Apple Inc. 10-K Disclosure Memo

Apple Inc. · 10-K · period end 2025-09-27 · scope derivatives, debt, auditor_report, financial_statements

Background

Apple Inc. 10-K review over derivatives, debt, auditor_report, financial_statements.

Disclosure issue

The leading issue is Commercial paper fell 72% period over period: Commercial paper moved from 7,979 (2025-09-27) to 2,200 (2025-12-31) — a 72% decline. The engagement may weigh what drove it.

Source facts

facts — one row per extracted fact.

TopicConceptValuePeriodMethodStateSource
Auditor Report Auditor firm Ernst & Young LLP 2025-09-27 narrative extraction source-linked
Auditor Report Auditor firm location San Jose, California 2025-09-27 narrative extraction source-linked
Auditor Report CAM / KAM — procedures 2025-09-27 narrative extraction source-linked
Auditor Report CAM / KAM — rationale 2025-09-27 narrative extraction source-linked
Auditor Report CAM / KAM — title Uncertain Tax Positions 2025-09-27 narrative extraction source-linked
Auditor Report Internal controls opinion expressed 2025-09-27 narrative extraction source-linked
Auditor Report Opinion signed date October 31, 2025 2025-09-27 narrative extraction source-linked
Auditor Report Opinion type unqualified 2025-09-27 narrative extraction source-linked
Auditor Report Reporting framework cited in opinion US GAAP 2025-09-27 narrative extraction source-linked
Debt Commercial paper 9,967 $ millions 2024-09-28 xbrl direct source-linked
Debt Commercial paper 7,979 $ millions 2025-09-27 xbrl direct source-linked
Debt Commercial paper 2,200 $ millions 2025-12-31 xbrl direct source-linked
Debt Current portion of long-term debt 10,912 $ millions 2024-09-28 xbrl direct source-linked
Debt Current portion of long-term debt 12,350 $ millions 2025-09-27 xbrl direct source-linked
Debt Long-term portion of debt 85,750 $ millions 2024-09-28 xbrl direct source-linked
Debt Long-term portion of debt 78,328 $ millions 2025-09-27 xbrl direct source-linked
Debt Total debt outstanding (carrying value) 96,662 $ millions 2024-09-28 xbrl direct source-linked
Debt Total debt outstanding (carrying value) 90,678 $ millions 2025-09-27 xbrl direct source-linked
Derivatives Derivative notional — interest rate 14,575 $ millions 2024 table extraction source-linked
Derivatives Derivative notional — interest rate 12,875 $ millions 2025 table extraction source-linked
Derivatives Notional designated as fair value hedge 2025-09-27 narrative extraction source-linked
Primary Financial Statements Cost of goods and services sold 214,137 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Cost of goods and services sold 210,352 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Cost of goods and services sold 220,960 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Marketable securities (current) 35,228 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Marketable securities (current) 18,763 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Marketable securities (non-current) 91,479 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Marketable securities (non-current) 77,723 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Net income 96,995 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Net income 93,736 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Net income 112,010 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Operating income 114,301 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Operating income 123,216 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Operating income 133,050 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Property, plant and equipment (net) 45,680 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Property, plant and equipment (net) 49,834 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Provision for income taxes 16,741 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Provision for income taxes 29,749 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Provision for income taxes 20,719 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Research and development expense 29,915 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Research and development expense 31,370 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Research and development expense 34,550 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Selling, general and administrative expense 24,932 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Selling, general and administrative expense 26,097 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Selling, general and administrative expense 27,601 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Total net revenue 383,285 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Total net revenue 391,035 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Total net revenue 416,161 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Total operating expenses 54,847 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Total operating expenses 57,467 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Total operating expenses 62,151 $ millions 2025-09-27 xbrl direct source-linked
Primary Financial Statements Total shareholders' equity 50,672 $ millions 2022-09-24 xbrl direct source-linked
Primary Financial Statements Total shareholders' equity 62,146 $ millions 2023-09-30 xbrl direct source-linked
Primary Financial Statements Total shareholders' equity 56,950 $ millions 2024-09-28 xbrl direct source-linked
Primary Financial Statements Total shareholders' equity 73,733 $ millions 2025-09-27 xbrl direct source-linked

Analysis prompts

  • Commercial paper fell 72% period over period professional issue

    Commercial paper moved from 7,979 (2025-09-27) to 2,200 (2025-12-31) — a 72% decline. The engagement may weigh what drove it.

  • Provision for income taxes fell 30% period over period professional issue

    Provision for income taxes moved from 29,749 (2024-09-28) to 20,719 (2025-09-27) — a 30% decline. The engagement may weigh what drove it.

  • Debt-to-equity at 1.23x professional issue

    Carrying-value debt of 90,678 against shareholders' equity of 73,733 (2025-09-27) is a 1.23x ratio. The engagement may weigh refinancing and covenant exposure.

