AAPL · Apple Inc.

368 filings

AAPL SEC Filings

Apple Inc. - 368 total filings

Filing record · 2016–202610-K1010-Q338-K99

Showing 1–50 of 368 filings

Apple Inc. 8-K/A Report, Executive Changes (Sep 1, 2026)

Apple Inc. has filed an amendment to its previous 8-K filing, detailing new compensation arrangements for its CEO, John Ternus, and Executive Chair, Tim Cook, effective September 1, 2026. This filing confirms the transition plan and provides specific details on salary increases and equity awards for both executives. Investors should note the significant equity grants, particularly performance-based RSUs tied to total shareholder return, which align executive compensation with long-term company performance and shareholder value. The compensation adjustments reflect the new roles and responsibilities of Mr. Ternus as CEO and Mr. Cook as Executive Chair. The company is emphasizing performance-based incentives, with a substantial portion of future equity awards linked to Apple's relative performance against the S&P 500. This structure aims to ensure continued executive focus on driving shareholder returns and maintaining Apple's competitive position in the market.

Sep 1, 2026 10-Q

Apple Inc. Quarterly Report for Q3 Ended Jun 27, 2026

Apple Inc. reported strong financial results for the third quarter and the first nine months of fiscal year 2026, demonstrating robust growth across its product and services segments. Total net sales increased by 16% year-over-year for both periods, driven primarily by significant growth in iPhone sales, particularly the Pro models, and continued strength in Services, advertising, and cloud services. The company also saw notable expansion in its Europe and Greater China markets, with Europe up 22% and Greater China up 30% for the nine-month period, partially benefiting from favorable currency movements in Europe and Greater China. Profitability improved substantially, with gross margin increasing to 50.1% in the third quarter and 49.1% for the nine months, up from 46.5% and 46.8% respectively in the prior year. This improvement was attributed to a more favorable product mix, tariff refunds, and higher Services revenue, despite increased costs for certain components like memory. Research and Development expenses saw a significant increase of 33% for the nine-month period, reflecting investments in artificial intelligence and infrastructure. The company maintained a strong financial position, with substantial cash reserves and continued capital return programs, including significant share repurchases and dividend payments.

Jul 31, 2026 8-K

Apple Inc. 8-K Report, Financial Results (Jul 30, 2026)

Apple reported fiscal Q3 2026 (quarter ended June 27, 2026) revenue of $109.4 billion, up 16% year over year, with diluted EPS of $2.02, up 29%. Products revenue rose 18% to $78.7 billion, led by iPhone (+22%) and Mac (+29%), while Services grew 12% to $30.7 billion. Greater China grew 22%, and every geographic segment posted growth. Operating income rose about 27% to $35.7 billion, and net income rose 27% to $29.8 billion. Management described the result as the strongest June quarter on record for total revenue and EPS. Quality of earnings deserves scrutiny. Company gross margin of 50.1% included roughly 2 percentage points from tariff refunds, and EPS included $0.11 from the same source. Excluding these one-time benefits, underlying margin and EPS growth were somewhat lower than the headline figures. Operating expenses grew about 23%, with R&D up 32% to $11.7 billion, which points to continued heavy investment in AI features such as the new Siri announced at WWDC26. Balance sheet and cash flow were strong. Nine-month operating cash flow was $117.0 billion, up 43%, and capex fell to $6.8 billion. Cash and marketable securities reached about $146.5 billion, and total debt fell to about $84.3 billion, leaving net cash of roughly $62 billion versus about $34 billion a year earlier. Apple repurchased $62.1 billion of stock over nine months and paid $11.8 billion in dividends, and diluted share count declined about 1.6%. The board declared a quarterly dividend of $0.27 per share, payable August 13, 2026. Inventories nearly doubled to $11.1 billion, and intangible assets rose to $20.3 billion, which warrant monitoring.

Jul 30, 2026 10-Q

Apple Inc. Quarterly Report for Q2 Ended Mar 28, 2026

Apple Inc. reported robust financial results for the quarter ended March 28, 2026, demonstrating strong top-line growth and improved profitability. Total net sales increased by 17% year-over-year to $111.2 billion, driven by a significant 22% surge in iPhone sales and a healthy 16% increase in Services revenue. This growth was observed across most geographic segments, with Greater China showing particularly strong performance with a 28% increase in net sales. The company also saw a substantial improvement in gross margin, which rose to 49.3% from 47.1% in the prior year period, reflecting a favorable product mix and strong Services performance. Operating income grew by approximately 21% year-over-year, showcasing effective cost management despite increased R&D spending. Diluted earnings per share saw a corresponding increase to $2.01 from $1.65, underscoring the company's ability to translate sales growth into shareholder value. Apple continues its aggressive capital return program, repurchasing $11.0 billion in stock and raising its quarterly dividend, signaling confidence in its ongoing financial strength and future prospects.

May 1, 2026 8-K

Apple Inc. 8-K Report, Financial Results (Apr 30, 2026)

Apple reported fiscal Q2 2026 (quarter ended March 28, 2026) results that were strong across the board. Net sales rose 17% year over year to $111.2 billion, and diluted EPS rose 22% to $2.01. iPhone revenue grew about 22% to $57.0 billion, a March-quarter record, and Services grew about 16% to a record $31.0 billion. Greater China was the standout region, up about 28%, and every geographic segment grew double digits. Gross margin expanded about 220 basis points to 49.3%, driven by Products margin improvement (about 38.7% versus 35.9%) and a higher Services margin (about 76.7%). Operating income rose about 21% to $35.9 billion, and operating margin improved to about 32.3% from 31.0%. R&D spending grew about 34%, a notable step-up in investment. Cash generation was robust. Six-month operating cash flow was $82.6 billion, up from $53.9 billion, and capital expenditures fell to $4.3 billion from $6.0 billion, implying free cash flow of roughly $78 billion. Management used this cash for shareholder returns: the board raised the quarterly dividend 4% to $0.27 per share and authorized a new $100 billion buyback. Six-month repurchases were $37.0 billion, below the $49.5 billion of the prior-year period, so the pace of buybacks slowed even as cash flow grew. Net cash (cash plus marketable securities of about $146.6 billion, less roughly $84.7 billion of total debt) remained strong at about $62 billion. Several balance sheet items merit monitoring. Intangible assets, net, nearly doubled to $21.3 billion from $11.1 billion, and other non-current liabilities rose to $55.5 billion from $41.5 billion. The filing does not explain these changes, so investors should review the 10-Q for detail. Accounts payable declined to $57.3 billion from $69.9 billion, and vendor non-trade receivables fell, which affects working capital comparisons. Total shareholders' equity increased to $106.5 billion from $73.7 billion, largely reflecting retained earnings turning positive.

Apr 30, 2026 8-K

Apple Inc. 8-K Report, Executive Changes (Apr 20, 2026)

Apple Inc. (AAPL) has announced a significant leadership transition, with CEO Tim Cook stepping down from his executive role to become Executive Chair of the Board, effective September 1, 2026. This move marks the end of Cook's tenure as CEO, during which he oversaw substantial growth and innovation for the company. Concurrently, John Ternus, currently Senior Vice President of Hardware Engineering, will assume the position of Chief Executive Officer and join the Board, also effective September 1, 2026. This leadership change signals a new chapter for Apple, with Ternus, a long-time Apple employee with deep experience in hardware engineering and product development, set to lead the company into its next phase. Art Levinson, the current Chair, will transition to Lead Independent Director, ensuring continued experienced guidance. Investors should monitor how Ternus's leadership impacts Apple's strategic direction and product innovation, while Tim Cook's continued presence on the Board as Executive Chair is expected to provide valuable continuity and strategic oversight.

