Apple Inc. 10-K Review Support Memo

Review scope: derivatives, debt, auditor_report, financial_statements.

4 of 4 scoped topics produced extracted facts; the register holds 55 facts.

• 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.

• Auditor firm location: qualitative disclosure only qualitative estimate

  Auditor firm location is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• Auditor firm: qualitative disclosure only qualitative estimate

  Auditor firm is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• CAM / KAM — procedures: qualitative disclosure only qualitative estimate

  CAM / KAM — procedures is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• CAM / KAM — rationale: qualitative disclosure only qualitative estimate

  CAM / KAM — rationale is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• CAM / KAM — title: qualitative disclosure only qualitative estimate

  CAM / KAM — title is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• Reporting framework cited in opinion: qualitative disclosure only qualitative estimate

  Reporting framework cited in opinion is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• Internal controls opinion: qualitative disclosure only qualitative estimate

  Internal controls opinion is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• Opinion signed date: qualitative disclosure only qualitative estimate

  Opinion signed date is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• Opinion type: qualitative disclosure only qualitative estimate

  Opinion type is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• Notional designated as fair value hedge: qualitative disclosure only qualitative estimate

  Notional designated as fair value hedge is disclosed in narrative terms with no quantified value — a judgement to corroborate.

• 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.

This support memo prepares reviewer disposition; it is not a sign-off.