APPLE INC., DEF 14A filed on 1/8/2026
Proxy Statement (definitive)
v3.25.4
Cover
 12 Months Ended
Sep. 27, 2025
Cover [Abstract]  
Document Type DEF 14A
Entity Registrant Name Apple Inc.
Entity Central Index Key 0000320193
Amendment Flag false
v3.25.4
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Sep. 27, 2025
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Sep. 25, 2021
Pay vs Performance Disclosure [Table]          
Pay vs Performance Disclosure, Table

Pay versus Performance

 

The information below is provided pursuant to the SEC pay versus performance disclosure requirements set forth in Item 402(v) of SEC Regulation S-K (the “Pay Versus Performance Rule”), which requires companies to disclose certain information about the relationship between performance and the compensation of named executive officers.

 

                                 
                    Value of Initial Fixed $100
Investment Based On:		        
Fiscal
Year(a)		       Summary
Compensation
Table Total for
Mr. Cook($)(b)		       Compensation
Actually Paid to
Mr. Cook($)(c)		       Average Summary
Compensation
Table Total for
Other NEOs($)(d)		       Average
Compensation
Actually Paid to
Other NEOs($)(e)		       Total
Shareholder
Return($)(f)		       Peer Group
Total
Shareholder
Return($)(g)		       Net
Income
($M)(h)		       Net Sales
($M)(i)
2025   74,294,811   108,423,733   23,812,358   34,125,743   233.88   279.51   112,010   416,161
2024   74,609,802   168,980,568   27,178,896   58,633,525   207.59   206.32   93,736   391,035
2023   63,209,845   106,643,588   26,943,956   41,980,664   155.24   132.03   96,955   383,285
2022   99,420,097   128,833,021   27,150,293   41,564,946   135.59   92.83   99,803   394,328
2021   98,734,394   311,845,801   26,987,631   75,307,922   131.69   136.94   94,680   365,817
(1) The dollar amounts in column (b) represent the compensation reported for Mr. Cook for each corresponding year in the “Total” column of the Summary Compensation Table for the relevant years.
(2) The dollar amounts in columns (c) and (e) represent the amount of “Compensation Actually Paid” (otherwise known as CAP), as computed in accordance with SEC rules. Compensation Actually Paid does not represent cash or equity value realized or paid to our named executive officers (“NEOs”) but rather is a value calculated under applicable SEC rules. The following table details how Compensation Actually Paid is determined:

 

         2025
          Mr. Cook
($)		       Average for
Other NEO
($)
  Summary Compensation Table (“SCT”) Total   74,294,811   23,812,358
  Grant Date Fair Value of Stock Awards from SCT   (57,535,293)   (19,493,093)
  Fair Value of Equity Awards Granted in the Year and Unvested as of Year End   68,598,728   22,569,203
  Change in Fair Value from Prior Year End of Outstanding and Unvested Awards Granted in Prior Years   24,715,497   7,529,766
  Fair Value of Stock Awards Granted in Fiscal Year that Vested in Fiscal Year   0   166,813
  Change in Fair Value from Prior Year End of Vested(a) Awards Granted in Prior Years   (1,650,010)   (459,305)
  Fair Value at Vesting Date of Vested Awards Granted in Current Year   0   0
  Compensation Actually Paid   108,423,733   34,125,743
        (a) The fair values of the RSUs included in the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs are calculated at the required measurement dates, consistent with the approach used to value the awards at the grant date as described above in footnote 1 to the “Summary Compensation Table – 2025, 2024, and 2023” and footnote 1 to the “Grants of Plan-Based Awards – 2025” table, respectively. Any changes to the time-based RSU and performance-based RSU grant date fair values (for 2025 grants) and from prior year-end values (for 2021-2024 grants) are based on an updated stock price valuation on the measurement dates and for the performance-based RSUs, include updated input variables for the Monte-Carlo model to estimate the probability of satisfying the performance objectives established for the applicable award.
(3) The dollar amounts in column (d) represent the average amounts of compensation reported for the other NEOs for each corresponding year in the “Total” column of the Summary Compensation Table for the relevant fiscal year. From 2021 to 2024, the other NEOs were Luca Maestri, Kate Adams, Deirdre O’Brien, and Jeff Williams. For 2025, the other NEOs were Kevan Parekh, Kate Adams, Sabih Khan, Luca Maestri, and Deirdre O’Brien.
(4) Apple’s TSR in column (f) was determined based on the value of an initial fixed investment of $100, as of September 26, 2020, including the reinvestment of any dividends.
(5) The peer group used to calculate Peer Group TSR in column (g) is our 2025 primary peer group as disclosed in the Compensation Discussion and Analysis section of this Proxy Statement. TSR is based on the value of an initial fixed investment of $100 as of September 26, 2020 and is weighted for the market capitalization of each peer company in each applicable year. If the primary peer group from the 2025 Proxy Statement were used, the Peer Group TSR would be $139.22, $97.30, $131.99, $198.69, and $266.58 for 2021, 2022, 2023, 2024, and 2025 respectively.
(6) In addition to Relative TSR and Operating Income, Net Sales in column (i) represents the most important financial performance measure used to link Compensation Actually Paid to Company performance (the “Company Selected Measure” as defined in the Pay Versus Performance rules).
        