Apr 20, 2026 8-K

Apple Inc. 8-K Report, Shareholder Vote Results (Feb 24, 2026)

Apple Inc. (AAPL) held its 2026 Annual Meeting of Shareholders on February 24, 2026, with the primary purpose being the voting on several key corporate governance matters. The filing details the outcomes of these shareholder votes, providing insights into the confidence shareholders place in the company's leadership and strategic direction. The results indicate strong support for the incumbent board of directors, the ratification of the independent auditor, and the executive compensation plan, signaling continued confidence from the investor base in Apple's management and financial oversight. However, a notable outcome was the rejection of a shareholder proposal concerning a "China Entanglement Audit," suggesting that a significant portion of shareholders did not support this specific line of inquiry or action. The approval of the amended and restated Non-Employee Director Stock Plan also underscores a commitment to aligning director incentives with shareholder interests. Overall, the meeting's outcomes are largely favorable, reflecting shareholder endorsement of Apple's current governance and operational framework.

Feb 24, 2026 10-Q

Apple Inc. Quarterly Report for Q1 Ended Dec 27, 2025

Apple Inc. reported strong financial results for the first fiscal quarter of 2026, ending December 27, 2025. Total net sales grew 16% year-over-year to $143.76 billion, driven by a significant 23% increase in iPhone sales, particularly the Pro models, and a robust 14% growth in the Services segment. Profitability also saw substantial improvement, with net income rising 16% to $42.10 billion, leading to a diluted EPS of $2.84. The company demonstrated solid operational efficiency, with gross margin increasing to 48.2% from 46.9% in the prior year, benefiting from product mix and services growth, though partially offset by tariff costs. Apple continues its aggressive capital return program, repurchasing $25.0 billion of stock and paying $3.9 billion in dividends, underscoring its commitment to shareholder value.

Jan 30, 2026 8-K

Apple Inc. 8-K Report, Financial Results (Jan 29, 2026)

Apple reported fiscal Q1 2026 (quarter ended December 27, 2025) results that set new all-time records for total company revenue and diluted EPS. Net sales reached $143.8 billion, up 16% year over year from $124.3 billion, and diluted EPS was $2.84, up 19% from $2.40. Gross margin expanded to $69.2 billion from $58.3 billion, and operating income rose 19% to $50.9 billion. Net income grew to $42.1 billion from $36.3 billion. iPhone revenue of $85.3 billion (up about 23%) and Services revenue of $30.0 billion (up 14%) both hit all-time highs, and Greater China revenue rose roughly 38% to $25.5 billion, the strongest growth of any segment. Cash generation was strong, with operating cash flow of about $53.9 billion versus $29.9 billion a year earlier. Apple returned roughly $32 billion to shareholders through $24.7 billion in buybacks and $3.9 billion in dividends. Management also declared a quarterly dividend of $0.26 per share, payable February 12, 2026. Cash and marketable securities rose meaningfully, and shareholders' equity increased to $88.2 billion. Total term debt fell to about $88.5 billion and commercial paper dropped to $2.0 billion, reflecting continued deleveraging. Investors should note that the filing is a press release furnished under Item 2.02 and contains only unaudited figures. Several items warrant attention: other non-current assets and other non-current liabilities both grew sharply, and cash paid for income taxes fell to $3.4 billion from $18.7 billion, which management did not explain in the release. The company also cited an installed base of more than 2.5 billion active devices. The forward-looking statements caution that results may differ materially due to macroeconomic, trade, geopolitical, competitive, and regulatory risks. The release did not include forward revenue guidance, so investors will need the earnings call for outlook commentary.

Jan 29, 2026 8-K

Apple Inc. 8-K Report, Executive Changes (Jan 2, 2026)

Apple Inc. has announced a change in its Principal Accounting Officer role, appointing Ben Borders, effective January 1, 2026. Mr. Borders, who has been with Apple since 2010 and previously served as Director of Technical Accounting, will succeed Chris Kondo. This transition is part of Apple's previously communicated Principal Accounting Officer transition plan. Investors should note that this is an internal succession, and no disqualifying financial interests or familial relationships have been disclosed between Mr. Borders and the company or its executives, suggesting a smooth and orderly handover.

Jan 2, 2026 8-K

Apple Inc. 8-K Report, Executive Changes (Dec 5, 2025)

Apple Inc. has announced a significant leadership transition within its legal department. Effective March 1, 2026, Jennifer Newstead will assume the role of General Counsel, succeeding Kate Adams. Ms. Newstead's appointment marks a continuation of Apple's strategy to integrate experienced leadership into its executive team, as she will join Apple as a Senior Vice President in January 2026, reporting directly to CEO Tim Cook and becoming a member of the executive team prior to her official transition to General Counsel. This change comes as Kate Adams, who has held the position of General Counsel since 2017, will transition to oversee Apple's government affairs organization until her retirement in late 2026. Ms. Newstead will subsequently assume leadership of this area as well. Investors should note that Ms. Adams' continued involvement in government affairs suggests a commitment to maintaining stability and expertise in a critical area for Apple's global operations during this transition period.

Dec 5, 2025 10-K

Apple Inc. Annual Report, Year Ended Sep 27, 2025

Apple Inc. (AAPL) reported total net sales of $416.16 billion for the fiscal year ended September 27, 2025, representing a 6% increase over the prior year. This growth was primarily driven by a robust performance in the Services segment, which saw a 14% increase in net sales, and steady growth in iPhone sales, particularly the Pro models. The company's strategic focus on its Services division continues to yield strong results, diversifying its revenue streams beyond hardware. Despite overall growth, the company faced headwinds in the Greater China region, with net sales decreasing by 4%, primarily due to lower iPhone sales in that market. The Wearables, Home, and Accessories segment also experienced a 4% decline. Significant investments in Research and Development (R&D) and Selling, General, and Administrative (SG&A) expenses, both increasing by 10% and 6% respectively, underscore Apple's commitment to innovation and market expansion. The company's financial position remains strong, with substantial cash and cash equivalents, and it continues its capital return program through significant share repurchases and a growing dividend.

Oct 31, 2025 8-K

Apple Inc. 8-K Report, Financial Results (Oct 30, 2025)

Apple reported fiscal Q4 2025 (quarter ended September 27, 2025) revenue of $102.5 billion, up 8% year over year, marking September-quarter records for total revenue, iPhone revenue, and EPS, and an all-time record for Services. GAAP diluted EPS was $1.85, compared with $0.97 a year earlier. That prior-year figure included a one-time $10.2 billion income tax charge tied to the European State Aid decision. On an adjusted basis, prior-year EPS was $1.64, so the 13% growth Apple cites is measured against that adjusted base. Full-year fiscal 2025 revenue reached $416.2 billion (up about 6%), and GAAP net income rose about 19.5% to $112.0 billion. The quality of growth stood out. Services revenue rose about 15% to $28.75 billion, and its gross margin was roughly 75%, well above Products (about 36%). Consolidated gross margin expanded to about 47.2% from 46.2%, driven by the mix shift toward Services. Products growth was more modest, at about 5%, with iPhone up about 6% and Mac up about 13%. iPad was flat and Wearables, Home and Accessories was roughly flat. Operating income rose about 10% to $32.4 billion. Cash generation and capital returns were the main watch items. Operating cash flow declined about 6% for the full year to $111.5 billion, while capital expenditures rose about 35% to $12.7 billion, leaving free cash flow near $98.8 billion. Apple returned about $106 billion through buybacks ($90.7 billion) and dividends ($15.4 billion), which exceeded free cash flow. Net cash (cash and marketable securities less debt) fell to roughly $34 billion from about $50 billion a year earlier, and diluted share count continued to decline. The board declared a $0.26 quarterly dividend payable November 13, 2025.

