《蘋果公司Apple Inc. （AAPL）2025財年第二季度財報「NASDAQ」（英文版）（29頁）.pdf》由會員分享，可在線閱讀，更多相關《蘋果公司Apple Inc. （AAPL）2025財年第二季度財報「NASDAQ」（英文版）（29頁）.pdf（29頁珍藏版）》請在三個皮匠報告上搜索。

1、UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549FORM 10-Q(Mark One)QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period ended March29,2025or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF

2、 1934For the transition period from to.Commission File Number:001-36743Apple Inc.(Exact name of Registrant as specified in its charter)California94-2404110(State or other jurisdictionof incorporation or organization)(I.R.S.Employer Identification No.)One Apple Park WayCupertino,California95014(Addre

3、ss of principal executive offices)(Zip Code)(408)996-1010(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading symbol(s)Name of each exchange on which registeredCommon Stock,$0.00001 par value per shareAAPLThe Nasdaq St

4、ock Market LLC0.000%Notes due 2025The Nasdaq Stock Market LLC0.875%Notes due 2025The Nasdaq Stock Market LLC1.625%Notes due 2026The Nasdaq Stock Market LLC2.000%Notes due 2027The Nasdaq Stock Market LLC1.375%Notes due 2029The Nasdaq Stock Market LLC3.050%Notes due 2029The Nasdaq Stock Market LLC0.50

5、0%Notes due 2031The Nasdaq Stock Market LLC3.600%Notes due 2042The Nasdaq Stock Market LLCIndicate by check mark whether the Registrant(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period

6、that the Registrant was required to file such reports),and(2)has been subject to such filing requirements for the past 90 days.YesNoIndicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(2

7、32.405 of this chapter)during the preceding 12 months(or for such shorter period that the Registrant was required to submit such files).YesNoIndicate by check mark whether the Registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerg

8、ing growth company.See the definitions of“large accelerated filer,”“accelerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth companyIf an emerging

9、 growth company,indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the Registrant is a shell company(a

10、s defined in Rule 12b-2 of the Exchange Act).YesNo14,935,826,000 shares of common stock were issued and outstanding as of April18,2025.Apple Inc.Form 10-QFor the Fiscal Quarter Ended March29,2025 TABLE OF CONTENTSPagePart IItem 1.Financial Statements1Item 2.Managements Discussion and Analysis of Fin

11、ancial Condition and Results of Operations12Item 3.Quantitative and Qualitative Disclosures About Market Risk18Item 4.Controls and Procedures18Part IIItem 1.Legal Proceedings19Item 1A.Risk Factors20Item 2.Unregistered Sales of Equity Securities and Use of Proceeds22Item 3.Defaults Upon Senior Securi

12、ties22Item 4.Mine Safety Disclosures22Item 5.Other Information22Item 6.Exhibits22PART I FINANCIAL INFORMATIONItem 1.Financial StatementsApple Inc.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)(In millions,except number of shares,which are reflected in thousands,and per-share amounts)Thre

13、e Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024Net sales:Products$68,714$66,886$166,674$163,344 Services 26,645 23,867 52,985 46,984 Total net sales 95,359 90,753 219,659 210,328 Cost of sales:Products 44,030 42,424 103,477 100,864 Services 6,462 6,058 13,040 12,33

14、8 Total cost of sales 50,492 48,482 116,517 113,202 Gross margin 44,867 42,271 103,142 97,126 Operating expenses:Research and development 8,550 7,903 16,818 15,599 Selling,general and administrative 6,728 6,468 13,903 13,254 Total operating expenses 15,278 14,371 30,721 28,853 Operating income 29,58

15、9 27,900 72,421 68,273 Other income/(expense),net(279)158 (527)108 Income before provision for income taxes 29,310 28,058 71,894 68,381 Provision for income taxes 4,530 4,422 10,784 10,829 Net income$24,780$23,636$61,110$57,552 Earnings per share:Basic$1.65$1.53$4.06$3.72 Diluted$1.65$1.53$4.05$3.71

16、 Shares used in computing earnings per share:Basic 14,994,082 15,405,856 15,037,903 15,457,810 Diluted 15,056,133 15,464,709 15,103,499 15,520,675 See accompanying Notes to Condensed Consolidated Financial Statements.Apple Inc.|Q2 2025 Form 10-Q|1Apple Inc.CONDENSED CONSOLIDATED STATEMENTS OF COMPRE

17、HENSIVE INCOME(Unaudited)(In millions)Three Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024Net income$24,780$23,636$61,110$57,552 Other comprehensive income/(loss):Change in foreign currency translation,net of tax 90 (322)(535)(14)Change in unrealized gains/losses on

18、 derivative instruments,net of tax:Change in fair value of derivative instruments(318)456 1,333 (75)Adjustment for net(gains)/losses realized and included in net income(628)232 156 (591)Total change in unrealized gains/losses on derivative instruments(946)688 1,489 (666)Change in unrealized gains/lo

19、sses on marketable debt securities,net of tax:Change in fair value of marketable debt securities 1,097 (7)(550)3,038 Adjustment for net(gains)/losses realized and included in net income 185 59 405 134 Total change in unrealized gains/losses on marketable debt securities 1,282 52 (145)3,172 Total oth

20、er comprehensive income 426 418 809 2,492 Total comprehensive income$25,206$24,054$61,919$60,044 See accompanying Notes to Condensed Consolidated Financial Statements.Apple Inc.|Q2 2025 Form 10-Q|2Apple Inc.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In millions,except number of shares,which ar

21、e reflected in thousands,and par value)March 29,2025September 28,2024ASSETS:Current assets:Cash and cash equivalents$28,162$29,943 Marketable securities 20,336 35,228 Accounts receivable,net 26,136 33,410 Vendor non-trade receivables 23,662 32,833 Inventories 6,269 7,286 Other current assets 14,109

22、14,287 Total current assets 118,674 152,987 Non-current assets:Marketable securities 84,424 91,479 Property,plant and equipment,net 46,876 45,680 Other non-current assets 81,259 74,834 Total non-current assets 212,559 211,993 Total assets$331,233$364,980 LIABILITIES AND SHAREHOLDERS EQUITY:Current l

23、iabilities:Accounts payable$54,126$68,960 Other current liabilities 61,849 78,304 Deferred revenue 8,976 8,249 Commercial paper 5,982 9,967 Term debt 13,638 10,912 Total current liabilities 144,571 176,392 Non-current liabilities:Term debt 78,566 85,750 Other non-current liabilities 41,300 45,888 To

24、tal non-current liabilities 119,866 131,638 Total liabilities 264,437 308,030 Commitments and contingenciesShareholders equity:Common stock and additional paid-in capital,$0.00001 par value:50,400,000 shares authorized;14,939,315 and 15,116,786 shares issued and outstanding,respectively 88,711 83,27

25、6 Accumulated deficit(15,552)(19,154)Accumulated other comprehensive loss(6,363)(7,172)Total shareholders equity 66,796 56,950 Total liabilities and shareholders equity$331,233$364,980 See accompanying Notes to Condensed Consolidated Financial Statements.Apple Inc.|Q2 2025 Form 10-Q|3Apple Inc.CONDE

26、NSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY(Unaudited)(In millions,except per-share amounts)Three Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024Total shareholders equity,beginning balances$66,758$74,100$56,950$62,146 Common stock and additional paid-in capit

27、al:Beginning balances 84,768 75,236 83,276 73,812 Common stock issued 825 752 825 752 Common stock withheld related to net share settlement of equity awards(206)(222)(2,097)(1,882)Share-based compensation 3,324 3,049 6,707 6,133 Ending balances 88,711 78,815 88,711 78,815 Retained earnings/(Accumula

28、ted deficit):Beginning balances(11,221)8,242 (19,154)(214)Net income 24,780 23,636 61,110 57,552 Dividends and dividend equivalents declared(3,794)(3,746)(7,613)(7,520)Common stock withheld related to net share settlement of equity awards(85)(71)(1,187)(1,089)Common stock repurchased(25,232)(23,722)

