Omor Ibne Ehsan
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Quick Read
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Apple’s manufacturing purchase obligations surged 60% to $89.7 billion, with $82.7 billion of that total due within 12 months, representing about 92% of the overall figure.
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CFO Kevan Parekh guided December-quarter gross margin to a range of 45 to 46 percent, down from 47.9 percent, citing memory costs and the Siri AI ramp as primary drivers.
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Micron posted fiscal 2026 revenue of $133 billion and a fourth-quarter non-GAAP gross margin of 87%, illustrating where pricing power currently sits.
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Apple (NASDAQ:AAPL) filed its fiscal 2026 annual report on November 3, 2026, and the report shows the company has promised its manufacturing partners $89.7 billion in future purchases. A year earlier, the figure was $56.2 billion.
By our math, that’s an increase of about 60%, and $82.7 billion of the total is payable within 12 months.
Apple shares fell 1.9% on November 3 to close at $331.90, which left the company with a market value of $4.84 trillion. They slid again to $329.80 after hours.
Apple can easily pay these bills. The harder question is what it costs to lock in parts while memory prices are climbing, because that cost hits gross margin before it shows up anywhere else.
What Apple Has Promised to Buy
Manufacturing purchase obligations are amounts owed to the outsourcing partners that build subassemblies and handle final assembly and testing, plus components bought from many suppliers. Apple pays them as parts and services are delivered. Apple does not say how much of this is memory, and it named no suppliers and disclosed no contract terms.
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Nearly all of the increase came in a single quarter. The total stood at $57.0 billion in June, so the filings show a $32.7 billion jump by September, which executives rounded to $33 billion on the November 2 earnings call.