Oct 30, 2025 10-Q

Apple Inc. Quarterly Report for Q3 Ended Jun 28, 2025

Apple Inc. reported strong financial results for the third quarter and nine months ended June 28, 2025, demonstrating robust top-line growth and improved profitability. Total net sales increased by 10% year-over-year in the third quarter to $94.0 billion, driven by significant growth in iPhone, Services, and Mac. For the nine-month period, total net sales grew 6% to $313.7 billion. Net income for the quarter rose to $23.4 billion, or $1.57 per diluted share, up from $21.4 billion, or $1.40 per diluted share, in the prior year period. The Services segment continues to be a strong performer, with net sales up 13% for both the quarter and year-to-date, highlighting its increasing contribution to overall revenue and profitability. The company also continued its aggressive capital return program, repurchasing $21.0 billion of stock and paying $3.9 billion in dividends during the quarter.

Aug 1, 2025 8-K

Apple Inc. 8-K Report, Financial Results (Jul 31, 2025)

Apple reported fiscal Q3 2025 (quarter ended June 28, 2025) results that beat the prior-year June quarter on the headline metrics. Net sales rose 9.6% year over year to $94.0 billion, and diluted EPS rose 12% to $1.57, helped by a 1.7% reduction in shares outstanding. Services revenue reached a new all-time high of $27.4 billion, up 13.3%, and iPhone revenue grew 13.4% to $44.6 billion. Gross margin widened slightly to 46.5% from 46.3%, with Services gross margin improving to roughly 75.6% from 74.0%, while product gross margin eased to about 34.5% from 35.3%. Operating income grew 11.2% to $28.2 billion. Management highlighted growth across all geographic segments and a record installed base of active devices. The nine-month picture is more mixed. Revenue grew 5.9% to $313.7 billion and net income rose 7.0% to $84.5 billion, but operating cash flow fell 10.6% to $81.8 billion. Cash taxes paid nearly doubled to $37.3 billion, and capital expenditures rose about 45% to $9.5 billion, which compressed free cash flow to roughly $72.3 billion from about $84.9 billion. Apple returned $70.6 billion through buybacks and $11.6 billion in dividends over the period. Net cash (cash and marketable securities less total debt) declined to roughly $31 billion from about $50 billion at fiscal year-end 2024, as Apple used cash for capital returns and reduced debt. Shareholders' equity increased to $65.8 billion from $57.0 billion, largely reflecting the net income and share-based compensation. The filing is a furnished press release under Item 2.02 and contains no formal guidance for the coming quarter. The declared quarterly dividend of $0.26 per share is payable August 14, 2025, to holders of record on August 11, 2025. Investors should watch the July 31 earnings call for management commentary on the September quarter, tariff and supply-chain costs, and the sustainability of iPhone and Services growth, as well as the sharp shift in cash taxes and capex.

Jul 31, 2025 8-K

Apple Inc. 8-K Report, Executive Changes (Jul 25, 2025)

Apple Inc. (AAPL) has officially announced the appointment of Sabih Khan as its new Chief Operating Officer (COO), effective July 25, 2025. This transition was part of a previously communicated COO succession plan. Mr. Khan, who has been with Apple since 1995, brings extensive operational experience to the role, having previously served as Senior Vice President of Operations and Vice President of Product Operations. He succeeds Jeff Williams in this critical executive position. Investors should view this as a carefully managed leadership transition, leveraging internal talent with a deep understanding of Apple's complex operations. Mr. Khan's long tenure and proven track record in operations suggest continuity and stability in the execution of Apple's product development and supply chain strategies. The company has confirmed standard executive agreements are in place, with no disclosed related-party transactions or family ties that would raise governance concerns.

Jul 25, 2025 8-K

Apple Inc. 8-K Report, Executive Changes (Jul 9, 2025)

Apple Inc. has announced a significant leadership transition within its executive team. Effective later this month, Jeff Williams will step down from his position as Chief Operating Officer, a role he has held for a substantial period. This move is part of a pre-determined succession plan, ensuring a smooth handover of responsibilities. Sabih Khan, currently the Senior Vice President of Operations, has been appointed to succeed Mr. Williams as the new COO. While stepping down as COO, Mr. Williams will not be leaving Apple entirely in the immediate term. He will continue to report directly to CEO Tim Cook and will focus on overseeing Apple's esteemed design team and the Apple Watch product line, in addition to leading the company's health initiatives. This allows Apple to leverage his expertise in critical areas. Following Mr. Williams' retirement later this year, the design team will report directly to Tim Cook, further centralizing this vital function under the CEO.

Jul 9, 2025 8-K

Apple Inc. 8-K Report, Corporate Update (May 12, 2025)

Apple Inc. (AAPL) has filed an 8-K report detailing the consummation of a significant debt offering. On May 12, 2025, the company successfully issued and sold a total of $4.5 billion in senior unsecured notes across four tranches with varying maturity dates and coupon rates. This issuance includes $1.5 billion in 4.000% Notes due 2028, $1 billion in 4.200% Notes due 2030, $1 billion in 4.500% Notes due 2032, and $1 billion in 4.750% Notes due 2035. The purpose of this filing is to inform investors about the completion of this financing activity. The notes are general senior unsecured obligations of Apple, ranking equally with its other unsecured and unsubordinated debt. The offering was conducted under Apple's existing Registration Statement on Form S-3, filed previously, and was facilitated through an underwriting agreement with a syndicate of prominent financial institutions, including Goldman Sachs & Co. LLC, Barclays Capital Inc., BofA Securities, Inc., and J.P. Morgan Securities LLC.

May 12, 2025 10-Q

Apple Inc. Quarterly Report for Q2 Ended Mar 29, 2025

Apple Inc. reported a solid performance for the second quarter and first six months of fiscal year 2025, demonstrating revenue growth driven primarily by its Services segment and strong sales in the Americas and Japan. Total net sales for the quarter reached $95.4 billion, a 5% increase year-over-year, with Services revenue growing 12% to $26.6 billion. The company also saw continued strength in iPhone sales, up 2% for the quarter, and significant growth in iPad sales, up 15%. Despite a decline in Greater China, where net sales were down 2% for the quarter and 7% for the year-to-date, overall global performance remained robust. Profitability also saw a healthy increase, with net income rising to $24.8 billion for the quarter, a 5% increase from the prior year, leading to diluted earnings per share of $1.65. The company's gross margin improved to 47.1% for the quarter, up from 46.6% in the prior year, largely due to strong performance in the Services segment. Apple continued its commitment to shareholder returns, repurchasing $48.3 billion of common stock in the first six months and announcing an additional $100 billion repurchase program alongside a dividend increase. The company anticipates these measures, along with strong operational cash flow, will be sufficient to meet its financial obligations and capital return plans.

