Apple (AAPL) — Business Breakdown

Purpose: Understand what Apple does, how the business makes money, how its pieces fit together, who it competes against, and where its competitive advantages come from. Financial baseline: Apple's fiscal 2025, ended September 27, 2025. Apple reported $416.2 billion of revenue. The 2025 10-K is the primary source for the business and financial figures below.

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1. The Simple Version: What Does Apple Actually Do?

Apple is best understood as a consumer technology ecosystem company rather than simply a phone or computer manufacturer.

It designs and sells:

• iPhones
• Macs
• iPads
• Apple Watches
• AirPods and other accessories
• Vision Pro
• Apple TV and Home products

It also operates a large services ecosystem around those devices:

• App Store
• Apple Music
• Apple TV
• iCloud
• AppleCare
• Advertising
• Apple Pay and other payment services
• Other subscription and digital-content services

The important part is that these businesses are connected.

An iPhone is not merely a $799–$1,199 piece of hardware. It is an entry point into an ecosystem where Apple can subsequently generate revenue from apps, subscriptions, cloud storage, accessories, payments, advertising, support and eventually another device purchase.

That creates a powerful economic flywheel:

Hardware → installed users → services → ecosystem lock-in → repeat hardware purchases → more services

Apple therefore has two fundamentally different economic engines:

1. Hardware: enormous revenue and cash generation, but generally lower margins.
2. Services: smaller than the iPhone in revenue, but much higher-margin and recurring.

That distinction is central to understanding Apple.

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2. Apple's Revenue in 2025

Apple generated approximately $416.2 billion in fiscal 2025 revenue.

Source: Apple's FY2025 Form 10-K.

The first major takeaway

Apple is still fundamentally an iPhone company.

Approximately half of Apple's revenue comes directly from the iPhone.

But the second major takeaway is arguably more important:

Services has become a gigantic business in its own right.

Services generated more than $109 billion in 2025 and grew 14%, compared with 4% growth for the iPhone.

This is one of the most important changes in Apple's business over the last decade.

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3. Apple's Reportable Segments Are Geographic

This is an important distinction.

Apple does not report operating segments such as:

• iPhone
• Mac
• Services
• iPad

Instead, Apple manages and reports its business primarily by geography.

Its reportable segments are:

1. Americas
2. Europe
3. Greater China
4. Japan
5. Rest of Asia Pacific

FY2025 Geographic Revenue

Apple defines Greater China as mainland China, Hong Kong and Taiwan. Europe includes European countries plus India, the Middle East and Africa.

Why this matters

If you're analyzing Apple as an investor, don't confuse:

Product categories with reportable business segments.

Apple gives investors product-level revenue, but its actual reportable segments are geographic.

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4. iPhone — The Core of the Business

Revenue: ~$209.6B

The iPhone is Apple's economic center of gravity.

It represents roughly half of Apple's entire revenue base.

But its importance is even greater than the revenue percentage suggests because the iPhone is the primary gateway into Apple's ecosystem.

How Apple makes money from the iPhone

Apple designs the product and operating system, specifies the components, manages the supply chain, markets the device, and sells it through:

• Apple Stores
• Apple's website
• Cellular carriers
• Retailers
• Other distributors

Apple does not operate its own giant network of manufacturing factories.

Instead, it uses a global supplier and manufacturing ecosystem, with contract manufacturers assembling many products.

This lets Apple retain control over:

• Product design
• Hardware architecture
• Software
• User experience
• Supply-chain specifications
• Brand
• Distribution
• Customer relationship

That combination is extremely powerful.

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5. Why the iPhone Is So Valuable

A smartphone is a difficult business because hardware can become commoditized.

Android demonstrates this.

A manufacturer can buy components, install Android, and compete on:

• Price
• Camera
• Screen
• Battery
• Specifications

Apple competes differently.

It controls the entire stack:

Silicon → hardware → iOS → apps → services → retail → support

That allows Apple to optimize the entire experience rather than one component.

Apple Silicon

Apple increasingly designs its own chips.

Examples include the A-series chips used in iPhones and M-series chips used in Macs.

This provides Apple with:

• Performance advantages
• Power-efficiency advantages
• Greater control over product roadmaps
• Less dependence on merchant CPU vendors
• Hardware/software co-design
• Differentiation from commodity PCs

Apple doesn't need to make every component itself to control the architecture.

