adopted.
Notes
Apple's Q3 2026 notes show strong revenue and profit growth, higher inventories, and a new intangible assets disclosure.
Previous filing · verify on EDGAR →
Total net sales $ 94,036 $ 85,777 $ 313,695 $ 296,105
Current filing · verify on EDGAR →
Total net sales $ 109,417 $ 94,036 $ 364,357 $ 313,695
Total net sales for the three months ended June 27, 2026 increased to $109,417 million from $94,036 million in the prior-year quarter, and nine-month net sales rose to $364,357 million from $313,695 million. This reflects broad-based growth across products and services.
Previous filing · verify on EDGAR →
Net income $ 23,434 $ 21,448 $ 84,544 $ 79,000
Current filing · verify on EDGAR →
Net income $ 29,789 $ 23,434 $ 101,464 $ 84,544
Net income for the three months ended June 27, 2026 increased to $29,789 million from $23,434 million in the prior-year quarter, and nine-month net income rose to $101,464 million from $84,544 million. The growth is driven by higher sales and improved operating margins.
Previous filing · verify on EDGAR →
Components $ 2,288 $ 3,627
Current filing · verify on EDGAR →
Components $ 7,645 $ 2,124
Component inventories increased significantly to $7,645 million as of June 27, 2026, from $2,124 million as of September 27, 2025, and compared to $2,288 million as of June 28, 2025. This may indicate buildup ahead of new product launches or supply chain changes.
Added in current filing · view on EDGAR →
Intangible Assets, Net | June 27, | 2026 September 27, | 2025 Gross intangible assets $ 38,220 $ 24,950 Accumulated amortization (12,803) (11,649) Total intangible assets, net 25,417 13,301 Less: Current portion of intangible assets, net (5,075) (2,208) Non-current portion of intangible assets, net $ 20,342 $ 11,093
The current filing includes a new note disclosure for intangible assets, showing gross intangible assets of $38,220 million and net intangible assets of $25,417 million as of June 27, 2026. This disclosure was not present in the baseline filing, likely due to a change in reporting or a new acquisition.
Previous filing · verify on EDGAR →
During the nine months ended June 28, 2025, the Company repurchased 312 million shares of its common stock for $69.3 billion.
Current filing · verify on EDGAR →
During the nine months ended June 27, 2026, the Company repurchased 215 million shares of its common stock for $61.8 billion.
The number of shares repurchased decreased from 312 million to 215 million, and the total repurchase amount decreased from $69.3 billion to $61.8 billion. This reflects a lower pace of buybacks in the current nine-month period.
Show 3 minor / wording changes
Previous filing · verify on EDGAR →
As of June 28, 2025 and September 28, 2024, the Company had $9.9 billion and $10.0 billion of commercial paper outstanding, respectively.
Current filing · verify on EDGAR →
As of June 27, 2026 and September 27, 2025, the Company had $2.0 billion and $8.0 billion of commercial paper outstanding, respectively.
Commercial paper outstanding decreased to $2.0 billion as of June 27, 2026, from $8.0 billion as of September 27, 2025, and compared to $9.9 billion as of June 28, 2025. This indicates a reduction in short-term borrowings.
Previous filing · verify on EDGAR →
As of June 28, 2025 and September 28, 2024, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $91.8 billion and $96.7 billion, respectively
Current filing · verify on EDGAR →
As of June 27, 2026 and September 27, 2025, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $82.3 billion and $90.7 billion, respectively
The aggregate carrying amount of fixed-rate notes decreased to $82.3 billion as of June 27, 2026, from $90.7 billion as of September 27, 2025, and compared to $91.8 billion as of June 28, 2025. This reflects debt repayments during the period.
Previous filing · verify on EDGAR →
As of June 28, 2025, the Company expects 66% of total deferred revenue to be realized in less than a year, 23% within one-to-two years, 9% within two-to-three years and 2% in greater than three years.
