Apple’s inventory surges 154% as memory chip costs climb
Apple’s inventory surges 154% as memory chip costs climb
Apple’s stockpiling of inventory, particularly computer memory, continued in its fiscal fourth quarter, according to earnings reported Monday. The company reported that its inventory increased significantly in the quarter, growing from $11.09 billion in Q3 to $14.54 billion in Q4, a jump of 31.1%. Year-over-year, inventory grew 154.3% from $5.72 billion in the fourth quarter of 2025.
根据周一发布的财报，苹果公司在第四财季继续囤积库存，尤其是计算机内存。该公司报告称，其季度库存显著增加，从第三季度的110.9亿美元增长至第四季度的145.4亿美元，增幅达31.1%。与2025年第四季度57.2亿美元的库存相比，同比增长了154.3%。
Apple’s forecast of a 45% to 46% gross margin in the December quarter was largely attributed to the impact of higher memory costs. The company reported a gross margin of 47.9% for the September quarter. “What we’re seeing with memory pricing right now is unprecedented,” said Apple CEO John Ternus, speaking to analysts on the call. “As we said earlier in the September quarter, we did see higher memory costs as compared to the June quarter, which were partly offset by the benefit of carrying inventory and lower costs on certain non-memory components.”
苹果公司预计12月季度的毛利率将在45%至46%之间，这主要归因于内存成本上升的影响。该公司报告称，9月季度的毛利率为47.9%。苹果首席执行官约翰·特努斯（John Ternus）在财报电话会议上对分析师表示：“我们目前看到的内存定价情况是前所未有的。正如我们在9月季度早些时候所说，与6月季度相比，我们确实看到了更高的内存成本，但这部分被库存结转带来的收益以及某些非内存组件成本的降低所抵消。”
He said that the company expected “even higher memory costs” in the December quarter, which would be partially offset by price increases implemented earlier this year on some devices, including Mac and iPad at the end of June and iPhones in September. Ternus also said that beyond December, Apple expects memory costs “continuing to increase.”
他表示，公司预计12月季度的“内存成本会更高”，这部分将通过今年早些时候在部分设备上实施的涨价措施来抵消，包括6月底的Mac和iPad，以及9月的iPhone。特努斯还表示，12月之后，苹果预计内存成本将“持续增加”。
“As we said before, we do believe we’ll see a decreasing benefit from the carry-in inventory on memory over time,” he noted, adding that the company was increasing its purchases of this key component. “As we work to improve supply, our manufacturing purchase obligations have increased by 33 billion dollars from June to the September quarter, which you’ll see in our annual filing when it comes out tomorrow.”
“正如我们之前所说，我们确实认为随着时间的推移，内存库存结转带来的收益将会减少，”他指出，并补充说公司正在增加对这一关键组件的采购。“为了改善供应，我们的制造采购义务从6月到9月季度增加了330亿美元，这一点你们将在明天发布的年度报告中看到。”
Apple also brought COO Sabih Khan, who oversees the company’s supply chain and manufacturing, onto the call to address questions about memory. He reiterated the increased purchase obligations but did not rule out future price increases on Apple devices. The company also blamed supply constraints for weak iPad sales in the quarter. The iPad was one of the only product segments that didn’t grow, even as iPhone and Mac sales beat estimates. iPad revenue was $6.2 billion, below analysts’ expectations of $6.7 billion. The figure was also down 10% from the prior year.
苹果还邀请负责公司供应链和制造的首席运营官萨比·汗（Sabih Khan）参加电话会议，以回答有关内存的问题。他重申了采购义务的增加，但并未排除未来苹果设备涨价的可能性。该公司还将iPad季度销售疲软归咎于供应限制。尽管iPhone和Mac的销售额超过了预期，但iPad是仅有的几个未实现增长的产品部门之一。iPad营收为62亿美元，低于分析师预期的67亿美元。这一数字也比去年同期下降了10%。