Apple Inc.AAPL

Apple Inc. Segments Disclosure

10-KFiled Oct 31, 20253 min read
Segment Information and Geographic Data
The Company manages its business primarily on a geographic basis. The Company’s CEO is its CODM.
The Company’s reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia, New Zealand and those Asian countries not included in the Company’s other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company’s customers and distribution partners and the unique market dynamics of each geographic region.
The CODM uses segment net sales and operating income information to make certain decisions, such as product and service pricing, and to decide how to allocate resources related to sales activities and marketing investments. Net sales for geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in those geographic locations. Operating income for each segment consists of net sales to third parties, related cost of sales, and operating expenses directly attributable to the segment. The information provided to the CODM for purposes of making decisions and assessing segment performance excludes asset information.
The following tables show information by reportable segment for 2025, 2024 and 2023 (in millions):
2025
AmericasEurope
Greater
China
JapanRest of
Asia Pacific		CorporateTotal
Net sales$178,353 $111,032 $64,377 $28,703 $33,696 $— $416,161 
Cost of sales(95,699)(58,617)(35,141)(13,779)(17,724)— (220,960)
Research and development— — — — — (34,550)(34,550)
Selling and marketing(10,174)(4,676)(2,319)(969)(1,386)— (19,524)
General and administrative— — — — — (8,077)(8,077)
Operating income/(loss)$72,480 $47,739 $26,917 $13,955 $14,586 $(42,627)$133,050 
2024
AmericasEurope
Greater
China
JapanRest of
Asia Pacific		CorporateTotal
Net sales$167,045 $101,328 $66,952 $25,052 $30,658 $— $391,035 
Cost of sales(89,587)(55,197)(37,519)(11,744)(16,305)— (210,352)
Research and development— — — — — (31,370)(31,370)
Selling and marketing(9,802)(4,341)(2,351)(854)(1,291)— (18,639)
General and administrative— — — — — (7,458)(7,458)
Operating income/(loss)$67,656 $41,790 $27,082 $12,454 $13,062 $(38,828)$123,216 
2023
AmericasEurope
Greater
China
JapanRest of
Asia Pacific		CorporateTotal
Net sales$162,560 $94,294 $72,559 $24,257 $29,615 $— $383,285 
Cost of sales(92,394)(54,101)(39,787)(11,542)(16,313)— (214,137)
Research and development— — — — — (29,915)(29,915)
Selling and marketing(9,658)(4,095)(2,444)(827)(1,236)— (18,260)
General and administrative— — — — — (6,672)(6,672)
Operating income/(loss)$60,508 $36,098 $30,328 $11,888 $12,066 $(36,587)$114,301 
The following tables show net sales for 2025, 2024 and 2023 and long-lived assets as of September 27, 2025 and September 28, 2024 for countries that individually accounted for 10% or more of the respective totals, as well as aggregate amounts for the remaining countries (in millions):
202520242023
Net sales:
U.S.$151,790 $142,196 $138,573 
China (1)
64,377 66,952 72,559 
Other countries199,994 181,887 172,153 
Total net sales$416,161 $391,035 $383,285 
20252024
Long-lived assets:
U.S.$40,274 $35,664 
China (1)
3,617 4,797 
Other countries5,943 5,219 
Total long-lived assets$49,834 $45,680 
(1)China includes Hong Kong and Taiwan.

Historical Timeline

Fiscal YearFiled
2025Oct 31, 2025Showing above
2024Nov 1, 2024
2023Nov 3, 2023
2022Oct 28, 2022
2021Oct 29, 2021
2020Oct 30, 2020
2019Oct 31, 2019
2018Nov 5, 2018
2017Nov 3, 2017
2016Oct 26, 2016
2015Oct 28, 2015

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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