Apple Inc. (AAPL) Risk Factors

Recent key developments

Concrete developments — dated events, named agreements and instruments, legal proceedings — that Apple Inc. surfaced in its latest filing.

• The Company obtains certain components from single or limited sources, and its new products often utilize custom components available from only one source.
• The Company is experiencing supply constraints and increasing costs for advanced semiconductors, storage (NAND), and memory (DRAM).
• The Company relies on third-party cloud service providers to meet compute needs and may be unable to secure sufficient capacity.
• 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.
• The Company is currently subject to a court order in the U.S. preventing it from imposing any commission or fee on certain purchases that consumers make.
• The Ninth Circuit Court has instructed the California District Court to further amend or modify its injunction to allow the Company to charge a commission.
• The Company has implemented changes to iOS, iPadOS, the App Store and Safari® in the EU to comply with the DMA, including new business terms and alternative fee structures, alternative methods of distribution, alternative payment processing, and additional tools and APIs.
• The DMA imposes interoperability obligations on the Company requiring it to make certain of its technologies and features available to third-party products and services for free.
• Interoperability and other requirements have caused the Company to not launch or maintain products, services and features, such as Siri AI, in certain jurisdictions.
• The Company’s DMA compliance plan has been challenged by the Commission and may be challenged further by private litigants.
• 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.
• The Company is the subject of investigations in Europe and other jurisdictions relating to App Store terms and conditions.
• The Company earns revenue from licensing arrangements with Google LLC 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.
• On August 5, 2024, Google was found to have violated U.S. antitrust laws.August 5, 2024
• On September 2, 2025, the U.S. District Court for the District of Columbia ordered certain remedies.September 2, 2025
• The court’s order was appealed by both the DOJ and Google; a reversal could result in imposition of remedies prohibiting Google from offering the Company commercial terms for search distribution.
• China has regulatory requirements relating to data processing and localization that govern the Company’s ability to collect, use, and transfer data in China, and could limit the Company’s ability to transfer data outside of China.
• Health, biometric, financial and payment card data are subject to additional privacy, security and breach notification requirements, and the Company is subject to audit by governmental authorities regarding compliance with these obligations.