apple 2023 q1 earnings report
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2023-02-02
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 PRESS RELEASE
 
 
 February 2, 2023
 
 
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 Apple reports first quarter results
 
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 Installed base crosses 2 billion active devices and hits all-time high for all major product categories<p>
Services set new all-time revenue record
 
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 <div>Cupertino, California Apple today announced financial results for its fiscal 2023 first quarter ended December 31, 2022. The Company posted quarterly revenue of $117.2 billion, down 5 percent year over year, and quarterly earnings per diluted share of $1.88.
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 <div>“As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”
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 <div>“We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” said Luca Maestri, Apple’s CFO. “We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”
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 <div>Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on February 16, 2023 to shareholders of record as of the close of business on February 13, 2023.
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 <div>Apple will provide live streaming of its Q1 2023 financial results conference call beginning at 2:00 p.m. PT on February 2, 2023 at <a href="http://apple.com/investor/earnings-call">apple.com/investor/earnings-call</a>. This webcast will be available for replay for approximately two weeks thereafter.
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 <p>Consolidated Financial Statements</p>
 
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 PRESS RELEASE February 2, 2023

 Apple reports first quarter results

 Installed base crosses 2 billion active devices and hits all-time high for all major product categories

 Services set new all-time revenue record
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 Cupertino, California Apple today announced financial results for its fiscal 2023 first quarter ended December 31, 2022. The Company posted quarterly revenue of $117.2 billion, down 5 percent year over year, and quarterly earnings per diluted share of $1.88.
 “As we all continue to navigate a challenging environment, we are proud to have our best lineup of products and services ever, and as always, we remain focused on the long term and are leading with our values in everything we do,” said Tim Cook, Apple’s CEO. “During the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”
 “We set an all-time revenue record of $20.8 billion in our Services business, and in spite of a difficult macroeconomic environment and significant supply constraints, we grew total company revenue on a constant currency basis,” said Luca Maestri, Apple’s CFO. “We generated $34 billion in operating cash flow and returned over $25 billion to shareholders during the quarter while continuing to invest in our long-term growth plans.”
 Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on February 16, 2023 to shareholders of record as of the close of business on February 13, 2023.
 Apple will provide live streaming of its Q1 2023 financial results conference call beginning at 2:00 p.m. PT on February 2, 2023 at apple.com/investor/earnings-call. This webcast will be available for replay for approximately two weeks thereafter.
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 * Consolidated Financial Statements

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 Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.


 This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the payment of the Company’s quarterly dividend, its installed base growth, and its long-term plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

