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
4 questions for AAPL
David Vogt
UBS Group AG
4 questions for AAPL
Erik Woodring
Morgan Stanley
4 questions for AAPL
Michael Ng
Goldman Sachs
4 questions for AAPL
Samik Chatterjee
JPMorgan Chase & Co.
4 questions for AAPL
Wamsi Mohan
Bank of America Merrill Lynch
4 questions for AAPL
Atif Malik
Citigroup Inc.
3 questions for AAPL
Benjamin Reitzes
Melius Research
3 questions for AAPL
Richard Kramer
Arete Research
3 questions for AAPL
Sreekrishnan Sankarnarayanan
Wolfe Research, LLC
3 questions for AAPL
Aaron Rakers
Wells Fargo
2 questions for AAPL
Benjamin Bollin
Cleveland Research Company
1 question for AAPL
Ben Reitzes
Melius Research LLC
1 question for AAPL
Krish Sankar
TD Cowen
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.
- Indian smartphone shipments rose 3% YoY to 48.4 million units in Q3 2025, driven by festival‐season inventory stocking and promotional incentives.
- vivo led the market with 9.7 million units (20% share), followed by Samsung at 6.8 million (14%), and Xiaomi/OPPO each at 6.5 million (13%).
- Apple shipped 4.9 million units, capturing a 10% market share and achieving 47% YoY growth, propelled by strong uptake in small-city markets.
- Omdia warns that Q3 growth was largely incentive-driven rather than pure consumer recovery, raising concerns over channel inventory pressure entering Q4 post-November.
- Apple has started shipping advanced AI servers from its new 250,000 sq ft Houston facility, supporting services like Apple Intelligence and Private Cloud Compute, ahead of schedule.
- The facility is part of Apple’s $600 billion U.S. investment, marking a strategic shift toward domestic manufacturing and creating thousands of jobs.
- Apple launched a manufacturing academy with Michigan State University and is increasing sourcing from U.S. suppliers to bolster the domestic manufacturing ecosystem.
- Alongside Apple, companies like Nvidia and Foxconn are expanding AI manufacturing in Houston, positioning the city as an emerging AI hub in the U.S..
- Apple TV secured exclusive U.S. rights to broadcast Formula 1 from 2026 for five years, replacing ESPN.
- The agreement is worth about $140 million per year (≈$700 million over five years), up from ESPN’s ~$90 million annual fee.
- Apple TV subscribers will get full access to every practice, qualifying, Sprint session and Grand Prix, with select races and all practice sessions free on the Apple TV app.
- Apple will integrate F1 across its ecosystem (News, Maps, Music, Sports, Fitness+, iPhone features) to grow a U.S. fanbase of 52 million in 2024.
- Apple CEO Tim Cook pledged to increase investment and deepen cooperation in China amid U.S. trade tensions, reaffirming the market’s status as Apple’s largest outside the U.S.
- The company announced a planned $600 billion U.S. investment over four years to strategically mitigate potential tariffs on overseas shipments
- Cook said the iPhone Air will be available for pre-order in China following regulatory clearance for eSIM functionality
- Apple unveiled plans for a 720 million yuan clean energy fund in China (approx. $101 million), underscoring its commitment to local sustainability initiatives
- Beijing officials have encouraged regulators to restrict technology transfers to India and Southeast Asia, which may slow Apple’s efforts to diversify its supply chain outside China
- Apple is shifting its manufacturing footprint to Vietnam, planning to produce a 7-inch LCD display hub and indoor security cameras for launch in 2026, and an advanced tabletop home robot in 2027.
- The company is partnering with Chinese firm BYD for final assembly, testing, and packaging of its smart home devices and expanded iPad production in Vietnam.
- Products made in Vietnam will face a 20% tariff under current U.S. trade policies, potentially affecting pricing.
- This move is part of a broader strategy to reduce reliance on China and strengthen Apple’s position in emerging markets and the smart home sector.
- Global smartphone shipments grew 3% YoY in 3Q 2025, driven by robust upgrade and inventory restocking demand.
- Apple captured 18% market share and saw shipments rise 4%, marking its most outstanding third-quarter result ever.
- Samsung led with 19% share, while Xiaomi held 14%, and Transsion and Vivo each accounted for 9% of the market.
- Omdia reports global smartphone shipments grew 3% YoY in 2025 Q3.
- Apple shipments rose 4% YoY to an all-time high, driven by strong early demand for the iPhone 17 series, capturing an 18% market share.
- Samsung led with a 19% share, powered by Galaxy A series and 7th-generation foldables; Xiaomi held 14%, and OPPO and vivo each had 9%.
- 41% of fraud attempts are now AI-driven, marking a surge in sophisticated attacks.
- 99% of organizations suffered AI-enabled fraud losses, averaging $414,000 annually, with one-third losing up to $1 million.
- 93% of fraud teams experienced operational impacts, including 38% facing higher manual review costs; 62% of B2B SaaS firms saw significant increases in manual processes.
- 76% of respondents report privacy tools (e.g., VPNs, privacy-focused browsers) hinder detection, while 40% say these tools substantially reduce identification accuracy.
- Traditional banks face the highest AI fraud rates at 54% but lag in defense adoption, with only 33% evaluating AI-powered tools versus 52% of fintechs.
- Global smartphone shipments rose 3% year-on-year in 3Q25 as vendors built inventory ahead of the holiday quarter.
- Apple grew iPhone shipments by 4% to capture 18% market share, marking its strongest ever third-quarter performance.
- The iPhone 17 series drove early demand, with the base model exceeding launch expectations and the Pro and Pro Max models attracting consumers globally.
- iPhone Air shipments remain modest but serve as a core technical testbed for future form-factor innovations.
- Tata Electronics acquired Justech Precision’s India operations for $100 million, enhancing its precision manufacturing capabilities in Apple’s iPhone supply chain.
- The acquisition follows Tata’s earlier 60% stake purchase in Pegatron’s Indian plant, aligning with Apple’s target to source all U.S.-bound iPhones from India by 2026.
- India’s share of global iPhone shipments is projected to rise to 26% by end-2025, up from 20% at the start of the year.
- Foxconn currently produces about two-thirds and Tata one-third of India’s iPhone output; the deal is expected to help Tata scale up and rebalance this split.