29、(48,708)(44,390)Ending balances(15,552)4,339 (15,552)4,339 Accumulated other comprehensive loss:Beginning balances(6,789)(9,378)(7,172)(11,452)Other comprehensive income 426 418 809 2,492 Ending balances(6,363)(8,960)(6,363)(8,960)Total shareholders equity,ending balances$66,796$74,194$66,796$74,194

30、 Dividends and dividend equivalents declared per share or RSU$0.25$0.24$0.50$0.48 See accompanying Notes to Condensed Consolidated Financial Statements.Apple Inc.|Q2 2025 Form 10-Q|4Apple Inc.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In millions)Six Months EndedMarch 29,2025March 30

31、,2024Cash,cash equivalents,and restricted cash and cash equivalents,beginning balances$29,943$30,737 Operating activities:Net income 61,110 57,552 Adjustments to reconcile net income to cash generated by operating activities:Depreciation and amortization 5,741 5,684 Share-based compensation expense

32、6,512 5,961 Other(2,217)(1,971)Changes in operating assets and liabilities:Accounts receivable,net 7,266 7,727 Vendor non-trade receivables 9,171 12,164 Inventories 858 53 Other current and non-current assets(4,371)(4,438)Accounts payable(14,604)(16,710)Other current and non-current liabilities(15,5

33、79)(3,437)Cash generated by operating activities 53,887 62,585 Investing activities:Purchases of marketable securities(12,442)(25,042)Proceeds from maturities of marketable securities 26,587 27,462 Proceeds from sales of marketable securities 5,210 4,314 Payments for acquisition of property,plant an

34、d equipment(6,011)(4,388)Other(635)(729)Cash generated by investing activities 12,709 1,617 Financing activities:Payments for taxes related to net share settlement of equity awards(3,205)(2,875)Payments for dividends and dividend equivalents(7,614)(7,535)Repurchases of common stock(49,504)(43,344)Re

35、payments of term debt(4,009)(3,150)Repayments of commercial paper,net(3,968)(3,982)Other(77)(132)Cash used in financing activities(68,377)(61,018)Increase/(Decrease)in cash,cash equivalents,and restricted cash and cash equivalents(1,781)3,184 Cash,cash equivalents,and restricted cash and cash equiva

36、lents,ending balances$28,162$33,921 Supplemental cash flow disclosure:Cash paid for income taxes,net$31,683$14,531 See accompanying Notes to Condensed Consolidated Financial Statements.Apple Inc.|Q2 2025 Form 10-Q|5Apple Inc.Notes to Condensed Consolidated Financial Statements(Unaudited)Note 1 Summa

37、ry of Significant Accounting PoliciesBasis of Presentation and PreparationThe condensed consolidated financial statements include the accounts of Apple Inc.and its wholly owned subsidiaries(collectively“Apple”or the“Company”).In the opinion of the Companys management,the condensed consolidated finan

38、cial statements reflect all adjustments,which are normal and recurring in nature,necessary for fair financial statement presentation.The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S.generally accepted accounting principles(“GAAP”)requ

39、ires the use of management estimates.These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Companys annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September

40、28,2024(the“2024 Form 10-K”).The Companys fiscal year is the 52-or 53-week period that ends on the last Saturday of September.An additional week is included in the first fiscal quarter every five or six years to realign the Companys fiscal quarters with calendar quarters.The Companys fiscal years 20

41、25 and 2024 span 52 weeks each.Unless otherwise stated,references to particular years,quarters,months and periods refer to the Companys fiscal years ended in September and the associated quarters,months and periods of those fiscal years.Note 2 RevenueThe following table shows disaggregated net sales

42、,as well as the portion of total net sales that was previously deferred,for the three-and six-month periods ended March 29,2025 and March30,2024(in millions):Three Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024iPhone$46,841$45,963$115,979$115,665 Mac 7,949 7,451 16,

43、936 15,231 iPad 6,402 5,559 14,490 12,582 Wearables,Home and Accessories 7,522 7,913 19,269 19,866 Services 26,645 23,867 52,985 46,984 Total net sales$95,359$90,753$219,659$210,328 Portion of total net sales that was included in deferred revenue as of the beginning of the period$3,672$3,282$5,440$5

44、,135 The Companys proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 10,“Segment Information and Geographic Data”for the three-and six-month periods ended March 29,2025 and March30,2024,except in Greater China,where iPhone revenue rep

45、resented a moderately higher proportion of net sales.As of March29,2025 and September28,2024,the Company had total deferred revenue of$13.6 billion and$12.8billion,respectively.As of March29,2025,the Company expects 66%of total deferred revenue to be realized in less than a year,24%within one-to-two

46、 years,9%within two-to-three years and 1%in greater than three years.Apple Inc.|Q2 2025 Form 10-Q|6Note 3 Earnings Per ShareThe following table shows the computation of basic and diluted earnings per share for the three-and six-month periods ended March 29,2025 and March 30,2024(net income in millio

47、ns and shares in thousands):Three Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024Numerator:Net income$24,780$23,636$61,110$57,552 Denominator:Weighted-average basic shares outstanding 14,994,082 15,405,856 15,037,903 15,457,810 Effect of dilutive share-based awards 6

48、2,051 58,853 65,596 62,865 Weighted-average diluted shares 15,056,133 15,464,709 15,103,499 15,520,675 Basic earnings per share$1.65$1.53$4.06$3.72 Diluted earnings per share$1.65$1.53$4.05$3.71 Note 4 Financial InstrumentsCash,Cash Equivalents and Marketable SecuritiesThe following tables show the

49、Companys cash,cash equivalents and marketable securities by significant investment category as of March29,2025 and September28,2024(in millions):March 29,2025AdjustedCostUnrealizedGainsUnrealizedLossesFairValueCash andCashEquivalentsCurrentMarketableSecuritiesNon-CurrentMarketableSecuritiesCash$25,0

50、61$25,061$25,061$Level 1:Money market funds 1,132 1,132 1,132 Mutual funds 612 81 (11)682 682 Subtotal 1,744 81 (11)1,814 1,132 682 Level 2(1):U.S.Treasury securities 14,509 24 (445)14,088 124 4,088 9,876 U.S.agency securities 4,889 (233)4,656 66 2,004 2,586 Non-U.S.government securities 6,351 29 (6

51、25)5,755 529 5,226 Certificates of deposit and time deposits 1,744 1,744 1,731 13 Commercial paper 2 2 2 Corporate debt securities 55,743 121 (1,672)54,192 48 12,412 41,732 Municipal securities 303 (5)298 170 128 Mortgage-and asset-backed securities 26,742 121 (1,551)25,312 449 24,863 Subtotal 110,2

52、83 295 (4,531)106,047 1,969 19,654 84,424 Total$137,088$376$(4,542)$132,922$28,162$20,336$84,424 Apple Inc.|Q2 2025 Form 10-Q|7September 28,2024AdjustedCostUnrealizedGainsUnrealizedLossesFairValueCash andCashEquivalentsCurrentMarketableSecuritiesNon-CurrentMarketableSecuritiesCash$27,199$27,199$27,1

53、99$Level 1:Money market funds 778 778 778 Mutual funds 515 105 (3)617 617 Subtotal 1,293 105 (3)1,395 778 617 Level 2(1):U.S.Treasury securities 16,150 45 (516)15,679 212 4,087 11,380 U.S.agency securities 5,431 (272)5,159 155 703 4,301 Non-U.S.government securities 17,959 93 (484)17,568 1,158 10,81

54、0 5,600 Certificates of deposit and time deposits 873 873 387 478 8 Commercial paper 1,066 1,066 28 1,038 Corporate debt securities 65,622 270 (1,953)63,939 26 16,027 47,886 Municipal securities 412 (7)405 190 215 Mortgage-and asset-backed securities 24,595 175 (1,403)23,367 1,278 22,089 Subtotal 13