Current filing · verify on EDGAR →
As of June 27, 2026, the Company expects 64% of total deferred revenue to be realized in less than a year, 23% within one-to-two years, 11% within two-to-three years and 2% in greater than three years.
The expected realization of deferred revenue shifted slightly, with 64% expected in less than a year (down from 66%) and 11% within two-to-three years (up from 9%). This indicates a modest lengthening of the deferred revenue recognition timeline.
Risk Factors
Apple adds new risk factors on component/compute supply constraints, third-party developer support, regulatory scrutiny, and data privacy.
Added in current filing · verify on EDGAR →
The Company currently obtains certain components from single or limited sources, which exposes it to significant supply and pricing risks. In addition, many components, including those that are available from multiple sources, are at times subject to industry-wide shortages and significant commodity pricing fluctuations that can materially adversely affect the Company’s business, results of operations, financial condition and stock price. For example, the Company is experiencing a period of supply constraints and increasing costs for components driven by factors such as industry supply-demand imbalances for components, including advanced semiconductors, storage (NAND) and memory (DRAM), which adversely affects the Company’s ability to obtain sufficient quantities of components and products on commercially reasonable terms, or at all. The Company expects these trends to intensify, which may materially adversely impact the Company’s revenue, costs, gross margin, results of operations and financial condition.
The current filing adds a new risk factor describing supply constraints and increasing costs for components, including advanced semiconductors, NAND, and DRAM, with expectations that these trends will intensify. This is a new disclosure not present in the baseline.
Added in current filing · verify on EDGAR →
The Company’s business, including its artificial intelligence and machine learning offerings, also depends on access to sufficient computing resources. Demand for cloud computing and artificial intelligence infrastructure has increased substantially across the technology industry, resulting in constrained supply, extended lead times, and increasing costs. In addition to its own data center infrastructure, the Company relies on third-party cloud service providers to meet these compute needs, and the Company may be unable to secure sufficient capacity on commercially reasonable terms, or at all, to meet customer demand.
The current filing adds a new risk factor about dependence on computing resources for AI and machine learning offerings, citing constrained supply and reliance on third-party cloud providers. This is a new disclosure not present in the baseline.
Added in current filing · verify on EDGAR →
The Company’s future performance depends in part on support from third-party software developers. The Company believes decisions by customers to purchase its hardware products depend in part on the availability of third-party software applications and services. Third-party developers may discontinue the development and maintenance of software applications and services for the Company’s products. If third-party software applications and services cease to be developed and maintained for the Company’s products, customers may choose not to buy the Company’s products, materially adversely impacting the Company’s business, results of operations, financial condition and stock price.
The current filing adds a new risk factor about dependence on third-party software developers and the potential impact on hardware sales if developers discontinue support. This is a new disclosure not present in the baseline.
Added in current filing · verify on EDGAR →
The Company distributes third-party applications through the App Store. Where applicable, the Company may retain a commission from sales of applications and sales of digital services or goods initiated within an application. If third-party developers use alternative methods of distribution and payment for their apps and digital content, including direct-to-consumer distribution models, the Company may earn a lower commission on such sales, or may not earn a commission at all, which can materially adversely affect the Company’s revenue, gross margin, results of operations, financial condition and stock price.
The current filing adds a new risk factor about potential loss of App Store commission revenue if developers use alternative distribution and payment methods. This is a new disclosure not present in the baseline.
Added in current filing · verify on EDGAR →
The technology industry, including, in some instances, the Company, is subject to intense media, political and regulatory scrutiny, which exposes the Company to increasing regulation, government investigations, legal actions and penalties. From time to time, the Company has made changes to its business, including actions taken in response to litigation, competition, market conditions and legal and regulatory requirements. The Company expects to make further business changes in the future. For example, in the U.S., the Company has implemented changes to how developers communicate with consumers within apps on the U.S. storefront of the iOS and iPadOS App Store regarding alternative purchasing mechanisms. The Company is also currently subject to a court order in the U.S. preventing it from imposing any commission or fee on certain purchases that consumers make. The Ninth Circuit Court has instructed the California District Court to further amend or modify its injunction to allow the Company to charge a commission. If the Company is ultimately unsuccessful in defending its commission structure or if similar restrictions are imposed or expanded in other jurisdictions, and as a result the Company’s commission is narrowed or eliminated, the Company’s business, results of operations, and financial condition could be materially and adversely affected.
