Apple Inc. (AAPL) is a global technology company that designs, manufactures, and markets a wide range of consumer electronics, software, and services. The company is known for its innovative products and operates in highly competitive markets characterized by rapid technological advancements. Apple sells smartphones, personal computers, tablets, wearables, and a variety of services, including digital content and payment solutions.
- iPhone - Develops and sells a line of smartphones based on the iOS operating system, known for their advanced features and user-friendly interface.
- Services - Offers a variety of services including digital content platforms, cloud services, and payment solutions, contributing significantly to Apple's business.
- Wearables, Home, and Accessories - Produces smartwatches, wireless headphones, media streaming devices, and smart speakers, enhancing the Apple ecosystem.
- Wearables - Includes products like the Apple Watch and AirPods, as well as the Apple Vision Pro spatial computer.
- Home - Features products such as Apple TV and HomePod smart speakers.
- Mac - Designs and sells personal computers, including laptops and desktops, running on macOS.
- iPad - Offers a line of multipurpose tablets based on iPadOS, catering to both personal and professional use.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Tim Cook ExecutiveBoard | Chief Executive Officer (CEO) | Board Member at Nike, Inc.; Board Member at The National Football Foundation; Trustee at Duke University; Leadership Council Member at Malala Fund. | CEO of Apple since 2011, joined Apple in 1998. Previously COO and EVP of Worldwide Sales and Operations. Oversaw Apple's market cap growth by over $3 trillion. | View Report → |
Deirdre O’Brien Executive | SVP, Retail + People | None reported. | Leads Apple’s retail and online teams and People team. Joined Apple in 1988. Previously VP of People and VP of Operations. | View Report → |
Jeff Williams Executive | Chief Operating Officer (COO) | None reported. | COO since 2015. Oversees worldwide operations, customer service, and Apple Watch development. Joined Apple in 1998. | View Report → |
Kate Adams Executive | SVP, General Counsel, and Secretary | None reported. | General Counsel since 2017. Oversees legal matters, including corporate governance, litigation, and compliance. Former General Counsel at Honeywell International. | View Report → |
Kevan Parekh Executive | Chief Financial Officer (CFO) | None reported. | CFO since January 2025. Joined Apple in 2013. Previously VP of Financial Planning and Analysis and VP of Worldwide Finance for Sales, Marketing, and Retail. | View Report → |
Alex Gorsky Board | Director | Board Member at IBM; Board Member at JPMorgan Chase & Co.; Board Member at Travis Manion Foundation; Board Member at National Academy Foundation. | Director since 2021. Former Chairman and CEO of Johnson & Johnson. Expertise in health and technology. | |
Andrea Jung Board | Director | President and CEO of Grameen America LLC; Board Member at Rockefeller Capital Management; Board Member at Unilever PLC; Board Member at Wayfair Inc.. | Director since 2008. Former CEO of Avon Products. Expertise in brand marketing and consumer products. | |
Art Levinson Board | Chair of the Board | CEO of Calico; Board Member at Broad Institute of MIT and Harvard; Board of Scientific Consultants at Memorial Sloan Kettering Cancer Center. | Chair of Apple’s Board since 2000. Former CEO and Chairman of Genentech. Recognized for contributions to science and technology. | |
Monica Lozano Board | Director | Board Member at Bank of America Corporation; Board Member at Target Corporation; Chair of the Board of Weingart Foundation. | Director since 2021. Former CEO of College Futures Foundation. Expertise in media, marketing, and strategic planning. | |
Ron Sugar Board | Director | Board Member at Amgen Inc.; Board Member at Chevron Corporation; Board Member at Uber Technologies, Inc.; Trustee at University of Southern California. | Director since 2010. Former Chairman and CEO of Northrop Grumman. Expertise in financial management and global operations. | |
Sue Wagner Board | Director | Board Member at BlackRock, Inc.; Board Member at Samsara Inc.; Trustee at Wellesley College; Board Member at Color Health, Inc.. | Director since 2014. Co-founder of BlackRock, Inc. Expertise in financial services and global business. | |
Wanda Austin Board | Director | Board Member at Amgen Inc.; Board Member at Chevron Corporation; Co-founder of MakingSpace, Inc.; Member of American Energy Innovation Council. | Director since 2024. Former CEO of The Aerospace Corporation. Expertise in technology, cybersecurity, and public policy. |
- With Services revenue reaching a $100 billion run rate, can you elaborate on the sustainability and growth prospects of the recurring versus transactional components, and how competitive pressures might affect these segments?