 About Apple

 Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

 Press Contact

 Josh Rosenstock

 Apple

 jrosenstock@apple.com

 (408) 862-1142

 Investor Relations Contact

 Tejas Gala

 Apple

 tgala@apple.com

 (669) 227-2402

 © 2023 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

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Apple reports first quarter results
https://www.apple.com/newsroom/2023/02/apple-reports-first-quarter-results/
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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Net sales:
Products
Services
Total net sales “
Cost of sales:
Products
Services
Total cost of sales
Gross margin
Operating expenses:
Research and development
Selling, general and administrative
Total operating expenses
Operating income
Other income/(expense), net
Income before provision for income taxes
Provision for income taxes
Net income
Earnings per share:
Basic
Diluted
Shares used in computing earnings per share:
Basic
Diluted
“ Net sales by reportable segment:
Americas
Europe
Greater China
Japan
Rest of Asia Pacific
Total net sales
“ Net sales by category:
iPhone
Mac
iPad
Wearables, Home and Accessories
Services
Total net sales
$
Three Months Ended
December 31, December 25,
2022 2021
96,388 $ 104,429
20,766 19,516
117,154 123,945
60,765 64,309
6,057 5,393
66,822 69,702
50,332 54,243
7,709 6,306
6,607 6,449
14,316 12,755
36,016 41,488
(393) (247)
35,623 41,241
5,625 6,611
29,998 34,630
1.89 2.11
1.88 2.10
15,892,723 16,391,724
15,955,718 16,519,291
49,278 51,496
27,681 29,749
23,905 25,783
6,755 7,107
9,535 9,810
117,154 123,945
65,775 71,628
7,735 10,852
9,396 7,248
13,482 14,701
20,766 19,516
117,154 123,945
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
December 31, September 24,
2022 2022
ASSETS:
Current assets:
Cash and cash equivalents $ 20,535 $ 23,646
Marketable securities 30,820 24,658
Accounts receivable, net 23,752 28,184
Inventories 6,820 4,946
Vendor non-trade receivables 30,428 32,748
Other current assets 16,422 21,223
Total current assets 128,777 135,405
Non-current assets:
Marketable securities 114,095 120,805
Property, plant and equipment, net 42,951 42,117
Other non-current assets 60,924 54,428
Total non-current assets 217,970 217,350
Total assets $346,747, $352,755.
LIABILITIES AND SHAREHOLDERS!’ EQUITY:
Current liabilities:
Accounts payable $ 57,918 $ 64,115
Other current liabilities 59,893 60,845
Deferred revenue 7,992 7,912
Commercial paper 1,743 9,982
Term debt 9,740 11,128
Total current liabilities 137,286 153,982
Non-current liabilities:
Term debt 99,627 98,959
Other non-current liabilities 53,107 49,142
Total non-current liabilities 152,734 148,101
Total liabilities 290,020 302,083
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares
authorized; 15,842,407 and 15,943,425 shares issued and outstanding, respectively 66,399 64,849
Retained earnings/(Accumulated deficit) 3,240 (3,068)
Accumulated other comprehensive income/(loss) (12,912) (11,109)
Total shareholders’ equity 56,727 50,672
Total liabilities and shareholders’ equity $ 346,747 $ 352,755
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Cash, cash equivalents and restricted cash, beginning balances
Operating activities:
Net income
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
Share-based compensation expense
Other
Changes in operating assets and liabilities:
Accounts receivable, net
Inventories
Vendor non-trade receivables
Other current and non-current assets
Accounts payable
Deferred revenue
Other current and non-current liabilities
Cash generated by operating activities
Investing activities:
Purchases of marketable securities
Proceeds from maturities of marketable securities
Proceeds from sales of marketable securities
Payments for acquisition of property, plant and equipment
Other
Cash used in investing activities
Financing activities:
Payments for taxes related to net share settlement of equity awards
Payments for dividends and dividend equivalents
Repurchases of common stock
Repayments of term debt
Repayments of commercial paper, net
Other
Cash used in financing activities
Increase/(Decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, ending balances
Supplemental cash flow disclosure:
Cash paid for income taxes, net
Cash paid for interest
$
Three Months Ended
December 31, December 25,
2022 2021
24,977 $ 35,929
29,998 34,630
2,916 2,697
2,905 2,265
(317) 849
4,275 (3,934)
(1,807) 681
2,320 (9,812)
(4,099) (4,921)
(6,075) 19,813
131 462
3,758 4,236
34,005 46,966
(5,153) (34,913)
7,127 11,309
509 10,675
(3,787) (2,803)
(141) C874)
(1,445) (16,106)
(2,316) (2,888)
(3,768) (3,732)
(19,475) (20,478)
(1,401) =
(8,214) (1,000)
(389) (61)
(35,563) (28,159)
(3,003) 2,701
21,974 $ 38,630
828 $ 5,235
703 $ 531
||||I||||
https://www.apple.com/newsroom/pdfs/FY23_Q1_Consolidated_Financial_Statements.pdf
anonymous
2023-02-02
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36743
Apple Inc.
(Exact name of Registrant as specified in its charter)
California 94-2404110
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
One Apple Park Way
Cupertino, California 95014
(Address of principal executive offices) (Zip Code)
(408) 996-1010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading 
symbol(s) Name of each exchange on which registered
Common Stock, $0.00001 par value per share AAPL The Nasdaq Stock Market LLC
1.375% Notes due 2024 — The Nasdaq Stock Market LLC
0.000% Notes due 2025 — The Nasdaq Stock Market LLC
0.875% Notes due 2025 — The Nasdaq Stock Market LLC
1.625% Notes due 2026 — The Nasdaq Stock Market LLC
2.000% Notes due 2027 — The Nasdaq Stock Market LLC
1.375% Notes due 2029 — The Nasdaq Stock Market LLC
3.050% Notes due 2029 — The Nasdaq Stock Market LLC
0.500% Notes due 2031 — The Nasdaq Stock Market LLC
3.600% Notes due 2042 — The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)  has been 
subject to such filing requirements for the past 90 days.
Yes  ☒     No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to 
submit such files).
Yes  ☒     No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and 
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with 
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐     No  ☒
15,821,946,000 shares of common stock were issued and outstanding as of January 20, 2023.
Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended December 31, 2022
TABLE OF CONTENTS
Page
Part I
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 15
Item 3. Quantitative and Qualitative Disclosures About Market Risk 20
Item 4. Controls and Procedures 20
Part II
Item 1. Legal Proceedings 21
Item 1A. Risk Factors 21
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
Item 3. Defaults Upon Senior Securities 21
Item 4. Mine Safety Disclosures 22
Item 5. Other Information 22
Item 6. Exhibits 22
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
December 31,
2022
December 25,
2021
Net sales:
 Products $ 96,388 $ 104,429 
 Services 20,766 19,516 
Total net sales 117,154 123,945 
Cost of sales:
 Products 60,765 64,309 
 Services 6,057 5,393 
Total cost of sales 66,822 69,702 
Gross margin 50,332 54,243 
Operating expenses:
Research and development 7,709 6,306 
Selling, general and administrative 6,607 6,449 
Total operating expenses 14,316 12,755 
Operating income 36,016 41,488 
Other income/(expense), net (393) (247) 
Income before provision for income taxes 35,623 41,241 
Provision for income taxes 5,625 6,611 
Net income $ 29,998 $ 34,630 
Earnings per share:
Basic $ 1.89 $ 2.11 
Diluted $ 1.88 $ 2.10 
Shares used in computing earnings per share:
Basic 15,892,723 16,391,724 
Diluted 15,955,718 16,519,291 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2023 Form 10-Q | 1
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
Three Months Ended
December 31,
2022
December 25,
2021
Net income $ 29,998 $ 34,630 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax (14) (360) 
Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivative instruments (988) 362 
Adjustment for net (gains)/losses realized and included in net income (1,766) 93 
Total change in unrealized gains/losses on derivative instruments (2,754) 455 
Change in unrealized gains/losses on marketable debt securities, net of tax:
Change in fair value of marketable debt securities 900 (1,176) 
Adjustment for net (gains)/losses realized and included in net income 65 (9) 
Total change in unrealized gains/losses on marketable debt securities 965 (1,185) 
Total other comprehensive income/(loss) (1,803) (1,090) 
Total comprehensive income $ 28,195 $ 33,540 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2023 Form 10-Q | 2
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
December 31,
2022
September 24,
2022
ASSETS:
Current assets:
Cash and cash equivalents $ 20,535 $ 23,646 
Marketable securities 30,820 24,658 
Accounts receivable, net 23,752 28,184 
Inventories 6,820 4,946 
Vendor non-trade receivables 30,428 32,748 
Other current assets 16,422 21,223 
Total current assets 128,777 135,405 
Non-current assets:
Marketable securities 114,095 120,805 
Property, plant and equipment, net 42,951 42,117 
Other non-current assets 60,924 54,428 
Total non-current assets 217,970 217,350 
Total assets $ 346,747 $ 352,755 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 57,918 $ 64,115 
Other current liabilities 59,893 60,845 
Deferred revenue 7,992 7,912 
Commercial paper 1,743 9,982 
Term debt 9,740 11,128 
Total current liabilities 137,286 153,982 
Non-current liabilities:
Term debt 99,627 98,959 
Other non-current liabilities 53,107 49,142 
Total non-current liabilities 152,734 148,101 
Total liabilities 290,020 302,083 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 15,842,407 and 15,943,425 shares issued and outstanding, respectively 66,399 64,849 
Retained earnings/(Accumulated deficit) 3,240 (3,068) 
Accumulated other comprehensive income/(loss) (12,912) (11,109) 
Total shareholders’ equity 56,727 50,672 
Total liabilities and shareholders’ equity $ 346,747 $ 352,755 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2023 Form 10-Q | 3
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per share amounts)
Three Months Ended
December 31,
2022
December 25,
2021
Total shareholders’ equity, beginning balances $ 50,672 $ 63,090 
Common stock and additional paid-in capital:
Beginning balances 64,849 57,365 
Common stock withheld related to net share settlement of equity awards (1,434) (1,263) 
Share-based compensation 2,984 2,322 
Ending balances 66,399 58,424 
Retained earnings/(Accumulated deficit):
Beginning balances (3,068) 5,562 
Net income 29,998 34,630 
Dividends and dividend equivalents declared (3,712) (3,665) 
Common stock withheld related to net share settlement of equity awards (978) (1,730) 
Common stock repurchased (19,000) (20,362) 
Ending balances 3,240 14,435 
Accumulated other comprehensive income/(loss):
Beginning balances (11,109) 163 
Other comprehensive income/(loss) (1,803) (1,090) 
Ending balances (12,912) (927) 
Total shareholders’ equity, ending balances $ 56,727 $ 71,932 
Dividends and dividend equivalents declared per share or RSU $ 0.23 $ 0.22 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2023 Form 10-Q | 4
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended
December 31,
2022
December 25,
2021
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929 
Operating activities:
Net income 29,998 34,630 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 2,916 2,697 
Share-based compensation expense 2,905 2,265 
Other (317) 849 
Changes in operating assets and liabilities:
Accounts receivable, net 4,275 (3,934) 
Inventories (1,807) 681 
Vendor non-trade receivables 2,320 (9,812) 
Other current and non-current assets (4,099) (4,921) 
Accounts payable (6,075) 19,813 
Deferred revenue 131 462 
Other current and non-current liabilities 3,758 4,236 
Cash generated by operating activities 34,005 46,966 
Investing activities:
Purchases of marketable securities (5,153) (34,913) 
Proceeds from maturities of marketable securities 7,127 11,309 
Proceeds from sales of marketable securities 509 10,675 
Payments for acquisition of property, plant and equipment (3,787) (2,803) 
Other (141) (374) 
Cash used in investing activities (1,445) (16,106) 
Financing activities:
Payments for taxes related to net share settlement of equity awards (2,316) (2,888) 
Payments for dividends and dividend equivalents (3,768) (3,732) 
