# Apple's component inventory rose 3.6× in nine months to $7.6bn — total inventory $11.1bn, and the company expects memory and NAND constraints to "intensify"

![Apple's component inventory rose 3.6× in nine months to $7.6bn — total inventory $11.1bn, and the company expects memory and NAND constraints to "intensify"](https://aiswingx.com/static/covers/aapl-fy26q3_cover.jpg?v=1790010685)

**Fiscal Q3 2026 (April–June) 10-Q: components $2.1bn → $7.6bn, total inventory $5.7bn → $11.1bn. Manufacturing purchase obligations $57.0bn ($56.2bn due within 12 months). Products gross margin rose to 40.1% 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.

- 종목: AAPL (Apple)
- 분기: FY26Q3 · 10-Q
- 작성: 2026-09-21 17:11 UTC
- 원문: https://aiswingx.com/p/aapl-fy26q3

## 숫자 하나
Inventories $11,092m (Sept 27, 2025: $5,718m, +94%). Components $7,645m ($2,124m, ×3.6). Manufacturing purchase obligations $57.0bn ($56.2bn within 12 months). Quarterly products gross margin 40.1% (34.5% a year earlier).

## 비유 하나
(구독자 전용)

## 출처 하나
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)

## 다음 분기에 볼 것
(구독자 전용)

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## What happened

Apple (AAPL) sells iPhone, Mac and services and is one of the most widely held U.S. stocks among Korean retail investors.

Its quarterly report (10-Q) for fiscal Q3 2026 (March 29–June 27, 2026) shows revenue of **$109,417m**, up 16% from $94,036m a year earlier, and net income of **$29,789m**, up 27%. iPhone revenue rose 22% to $54,252m and Services 12% to $30,739m.

The line that moved most on the balance sheet, however, is inventory. From **$5,718m** at September 27, 2025 it reached **$11,092m** at June 27, 2026 — up 94% in nine months. The breakdown in Note 5 shows finished goods slightly lower ($3,594m → $3,447m) and **components up from $2,124m to $7,645m, 3.6 times**. Inventory at the end of the prior quarter (March 28) was $6,753m, so $4.3bn of the increase came in this quarter alone.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. 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.

**Q. 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.

**Q. 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.

**Q. 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.