19 unchanged sentences
A few statistics illustrate this point.
−Removed: According to the 2024 Ericsson Mobility Report, global mobile data for 5G is estimated to triple in the next three years, driven by new users, innovative services, and the convergence of artificial intelligence (“AI”) and 5G technology, and by 2029, it is estimated that approximately 39 billion connections will be related to the IoT, including connected cars, machines, meters, sensors, point-of-sale terminals, consumer electronics and wearables.
+Added: According to the 2025 Ericsson Mobility Report, global mobile data for 5G subscriptions are forecast to reach 6.3 billion by the end of 2030, driven by new users, innovative services, and the convergence of artificial intelligence (“AI”) and 5G technology, and the total number of global IoT connections is now forecast to reach approximately 43 billion by 2030, including connected cars, machines, meters, sensors, point-of-sale terminals, consumer electronics and wearables.
Connected cars are forecasted by McKinsey to make up 90% of new vehicles sold globally by 2030.
4 unchanged sentences
From endpoint devices to data centers, generative AI applications will drive the need for higher speed and higher bandwidth networks, while increasing the requirements for our precision timing solutions.
+Added: The first wave of AI-capable phones is reaching scale, and early demand signals are encouraging.
+Added: As AI capabilities become more intuitive and integrated, we believe this could drive an inflection in upgrade cycles, leading to a potential tailwind to volumes and content over time.
Finally, with the rapid transition towards electrification and advanced safety in vehicles, we are focused on high growth segments and content opportunities, including (i) power isolation chips for on-board chargers, powertrain, and battery management systems in electric vehicles, (ii) connectivity, with telematics and other solutions being enabled by 4G/5G cellular engines, Wi-Fi ® , Bluetooth ® , Ultra-wide band, Ethernet, and GPS, and (iii) in-vehicle infotainment systems, driven by digital radio coprocessors, and solutions supporting advanced driver-assistance systems and autonomous driving.
16 unchanged sentences
We are also a leader in passive devices, advanced integration, including proprietary shielding and 3-D die stacking, as well as SAW, TC-SAW, and BAW filters.
−Removed: Our product portfolio is reinforced by a library of approximately 5,000 worldwide patents and other intellectual property that we own and control.
+Added: Our product portfolio is reinforced by a library of approximately 5,200 worldwide issued patents and other intellectual property that we own and control.
Together, our industry-leading technology enables us to deliver the highest levels of product performance and integration.
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We are diversifying the reach of our business by expanding our addressable markets and broadening our product portfolio to serve a wider array of global customers.
−Removed: With the increasing adoption of 5G and the opportunity to enable more applications, we are growing our business beyond mobile devices (where we support leading top-tier manufacturers, including the leading smartphone suppliers and key baseband vendors) into additional high-performance analog markets, including automotive, home and factory automation, data center, solar, wireless infrastructure, aerospace and defense, medical, smart energy, and wireless networking.
+Added: With the increasing adoption of 5G and the opportunity to enable more applications, we are growing our business beyond mobile devices (where we support leading top-tier manufacturers, including the leading smartphone suppliers and key baseband vendors) into additional high-performance analog markets, including automotive, home and factory automation, data center, solar, wireless infrastructure, aerospace and defense, medical, smart energy, and wireless
In these markets we leverage our scale, intellectual property, and worldwide distribution network, which spans approximately 6,900 customers and 4,900 unique products.
85 unchanged sentences
A small number of OEMs historically has accounted for a significant portion of our net revenue.
−Removed: In each of the fiscal years ended September 27, 2024 (“fiscal 2024”), September 29, 2023 (“fiscal 2023”), and September 30, 2022 (“fiscal 2022”), Apple, through sales to multiple distributors and contract manufacturers for multiple applications including smartphones, tablets, desktop and notebook computers, watches, and other devices, constituted more than ten percent of our net revenue.
−Removed: Further, the Company’s three largest accounts receivable balances comprised 80% and 83% of aggregate gross accounts receivable as of September 27, 2024 and September 29, 2023, respectively.
+Added: In each of the fiscal years ended October 3, 2025 (“fiscal 2025”), September 27, 2024 (“fiscal 2024”), and September 29, 2023 (“fiscal 2023”), Apple, through sales to multiple distributors and contract manufacturers for multiple applications including smartphones, tablets, desktop and notebook computers, watches, and other devices, constituted more than ten percent of our net revenue.
+Added: Further, the Company’s three largest accounts receivable balances comprised 82% and 80% of aggregate gross accounts receivable as of
+Added: October 3, 2025 and September 27, 2024, respectively.
For further information regarding customer concentrations, see Note 14 to Item 8 of this Annual Report on Form 10-K.
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Due to industry practice, which allows customers to cancel orders with limited advance notice to us prior to shipment, and with little or no penalty, we believe that backlog as of any particular date may not be a reliable indicator of our future revenue levels.
−Removed: The cancellation or deferral of product orders, the return of previously sold products, or overproduction due to a change in anticipated order volume could result in a reduction in revenue and us holding
−Removed: excess or obsolete inventory, which could result in inventory write-downs and, in turn, could have a material adverse effect on our financial condition.
+Added: The cancellation or deferral of product orders, the return of previously sold
+Added: products, or overproduction due to a change in anticipated order volume could result in a reduction in revenue and us holding excess or obsolete inventory, which could result in inventory write-downs and, in turn, could have a material adverse effect on our financial condition.
Government Regulations
14 unchanged sentences
Our workforce consists of approximately 10,000 employees located around the world, more than 99% of whom are full-time employees.
−Removed: As of September 27, 2024:
+Added: As of October 3, 2025:
• Our workforce was distributed geographically approximately as follows:
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.