55、2,108 583 (4,635)128,056 1,966 34,611 91,479 Total(2)(3)$160,600$688$(4,638)$156,650$29,943$35,228$91,479(1)The valuation techniques used to measure the fair values of the Companys Level 2 financial instruments,which generally have counterparties with high credit ratings,are based on quoted market p

56、rices or model-driven valuations using significant inputs derived from or corroborated by observable market data.(2)As of September28,2024,cash and cash equivalents included$2.6billion held in escrow and restricted from general use.These restricted cash and cash equivalents were designated to settle

57、 the Companys obligation related to the 2016 European Commission(the“Commission”)decision that Ireland granted state aid to the Company(the“State Aid Decision”),which was confirmed during the fourth quarter of 2024 by the European Court of Justice in a reversal of the 2020 judgment of the European G

58、eneral Court.(3)As of September28,2024,current marketable securities included$13.2 billion held in escrow and restricted from general use.These restricted marketable securities were designated to settle the Companys obligation related to the State Aid Decision.As of March29,2025,83%of the Companys n

59、on-current marketable debt securities other than mortgage-and asset-backed securities had maturities between 1 and 5 years,13%between 5 and 10 years,and 4%greater than 10 years.As of March29,2025,13%of the Companys non-current mortgage-and asset-backed securities had maturities between 1 and 5 years

60、,10%between 5 and 10 years,and 77%greater than 10 years.Derivative Instruments and HedgingThe Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk.However,the Company may choose not to hedge certain exposures for a variety of rea

61、sons,including accounting considerations or the prohibitive economic cost of hedging particular exposures.There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates.Foreign Exchange Rate RiskTo protect g

62、ross margins from fluctuations in foreign exchange rates,the Company may use forwards,options or other instruments,and may designate these instruments as cash flow hedges.The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases

63、,typically for up to 12 months.To protect the Companys foreign currencydenominated term debt or marketable securities from fluctuations in foreign exchange rates,the Company may use forwards,cross-currency swaps or other instruments.The Company designates these instruments as either cash flow or fai

64、r value hedges.As of March29,2025,the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debtrelated foreign currency transactions is 17 years.The Company may also use derivative instruments that are not designated as accounting hed

65、ges to protect gross margins from certain fluctuations in foreign exchange rates,as well as to offset a portion of the foreign currency gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.Apple Inc.|Q2 2025 Form 10-Q|8Interest Ra

66、te RiskTo protect the Companys term debt or marketable securities from fluctuations in interest rates,the Company may use interest rate swaps,options or other instruments.The Company designates these instruments as either cash flow or fair value hedges.The notional amounts of the Companys outstandin

67、g derivative instruments as of March29,2025 and September28,2024 were as follows(in millions):March 29,2025September 28,2024Derivative instruments designated as accounting hedges:Foreign exchange contracts$68,533$64,069 Interest rate contracts$14,575$14,575 Derivative instruments not designated as a

68、ccounting hedges:Foreign exchange contracts$68,388$91,493 As of March29,2025 and September28,2024,the carrying amount of the Companys current and non-current term debt subject to fair value hedges was$13.4 billion and$13.5 billion,respectively.Accounts ReceivableTrade ReceivablesThe Companys third-p

69、arty cellular network carriers accounted for 37%and 38%of total trade receivables as of March29,2025 and September28,2024,respectively.The Company requires third-party credit support or collateral from certain customers to limit credit risk.Vendor Non-Trade ReceivablesThe Company has non-trade recei

70、vables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company.The Company purchases these components directly from suppliers.The Company does not reflect the sale of these components in

71、 products net sales.Rather,the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company.As of March29,2025,the Company had two vendors that individually represented 10%or more of total vendor non-trade receivables,whi

72、ch accounted for 49%and 19%.As of September28,2024,the Company had two vendors that individually represented 10%or more of total vendor non-trade receivables,which accounted for 44%and 23%.Note 5 Condensed Consolidated Financial Statement DetailsThe following tables show the Companys condensed conso

73、lidated financial statement details as of March 29,2025 and September28,2024(in millions):InventoriesMarch 29,2025September 28,2024Components$2,673$3,627 Finished goods 3,596 3,659 Total inventories$6,269$7,286 Property,Plant and Equipment,NetMarch 29,2025September 28,2024Gross property,plant and eq

74、uipment$121,179$119,128 Accumulated depreciation(74,303)(73,448)Total property,plant and equipment,net$46,876$45,680 Apple Inc.|Q2 2025 Form 10-Q|9Note 6 DebtCommercial PaperThe Company issues unsecured short-term promissory notes pursuant to a commercial paper program.The Company uses net proceeds

75、from the commercial paper program for general corporate purposes,including dividends and share repurchases.As of March29,2025 and September28,2024,the Company had$6.0 billion and$10.0 billion of commercial paper outstanding,respectively.Term DebtAs of March29,2025 and September28,2024,the Company ha

76、d outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of$92.2 billion and$96.7 billion,respectively(collectively the“Notes”).As of March29,2025 and September28,2024,the fair value of the Companys Notes,based on Level 2 inputs,was$80.9 billion and$88.4 billion,respec

77、tively.Note 7 Shareholders EquityShare Repurchase ProgramDuring the six months ended March29,2025,the Company repurchased 208 million shares of its common stock for$48.3 billion.The Companys share repurchase program does not obligate the Company to acquire a minimum amount of shares.Under the progra

78、m,shares may be repurchased in privately negotiated or open market transactions,including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934,as amended(the“Exchange Act”).Note 8 Share-Based CompensationRestricted Stock UnitsA summary of the Companys RSU activity and rel

79、ated information for the six months ended March29,2025 is as follows:Number ofRSUs(in thousands)Weighted-AverageGrant-Date FairValue Per RSUBalance as of September 28,2024 163,326$158.73 RSUs granted 63,378$228.10 RSUs vested(39,177)$148.90 RSUs canceled(4,181)$177.54 Balance as of March 29,2025 183

80、,346$184.38 The total vesting-date fair value of RSUs was$906 million and$9.3 billion for the three-and six-month periods ended March 29,2025,respectively,and was$821 million and$8.6 billion for the three-and six-month periods ended March 30,2024,respectively.Share-Based CompensationThe following ta

81、ble shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three-and six-month periods ended March 29,2025 and March 30,2024(in millions):Three Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,20

82、25March 30,2024Share-based compensation expense$3,226$2,964$6,512$5,961 Income tax benefit related to share-based compensation expense$(743)$(663)$(2,075)$(1,898)As of March29,2025,the total unrecognized compensation cost related to outstanding RSUs was$26.3 billion,which the Company expects to reco

83、gnize over a weighted-average period of 2.7 years.Apple Inc.|Q2 2025 Form 10-Q|10Note 9 ContingenciesThe Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved.The outcome of litigation is inherently uncert

84、ain.In the opinion of management,there was not at least a reasonable possibility the Company may have incurred a material loss,or a material loss greater than a recorded accrual,concerning loss contingencies for asserted legal and other claims.Note 10 Segment Information and Geographic DataThe follo

85、wing table shows information by reportable segment for the three-and six-month periods ended March 29,2025 and March 30,2024(in millions):Three Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024Americas:Net sales$40,315$37,273$92,963$87,703 Operating income$16,774$15,07

86、4$38,283$35,431 Europe:Net sales$24,454$24,123$58,315$54,520 Operating income$10,316$9,991$24,923$22,702 Greater China:Net sales$16,002$16,372$34,515$37,191 Operating income$6,626$6,700$14,786$15,322 Japan:Net sales$7,298$6,262$16,285$14,029 Operating income$3,434$3,135$7,748$6,954 Rest of Asia Paci

87、fic:Net sales$7,290$6,723$17,581$16,885 Operating income$2,986$2,806$7,570$7,385 A reconciliation of the Companys segment operating income to the Condensed Consolidated Statements of Operations for the three-and six-month periods ended March 29,2025 and March 30,2024 is as follows(in millions):Three