Repurchases of common stock (19,475) (20,478) 
Repayments of term debt (1,401) — 
Repayments of commercial paper, net (8,214) (1,000) 
Other (389) (61) 
Cash used in financing activities (35,563) (28,159) 
Increase/(Decrease) in cash, cash equivalents and restricted cash (3,003) 2,701 
Cash, cash equivalents and restricted cash, ending balances $ 21,974 $ 38,630 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 828 $ 5,235 
Cash paid for interest $ 703 $ 531 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2023 Form 10-Q | 5
Apple Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 – Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries 
(collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the 
Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and 
recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated 
financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires 
management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from 
those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have 
been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and 
accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and 
accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 24, 2022.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which 
occurred in the first fiscal quarter of 2023. The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. 
Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended 
in September and the associated quarters, months and periods of those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three months ended December 31, 
2022 and December 25, 2021 (net income in millions and shares in thousands):
Three Months Ended
December 31,
2022
December 25,
2021
Numerator:
Net income $ 29,998 $ 34,630 
Denominator:
Weighted-average basic shares outstanding 15,892,723 16,391,724 
Effect of dilutive securities 62,995 127,567 
Weighted-average diluted shares 15,955,718 16,519,291 
Basic earnings per share $ 1.89 $ 2.11 
Diluted earnings per share $ 1.88 $ 2.10 
Approximately 89 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the 
three months ended December 31, 2022 because their effect would have been antidilutive.
Apple Inc. | Q1 2023 Form 10-Q | 6
Note 2 – Revenue
Net sales disaggregated by significant products and services for the three months ended December 31, 2022 and December 25, 
2021 were as follows (in millions):
Three Months Ended
December 31,
2022
December 25,
2021
iPhone® (1) $ 65,775 $ 71,628 
Mac® (1) 7,735 10,852 
iPad® (1) 9,396 7,248 
Wearables, Home and Accessories (1)(2) 13,482 14,701 
Services (3) 20,766 19,516 
Total net sales (4) $ 117,154 $ 123,945 
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods®, Apple TV®, Apple Watch®, Beats® products, 
HomePod mini® and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare®, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
(4) Includes $3.4 billion of revenue recognized in the three months ended December 31, 2022 that was included in deferred 
revenue as of September 24, 2022 and $3.0 billion of revenue recognized in the three months ended December 25, 2021
that was included in deferred revenue as of September 25, 2021.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 9, “Segment Information and Geographic Data” for the three months ended December 31, 2022 and December 25, 2021, 
except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of December 31, 2022 and September 24, 2022, the Company had total deferred revenue of $12.6 billion and $12.4 billion, 
respectively. As of December 31, 2022, the Company expects 63% of total deferred revenue to be realized in less than a year, 
27% within one-to-two years, 8% within two-to-three years and 2% in greater than three years.
Apple Inc. | Q1 2023 Form 10-Q | 7
Note 3 – Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category 
as of December 31, 2022 and September 24, 2022 (in millions):
December 31, 2022
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 17,908 $ — $ — $ 17,908 $ 17,908 $ — $ — 
Level 1 (1): 
Money market funds 818 — — 818 818 — — 
Mutual funds 330 2 (40) 292 — 292 — 
Subtotal 1,148 2 (40) 1,110 818 292 — 
Level 2 (2):
U.S. Treasury securities 24,128 1 (1,576) 22,553 13 9,105 13,435 
U.S. agency securities 5,743 — (643) 5,100 — 310 4,790 
Non-U.S. government securities 17,778 14 (1,029) 16,763 — 9,907 6,856 
Certificates of deposit and time deposits 2,025 — — 2,025 1,795 230 — 
Commercial paper 237 — — 237 — 237 — 
Corporate debt securities 85,895 14 (7,039) 78,870 1 10,377 68,492 
Municipal securities 864 — (26) 838 — 278 560 
Mortgage- and asset-backed securities 22,448 3 (2,405) 20,046 — 84 19,962 
Subtotal 159,118 32 (12,718) 146,432 1,809 30,528 114,095 
Total (3) $ 178,174 $ 34 $ (12,758) $ 165,450 $ 20,535 $ 30,820 $ 114,095 
September 24, 2022
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 18,546 $ — $ — $ 18,546 $ 18,546 $ — $ — 
Level 1 (1):
Money market funds 2,929 — — 2,929 2,929 — — 
Mutual funds 274 — (47) 227 — 227 — 
Subtotal 3,203 — (47) 3,156 2,929 227 — 
Level 2 (2):
U.S. Treasury securities 25,134 — (1,725) 23,409 338 5,091 17,980 
U.S. agency securities 5,823 — (655) 5,168 — 240 4,928 
Non-U.S. government securities 16,948 2 (1,201) 15,749 — 8,806 6,943 
Certificates of deposit and time deposits 2,067 — — 2,067 1,805 262 — 
Commercial paper 718 — — 718 28 690 — 
Corporate debt securities 87,148 9 (7,707) 79,450 — 9,023 70,427 
Municipal securities 921 — (35) 886 — 266 620 
Mortgage- and asset-backed securities 22,553 — (2,593) 19,960 — 53 19,907 
Subtotal 161,312 11 (13,916) 147,407 2,171 24,431 120,805 
Total (3) $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 
(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets 
and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable 
or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3) As of December  31, 2022 and September  24, 2022, total marketable securities included $13.6  billion and $12.7 billion, 
respectively, that were restricted from general use, related to the European Commission decision finding that Ireland granted 
state aid to the Company, and other agreements.
Apple Inc. | Q1 2023 Form 10-Q | 8
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
December 31, 2022 (in millions):
Due after 1 year through 5 years $ 82,497 
Due after 5 years through 10 years 14,243 
Due after 10 years 17,355 
Total fair value $ 114,095 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 
However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations 
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a 
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, 
option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally 
hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 
12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency 
exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company 
designates these instruments as either cash flow or fair value hedges. As of December 31, 2022, the maximum length of time 
over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency 
transactions is 20 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins 
from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains 
and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into 
interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value 
hedges.
The notional amounts of the Company’s outstanding derivative instruments as of December 31, 2022 and September 24, 2022
were as follows (in millions):
December 31,
2022
September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 66,054 $ 102,670 
Interest rate contracts $ 20,125 $ 20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 134,971 $ 185,381 
Apple Inc. | Q1 2023 Form 10-Q | 9
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
September 24, 2022
Fair Value of
Derivatives Designated
as Accounting Hedges
Fair Value of
Derivatives Not Designated
as Accounting Hedges
Total
Fair Value
Derivative assets (1):
Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 
Derivative liabilities (2):
Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752 
Interest rate contracts $ 1,367 $ — $ 1,367 
(1) Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other noncurrent assets in the Condensed Consolidated Balance Sheet.
(2) Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other noncurrent liabilities in the Condensed Consolidated Balance Sheet.
The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. To mitigate 
credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted 
when the net fair values of certain derivatives fluctuate from contractually established thresholds. To further limit credit risk, the 
Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative 
contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. 
As of September 24, 2022, the potential effects of these rights of set-off associated with the Company’s derivative contracts, 
including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting 
in a net derivative asset of $412 million.
The carrying amounts of the Company’s hedged items in fair value hedges as of December 31, 2022 and September 24, 2022
were as follows (in millions):
December 31,
2022
September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities $ 14,311 $ 13,378 
Current and non-current term debt $ (18,731) $ (18,739) 
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, 
resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does 
not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain 
instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit 
insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These creditfinancing arrangements are directly between the third-party financing company and the end customer. As such, the Company 
generally does not assume any recourse or credit risk sharing related to any of these arrangements.
As of both December 31, 2022 and September 24, 2022, the Company had one customer that represented 10% or more of total 
trade receivables, which accounted for 11% and 10%, respectively. The Company’s cellular network carriers accounted for 43%
and 44% of total trade receivables as of December 31, 2022 and September 24, 2022, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. As of December 31, 2022, the Company had two vendors that individually represented 10% 
or more of total vendor non-trade receivables, which accounted for 54% and 16%. As of September 24, 2022, the Company had 
two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 13%.
Apple Inc. | Q1 2023 Form 10-Q | 10
Note 4 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of December  31, 2022 and 
September 24, 2022 (in millions):
Inventories
December 31,
2022
September 24,
2022
Components $ 2,513 $ 1,637 
Finished goods 4,307 3,309 
Total inventories $ 6,820 $ 4,946 
Property, Plant and Equipment, Net
December 31,
2022
September 24,
2022
Gross property, plant and equipment $ 110,995 $ 114,457 
Accumulated depreciation and amortization (68,044) (72,340) 
Total property, plant and equipment, net $ 42,951 $ 42,117 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three months ended December 31, 2022 and 
December 25, 2021 (in millions):
Three Months Ended
December 31,
2022
December 25,
2021
Interest and dividend income $ 868 $ 650 
Interest expense (1,003) (694) 
Other expense, net (258) (203) 
Total other income/(expense), net $ (393) $ (247) 
Note 5 – Debt
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. 
The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and 
share repurchases. As of December  31, 2022 and September  24, 2022, the Company had $1.7 billion and $10.0 billion of 
Commercial Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance 
and maturities of Commercial Paper for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022
December 25,
2021
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net $ (5,569) $ 1,339 
Maturities greater than 90 days:
Proceeds from commercial paper — 1,191 
Repayments of commercial paper (2,645) (3,530) 
Repayments of commercial paper, net (2,645) (2,339) 
Total repayments of commercial paper, net $ (8,214) $ (1,000) 
Apple Inc. | Q1 2023 Form 10-Q | 11
Term Debt
As of December 31, 2022 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an 
aggregate carrying amount of $109.4 billion and $110.1 billion, respectively (collectively the “Notes”). As of December 31, 2022
