AAPLApple Inc.

Technology · Computer Hardware · Nasdaq

The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. 10-K, Item 1

Employees: 167,000
Headquarters: Cupertino, CA
CEO: John Ternus
Next results: around Jan 28, 2027

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What the 10-K filed 2026-11-03 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-10-31.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“As of both September 26, 2026 and September 27, 2025, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 13% and 12%, respectively.”
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“The Company’s third-party cellular network carriers accounted for 33% and 34% of total trade receivables as of September 26, 2026 and September 27, 2025, respectively.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

“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.”
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“Because the Company relies on single or limited sources for the supply and manufacture of many critical components, a business interruption affecting such sources would exacerbate any negative consequences to the Company.”
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“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 in the U.S.”
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“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.”
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Lawsuits and legal claims

1 new

Pending cases, settlements and what the company has set aside for them.

“On March 21, 2024, the DOJ and a number of state and district attorneys general filed a civil antitrust lawsuit in the U.S.”
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“In addition, various civil litigation matters have been filed in state and federal courts in the U.S. alleging similar violations of U.S. antitrust laws and seeking monetary damages and other nonmonetary relief.”
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New “Epic Games, Inc. filed a lawsuit in the California District Court against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law based upon the Company’s operation of its App Store.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

No specific sentence about this in the 10-K.

Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

No specific sentence about this in the 10-K.

Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

“As of September 26, 2026, the Company had manufacturing purchase obligations of $89.7 billion, with $82.7 billion payable within 12 months.”
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“As of September 26, 2026, the Company had other purchase obligations of $27.3 billion, with $9.9 billion payable within 12 months.”
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Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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