88、 Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024Segment operating income$40,136$37,706$93,310$87,794 Research and development expense(8,550)(7,903)(16,818)(15,599)Other corporate expenses,net(1,997)(1,903)(4,071)(3,922)Total operating income$29,589$27,900$72,421$68,2

89、73 Apple Inc.|Q2 2025 Form 10-Q|11Item 2.Managements Discussion and Analysis of Financial Condition and Results of OperationsThis Item and other sections of this Quarterly Report on Form 10-Q(“Form 10-Q”)contain forward-looking statements,within the meaning of the Private Securities Litigation Refor

90、m Act of 1995,that involve risks and uncertainties.Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact.For example,statements in this Form 10-Q regarding the po

91、tential future impact of macroeconomic conditions and tariffs and other trade measures on the Companys business and results of operations are forward-looking statements.Forward-looking statements can also be identified by words such as“future,”“anticipates,”“believes,”“estimates,”“expects,”“intends,

92、”“plans,”“predicts,”“will,”“would,”“could,”“can,”“may,”and similar terms.Forward-looking statements are not guarantees of future performance and the Companys actual results may differ significantly from the results discussed in the forward-looking statements.Factors that might cause such differences

93、 include,but are not limited to,those discussed in Part I,Item 1A of the 2024 Form 10-K and Part II,Item 1A of this Form 10-Q,in each case under the heading“Risk Factors.”The Company assumes no obligation to revise or update any forward-looking statements for any reason,except as required by law.Unl

94、ess otherwise stated,all information presented herein is based on the Companys fiscal calendar,and references to particular years,quarters,months or periods refer to the Companys fiscal years ended in September and the associated quarters,months and periods of those fiscal years.The following discus

95、sion should be read in conjunction with the 2024 Form 10-K filed with the U.S.Securities and Exchange Commission(the“SEC”)and the condensed consolidated financial statements and accompanying notes included in Part I,Item 1 of this Form 10-Q.Available InformationThe Company periodically provides cert

96、ain information for investors on its corporate website,and its investor relations website,.This includes press releases and other information about financial performance,information on corporate governance,and details related to the Companys annual meeting of shareholders.The information contained o

97、n the websites referenced in this Form 10-Q is not incorporated by reference into this filing.Further,the Companys references to website URLs are intended to be inactive textual references only.Business Seasonality and Product IntroductionsThe Company has historically experienced higher net sales in

98、 its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand.Additionally,new product and service introductions can significantly impact net sales,cost of sales and operating expenses.The timing of product introductions can also impact the Companys net sale

99、s to its indirect distribution channels as these channels are filled with new inventory following a product launch,and channel inventory of an older product often declines as the launch of a newer product approaches.Net sales can also be affected when consumers and distributors anticipate a product

100、introduction.During the second quarter of 2025,the Company announced the following new or updated products:iPhone 16eiPad AiriPadMacBook AirMac StudioMacroeconomic ConditionsMacroeconomic conditions,including inflation,interest rates and currency fluctuations,have directly and indirectly impacted,an

101、d could in the future materially impact,the Companys results of operations and financial condition.Apple Inc.|Q2 2025 Form 10-Q|12Tariffs and Other Trade MeasuresBeginning in the second quarter of 2025,new tariffs were announced on imports to the U.S.(“U.S.Tariffs”),including additional tariffs on i

102、mports from China,India,Japan,South Korea,Taiwan,Vietnam and the European Union(“EU”),among others.In response,several countries have imposed,or threatened to impose,reciprocal tariffs on imports from the U.S.and other retaliatory measures.Various modifications and delays to the U.S.Tariffs have bee

103、n announced and further changes are expected to be made in the future,which may include additional sector-based tariffs or other measures.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,

104、imports of semiconductors,semiconductor manufacturing equipment,and their derivative products,including downstream products that contain semiconductors.Tariffs and other measures that are applied to the Companys products or their components can have a material adverse impact on the Companys business

105、,results of operations and financial condition,including impacting the Companys supply chain,the availability of rare earths and other raw materials and components,pricing and gross margin.The ultimate impact remains uncertain and will depend on several factors,including whether additional or increm

106、ental U.S.Tariffs or other measures are announced or imposed,to what extent other countries implement tariffs or other retaliatory measures in response,and the overall magnitude and duration of these measures.Trade and other international disputes can have an adverse impact on the overall macroecono

107、mic environment and result in shifts and reductions in consumer spending and negative consumer sentiment for the Companys products and services,all of which can further adversely affect the Companys business and results of operations.Segment Operating PerformanceThe following table shows net sales b

108、y reportable segment for the three-and six-month periods ended March 29,2025 and March30,2024(dollars in millions):Three Months EndedSix Months EndedMarch 29,2025March 30,2024ChangeMarch 29,2025March 30,2024ChangeAmericas$40,315$37,273 8%$92,963$87,703 6%Europe 24,454 24,123 1%58,315 54,520 7%Greate

109、r China 16,002 16,372 (2)%34,515 37,191 (7)%Japan 7,298 6,262 17%16,285 14,029 16%Rest of Asia Pacific 7,290 6,723 8%17,581 16,885 4%Total net sales$95,359$90,753 5%$219,659$210,328 4%AmericasAmericas net sales increased during the second quarter and first six months of 2025 compared to the same per

110、iods in 2024 due primarily to higher net sales of iPhone and Services.The weakness in foreign currencies relative to the U.S.dollar had an unfavorable year-over-year impact on Americas net sales during the second quarter and first six months of 2025.EuropeEurope net sales were relatively flat during

111、 the second quarter of 2025 compared to the second quarter of 2024.Year-over-year Europe net sales increased during the first six months of 2025 due primarily to higher net sales of Services,Mac and iPad.The weakness in foreign currencies relative to the U.S.dollar had a net unfavorable year-over-ye

112、ar impact on Europe net sales during the second quarter of 2025.Greater ChinaGreater China net sales decreased during the first six months of 2025 compared to the same period in 2024 due to lower net sales of iPhone.The weakness in the renminbi relative to the U.S.dollar had an unfavorable year-over

113、-year impact on Greater China net sales during the second quarter of 2025.JapanJapan net sales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due primarily to higher net sales of iPhone and Services.The weakness in the yen relative to the U.S.do

114、llar had an unfavorable year-over-year impact on Japan net sales during the second quarter and first six months of 2025.Apple Inc.|Q2 2025 Form 10-Q|13Rest of Asia PacificRest of Asia Pacific net sales increased during the second quarter of 2025 compared to the second quarter of 2024 due primarily t

115、o higher net sales of Services and iPhone.Year-over-year Rest of Asia Pacific net sales increased during the first six months of 2025 due primarily to higher net sales of Services.Changes in foreign currencies relative to the U.S.dollar had a net unfavorable year-over-year impact on Rest of Asia Pac

116、ific net sales during the second quarter of 2025,while they had a net favorable impact during the first six months of 2025.Products and Services PerformanceThe following table shows net sales by category for the three-and six-month periods ended March 29,2025 and March30,2024(dollars in millions):Th

117、ree Months EndedSix Months EndedMarch 29,2025March 30,2024ChangeMarch 29,2025March 30,2024ChangeiPhone$46,841$45,963 2%$115,979$115,665%Mac 7,949 7,451 7%16,936 15,231 11%iPad 6,402 5,559 15%14,490 12,582 15%Wearables,Home and Accessories 7,522 7,913 (5)%19,269 19,866 (3)%Services 26,645 23,867 12%5

118、2,985 46,984 13%Total net sales$95,359$90,753 5%$219,659$210,328 4%iPhoneiPhone net sales increased during the second quarter of 2025 compared to the second quarter of 2024 due primarily to higher net sales of Pro models.Year-over-year iPhone net sales were relatively flat during the first six month

