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AI summaries of 10-Ks and 10-Qs for investors who still check the source. Figures are checked against the company’s filed data where they can be, and quotes against the filing’s own text.
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Example summary
Full summary
Apple's FY2025 total net sales rose 6.4% to $416.2B with net income of $112.0B and diluted EPS of $7.46, while operating cash flow declined to $111.5B from $118.3B. Total net sales increased 6.4% to $416.2B in 2025 from $391.0B in 2024.
- Revenue
- $416,161M
- +6.4%
- Net income
- $112,010M
- +19.5%
- EPS (diluted)
- $7.46
- +22.7%
Tariffs and other measures that are applied to the Company’s products or their components…
“Tariffs and other measures that are applied to the Company’s products or their components can have a material adverse impact on the Company’s business, results of operations and …”
- Data sourced from SEC EDGAR
- Summaries are generated; risk excerpts are the filing’s own words
- One summary per filing, generated once and shared
- Not investment advice
What a summary does
- Figures
- Matched to the company’s filed data where the server can check them, and replaced with the filed figure where they differ
- Risks
- Excerpts located in the filing’s own text, or withheld and counted
- Nine parts
- One outline for every 10-K and 10-Q, from The Print to Notable Footnotes, skipping any part the filing has nothing for
- SEC.gov
- Every summary links to the original filing, one click away
Figures with their receipts.
Each label says what we checked, and each link opens the filing.
What the labels mean
- Matches filing
- Both years’ figures match the numbers Apple reported in the filing’s data, after rounding.
- Linked, not checked
- We link to where the figure is reported but don’t check it. We don’t check per-share figures, ratios or segment results.
- Quote found in filing
- The quoted words appear in the filing, word for word.
How we check
Companies file their financial statements with machine-readable tags on the figures, a format called XBRL. We compare the figures we can check with Apple’s tagged values for the same line and year: rounding is allowed, a different scale or digit is not, and where our figure differs we show the filed one instead. Quotes are matched word for word, ignoring capital letters, spacing and quote styles. The investor takeaways are interpretation; where one cites a passage, its label says whether the passage was found.
Sample filing · Apple Inc. (AAPL) · 10-K · fiscal year ended Sep 27, 2025 · filed Oct 31, 2025
Financial highlights
- Total net salesMatches filing
- FY2025
- $416.2B
- FY2024
- $391.0B
- Change, calculated
- +6.4%
The increase was attributed by management to higher net sales of iPhone and Services in the Americas, higher net sales of Services, iPhone and Mac in Europe, higher net sales of iPhone, Services and iPad in Japan, and higher net sales of iPhone, Services and Mac in Rest of Asia Pacific, partially offset by lower net sales of iPhone in Greater China.Quote found in filing - Services net salesLinked, not checked
- FY2025
- $109.2B
- FY2024
- $96.2B
- Change, calculated
- +13.5%
Management attributed the increase primarily to higher net sales from advertising, the App Store and cloud services.Quote found in filing - Net incomeMatches filing
- FY2025
- $112.0B
- FY2024
- $93.7B
- Change, calculated
- +19.5%
The increase was accompanied by a lower effective tax rate of 15.6% in 2025 versus 24.1% in 2024, which management attributed to a $10.7 billion year-over-year decrease in the provision for income taxes related to the State Aid Decision and the impact of changes in unrecognized tax benefits, partially offset by a change in valuation allowance and a higher effective tax rate on foreign earnings.Quote found in filing - Diluted earnings per shareLinked, not checked
- FY2025
- $7.46
- FY2024
- $6.08
- Change, calculated
- +22.7%
Diluted EPS increased 22.7% YoY, with weighted-average diluted shares declining to 15,004,697 thousand from 15,408,095 thousand.
| Metric | FY2025ended Sep 27, 2025 | FY2024ended Sep 28, 2024 | Change, calculated | Investor Takeaway |
|---|---|---|---|---|
| $416.2B | $391.0B | +6.4% | The increase was attributed by management to higher net sales of iPhone and Services in the Americas, higher net sales of Services, iPhone and Mac in Europe, higher net sales of iPhone, Services and iPad in Japan, and higher net sales of iPhone, Services and Mac in Rest of Asia Pacific, partially offset by lower net sales of iPhone in Greater China.Quote found in filing | |
| $109.2B | $96.2B | +13.5% | Management attributed the increase primarily to higher net sales from advertising, the App Store and cloud services.Quote found in filing | |
| $112.0B | $93.7B | +19.5% | The increase was accompanied by a lower effective tax rate of 15.6% in 2025 versus 24.1% in 2024, which management attributed to a $10.7 billion year-over-year decrease in the provision for income taxes related to the State Aid Decision and the impact of changes in unrecognized tax benefits, partially offset by a change in valuation allowance and a higher effective tax rate on foreign earnings.Quote found in filing | |
| $7.46 | $6.08 | +22.7% | Diluted EPS increased 22.7% YoY, with weighted-average diluted shares declining to 15,004,697 thousand from 15,408,095 thousand. |
Amounts in US dollars; B = billions. Calculated from the two figures, to one decimal. Apple’s filing rounds changes to whole percentages.
