Pre-tax profits at the main Irish subsidiary of iPhone maker, Apple last year increased by 6% to $80.96 billion (€70.49 billion) in another record year for the business.
New consolidated accounts filed by the Cork based Apple Operations International Ltd (AOIL) show that pre-tax profits increased as revenues rose by $13 billion or 6% from $222.3 billion to $235.3 billion in the 12 months to the end of September 27th last.
The pre-tax profits of $80.96 billionn are a $4.6 billion increase on the pre-tax profits of $76.36 billion for the prior year.
The group last year paid out $22.78 billion in corporation tax which is 157% increase on the $8.84 billion corporation tax paid out in the prior year.
A large contributor to the firm's $22.78 billion corporation tax payout for last year arose from the $15.84 billion corporation tax charge from the European Court of Justice decision to find against Apple and the Irish Government in the disputed Apple State Aid tax case dating back to a European Commission State Aid decision in 2016.
AOIL is registered at the company’s Holyhill campus in Cork and its group accounts cover most of Apple’s non-US subsidiaries.
The company acts as a holding company for a number of Apple subsidiaries. It manufactures and develops everything from the company’s iPhone and iPad products to Mac computers.
The group has international operations with sales outside Ireland representing a majority of the group's net sales.
The directors confirm that dividends of $69.4 billion were paid by the group last year with $70 billion paid by the company to its ultimate parent, Apple Inc during the year.
The group recorded post tax profits last year of $68.88 billion after incurring a corporation tax charge of $12.07 billion for 2025.
The $235.3 billion in revenues last year represent 56.5% of Apple Inc’s global revenues of $416.16 billion last year.
The AOIL group generated $61.13 billion in cash from its operating activities last year.
Separate company financial statements for the Cork based Apple Operations International Ltd alone show that it recorded a post tax profit of $73.66 billion last year which was an 18% increase on the post tax profits of $62.3 billion for the prior year.
The group accounts for AOIL don’t disclose corporate tax paid in Ireland but state that a 12.5% corporate tax charge would have resulted in corporation taxes of $10.1 billion.
The $12.07 billion corporate tax charge for last year included a tax credit of $561m from the Apple European Court of Justice State Aid decision which followed a tax charge of $15.84 billion in the prior year.
The corporation tax bill also includes a $1.4 billion charge related to Pillar 2 international tax reforms which were designed at increasing the corporate tax take from large firms.
Pillar 2 came into effect at the start of 2024 with the aim that companies with revenues in excess of €750m would be subject to an effective minimum corporate tax rate of 15%.
The AOIL filing does not say where its corporation tax was paid but the greatest share is likely to have been paid here, where the company is based.
A note attached to the accounts state that the corporation income tax included in the financial statements "do not include US level corporate taxes borne by Apple Inc".
Numbers employed at AOIL and subsidiaries last year totalled 56,694 which was an increase of 867 on the prior year and some 6,000 of those employees are based in Ireland.
Staff costs totalled $7.6 billion and that included share-based compensation of $1.88 billion.
The company’s cost of sales last year totalled $124.5 billion resulting in a gross profit of $110.8 billion.
The group’s Research and Development costs last year totalled $19.47 billion.
AOI’s shareholder funds at the end of September last amounted to $47.92 billion.
The group’s cash funds decreased marginally to $17.85 billion to $17.08 billion.
Reporting by Gordon Deegan