119、s of 2025.MacMac net sales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due primarily to higher net sales of both laptops and desktops.iPadiPad net sales increased during the second quarter and first six months of 2025 compared to the same per

120、iods in 2024 due primarily to higher net sales of iPad Air.Wearables,Home and AccessoriesWearables,Home and Accessories net sales decreased during the second quarter and first six months of 2025 compared to the same periods in 2024 due primarily to lower net sales of Wearables.ServicesServices net s

121、ales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due primarily to higher net sales from advertising,the App Store and cloud services.Apple Inc.|Q2 2025 Form 10-Q|14Gross MarginProducts and Services gross margin and gross margin percentage for

122、 the three-and six-month periods ended March 29,2025 and March30,2024 were as follows(dollars in millions):Three Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024Gross margin:Products$24,684$24,462$63,197$62,480 Services 20,183 17,809 39,945 34,646 Total gross margin$4

123、4,867$42,271$103,142$97,126 Gross margin percentage:Products 35.9%36.6%37.9%38.3%Services 75.7%74.6%75.4%73.7%Total gross margin percentage 47.1%46.6%47.0%46.2%Products Gross MarginProducts gross margin was relatively flat during the second quarter of 2025 compared to the second quarter of 2024.Year

124、-over-year Products gross margin increased during the first six months of 2025 due primarily to favorable costs,partially offset by a different mix of products and weakness in foreign currencies relative to the U.S.dollar.Products gross margin percentage decreased during the second quarter and first

125、 six months of 2025 compared to the same periods in 2024 due primarily to a different mix of products and weakness in foreign currencies relative to the U.S.dollar,partially offset by favorable costs.Services Gross MarginServices gross margin increased during the second quarter and first six months

126、of 2025 compared to the same periods in 2024 due primarily to higher Services net sales.Services gross margin percentage increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due primarily to a different mix of services,partially offset by higher Servi

127、ces costs and weakness in foreign currencies relative to the U.S.dollar.The Companys future gross margins can be impacted by a variety of factors,as discussed in Part I,Item 1A of the 2024 Form 10-K and Part II,Item 1A of this Form 10-Q,in each case under the heading“Risk Factors.”As a result,the Co

128、mpany believes,in general,gross margins will be subject to volatility and downward pressure.Apple Inc.|Q2 2025 Form 10-Q|15Operating ExpensesOperating expenses for the three-and six-month periods ended March 29,2025 and March30,2024 were as follows(dollars in millions):Three Months EndedSix Months E

129、ndedMarch 29,2025March 30,2024March 29,2025March 30,2024Research and development$8,550$7,903$16,818$15,599 Percentage of total net sales 9%9%8%7%Selling,general and administrative$6,728$6,468$13,903$13,254 Percentage of total net sales 7%7%6%6%Total operating expenses$15,278$14,371$30,721$28,853 Per

130、centage of total net sales 16%16%14%14%Research and DevelopmentThe growth in research and development expense during the second quarter and first six months of 2025 compared to the same periods in 2024 was driven primarily by increases in headcount-related expenses and infrastructure-related costs.S

131、elling,General and AdministrativeThe growth in selling,general and administrative expense during the second quarter of 2025 compared to the second quarter of 2024 was driven primarily by increases in professional services and headcount-related expenses.Year-over-year selling,general and administrati

132、ve expense increased during the first six months of 2025 due primarily to increases in variable selling expenses,headcount-related expenses and professional services.Provision for Income TaxesProvision for income taxes,effective tax rate and statutory federal income tax rate for the three-and six-mo

133、nth periods ended March 29,2025 and March30,2024 were as follows(dollars in millions):Three Months EndedSix Months EndedMarch 29,2025March 30,2024March 29,2025March 30,2024Provision for income taxes$4,530$4,422$10,784$10,829 Effective tax rate 15.5%15.8%15.0%15.8%Statutory federal income tax rate 21

134、%21%21%21%The Companys effective tax rate for the second quarter of 2025 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on foreign earnings,including the impact of changes in unrecognized tax benefits,partially offset by state income taxes.The Compan

135、ys effective tax rate for the first six months of 2025 was lower than the statutory federal income tax rate due primarily to a lower effective tax rate on foreign earnings,including the impact of changes in unrecognized tax benefits,tax benefits from share-based compensation,the impact of foreign cu

136、rrency loss regulations issued by the U.S.Department of the Treasury in December 2024,and the tax impact from foreign currency revaluations related to the State Aid Decision.The Companys effective tax rate for the second quarter of 2025 was lower compared to the second quarter of 2024 due primarily

137、to the impact of changes in unrecognized tax benefits,partially offset by a higher effective tax rate on foreign earnings.The Companys effective tax rate for the first six months of 2025 was lower compared to the same period in 2024 due primarily to the impact of changes in unrecognized tax benefits

138、,the impact of foreign currency loss regulations issued by the U.S.Department of the Treasury in December 2024,and the tax impact from foreign currency revaluations related to the State Aid Decision,partially offset by a higher effective tax rate on foreign earnings.Apple Inc.|Q2 2025 Form 10-Q|16Li

139、quidity and Capital ResourcesThe Company believes its balances of cash,cash equivalents and marketable securities,along with cash generated by ongoing operations and continued access to debt markets,will be sufficient to satisfy its cash requirements and capital return program over the next 12 month

140、s and beyond.The Companys contractual cash requirements have not changed materially since the 2024 Form 10-K,except for manufacturing purchase obligations and the State Aid Decision tax payable.Manufacturing Purchase ObligationsThe Company utilizes several outsourcing partners to manufacture subasse

141、mblies for the Companys products and to perform final assembly and testing of finished products.The Company also obtains individual components for its products from a wide variety of individual suppliers.As of March29,2025,the Company had manufacturing purchase obligations of$38.4 billion,which were

142、 payable within 12 months.State Aid Decision Tax PayableDuring the first six months of 2025,the Company released from escrow 14.2billion or$15.4 billion to Ireland in connection with the State Aid Decision,which fully settled the obligation.Capital Return ProgramIn addition to its contractual cash r

143、equirements,the Company has an authorized share repurchase program,under which the remaining availability was$40.8 billion as of March29,2025.On May1,2025,the Company announced the Board of Directors had authorized an additional program to repurchase up to$100 billion of the Companys common stock.Th

144、e programs do not obligate the Company to acquire a minimum amount of shares.On May1,2025,the Company also announced the Board of Directors raised the Companys quarterly cash dividend from$0.25 to$0.26 per share,beginning with the dividend to be paid during the third quarter of 2025.The Company inte

145、nds to increase its dividend on an annual basis,subject to declaration by the Board of Directors.During the second quarter of 2025,the Company repurchased$25.0 billion of its common stock and paid dividends and dividend equivalents of$3.8 billion.Recent Accounting PronouncementsDisaggregation of Inc

146、ome Statement ExpensesIn November 2024,the Financial Accounting Standards Board(the“FASB”)issued Accounting Standards Update(“ASU”)No.2024-03,Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures(Subtopic 220-40):Disaggregation of Income Statement Expenses(“ASU 2024-03”)an

147、d in January 2025,the FASB issued ASU No.2025-01,Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures(Subtopic 220-40):Clarifying the Effective Date,which clarified the effective date of ASU 2024-03.ASU 2024-03 will require the Company to disclose the amounts of purchases

148、 of inventory,employee compensation,depreciation and intangible asset amortization,as applicable,included in certain expense captions in the Consolidated Statements of Operations,as well as qualitatively describe remaining amounts included in those captions.ASU 2024-03 will also require the Company

149、to disclose both the amount and the Companys definition of selling expenses.The Company will adopt ASU 2024-03 in its fourth quarter of 2028 using a prospective transition method.Income TaxesIn December 2023,the FASB issued ASU No.2023-09,Income Taxes(Topic 740):Improvements to Income Tax Disclosure

150、s(“ASU 2023-09”),which will require the Company to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold.ASU 2023-09 will also require the Company to disaggregate its income taxes pa