- Given that peers are significantly increasing their R&D investments in AI, do you believe reallocating existing resources is adequate, or should Apple increase its R&D spending beyond the current 7% to 8% of sales to fully capitalize on AI opportunities?
- Despite your large installed base, services like Apple Music, News, Arcade, and Fitness are not leading in their markets; what strategies do you have to enhance their competitiveness, and is the decision to keep them non-cross-platform limiting their growth potential?
- You've maintained around $50 billion in net cash despite pledges to achieve a net neutral cash position; how do you plan to utilize this cash effectively, and are there more aggressive investment opportunities you're considering instead of increasing shareholder returns?
- Considering economic uncertainties and geopolitical tensions in China, how do you plan to mitigate potential risks in this crucial market, and what impact might these factors have on your future growth strategies there?
Research analysts who have asked questions during Apple earnings calls.
Amit Daryanani
Evercore
6 questions for AAPL
David Vogt
UBS Group AG
6 questions for AAPL
Erik Woodring
Morgan Stanley
6 questions for AAPL
Michael Ng
Goldman Sachs
6 questions for AAPL
Samik Chatterjee
JPMorgan Chase & Co.
6 questions for AAPL
Wamsi Mohan
Bank of America Merrill Lynch
6 questions for AAPL
Atif Malik
Citigroup Inc.
5 questions for AAPL
Richard Kramer
Arete Research
5 questions for AAPL
Aaron Rakers
Wells Fargo
4 questions for AAPL
Benjamin Reitzes
Melius Research
3 questions for AAPL
Ben Reitzes
Melius Research LLC
3 questions for AAPL
Krish Sankar
TD Cowen
3 questions for AAPL
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
3 questions for AAPL
Benjamin Bollin
Cleveland Research Company
1 question for AAPL
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Undisclosed | 2022 | Apple completed business acquisitions totaling $306 million in fiscal year 2022; however, no further details on strategic rationale, specific assets, or notable terms were provided. |
Recent press releases and 8-K filings for AAPL.
- Apple will shift from an annual fall iPhone launch to a two-phase biannual release cycle starting in 2026, aiming to smooth revenue and ease pressure on engineering, marketing, and suppliers.
- High-end models (iPhone 18 Pro, 18 Pro Max, and the first foldable) are scheduled for fall 2026, while the standard iPhone 18, iPhone 18e, and an updated iPhone Air will arrive in spring 2027, expanding the lineup to five or six new models annually.
- Other Apple product lines—including Macs, iPads, and smart-home devices—will shift to spring launches under the new cadence to balance demand and smooth revenue across portfolios.
- The iPhone Air is expected to serve as a lower-volume testbed, potentially featuring a 2-nanometer A20 chip and a second rear camera, per leaked reports.
- Berkshire Hathaway established a $4.3 billion stake in Alphabet, now its 10th largest equity holding.
- The new Alphabet position exceeds Berkshire’s Amazon investment but is smaller than its Apple holdings, which still account for 24% of its portfolio.
- Berkshire sold nearly 15% of its Apple shares this quarter, cutting its stake from 905 million to 238.2 million shares.
- In contrast, Pershing Square Capital Management reduced its Alphabet Class A shares by 10% during the same period.
- Apple introduced the Mini Apps Partner Program, offering developers a 15% commission rate on qualifying in-app purchases made through mini apps hosted inside larger native apps.
- The program requires host apps to be distributed on iOS or iPadOS and mandates use of Apple’s In-App Purchase system, Advanced Commerce API, Declared Age Range API, and detailed metadata submissions for mini apps and purchases.
- Apple negotiated with Tencent to apply the 15% fee to mini apps within WeChat, extending its fee system to super-app environments previously outside its control.
- Developers participating in the App Store Small Business Program remain eligible, and Apple updated its App Review Guidelines to enforce age-appropriate content and verified age restrictions.
- Apple will pay Google $1 billion annually to integrate its 1.2 trillion-parameter Gemini AI model into Siri, running on Apple’s Private Cloud Compute to protect user privacy, with the update due in spring 2026 (iOS 26.4).
- The Gemini model will power Siri’s summarizer and planner functions, while other Siri features remain on Apple’s in-house AI models; the integration excludes Google AI search embedding in Apple OS.