The current filing adds a new risk factor about intense regulatory scrutiny, government investigations, and legal actions, including specific details about a U.S. court order preventing commissions and the Ninth Circuit's instruction to amend the injunction. This is a new disclosure not present in the baseline.
Added in current filing · verify on EDGAR →
Globally, several jurisdictions have adopted, or may in the future adopt, competition-related laws and regulations imposing wide-ranging obligations on technology companies and significant limitations on businesses, including the Company. For example, the Company has implemented changes to iOS, iPadOS, the App Store and Safari® in the EU as it seeks to comply with the DMA, including new business terms and alternative fee structures for iOS and iPadOS apps, alternative methods of distribution for iOS and iPadOS apps, alternative payment processing for apps across the Company’s operating systems, and additional tools and application programming interfaces for developers. In addition, the DMA imposes interoperability obligations on the Company requiring it to make certain of its technologies and features available to third-party products and services for free, which increases security and privacy risks, requires significant engineering resources, and can adversely affect the functionality, competitiveness, and user experience of the Company’s products. Interoperability and other requirements have in the past, and may in the future, cause the Company to not launch or maintain products, services and features, such as Siri AI, in certain jurisdictions. Any of these outcomes can have a negative impact on the Company’s competitive advantage and materially adversely affect its business, results of operations, financial condition and stock price.
The current filing adds a new risk factor about DMA compliance in the EU, including interoperability obligations that may prevent launching products like Siri AI in certain jurisdictions. This is a new disclosure not present in the baseline.
Added in current filing · verify on EDGAR →
Further, the Company has commercial relationships with other companies in the technology industry that are or may become subject to investigations and litigation that, if resolved against those other companies, could materially adversely affect the Company’s commercial relationships with those business partners and materially adversely affect the Company’s business, results of operations, financial condition and stock price. For example, the Company earns revenue from licensing arrangements with Google LLC (“Google”) and other companies to offer their search services on the Company’s platforms and applications, and certain of these arrangements are currently subject to government investigations and legal proceedings. On August 5, 2024, Google was found to have violated U.S. antitrust laws. In connection with this finding, on September 2, 2025, the U.S. District Court for the District of Columbia (“D.C. District Court”) ordered certain remedies. The court’s order is subject to further proceedings before the D.C. District Court, which may result in changes to the interpretation or application of the remedies ordered by the court, as well as new or changed remedies being ordered. The court’s order was appealed by both the DOJ and Google. A reversal of the order on appeal could result in imposition of certain remedies initially proposed by the DOJ, such as those prohibiting Google from offering the Company commercial terms for search distribution. If implemented, these remedies could materially adversely affect the Company’s ability to earn revenue from such licensing arrangements.
The current filing adds a new risk factor about revenue from Google search licensing arrangements and the potential impact of antitrust remedies, including the possibility that Google may be prohibited from offering commercial terms. This is a new disclosure not present in the baseline.