151、id disclosure by federal,state and foreign taxes,with further disaggregation required for significant individual jurisdictions.The Company will adopt ASU 2023-09 in its fourth quarter of 2026 using a prospective transition method.Apple Inc.|Q2 2025 Form 10-Q|17Segment ReportingIn November 2023,the F

152、ASB 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 Companys chief operating decision maker(“CODM”).In addition,ASU 2023-07

153、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 m

154、ethod.Critical Accounting EstimatesThe preparation of financial statements and related disclosures in conformity with GAAP and the Companys discussion and analysis of its financial condition and operating results require the Companys management to make judgments,assumptions and estimates that affect

155、 the amounts reported.Note 1,“Summary of Significant Accounting Policies”of the Notes to Condensed Consolidated Financial Statements in Part I,Item 1 of this Form 10-Q and in the Notes to Consolidated Financial Statements in Part II,Item 8 of the 2024 Form 10-K describe the significant accounting po

156、licies and methods used in the preparation of the Companys condensed consolidated financial statements.There have been no material changes to the Companys critical accounting estimates since the 2024 Form 10-K.Item 3.Quantitative and Qualitative Disclosures About Market RiskThere have been no materi

157、al changes to the Companys market risk during the first six months of 2025.For a discussion of the Companys exposure to market risk,refer to the Companys market risk disclosures set forth in Part II,Item 7A,“Quantitative and Qualitative Disclosures About Market Risk”of the 2024 Form 10-K.Item 4.Cont

158、rols and ProceduresEvaluation of Disclosure Controls and ProceduresBased on an evaluation under the supervision and with the participation of the Companys management,the Companys principal executive officer and principal financial officer have concluded that the Companys disclosure controls and proc

159、edures as defined in Rules 13a-15(e)and 15d-15(e)under the Exchange Act were effective as of March29,2025 to provide reasonable assurance that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is(i)recorded,processed,summarized and reporte

160、d within the time periods specified in the SEC rules and forms and(ii)accumulated and communicated to the Companys management,including its principal executive officer and principal financial officer,as appropriate to allow timely decisions regarding required disclosure.Changes in Internal Control o

161、ver Financial ReportingThere were no changes in the Companys internal control over financial reporting during the second quarter of 2025,which were identified in connection with managements evaluation required by paragraph(d)of Rules 13a-15 and 15d-15 under the Exchange Act,that have materially affe

162、cted,or are reasonably likely to materially affect,the Companys internal control over financial reporting.Apple Inc.|Q2 2025 Form 10-Q|18PART II OTHER INFORMATIONItem 1.Legal ProceedingsDigital Markets Act InvestigationsOn March 25,2024,the Commission announced that it had opened two formal noncompl

163、iance investigations against the Company under the EU Digital Markets Act(the“DMA”).The Commissions investigations concerned(1)Article 5(4)of the DMA,which relates to how developers may communicate and promote offers to end users for apps distributed through the App Store as well as how developers m

164、ay conclude contracts with those end users(the“Article 5(4)Investigation”);and(2)Article 6(3)of the DMA,which relates to default settings,uninstallation of apps,and a web browser choice screen on iOS(the“Article 6(3)Investigation”).On June 24,2024,the Commission announced that it had opened a third

165、formal investigation against the Company regarding whether the Companys new contractual requirements for third-party app developers and app marketplaces may violate the DMA(the“Article 6(4)Investigation”).On April 23,2025,the Commission fined the Company 500 million in the Article 5(4)Investigation

166、and issued a cease and desist order requiring the Company to remove technical and commercial restrictions that prevent developers from steering users to alternative distribution channels outside the App Store.The Company plans to appeal the Commissions Article 5(4)decision.Unless a stay is granted,a

167、ny order by the Commission is effective while an appeal is pending.Also on April 23,2025,the Commission closed the Article 6(3)Investigation without imposing a fine and issued preliminary findings in the Article 6(4)Investigation.If the Commission makes a final determination in the Article 6(4)Inves

168、tigation that there has been a violation,it can issue a cease and desist order and may impose fines up to 10%of the Companys annual worldwide net sales.The Commission may also seek to impose additional fines if it deems that the Company has violated a cease and desist order.The Company believes that

169、 it complies with the DMA and has continued to make changes to its compliance plan in response to feedback and engagement with the Commission.Department of Justice LawsuitOn March 21,2024,the U.S.Department of Justice(the“DOJ”)and a number of state and district attorneys general filed a civil antitr

170、ust lawsuit in the U.S.District Court for the District of New Jersey against the Company alleging monopolization or attempted monopolization in the markets for“performance smartphones”and“smartphones”in violation of U.S.antitrust laws.The DOJ is seeking equitable relief to redress the alleged antico

171、mpetitive behavior.In addition,various civil litigation matters have been filed in state and federal courts in the U.S.alleging similar violations of U.S.antitrust laws and seeking monetary damages and other nonmonetary relief.The Company believes it has substantial defenses and intends to vigorousl

172、y defend itself.Epic GamesEpic Games,Inc.(“Epic”)filed a lawsuit in the U.S.District Court for the Northern District of California(the“California District Court”)against the Company alleging violations of federal and state antitrust laws and Californias unfair competition law based upon the Companys

173、 operation of its App Store.The California District Court found that certain provisions of the Companys App Review Guidelines violate Californias unfair competition law and issued an injunction(the“2021 Injunction”)enjoining the Company from prohibiting developers from including in their apps button

174、s,external links,or other calls to action that direct customers to purchasing mechanisms other than the Companys in-app purchase system.The 2021 Injunction applies to apps on the U.S.storefronts of the iOS and iPadOS App Stores.On January 16,2024,the Company implemented a plan to comply with the 202

175、1 Injunction and filed a statement of compliance with the California District Court.On September 30,2024,the Company filed a motion with the California District Court to narrow or vacate the 2021 Injunction.On April 30,2025,the California District Court found the Company to be in violation of the 20

176、21 Injunction and enjoined the Company from imposing any commission or any fee on purchases that consumers make outside an app;restricting,conditioning,limiting,or prohibiting how developers guide consumers to purchases outside an app;or otherwise interfering with a consumers choice to proceed in or

177、 out of an app.The California District Court also denied the Companys 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 continu

178、e to vigorously defend its actions and employees,including by appealing the California District Courts most recent decision.Other Legal ProceedingsThe Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business.Th

179、e Company settled certain matters during the second quarter of 2025 that did not individually or in the aggregate have a material impact on the Companys financial condition or operating results.The outcome of litigation is inherently uncertain.If one or more legal matters were resolved against the C

180、ompany in a reporting period for amounts above managements expectations,the Companys financial condition and operating results for that reporting period could be materially adversely affected.Apple Inc.|Q2 2025 Form 10-Q|19Item 1A.Risk FactorsThe Companys business,reputation,results of operations,fi

181、nancial condition and stock price can be affected by a number of factors,whether currently known or unknown,including those described in Part I,Item 1A of the 2024 Form 10-K and Part II,Item 1A of the Form 10-Q for the quarter ended December 28,2024(the“first quarter 2025 Form 10-Q”),in each case un

182、der the heading“Risk Factors.”When any one or more of these risks materialize from time to time,the Companys business,reputation,results of operations,financial condition and stock price can be materially and adversely affected.Except for the risk factors set forth below and those disclosed in Part

183、II,Item 1A of the first quarter 2025 Form 10-Q,which are hereby incorporated by reference into this Part II,Item 1A of this Form 10-Q,there have been no material changes to the Companys risk factors since the 2024 Form 10-K.The Companys business can be impacted by political events,trade and other in

184、ternational disputes,geopolitical tensions,conflict,terrorism,natural disasters,public health issues,industrial accidents and other business interruptions.Political events,trade and other international disputes,geopolitical tensions,conflict,terrorism,natural disasters,public health issues,industria