It focuses its internal engineering resources on strategically important pieces.

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6. The iPhone's Real Economic Value: The Installed Base

The most important thing Apple sells isn't necessarily the next iPhone.

It is the relationship with the customer.

Imagine someone buys an iPhone.

That person may subsequently buy:

• AirPods
• Apple Watch
• iCloud storage
• Apple Music
• Apple TV
• AppleCare
• Apps
• Games
• Other subscriptions

Then, several years later, they buy another iPhone.

This creates a recurring customer relationship rather than a one-time hardware transaction.

That is much more valuable than simply selling phones.

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7. Services — Apple's Second Engine

Revenue: ~$109.2B

Services includes:

• Advertising
• AppleCare
• Cloud services
• App Store
• Digital content
• Apple Music
• Apple TV
• Apple Arcade
• Apple Fitness+
• Apple News+
• Payment services
• Apple Pay
• Apple Card

Services grew approximately 14% in FY2025.

This is important because Services is becoming an increasingly large portion of Apple's revenue while growing faster than the hardware business.

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8. Why Services Is So Attractive

Apple's 2025 gross margin illustrates the economics.

FY2025 gross profit

Services generated only about 26% of revenue, but produced about 42% of Apple's gross profit.

That means Services has dramatically higher gross economics than Apple's hardware.

Approximate gross margins:

• Products: ~28%
• Services: ~75%

This is one of the most important things to understand about Apple's financial model.

The basic formula

Apple can sell a $1,000 iPhone and make a healthy hardware profit.

But the customer can then generate years of additional, high-margin revenue.

That increases the lifetime value of the customer.

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9. App Store

The App Store is one of Apple's most important strategic assets.

Apple operates the distribution platform for software on iPhones and iPads.

Developers use the App Store to reach Apple's enormous installed base.

Apple can then receive a portion of transactions and subscriptions.

The economic structure is attractive because Apple doesn't need to create every app.

Developers do the work.

Apple provides:

• Distribution
• Payment infrastructure
• Developer tools
• Security
• User authentication
• Discovery
• Billing

Apple therefore operates something resembling a software marketplace attached to its hardware ecosystem.

This also creates network effects:

More users → more developers → more apps → more value for users → more users

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10. Advertising

Apple also operates an advertising business.

Advertising is particularly attractive economically because Apple doesn't need to manufacture a physical product for each incremental dollar of advertising revenue.

Its advertising business is primarily associated with its own platforms and third-party licensing arrangements.

This puts Apple in competition with companies such as:

• Google
• Meta
• Amazon

However, Apple's advertising business is much smaller than those companies' advertising businesses.

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11. iCloud

iCloud is another example of ecosystem monetization.

Customers can store:

• Photos
• Videos
• Device backups
• Files
• Other data

The basic storage allocation can lead users toward paid tiers.

The important strategic feature is that iCloud makes switching away from Apple more inconvenient.

The more of your digital life that lives inside Apple's ecosystem, the more friction there is to leaving it.

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12. AppleCare

AppleCare is Apple's support and extended warranty business.

It monetizes customers after the initial hardware sale.

It also strengthens Apple's customer relationship by giving customers:

• Technical support
• Repair services
• Extended coverage
• In some cases accidental-damage or theft/loss coverage

This is another example of Apple monetizing the installed base.

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13. Payments

Apple operates payment-related services including:

• Apple Pay
• Apple Card

Apple Pay is particularly interesting strategically.

Apple doesn't need to become a traditional bank to make the iPhone more valuable as a payment device.

Instead, it embeds payments directly into the operating system and hardware.

This is another example of Apple using control over the device to build services around it.

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14. Mac

Revenue: ~$33.7B

Mac is Apple's personal-computer business.

Products include:

• MacBook Air
• MacBook Pro
• iMac
• Mac mini
• Mac Studio
• Mac Pro

The Mac is strategically important because it reinforces Apple's ecosystem.

A customer who owns:

iPhone + Mac + AirPods + Apple Watch

has significantly more reasons to remain inside Apple's ecosystem than someone who owns only an iPhone.

Apple's competitive advantage in PCs

The transition to Apple Silicon was particularly important.

Instead of relying primarily on Intel or AMD CPUs, Apple designs its own processors.