Added in current filing · verify on EDGAR →
The Company is subject to an increasing number of federal, state and international laws relating to the collection, use, retention, protection and transfer of various types of personal data. In many cases, these laws apply not only to third-party transactions, but also restrict transfers of personal data among the Company and its international subsidiaries. Several jurisdictions have passed laws in this area, and additional jurisdictions are considering imposing additional restrictions or have laws that are pending. For example, China has regulatory requirements relating to data processing and localization that govern the Company’s ability to collect, use, and transfer data in China, and could limit the Company’s ability to transfer data outside of China. These laws continue to develop and may be inconsistent from jurisdiction to jurisdiction. Complying with emerging and changing requirements causes the Company to incur substantial costs and has required and may in the future require the Company to change its business practices, including changes to the design of the Company’s products and services and limiting the Company’s ability to offer a product, service or feature to customers. Such changes in business practices can also otherwise adversely affect the experience for users of the Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor market acceptance, reduced demand for products and services, lower revenue, and lower profit margins. Noncompliance could result in suspension or revocation of business licenses, significant penalties and legal liability.
The current filing adds a new risk factor about increasing data privacy laws, including China's data localization requirements, and the potential costs and business changes required for compliance. This is a new disclosure not present in the baseline.
Added in current filing · verify on EDGAR →
The Company is also subject to new and changing laws, regulations and other legal obligations regarding online safety, including enhanced protections for minors and mandatory age verification requirements. These obligations can increase regulatory risks by requiring complex compliance measures and significant modifications to the Company’s products, services and operations, and may lead to operational disruptions, heightened privacy and data security risks, and increased costs, all of which can have a material adverse impact on the Company’s business, results of operations, financial condition and stock price. Failure to comply with such changing laws, regulations and other legal obligations can also result in significant penalties and fines, and legal liability.
The current filing adds a new risk factor about online safety laws, including enhanced protections for minors and mandatory age verification, and the associated compliance costs and risks. This is a new disclosure not present in the baseline.
Financial Statements
Primary statements as printed on the EDGAR filing (iXBRL face). Companyfacts is used only when a statement is not on the HTML face. Not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| Description | Three months ended June 27, 2026 | Three months ended June 28, 2025 | Nine months ended June 27, 2026 | Nine months ended June 28, 2025 |
|---|---|---|---|---|
| Net sales: | ||||
| Products | 78,678 | 66,613 | 272,629 | 233,287 |
| Services | 30,739 | 27,423 | 91,728 | 80,408 |
| Total net sales | 109,417 | 94,036 | 364,357 | 313,695 |
| Cost of sales: | ||||
| Products | 47,153 | 43,620 | 163,810 | 147,097 |
| Services | 7,494 | 6,698 | 21,765 | 19,738 |
| Total cost of sales | 54,647 | 50,318 | 185,575 | 166,835 |
| Gross margin | 54,770 | 43,718 | 178,782 | 146,860 |
| Operating expenses: | ||||
| Research and development | 11,729 | 8,866 | 34,035 | 25,684 |
| Selling, general and administrative | 7,346 | 6,650 | 22,315 | 20,553 |
| Total operating expenses | 19,075 | 15,516 | 56,350 | 46,237 |
| Operating income | 35,695 | 28,202 | 122,432 | 100,623 |
| Other income/(expense), net | 572 | (171) | 670 | (698) |
| Income before provision for income taxes | 36,267 | 28,031 | 123,102 | 99,925 |
| Provision for income taxes | 6,478 | 4,597 | 21,638 | 15,381 |
| Net income | 29,789 | 23,434 | 101,464 | 84,544 |
| Earnings per share: | ||||
| Basic | 2.03 | 1.57 | 6.91 | 5.64 |
| Diluted | 2.02 | 1.57 | 6.88 | 5.62 |
