Apple Inc. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$416.2B
Gross margin	46.9%
Operating income	$133.1B
Net income	$112.0B
Diluted EPS	$7.46
Cash & equivalents	$35.9B
Total assets	$359.2B
Long-term debt	$90.7B

Key takeaway

Apple reported FY2025 revenue of $416.2B and net income of $112.0B, with 46.9% gross margin and 32% operating margin, demonstrating sustained profitability and operational scale.

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Beneath the surface

Net debt of approximately $55.3B (debt of $91.3B less cash of $35.9B) is substantially lower than headline long-term debt of $90.7B. Current liabilities of $165.6B exceed current assets of $147.9B, but this reflects favorable working capital management: $69.9B in accounts payable versus $39.8B receivables and only $5.7B inventory, indicating Apple extracts supplier financing value while maintaining operational efficiency.

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