May 2, 2025 8-K

Apple Inc. 8-K Report, Financial Results (May 1, 2025)

Apple reported fiscal Q2 2025 results (quarter ended March 29, 2025) with total net sales of $95.4 billion, up 5% year over year from $90.8 billion, and diluted EPS of $1.65, up 8% from $1.53. Services was the standout, reaching an all-time high of $26.6 billion, up roughly 12% year over year, with gross margin on Services at about 76% versus about 75% a year earlier. Products revenue rose about 3% to $68.7 billion, led by iPhone at $46.8 billion (up about 2%), while Mac, iPad, and Services grew and Wearables, Home and Accessories declined about 5%. Greater China was the notable weak spot, with sales down about 2% to $16.0 billion, while Japan and Rest of Asia Pacific grew strongly. Profitability improved, with operating income of $29.6 billion (up 6%) and net income of $24.8 billion (up 5%). Operating cash flow for the six-month period was $53.9 billion, down from $62.6 billion, largely due to a $15.6 billion outflow in other current and non-current liabilities and $6.0 billion in capex. Cash paid for income taxes rose sharply to $31.7 billion from $14.5 billion, a significant drag on cash generation that investors should monitor. Apple returned $29 billion to shareholders in the quarter, and the board raised the quarterly dividend 4% to $0.26 per share and authorized a new $100 billion repurchase program. Balance sheet liquidity declined, with total cash and marketable securities of roughly $133 billion at March 29, 2025, down from about $156 billion at fiscal year-end, while total term debt and commercial paper fell modestly. Shareholders' equity increased to $66.8 billion from $57.0 billion, and the share count fell to 14.94 billion from 15.12 billion, reflecting continued buybacks. Management highlighted record installed base growth across all product categories and geographic segments.

May 1, 2025 8-K

Apple Inc. 8-K Report, Shareholder Vote Results (Feb 25, 2025)

Apple Inc. held its 2025 Annual Meeting of Shareholders on February 25, 2025, with the primary outcomes being the election of directors, ratification of auditors, and approval of executive compensation. All director nominees were overwhelmingly approved, indicating strong shareholder confidence in the current leadership. The company's choice of Ernst & Young LLP as its independent auditor for fiscal year 2025 was also ratified, a standard procedure that reassures investors about financial transparency and oversight. Shareholders also provided advisory approval for the company's executive compensation structure. However, several shareholder proposals, including those related to AI data acquisition, child sex abuse material identification software, diversity, equity, and inclusion (DEI) efforts, and charitable giving, did not receive majority support. This indicates that while management's decisions on governance and compensation are broadly supported, there are differing views on specific social and ethical initiatives, a common theme in large-cap technology company shareholder meetings.

Feb 25, 2025 10-Q

Apple Inc. Quarterly Report for Q1 Ended Dec 28, 2024

Apple Inc.'s Q1 2025 earnings report (ending December 28, 2024) shows robust growth, driven primarily by a significant surge in Services revenue, which climbed 14% year-over-year to $26.34 billion. This offset a slight 1% decline in iPhone revenue, which totaled $69.14 billion. Overall net sales increased by 4% to $124.3 billion, demonstrating the company's ability to expand its revenue base beyond its flagship product. The company's profitability also saw a healthy improvement, with net income rising by 7% to $36.33 billion and diluted earnings per share increasing to $2.40 from $2.18 in the prior year period. This strong performance was supported by an expansion in the overall gross margin percentage to 46.9%, notably driven by a substantial 17% increase in Services gross margin. Apple continues its aggressive capital return program, repurchasing approximately $23.3 billion of its stock during the quarter, reflecting confidence in its financial position and commitment to shareholder value.

Jan 31, 2025 8-K

Apple Inc. 8-K Report, Financial Results (Jan 30, 2025)

Apple reported fiscal Q1 2025 (quarter ended December 28, 2024) revenue of $124.3 billion, up 4% year over year, and diluted EPS of $2.40, up 10%. Management described the quarter as the company's best ever for total revenue and EPS. Net income rose 7% to $36.3 billion, and gross margin widened to about 46.9% from 45.9%, driven by mix shift toward Services. Services revenue reached an all-time high of $26.3 billion, up 14%, while Products grew only about 2% to $98.0 billion. The quarter's weak spots were Greater China, where sales fell about 11% to $18.5 billion, and iPhone, which declined slightly to $69.1 billion. Operating cash flow fell 25% to $29.9 billion, mainly because cash paid for income taxes rose to $18.7 billion from $7.3 billion and other liabilities declined sharply. Apple also returned over $30 billion to shareholders, including $23.6 billion in buybacks and $3.9 billion in dividends, and reduced total debt and commercial paper. Investors will likely focus on whether Services growth and margin expansion can offset the China weakness and the cash flow decline.

Jan 30, 2025 8-K

Apple Inc. 8-K Report, Executive Changes (Jan 3, 2025)

Apple Inc. has announced a significant leadership change within its finance department, appointing Kevan Parekh as the new Senior Vice President and Chief Financial Officer, effective January 1, 2025. This transition was part of a previously disclosed CFO succession plan, with Mr. Parekh succeeding Luca Maestri. Mr. Parekh brings extensive experience to the role, having been with Apple since 2013 and holding key positions such as Vice President of Financial Planning and Analysis. His compensation package reflects the importance of his new role, including a base salary of $1 million, eligibility for the Executive Cash Incentive Plan, and substantial equity awards. Investors will be keen to monitor Mr. Parekh's leadership as he steps into this critical position. The details of his new compensation, particularly the performance-based restricted stock units tied to Apple's total shareholder return relative to the S&P 500, underscore the company's focus on long-term performance and shareholder value. The filing also confirms the absence of any related-party transactions or familial relationships that would require further disclosure, providing clarity on the appointment's governance aspects.

Jan 3, 2025 10-K

Apple Inc. Annual Report, Year Ended Sep 28, 2024

Apple Inc.'s 2024 10-K filing reveals a year of modest revenue growth, with total net sales increasing by 2% to $391 billion, primarily driven by a 13% surge in Services revenue. While iPhone sales remained flat year-over-year, the strong performance in Services, including advertising, App Store, and cloud services, helped offset softer sales in Wearables, Home, and Accessories, and a decline in iPad revenue. The company continues to invest heavily in research and development, signaling a commitment to innovation and future product pipelines, as evidenced by the introduction of Apple Intelligence and new hardware iterations. Despite macroeconomic headwinds and intense competition, Apple maintains a robust financial position, with substantial cash reserves and a commitment to returning capital to shareholders through dividends and share repurchases.

Nov 1, 2024 8-K

Apple Inc. 8-K Report, Financial Results (Oct 31, 2024)

Apple reported fiscal Q4 2024 (quarter ended September 28, 2024) revenue of $94.9 billion, up 6% year over year, with a September-quarter record for iPhone and an all-time high for Services revenue of $25.0 billion, up 12%. Gross margin expanded to roughly 46.2% from 45.2% a year earlier, and operating income rose about 10% to $29.6 billion. Management cited nearly $27 billion in quarterly operating cash flow and over $29 billion returned to shareholders. GAAP diluted EPS fell to $0.97 from $1.46, driven by a one-time net income tax charge of $10.2 billion tied to the European Court of Justice's reversal of the General Court's 2020 judgment on the EU State Aid decision, which reinstated the 2016 Commission ruling against Ireland. Excluding that charge, non-GAAP diluted EPS was $1.64, up 12% year over year. Investors should treat the non-GAAP figure as the better gauge of underlying operating performance, while recognizing that the $15.8 billion payable to Ireland was largely funded from escrowed restricted funds and that the net charge reflects partial offsets from a $4.8 billion U.S. foreign tax credit and an $823 million reduction in unrecognized tax benefits. For the full fiscal year 2024, revenue was $391.0 billion, up 2%, and non-GAAP diluted EPS was $6.75 versus $6.13 in fiscal 2023. The board declared a quarterly dividend of $0.25 per share, payable November 14, 2024 to holders of record on November 11, 2024. Greater China revenue was essentially flat year over year at $15.0 billion, a region to monitor. Management also highlighted the initial rollout of Apple Intelligence features and the iPhone 16 lineup as drivers heading into the holiday quarter.