and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.0 billion and $98.8 billion, 
respectively.
Note 6 – Shareholders’ Equity
Share Repurchase Program
During the three months ended December 31, 2022, the Company repurchased 133 million shares of its common stock for $19.0 
billion under a share repurchase program authorized by the Board of Directors (the “Program”). The Program does not obligate 
the Company to acquire a minimum amount of shares. Under the Program, shares may be repurchased in privately negotiated 
and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, 
as amended.
Note 7 – Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the three months ended December 31, 2022 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 24, 2022 201,501 $ 109.48 
RSUs granted 82,123 $ 149.85 
RSUs vested (47,298) $ 84.46 
RSUs canceled (2,958) $ 120.26 
Balance as of December 31, 2022 233,368 $ 128.62 $ 30,322 
The fair value as of the respective vesting dates of RSUs was $6.8 billion and $8.5 billion for the three months ended December 
31, 2022 and December 25, 2021, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed 
Consolidated Statements of Operations for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022
December 25,
2021
Share-based compensation expense $ 2,905 $ 2,265 
Income tax benefit related to share-based compensation expense $ (1,178) $ (1,536) 
As of December 31, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $25.5 
billion, which the Company expects to recognize over a weighted-average period of 3.0 years.
Apple Inc. | Q1 2023 Form 10-Q | 12
Note 8 – Commitments and Contingencies
Unconditional Purchase Obligations
The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services 
(“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier 
arrangements, licensed content and distribution rights. Future payments under noncancelable unconditional purchase obligations 
with a remaining term in excess of one year as of December 31, 2022, are as follows (in millions):
2023 (remaining nine months) $ 2,899 
2024 2,897 
2025 1,584 
2026 6,554 
2027 348 
Thereafter 444 
Total $ 14,726 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that 
have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at 
least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, 
concerning loss contingencies for asserted legal and other claims.
Note 9 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three months ended December 31, 2022 and December 25, 
2021 (in millions):
Three Months Ended
December 31,
2022
December 25,
2021
Americas:
Net sales $ 49,278 $ 51,496 
Operating income $ 17,864 $ 19,585 
Europe:
Net sales $ 27,681 $ 29,749 
Operating income $ 10,017 $ 11,545 
Greater China:
Net sales $ 23,905 $ 25,783 
Operating income $ 10,437 $ 11,183 
Japan:
Net sales $ 6,755 $ 7,107 
Operating income $ 3,236 $ 3,349 
Rest of Asia Pacific:
Net sales $ 9,535 $ 9,810 
Operating income $ 3,851 $ 3,995 
Apple Inc. | Q1 2023 Form 10-Q | 13
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three months ended December 31, 2022 and December 25, 2021 is as follows (in millions):
Three Months Ended
December 31,
2022
December 25,
2021
Segment operating income $ 45,405 $ 49,657 
Research and development expense (7,709) (6,306) 
Other corporate expenses, net (1,680) (1,863) 
Total operating income $ 36,016 $ 41,488 
Apple Inc. | Q1 2023 Form 10-Q | 14
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within 
the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking 
statements provide current expectations of future events based on certain assumptions and include any statement that does 
not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future 
impact of the COVID-19 pandemic on the Company’s business and results of operations are forward-looking statements.
Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” 
“intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not 
guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the 
forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, 
Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 24, 2022 (the “2022 Form 10-K”) 
under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking statements for 
any reason, except as required by law.
Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to 
particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated 
quarters, months and periods of those fiscal years. Each of the terms the “Company” and “Apple” as used herein refers 
collectively to Apple Inc. and its wholly owned subsidiaries, unless otherwise stated.
The following discussion should be read in conjunction with the 2022 Form 10-K filed with the U.S. Securities and Exchange 
Commission (the “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, 
Item 1 of this Form 10-Q.
Available Information
The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor 
relations website, investor.apple.com. This includes press releases and other information about financial performance, 
information on environmental, social and governance matters, and details related to the Company’s annual meeting of 
shareholders. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this 
filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.
Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in 
part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of 
sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect 
distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an 
older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and 
distributors anticipate a product introduction.
Fiscal Period
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which 
occurred in the first quarter of 2023. The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively.
Quarterly Highlights
Total net sales decreased 5% or $6.8 billion during the first quarter of 2023 compared to the same quarter in 2022 due to the 
weakness in foreign currencies relative to the U.S. dollar. The weakness in foreign currencies contributed to lower net sales of 
iPhone and Mac, which was partially offset by higher net sales of iPad.
During the first quarter of 2023, the Company announced a new iPad, a new iPad Pro® powered by the Apple M2 chip, and a 
new Apple TV 4K.
The Company repurchased $19.0 billion of its common stock and paid dividends and dividend equivalents of $3.8 billion during 
the first quarter of 2023.
Apple Inc. | Q1 2023 Form 10-Q | 15
COVID-19
The COVID-19 pandemic has had, and continues to have, a significant impact around the world, prompting governments and 
businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of 
businesses, and quarantine and shelter-in-place orders. The COVID-19 pandemic has at times significantly curtailed global 
economic activity and caused significant volatility and disruption in global financial markets. The COVID-19 pandemic and the 
measures taken by many countries in response have affected and could in the future materially impact the Company’s business, 
results of operations and financial condition.
Certain of the Company’s outsourcing partners, component suppliers and logistical service providers have experienced, and 
could in the future experience, disruptions related to the COVID-19 pandemic, resulting in supply shortages. During the first 
quarter of 2023, COVID-related impacts temporarily affected the Company’s primary iPhone 14 Pro and iPhone 14 Pro Max 
assembly facility located in Zhengzhou, China. The facility operated at significantly reduced capacity, impacting iPhone 14 Pro 
and iPhone Pro Max shipments.
Macroeconomic Conditions
Macroeconomic conditions, including inflation, rising interest rates and currency fluctuations, have direct and indirect impacts on 
the Company’s business. The Company believes these factors have impacted, and could in the future materially impact, the 
Company’s results of operations and financial condition.
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the 
Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe 
includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong 
and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable 
segments. Although the reportable segments provide similar hardware and software products and similar services, each one is 
managed separately to better align with the location of the Company’s customers and distribution partners and the unique market 
dynamics of each geographic region. Further information regarding the Company’s reportable segments can be found in Part I, 
Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 9, “Segment Information and 
Geographic Data.”
The following table shows net sales by reportable segment for the three months ended December 31, 2022 and December 25, 
2021 (dollars in millions):
Three Months Ended
December 31,
2022
December 25,
2021 Change
Net sales by reportable segment:
Americas $ 49,278 $ 51,496 (4) %
Europe 27,681 29,749 (7) %
Greater China 23,905 25,783 (7) %
Japan 6,755 7,107 (5) %
Rest of Asia Pacific 9,535 9,810 (3) %
Total net sales $ 117,154 $ 123,945 (5) %
Americas
Americas net sales decreased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to lower net 
sales of iPhone and Mac, partially offset by higher net sales of Services and iPad. The weakness of the Canadian dollar relative 
to the U.S. dollar had an unfavorable year-over-year impact on Americas net sales during the first quarter of 2023.
Europe
Europe net sales decreased during the first quarter of 2023 compared to the same quarter in 2022 due to the weakness in 
foreign currencies relative to the U.S. dollar, which contributed to lower net sales of iPhone and Mac.
Apple Inc. | Q1 2023 Form 10-Q | 16
Greater China
Greater China net sales decreased during the first quarter of 2023 compared to the same quarter in 2022 due to the weakness of 
the renminbi relative to the U.S. dollar. The weakness of the renminbi contributed to lower net sales of iPhone, which was 
partially offset by higher net sales of iPad.
Japan
Japan net sales decreased during the first quarter of 2023 compared to the same quarter in 2022 due to the weakness of the yen 
relative to the U.S. dollar, which contributed to lower net sales of Services and Mac.
Rest of Asia Pacific
Rest of Asia Pacific net sales decreased during the first quarter of 2023 compared to the same quarter in 2022 due to the 
weakness in foreign currencies relative to the U.S. dollar. The weakness in foreign currencies contributed to lower net sales of 
iPhone and Mac, which was partially offset by higher net sales of Services and iPad.
Products and Services Performance
The following table shows net sales by category for the three months ended December 31, 2022 and December  25, 2021
(dollars in millions):
Three Months Ended
December 31,
2022
December 25,
2021 Change
Net sales by category:
iPhone (1) $ 65,775 $ 71,628 (8) %
Mac (1) 7,735 10,852 (29) %
iPad (1) 9,396 7,248 30 %
Wearables, Home and Accessories (1)(2) 13,482 14,701 (8) %
Services (3) 20,766 19,516 6 %
Total net sales $ 117,154 $ 123,945 (5) %
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod 
mini and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
iPhone
iPhone net sales decreased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to lower net 
sales from the Company’s new iPhone models launched in the fourth quarter of 2022.
Mac
Mac net sales decreased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to lower net sales 
of MacBook Pro®.
iPad
iPad net sales increased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to higher net sales 
of iPad and iPad Air®.
Apple Inc. | Q1 2023 Form 10-Q | 17
Wearables, Home and Accessories
Wearables, Home and Accessories net sales decreased during the first quarter of 2023 compared to the same quarter in 2022
due primarily to lower net sales of AirPods, partially offset by higher net sales of Watch.
Services
Services net sales increased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to higher net 
sales from cloud services, the App Store® and music.
Gross Margin
Products and Services gross margin and gross margin percentage for the three months ended December 31, 2022 and 
December 25, 2021 were as follows (dollars in millions):
Three Months Ended
December 31,
2022
December 25,
2021
Gross margin:
Products $ 35,623 $ 40,120 
Services 14,709 14,123 
Total gross margin $ 50,332 $ 54,243 
Gross margin percentage:
