An equity research data platform gets you from a company's filing to a working model in five steps: find the right filing, pull the consolidated financials, check the segment data, compare peers on the same basis, and export figures that still link to their source. Each step has one check that stops a common modelling error.
We organise our US and Nordic company data around this sequence. We have written about what an equity research data platform should contain; this article is the practical companion, worked through on the FY2025 10-K of Apple Inc. (Nasdaq: AAPL).
The five steps of an equity research data platform workflow
Start from the document
Identify the latest 10-K, 10-Q or 8-K (or Nordic interim and annual report) and note its period end date.
Load the consolidated figures
Income statement, balance sheet and cash flow for the same fiscal periods, in full units with currency.
Split the total
Pull segment and product revenue, confirm what reconciles to the total, and read the segment note.
Line up the peer group
Same metric definition, same fiscal period by end date, and ratios when currencies differ.
Keep the source with the figure
Move the figures into your model with the filing reference attached, so every cell can be checked.
Step 1: find the filing and fix the fiscal period
Apple's fiscal year does not follow the calendar. FY2025 is the fiscal year ended 27 September 2025, reported in the 10-K filed on 31 October 2025.1 Writing the period end date into the model at this point prevents the most common error later: putting Apple's fiscal year next to a calendar-year peer as if they covered the same months.
On clarifo.com you can search filings by company and type, including 10-K, 10-Q and 8-K for US companies, and open the full filing with structured, searchable sections.
Step 2: pull the consolidated financials for the same periods
The consolidated figures set the totals that everything else must reconcile to. For FY2025, Apple reported revenue of USD 416,161 million, operating income of USD 133,050 million and net income of USD 112,010 million, with diluted EPS of USD 7.46. For FY2024, revenue was USD 391,035 million and operating income USD 123,216 million.1
The check: take the prior year from the latest filing, not the earlier one. In our data, Apple's FY2024 figures are taken from the FY2025 10-K, which presents FY2024 as the comparative year.
Step 3: check segment data before you model revenue lines
Segment data is where models usually go wrong, because companies report several overlapping breakdowns. Apple reports revenue by product category and operating income by geographic reportable segment. The table below shows product-category revenue for FY2025 and FY2024, as tagged in the FY2025 10-K.
| Apple revenue by category (USD m) | FY2025 | FY2024 |
|---|---|---|
| iPhone | 209,586 | 201,183 |
| Mac | 33,708 | 29,984 |
| iPad | 28,023 | 26,694 |
| Wearables, Home and Accessories | 35,686 | 37,005 |
| Products, total | 307,003 | 294,866 |
| Services | 109,158 | 96,169 |
Source: Apple Inc. Form 10-K for the fiscal year ended 27 Sep 2025, revenue by product category (XBRL).1
Two checks follow. First, the Products line already contains iPhone, Mac, iPad and Wearables, so adding all six rows double counts; our segment data flags these members as overlapping. Products and Services together equal the USD 416,161 million total from Step 2, which confirms the split is complete. Second, Services grew from USD 96,169 million to USD 109,158 million while Wearables, Home and Accessories declined, which is the kind of mix change a single revenue line hides.
The geographic segments tell a different story. The table below shows FY2025 operating income for Apple's five reportable segments.
| Apple segment, FY2025 | Operating income (USD m) |
|---|---|
| Americas | 72,480 |
| Europe | 47,739 |
| Greater China | 26,917 |
| Rest of Asia Pacific | 14,586 |
| Japan | 13,955 |
Source: Apple Inc. Form 10-K for the fiscal year ended 27 Sep 2025, segment information (XBRL).1
Add the five segments and the result is well above the consolidated operating income of USD 133,050 million. That is not an error: research and development and other corporate costs sit outside the segments, and the segment note in the 10-K reconciles the two. Read that reconciliation before you model segment margins.
Before modelling segments, confirm three things: which members overlap, which breakdown reconciles to total revenue, and which costs are left outside the segment result.
Step 4: compare peers on the same definitions and periods
A peer table is only as good as its weakest alignment. Use the same metric definition for every company, line up fiscal years by end date, and compare ratios when peers report in different currencies. Segment definitions differ between issuers, so a segment named "Services" at one company rarely matches another's. We cover more than 7,000 public companies in the United States, Finland and Sweden, and you can compare up to five side by side or rank a market by growth or size.
Step 5: export figures with their source attached
The last step is the one most often skipped. When a figure goes into a spreadsheet without its filing reference, the next reviewer has to find it again. Every figure and claim in our data comes from the original filings, with citations that link to the filing and page.
There are three ways to take figures out: the Data API (REST and JSON, documented at our API docs), clarifo.com itself, or Claude and ChatGPT through our MCP server. For a deeper example of the segment step in an assistant, see how to read NVIDIA beyond the headline numbers. A prompt for this workflow:
Using Clarifo, give me Apple's FY2025 and FY2024 revenue by product category and operating income by geographic segment from the 10-K. Flag overlapping categories and include the filing link for each figure.
Run the whole workflow, from filing search to segment data and peer comparison, with every figure linked to its source.
Apple Inc., Form 10-K for the fiscal year ended 27 Sep 2025, filed 31 Oct 2025 (accession 0000320193-25-000079): consolidated statements, revenue by product category and segment information. SEC.
Not investment advice. Figures are based on data reported by the companies.