Oct 31, 2024 8-K

Apple Inc. 8-K Report, Regulation FD Disclosure (Sep 10, 2024)

Apple Inc. (AAPL) has filed an 8-K report disclosing a significant development in its long-standing European tax dispute. The European Court of Justice (ECJ) has set aside a previous ruling and upheld the European Commission's 2016 decision, which claimed Ireland provided illegal state aid to Apple through favorable tax rulings. This ruling requires Apple to pay up to approximately $10 billion in back taxes for the period of June 2003 through December 2014. Investors should note that Apple expects to record this amount as a one-time income tax charge in its fourth fiscal quarter ending September 28, 2024. This charge will negatively impact the company's effective tax rate for that quarter. While this is a substantial figure, it is important to remember that the company has substantial cash reserves, and the report emphasizes that the information is preliminary, with final results potentially differing.

Sep 10, 2024 8-K

Apple Inc. 8-K Report, Executive Changes (Aug 26, 2024)

Apple Inc. has announced a significant leadership transition with Chief Financial Officer Luca Maestri set to step down from his role effective January 1, 2025. While Mr. Maestri is departing as CFO, he will remain with Apple, taking on leadership of critical Corporate Services teams, including information systems and technology, information security, and real estate and development, reporting directly to CEO Tim Cook. This move appears to be part of a well-planned succession strategy, ensuring continuity in key operational areas.

Aug 26, 2024 8-K

Apple Inc. 8-K Report, Bylaw Amendment (Aug 23, 2024)

Apple Inc. (AAPL) has filed an 8-K report on August 23, 2024, detailing amendments to its bylaws. The primary change involves the revision of procedural mechanics and disclosure requirements for shareholder nominations of directors and the submission of proposals for other business at shareholder meetings. These amendments aim to clarify the scope of information required from proposing shareholders and nominees, and include ministerial and conforming changes. While this filing does not concern financial performance or material operational updates, it is important for investors to understand the governance changes. The revised bylaws are effective as of August 20, 2024, and are intended to streamline the process and enhance transparency surrounding shareholder engagement in director nominations and proposal submissions. Investors interested in the specifics should refer to the full text of the Amended and Restated Bylaws.

Aug 23, 2024 10-Q

Apple Inc. Quarterly Report for Q3 Ended Jun 29, 2024

Apple Inc. reported strong financial results for the fiscal third quarter ending June 29, 2024, demonstrating revenue growth driven primarily by its Services segment and improved performance in key product categories like iPad. Total net sales increased by 5% year-over-year to $85.8 billion, with Services revenue showing a significant 14% uplift. While iPhone sales remained relatively flat, the company saw substantial growth in iPad sales, particularly in the current quarter. Gross margin improved significantly to 46.3% from 44.5% in the prior year period, reflecting increased Services profitability and cost efficiencies in products. Net income rose to $21.4 billion, a 7.9% increase compared to the same quarter last year. For the first nine months of fiscal 2024, total net sales grew 1% to $296.1 billion, again propelled by a 13% increase in Services revenue. The company continues to execute its capital return program, repurchasing $70.0 billion of common stock and paying $11.4 billion in dividends year-to-date. Despite ongoing legal and regulatory scrutiny, particularly concerning the Digital Markets Act in Europe and antitrust lawsuits in the U.S., Apple's financial performance remains robust, underscoring the resilience of its business model and the continued demand for its ecosystem of products and services.

Aug 2, 2024 8-K

Apple Inc. 8-K Report, Financial Results (Aug 1, 2024)

Apple reported fiscal Q3 2024 (quarter ended June 29, 2024) with total net sales of $85.8 billion, up 5% year over year, and diluted EPS of $1.40, up 11% from $1.26. Services revenue reached a new all-time high of $24.2 billion, up 14% year over year, and gross margin expanded to $39.7 billion (about 46.3% of sales) from $36.4 billion (about 44.5%). Operating income rose 10% to $25.4 billion, and net income grew 8% to $21.4 billion. Growth was driven by Services and iPad, partly offset by a 9% decline in Greater China revenue and a roughly flat iPhone line (down 1%). Cash generation remained strong, with nearly $29 billion of operating cash flow in the quarter and $91.4 billion for the nine months. Apple returned over $32 billion to shareholders in the quarter, including repurchases and dividends, and nine-month repurchases of $69.9 billion were the largest use of cash. Net cash and marketable securities remain substantial, though total debt is still elevated at about $101 billion. Total shareholders' equity rose to $66.7 billion as accumulated deficit and buybacks weighed on the balance sheet, and the active installed base reached a new all-time high in all geographic segments. Management highlighted the upcoming Apple Intelligence rollout as a key product initiative, and the board declared a quarterly dividend of $0.25 per share, payable August 15, 2024 to holders of record on August 12, 2024. This 8-K furnishes the earnings release under Item 2.02; the results are unaudited, and investors should watch the conference call for guidance and commentary on China demand and AI-driven product cycles.

Aug 1, 2024 10-Q

Apple Inc. Quarterly Report for Q2 Ended Mar 30, 2024

Apple Inc. reported total net sales of $90.75 billion for the second quarter of fiscal year 2024, a decrease of 4% compared to the prior year's quarter. This decline was primarily driven by a 10% drop in iPhone sales, which fell to $45.96 billion, and a 17% decrease in iPad sales. However, the Services segment continued its strong growth trajectory, increasing by 14% year-over-year to $23.87 billion, demonstrating its growing importance to Apple's overall revenue. Despite the overall revenue dip, Apple's profitability remained robust. Net income for the quarter was $23.64 billion, with diluted earnings per share at $1.53, flat compared to the prior year's quarter on a per-share basis due to a reduction in outstanding shares. The company also announced an increase in its quarterly cash dividend to $0.25 per share and authorized an additional $110 billion share repurchase program, signaling confidence in its financial strength and commitment to returning capital to shareholders. Apple's strong Services performance and ongoing capital return initiatives are key points for investors to consider.