Company Selected Measure Name Net Sales        
Named Executive Officers, Footnote [Text Block]
(1) The dollar amounts in column (b) represent the compensation reported for Mr. Cook for each corresponding year in the “Total” column of the Summary Compensation Table for the relevant years.
(3) The dollar amounts in column (d) represent the average amounts of compensation reported for the other NEOs for each corresponding year in the “Total” column of the Summary Compensation Table for the relevant fiscal year. From 2021 to 2024, the other NEOs were Luca Maestri, Kate Adams, Deirdre O’Brien, and Jeff Williams. For 2025, the other NEOs were Kevan Parekh, Kate Adams, Sabih Khan, Luca Maestri, and Deirdre O’Brien.
        
Peer Group Issuers, Footnote [Text Block]
(5) The peer group used to calculate Peer Group TSR in column (g) is our 2025 primary peer group as disclosed in the Compensation Discussion and Analysis section of this Proxy Statement. TSR is based on the value of an initial fixed investment of $100 as of September 26, 2020 and is weighted for the market capitalization of each peer company in each applicable year. If the primary peer group from the 2025 Proxy Statement were used, the Peer Group TSR would be $139.22, $97.30, $131.99, $198.69, and $266.58 for 2021, 2022, 2023, 2024, and 2025 respectively.
        
PEO Total Compensation Amount $ 74,294,811 $ 74,609,802 $ 63,209,845 $ 99,420,097 $ 98,734,394
PEO Actually Paid Compensation Amount $ 108,423,733 168,980,568 106,643,588 128,833,021 311,845,801
Adjustment To PEO Compensation, Footnote [Text Block]
(2) The dollar amounts in columns (c) and (e) represent the amount of “Compensation Actually Paid” (otherwise known as CAP), as computed in accordance with SEC rules. Compensation Actually Paid does not represent cash or equity value realized or paid to our named executive officers (“NEOs”) but rather is a value calculated under applicable SEC rules. The following table details how Compensation Actually Paid is determined:

 

         2025
          Mr. Cook
($)		       Average for
Other NEO
($)
  Summary Compensation Table (“SCT”) Total   74,294,811   23,812,358
  Grant Date Fair Value of Stock Awards from SCT   (57,535,293)   (19,493,093)
  Fair Value of Equity Awards Granted in the Year and Unvested as of Year End   68,598,728   22,569,203
  Change in Fair Value from Prior Year End of Outstanding and Unvested Awards Granted in Prior Years   24,715,497   7,529,766
  Fair Value of Stock Awards Granted in Fiscal Year that Vested in Fiscal Year   0   166,813
  Change in Fair Value from Prior Year End of Vested(a) Awards Granted in Prior Years   (1,650,010)   (459,305)
  Fair Value at Vesting Date of Vested Awards Granted in Current Year   0   0
  Compensation Actually Paid   108,423,733   34,125,743
        (a) The fair values of the RSUs included in the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs are calculated at the required measurement dates, consistent with the approach used to value the awards at the grant date as described above in footnote 1 to the “Summary Compensation Table – 2025, 2024, and 2023” and footnote 1 to the “Grants of Plan-Based Awards – 2025” table, respectively. Any changes to the time-based RSU and performance-based RSU grant date fair values (for 2025 grants) and from prior year-end values (for 2021-2024 grants) are based on an updated stock price valuation on the measurement dates and for the performance-based RSUs, include updated input variables for the Monte-Carlo model to estimate the probability of satisfying the performance objectives established for the applicable award.
        