That gives Apple control over:

• CPU performance
• GPU architecture
• Power efficiency
• Neural processing
• Memory architecture
• Hardware/software integration

This has made the Mac significantly more differentiated from traditional Windows PCs.

Major competitors

• Microsoft / Windows ecosystem
• Dell
• HP
• Lenovo
• Asus
• Acer

Apple's biggest competitive difference is that it controls both the operating system and the hardware.

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15. iPad

Revenue: ~$28.0B

The iPad occupies the tablet category.

Products include:

• iPad
• iPad mini
• iPad Air
• iPad Pro

Major competitors include:

• Samsung
• Lenovo
• Amazon
• Microsoft

The iPad also reinforces the ecosystem.

For example:

iPhone → iPad → Mac → AirPods → iCloud

The products become more valuable when used together.

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16. Wearables, Home & Accessories

Revenue: ~$35.7B

This category includes:

• Apple Watch
• AirPods
• Beats
• Vision Pro
• Apple TV
• HomePod
• Accessories

This is strategically interesting because it demonstrates Apple's ability to extend its ecosystem beyond the smartphone.

AirPods

AirPods are particularly important because they turn the iPhone into a platform for another hardware category.

They also benefit from Apple's proprietary integration with iOS.

Apple Watch

Apple Watch reinforces the iPhone ecosystem and gives Apple a strong position in smartwatches.

Competitors include:

• Samsung
• Garmin
• Fitbit / Google
• Huawei

Vision Pro

Vision Pro is currently much smaller financially than Apple's major businesses.

Its importance is more strategic than financial.

It gives Apple a position in spatial computing and could eventually become part of another computing platform.

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17. How Apple Actually Sells Its Products

Apple uses a hybrid distribution system.

In FY2025:

• Approximately 40% of sales came through Apple's direct channels
• Approximately 60% came through indirect channels

Direct

• Apple Stores
• Apple Online Store
• Apple's direct sales force

Indirect

• Cellular carriers
• Retailers
• Resellers
• Other distribution partners

This is important because Apple's stores aren't simply stores.

They function as:

• Sales channels
• Marketing
• Customer support
• Product demonstration centers
• Repair/service locations
• Brand-building locations

Apple effectively controls a meaningful portion of the customer experience from marketing through purchase and support.

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18. Apple's Supply Chain

Apple's business model is often misunderstood as simply "Apple makes iPhones."

More accurately:

Apple designs and orchestrates the product ecosystem.

It works with a huge network of suppliers and contract manufacturers.

Apple specifies:

• Product design
• Components
• Engineering requirements
• Manufacturing requirements
• Quality standards
• Supply requirements

Manufacturing partners then produce and assemble products.

This model allows Apple to achieve enormous scale without owning every factory involved in production.

The advantage

Apple can deploy enormous amounts of capital into:

• R&D
• Silicon
• Software
• Product design
• Supply-chain commitments
• Marketing

without having to vertically integrate every manufacturing operation.

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19. Apple's Geographic Exposure

FY2025 revenue:

China is important

Greater China represented roughly 15% of Apple's revenue in 2025.

China matters for two different reasons:

1. China is a major customer market.
2. China is deeply integrated into Apple's manufacturing supply chain.

That creates both an opportunity and a risk.

Apple benefits from China's manufacturing ecosystem and enormous consumer market.

But geopolitical tension, tariffs, supply-chain disruptions and competition from Chinese smartphone manufacturers can create significant risks.

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20. Who Does Apple Compete Against?

Apple doesn't really have one competitor.

It has different competitors in different parts of its business.

iPhone

Primary competitors:

• Samsung
• Google
• Xiaomi
• Huawei
• Oppo
• Vivo
• Other Android manufacturers

The biggest threat is the broader Android ecosystem.

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Mac

Competitors:

• Microsoft / Windows
• Dell
• HP
• Lenovo
• Asus
• Acer

Apple competes against the entire Windows PC ecosystem.

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iPad

Competitors:

• Samsung
• Lenovo
• Amazon
• Microsoft
• Other Android tablet manufacturers

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Wearables

Competitors:

• Samsung
• Garmin
• Google/Fitbit
• Huawei
• Other smartwatch manufacturers

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Services

This becomes much broader.

Apple competes with:

This is why Apple is difficult to classify.

It is simultaneously competing with:

Samsung + Google + Microsoft + Spotify + Netflix + Amazon + Meta + PayPal + others.