May 3, 2024 8-K

Apple Inc. 8-K Report, Regulation FD Disclosure (May 3, 2024)

Apple's May 3, 2024 8-K furnishes (under Regulation FD, not deemed filed) court-required notices and settlement documents for a stockholder derivative litigation consolidated in the Northern District of California and parallel California state proceedings. The April 23, 2024 preliminary approval order from Judge Yvonne Gonzalez Rogers sets a July 16, 2024 Settlement Fairness Hearing. The case centers on allegations that Apple's board and officers breached fiduciary duties by allowing iOS updates that slowed aging iPhones without customer knowledge, and by making misleading statements about iPhone sales and Greater China demand. The filing involves no cash payment from Apple to shareholders; the only monetary term is a $6,000,000 attorneys' fee and expense amount for plaintiffs' counsel, paid by Apple (and potentially its insurers), with $5,000 service awards drawn from that amount. The core consideration is non-monetary corporate governance enhancements that Apple must adopt within 90 days of final approval and maintain for at least four years. These include Risk Oversight Committee review of product regulatory compliance and performance-related risks, a Chief Compliance Officer seat on that committee, a formal escalation protocol for battery-related performance reports, pre-release compliance review of iOS release notes touching performance management, consumer-facing battery health disclosures and education, and a written policy requiring Disclosure Committee co-chairs to review earnings call transcripts. The Board acknowledged these enhancements provide substantial benefits, and the defendants deny wrongdoing. For investors, the financial exposure is minimal, but the filing matters for governance and for the disclosure and product-quality oversight commitments. The settlement releases claims derivatively brought on Apple's behalf against the named individual defendants, including CEO Tim Cook, and dismisses the related California action and shareholder demand upon final judgment. It does not release direct securities class action claims in the separate Federal Securities Action, In re Apple Inc. Securities Litigation. Shareholders who held stock as of the notice date and continue to hold through July 16, 2024 may object by July 2, 2024, but no proof of claim is required.

May 3, 2024 8-K

Apple Inc. 8-K Report, Financial Results (May 2, 2024)

Apple's fiscal Q2 2024 results (quarter ended March 30, 2024) showed total net sales of $90.8 billion, down 4% year over year from $94.8 billion, and diluted EPS of $1.53, flat with the prior year's $1.52 rounded up from $1.52 to $1.53 on a per-share basis. The headline strength was Services, which reached a new all-time quarterly record of $23.9 billion, up roughly 14% year over year, and now offsets much of the softness in hardware. Products revenue fell about 10% to $66.9 billion, led by a roughly 10% decline in iPhone sales to $46.0 billion and a sharper drop in iPad (down about 17%). Gross margin dollars rose to $42.3 billion from $42.0 billion, and operating income was roughly flat at $27.9 billion, as the mix shift toward higher-margin Services helped offset lower product volumes. Capital return remained a central part of the story. Management authorized an additional $110 billion share repurchase program and raised the quarterly dividend 4% to $0.25 per share, payable May 16, 2024, marking the twelfth consecutive year of dividend increases. Six-month repurchases totaled $43.3 billion and dividends paid were $7.5 billion, both funded comfortably by $62.6 billion of operating cash flow. The balance sheet strengthened, with shareholders' equity rising to $74.2 billion from $62.1 billion and total cash plus marketable securities of roughly $162 billion against total debt of about $104 billion, though commercial paper and term debt both declined. Investors should weigh the Services growth and disciplined capital return against continued hardware revenue pressure, particularly in Greater China (down about 8%) and iPhone. The company launched Apple Vision Pro during the quarter and previewed an upcoming product announcement and WWDC, which management presented as future growth catalysts. Note that the filing itself is a press release furnished under Item 2.02, and the results are unaudited.

May 2, 2024 8-K

Apple Inc. 8-K Report, Shareholder Vote Results (Feb 28, 2024)

Apple Inc. filed an 8-K report on February 28, 2024, detailing the outcomes of its 2024 Annual Meeting of Shareholders held on the same day. The report primarily covers the voting results on various proposals, including the election of directors, ratification of the independent auditor, executive compensation, and several shareholder-proposed initiatives. Key outcomes indicate strong shareholder support for the incumbent board of directors and the company's auditor, Ernst & Young LLP. Furthermore, shareholders approved the advisory resolution on executive compensation. However, all shareholder proposals, which covered topics ranging from EEO policy risk, civil liberties, pay gaps, AI use, to privacy and human rights, were not approved by the majority of votes cast. This suggests that management's recommendations on these matters were largely followed by the shareholder base.

Feb 28, 2024 10-Q

Apple Inc. Quarterly Report for Q1 Ended Dec 30, 2023

Apple Inc. reported robust financial results for the first quarter of fiscal year 2024, ending December 30, 2023. Total net sales increased by 2% year-over-year to $119.58 billion, driven primarily by a 6% rise in iPhone sales and an 11% surge in Services revenue. This growth was partially offset by declines in iPad and Wearables, Home and Accessories sales. The company demonstrated strong profitability, with net income rising to $33.92 billion, a significant increase from $29.99 billion in the prior year's comparable quarter. Diluted earnings per share also saw a healthy increase to $2.18 from $1.88. Apple continued its aggressive capital return program, repurchasing approximately $20.5 billion of its common stock and paying out $3.8 billion in dividends, highlighting its commitment to shareholder value. Despite some regional sales softness, particularly in Greater China (-13%), the overall performance indicates resilience and continued demand for Apple's core products and growing Services segment. The company maintains a strong liquidity position, with substantial cash and marketable securities, and expresses confidence in its ability to meet future financial obligations and capital return commitments.

Feb 2, 2024 8-K

Apple Inc. 8-K Report, Financial Results (Feb 1, 2024)

Apple reported fiscal Q1 2024 (quarter ended December 30, 2023) with total net sales of $119.6 billion, up 2% year over year from $117.2 billion, and diluted EPS of $2.18, up 16% from $1.88. The top-line growth was driven by iPhone, which rose to $69.7 billion from $65.8 billion, and Services, which reached a record $23.1 billion, up roughly 11%. Management noted that the quarter contained 13 weeks versus 14 weeks in the prior-year period, so the underlying growth on a comparable-calendar basis was stronger than the headline figure suggests. Gross margin expanded to 45.9% from 42.97%, and operating income rose about 12% to $40.4 billion, indicating that margin expansion, not just revenue, drove the earnings improvement. Cash generation remained strong, with operating cash flow of $39.9 billion. Apple returned roughly $27 billion to shareholders during the quarter through $20.1 billion in buybacks and $3.8 billion in dividends, and it declared a quarterly dividend of $0.24 per share payable February 15, 2024. Balance sheet cash and marketable securities increased, and total shareholders' equity rose to $74.1 billion from $62.1 billion, reflecting retained earnings growth. Commercial paper and current term debt were also reduced, while total cash and marketable securities remained very large relative to debt. Weaker areas included Greater China revenue, which fell about 13% to $20.8 billion, and iPad and Wearables, Home and Accessories, which both declined year over year. Management also highlighted the launch of Apple Vision Pro and reported an installed base of active devices above 2.2 billion. Investors should weigh the strong profitability and capital returns against the revenue softness in Greater China and hardware categories and the 13-week comparison effect.

Feb 1, 2024 10-K

Apple Inc. Annual Report, Year Ended Sep 30, 2023

Apple Inc.'s 2023 10-K filing reveals a year of resilience amidst macroeconomic challenges, with total net sales decreasing by 3% to $383.3 billion. This slight decline was primarily attributed to unfavorable foreign currency movements, which more than offset the sales figures. Despite this, the Services segment demonstrated strong growth, increasing net sales by 9% to $85.2 billion, indicating a successful diversification strategy. The report highlights continued investment in Research and Development (R&D) and robust capital return programs, including substantial share repurchases and dividend increases. The company navigated competitive markets and supply chain complexities by emphasizing innovation and its strong ecosystem. Key product launches during the fiscal year, including the iPhone 15 series and new Mac models, underscore Apple's commitment to product refreshes. While acknowledging risks related to global economic conditions, geopolitical tensions, and intense competition, Apple maintains a strong liquidity position with substantial cash and marketable securities, positioning it to manage ongoing operational needs and capital allocation strategies.