  • Auditor-flagged matter: Uncertain Tax Positions professional issue

    The independent auditor disclosed "Uncertain Tax Positions" as a critical audit matter — an area the auditor judged especially challenging or subjective. The engagement may track how it was addressed.

  • Net income rose 19% period over period professional issue

    Net income moved from 93,736 (2024-09-28) to 112,010 (2025-09-27) — a 19% increase. The engagement may weigh what drove it.

Open judgements

  • What is the quantified basis for auditor firm location? The filing discloses it qualitatively. estimate

    Auditor firm location is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for auditor firm? The filing discloses it qualitatively. estimate

    Auditor firm is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for cam / kam — procedures? The filing discloses it qualitatively. estimate

    CAM / KAM — procedures is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for cam / kam — rationale? The filing discloses it qualitatively. estimate

    CAM / KAM — rationale is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for cam / kam — title? The filing discloses it qualitatively. estimate

    CAM / KAM — title is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for reporting framework cited in opinion? The filing discloses it qualitatively. estimate

    Reporting framework cited in opinion is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for internal controls opinion? The filing discloses it qualitatively. estimate

    Internal controls opinion is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for opinion signed date? The filing discloses it qualitatively. estimate

    Opinion signed date is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for opinion type? The filing discloses it qualitatively. estimate

    Opinion type is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What is the quantified basis for notional designated as fair value hedge? The filing discloses it qualitatively. estimate

    Notional designated as fair value hedge is disclosed as narrative text without a quantified value — the basis is a management judgement.

  • What drove the -19.9% decrease in commercial paper (2024-09-28 -> 2025-09-27)? movement

    Commercial paper moved from 9,967 to 7,979 — a material change to understand the driver of.

  • What drove the +3.2% increase in cost of goods and services sold (2023-09-30 -> 2025-09-27)? movement

    Cost of goods and services sold moved from 214,137 to 220,960 — a material change to understand the driver of.

  • What drove the +13.2% increase in current portion of long-term debt (2024-09-28 -> 2025-09-27)? movement

    Current portion of long-term debt moved from 10,912 to 12,350 — a material change to understand the driver of.

  • What drove the -11.7% decrease in derivative notional — interest rate (2024 -> 2025)? movement

    Derivative notional — interest rate moved from 14,575 to 12,875 — a material change to understand the driver of.

  • What drove the -8.7% decrease in long-term portion of debt (2024-09-28 -> 2025-09-27)? movement

    Long-term portion of debt moved from 85,750 to 78,328 — a material change to understand the driver of.

  • What drove the -46.7% decrease in marketable securities (current) (2024-09-28 -> 2025-09-27)? movement

    Marketable securities (current) moved from 35,228 to 18,763 — a material change to understand the driver of.

  • What drove the -15.0% decrease in marketable securities (non-current) (2024-09-28 -> 2025-09-27)? movement

    Marketable securities (non-current) moved from 91,479 to 77,723 — a material change to understand the driver of.

  • What drove the +15.5% increase in net income (2023-09-30 -> 2025-09-27)? movement

    Net income moved from 96,995 to 112,010 — a material change to understand the driver of.

  • What drove the +16.4% increase in operating income (2023-09-30 -> 2025-09-27)? movement

    Operating income moved from 114,301 to 133,050 — a material change to understand the driver of.

  • What drove the +9.1% increase in property, plant and equipment (net) (2024-09-28 -> 2025-09-27)? movement

    Property, plant and equipment (net) moved from 45,680 to 49,834 — a material change to understand the driver of.

  • What drove the +23.8% increase in provision for income taxes (2023-09-30 -> 2025-09-27)? movement

    Provision for income taxes moved from 16,741 to 20,719 — a material change to understand the driver of.

  • What drove the +15.5% increase in research and development expense (2023-09-30 -> 2025-09-27)? movement

    Research and development expense moved from 29,915 to 34,550 — a material change to understand the driver of.

  • What drove the +10.7% increase in selling, general and administrative expense (2023-09-30 -> 2025-09-27)? movement

    Selling, general and administrative expense moved from 24,932 to 27,601 — a material change to understand the driver of.

  • What drove the -6.2% decrease in total debt outstanding (carrying value) (2024-09-28 -> 2025-09-27)? movement

    Total debt outstanding (carrying value) moved from 96,662 to 90,678 — a material change to understand the driver of.

  • What drove the +8.6% increase in total net revenue (2023-09-30 -> 2025-09-27)? movement

    Total net revenue moved from 383,285 to 416,161 — a material change to understand the driver of.

  • What drove the +13.3% increase in total operating expenses (2023-09-30 -> 2025-09-27)? movement

    Total operating expenses moved from 54,847 to 62,151 — a material change to understand the driver of.

  • What drove the +45.5% increase in total shareholders' equity (2022-09-24 -> 2025-09-27)? movement

    Total shareholders' equity moved from 50,672 to 73,733 — a material change to understand the driver of.

Citations