Non-PEO NEO Average Total Compensation Amount $ 23,812,358 27,178,896 26,943,956 27,150,293 26,987,631
Non-PEO NEO Average Compensation Actually Paid Amount $ 34,125,743 58,633,525 41,980,664 41,564,946 75,307,922
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(2) The dollar amounts in columns (c) and (e) represent the amount of “Compensation Actually Paid” (otherwise known as CAP), as computed in accordance with SEC rules. Compensation Actually Paid does not represent cash or equity value realized or paid to our named executive officers (“NEOs”) but rather is a value calculated under applicable SEC rules. The following table details how Compensation Actually Paid is determined:

 

         2025
          Mr. Cook
($)		       Average for
Other NEO
($)
  Summary Compensation Table (“SCT”) Total   74,294,811   23,812,358
  Grant Date Fair Value of Stock Awards from SCT   (57,535,293)   (19,493,093)
  Fair Value of Equity Awards Granted in the Year and Unvested as of Year End   68,598,728   22,569,203
  Change in Fair Value from Prior Year End of Outstanding and Unvested Awards Granted in Prior Years   24,715,497   7,529,766
  Fair Value of Stock Awards Granted in Fiscal Year that Vested in Fiscal Year   0   166,813
  Change in Fair Value from Prior Year End of Vested(a) Awards Granted in Prior Years   (1,650,010)   (459,305)
  Fair Value at Vesting Date of Vested Awards Granted in Current Year   0   0
  Compensation Actually Paid   108,423,733   34,125,743
        (a) The fair values of the RSUs included in the compensation actually paid to our CEO and the average compensation actually paid to our other NEOs are calculated at the required measurement dates, consistent with the approach used to value the awards at the grant date as described above in footnote 1 to the “Summary Compensation Table – 2025, 2024, and 2023” and footnote 1 to the “Grants of Plan-Based Awards – 2025” table, respectively. Any changes to the time-based RSU and performance-based RSU grant date fair values (for 2025 grants) and from prior year-end values (for 2021-2024 grants) are based on an updated stock price valuation on the measurement dates and for the performance-based RSUs, include updated input variables for the Monte-Carlo model to estimate the probability of satisfying the performance objectives established for the applicable award.
        
Compensation Actually Paid vs. Total Shareholder Return

Relationship Between Compensation Actually Paid and our Total Shareholder Return

 

Long-term equity incentives represent a vast majority of our named executive officers’ total target compensation and our stock price performance, measured by TSR, is the key driver of Compensation Actually Paid. We also use Relative TSR as the key performance measure for our performance-based RSUs. Over 2025, Apple’s TSR on an absolute basis was 12.66%, while the TSR of our primary peer group was 35.48%. Apple’s Relative TSR (the peer group for performance-based RSUs) was strong, resulting in above-target payout for the performance-based RSUs with applicable performance periods ending in 2025. Further, the outstanding performance-based RSUs (granted in 2024 and 2025) continue to trend towards target or above-target payouts due to strong TSR relative to the members of the S&P 500. Compensation Actually Paid to our named executive officers and TSR are tightly linked.

        
Compensation Actually Paid vs. Net Income

Relationship Between Compensation Actually Paid and Net Income

 

Net Income is generally a key indicator of company profitability and, for Apple, can contribute to changes in our stock price, which, in turn, drives Compensation Actually Paid. There is no direct correlation between Net Income and Compensation Actually Paid from 2021 to 2025 as we do not use Net Income as a financial measure in our executive compensation program. Operating Income and Net Sales are the two financial performance measures for our Cash Incentive Plan.

        
Compensation Actually Paid vs. Company Selected Measure

Relationship Between Compensation Actually Paid and Net Sales

 

Net Sales is the financial measure, in addition to Operating Income, that the People and Compensation Committee has set for our Cash Incentive Plan. Net Sales and Operating Income are equally the most important financial metrics in determining Compensation Actually Paid behind Relative TSR. Similar to Operating Income, Net Sales were consistently strong from 2021 to 2025, and this sustained performance led to above target or maximum bonus payouts in each of 2021, 2022, 2023, 2024, and 2025, which increased Compensation Actually Paid to our named executive officers.

        
Tabular List, Table

Other Relevant Financial Performance Measures

 

For 2025, the following list represented the most important financial performance measures used by Apple to link Compensation Actually Paid with our financial performance:

 