185、l accidents and other business interruptions can have a material adverse effect on the Company and its customers,employees,suppliers,contract manufacturers,logistics providers,distributors,cellular network carriers and other channel partners.The Company has a large,global business with sales outside

186、 the U.S.representing a majority of the Companys total net sales,and the Company believes that it generally benefits from growth in international trade.A significant majority of the Companys manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland,In

187、dia,Japan,South Korea,Taiwan and Vietnam,in addition to sourcing from partners and facilities located in the U.S.Restrictions on international trade,such as tariffs and other controls on imports or exports of goods,technology or data,can materially adversely affect the Companys business and supply c

188、hain.The impact can be particularly significant if these restrictive measures apply to countries and regions where the Company derives a significant portion of its revenues and/or has significant supply chain operations.Restrictive measures can increase the cost of the Companys products and the comp

189、onents and rare earths and other raw materials that go into them or affect the availability of such components and rare earths and other raw materials,and can require the Company to take various actions,including changing suppliers,restructuring business relationships and operations,ceasing to offer

190、 and distribute affected products,services and third-party applications to its customers,and increasing the prices of its products and services.Changing the Companys business and supply chain in accordance with new or changed restrictions on international trade can be expensive,time-consuming and di

191、sruptive to the Companys business and results of operations.Trade and other international disputes can also have an adverse impact on the overall macroeconomic environment and result in shifts and reductions in consumer spending and negative consumer sentiment for the Companys products and services,

192、all of which can further adversely affect the Companys business and results of operations.Such restrictions can be announced with little or no advance notice,which can create uncertainty,and the Company may not be able to effectively mitigate any or all adverse impacts from such measures.Beginning i

193、n the second quarter of 2025,new U.S.Tariffs were announced,including additional tariffs on imports from China,India,Japan,South Korea,Taiwan,Vietnam and the EU,among others.In response,several countries have imposed,or threatened to impose,reciprocal tariffs on imports from the U.S.and other retali

194、atory measures.Various modifications and delays to the U.S.Tariffs have been announced and further changes are expected to be made in the future,which may include additional sector-based tariffs or other measures.For example,the U.S.Department of Commerce has initiated an investigation under Section

195、 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.The ultimate impact remains uncertain and will depend on several factors,

196、including whether additional or incremental U.S.Tariffs or other measures are announced or imposed,to what extent other countries implement tariffs or other retaliatory measures in response,and the overall magnitude and duration of these measures.If disputes and conflicts further escalate,actions by

197、 governments in response could be significantly more severe and restrictive.Any of the foregoing could materially adversely affect the Companys business,results of operations,financial condition and stock price.Many of the Companys operations and facilities,as well as critical business operations of

198、 the Companys suppliers and contract manufacturers,are in locations that are prone to earthquakes and other natural disasters.Global climate change is resulting in certain types of natural disasters and extreme weather occurring more frequently or with more intense effects.In addition,the Companys a

199、nd its suppliers operations and facilities are subject to the risk of interruption by fire,power shortages,nuclear power plant accidents and other industrial accidents,terrorist attacks and other hostile acts,ransomware and other cybersecurity attacks,labor disputes,public health issues and other ev

200、ents beyond the Companys control.For example,global supply chains can be highly concentrated and geopolitical tensions or conflict could result in significant disruptions.Such events can make it difficult or impossible for the Company to manufacture and deliver products to its customers,create delay

201、s and inefficiencies in the Companys supply and manufacturing chain,result in slowdowns and outages to the Companys service offerings,increase the Companys costs,and negatively impact consumer spending and demand in affected areas.Apple Inc.|Q2 2025 Form 10-Q|20The Companys operations are also subje

202、ct to the risks of industrial accidents at its suppliers and contract manufacturers.While the Companys suppliers are required to maintain safe working environments and operations,an industrial accident could occur and could result in serious injuries or loss of life,disruption to the Companys busine

203、ss,and harm to the Companys reputation.Major public health issues,including pandemics such as the COVID-19 pandemic,have adversely affected,and could in the future materially adversely affect,the Company due to their impact on the global economy and demand for consumer products;the imposition of pro

204、tective public safety measures,such as stringent employee travel restrictions and limitations on freight services and the movement of products between regions;and disruptions in the Companys operations,supply chain and sales and distribution channels,resulting in interruptions to the supply of curre

205、nt products and offering of existing services,and delays in production ramps of new products and development of new services.Following any interruption to its business,the Company can require substantial recovery time,experience significant expenditures to resume operations,and lose significant sale

206、s.Because the Company relies on single or limited sources for the supply and manufacture of many critical components,a business interruption affecting such sources would exacerbate any negative consequences to the Company.While the Company maintains insurance coverage for certain types of losses,suc

207、h insurance coverage may be insufficient to cover all losses that may arise.The Company expects its quarterly net sales and results of operations to fluctuate.The Companys profit margins vary across its products,services,geographic segments and distribution channels.For example,the gross margins on

208、the Companys products and services vary significantly and can change over time.The Companys gross margins are subject to volatility and downward pressure due to a variety of factors,including:continued industry-wide global product pricing pressures and product pricing actions that the Company may ta

209、ke in response to such pressures;increased competition;the Companys ability to effectively stimulate demand for certain of its products and services;compressed product life cycles;supply shortages;potential increases in the cost of components,outside manufacturing services,and developing,acquiring a

210、nd delivering content for the Companys services;the Companys ability to manage product quality and warranty costs effectively;shifts in the mix of products and services,or in the geographic,currency or channel mix,including to the extent that regulatory changes require the Company to modify its prod

211、uct and service offerings;fluctuations in foreign exchange rates;inflation and other macroeconomic pressures;the imposition of new or increased tariffs and other trade restrictions,their overall magnitude and duration,and retaliatory actions in response;and the introduction of new products or servic

212、es,including new products or services with lower profit margins.These and other factors could have a materially adverse impact on the Companys results of operations,financial condition and stock price.The Company has historically experienced higher net sales in its first quarter compared to other qu

213、arters in its fiscal year due in part to seasonal holiday demand.Additionally,new product and service introductions can significantly impact net sales,cost of sales and operating expenses.Further,the Company generates a significant portion of its net sales from a single product and a decline in dema

214、nd for that product could significantly impact quarterly net sales.The Company could also be subject to unexpected developments,such as lower-than-anticipated demand for the Companys products or services,issues with new product or service introductions,information technology system failures or netwo

215、rk disruptions,or a change in or failure of one or more of the Companys logistics,supply or manufacturing partners.Varied stakeholder expectations about social and other issues expose the Company to potential liabilities,increased costs,reputational harm,and other adverse effects on the Companys bus

216、iness.Various stakeholders,including governments,regulators,investors,employees,customers and others,have differing expectations about a wide range of social and other issues related to the Companys business.The Company makes statements about its values,including the environmental and societal impac

217、t of its business,through various non-financial reports,information provided on the Companys website,and in press statements and other communications.The Company also pursues environmental and other goals and initiatives that involve risks and uncertainties,require investments,and depend in part on

218、third-party performance or data that is outside the Companys control,and there can be no assurance that the Company will fully achieve all of its goals and initiatives.Efforts by the Company to advance its business and values,or achieve its goals and further its initiatives,or to align with stakehol

219、ders expectations,or comply with evolving,varied and at times conflicting federal,state and international laws,regulations and standards,or any failure or perceived failure to do so,can result in adverse reactions by consumers and other stakeholders,including the commencement of legal and regulatory

220、 proceedings against the Company,and can materially adversely affect the Companys business,reputation,results of operations,financial condition and stock price.Apple Inc.|Q2 2025 Form 10-Q|21Item 2.Unregistered Sales of Equity Securities and Use of ProceedsPurchases of Equity Securities by the Issue

221、r and Affiliated PurchasersShare repurchase activity during the three months ended March29,2025 was as follows(in millions,except number of shares,which are reflected in thousands,and per-share amounts):PeriodsTotal Numberof Shares PurchasedAverage PricePaid Per ShareTotal Number of SharesPurchased

