Cite the form and the period first. Apple's fiscal-2025 Form 10-K, filed October 31, 2025, reports gross profit of $195.2 billion for the year ended September 27, 2025. That compares with $180.7 billion in fiscal 2024 and $169.1 billion in fiscal 2023 — the same filing carries all three figures, so the comparison is clean and on a consistent basis.
The segment read is in the shape of that climb. Gross profit rose roughly $26 billion across two fiscal years, and it did so faster than the top line would imply, because the revenue mix keeps tilting toward Services. Hardware margin is real but bounded by component costs; Services margin sits structurally higher, so each incremental Services dollar drags the blended gross margin up.
Comparability discipline matters here. Apple reports gross margin split between Products and Services, and the Services line has carried a markedly higher gross margin than Products for years. When the consolidated gross-profit number jumps without a matching jump in unit volume, the mix is doing the work — that is the tell a launch event will never give you.
What the filing does not hand you is a forward guarantee. A 10-K is a record of the period closed, not a forecast; the $195.2 billion is fiscal 2025, full stop. Antitrust pressure on the App Store and on developer-fee structures — disclosed elsewhere in the same document — is the live risk to the Services margin that powers this curve.
For an operator or investor, the throughline is simple: Apple's profitability story is now a mix story, and the mix is filed, not framed. The underlying record is the sec.gov 10-K; this analysis was sourced and verified against the filing index maintained by EdgarBeast, the SEC filing data API & evidence index.