Net Sales  
Operating Income  
Relative TSR  
        
Total Shareholder Return Amount $ 233.88 207.59 155.24 135.59 131.69
Peer Group Total Shareholder Return Amount 279.51 206.32 132.03 92.83 136.94
Net Income (Loss) Attributable to Parent $ 112,010,000,000 $ 93,736,000,000 $ 96,955,000,000 $ 99,803,000,000 $ 94,680,000,000
Company Selected Measure Amount 416,161,000,000 391,035,000,000 383,285,000,000 394,328,000,000 365,817,000,000
Measure [Axis]: 1          
Pay vs Performance Disclosure [Table]          
Measure Name Net Sales        
Measure [Axis]: 2          
Pay vs Performance Disclosure [Table]          
Measure Name Operating Income        
Measure [Axis]: 3          
Pay vs Performance Disclosure [Table]          
Measure Name Relative TSR        
PEO [Member] | Grant Date Fair Valueof Stock Awardsfrom S C T [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ (57,535,293)        
PEO [Member] | Fair Valueof Equity Awards Grantedinthe Yearand Unvestedasof Year End [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 68,598,728        
PEO [Member] | Changein Fair Valuefrom Prior Year Endof Outstandingand Unvested Awards Grantedin Prior Years [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 24,715,497        
PEO [Member] | Fair Valueof Stock Awards Grantedin Fiscal Yearthat Vestedin Fiscal Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 0        
PEO [Member] | Changein Fair Valuefrom Prior Year Endof Vested Awards Grantedin Prior Years [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (1,650,010)        
PEO [Member] | Fair Valueat Vesting Dateof Vested Awards Grantedin Current Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ 0        
PEO [Member] | Cook [Member]          
Pay vs Performance Disclosure [Table]          
PEO Name Mr. Cook Mr. Cook Mr. Cook Mr. Cook Mr. Cook
Non-PEO NEO [Member] | Grant Date Fair Valueof Stock Awardsfrom S C T [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ (19,493,093)        
Non-PEO NEO [Member] | Fair Valueof Equity Awards Grantedinthe Yearand Unvestedasof Year End [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 22,569,203        
Non-PEO NEO [Member] | Changein Fair Valuefrom Prior Year Endof Outstandingand Unvested Awards Grantedin Prior Years [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 7,529,766        
Non-PEO NEO [Member] | Fair Valueof Stock Awards Grantedin Fiscal Yearthat Vestedin Fiscal Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount 166,813        
Non-PEO NEO [Member] | Changein Fair Valuefrom Prior Year Endof Vested Awards Grantedin Prior Years [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount (459,305)        
Non-PEO NEO [Member] | Fair Valueat Vesting Dateof Vested Awards Grantedin Current Year [Member]          
Pay vs Performance Disclosure [Table]          
Adjustment to Compensation Amount $ 0        
Non-PEO NEO [Member] | Luca Maestri [Member]          
Pay vs Performance Disclosure [Table]          
PEO Name Luca Maestri Luca Maestri Luca Maestri Luca Maestri Luca Maestri
Non-PEO NEO [Member] | Kate Adams [Member]          
Pay vs Performance Disclosure [Table]          
PEO Name Kate Adams Kate Adams Kate Adams Kate Adams Kate Adams
Non-PEO NEO [Member] | Deirdre O Brien [Member]          
Pay vs Performance Disclosure [Table]          
PEO Name Deirdre O’Brien Deirdre O’Brien Deirdre O’Brien Deirdre O’Brien Deirdre O’Brien
Non-PEO NEO [Member] | Jeff Williams [Member]          
Pay vs Performance Disclosure [Table]          
PEO Name   Jeff Williams Jeff Williams Jeff Williams Jeff Williams
Non-PEO NEO [Member] | Kevan Parekh [Member]          
Pay vs Performance Disclosure [Table]          
PEO Name Kevan Parekh        
Non-PEO NEO [Member] | Sabih Khan [Member]          
Pay vs Performance Disclosure [Table]          
PEO Name Sabih Khan        
v3.25.4
Award Timing Disclosure
 12 Months Ended
Sep. 27, 2025
Awards Close in Time to MNPI Disclosures [Table]  
Award Timing MNPI Disclosure

Equity awards are discretionary and are generally granted to our named executive officers on the first day of the applicable fiscal year. In certain circumstances, including the hiring or promotion of an officer, the People and Compensation Committee may approve grants to be effective at other times. Apple does not currently grant stock options to its employees. Eligible employees, including our named executive officers, may voluntarily enroll in the ESPP and receive an option to purchase shares at a discount using payroll deductions accumulated during the prior six-month period. Purchase dates under the ESPP are generally the last trading days in July and January. The People and Compensation Committee did not take material non-public information into account when determining the timing and terms of equity awards in 2025, and Apple does not time the disclosure of material non-public information for the purpose of affecting the value of executive compensation.

Award Timing Method Equity awards are discretionary and are generally granted to our named executive officers on the first day of the applicable fiscal year. In certain circumstances, including the hiring or promotion of an officer, the People and Compensation Committee may approve grants to be effective at other times. Apple does not currently grant stock options to its employees. Eligible employees, including our named executive officers, may voluntarily enroll in the ESPP and receive an option to purchase shares at a discount using payroll deductions accumulated during the prior six-month period. Purchase dates under the ESPP are generally the last trading days in July and January.
Award Timing Predetermined true
Award Timing MNPI Considered false
Award Timing, How MNPI Considered The People and Compensation Committee did not take material non-public information into account when determining the timing and terms of equity awards in 2025, and Apple does not time the disclosure of material non-public information for the purpose of affecting the value of executive compensation.
MNPI Disclosure Timed for Compensation Value false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Sep. 27, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true