--- 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 Nine Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Net sales: Products $ 66,613 $ 61,564 $ 233,287 $ 224,908 Services 27,423 24,213 80,408 71,197 Total net sales (1) 94,036 85,777 313,695 296,105 Cost of sales: Products 43,620 39,803 147,097 140,667 Services 6,698 6,296 19,738 18,634 Total cost of sales 50,318 46,099 166,835 159,301 Gross margin 43,718 39,678 146,860 136,804 Operating expenses: Research and development 8,866 8,006 25,684 23,605 Selling, general and administrative 6,650 6,320 20,553 19,574 Total operating expenses 15,516 14,326 46,237 43,179 Operating income 28,202 25,352 100,623 93,625 Other income/(expense), net (171) 142 (698) 250 Income before provision for income taxes 28,031 25,494 99,925 93,875 Provision for income taxes 4,597 4,046 15,381 14,875 Net income $ 23,434 $ 21,448 $ 84,544 $ 79,000 Earnings per share: Basic $ 1.57 $ 1.40 $ 5.64 $ 5.13 Diluted $ 1.57 $ 1.40 $ 5.62 $ 5.11 Shares used in computing earnings per share: Basic 14,902,886 15,287,521 14,992,898 15,401,047 Diluted 14,948,179 15,348,175 15,051,726 15,463,175 (1) Net sales by reportable segment: Americas $ 41,198 $ 37,678 $ 134,161 $ 125,381 Europe 24,014 21,884 82,329 76,404 Greater China 15,369 14,728 49,884 51,919 Japan 5,782 5,097 22,067 19,126 Rest of Asia Pacific 7,673 6,390 25,254 23,275 Total net sales $ 94,036 $ 85,777 $ 313,695 $ 296,105 (1) Net sales by category: iPhone $ 44,582 $ 39,296 $ 160,561 $ 154,961 Mac 8,046 7,009 24,982 22,240 iPad 6,581 7,162 21,071 19,744 Wearables, Home and Accessories 7,404 8,097 26,673 27,963 Services 27,423 24,213 80,408 71,197 Total net sales $ 94,036 $ 85,777 $ 313,695 $ 296,105 --- Page 2 --- Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) June 28, 2025 September 28, 2024 ASSETS: Current assets: Cash and cash equivalents $ 36,269 $ 29,943 Marketable securities 19,103 35,228 Accounts receivable, net 27,557 33,410 Vendor non-trade receivables 19,278 32,833 Inventories 5,925 7,286 Other current assets 14,359 14,287 Total current assets 122,491 152,987 Non-current assets: Marketable securities 77,614 91,479 Property, plant and equipment, net 48,508 45,680 Other non-current assets 82,882 74,834 Total non-current assets 209,004 211,993 Total assets $ 331,495 $ 364,980 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 50,374 $ 68,960 Other current liabilities 62,499 78,304 Deferred revenue 8,979 8,249 Commercial paper 9,923 9,967 Term debt 9,345 10,912 Total current liabilities 141,120 176,392 Non-current liabilities: Term debt 82,430 85,750 Other non-current liabilities 42,115 45,888 Total non-current liabilities 124,545 131,638 Total liabilities 265,665 308,030 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,856,722 and 15,116,786 shares issued and outstanding, respectively 89,806 83,276 Accumulated deficit (17,607) (19,154) Accumulated other comprehensive loss (6,369) (7,172) Total shareholders’ equity 65,830 56,950 Total liabilities and shareholders’ equity $ 331,495 $ 364,980 --- Page 3 --- Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Nine Months Ended June 28, 2025 June 29, 2024 Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances $ 29,943 $ 30,737 Operating activities: Net income 84,544 79,000 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 8,571 8,534 Share-based compensation expense 9,680 8,830 Other (1,748) (1,964) Changes in operating assets and liabilities: Accounts receivable, net 5,685 6,697 Vendor non-trade receivables 13,555 11,100 Inventories 1,223 41 Other current and non-current assets (6,116) (5,626) Accounts payable (18,479) (15,171) Other current and non-current liabilities (15,161) 2 Cash generated by operating activities 81,754 91,443 Investing activities: Purchases of marketable securities (17,591) (38,074) Proceeds from maturities of marketable securities 35,036 39,838 Proceeds from sales of marketable securities 10,785 7,382 Payments for acquisition of property, plant and equipment (9,473) (6,539) Other (975) (1,117) Cash generated by investing activities 17,782 1,490 Financing activities: Payments for taxes related to net share settlement of equity awards (5,719) (5,163) Payments for dividends and dividend equivalents (11,559) (11,430) Repurchases of common stock (70,579) (69,866) Proceeds from issuance of term debt, net 4,481 — Repayments of term debt (9,682) (7,400) Repayments of commercial paper, net (65) (2,985) Other (87) (191) Cash used in financing activities (93,210) (97,035) Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents 6,326 (4,102) Cash, cash equivalents, and restricted cash and cash equivalents, ending balances $ 36,269 $ 26,635 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 37,332 $ 19,230