Live · As-reported 10-Ks · 201 US issuers · FY 2005–2026
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Below is the real workspace: Apple's FY 2025 income statement. One figure is open, Income Tax Expense (Benefit), next to Note 7 and the MD&A passage that explain it.
Income statement$ as printedAs printed% of revenueYoY
As printed
FY 2025
FY 2024
FY 2023
FY 2022
Revenue from Contract with Customer, Excluding Assessed Tax
416,161
391,035
383,285
394,328
Product
307,003
294,866
298,085
316,199
Service
109,158
96,169
85,200
78,129
Cost of Product and Service Sold
220,960
210,352
214,137
223,546
Product
194,116
185,233
189,282
201,471
Service
26,844
25,119
24,855
22,075
Gross Profit
195,201
180,683
169,148
170,782
Operating Expenses
Research and Development Expense
34,550
31,370
29,915
26,251
Selling, General and Administrative Expense
27,601
26,097
24,932
25,094
Operating Expenses
62,151
57,467
54,847
51,345
Operating Income (Loss)
133,050
123,216
114,301
119,437
Nonoperating Income (Expense)
(321)
269
(565)
(334)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest
132,729
123,485
113,736
119,103
Income Tax Expense (Benefit)
20,719
29,749
16,741
19,300
Net Income (Loss) Attributable to Parent
112,010
93,736
96,995
99,803
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01Pick a figure
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02Read its footnote
Note 7 opens beside the grid, verbatim, next to the MD&A passage and a link to the exact paragraph on SEC.gov.
03Follow it through time
The same line across ten years, its change on the prior filing, and every other line that shares the note.
201US issuers in coverage
3,143annual reports, as filed
2005–26fiscal years on one axis
35%of Apple's FY 2025 figures open a footnote
01The workspace
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Summary
What changed, in plain lines.
Each company opens on its year: six headline figures with ten-year trends, and the moves that matter, computed from the printed lines. No model writes these sentences.
Revenue416,161+6.4%
Operating income133,050+8.0%
Net income112,010+19.5%
Operating cash flow111,482−5.7%
Free cash flow98,767−9.2%
Gross margin46.9%+0.7 pts
What changed in FY 2025
Revenue rose 6.4% to 416,161 in FY 2025.
Operating margin widened to 32.0%, +0.5 pts on FY 2024.
Free cash flow fell 9.2% to 98,767 (operating cash flow less capex).
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tax
Income Tax Expense (Benefit)Line · FY 2025
Note 7 · Income TaxesNote
Provision for Income TaxesMD&A
Tax rateMetric
Paper trail
A source behind every line.
26 of 75 printed figures in AAPL's FY 2025 statements open a footnote. 14 open a passage of management's discussion.
Income Statement19 lines
Statement of Financial Position29 lines
Statement of Cash Flows27 lines
Footnote MD&A
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IncomeAs-printed income statement.
Balance sheetAs-printed balance sheet.
Cash flowAs-printed cash flow statement.
Analyze
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MetricsGrowth, margins, cash, returns and balance.
ChartsPlot any printed line, segment or metric.
Source
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03Method
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The record is the filing. Fiaris reorganises it so it can be read and questioned; it does not change what it says. Ratios and growth rates are computed from printed cells, and say so.
Kept
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Note numbers and titles, joined to the cells they explain
Management’s own attribution from Item 7, where the filing supports it
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Never done
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Question
Why did Apple's income tax expense fall in FY 2025?
Fiaris MCP
Answer, with its sources
Printed figure
20,719 · Income Tax Expense (Benefit), FY 2025
From the note
Effective rate 15.6%, down from 24.1%
Units
$ as printed in the 10-K
Source
Note 7 · Income Taxes
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