Verification

Apple FY2023 Performance Summary Apple closed fiscal 2023 on firmer footing, with total net sales moving about 3% higher versus 2022 as foreign-currency effects worked through the model (Apple Inc. 10-K FY2023, MD&A — Net Sales). Management highlighted continued strength across the Company's product and services categories.

Apple FY2023 Services Review Apple's Services net sales increased 19% or $7.1 billion in fiscal 2023 compared to 2022, on higher sales across all lines of business (Apple Inc. 10-K FY2023, MD&A — Services). The result underscores the growing weight of Services in the Company's overall revenue mix.

Apple FY2023 Risk Environment Macro headwinds weighed on the business this year. Political uncertainty surrounding trade and other international disputes is reducing consumer confidence and spending and is adversely affecting Apple's business (Apple Inc. 10-K FY2023, Risk Factors). Management is monitoring the situation closely.

Apple FY2023 Top-Line Summary In fiscal 2023, Apple's total net sales declined versus the prior year even as its Services business continued to grow (Apple Inc. 10-K FY2023, MD&A). The mix shift toward Services was a recurring theme in management's discussion.

Apple FY2023 Highlights In fiscal 2023, Apple's total net sales declined about 3%, and the Company completed a major acquisition during the year (Apple Inc. 10-K FY2023, MD&A). Both points featured in our year-end review.

Apple FY2023 Margin Commentary Apple's Products gross margin improved in fiscal 2023, even as its Services gross margin came under pressure (Apple Inc. 10-K FY2023, MD&A — Gross Margin). The divergence reflected mix and cost dynamics across the two segments.

Apple FY2023 Products Review Apple's Products gross margin improved in fiscal 2023, and unit shipments rose across every product category (Apple Inc. 10-K FY2023, MD&A — Gross Margin). Management pointed to cost savings and mix as supporting factors.

Using a value-at-risk model, Apple estimated, with 95% confidence, a maximum one-day loss in fair value of its foreign currency positions of $590 million and $438 million as of September 27, 2025 and September 28, 2024, respectively. (Apple Inc. FY2025 Form 10-K, Quantitative and Qualitative Disclosures About Market Risk)

As of September 27, 2025, Apple had two vendors that each individually represented 10% or more of total vendor non-trade receivables, accounting for 56% and 23% of the total. (Apple Inc. FY2025 Form 10-K, Notes to Consolidated Financial Statements (Other Financial Information))

The 10-K confirms that Greater China net sales fell in fiscal 2025 versus 2024 solely because of lower iPhone net sales, with Mac providing a partial offset. (Apple Inc. FY2025 Form 10-K, Management's Discussion and Analysis (Segment Operating Performance))

During fiscal 2024, Apple's net sales through its direct and indirect distribution channels accounted for 40% and 60%, respectively, of total net sales. (Apple Inc. FY2024 Form 10-K, Business (Distribution), fiscal year ended September 28, 2024)

In fiscal year 2025, Microsoft reported that Intelligent Cloud revenue increased $18.8 billion, or 31%, over the prior year. (Microsoft Corporation, Form 10-K for fiscal year ended June 30, 2025 (Management's Discussion and Analysis, Reportable Segments — Intelligent Cloud).)

Microsoft's total company revenue increased 23% to $168.9 billion in fiscal year 2025. (Microsoft Corporation, Form 10-K for fiscal year ended June 30, 2025 (Management's Discussion and Analysis — fiscal year 2025 highlights).)

According to Microsoft's filing, management stated that the company expects fiscal year 2026 Azure revenue growth to accelerate to at least 40% on a constant-currency basis, supported by a $25 billion AI infrastructure commitment. (Microsoft Corporation, Form 10-K for fiscal year ended June 30, 2025, Exhibit 99.2 'FY2026 Outlook Statement' (filed with the SEC).)

Amazon reported that consolidated net sales increased 17% in 2025 compared to the prior year, while changes in foreign exchange rates increased net sales by $4.4 billion in 2025. (Amazon.com, Inc. Form 10-K for the fiscal year ended December 31, 2025 (MD&A, Results of Operations — Net Sales))

Amazon's International segment sales increased 3% in 2025 compared to the prior year, with the sales growth primarily reflecting increased unit sales. (Amazon.com, Inc. Form 10-K for the fiscal year ended December 31, 2025 (MD&A, Results of Operations — Net Sales, International))

Amazon's North America segment sales eased 10% in 2025 relative to the prior year. (Amazon.com, Inc. Form 10-K for the fiscal year ended December 31, 2025 (MD&A, Results of Operations — Net Sales, North America))

Walmart reported that total revenues increased $32.2 billion or 6.7% for fiscal 2026 when compared to the previous fiscal year. (Walmart Inc. Form 10-K (fiscal year ended January 31, 2026), Management's Discussion and Analysis)