Nov 3, 2023 8-K

Apple Inc. 8-K Report, Financial Results (Nov 2, 2023)

Apple reported fiscal Q4 2023 (quarter ended September 30, 2023) revenue of $89.5 billion, down about 1% year over year, and diluted EPS of $1.46, up 13%. The EPS gain came mainly from profitability and buybacks rather than sales growth. Gross margin expanded to roughly 45.2% from 42.3% a year earlier, and operating income rose about 8% to $27.0 billion. Net income was $23.0 billion, up about 11%. Products revenue fell about 5%, with Mac down about 34% and iPad down about 10%, while iPhone grew about 3% to a September-quarter record of $43.8 billion. Services was the standout. Revenue reached an all-time high of $22.3 billion, up about 16%, and services gross margin was about 71%, compared with roughly 37% for products. Services now make up about 25% of quarterly revenue, which supports the margin story and recurring-revenue narrative. Management also pointed to a record active installed base across all products and geographies, and to a product lineup it described as the strongest ever heading into the holiday season, including the iPhone 15 lineup. On a full-year basis, revenue declined about 3% to $383.3 billion and net income fell about 3% to $97.0 billion, while diluted EPS was roughly flat at $6.13. Capital returns remained large: about $77.6 billion in buybacks and $15.0 billion in dividends in fiscal 2023, with share count down about 2.5% year over year. Operating cash flow was $110.5 billion, and capital expenditures were $11.0 billion, leaving free cash flow near $99.6 billion. The company also declared a quarterly dividend of $0.24 per share, payable November 16, 2023. Investors should note that the financial statements in this exhibit are unaudited, and the release itself is a preliminary earnings disclosure.

Nov 2, 2023 10-Q

Apple Inc. Quarterly Report for Q3 Ended Jul 1, 2023

Apple Inc.'s (AAPL) fiscal third quarter report for the period ending June 30, 2023, showed resilient performance despite a 1% year-over-year decline in total net sales to $81.8 billion, primarily impacted by foreign currency headwinds and softer demand for certain products like iPad and Mac. However, the Services segment demonstrated strong growth, with an 8% increase in net sales to $21.2 billion, signaling continued momentum in recurring revenue streams. Diluted earnings per share rose to $1.26, up from $1.20 in the prior year's quarter, indicating improved profitability. The company continued its commitment to shareholder returns, repurchasing $18.0 billion of its common stock and paying $3.8 billion in dividends. Management highlighted the introduction of new products, including the 15-inch MacBook Air, Mac Studio, Mac Pro, and the upcoming Apple Vision Pro, alongside significant operating system updates, which are expected to drive future growth. Apple's strong cash position and ongoing operational cash flow provide confidence in its ability to meet financial obligations and capital return programs.

Aug 4, 2023 8-K

Apple Inc. 8-K Report, Financial Results (Aug 3, 2023)

Apple reported fiscal Q3 2023 (quarter ended July 1, 2023) revenue of $81.8 billion, down about 1% year over year, and diluted EPS of $1.26, up 5%, helped by a lower share count after continued buybacks. Net income rose 2% to $19.9 billion, and gross margin expanded to about 44.5% from 43.3%, driven by a higher mix of Services. Operating income was roughly flat at $23.0 billion, as R&D spending rose about 9% to $7.4 billion. Services was the bright spot, reaching a record $21.2 billion, up about 8% year over year, with management citing more than 1 billion paid subscriptions. Products revenue fell about 4% to $60.6 billion. iPhone declined about 2% to $39.7 billion, while iPad (down about 20%) and Mac (down about 7%) were weaker. Wearables, Home and Accessories grew about 2%. Geographically, Greater China (up about 8%) and Europe (up about 5%) grew, while the Americas (down about 6%) and Japan (down about 12%) declined. Cash generation remained strong, with operating cash flow of about $26 billion in the quarter and over $24 billion returned to shareholders. Net cash (cash and marketable securities of about $166.5 billion less about $109.3 billion of total debt and commercial paper) remained positive at roughly $57 billion as of July 1, 2023. The board declared a $0.24 per share quarterly dividend, payable August 17, 2023 to holders of record on August 14, 2023. This 8-K furnishes the earnings press release under Item 2.02 and does not itself contain new financial disclosures beyond Exhibit 99.1.

Aug 3, 2023 8-K

Apple Inc. 8-K Report, Corporate Update (May 10, 2023)

Apple Inc. (AAPL) filed an 8-K on May 9, 2023, to report on the consummation of a significant debt offering that closed on May 7, 2023. The company successfully issued and sold a total of $5.15 billion in senior unsecured notes across five different tranches with varying maturity dates and coupon rates. This debt issuance includes notes maturing in 2026, 2028, 2030, 2033, and 2053, with interest rates ranging from 4.000% to 4.850%. The proceeds from this offering are expected to be used for general corporate purposes.

May 10, 2023 10-Q

Apple Inc. Quarterly Report for Q3 Ended Apr 1, 2023

Apple Inc. reported net sales of $94.8 billion for the second quarter of fiscal year 2023, a decrease of 3% year-over-year, primarily driven by lower Mac sales, partially offset by growth in Services. The company's net income for the quarter was $24.2 billion, or $1.52 per diluted share, a slight decrease from the prior year's quarter. Despite the overall dip in sales, Services revenue demonstrated resilience, increasing by 5% year-over-year to $20.9 billion, highlighting the growing importance of this segment to Apple's overall financial performance. The company continued its aggressive capital return program, repurchasing $19.1 billion of common stock and paying $3.7 billion in dividends during the quarter. Looking ahead, Apple announced a $90 billion increase to its share repurchase program and a hike in its quarterly cash dividend to $0.24 per share. While facing macroeconomic headwinds and currency fluctuations, Apple's strong balance sheet and continued investment in R&D position it to navigate these challenges.

May 5, 2023 8-K

Apple Inc. 8-K Report, Financial Results (May 4, 2023)

Apple reported fiscal Q2 2023 results (quarter ended April 1, 2023) with net sales of $94.8 billion, down about 3% year over year, and diluted EPS of $1.52, flat from the prior year. Net income fell 3.4% to $24.2 billion and operating income declined 5.5% to $28.3 billion. Gross margin improved to 44.3% from 43.7%, driven by a higher mix of Services, which carries higher margins. Operating expenses rose 8.6%, led by a 17% increase in R&D to $7.5 billion, which partly offset the gross margin gain. The mix shift was the central theme. Services revenue reached an all-time record of $20.9 billion, up 5.5%. iPhone revenue rose 1.5% to $51.3 billion, a March-quarter record. Mac fell 31% to $7.2 billion, iPad fell 13% to $6.7 billion, and Wearables, Home and Accessories was roughly flat at $8.8 billion. By geography, Americas fell 7.6% and Greater China fell 2.9%, while Europe grew 2.8%. Management said year-over-year performance improved relative to the December quarter and cited an installed base of active devices at an all-time high. Capital return remained substantial. Operating cash flow was $28.6 billion for the quarter, and Apple returned over $23 billion to shareholders. The board authorized an additional $90 billion share repurchase program and raised the quarterly dividend 4% to $0.24 per share, the eleventh consecutive annual increase. Balance sheet data shows roughly $166 billion in cash and marketable securities against about $110 billion of debt, leaving net cash of roughly $57 billion. The filing is a furnished earnings release, and the forward-looking statements flag macroeconomic, supply chain, competitive, and regulatory risks.