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21. Apple's Competitive Advantage

Apple's moat isn't one thing.

It is a combination of several advantages that reinforce each other.

Moat #1 — Brand

Apple has one of the world's strongest consumer technology brands.

Consumers often perceive Apple products as:

• Premium
• High quality
• Easy to use
• Secure
• Stylish
• Reliable
• Status-enhancing

A strong brand allows Apple to charge premium prices.

This is important because Apple's competitive advantage isn't primarily that it makes the cheapest products.

It is almost the opposite.

Apple's strategy is:

Sell premium products at premium prices.

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22. Moat #2 — Ecosystem

This may be Apple's most important moat.

The individual products become more valuable when combined.

For example:

iPhone + Apple Watch + AirPods + Mac + iCloud + Apple Music

creates an integrated experience that is difficult for a competitor to replicate.

The value isn't simply the sum of the individual products.

The connections between them matter.

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23. Moat #3 — Switching Costs

Apple's ecosystem creates switching costs.

Consider a long-time Apple customer with:

• Thousands of iCloud photos
• App purchases
• Apple subscriptions
• Apple Watch
• AirPods
• Mac
• iPhone
• Stored passwords
• Messages
• Family sharing
• Payment information

Moving to Android or another ecosystem isn't impossible.

But it is inconvenient.

That friction reduces customer churn.

This is extremely valuable for a company selling products with multi-year replacement cycles.

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24. Moat #4 — Scale

Apple's enormous scale creates advantages in:

• Component purchasing
• Manufacturing commitments
• R&D
• Software development
• Retail
• Logistics
• Marketing
• Chip design

If Apple wants a massive quantity of a particular component, suppliers know that losing Apple as a customer can be extremely painful.

That gives Apple negotiating leverage.

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25. Moat #5 — Vertical Integration

Apple controls more of the technology stack than most competitors.

It controls or heavily influences:

• Hardware
• Operating systems
• Silicon
• User interfaces
• App distribution
• Payments
• Cloud integration
• Retail
• Support

Compare this with the traditional PC ecosystem:

Intel/AMD → PC manufacturer → Microsoft → software developers → retailers

Apple can coordinate much more of the experience internally.

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26. Moat #6 — Software + Hardware Integration

Apple doesn't simply make hardware and then install software on it.

It designs the hardware and software together.

That enables things like:

• Continuity between devices
• AirDrop
• iMessage
• Face ID
• Apple Silicon optimization
• AirPods integration
• Apple Watch integration
• iCloud synchronization

These features make the ecosystem feel cohesive.

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27. Moat #7 — Developer Ecosystem

Developers want to build for Apple because Apple has an enormous installed base of relatively affluent customers.

Customers want Apple because there are millions of applications available.

This produces a classic platform network effect:

Users attract developers → developers attract users

That makes the platform harder to displace.

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28. Apple's Most Important Weakness

The biggest weakness is also obvious from the revenue table:

Apple is heavily dependent on the iPhone.

About half of Apple's revenue comes directly from it.

If smartphone replacement cycles become longer, Apple feels it.

If iPhone market share falls materially, Apple feels it.

If customers become unwilling to pay premium prices, Apple feels it.

If another platform becomes significantly better, Apple feels it.

The Services business reduces this risk, but does not eliminate it.

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29. Competitive Threat: Android

Android is Apple's biggest ecosystem-level competitor.

Google provides the operating system.

Manufacturers such as Samsung, Xiaomi, Huawei and others compete across many price points.

This gives Android one major structural advantage:

Breadth.

Android phones range from inexpensive devices to premium flagships.

Apple largely concentrates on the premium market.

Apple's counterargument is that premium customers are more profitable.

And historically, Apple has been exceptionally successful at capturing a disproportionate share of industry profits.

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30. Competitive Threat: Samsung

Samsung is probably Apple's most direct hardware competitor.

Samsung competes with Apple in:

• Smartphones
• Tablets
• Watches
• Earbuds
• TVs
• Displays

Samsung's advantage is enormous manufacturing expertise and vertical integration in components.

Apple's advantage is stronger ecosystem integration and brand positioning.

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31. Competitive Threat: Google

Google competes with Apple on several levels:

• Android
• Pixel
• Search
• Cloud
• AI
• Maps
• YouTube
• Payments
• Advertising

Google has one enormous advantage:

AI and internet services.