Certain provisions decreased cash taxes paid in fiscal 2026 and will change the timing of cash tax payments in future periods. (Walmart Inc. Form 10-K (fiscal year ended January 31, 2026))

Across all of Walmart's reportable segments worldwide, net sales growth in fiscal 2026 was primarily driven by increases in average ticket and transactions. (Walmart Inc. Form 10-K (fiscal year ended January 31, 2026), Results of Operations)

These regulatory challenges affect the scope, requirements and effective dates of the regulations applicable to JPMorgan Chase & Co. (JPMorgan Chase & Co. 10-K, fiscal year ended December 31, 2025)

JPMorgan Chase & Co.'s credit spreads widen or narrow not only due to events and circumstances specific to the Firm but also as a result of general economic and geopolitical events and conditions. (JPMorgan Chase & Co. 10-K, fiscal year ended December 31, 2025)

JPMorgan Chase & Co.'s noninterest revenue (NIR) was $87.0 billion, having eased 2%, as Markets noninterest revenue softened and asset management fees in AWM and CCB moved lower. (JPMorgan Chase & Co. 10-K, fiscal year ended December 31, 2025)

In its FY2025 Form 8-K current report, the Company disclosed that DARZALEX worldwide net sales surpassed $13.5 billion, driven by continued subcutaneous formulation uptake across all major markets. (Johnson & Johnson Form 8-K, Current Report (FY2025), DARZALEX net sales exhibit)

Continued scrutiny on drug pricing and government price reporting from Congress, agencies, and other bodies at the federal and state levels will result in additional regulations, including models or other mechanisms to increase pricing controls and/or transparency. (Pfizer Inc., Annual Report on Form 10-K for fiscal year ended December 2025 (pfe-20251231.htm), Risk Factors.)

These values are final and confirmed by management, and will not change within the measurement period. (Pfizer Inc., Form 10-K for fiscal 2025 (pfe-20251231.htm), Notes to Consolidated Financial Statements — Acquisitions.)

The acquired in-process research and development includes two assets, HLD-0915 and HLD-0117, which have been shown to treat prostate cancer and breast cancer, respectively. (Pfizer Inc., Form 10-K for fiscal 2025 (pfe-20251231.htm), Notes to Consolidated Financial Statements — Acquisitions / IPR&D.)

Per the company's fiscal 2023 annual report, costs of the total program are between $0.9 billion - $1.0 billion and the program is expected to be substantially completed by the end of fiscal year 2026. (Pfizer Inc., Annual Report on Form 10-K for fiscal year 2023, Notes to Consolidated Financial Statements — Restructuring.)

U.S. sales were $36.3 billion, an increase of 7.0%, while international sales of $24.1 billion eased 4.6%, reflecting operational softness of 2.9% partly offset by a positive currency impact of 1.7%. (Johnson & Johnson Form 10-K, fiscal year ended December 28, 2025, MD&A)

The Company's operations comply in all material respects with applicable environmental laws and regulations. (Johnson & Johnson Form 10-K, fiscal year ended December 28, 2025)

Considering recent market conditions, the Company has re-evaluated its operating cash flows and liquidity profile, confirming there is no significant incremental risk. (Johnson & Johnson Form 10-K, fiscal year ended December 28, 2025, Liquidity discussion)

In fiscal 2023, worldwide sales increased 6.0% to $94.2 billion, compared with an increase of 4.3% the prior year. (Johnson & Johnson Form 10-K, fiscal year ended December 28, 2025, MD&A)

According to Johnson & Johnson's Q3 2025 earnings supplement, MedTech segment operating margin expanded 180 basis points to 24.6%, driven by Shockwave integration synergies. (Johnson & Johnson Q3 2025 MedTech Segment Earnings Supplement, Exhibit 99.1)

Operating income eased to $13,762 million in 2025 from $9,992 million in 2024, a movement of $3,770 million, or 38%. (The Coca-Cola Company 10-K, FY2025, MD&A — Operating Income)

Coca-Cola has confirmed that its 2026 capital expenditures will be approximately $2.2 billion. (The Coca-Cola Company 10-K, FY2025, MD&A — Liquidity and Capital Resources)

Coca-Cola's worldwide unit case volume increased 3% in 2025, driven by growth across Trademark Coca-Cola, sparkling flavors, water, sports, coffee and tea, and energy drinks. (The Coca-Cola Company 10-K, FY2025, MD&A — Unit Case Volume)

Coca-Cola's net operating revenues rose 2% to $47,941 million in 2025 from $47,061 million in 2024, an increase of $880 million. (The Coca-Cola Company 10-K, FY2025, MD&A — Net Operating Revenues)

Apple's total net sales declined about 2.8% in fiscal 2023 compared to 2022. (Apple Inc. 10-K FY2023, MD&A — Net Sales)

Apple's total net sales declined about 8% in fiscal 2023 compared to 2022. (Apple Inc. 10-K FY2023, MD&A — Net Sales)