Apple (AAPL): what its 10-K says it depends on

Customers

Cellular network carriers

earns from · 60%named as a risk

During 2025, the Company’s net sales through its direct and indirect distribution channels accounted for 40% and 60%, respectively, of total net sales.Business (Item 1)

Cellular network carriers

insures or lends tonamed as a risk

A substantial majority of the Company’s outstanding trade receivables are not covered by collateral, third-party bank support or financing arrangements, or credit insurance, and a significant portion of the Company’s trade receivables can be concentrated within cellular network carriers or other resellers.Risk factors (Item 1A)

Suppliers

Single-source custom components

depends onnamed as a risk

Because the Company currently obtains certain components from single or limited sources, the Company is subject to significant supply and pricing risks.Risk factors (Item 1A)

Asia-based vendors (vendor non-trade receivables)

insures or lends tonamed as a risk

As of September 27, 2025, the Company’s vendor non-trade receivables were concentrated among a few individual vendors located primarily in Asia.Risk factors (Item 1A)

Partners and platforms

Google LLC

earns fromnamed as a risk

For example, the Company earns revenue from licensing arrangements with Google LLC (“Google”) and other companies to offer their search services on the Company’s platforms and applications, and certain of these arrangements are currently subject to government investigations and legal proceedings.Risk factors (Item 1A)

Also named by HPQ

App Store

earns fromnamed as a risk

In addition, the Company is the subject of investigations in Europe and other jurisdictions relating to App Store terms and conditions.Risk factors (Item 1A)

Other companies

iPhone

concentrated innamed as a risk

Further, the Company generates a significant portion of its net sales from a single product category and a decline in demand for that product could significantly impact net sales and gross margins.Risk factors (Item 1A)

Competitors

Android

competes withnamed as a risk

The Company believes that third-party developer support depends on the perceived benefits of creating software and services for the Company’s products compared to competitors’ platforms, such as Android for smartphones and tablets, Windows for personal computers and tablets, and PlayStation, Nintendo and Xbox for gaming platforms.Risk factors (Item 1A)

Also named by TOST, ZBRA

Microsoft Windows

competes withnamed as a risk

The Company believes that third-party developer support depends on the perceived benefits of creating software and services for the Company’s products compared to competitors’ platforms, such as Android for smartphones and tablets, Windows for personal computers and tablets, and PlayStation, Nintendo and Xbox for gaming platforms.Risk factors (Item 1A)

Also named by CRWD

Places

Asia

concentrated in · substantially all of the Company’s hardware productsnamed as a risk

The Company relies on single-source partners in the U.S., Asia and Europe to supply and manufacture many components, and on partners primarily located in Asia, for final assembly of substantially all of the Company’s hardware products.Risk factors (Item 1A)

Also named by AYI, CART, CB, CDW, CHD, CLS, COHR, DELL and 31 more

China

concentrated innamed as a risk

A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AB, ADI, AEHR, ALAB and 261 more

India

concentrated innamed as a risk

A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.Risk factors (Item 1A)

Also named by A, ACN, AJG, AKAM, AMZN, AOS, AVGO, AVY and 54 more

Taiwan

concentrated innamed as a risk

A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.Risk factors (Item 1A)

Also named by AAOI, AB, ADI, AEHR, ALAB, AMAT, AMD, ANET and 50 more

Japan

concentrated innamed as a risk

A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.Risk factors (Item 1A)

Also named by A, AFL, AMKR, ANET, BMY, BSX, CAT, CDNS and 25 more

Vietnam

concentrated innamed as a risk

A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.Risk factors (Item 1A)

Also named by AMKR, ANET, ASO, BBW, CGNX, CIEN, CROX, CSW and 16 more

Ireland

subject tonamed as a risk

The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland and Singapore, where a number of the Company’s subsidiaries are organized.Risk factors (Item 1A)

Also named by ACN, ADI, AGX, BEN, CDNS, CELH, COR, DDOG and 13 more

Singapore

subject tonamed as a risk

The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland and Singapore, where a number of the Company’s subsidiaries are organized.Risk factors (Item 1A)

Also named by A, ALAB, AMAT, ANET, APP, AVGO, DLR, EW and 12 more

South Korea

concentrated innamed as a risk

A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.Risk factors (Item 1A)

Also named by ALAB, AMAT, BE, BWA, CPNG, CROX, ENTG, FAST and 11 more

Silicon Valley

concentrated innamed as a risk

Experienced personnel in the technology industry are in high demand and competition for their talents is intense, especially in Silicon Valley, where most of the Company’s key personnel are located.Risk factors (Item 1A)