Apple's advantage is the device ecosystem and customer relationship.

This is an increasingly important competitive battleground.

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32. Competitive Threat: Microsoft

Microsoft is primarily Apple's competitor in computing.

The competition is especially relevant in:

• PCs
• Operating systems
• Productivity software
• Cloud
• AI

Microsoft's ecosystem is much stronger in enterprise.

Apple is much stronger in premium consumer hardware.

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33. Competitive Threat: Chinese Smartphone Companies

Companies such as:

• Huawei
• Xiaomi
• Oppo
• Vivo

can compete aggressively on:

• Price
• Hardware specifications
• Cameras
• Battery
• Fast charging
• Local ecosystem integration

This matters most in emerging markets and China.

Apple's premium positioning protects it from some price competition, but it also limits its addressable market.

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34. Apple's Business Model in One Diagram

                         APPLE
                           |
            +--------------+--------------+
            |                             |
        HARDWARE                       SERVICES
            |                             |
   +--------+--------+          +---------+---------+
   |        |        |          |         |         |
 iPhone   Mac     iPad      App Store   iCloud   Subscriptions
   |        |        |          |         |         |
   +--------+--------+----------+---------+---------+
            |
       Installed Base
            |
            v
      Customer Loyalty
            |
            v
     Repeat Purchases
            |
            v
     Larger Ecosystem
            |
            +----------------------+
                                   |
                                   v
                            Higher Customer
                              Lifetime Value

The key concept is the installed base.

Apple doesn't have to repeatedly convince the world to become an Apple customer from scratch.

Once someone is inside the ecosystem, Apple has multiple opportunities to monetize that customer over many years.

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35. Apple's Economic Flywheel

A useful way to think about Apple is:

Step 1 — Sell a premium device

Example:

iPhone

↓

Step 2 — Acquire the customer

The customer enters Apple's ecosystem.

↓

Step 3 — Sell additional hardware

• AirPods
• Apple Watch
• Mac
• iPad

↓

Step 4 — Sell services

• iCloud
• Apple Music
• Apple TV
• App Store
• AppleCare
• Payments

↓

Step 5 — Increase switching costs

The customer becomes increasingly embedded in Apple's ecosystem.

↓

Step 6 — Replace the original device

The customer buys another iPhone.

↓

Step 7 — Repeat

This is a powerful recurring economic loop.

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36. Why Apple's Margins Are So Strong

Apple's products are expensive, but the real reason for its profitability isn't simply high prices.

It is the combination of:

Premium pricing + enormous scale + supply-chain efficiency + proprietary technology + ecosystem monetization

Apple's 2025 gross profit was approximately:

$195.2 billion

on:

$416.2 billion of revenue

That equates to a gross margin of roughly 46.9%.

But the most important distinction is between products and services.

Services carry dramatically higher gross margins.

Therefore, as Services grows faster than hardware, Apple's overall economics can improve even if the number of iPhones sold doesn't grow dramatically.

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37. The "Services Mix" Thesis

This is one of the most important long-term concepts for an Apple investor.

Suppose Apple sells:

$300B of hardware

and:

$100B of services.

If Services grows to:

$150B

while hardware stays roughly flat, Apple can still become significantly more profitable.

Why?

Because each incremental dollar of Services revenue tends to have much higher gross margins than hardware.

Therefore:

Services growth → higher-margin revenue mix → potentially higher gross profit → potentially higher earnings and cash flow

This is one reason Apple has been able to continue expanding its economics even though the smartphone market itself is mature.

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38. But Services Has Risks

Services is not risk-free.

Apple faces:

• Regulatory scrutiny
• App Store regulation
• Antitrust litigation
• Commission pressure
• Competition from alternative payment systems
• Competition from streaming services
• Customer subscription fatigue

Governments around the world are increasingly examining Apple's control over its ecosystem.

If regulators force Apple to reduce App Store commissions or loosen platform restrictions, Services economics could be affected.

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39. Apple's China Problem

China is probably one of Apple's biggest strategic risks.

There are two separate issues.

Demand

Chinese smartphone manufacturers have become increasingly competitive.

Huawei in particular has become a significant competitive concern.

Supply chain

Apple has historically relied heavily on China for manufacturing.

That creates exposure to:

• U.S.-China trade tensions
• Tariffs
• Export restrictions
• Geopolitical conflict
• Labor disruptions
• Manufacturing concentration

Apple has been diversifying production into countries such as India and Vietnam, but China remains extremely important.