May 4, 2023 8-K

Apple Inc. 8-K Report, Shareholder Vote Results (Mar 10, 2023)

Apple Inc. filed an 8-K on March 10, 2023, reporting the results of its 2023 Annual Meeting of Shareholders held on March 10, 2023. The primary focus of the filing is the voting outcomes on nine proposals presented to shareholders. All incumbent directors seeking re-election were overwhelmingly approved. Shareholders also ratified the appointment of Ernst & Young LLP as the independent registered public accounting firm for fiscal year 2023 and approved the advisory resolution on executive compensation. Significantly, the majority of shareholders voted for an annual advisory vote on executive compensation, aligning with the Board's recommendation. Several shareholder proposals, including those related to civil rights and non-discrimination audits, Communist China audits, board communication policies, racial and gender pay gaps, and shareholder proxy access amendments, were not approved by a majority of shareholders.

Mar 10, 2023 10-Q

Apple Inc. Quarterly Report for Q1 Ended Dec 31, 2022

Apple Inc. reported net sales of $117.15 billion for the quarter ended December 31, 2022, a decrease of 5% compared to the prior year's quarter. This decline was primarily driven by an 8% drop in iPhone sales ($65.78 billion) and a significant 29% decrease in Mac sales ($7.74 billion), impacted by macroeconomic factors like foreign currency fluctuations and supply chain disruptions related to COVID-19. Despite the overall revenue dip, the Services segment demonstrated resilience, growing 6% year-over-year to $20.77 billion, highlighting its increasing importance to Apple's business model. Gross margin also saw a slight decrease to 43.0% from 43.8% in the prior year. The company continued its robust capital return program, repurchasing $19 billion of its common stock and paying $3.8 billion in dividends. While facing some headwinds, Apple's strong Services growth and ongoing capital returns provide a degree of investor confidence.

Feb 3, 2023 8-K

Apple Inc. 8-K Report, Financial Results (Feb 2, 2023)

Apple reported fiscal Q1 2023 (quarter ended December 31, 2022) with net sales of $117.2 billion, down about 5% year over year (-5.5% on the reported figures). Diluted EPS was $1.88, down from $2.10, and net income fell about 13% to $30.0 billion. Gross margin narrowed to roughly 43.0% from 43.8%, and operating expenses rose about 12%, led by a 22% increase in R&D to $7.7 billion. Management cited a challenging macroeconomic environment and significant supply constraints, and said total company revenue grew on a constant-currency basis. The mix was uneven. Services hit an all-time quarterly record of $20.8 billion, up about 6%, and carried a higher gross margin than products. iPhone revenue declined about 8% to $65.8 billion and Mac fell about 29%, while iPad grew about 30%. Greater China (-7%) and Americas (-4%) were weaker, and Apple said its installed base surpassed 2 billion active devices. Operating cash flow was $34.0 billion, and capital expenditures were $3.8 billion, which implies free cash flow of about $30.2 billion. Capital returns remained substantial. Apple repurchased $19.5 billion of common stock and paid $3.8 billion in dividends, and the board declared a quarterly dividend of $0.23 per share, payable February 16, 2023. Total cash and marketable securities were roughly $166 billion at quarter end, and total debt declined as commercial paper and term debt were repaid. Investors should weigh the Services strength and cash generation against the hardware revenue and margin pressure this quarter.

Feb 2, 2023 8-K

Apple Inc. 8-K Report, Regulation FD Disclosure (Nov 7, 2022)

On November 6, 2022, Apple disclosed under Regulation FD (Item 7.01) that COVID-19 restrictions have temporarily reduced operations at its primary iPhone 14 Pro and iPhone 14 Pro Max assembly facility in Zhengzhou, China, which is now running at significantly reduced capacity. The company stated that demand for these models remains strong, but it now expects lower shipments of iPhone 14 Pro and iPhone 14 Pro Max than previously anticipated, and customers will face longer wait times for delivery. For investors, the key takeaway is a near-term supply constraint concentrated in Apple's highest-priced iPhone models during the important holiday quarter. The filing does not quantify the revenue impact, the expected unit shortfall, or the duration of the disruption, so the magnitude of the financial effect cannot be determined from the document alone. Apple said it is working with its supplier to restore normal production while prioritizing worker health and safety. The filing is a brief, qualitative update rather than a guidance revision with numbers. Investors should monitor subsequent Apple commentary, the next quarterly earnings report, and any changes to the Zhengzhou facility's output or to delivery lead times as indicators of how material the disruption proves to be.

Nov 7, 2022 10-K

Apple Inc. Annual Report, Year Ended Sep 24, 2022

Apple Inc.'s 2022 10-K filing reveals a company demonstrating robust growth and financial strength, despite operating in a challenging global economic environment. Net sales increased by 8% year-over-year to $394.3 billion, primarily driven by strong performance in iPhone, Services, and Mac segments. The Services segment, in particular, continued its upward trajectory, showing a 14% increase in net sales, underscoring Apple's successful diversification beyond hardware. The company maintained healthy gross margins, with a total gross margin of 43.3%, and a significant increase in operating income, reflecting effective cost management and operational efficiency. While Apple continues to innovate and introduce new products across its portfolio, the company acknowledges significant risks, including macroeconomic headwinds, supply chain disruptions, intense competition, and evolving regulatory landscapes globally. However, Apple's substantial cash reserves, ongoing share repurchase program, and dividend payments indicate a strong commitment to returning value to shareholders. The company's financial position remains solid, supported by diversified revenue streams and a focus on innovation, positioning it to navigate potential future challenges.

Oct 28, 2022 8-K

Apple Inc. 8-K Report, Financial Results (Oct 27, 2022)

Apple reported fiscal Q4 2022 results (quarter ended September 24, 2022) with record September-quarter revenue of $90.1 billion, up 8% year over year, and diluted EPS of $1.29, up 4%. Products revenue rose to $70.96 billion and Services reached a record $19.19 billion, up 5% year over year. Gross margin expanded to $38.1 billion, with operating income of $24.9 billion, up roughly 5%. Net income was $20.7 billion. For the full fiscal year 2022, revenue reached $394.3 billion (up 8%), diluted EPS was $6.11 (up 9%), and net income was $99.8 billion. iPhone was the largest category at $42.6 billion in the quarter, and the active installed base of devices reached an all-time high across all major product categories. Cash generation remained strong, with operating cash flow of $122.2 billion for the fiscal year, up from $104.0 billion. Apple returned substantial capital to shareholders, spending $89.4 billion on buybacks and $14.8 billion on dividends in the year. Management highlighted the company's ability to execute despite a volatile macroeconomic backdrop. The board declared a quarterly dividend of $0.23 per share, payable November 10, 2022. The balance sheet shows some pressure. Total shareholders' equity fell to $50.7 billion from $63.1 billion, driven by the large buybacks and a $11.1 billion accumulated other comprehensive loss. Commercial paper rose to $10.0 billion and total term debt was about $110.1 billion. Cash and marketable securities totaled roughly $168.1 billion, down from $190.5 billion a year earlier. Investors should weigh the strong earnings and cash flow against the decline in cash, the higher debt levels, and the shrinking equity base that results from aggressive capital returns.

Oct 27, 2022