222、as Part of PubliclyAnnounced Plans or ProgramsApproximate Dollar Value ofShares That May Yet Be PurchasedUnder the Plans or Programs(1)December 29,2024 to February 1,2025:Open market and privately negotiated purchases 36,809$235.43 36,809 February 2,2025 to March 1,2025:Open market and privately neg

223、otiated purchases 31,856$238.07 31,856 March 2,2025 to March 29,2025:Open market and privately negotiated purchases 39,455$221.77 39,455 Total 108,120$40,779(1)As of March 29,2025,the Company was authorized by the Board of Directors to purchase up to$110 billion of the Companys common stock under a

224、share repurchase program announced on May 2,2024,of which$69.2 billion had been utilized.On May 1,2025,the Company announced the Board of Directors had authorized an additional program to repurchase up to$100 billion of the Companys common stock.The programs do not obligate the Company to acquire a

225、minimum amount of shares.Under the programs,shares may be repurchased in privately negotiated or open market transactions,including under plans complying with Rule 10b5-1 under the Exchange Act.Item 3.Defaults Upon Senior SecuritiesNone.Item 4.Mine Safety DisclosuresNot applicable.Item 5.Other Infor

226、mationInsider Trading ArrangementsNone.Item 6.ExhibitsIncorporated by ReferenceExhibitNumberExhibit DescriptionFormExhibitFiling Date/Period End Date31.1*Rule 13a-14(a)/15d-14(a)Certification of Chief Executive Officer.31.2*Rule 13a-14(a)/15d-14(a)Certification of Chief Financial Officer.32.1*Sectio

227、n 1350 Certifications of Chief Executive Officer and Chief Financial Officer.101*Inline XBRL Document Set for the condensed consolidated financial statements and accompanying notes in Part I,Item 1,“Financial Statements”of this Quarterly Report on Form 10-Q.104*Inline XBRL for the cover page of this

228、 Quarterly Report on Form 10-Q,included in the Exhibit 101 Inline XBRL Document Set.*Filed herewith.*Furnished herewith.Apple Inc.|Q2 2025 Form 10-Q|22SIGNATUREPursuant to the requirements of the Securities Exchange Act of 1934,the Registrant has duly caused this report to be signed on its behalf by

229、 the undersigned thereunto duly authorized.Date:May2,2025Apple Inc.By:/s/Kevan ParekhKevan ParekhSenior Vice President,Chief Financial OfficerApple Inc.|Q2 2025 Form 10-Q|23Exhibit 31.1CERTIFICATIONI,Timothy D.Cook,certify that:1.I have reviewed this quarterly report on Form 10-Q of Apple Inc.;2.Bas

230、ed on my knowledge,this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made,in light of the circumstances under which such statements were made,not misleading with respect to the period covered by this report;3.Based

231、on my knowledge,the financial statements,and other financial information included in this report,fairly present in all material respects the financial condition,results of operations and cash flows of the Registrant as of,and for,the periods presented in this report;4.The Registrants other certifyin

232、g officer(s)and I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Rules 13a-15(e)and 15d-15(e)and internal control over financial reporting(as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)for the Registrant and have:(a)Designed su

233、ch disclosure controls and procedures,or caused such disclosure controls and procedures to be designed under our supervision,to ensure that material information relating to the Registrant,including its consolidated subsidiaries,is made known to us by others within those entities,particularly during

234、the period in which this report is being prepared;(b)Designed such internal control over financial reporting,or caused such internal control over financial reporting to be designed under our supervision,to provide reasonable assurance regarding the reliability of financial reporting and the preparat

235、ion of financial statements for external purposes in accordance with generally accepted accounting principles;(c)Evaluated the effectiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and proce

236、dures,as of the end of the period covered by this report based on such evaluation;and(d)Disclosed in this report any change in the Registrants internal control over financial reporting that occurred during the Registrants most recent fiscal quarter(the Registrants fourth fiscal quarter in the case o

237、f an annual report)that has materially affected,or is reasonably likely to materially affect,the Registrants internal control over financial reporting;and5.The Registrants other certifying officer(s)and I have disclosed,based on our most recent evaluation of internal control over financial reporting

238、,to the Registrants auditors and the audit committee of the Registrants board of directors(or persons performing the equivalent functions):(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to ad

239、versely affect the Registrants ability to record,process,summarize and report financial information;and(b)Any fraud,whether or not material,that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.Date:May2,2025By:/s/Timothy

240、 D.CookTimothy D.CookChief Executive OfficerExhibit 31.2CERTIFICATIONI,Kevan Parekh,certify that:1.I have reviewed this quarterly report on Form 10-Q of Apple Inc.;2.Based on my knowledge,this report does not contain any untrue statement of a material fact or omit to state a material fact necessary

241、to make the statements made,in light of the circumstances under which such statements were made,not misleading with respect to the period covered by this report;3.Based on my knowledge,the financial statements,and other financial information included in this report,fairly present in all material res

242、pects the financial condition,results of operations and cash flows of the Registrant as of,and for,the periods presented in this report;4.The Registrants other certifying officer(s)and I are responsible for establishing and maintaining disclosure controls and procedures(as defined in Exchange Act Ru

243、les 13a-15(e)and 15d-15(e)and internal control over financial reporting(as defined in Exchange Act Rules 13a-15(f)and 15d-15(f)for the Registrant and have:(a)Designed such disclosure controls and procedures,or caused such disclosure controls and procedures to be designed under our supervision,to ens

244、ure that material information relating to the Registrant,including its consolidated subsidiaries,is made known to us by others within those entities,particularly during the period in which this report is being prepared;(b)Designed such internal control over financial reporting,or caused such interna

245、l control over financial reporting to be designed under our supervision,to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;(c)Evaluated the effe

246、ctiveness of the Registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,as of the end of the period covered by this report based on such evaluation;and(d)Disclosed in this report any change in the

247、Registrants internal control over financial reporting that occurred during the Registrants most recent fiscal quarter(the Registrants fourth fiscal quarter in the case of an annual report)that has materially affected,or is reasonably likely to materially affect,the Registrants internal control over

248、financial reporting;and5.The Registrants other certifying officer(s)and I have disclosed,based on our most recent evaluation of internal control over financial reporting,to the Registrants auditors and the audit committee of the Registrants board of directors(or persons performing the equivalent fun

249、ctions):(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants ability to record,process,summarize and report financial information;and(b)Any fraud,whether or not

250、material,that involves management or other employees who have a significant role in the Registrants internal control over financial reporting.Date:May2,2025By:/s/Kevan ParekhKevan ParekhSenior Vice President,Chief Financial OfficerExhibit 32.1CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINAN

251、CIAL OFFICERPURSUANT TO18 U.S.C.SECTION 1350,AS ADOPTED PURSUANT TOSECTION 906 OF THE SARBANES-OXLEY ACT OF 2002I,Timothy D.Cook,certify,as of the date hereof,pursuant to 18 U.S.C.Section 1350,as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,that the Quarterly Report of Apple Inc

252、.on Form 10-Q for the period ended March29,2025 fully complies with the requirements of Section 13(a)or 15(d)of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc

253、.at the dates and for the periods indicated.Date:May2,2025By:/s/Timothy D.CookTimothy D.CookChief Executive OfficerI,Kevan Parekh,certify,as of the date hereof,pursuant to 18 U.S.C.Section 1350,as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,that the Quarterly Report of Apple In

254、c.on Form 10-Q for the period ended March29,2025 fully complies with the requirements of Section 13(a)or 15(d)of the Securities Exchange Act of 1934 and that information contained in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple In

255、c.at the dates and for the periods indicated.Date:May2,2025By:/s/Kevan ParekhKevan ParekhSenior Vice President,Chief Financial OfficerA signed original of this written statement required by Section 906 has been provided to Apple Inc.and will be retained by Apple Inc.and furnished to the Securities and Exchange Commission or its staff upon request.