Key insights
7 takeaways · ~3 min read- 01Apple's total assets decreased from $364,980 million in 2024 to $359,241 million in 2025, while total liabilities decreased from $308,030 million to $285,508 million over the same period.
- 02Research and development expenses increased by 10% to $34,550 million in 2025, up from $31,370 million in 2024, primarily due to higher headcount and infrastructure costs.
- 03Selling, general and administrative expenses grew by 6% to $27,601 million in 2025, compared to $26,097 million in 2024, driven by increased headcount and variable selling expenses.
- 04The provision for income taxes significantly decreased to $20,719 million in 2025 from $29,749 million in 2024, resulting in a lower effective tax rate of 15.6% in 2025 compared to 24.1% in 2024.
- 05As of October 17, 2025, 14,776,353,000 shares of common stock were issued and outstanding, and the aggregate market value of non-affiliate stock was approximately $3,253,431,000,000 as of March 28, 2025.
- 06Apple's business is managed geographically, with reportable segments including Americas, Europe, Greater China, Japan, and Rest of Asia Pacific, each managed separately to align with local customer and market dynamics.
- 07A significant majority of Apple's manufacturing is outsourced to partners primarily in China mainland, India, Japan, South Korea, Taiwan, and Vietnam, making the company vulnerable to international trade restrictions and supply chain disruptions.
Summary
SEC 10-K filing for Apple, filed 2025-10-31.
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