Trace to Source
The label opens the passage a sentence rests on, in the filing’s own words.
Services net sales
Management attributed the increase primarily to higher net sales from advertising, the App Store and cloud services.
“Services net sales increased during 2025 compared to 2024 primarily due to higher net sales from advertising, the App Store and cloud services.”Found in the filing, word for word.Open the passage on SEC.gov (opens in a new tab)
Follow one figure to the filing
Total net sales in the table above, traced to the line Apple filed.
In the highlights
$416.2B
FY2025, rounded to billions
In Apple’s 10-K
$416,
161 million Consolidated Statements of Operations · page 29
In the filing’s data
416,
161, 000, 000 USD Year ended Sep 27, 2025
Show the data tag
us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax
Matches filingSame number, rounded to billions.
Open the 10-K on SEC.gov (opens in a new tab)Nine parts, in the order you would read them.
Every summary follows the same outline.
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Up to nine parts, written by the AI from the filing’s own text and data, in the same order for every filing.
More ways to read one filing.
Ask it a question, read its periods side by side, see what changed since the last one.
Ask this Filing
Ask a question of one filing. The answer comes from that filing, with cited passages you can check, and each chip says whether we matched the source or only cited it. Free accounts get 3 questions.
Total net sales were $416.2B [1], up 6.4% on the prior year [2]. Management attributes the Services increase to advertising, the App Store and cloud services [3].
- [1]Filed figureus-gaap:RevenueFromContractWithCustomerExcludingAssessedTaxMatches filing
- [2]Calculated figureus-gaap:RevenueFromContractWithCustomerExcludingAssessedTaxCalculated from filing
- [3]PassageItem 7 · Products and Services PerformanceQuote found in filing
Multi-Period Analysis
Up to 10 fiscal years or 12 quarters of one company: charts, a metrics grid, and a streamed trend narrative with citations. Export to Excel.
Try it on Apple- Revenue
- FY2025CAGR +8.7%
- Net income
- FY2025CAGR +14.3%
- Net margin
- FY2025Chg +6.0pp
Metrics by period
Figures are rounded for display; net margin is calculated from filed figures. Select any value for its source and full precision.
n/m means not meaningful. The final column shows CAGR, or percentage-point change for percent-unit rows. Each value’s source detail states its calculation range.
| Metricvalue · Δ vs prior year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2020–FY2025 CAGR |
|---|---|---|---|---|---|---|---|
| Revenue | Change vs prior year +33.3% | Change vs prior year +7.8% | Change vs prior year -2.8% | Change vs prior year +2.0% | Change vs prior year +6.4% | ||
| Net income | Change vs prior year +64.9% | Change vs prior year +5.4% | Change vs prior year -2.8% | Change vs prior year -3.4% | Change vs prior year +19.5% | ||
| Net margin | Change vs prior year +5.0pp | Change vs prior year -0.6pp | Change vs prior year -0.0pp | Change vs prior year -1.3pp | Change vs prior year +2.9pp |
Data notes · sample data (one saved run) · 6 calculated from filed figures
Select any figure to see its source filing, method and inputs. Automated checks confirm that reported figures come from the company’s filed data (XBRL); they are not an audit of the company’s accounts.
Sources & methods
Figures come from SEC filings; some are calculated. Quarterly cash flows may be calculated by subtracting earlier year-to-date totals. Fourth-quarter flow figures may be calculated from annual totals less the first nine months. Earnings per share uses a reported quarterly figure; it is not subtracted from annual EPS.
Free cash flow is operating cash flow minus cash capital expenditures. It excludes finance lease principal payments and may differ from the company’s own free cash flow measure.
Missing values are unavailable in this dataset, not zero. Growth is unavailable when its comparison period or compatible inputs are missing. Missing validation is not a claim that a figure passed checks.
Source data as of October 22, 2026. Source matching and automated checks do not constitute an audit of the company’s accounts.
Change Report
What changed against the prior filing, metric by metric, computed from the filed data. Both plans include it.
What changed
Year over year.
Revenue, net income and EPS (diluted) all rose against the prior fiscal year.
| Metric | Prior | Current | Change | Read as |
|---|---|---|---|---|
| Revenue | $391.0B | $416.2B | +6.4% | Favorable |
| Net income | $93.7B | $112.0B | +19.5% | Favorable |
| EPS (diluted) | $6.08 | $7.46 | +22.7% | Favorable |
- Revenue+6.4%Prior $391.0B, current $416.2BFavorable
- Net income+19.5%Prior $93.7B, current $112.0BFavorable
- EPS (diluted)+22.7%Prior $6.08, current $7.46Favorable
▲ and ▼ show the direction of each change. Color and “Read as” show whether that direction is usually favorable for the metric.
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