What happened
Apple (AAPL) sells iPhone, Mac and services and is one of the most widely held U.S. stocks among Korean retail investors.
AAPLApple·FY26Q3 10-QPaidFiling score 53 · Moderate
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Apple's component inventory rose 3.6 times in nine months, to $7.6bn
Fiscal Q3 2026 (April–June) 10-Q: component inventory grew sharply from $2.1bn and total inventory rose with it. Manufacturing purchase obligations fall mostly within 12 months. Products gross margin rose, helped by tariff refunds, while the company notes "higher costs, including memory"
Apple (AAPL) reported revenue of $109,417m for its fiscal third quarter (March 29–June 27, 2026), up 16%, and net income of $29,789m. The item that moved most on the balance sheet in the 10-Q filed on July 31 is not revenue. It is inventory, and within it, components.
In plain terms
The value of the parts and finished goods Apple keeps in its warehouses nearly doubled in a year. Parts grew far more than finished products. That much cash is tied up in goods. The filing does not say why.
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53 Filing score · Moderate
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FAQ
Is rising inventory a bad sign?
The 10-Q alone cannot say. It may be parts secured ahead of the September product launch, or advance buying against the semiconductor, memory and NAND constraints and price increases the company describes in its risk factors. This article reports how much and how fast component inventory grew and what the company says about why; the criteria for judging it are in the subscriber section.
How large were the tariff refunds?
The 10-Q does not give an amount. It lists 'a different mix of products and tariff refunds' as the reasons products gross margin rose, and says refunds were recognized as a reduction of products cost of sales.
Where is the memory-cost warning?
In MD&A and Part II risk factors: the company says it 'is experiencing a period of supply constraints and increasing costs for components driven by ... industry supply-demand imbalances for components, including advanced semiconductors, storage (NAND) and memory (DRAM)' and 'expects these trends to intensify'. It adds that actions such as price increases may not offset this and may reduce demand.
Where can I verify these numbers?
On SEC EDGAR: Apple's fiscal Q3 2026 Form 10-Q (accession 0000320193-26-000020), balance sheet, the inventories table in Note 5, the gross margin and liquidity sections of MD&A, and Part II Item 1A.
How aiSwingX™ wrote this
- We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
- Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
- An editor reviews before publication; any later change is recorded in the revision history.
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Apple Form 10-Q for fiscal Q3 2026 (as of June 27, 2026): balance sheet, cash-flow statement, Note 5 'Inventories' (components and finished goods), MD&A 'Tariffs and Other Measures', 'Products Gross Margin', 'Liquidity — Manufacturing Purchase Obligations', Part II Item 1A risk factors (component supply constraints) · SEC EDGAR · This article is not investment advice. Disclaimer