이번 보고서
2026.03 분기보고서
10-Q · 기간 말 2026. 3. 28. · 제출 2026. 5. 1.
비교 기준
2025 연차보고서 이후 누적
10-K · 기간 말 2025. 9. 27.
분기보고서는 연차보고서 이후 바뀐 리스크만 적는 경우가 많습니다. 직전 연차보고서와 그 뒤 분기보고서에 이미 나온 내용은 빼고, 이번에 처음 들어간 것만 보여드립니다.
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새 리스크 항목
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신규 문단
9
수정 문단
AI 한국어 요약
한 줄 요약
애플은 이번 분기에 AI 리스크를 독립 항목으로 신설하고 AI 기반 사이버공격 위험을 크게 강조했으며, 반도체·메모리 부품 원가 상승과 앱스토어 수수료 소송, 규제 대응 부담을 더 구체적으로 경고했습니다.
주목할 변화
- 신규AI 관련 리스크를 독립 항목으로 신설AI가 제품과 사업 전반에 통합되면서 법률·규제·윤리·운영 리스크가 생긴다는 항목이 새로 생겼습니다. 경쟁·전략, 투자비 회수, 제조물 책임, 지식재산권, 개인정보, 수출통제, 유해·부정확한 콘텐츠, 편향, 미성년자 보호를 구체적으로 나열했습니다. 또 "the Company may be unsuccessful in identifying or resolving all potential issues"라며 문제를 사전에 다 잡지 못할 수 있다고 인정했습니다.
- 강화AI가 키우는 사이버공격 위험정교한 피싱, 취약점 자동 탐색, 인증 우회용 딥페이크 등 AI가 공격을 가속한다는 문단이 추가됐습니다. "substantial systemic risks, such as cascading failures across interconnected systems"라는 표현까지 썼고, 회사와 공급사가 직접 AI를 도입하는 것 자체도 새로운 취약점이 될 수 있다고 밝혔습니다. 공격 전망도 "frequency, scale and sophistication"으로 '규모'가 추가됐습니다.
- 강화반도체·메모리 원가 상승을 마진 압박 요인 맨 앞에 배치매출·총이익률 변동 요인 목록의 첫 항목이 기존 '가격 압박'에서 "industry-wide supply constraints and increasing costs for components such as advanced semiconductors, storage (NAND) and memory (DRAM)"으로 바뀌었습니다. 첨단 반도체와 NAND·DRAM이 명시됐습니다.
- 강화미국 앱스토어 수수료 소송: 수수료 축소·폐지 시 영향 명시제9순회항소법원이 1심 법원에 금지명령을 수정해 수수료 부과를 허용하도록 지시했다는 회사에 유리한 진행 상황이 추가됐습니다. 동시에 "if ... the Company's commission is narrowed or eliminated"이면 사업·실적에 중대한 악영향이 있을 수 있다는 경고 문장이 새로 들어갔고, 다른 국가로 비슷한 제한이 확산될 가능성도 언급했습니다.
- 강화규제 대응 부담 구체화, 중국 데이터 규제 명시중국의 데이터 처리·현지화 규제가 중국 밖으로의 데이터 이전을 제한할 수 있다는 예시가 추가됐습니다. 규제 준수에 따라 제품 설계를 바꾸거나 기능 제공을 제한해야 할 수 있고, 그 결과 수요·매출·이익률 하락과 평판 훼손이 생길 수 있다고 적었습니다. 위반 시 제재에는 "suspension or revocation of business licenses"(영업허가 정지·취소)가 새로 포함됐습니다.
- 신규제품의 의도치 않은 사용·유해성 주장제품 결함 항목에 "may also be used in unintended ways, or in a manner that its users allege is harmful"이라는 문장이 추가됐습니다. 사용자가 피해를 주장하는 형태의 책임 리스크를 새로 인식한 것으로 보입니다.
읽는 법
이번 변경의 중심은 AI입니다. 애플은 AI를 기회뿐 아니라 보안, 법적 책임, 투자비 회수 측면의 부담으로도 공식 인식하기 시작했습니다. 원가 측면에서는 첨단 반도체와 메모리 가격·공급을 직접 명시했으므로, 향후 실적 발표에서 총이익률 설명을 함께 확인해 볼 만합니다. 앱스토어 수수료는 항소심에서 일부 유리한 진행이 있었지만, 회사 스스로 수수료가 축소되거나 폐지될 경우의 영향을 처음으로 명확히 적었다는 점에서 계속 지켜볼 쟁점입니다.
원문 비교
- The rapid advancement and widespread dissemination of artificial intelligence technologies significantly increases the risks associated with cyberattacks. For example, artificial intelligence technologies are being used to produce highly targeted phishing campaigns, automate the discovery or exploitation of vulnerabilities, generate deepfake content designed to bypass authentication protocols, and identify and exploit vulnerabilities at a highly accelerated pace. As increasingly sophisticated and capable artificial intelligence models continue to become available, these risks are intensifying. Sophisticated and widespread cyberattacks could pose substantial systemic risks, such as cascading failures across interconnected systems, and potential disruptions to critical infrastructure and market stability. In addition, artificial intelligence technologies can themselves be susceptible to security threats, and the development and deployment of artificial intelligence by the Company and its suppliers may expose the Company to additional vulnerabilities and attacks.
