--- Page 1 --- 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, 2025 March 30, 2024 March 29, 2025 March 30, 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 --- Page 2 --- Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) March 29, 2025 September 28, 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 --- Page 3 --- Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended March 29, 2025 March 30, 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