Apple Inc. · Earnings release · 8-K Exhibit 99

EX-99.1 2 a8-kex991q4202509272025.htm EX-99.1 Document Exhibit 99.1 Apple reports fourth quarter results September quarter records for total company revenue, iPhone revenue and EPS Services revenue reaches new all-time high CUPERTINO, CALIFORNIA — Apple ® today announced financial results for its fiscal 2025 fourth quarter ended September 27, 2025. The Company posted quarterly revenue of $102.5 billion, up 8 percent year over year. Diluted earnings per share was $1.85, up 13 percent year over year on an adjusted basis. 1 "Today, T1Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and T2an all-time revenue record for Services," said Tim Cook, Apple's CEO.

"In September, T3we 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 T4the 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." "T5Our 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 T6thanks to our very high levels of customer satisfaction and loyalty, T7our T8installed base of active devices also reached a new all-time high across all product categories and geographic segments."

Apple's board of directors has declared a cash dividend of $0.26 per share of the Company's common stock. The dividend is payable on November 13, 2025, to shareholders of record as of the close of business on November 10, 2025. Apple will provide live streaming of its Q4 2025 financial results conference call beginning at 2:00 p.m. PT on October 30, 2025, at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter. Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders. 1.

Non-GAAP measure excluding the one-time income tax charge recognized during the fourth quarter of 2024 related to the impact of the reversal of the European General Court's State Aid decision. See the section titled "Reconciliation of 2024 Non-GAAP to GAAP Results of Operations" at the end of the accompanying financial statements. 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.

Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142 Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123 NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple's Media Helpline at media.help@apple.com. © 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners. 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  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  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  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.