- Issues related to artificial intelligence may result in reputational, competitive and financial harm to the Company, regulatory action, legal liability, and other material adverse effects to the Company’s business, results of operations, financial condition and stock price.
- Artificial intelligence technologies are increasingly integrated into the Company’s products and services and its business and operations. These technologies present emerging legal, regulatory, ethical and operational risks that could materially adversely affect the Company’s business, results of operations and financial condition.
- For example, the Company’s artificial intelligence efforts may give rise to risks related to: competition and strategy; recouping costs and returns on investments; product liability; intellectual property infringement; data privacy; cybersecurity; sanctions and export controls; exposing users to harmful, inaccurate or other negative content or experiences; bias and discrimination; and online safety and protection of minors; among other issues. While the Company is committed to developing and deploying artificial intelligence responsibly, the Company may be unsuccessful in identifying or resolving all potential issues and failures before they arise. As a result, the Company could be exposed to reputational and competitive harm, regulatory action, legal liability, and other material adverse effects to its business, results of operations, financial condition and stock price.
- The Company offers complex hardware and software products and services that can be affected by design and manufacturing defects. Sophisticated operating system software and applications, such as those offered by the Company, often have issues that can unexpectedly interfere with the intended operation of hardware or software products and services. Defects can also exist in components and products the Company purchases from third parties. Component defects could make the Company’s products unsafe and create a risk of environmental or property damage and personal injury. These risks may increase as the Company’s products are introduced into specialized applications, including health. In addition, the Company’s service offerings can have quality issues and from time to time experience outages, service slowdowns or errors. As a result, from time to time the Company’s services have not performed as anticipated and may not meet
customeruser expectations. The Company’s products and services may also be used in unintended ways, or in a manner that its users allege is harmful. The introduction of new and complex technologies, such as artificial intelligence features, can increase these and other safety risks, including exposing users to harmful, inaccurate or other negative content and experiences. The Company may not be able to detect and fix all issues and defects in the hardware, software and services it offers, which can result in widespread technical and performance issues affecting the Company’s products and services. Errors, bugs and vulnerabilities can be exploited by third parties, compromising the safety and security of a user’s device. In addition, the Company can be exposed to product liability claims, recalls, product replacements or modifications, write-offs of inventory, property, plant and equipment or intangible assets, and significant warranty and other expenses, including litigation costs and regulatory fines. Quality problems can adversely affect the experience for users of the Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor market acceptance, reduced demand for products and services, delay in new product and service introductions and lost sales. - The Company’s business also requires it to share confidential information with
supplierssuppliers, service providers and other third parties. The Company relies on global suppliers that are also exposed to cybersecurity, ransomware and other malicious attacks that can disrupt business operations. Although the Company takes steps to secure confidential information that is provided to or accessible by third parties working on the Company’s behalf, such measures are not always effective and losses or unauthorized access to, or releases of, confidential information occur. Such incidents and other malicious attacks could materially adversely affect the Company’s business, reputation, results of operations, financial condition and stock price. - The Company experiences malicious attacks and other attempts to gain unauthorized access to its systems on a regular basis. These attacks target the confidentiality, integrity or availability of confidential information and may disrupt normal business operations. Attacks can impair the Company’s ability to attract and retain customers for its products and services, affect its stock price, damage commercial relationships, and expose the Company to litigation or government investigations, potentially resulting in penalties, fines or judgments. Globally, attacks are expected to continue accelerating in
both frequencyfrequency, scale and sophistication with increasing use by actors of tools and techniques that are designed to circumvent controls, avoid detection, and remove or obfuscate forensic evidence, all of which hinders the Company’s ability to identify, investigate and recover from incidents. In addition, attacks against the Company and its customers can escalate during periods of geopolitical tensions or conflict. - From time to time, the Company has made changes to its business, including actions taken in response to litigation, competition, market conditions and legal and regulatory requirements. The Company expects to make further business changes in the future. For example, in the U.S., the Company has implemented changes to how developers communicate with consumers within apps on the U.S. storefront of the iOS and
iPadOSiPadOS® App Store regarding alternative purchasingmechanisms and is currently subject to a court order preventing it from imposing any commission or fee on certain purchases that consumers make.mechanisms. The Company is also currently subject to a court order in the U.S. preventing it from imposing any commission or fee on certain purchases that consumers make. The Ninth Circuit Court has instructed the California District Court to further amend or modify its injunction to allow the Company to charge a commission. If the Company is ultimately unsuccessful in defending its commission structure or if similar restrictions are imposed or expanded in other jurisdictions, and as a result the Company’s commission is narrowed or eliminated, the Company’s business, results of operations, and financial condition could be materially and adversely affected. - Globally, several jurisdictions have adopted, or may in the future adopt, competition-related laws and regulations imposing wide-ranging obligations on technology companies and significant limitations on businesses, including the Company. For example, the Company has implemented changes to iOS, iPadOS, the App Store and Safari® in the EU as it seeks to comply with the
