8-K - AAPL - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

May 1, 2025

Date of Report (Date of earliest event reported)

Apple Inc.

(Exact name of Registrant as specified in its charter)

California	001-36743	94-2404110
(State or other jurisdiction<br>of incorporation)	(Commission<br>File Number)	(I.R.S. Employer<br>Identification No.)

One Apple Park Way

Cupertino, California 95014

(Address of principal executive offices) (Zip Code)

(408) 996-1010

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | | --- | --- || ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | | --- | --- || ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | | --- | --- |

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.00001 par value per share	AAPL	The Nasdaq Stock Market LLC
0.000% Notes due 2025	—	The Nasdaq Stock Market LLC
0.875% Notes due 2025	—	The Nasdaq Stock Market LLC
1.625% Notes due 2026	—	The Nasdaq Stock Market LLC
2.000% Notes due 2027	—	The Nasdaq Stock Market LLC
1.375% Notes due 2029	—	The Nasdaq Stock Market LLC
3.050% Notes due 2029	—	The Nasdaq Stock Market LLC
0.500% Notes due 2031	—	The Nasdaq Stock Market LLC
3.600% Notes due 2042	—	The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging 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. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 1, 2025, Apple Inc. (“Apple”) issued a press release regarding Apple’s financial results for its second fiscal quarter ended March 29, 2025. A copy of Apple’s press release is attached hereto as Exhibit 99.1.

The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits.

Exhibit<br>Number	Exhibit Description
99.1	Press release issued by Apple Inc. on May 1, 2025.
104	Inline XBRL for the cover page of this Current Report on Form 8-K.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:	May 1, 2025	Apple Inc.
		By:	/s/ Kevan Parekh
			Kevan Parekh
			Senior Vice President,<br>Chief Financial Officer

Document

Exhibit 99.1

Apple reports second quarter results

Services revenue reaches new all-time high

EPS sets March quarter record

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2025 second quarter ended March 29, 2025. The Company posted quarterly revenue of $95.4 billion, up 5 percent year over year, and quarterly diluted earnings per share of $1.65, up 8 percent year over year.

“Today Apple is reporting strong quarterly results, including double-digit growth in Services,” said Tim Cook, Apple’s CEO. “We were happy to welcome iPhone 16e to our lineup, and to introduce powerful new Macs and iPads that take advantage of the extraordinary capabilities of Apple silicon. And we were proud to announce that we’ve cut our carbon emissions by 60 percent over the past decade.”

“Our March quarter business performance drove EPS growth of 8 percent and $24 billion in operating cash flow, allowing us to return $29 billion to shareholders,” said Kevan Parekh, Apple’s CFO. “And thanks to our high levels of customer loyalty and satisfaction, our installed base of active devices once again reached a new all-time high across all product categories and geographic segments.”

Apple’s board of directors has declared a cash dividend of $0.26 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 15, 2025 to shareholders of record as of the close of business on May 12, 2025. The board of directors has also authorized an additional program to repurchase up to $100 billion of the Company’s common stock.

Apple will provide live streaming of its Q2 2025 financial results conference call beginning at 2:00 p.m. PT on May 1, 2025 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plan for return of capital, payment of its quarterly dividend, and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

Press Contact:

Josh Rosenstock

Apple

jrosenstock@apple.com

(408) 862-1142

Investor Relations Contact:

Suhasini Chandramouli

Apple

suhasini@apple.com

(408) 974-3123

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)

	Three Months Ended				Six Months Ended
	March 29,<br>2025		March 30,<br>2024		March 29,<br>2025		March 30,<br>2024
Net sales:
Products	$	68,714	$	66,886	$	166,674	$	163,344
Services	26,645		23,867		52,985		46,984
Total net sales (1)	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		12,338
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	29,589		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
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
(1) Net sales by reportable segment:
Americas	$	40,315	$	37,273	$	92,963	$	87,703
Europe	24,454		24,123		58,315		54,520
Greater China	16,002		16,372		34,515		37,191
Japan	7,298		6,262		16,285		14,029
Rest of Asia Pacific	7,290		6,723		17,581		16,885
Total net sales	$	95,359	$	90,753	$	219,659	$	210,328
(1) Net sales by category:
iPhone	$	46,841	$	45,963	$	115,979	$	115,665
Mac	7,949		7,451		16,936		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

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)

	March 29,<br>2025		September 28,<br>2024
ASSETS:
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		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 liabilities:
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
Total non-current liabilities	119,866		131,638
Total liabilities	264,437		308,030
Commitments and contingencies
Shareholders’ 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		83,276
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

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

	Six Months Ended
	March 29,<br>2025		March 30,<br>2024
Cash, 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	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	(15,579)		(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 and 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)
Repayments 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 equivalents, ending balances	$	28,162	$	33,921
Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	31,683	$	14,531