Products 37.0% 38.4% 
Services 70.8% 72.4% 
Total gross margin percentage 43.0% 43.8% 
Products Gross Margin
Products gross margin decreased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to the 
weakness in foreign currencies relative to the U.S. dollar and lower Products volume.
Products gross margin percentage decreased during the first quarter of 2023 compared to the same quarter in 2022 due 
primarily to the weakness in foreign currencies relative to the U.S. dollar.
Services Gross Margin
Services gross margin increased during the first quarter of 2023 compared to the same quarter in 2022 due primarily to higher 
Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar.
Services gross margin percentage decreased during the first quarter of 2023 compared to the same quarter in 2022 due primarily 
to the weakness in foreign currencies relative to the U.S. dollar and higher Services costs, partially offset by improved leverage.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2022 Form 
10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility 
and downward pressure.
Apple Inc. | Q1 2023 Form 10-Q | 18
Operating Expenses
Operating expenses for the three months ended December 31, 2022 and December  25, 2021 were as follows (dollars in 
millions):
Three Months Ended
December 31,
2022
December 25,
2021
Research and development $ 7,709 $ 6,306 
Percentage of total net sales 7% 5% 
Selling, general and administrative $ 6,607 $ 6,449 
Percentage of total net sales 6% 5% 
Total operating expenses $ 14,316 $ 12,755 
Percentage of total net sales 12% 10% 
Research and Development
The growth in research and development (“R&D”) expense during the first quarter of 2023 compared to the same quarter in 2022
was driven primarily by increases in headcount-related expenses.
Selling, General and Administrative
The growth in selling, general and administrative expense during the first quarter of 2023 compared to the same quarter in 2022
was driven primarily by increases in headcount-related expenses.
Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for the three months ended December 31, 
2022 and December 25, 2021 were as follows (dollars in millions):
Three Months Ended
December 31,
2022
December 25,
2021
Provision for income taxes $ 5,625 $ 6,611 
Effective tax rate 15.8% 16.0% 
Statutory federal income tax rate 21% 21% 
The Company’s effective tax rate for the first quarter of 2023 was lower than the statutory federal income tax rate due primarily to 
a lower effective tax rate on foreign earnings, tax benefits from share-based compensation, and the U.S. federal R&D credit, 
partially offset by state income taxes.
The Company’s effective tax rate for the first quarter of 2023 was lower compared to the same quarter in 2022 due primarily to a 
higher U.S. federal R&D credit, lower state income taxes and a lower effective tax rate on foreign earnings, largely offset by 
lower tax benefits from share-based compensation.
Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, along with cash generated 
by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return 
program over the next 12 months and beyond.
The Company’s contractual cash requirements have not changed materially since the 2022 Form 10-K, except for commercial 
paper and manufacturing purchase obligations.
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. As 
of December  31, 2022, the Company had $1.7 billion of Commercial Paper outstanding, all of which was payable within 12 
months.
Apple Inc. | Q1 2023 Form 10-Q | 19
Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform 
final assembly and testing of finished products. The Company also obtains individual components for its products from a wide 
variety of individual suppliers. Outsourcing partners acquire components and build product based on demand information 
supplied by the Company, which typically covers periods up to 150 days. As of December  31, 2022, the Company had 
manufacturing purchase obligations of $55.1 billion, with $54.8 billion payable within 12 months. The Company’s manufacturing 
purchase obligations are primarily noncancelable.
In addition to its contractual cash requirements, the Company has a capital return program authorized by the Board of Directors. 
The share repurchase program (the “Program”) does not obligate the Company to acquire a minimum amount of shares. As of 
December 31, 2022, the Company’s quarterly cash dividend was $0.23 per share. The Company intends to increase its dividend 
on an annual basis, subject to declaration by the Board of Directors.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles 
and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management 
to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Summary of Significant Accounting 
Policies” of the Notes to condensed consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to 
Consolidated Financial Statements in Part II, Item 8 of the 2022 Form 10-K describe the significant accounting policies and 
methods used in the preparation of the Company’s condensed consolidated financial statements. There have been no material 
changes to the Company’s critical accounting estimates since the 2022 Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company’s market risk during the first three months of 2023. For a discussion of the 
Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and 
Qualitative Disclosures About Market Risk” of the 2022 Form 10-K.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal 
executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined 
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) were effective 
as of December 31, 2022 to provide reasonable assurance that information required to be disclosed by the Company in reports 
that it files or submits under the Exchange Act is (i)  recorded, processed, summarized and reported within the time periods 
specified in the SEC rules and forms and (ii)  accumulated and communicated to the Company’s management, including its 
principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the first quarter of 2023, which were 
identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the 
Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over 
financial reporting.
Apple Inc. | Q1 2023 Form 10-Q | 20
PART II — OTHER INFORMATION
Item 1. Legal Proceedings
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “Northern California 
District Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law 
based upon the Company’s operation of its App Store. The Company filed a counterclaim for breach of contract. On September 
10, 2021, the Northern California District Court ruled in favor of the Company with respect to nine out of the ten counts included 
in Epic’s claim, and in favor of the Company with respect to the Company’s claims for breach of contract. The Northern California 
District Court found that certain provisions of the Company’s App Store Review Guidelines violate California’s unfair competition 
law and issued an injunction. Epic appealed the decision. The Company filed a cross-appeal and has been granted a stay 
pending the appeal.
Other Legal Proceedings
The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the 
ordinary course of business. The Company settled certain matters during the first quarter of 2023 that did not individually or in 
the aggregate have a material impact on the Company’s financial condition or operating results. The outcome of litigation is 
inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above 
management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially 
adversely affected.
Item 1A. Risk Factors
The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of 
factors, whether currently known or unknown, including those described in Part I, Item 1A of the 2022 Form 10-K under the 
heading “Risk Factors.” When any one or more of these risks materialize from time to time, the Company’s business, reputation, 
results of operations, financial condition and stock price can be materially and adversely affected. There have been no material 
changes to the Company’s risk factors since the 2022 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended December  31, 2022 was as follows (in millions, except number of 
shares, which are reflected in thousands, and per share amounts):
Periods
Total Number
of Shares 
Purchased
Average 
Price
Paid Per 
Share
Total Number 
of Shares
Purchased as 
Part of Publicly
Announced 
Plans or 
Programs
Approximate 
Dollar Value of
Shares That May 
Yet Be Purchased
Under the Plans 
or Programs (1)
September 25, 2022 to October 29, 2022:
Open market and privately negotiated purchases 69,169 $ 144.57 69,169 
October 30, 2022 to November 26, 2022:
Open market and privately negotiated purchases 23,113 $ 149.26 23,113 
November 27, 2022 to December 31, 2022:
Open market and privately negotiated purchases 40,557 $ 136.85 40,557 
Total 132,839 $ 41,665 
(1) On April 28, 2022, the Board of Directors authorized the purchase of an additional $90 billion of the Company’s common 
stock under the Program. As of December 31, 2022, total utilization under the April 2022 authorization was $48.3 billion. The 
Program does not obligate the Company to acquire a minimum amount of shares. Under the Program, shares may be 
repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 
under the Exchange Act.
Item 3. Defaults Upon Senior Securities
None.
Apple Inc. | Q1 2023 Form 10-Q | 21
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the three months ended December 31, 2022, Katherine L. Adams, Timothy D. Cook, Luca Maestri, Deirdre O’Brien and 
Jeffrey Williams, each an officer for purposes of Section 16 of the Exchange Act, had equity trading plans in place in accordance 
with Rule 10b5-1(c)(1) under the Exchange Act. An equity trading plan is a written document that preestablishes the amounts, 
prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, 
including sales of shares acquired under the Company’s employee and director equity plans.
Item 6. Exhibits
Incorporated by Reference
Exhibit
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
10.1* Form of CEO Restricted Stock Unit Award Agreement under 2022 Employee 
Stock Plan effective as of September 25, 2022.
10.2* Form of CEO Performance Award Agreement under 2022 Employee Stock Plan 
effective as of September 25, 2022.
31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
32.1** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
101* Inline XBRL Document Set for the condensed consolidated financial statements 
and accompanying notes in Part I, Item 1, “Financial Statements” of this 
Quarterly Report on Form 10-Q.
104* Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in 
the Exhibit 101 Inline XBRL Document Set.
* Filed herewith.
** Furnished herewith.
Apple Inc. | Q1 2023 Form 10-Q | 22
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on 
its behalf by the undersigned thereunto duly authorized.
Date: February 2, 2023 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q1 2023 Form 10-Q | 23
APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
NOTICE OF GRANT
Name: (the “Participant”)
Employee ID: 
Grant Number: 
No. of Units Subject to Award: 
Award Date: (the “Award Date”)
Vesting Commencement Date: (the “Vesting Commencement Date”)
Vesting Schedule: 
This restricted stock unit award (the “Award”) is granted under and governed by the terms and 
conditions of the Apple Inc. 2022 Employee Stock Plan and the Terms and Conditions of Restricted Stock 
Unit Award, which are incorporated herein by reference.
You do not have to accept the Award. If you wish to decline your Award, you should promptly 
notify Apple Inc.’s Stock Plan Group of your decision at peoplesupport@apple.com. If you do not provide 
such notification by the last day of the calendar month prior to the first Vesting Date, you will be deemed 
to have accepted your Award on the terms and conditions set forth herein.
Exhibit 10.1
APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD
1. General. These Terms and Conditions of Restricted Stock Unit Award (these “Terms”) 
apply to a particular restricted stock unit award (the “Award”) granted by Apple Inc., a California 
corporation (the “Company”), and are incorporated by reference in the Notice of Grant (the “Grant 
Notice”) corresponding to that particular grant. The recipient of the Award identified in the Grant Notice is 