Digital Markets Act (“DMA”),DMA, including new business terms and alternative fee structures for iOS and iPadOS apps, alternative methods of distribution for iOS and iPadOS apps, alternative payment processing for apps across the Company’s operating systems, and additional tools and application programming interfaces for developers. The Company has also continued to make changes to its compliance plan in response to feedback and engagement with the Commission. Although the Company’s compliance plan is intended to address the DMA’s obligations, it has been challenged by the Commission and may be challenged further by private litigants. The DMA provides for significant fines and penalties for noncompliance. While the changes introduced by the Company in the EU are intended to reduce new privacy and security risks that the DMA poses to EU users, many risks will remain. Changes to the Company’s business in response to the DMA or other laws and regulations could materially adversely affect the Company’s business, reputation, results of operations, financial condition and stock price. - Further, the Company has commercial relationships with other companies in the technology industry that are or may become subject to investigations and litigation that, if resolved against those other companies, could materially adversely affect the Company’s commercial relationships with those business partners and materially adversely affect the Company’s business, results of operations, financial condition and stock price. For example, the Company earns revenue from licensing arrangements with Google LLC (“Google”) and other companies to offer their search services on the Company’s platforms and applications, and certain of these arrangements are currently subject to government investigations and legal proceedings. On August 5, 2024, Google was found to have violated U.S. antitrust laws. In connection with this finding, on September 2, 2025, the U.S. District Court for the District of Columbia (“D.C. District Court”) ordered certain remedies. The court’s order is subject to further proceedings before the D.C. District Court, which may result in changes to the interpretation or application of the remedies ordered by the court, as well as new or changed remedies being ordered. The court’s order was appealed by both the DOJ and Google. A reversal of the order on appeal could result in imposition of certain remedies initially proposed by the DOJ, such as those prohibiting Google from offering the Company commercial terms for search distribution. If implemented, these remedies could materially adversely affect the Company’s ability to earn revenue from such licensing arrangements.
- The Company is subject to an increasing number of federal, state and international laws relating to the collection, use, retention, protection and transfer of various types of personal data. In many cases, these laws apply not only to third-party transactions, but also restrict transfers of personal data among the Company and its international subsidiaries. Several jurisdictions have passed laws in this area, and additional jurisdictions are considering imposing additional restrictions or have laws that are pending. For example, China has regulatory requirements relating to data processing and localization that govern the Company’s ability to collect, use, and transfer data in China, and could limit the Company’s ability to transfer data outside of China. These laws continue to develop and may be inconsistent from jurisdiction to jurisdiction. Complying with emerging and changing requirements causes the Company to incur substantial costs and has required and may in the future require the Company to change its business
practices.practices, including changes to the design of the Company’s products and services and limiting the Company’s ability to offer a product, service or feature to customers. Such changes in business practices can also otherwise adversely affect the experience for users of the Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor market acceptance, reduced demand for products and services, lower revenue, and lower profit margins. Noncompliance could result in suspension or revocation of business licenses, significant penaltiesorand legal liability. - The Company is also subject to new and changing
lawslaws, regulations andregulationsother legal obligations regarding online safety, including enhanced protections for minors and mandatory age verification requirements. Theselaws and regulationsobligations can increase regulatory risks by requiring complex compliance measures and significant modifications to the Company’s products, services and operations, and may lead to operational disruptions, heightened privacy and data security risks, increased costs and potential liability and fines, all of which can have a material adverse impact on the Company’s business, financial condition, results of operations and stock price. - The Company’s gross margins vary significantly across its products, services, geographic segments and distribution channels and can change over time. The Company’s net sales and gross margins are subject to volatility and downward pressure due to a variety of factors, including:
continuedindustry-wideglobalsupply constraints and increasing costs for components such as advanced semiconductors, storage (NAND) and memory (DRAM); product pricing pressures and product pricing actions that the Company may take in response to such pressures; increased competition; the Company’s ability to effectively stimulate demand for certain of its products and services; compressed product life cycles; supply shortages; potential increases in the cost ofcomponents,outside manufacturing services, and developing, acquiring and delivering content for the Company’s services; the Company’s ability to manage product quality and warranty costs effectively; shifts in the mix of products and services, or in the geographic, currency or channel mix, including to the extent that regulatory changes require the Company to modify its product and service offerings; fluctuations in foreign exchange rates; inflation and other macroeconomic pressures; the imposition of new or increased tariffs and other trade restrictions, their overall magnitude and duration, and retaliatory actions in response; and the introduction of new products or services, including new products or services with lower profit margins. These and other factors could have a materially adverse impact on the Company’s results of operations, financial condition and stock price. Further, the Company generates a significant portion of its net sales from a single product category and a decline in demand for that product could significantly impact net sales and gross margins.