Hazards

Earthquakes

operates innamed as a risk

Many of the Company’s operations, retail stores and facilities, as well as critical business operations of the Company’s suppliers and contract manufacturers, are in locations that are prone to earthquakes and other natural disasters.Risk factors (Item 1A)

Also named by AMKR, AN, ANET, APP, BRO, CDNS, CEG, CGNX and 37 more

Commodities and inputs

U.S. dollar

exposed to its price · maximum one-day loss in fair value of $590 millionnamed as a risk

Based on the results of the model, the Company estimates, with 95% confidence, a maximum one-day loss in fair value of $590 million and $538 million as of September 27, 2025 and September 28, 2024, respectively.Market risk (Item 7A)

Also named by A, AEHR, CROX, CSCO, FWONA, IDXX, KEYS, LECO and 4 more

U.S. interest rates

exposed to its price · $2,416named as a risk

The Company is primarily exposed to fluctuations in U.S. interest rates and their impact on the Company’s investment portfolio and term debt.Market risk (Item 7A)

Semiconductors

depends onnamed as a risk

For example, the global semiconductor industry has in the past experienced high demand and shortages of supply, which adversely affected the Company’s ability to obtain sufficient quantities of components and products on commercially reasonable terms, or at all.Risk factors (Item 1A)

Also named by AIOT, ARW, AXON, CARR, CAT, CIEN, CSCO, GD and 16 more

Rare earths

depends onnamed as a risk

Restrictive measures can increase the cost or limit the availability of the Company’s products and the components and rare earths and other raw materials that go into them.Risk factors (Item 1A)

Also named by PH

Regulators

U.S. Internal Revenue Service

subject tonamed as a risk

The Company is also subject to the examination of its tax returns and other tax matters by the U.S. Internal Revenue Service and other tax authorities and governmental bodies.Risk factors (Item 1A)

Also named by ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO, CAH and 39 more

U.S. Department of Justice

subject tonamed as a risk

A reversal of the order on appeal could result in imposition of certain remedies initially proposed by the DOJ, such as those prohibiting Google from offering the Company commercial terms for search distribution.Risk factors (Item 1A)

Also named by ACN, AMAT, ASO, BEN, BSX, CAH, CDNA, CDW and 21 more

European Commission

subject tonamed as a risk

Although the Company’s compliance plan is intended to address the DMA’s obligations, it has been challenged by the Commission and may be challenged further by private litigants.Risk factors (Item 1A)

Also named by BKNG, CCK, FWONA, IONS, KRYS, META, MRNA, TEX and 1 more

Laws and programs

U.S. Tariffs

subject tonamed as a risk

Beginning in the second quarter of 2025, new tariffs were announced on imports to the U.S. (“U.S. Tariffs”), including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the European Union (“EU”), among others.Risk factors (Item 1A)

Also named by A, ACHR, ADI, AEHR, AEP, AIOT, AKAM, AM and 170 more

OECD global minimum tax

subject tonamed as a risk

For example, the Organisation for Economic Co-operation and Development continues to advance proposals for modernizing international tax rules, including the introduction of global minimum tax standards.Risk factors (Item 1A)

Also named by APP, ARW, AXP, BAC, BALL, CB, CBRE, CROX and 15 more

EU Digital Markets Act (DMA)

subject tonamed as a risk

The DMA provides for significant fines and penalties for noncompliance.Risk factors (Item 1A)

Also named by BKNG, GOOG, MSFT

Section 232 of the Trade Expansion Act of 1962 (semiconductors investigation)

subject tonamed as a risk

For example, the U.S. Department of Commerce has initiated an investigation under Section 232 of the Trade Expansion Act of 1962, as amended, into, among other things, imports of semiconductors, semiconductor manufacturing equipment, and their derivative products, including downstream products that contain semiconductors.Risk factors (Item 1A)

Also named by SNDK

U.S. App Store court order on commissions

subject tonamed as a risk

For example, in the U.S., the Company has implemented changes to how developers communicate with consumers within apps on the U.S. storefront of the iOS and iPadOS App Store regarding alternative purchasing mechanisms and is currently subject to a court order preventing it from imposing any commission or fee on certain purchases that consumers make.Risk factors (Item 1A)

U.S. antitrust laws

subject tonamed as a risk

For example, the Company is subject to civil antitrust lawsuits in the U.S. alleging monopolization or attempted monopolization in the markets for “performance smartphones” and “smartphones” generally in violation of U.S. antitrust laws.Risk factors (Item 1A)