| Shares used in computing earnings per share: | ||||
| Basic | 14,656,110 | 14,902,886 | 14,692,515 | 14,992,898 |
| Diluted | 14,714,676 | 14,948,179 | 14,750,302 | 15,051,726 |
Condensed Consolidated Balance Sheets (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| Description | June 27, 2026 | September 27, 2025 |
|---|---|---|
| ASSETS: | ||
| Current assets: | ||
| Cash and cash equivalents | 39,544 | 35,934 |
| Marketable securities | 22,855 | 18,763 |
| Accounts receivable, net | 31,398 | 39,777 |
| Vendor non-trade receivables | 27,509 | 33,180 |
| Inventories | 11,092 | 5,718 |
| Other current assets | 17,420 | 14,585 |
| Total current assets | 149,818 | 147,957 |
| Non-current assets: | ||
| Marketable securities | 84,118 | 77,723 |
| Property, plant and equipment, net | 51,431 | 49,834 |
| Intangible assets, net | 20,342 | 11,093 |
| Other non-current assets | 77,557 | 72,634 |
| Total non-current assets | 233,448 | 211,284 |
| Total assets | 383,266 | 359,241 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||
| Current liabilities: | ||
| Accounts payable | 64,525 | 69,860 |
| Other current liabilities | 62,259 | 66,387 |
| Deferred revenue | 9,538 | 9,055 |
| Commercial paper | 1,997 | 7,979 |
| Term debt | 11,007 | 12,350 |
| Total current liabilities | 149,326 | 165,631 |
| Non-current liabilities: | ||
| Term debt | 71,340 | 78,328 |
| Other non-current liabilities | 55,080 | 41,549 |
| Total non-current liabilities | 126,420 | 119,877 |
| Total liabilities | 275,746 | 285,508 |
| Commitments and contingencies | ||
| Shareholders’ equity: | ||
| Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,608,963 and 14,773,260 shares issued and outstanding, respectively | 100,702 | 93,568 |
| Retained earnings/(Accumulated deficit) | 11,326 | (14,264) |
| Accumulated other comprehensive loss | (4,508) | (5,571) |
| Total shareholders’ equity | 107,520 | 73,733 |
| Total liabilities and shareholders’ equity | 383,266 | 359,241 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Nine months ended June 27, 2026 | Nine months ended June 28, 2025 |
|---|---|---|
| Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances | 35,934 | 29,943 |
| Operating activities: | ||
| Net income | 101,464 | 84,544 |
| Adjustments to reconcile net income to cash generated by operating activities: | ||
| Depreciation and amortization | 9,973 | 8,571 |
| Share-based compensation expense | 10,523 | 9,680 |
| Other | (2,037) | (1,748) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | 8,316 | 5,685 |
| Vendor non-trade receivables | 5,671 | 13,555 |
| Inventories | (5,461) | 1,223 |
| Other current and non-current assets | (16,266) | (6,116) |
| Accounts payable | (5,203) | (18,479) |
| Other current and non-current liabilities | 10,016 | (15,161) |
| Cash generated by operating activities | 116,996 | 81,754 |
| Investing activities: | ||
| Purchases of marketable securities | (48,752) | (17,591) |
| Proceeds from maturities of marketable securities | 26,504 | 35,036 |
| Proceeds from sales of marketable securities | 12,016 | 10,785 |
| Payments for acquisition of property, plant and equipment | (6,799) | (9,473) |
| Other | (1,780) | (975) |
| Cash generated by/(used in) investing activities | (18,811) | 17,782 |
| Financing activities: | ||
| Payments for taxes related to net share settlement of equity awards | (6,462) | (5,719) |
| Payments for dividends and dividend equivalents | (11,778) | (11,559) |
| Repurchases of common stock | (62,094) | (70,579) |
| Proceeds from issuance of term debt, net | — | 4,481 |
| Repayments of term debt | (8,146) | (9,682) |
| Repayments of commercial paper, net | (5,911) | (65) |
| Other | (184) | (87) |
| Cash used in financing activities | (94,575) | (93,210) |
| Increase in cash, cash equivalents, and restricted cash and cash equivalents | 3,610 | 6,326 |
| Cash, cash equivalents, and restricted cash and cash equivalents, ending balances | 39,544 | 36,269 |
| Supplemental cash flow disclosure: | ||
| Cash paid for income taxes, net | 26,555 | 37,332 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except number of shares, which are reflected in thousands, and per-share amounts); (In millions, except number of shares, which are reflected in thousands, and par value); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 12, 2026 · How we verify