referred to as the “Participant.” The effective date of grant of the Award as set forth in the Grant Notice 
is referred to as the “Award Date.” The Award was granted under and is subject to the provisions of the 
Apple Inc. 2022 Employee Stock Plan, as amended from time to time (the “Plan”). Capitalized terms are 
defined in the Plan if not defined herein. The Award is discretionary and has been granted to the 
Participant in addition to, and not in lieu of, any other form of compensation otherwise payable or to be 
paid to the Participant. The Grant Notice and these Terms are collectively referred to as the “Award 
Agreement” applicable to the Award.
2. RSUs. As used herein, the term “RSU” shall mean a non-voting unit of measurement 
which is deemed for bookkeeping purposes to be equivalent to one outstanding Share solely for purposes 
of the Plan and this Award Agreement. RSUs shall be used solely as a device for the determination of 
the payment to eventually be made to the Participant if such RSUs vest pursuant to this Award 
Agreement. The RSUs shall not be treated as property or as a trust fund of any kind.
3. Vesting. Subject to Sections 4 and 8 below, the Award shall vest and become 
nonforfeitable as set forth in the Grant Notice. (Each vesting date set forth in the Grant Notice is referred 
to herein as a “Vesting Date.”) Unless and until the Company elects to issue fractional Shares in 
settlement of a vested RSU, any fractional RSUs that vest on a Vesting Date shall be carried forward and 
vest when such combined fractional RSUs result in a full RSU and any fractional RSU that is not carried 
forward as a result of a termination of the Award prior to the next subsequent Vesting Date shall be 
forfeited. 
4. Continuance of Employment. Except as provided in this Section 4 and in Section 8 
below, vesting of the Award requires continued active employment or service through each applicable 
Vesting Date as a condition to the vesting of the applicable installment of the Award and the rights and 
benefits under this Award Agreement. Employment or service for only a portion of the period between the 
Vesting Commencement Date and the first Vesting Date or between subsequent Vesting Dates, even if a 
substantial portion, will not entitle the Participant to any proportionate vesting of the Award. For purposes 
of this Award Agreement, active service shall include (a) the duration of an approved leave of absence 
(other than a personal leave of absence) and (b) the first thirty (30) days of an approved personal leave of 
absence, in each case as approved by the Company, in its sole discretion. The vesting of the Award 
shall be tolled beginning on the thirty-first (31st) day of a personal leave of absence.
Nothing contained in this Award Agreement or the Plan constitutes an employment or service 
commitment by the Company, affects the Participant’s status as an employee at will who is subject to 
termination with or without cause, confers upon the Participant any right to remain employed by or in 
service to the Company or any Subsidiary, interferes in any way with the right of the Company or any 
Subsidiary at any time to terminate such employment or service, or affects the right of the Company or 
any Subsidiary to increase or decrease the Participant’s other compensation or benefits. Nothing in this 
Section 4, however, is intended to adversely affect any independent contractual right of the Participant 
without the Participant’s consent thereto.
1
5. Dividend and Voting Rights.
(a) Limitations on Rights Associated with RSUs. The Participant shall have no 
rights as a shareholder of the Company, no dividend rights (except as expressly provided in Section 5(b) 
with respect to Dividend Equivalent Rights) and no voting rights, with respect to the RSUs or any Shares 
underlying or issuable in respect of such RSUs until such Shares are actually issued to and held of record 
by the Participant. No adjustments will be made for dividends or other rights of a holder for which the 
record date is prior to the date of issuance of the stock as reflected in the book entry evidencing such 
Shares.
(b) Dividend Equivalent Rights Distributions. As of any date that the Company 
pays an ordinary cash dividend on its Shares, the Company shall credit the Participant with a dollar 
amount equal to (i) the per share cash dividend paid by the Company on its Shares on such date, 
multiplied by (ii) the total number of RSUs (with such total number adjusted pursuant to Section 11 of the 
Plan) subject to the Award that are outstanding immediately prior to the record date for that dividend (a 
“Dividend Equivalent Right”). Any Dividend Equivalent Rights credited pursuant to the foregoing 
provisions of this Section 5(b) shall be subject to the same vesting, payment and other terms, conditions 
and restrictions as the original RSUs to which they relate, including the obligation to satisfy the TaxRelated Items; provided, however, that the amount of any vested Dividend Equivalent Rights shall be paid 
in cash. No crediting of Dividend Equivalent Rights shall be made pursuant to this Section 5(b) with 
respect to any RSUs which, immediately prior to the record date for that dividend, have either been paid 
pursuant to Section 7 or terminated pursuant to Section 8. 
6. Restrictions on Transfer. Except as provided in Section 4(c) of the Plan, the Award, 
the Dividend Equivalent Rights and any interest therein or amount or Shares payable in respect thereof 
shall not be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, 
either voluntarily or involuntarily.
7. Timing and Manner of Payment of RSUs. On or as soon as administratively practical 
following each Vesting Date determined pursuant to Section 3 or Section 8 or following the Participant’s 
death as specified in Section 8(d) (and in all events not later than two and one-half (2 ½) months after 
such Vesting Date or the date of the Participant’s death, as applicable), the Company shall deliver to the 
Participant a number of Shares (either by delivering one or more certificates for such Shares or by 
entering such Shares in book entry form, as determined by the Company in its discretion) equal to the 
number of RSUs subject to the Award that vest (or, in the case of the Participant’s Retirement, death or 
Disability, are treated as vesting) on the applicable Vesting Date or the Participant’s death, as applicable, 
less Tax-Related Items, unless such RSUs terminate prior to the given Vesting Date pursuant to Section 
8. The Company’s obligation to deliver Shares or otherwise make payment with respect to vested RSUs 
is subject to the condition precedent that the Participant or other person entitled under the Plan to receive 
any Shares with respect to the vested RSUs deliver to the Company any representations or other 
documents or assurances required pursuant to Section 13(c) of the Plan. The Participant shall have no 
further rights with respect to any RSUs that are paid or that terminate pursuant to Section 8.
8. Effect of Termination of Service.
(a) Except as expressly provided in Section 4 or this Section 8, the Participant’s RSUs 
(as well as the related Dividend Equivalent Rights) shall terminate to the extent such RSUs have not 
become vested prior to the Participant’s Termination of Service, meaning the first date the Participant is 
no longer employed by or providing services to the Company or one of its Subsidiaries (the “Severance 
Date”), regardless of the reason for the Participant’s Termination of Service, whether with or without 
cause, voluntarily or involuntarily, or whether the Participant was employed or provided services for a 
portion of the vesting period prior to a Vesting Date.
2
(b) Notwithstanding the foregoing, and except as otherwise provided by the 
Committee, in the event of the Participant’s Termination of Service due to the Participant’s Retirement 
(defined below) on or after the first anniversary of the Award Date, any unvested RSUs shall continue to 
be eligible to vest on a pro rata basis (in accordance with the schedule set forth in the Grant Notice and 
Section 8(d)) without regard to the Participant’s Termination of Service, determined by multiplying (i) the 
number of RSUs eligible to vest on the applicable Vesting Date, by (ii) a fraction, the numerator of which 
shall be the number of days that have elapsed between the Award Date and the Participant’s Retirement 
date, and the denominator of which shall be the total number of days contained in the period between the 
Award Date and the applicable Vesting Date. For purposes of this Award Agreement, “Retirement” 
means the Participant’s Termination of Service on or after the Participant both has reached the age of 
sixty (60) and has completed ten (10) years of service with the Company, or any Subsidiary (including 
service with any entity acquired by the Company) as of the Severance Date, as determined in the sole 
discretion of the Committee. In the event the Participant’s Termination of Service occurs prior to the first 
anniversary of the Award Date, this Section 8(b) shall not apply, unless the Committee shall otherwise 
determine. For purposes of this Section 8(b), a Termination of Service shall not include the Participant’s 
Termination of Service resulting from the Participant’s Disability or death (in which case Section 8(c) or 
8(d), as applicable, will apply).
(c) In the event of the Participant’s Termination of Service due to the Participant’s 
Disability, any unvested RSUs shall continue to be eligible to vest in full (in accordance with the schedule 
set forth in the Grant Notice and Section 8(d)) without regard to the Participant’s Termination of Service.
(d) In the event of the Participant’s Termination of Service due to the Participant’s 
death, all unvested RSUs eligible to vest on Vesting Date(s) subsequent to the Participant’s death shall 
accelerate and vest immediately, and upon the Participant’s death following the Participant’s Termination 
of Service due to Disability or Retirement any RSUs that were eligible to vest in full, or pro rata in the case 
of Retirement, will be settled as soon as administratively practicable after the Participant’s death in 
accordance with Section 7.
(e) If any unvested RSUs are terminated hereunder, such RSUs (as well as the related 
Dividend Equivalent Rights) shall automatically terminate and be cancelled as of the applicable 
Severance Date without payment of any consideration by the Company and without any other action by 
the Participant or the Participant’s personal representative, as the case may be.
9. Recoupment. Notwithstanding any other provision herein, the Award and any Shares or 
other amount or property that may be issued, delivered or paid in respect of the Award, as well as any 
consideration that may be received in respect of a sale or other disposition of any such Shares or 
property, shall be subject to any recoupment, “clawback” or similar provisions of applicable law. In 
addition, the Company may require the Participant to deliver or otherwise repay to the Company the 
Award and any Shares or other amount or property that may be issued, delivered or paid in respect of the 
Award, as well as any consideration that may be received in respect of a sale or other disposition of any 
such Shares or property, if the Company reasonably determines that one or more of the following has 
occurred:
(a) during the period of the Participant’s employment or service with the Company or 
any of its Subsidiaries (the “Employment Period”), the Participant has committed a felony (under 
the laws of the United States or any relevant state, or a similar crime or offense under the 
applicable laws of any relevant foreign jurisdiction);
3
(b) during the Employment Period or at any time thereafter, the Participant has 
committed or engaged in a breach of confidentiality, or an unauthorized disclosure or use of 
inside information, customer lists, trade secrets or other confidential information of the Company 
or any of its Subsidiaries;
(c) during the Employment Period or at any time thereafter, the Participant has 
committed or engaged in an act of theft, embezzlement or fraud, or materially breached any 
agreement to which the Participant is a party with the Company or any of its Subsidiaries.
