aapl-20260627

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 27, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-36743

Apple Inc.

(Exact name of Registrant as specified in its charter)


California						94-2404110
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer 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)

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
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 (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 that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging 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 filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

14,594,180,000 shares of common stock were issued and outstanding as of July 17, 2026.

Apple Inc.

Form 10-Q

For the Fiscal Quarter Ended June 27, 2026

TABLE OF CONTENTS


		Page
Part I
Item 1.	Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.	Controls and Procedures	19
Part II
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	21
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	25
Item 6.	Exhibits	25

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

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				Nine Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Net sales:
Products	$	78,678	$	66,613	$	272,629	$	233,287
Services	30,739		27,423		91,728		80,408
Total net sales	109,417		94,036		364,357		313,695

Cost of sales:
Products	47,153		43,620		163,810		147,097
Services	7,494		6,698		21,765		19,738
Total cost of sales	54,647		50,318		185,575		166,835
Gross margin	54,770		43,718		178,782		146,860

Operating expenses:
Research and development	11,729		8,866		34,035		25,684
Selling, general and administrative	7,346		6,650		22,315		20,553
Total operating expenses	19,075		15,516		56,350		46,237

Operating income	35,695		28,202		122,432		100,623
Other income/(expense), net	572		(171)		670		(698)
Income before provision for income taxes	36,267		28,031		123,102		99,925
Provision for income taxes	6,478		4,597		21,638		15,381
Net income	$	29,789	$	23,434	$	101,464	$	84,544

Earnings per share:
Basic	$	2.03	$	1.57	$	6.91	$	5.64
Diluted	$	2.02	$	1.57	$	6.88	$	5.62

Shares used in computing earnings per share:
Basic	14,656,110		14,902,886		14,692,515		14,992,898
Diluted	14,714,676		14,948,179		14,750,302		15,051,726

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2026 Form 10-Q | 1

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

(In millions)


	Three Months Ended				Nine Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Net income	$	29,789	$	23,434	$	101,464	$	84,544
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax	(24)		449		(116)		(86)

Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivative instruments	356		(523)		729		810
Adjustment for net (gains)/losses realized and included in net income	67		(571)		348		(415)
Total change in unrealized gains/losses on derivative instruments	423		(1,094)		1,077		395

Change in unrealized gains/losses on marketable debt securities, net of tax:
Change in fair value of marketable debt securities	441		640		57		90
Adjustment for net (gains)/losses realized and included in net income	27		(1)		45		404
Total change in unrealized gains/losses on marketable debt securities	468		639		102		494

Total other comprehensive income/(loss)	867		(6)		1,063		803
Total comprehensive income	$	30,656	$	23,428	$	102,527	$	85,347

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2026 Form 10-Q | 2

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

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


	June 27, 2026		September 27, 2025
ASSETS:
Current assets:
Cash and cash equivalents	$	39,544	$	35,934
Marketable securities	22,855		18,763
Accounts receivable, net	31,398		39,777
Vendor non-trade receivables	27,509		33,180
Inventories	11,092		5,718
Other current assets	17,420		14,585
Total current assets	149,818		147,957

Non-current assets:
Marketable securities	84,118		77,723
Property, plant and equipment, net	51,431		49,834
Intangible assets, net	20,342		11,093
Other non-current assets	77,557		72,634
Total non-current assets	233,448		211,284
Total assets	$	383,266	$	359,241

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	64,525	$	69,860
Other current liabilities	62,259		66,387
Deferred revenue	9,538		9,055
Commercial paper	1,997		7,979
Term debt	11,007		12,350
Total current liabilities	149,326		165,631

Non-current liabilities:
Term debt	71,340		78,328
Other non-current liabilities	55,080		41,549
Total non-current liabilities	126,420		119,877
Total liabilities	275,746		285,508

Commitments and contingencies

Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,608,963 and 14,773,260 shares issued and outstanding, respectively	100,702		93,568
Retained earnings/(Accumulated deficit)	11,326		(14,264)
Accumulated other comprehensive loss	(4,508)		(5,571)
Total shareholders’ equity	107,520		73,733
Total liabilities and shareholders’ equity	$	383,266	$	359,241

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2026 Form 10-Q | 3

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

(In millions, except per-share amounts)


	Three Months Ended				Nine Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Total shareholders’ equity, beginning balances	$	106,491	$	66,796	$	73,733	$	56,950

Common stock and additional paid-in capital:
Beginning balances	99,507		88,711		93,568		83,276
Common stock issued	—		—		878		825
Common stock withheld related to net share settlement of equity awards	(2,396)		(2,163)		(4,704)		(4,260)
Share-based compensation	3,591		3,258		10,960		9,965
Ending balances	100,702		89,806		100,702		89,806

Retained earnings/(Accumulated deficit):
Beginning balances	12,359		(15,552)		(14,264)		(19,154)
Net income	29,789		23,434		101,464		84,544
Dividends and dividend equivalents declared	(3,998)		(3,912)		(11,733)		(11,525)
Common stock withheld related to net share settlement of equity awards	(875)		(411)		(1,899)		(1,598)
Common stock repurchased	(25,949)		(21,166)		(62,242)		(69,874)
Ending balances	11,326		(17,607)		11,326		(17,607)

