# Who are Apple's customers? Who does Apple earn revenue from?
Canonical: https://valuechain.wiki/apple · Facet: customers · Updated: 2026-09-24T04:08:54.277362+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Apple's confirmed revenue counterparties include Take-Two Interactive Software, Inc., T-Mobile US, Inc., Target Corporation plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 7 dated sources, 5 of them primary filings (as of 2026-09-24).

### 서비스 (App Store·구독·iCloud) (high)
- metric: Revenue $109.2B · FY2025 · Services segment revenue
- note: App Store, subscriptions, iCloud and payments. FY2025 services revenue $109.2B (+13.5%), its second-largest business.
- [confirms] SEC EDGAR (EN, filing, published 2025-10-30) https://www.sec.gov/Archives/edgar/data/0000320193/000032019325000077/a8-kex991q4202509272025.htm: "FY2025 Services revenue $109.2B, record Q4."

### Berkshire Hathaway (high)  → /berkshire-hathaway.md
- metric: equity stake 57.84$B · 227,917,808 shares, ~1.5% of Apple
- note: One of Apple's largest shareholders is Berkshire Hathaway, holding 227.9M shares as of 2026-03-31.
- [confirms] SEC EDGAR (EN, filing, published 2026-05-15) https://www.sec.gov/Archives/edgar/data/1067983/000119312526226661/53405.xml: "APPLE INC ... value 57,843,260,493 ... shares 227,917,808."
- [confirms] CNBC (EN, news, published 2025-11-03) https://www.cnbc.com/2025/11/03/warren-buffett-may-have-again-cut-berkshires-stake-in-apple-in-q3-.html: "Warren Buffett may have again cut Berkshire's stake in Apple in Q3."

### 소비자·통신사 (iPhone·Mac·서비스) (high)
- note: The demand end of the chain. Sells directly to consumers, carriers and service subscribers (about $391B in FY2025).
- [confirms] SEC EDGAR (EN, filing, published 2025-10-31) https://www.sec.gov/Archives/edgar/data/320193/000032019325000079/aapl-20250927.htm: "Apple 10-K: products and services revenue about $391B, consumer-driven."

### 테이크투 인터랙티브 (high)  → /take-two-interactive.md
- note: Apple receives mobile platform fees incurred through the App Store that Take-Two records in cost of revenue, and the amount Take-Two paid specifically to Apple was not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-05-22) https://www.sec.gov/Archives/edgar/data/946581/000162828026037434/ttwo-20260331.htm: "platform fees ... Cost of revenue"

### T-모바일 (mid)  → /t-mobile-us.md
- note: Apple supplies devices for resale through T-Mobile's customer channels. T-Mobile identifies wireless devices as a major purchase-obligation category and Counterpoint confirms Apple sales through T-Mobile, but Apple's T-Mobile revenue is not disclosed.
- [mentions] SEC EDGAR (EN, filing, published 2026-02-11) https://www.sec.gov/Archives/edgar/data/1283699/000128369926000010/tmus-20251231.htm: "purchase obligations reflected in the table above are primarily commitments to purchase spectrum licenses, wireless devices"
- [confirms] Counterpoint Research (EN, research, published 2026-02-09) https://counterpointresearch.com/en/reports/us-smartphone-sales-increase-1-percent-yoy-in-q4-2025: "Apple sales share also increased at each of the Big 3 carriers"

### 타깃 (low)  → /target.md
- note: Apple has a relationship with Target in which Target sells its products in stores and online and operates dedicated Apple shop-in-shops, while the direct payment channel and amount for merchandise procurement or collaboration are unconfirmed.
- [mentions] SEC EDGAR (EN, filing, published 2026-03-11) https://www.sec.gov/Archives/edgar/data/27419/000002741926000016/tgt-20260131.htm: "partners such as Apple"
- [mentions] Target Corporation (EN, ir, published 2021-02-25) https://corporate.target.com/press/release/2021/02/target-debuts-apple-shopping-destination-with-expa: "The retail collaboration builds on Target and Apple’s more than 15-year relationship"

Reverse side: https://valuechain.wiki/apple/suppliers.md · Ripple: https://valuechain.wiki/apple/ripple.md

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Full node: https://valuechain.wiki/apple.md · JSON: https://valuechain.wiki/apple.json