For purposes of the foregoing, the Participant expressly and explicitly authorizes the Company to 
issue instructions, on the Participant’s behalf, to any brokerage firm or third party administrator holding 
the Participant’s Shares and other amounts acquired under the Plan to re-convey, transfer, or otherwise 
return such Shares and other amounts to the Company. This Section 9 is not the Company’s exclusive 
remedy with respect to such matters.
10. Adjustments Upon Specified Events. Upon the occurrence of certain events relating to 
the Company’s stock contemplated by Section 11 of the Plan (including, without limitation, an 
extraordinary cash dividend on such stock), the Committee shall make adjustments in accordance with 
such section in the number of RSUs then outstanding and the number and kind of securities that may be 
issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash 
dividend for which Dividend Equivalent Rights are credited pursuant to Section 5(b).
11. Responsibility for Taxes. The Participant acknowledges that, regardless of any action 
the Company or the Participant’s employer (“Employer”) take with respect to any Tax-Related Items, the 
ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and may exceed 
the amount, if any, actually withheld by the Company or the Employer. The Participant further 
acknowledges that the Company and the Employer (i) make no representations or undertakings regarding 
the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant of 
the RSUs, the vesting of the RSUs, the delivery of Shares, the subsequent sale of any Shares acquired at 
vesting, and the receipt of any dividends or Dividend Equivalent Rights; and (ii) do not commit to and are 
under no obligation to structure the terms of the grant or any aspect of the Award to reduce or eliminate 
the Participant’s liability for Tax-Related Items or achieve any particular tax result. Further, if the 
Participant is or becomes subject to tax in more than one jurisdiction, the Participant acknowledges that 
the Company or the Employer (or former employer, as applicable) may be required to withhold or account 
for Tax-Related Items in more than one jurisdiction.
Prior to the relevant taxable or tax withholding event, as applicable, the Participant shall pay or 
make arrangements satisfactory to the Company or the Employer to satisfy all Tax-Related Items. In this 
regard, the Participant authorizes the Company or the Employer, or their respective agents, at their 
discretion and pursuant to such procedures as they may specify from time to time, to satisfy any 
applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the 
following: 
(a) withholding from any wages or other cash compensation, including short-term cash 
incentives, payable to the Participant by the Company or the Employer;
(b) withholding otherwise deliverable Shares and from otherwise payable Dividend 
Equivalent Rights to be issued or paid upon vesting/settlement of the Award;
(c) arranging for the sale of Shares otherwise deliverable to the Participant (on the 
Participant’s behalf and at the Participant’s direction pursuant to this authorization), including 
selling Shares as part of a block trade with other Participants in the Plan; 
4
(d) withholding from the proceeds of the sale of Shares acquired upon vesting/
settlement of the Award; or
(e) any other method of withholding determined by the Company to be permitted under 
the Plan and, to the extent required by Applicable Law or under the Plan, approved by the 
Committee.
Notwithstanding the foregoing, if the Participant is an officer of the Company who is subject to 
Section 16 of the Exchange Act, then the Company must satisfy any withholding obligations arising upon 
the occurrence of a taxable or tax withholding event, as applicable, by  withholding Shares otherwise 
deliverable or an amount otherwise payable upon settlement of Dividend Equivalent Rights pursuant to 
method (b), unless the Board or the Committee determines in its discretion to satisfy the obligation for 
Tax-Related Items by one or a combination of methods (a), (b), (c), and (d) above.
The Company may withhold or account for Tax-Related Items by considering statutory 
withholding amounts or other withholding rates, including maximum rates applicable in the Participant’s 
jurisdiction(s). If the maximum rate is used, any over-withheld amount may be refunded to the Participant 
in cash by the Company or Employer (with no entitlement to the Share equivalent) or if not refunded, the 
Participant may seek a refund from the local tax authorities. In the event of under-withholding, the 
Participant may be required to pay additional Tax-Related Items directly to the applicable tax authority or 
to the Company or Employer. If the obligation for Tax-Related Items is satisfied by withholding a number 
of Shares as described herein, for tax purposes, the Participant is deemed to have been issued the full 
number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares are held back 
solely for the purpose of paying the Tax-Related Items. The Company may refuse to issue or deliver to 
the Participant any Shares or the proceeds of the sale of Shares if the Participant fails to comply with the 
Participant’s obligations in connection with the Tax-Related Items.
12. Electronic Delivery and Acceptance. The Company may, in its sole discretion, deliver 
any documents related to the Award by electronic means or request the Participant’s consent to 
participate in the Plan by electronic means. The Participant hereby consents to receive all applicable 
documentation by electronic delivery and to participate in the Plan through an on-line or voice activated 
system established and maintained by the Company or a third party vendor designated by the Company.
13. Data Privacy. By participating in the Plan, the Participant acknowledges and consents to 
the collection, use, processing and transfer of personal data as described in this Section 13. The 
Company, its related entities, and the Employer hold certain personal information about the Participant, 
including the Participant’s name, home address and telephone number, email address, date of birth, 
social security number or other employee identification number, salary, nationality, job title, any Shares or 
directorships held in the Company, details of all RSUs or any other entitlement to Shares or equivalent 
benefits awarded, canceled, purchased, vested, unvested or outstanding in the Participant’s favor, for the 
purpose of managing and administering the Plan (“Data”). The Company and its related entities may 
transfer Data amongst themselves as necessary for the purpose of implementation, administration, and 
management of the Participant’s participation in the Plan, and the Company and its related entities may 
each further transfer Data to any third parties assisting the Company or any such related entity in the 
implementation, administration, and management of the Plan. The Participant acknowledges that the 
transferors and transferees of such Data may be located anywhere in the world and hereby authorizes 
each of them to receive, possess, use, retain and transfer the Data, in electronic or other form, for the 
purposes of implementing, administering, and managing the Participant’s participation in the Plan, 
including any transfer of such Data as may be required for the administration of the Plan and the 
subsequent holding of Shares on the Participant’s behalf to a broker or to other third party with whom the 
Participant may elect to deposit any Shares acquired under the Plan (whether pursuant to the Award or 
otherwise).
5
14. Notices. Any notice to be given under the terms of this Award Agreement shall be in 
writing and addressed to the Company at its principal office to the attention of the Secretary, and to the 
Participant at the Participant’s last address reflected on the Company’s records, or at such other address 
as either party may hereafter designate in writing to the other. Any such notice shall be given only when 
received, but if the Participant is no longer an employee of the Company, shall be deemed to have been 
duly given by the Company when enclosed in a properly sealed envelope addressed as aforesaid, 
registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or 
branch post office regularly maintained by the United States Government.
15. Plan. The Award and all rights of the Participant under this Award Agreement are 
subject to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The 
Participant agrees to be bound by the terms of the Plan and this Award Agreement. The Participant 
acknowledges having read and understood the Plan, the Prospectus for the Plan, and this Award 
Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions 
of the Plan that confer discretionary authority on the Board or the Committee do not (and shall not be 
deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are 
otherwise in the sole discretion of the Board or the Committee so conferred by appropriate action of the 
Board or the Committee under the Plan after the date hereof.
16. Entire Agreement. This Award Agreement and the Plan together constitute the entire 
agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto 
with respect to the subject matter hereof. The Plan and this Award Agreement may be amended 
pursuant to Section 15 of the Plan. Such amendment must be in writing and signed by the Company. 
The Company may, however, unilaterally waive any provision hereof in writing to the extent such waiver 
does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as 
or be construed to be a subsequent waiver of the same provision or a waiver of any other provision 
hereof.
17. Limitation on the Participant’s Rights. Participation in the Plan confers no rights or 
interests other than as herein provided. This Award Agreement creates only a contractual obligation on 
the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither 
the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the 
rights of a general unsecured creditor of the Company with respect to amounts credited and benefits 
payable, if any, with respect to the RSUs, and rights no greater than the right to receive the Shares as a 
general unsecured creditor with respect to RSUs, as and when payable hereunder.
18. Section Headings. The section headings of this Award Agreement are for convenience 
of reference only and shall not be deemed to alter or affect any provision hereof.
19. Governing Law. This Award Agreement shall be governed by and construed and 
enforced in accordance with the laws of the State of California and applicable U.S. federal laws without 
regard to conflict of law principles thereunder.
20. Choice of Venue. For purposes of litigating any dispute that arises directly or indirectly 
from the relationship of the parties evidenced by this grant or this Award Agreement, the parties hereby 
submit to the exclusive jurisdiction of the State of California and agree that such litigation shall be 
conducted only in the courts of Santa Clara County, California, or the federal courts for the Northern 
District of California, and no other courts, where this grant is made or to be performed.
21. Construction. It is intended that the terms of the Award will not result in the imposition 
of any tax liability pursuant to Section 409A of the Code. This Award Agreement shall be construed and 
interpreted with that intent.
6
22. Severability. The provisions of this Award Agreement are severable and if any one of 
more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining 
provisions shall nevertheless be binding and enforceable. 
23. Imposition of Other Requirements. The Company reserves the right to impose other 
requirements on the Participant’s participation in the Plan, on the RSUs and on any Shares acquired 
under the Plan, to the extent the Company determines it is necessary or advisable for legal or 
administrative reasons, and to require the Participant to sign any additional agreements or undertakings 
that may be necessary to accomplish the foregoing.
7
APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
PERFORMANCE AWARD
NOTICE OF GRANT
Name: (the “Participant”)
Employee ID: 
Grant Number: 
Target No. of Units 
Subject to Award: 
Award Date: (the “Award Date”) 
Vesting Date: 
Performance Period: 
