Apple

Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. Its reportable segments are the Americas, Europe, Greater China, Japan and Rest of Asia Pacific, and sales outside the U.S. are a majority of total net sales. Its fiscal year is the 52- or 53-week period that ends on the last Saturday of September.

In fiscal 2025 Apple reported total net sales of $416.2 billion: iPhone $209.6 billion, Services $109.2 billion, Mac $33.7 billion, Wearables, Home and Accessories $35.7 billion and iPad $28.0 billion. Services include advertising, AppleCare, cloud, digital content and payment services. Services gross margin was 75.4% against 36.8% for Products, so the growing Services share lifts the total gross margin percentage, which was 46.9%.

Services net sales grew 14% in fiscal 2025 to $109.2 billion at a 75.4% gross margin, and total gross margin rose from 44.1% in fiscal 2023 to 46.9% in fiscal 2025. Mac net sales grew 12% and iPhone 4% in fiscal 2025. Apple repurchased $89.3 billion of its stock in fiscal 2025, which lowers the share count behind each dollar of profit.

Apple states that U.S. tariffs announced from the second quarter of fiscal 2025 can have a material adverse impact on its supply chain, pricing and gross margin. A significant majority of its manufacturing is done by outsourcing partners, mainly in China mainland, India, Japan, South Korea, Taiwan and Vietnam, and it relies on single-source partners for many components. It also earns revenue from licensing arrangements with Google and other companies for search services, and the 10-K says remedies in the U.S. antitrust case against Google could materially adversely affect that revenue.