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40. Apple's AI Problem

AI is becoming another major competitive issue.

Apple's historic strength has been:

Hardware + software integration.

The AI era introduces a different competitive dimension.

Google, Microsoft, Meta, OpenAI and others have invested aggressively in AI infrastructure and models.

Apple's opportunity is to put AI directly onto billions of consumer devices.

Its advantages include:

• Huge installed base
• Custom silicon
• Device-level integration
• Privacy positioning
• Operating-system control

But Apple needs to prove that it can turn those advantages into compelling AI products.

For investors, this is one of the major strategic questions for the next phase of Apple's history.

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41. Apple's Competitive Position — My Assessment

If I were evaluating Apple strictly as a business rather than as a stock, I'd summarize it like this:

Overall moat: Very Strong

Apple is one of the clearest examples of a company with a wide economic moat.

The moat isn't simply "people like iPhones."

It is the combination of:

Brand + ecosystem + switching costs + scale + software + hardware + services + distribution

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42. What Could Actually Break the Apple Thesis?

For an investor, this is more important than listing Apple's strengths.

The biggest risks would be:

1. iPhone erosion

If Apple loses meaningful premium smartphone share, the impact could be enormous.

2. Technology disruption

A new computing platform could reduce the importance of smartphones.

3. AI disruption

If competitors develop dramatically better AI-driven consumer experiences, Apple's ecosystem advantage could weaken.

4. Regulatory intervention

Governments could reduce Apple's control over the App Store and ecosystem.

5. China

Weak Chinese demand combined with geopolitical supply-chain problems could hurt both revenue and costs.

6. Brand deterioration

If Apple loses its premium positioning, its pricing power could deteriorate.

7. Innovation slowdown

A company with enormous existing cash flows can become complacent.

Apple needs to continue creating reasons for customers to upgrade.

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43. What Apple Is Really Selling

At first glance, Apple sells:

Phones, computers, tablets, watches and services.

At a deeper level, Apple is selling:

A tightly integrated digital lifestyle.

The hardware is the physical interface.

The operating system is the software interface.

The services are the recurring monetization layer.

The ecosystem is the moat.

The brand is what allows Apple to charge premium prices.

And the installed base is the economic asset.

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44. The Investor Mental Model

If you're analyzing Apple for a value-investing or quality-business framework, I would think about it in this order:

1. How strong is the iPhone franchise?

This remains the foundation.

2. How large and profitable can Services become?

This determines how much Apple can diversify away from hardware.

3. Is the ecosystem getting stronger or weaker?

Watch:

• Installed base
• Customer retention
• Services growth
• Device cross-selling
• Developer engagement

4. Does Apple retain pricing power?

Watch:

• Average selling prices
• Pro-model mix
• Gross margins
• Unit volumes

5. Can Apple continue innovating?

Especially in:

• AI
• Wearables
• Computing
• New device categories

6. How serious are regulatory risks?

Particularly around:

• App Store economics
• Payments
• Default apps
• Platform access

7. How dependent is Apple on China?

Watch both:

• Chinese sales
• Manufacturing concentration

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45. Bottom Line

Apple is not simply a smartphone manufacturer.

It is a vertically integrated consumer technology ecosystem built around an enormous installed base.

Its business model is roughly:

Sell premium hardware → build an installed base → monetize that base through high-margin services → create switching costs → sell the next generation of hardware.

The iPhone remains the foundation.

Services is the increasingly important profit engine.

The ecosystem is the moat.

The brand provides pricing power.

Scale provides cost and supply-chain advantages.

And the installed base creates a recurring stream of customers who can be monetized across multiple products and services.

The biggest competitive question is no longer whether Apple can sell premium smartphones.

It clearly can.

The bigger questions are:

Can Apple keep the ecosystem growing?

Can Services continue expanding?

Can Apple remain technologically relevant in the AI era?

Can it defend its premium position against increasingly capable Android competitors?

And can it navigate China and global regulation without damaging the economics of its ecosystem?

If the answer to those questions remains favorable, Apple has one of the strongest business models in the public markets.

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Sources

• U.S. Securities and Exchange Commission — Apple's FY2025 Form 10-K.
• Apple Investor Relations — FY2025 Form 10-K and annual report.