Accumulated other comprehensive loss:
Beginning balances	(5,375)		(6,363)		(5,571)		(7,172)
Other comprehensive income/(loss)	867		(6)		1,063		803
Ending balances	(4,508)		(6,369)		(4,508)		(6,369)

Total shareholders’ equity, ending balances	$	107,520	$	65,830	$	107,520	$	65,830

Dividends and dividend equivalents declared per share or RSU	$	0.27	$	0.26	$	0.79	$	0.76

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2026 Form 10-Q | 4

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)


	Nine Months Ended
	June 27, 2026		June 28, 2025
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances	$	35,934	$	29,943

Operating activities:
Net income	101,464		84,544
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization	9,973		8,571
Share-based compensation expense	10,523		9,680
Other	(2,037)		(1,748)
Changes in operating assets and liabilities:
Accounts receivable, net	8,316		5,685
Vendor non-trade receivables	5,671		13,555
Inventories	(5,461)		1,223
Other current and non-current assets	(16,266)		(6,116)
Accounts payable	(5,203)		(18,479)
Other current and non-current liabilities	10,016		(15,161)
Cash generated by operating activities	116,996		81,754

Investing activities:
Purchases of marketable securities	(48,752)		(17,591)
Proceeds from maturities of marketable securities	26,504		35,036
Proceeds from sales of marketable securities	12,016		10,785
Payments for acquisition of property, plant and equipment	(6,799)		(9,473)

Other	(1,780)		(975)
Cash generated by/(used in) investing activities	(18,811)		17,782

Financing activities:
Payments for taxes related to net share settlement of equity awards	(6,462)		(5,719)
Payments for dividends and dividend equivalents	(11,778)		(11,559)
Repurchases of common stock	(62,094)		(70,579)
Proceeds from issuance of term debt, net	—		4,481
Repayments of term debt	(8,146)		(9,682)
Repayments of commercial paper, net	(5,911)		(65)
Other	(184)		(87)
Cash used in financing activities	(94,575)		(93,210)

Increase in cash, cash equivalents, and restricted cash and cash equivalents	3,610		6,326
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	$	39,544	$	36,269

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	26,555	$	37,332

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q3 2026 Form 10-Q | 5

Apple Inc.

Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1 – Summary of Significant Accounting Policies

Basis of Presentation and Preparation

The 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 Company’s management, the condensed consolidated financial 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”) requires the use of management estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 27, 2025 (the “2025 Form 10-K”).

The Company’s 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 Company’s fiscal quarters with calendar quarters. The Company’s fiscal years 2026 and 2025 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.

Note 2 – Revenue

The following table shows disaggregated net sales, as well as the portion of total net sales that was previously deferred, for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (in millions):


	Three Months Ended				Nine Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
iPhone®	$	54,252	$	44,582	$	196,515	$	160,561
Mac®	10,352		8,046		27,137		24,982
iPad®	6,191		6,581		21,700		21,071
Wearables, Home and Accessories	7,883		7,404		27,277		26,673
Services	30,739		27,423		91,728		80,408
Total net sales	$	109,417	$	94,036	$	364,357	$	313,695

Portion of total net sales that was included in deferred revenue as of the beginning of the period	$	4,086	$	4,015	$	7,260	$	6,958

The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 10, “Segment Information” for the three- and nine-month periods ended June 27, 2026 and June 28, 2025, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.

As of June 27, 2026 and September 27, 2025, the Company had total deferred revenue of $14.9 billion and $13.7 billion, respectively. As of June 27, 2026, the Company expects 64% of total deferred revenue to be realized in less than a year, 23% within one-to-two years, 11% within two-to-three years and 2% in greater than three years.

Apple Inc. | Q3 2026 Form 10-Q | 6

Note 3 – Earnings Per Share

The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 27, 2026 and June 28, 2025 (net income in millions and shares in thousands):


	Three Months Ended				Nine Months Ended
	June 27, 2026		June 28, 2025		June 27, 2026		June 28, 2025
Numerator:
Net income	$	29,789	$	23,434	$	101,464	$	84,544

Denominator:
Weighted-average basic shares outstanding	14,656,110		14,902,886		14,692,515		14,992,898
Effect of dilutive share-based awards	58,566		45,293		57,787		58,828
Weighted-average diluted shares	14,714,676		14,948,179		14,750,302		15,051,726

Basic earnings per share	$	2.03	$	1.57	$	6.91	$	5.64
Diluted earnings per share	$	2.02	$	1.57	$	6.88	$	5.62

Note 4 – Financial Instruments

Cash, Cash Equivalents and Marketable Securities

The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of June 27, 2026 and September 27, 2025 (in millions):


	June 27, 2026
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non-Current Marketable Securities
Cash	$	26,777	$	—	$	—	$	26,777	$	26,777	$	—	$	—
Level 1:
Money market funds	7,840		—		—		7,840		7,840		—		—
Mutual funds	873		222		(1)		1,094		—		1,094		—
Subtotal	8,713		222		(1)		8,934		7,840		1,094		—
Level 2 (1):
U.S. Treasury securities	20,398		11		(253)		20,156		735		4,034		15,387
U.S. agency securities