- This partnership is an interim solution to enhance Siri’s multi-step planning and summarization capabilities as Apple develops its own advanced AI model.
- Apple reshuffled AI leadership, transferring Siri development from AI chief John Giannandrea to software head Craig Federighi, with Mike Rockwell leading the assistant’s turnaround.
- In fiscal 2025, Apple’s capital expenditures totaled $12.72 billion, well below rivals investing tens of billions in AI infrastructure.
- The company uses a hybrid AI model, combining its own Private Cloud Compute chips with third-party computing resources.
- Apple’s Services segment generated over $100 billion in annual revenue, outpacing its AI investments.
- Capital expenditures rose 35% year-over-year, signaling a gradual increase in infrastructure spending.
- Apple reported $102.5 B in revenue for Q4 FY25, up 8% year-over-year, driven by a record $28.8 B in services revenue (+15%) and delivered a record EPS of $1.85.
- Products revenue reached $73.7 B (+5%), with segment breakdown: iPhone $49 B (+6%), Mac $8.7 B (+13%), iPad $7 B (flat), and Wearables $9 B (flat).
- Gross margin expanded to 47.2%, up 70 bps QoQ; operating expenses were $15.9 B; net income of $27.5 B and operating cash flow of $29.7 B were September records.
- Returned $24 B to shareholders in the quarter, including $3.9 B in dividends and $20 B in share repurchases of 89 M shares.
- For the December quarter, Apple expects revenue growth of 10–12% YoY (its best quarter ever), with double-digit iPhone growth and services growth similar to FY25.
- Apple’s Q4 FY2025 revenue was $102.5 B, up 8% Y/Y; diluted EPS was $1.85, and full-year revenue reached a record $416 B.
- Services revenue hit an all-time high of $28.8 B, up 15% Y/Y, while product revenue was $73.7 B, up 5%.
- iPhone revenue was $49 B (up 6% Y/Y), Mac $8.7 B (up 13%), iPad $7 B (flat), and Wearables/Home/Accessories $9 B (flat).
- Gross margin was 47.2% (Products: 36.2%; Services: 75.3%); operating expenses were $15.9 B; net income $27.5 B; operating cash flow $29.7 B.
- The company expects the December quarter to deliver its best-ever revenue and guides gross margin at 47–48%.
- Apple reported Q4 revenue of $102.5 billion (+8% yoy), with product revenue of $73.7 billion (+5%) and services at $28.8 billion (+15%); diluted EPS was $1.85 (+13% yoy)
- By segment, iPhone revenue reached $49 billion (+6%), Mac was $8.7 billion (+13%), iPad was $7 billion (flat), and Wearables was $9 billion (flat)
- Company gross margin was 47.2%, up 70 bps sequentially, with services gross margin at 75.3%
- For Q1 FY2026 (Dec quarter), Apple guides 10–12% revenue growth, gross margin of 47–48%, and operating expenses of $18.1–18.5 billion, anticipating double-digit iPhone growth
- The board declared a cash dividend of $0.26 per share, payable November 13, 2025
- Apple reported Q4 revenue of $102.5 billion (+8% YoY), Services at $28.8 billion (+15%), and EPS of $1.85 (+13%)
- Product revenues: iPhone $49 billion (+6%), Mac $8.7 billion (+13%), iPad $7 billion (flat), Wearables/Home/Accessories $9 billion (flat)
- FY 2025 all-time revenue record of $416 billion and services surpassed $100 billion annual revenue
- Returned $24 billion to shareholders (including $3.9 billion dividends and $20 billion share repurchases), ending with $34 billion net cash
- December quarter guidance: revenue growth of 10–12% YoY, double-digit iPhone growth, gross margin 47–48%, OpEx $18.1–18.5 billion, and $0.26 dividend per share
- Apple reported $102.5 billion in Q4 revenue, an 8 percent increase year-over-year, with record iPhone and Services revenue.
- Q4 diluted EPS was $1.85, up 13 percent year-over-year on an adjusted basis.
- Fiscal 2025 revenue reached $416 billion, a record annual total, with double-digit EPS growth.
- The board declared a $0.26 per share cash dividend payable November 13, 2025, to shareholders of record as of November 10, 2025.
- Apple launched its new iPhone 17 lineup, AirPods Pro 3, Apple Watch, MacBook Pro and iPad Pro with M5 chip ahead of the holiday season.