This restricted stock unit award (the “Award”) is granted under and governed by the terms and 
conditions of the Apple Inc. 2022 Employee Stock Plan and the Terms and Conditions of Restricted Stock 
Unit Award - Performance Award (including Exhibit A thereto), which are incorporated herein by reference.
You do not have to accept the Award. If you wish to decline your Award, you should promptly 
notify Apple Inc.’s Stock Plan Group of your decision at peoplesupport@apple.com. If you do not provide 
such notification by the last day of the calendar month prior to the Vesting Date, you will be deemed to 
have accepted your Award on the terms and conditions set forth herein.
Exhibit 10.2
APPLE INC.
2022 EMPLOYEE STOCK PLAN
RESTRICTED STOCK UNIT AWARD AGREEMENT
TERMS AND CONDITIONS OF RESTRICTED STOCK UNIT AWARD
PERFORMANCE AWARD
1. General. These Terms and Conditions of Restricted Stock Unit Award - Performance 
Award (these “Terms”) apply to a particular restricted stock unit award (the “Award”) granted by Apple 
Inc., a California corporation (the “Company”), and are incorporated by reference in the Notice of Grant 
(the “Grant Notice”) corresponding to that particular grant. The recipient of the Award identified in the 
Grant Notice is referred to as the “Participant.” The effective date of grant of the Award as set forth in the 
Grant Notice is referred to as the “Award Date.” The Award was granted under and is subject to the 
provisions of the Apple Inc. 2022 Employee Stock Plan, as amended from time to time (the “Plan”). 
Capitalized terms are defined in the Plan if not defined herein. The Award is discretionary and has been 
granted to the Participant in addition to, and not in lieu of, any other form of compensation otherwise 
payable or to be paid to the Participant. The Grant Notice and these Terms (including Exhibit A hereto, 
incorporated herein by this reference) are collectively referred to as the “Award Agreement” applicable to 
the Award.
2. RSUs. As used herein, the term “RSU” shall mean a non-voting unit of measurement 
which is deemed for bookkeeping purposes to be equivalent to one outstanding Share solely for purposes 
of the Plan and this Award Agreement. The RSUs shall be used solely as a device for the determination of 
the payment to eventually be made to the Participant if such RSUs vest pursuant to this Award Agreement. 
The RSUs shall not be treated as property or as a trust fund of any kind.
3. Vesting. Subject to Sections 4 and 8 below, the Award shall vest and become 
nonforfeitable as set forth in the Grant Notice and Exhibit A hereto. (The vesting date set forth in the 
Grant Notice is referred to herein as a “Vesting Date”).
4. Continuance of Employment. Except as provided in this Section 4 and in Section 8 
below, vesting of the Award requires continued active employment or service through the Vesting Date as 
a condition to the vesting of the Award and the rights and benefits under this Award Agreement. 
Employment or service for only a portion of the vesting period, even if a substantial portion, will not entitle 
the Participant to any proportionate vesting of the Award. For purposes of this Award Agreement, active 
service shall include (a) the duration of an approved leave of absence (other than a personal leave of 
absence) and (b) the first thirty (30) days of an approved personal leave of absence, in each case as 
approved by the Company, in its sole discretion. The vesting of the Award shall be tolled beginning on the 
thirty-first (31st) day of a personal leave of absence.
Nothing contained in this Award Agreement or the Plan constitutes an employment or service 
commitment by the Company, affects the Participant’s status as an employee at will who is subject to 
termination with or without cause, confers upon the Participant any right to remain employed by or in 
service to the Company or any Subsidiary, interferes in any way with the right of the Company or any 
Subsidiary at any time to terminate such employment or services, or affects the right of the Company or 
any Subsidiary to increase or decrease the Participant’s other compensation or benefits. Nothing in this 
Section 4, however, is intended to adversely affect any independent contractual right of the Participant 
without the Participant’s consent thereto.
1
5. Dividend and Voting Rights.
(a) Limitations on Rights Associated with RSUs. The Participant shall have no 
rights as a shareholder of the Company, no dividend rights (except as expressly provided in Section 5(b) 
with respect to Dividend Equivalent Rights) and no voting rights, with respect to the RSUs or any Shares 
underlying or issuable in respect of such RSUs until such Shares are actually issued to and held of record 
by the Participant. No adjustments will be made for dividends or other rights of a holder for which the 
record date is prior to the date of issuance of the book entry evidencing such Shares.
(b) Dividend Equivalent Rights Distributions. As of any date that the Company 
pays an ordinary cash dividend on its Shares, the Company shall credit the Participant with a dollar 
amount equal to (i) the per share cash dividend paid by the Company on its Shares on such date, 
multiplied by (ii) the total target number of RSUs (with such total number adjusted pursuant to Section 11 
of the Plan) subject to the Award that are outstanding immediately prior to the record date for that dividend 
(a “Dividend Equivalent Right”). Any Dividend Equivalent Rights credited pursuant to the foregoing 
provisions of this Section 5(b) shall be subject to the same vesting, payment and other terms, conditions 
and restrictions as the original RSUs to which they relate, including the obligation to satisfy the TaxRelated Items; provided, however, that the amount of any vested Dividend Equivalent Rights shall be paid 
in cash. For purposes of clarity, the percentage of the Dividend Equivalent Rights that are paid will 
correspond to the percentage of the total target number of RSUs that vest on the Vesting Date, after giving 
effect to Exhibit A. No crediting of Dividend Equivalent Rights shall be made pursuant to this Section 5(b) 
with respect to any RSUs which, immediately prior to the record date for that dividend, have either been 
paid pursuant to Section 7 or terminated pursuant to Section 8 or Exhibit A.
6. Restrictions on Transfer. Except as provided in Section 4(c) of the Plan, the Award, the 
Dividend Equivalent Rights and any interest therein or amount or Shares payable in respect thereof shall 
not be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either 
voluntarily or involuntarily.
7. Timing and Manner of Payment of RSUs. On or as soon as administratively practical 
following the Vesting Date pursuant to Section 3 or Section 8 (and in all events not later than two and onehalf (2 ½) months after such Vesting Date), the Company shall deliver to the Participant a number of 
Shares (either by delivering one or more certificates for such Shares or by entering such Shares in book 
entry form, as determined by the Company in its discretion) equal to the number of RSUs subject to the 
Award that vest (or, in the case of the Participant’s Retirement, death or Disability, are treated as vesting) 
on the Vesting Date, less Tax-Related Items, unless such RSUs terminate prior to the Vesting Date 
pursuant to Section 8. The Company’s obligation to deliver Shares or otherwise make payment with 
respect to vested RSUs is subject to the condition precedent that the Participant or other person entitled 
under the Plan to receive any Shares with respect to the vested RSUs deliver to the Company any 
representations or other documents or assurances required pursuant to Section 13(c) of the Plan. The 
Participant shall have no further rights with respect to any RSUs that are paid or that terminate pursuant 
to Section 8.
8. Effect of Termination of Service.
(a) Except as expressly provided in Section 4 or this Section 8, the Participant’s RSUs 
(as well as the related Dividend Equivalent Rights) shall terminate to the extent such RSUs have not 
become vested prior to the Participant’s Termination of Service, meaning the first date the Participant is no 
longer employed by or providing services to the Company or one of its Subsidiaries (the “Severance 
Date”), regardless of the reason for the Participant’s Termination of Service, whether with or without 
cause, voluntarily or involuntarily or whether the Participant was employed or provided services for a 
portion of the vesting period prior to a Vesting Date.
2
(b) Notwithstanding the foregoing, and except as otherwise provided by the Committee, 
in the event of the Participant’s Termination of Service due to the Participant’s Retirement (defined below) 
on or after the first anniversary of the Award Date, death or Disability, any unvested RSUs shall continue to 
be eligible to vest on the Vesting Date without regard to the Participant’s Termination of Service. For 
purposes of this Award Agreement, “Retirement” means the Participant’s Termination of Service on or 
after the Participant both has reached the age of sixty (60) and has completed ten (10) years of service 
with the Company, or any Subsidiary (including service with any entity acquired by the Company), as of 
the Severance Date, as determined in the sole discretion of the Committee. In the event the Participant’s 
Termination of Service occurs due to Retirement prior to the first anniversary of the Award Date, this 
Section 8(b) shall not apply, unless the Committee shall otherwise determine.
(c) If any unvested RSUs are terminated pursuant to this Award Agreement, such 
RSUs (as well as the related Dividend Equivalent Rights) shall automatically terminate and be cancelled 
as of the applicable Severance Date (or, to the extent that any RSUs remain outstanding following the 
Severance Date by reason of Section 8(b) but the applicable performance-based vesting conditions are 
not satisfied, such RSUs shall automatically terminate and be cancelled as of the Vesting Date, as 
provided in Exhibit A) without payment of any consideration by the Company and without any other action 
by the Participant, or the Participant’s beneficiary or personal representative, as the case may be.
9. Recoupment. Notwithstanding any other provision herein, the Award and any Shares or 
other amount or property that may be issued, delivered or paid in respect of the Award, as well as any 
consideration that may be received in respect of a sale or other disposition of any such Shares or 
property, shall be subject to any recoupment, “clawback” or similar provisions of applicable law. In 
addition, the Company may require the Participant to deliver or otherwise repay to the Company the 
Award and any Shares or other amount or property that may be issued, delivered or paid in respect of the 
Award, as well as any consideration that may be received in respect of a sale or other disposition of any 
such Shares or property, if the Company reasonably determines that one or more of the following has 
occurred:
(a) during the period of the Participant’s employment or service with the Company or 
any of its Subsidiaries (the “Employment Period”), the Participant has committed a felony (under 
the laws of the United States or any relevant state, or a similar crime or offense under the 
applicable laws of any relevant foreign jurisdiction);
(b) during the Employment Period or at any time thereafter, the Participant has 
committed or engaged in a breach of confidentiality, or an unauthorized disclosure or use of inside 
information, customer lists, trade secrets or other confidential information of the Company or any 
of its Subsidiaries;
(c) during the Employment Period or at any time thereafter, the Participant has 
committed or engaged in an act of theft, embezzlement or fraud, or materially breached any 
agreement to which the Participant is a party with the Company or any of its Subsidiaries.
For purposes of the foregoing, the Participant expressly and explicitly authorizes the Company to 
issue instructions, on the Participant’s behalf, to any brokerage firm and/or third party administrator 
engaged by the Company to hold the Participant’s Shares and other amounts acquired under the Plan to 
re-convey, transfer or otherwise return such Shares and/or other amounts to the Company. This Section 9 
is not the Company’s exclusive remedy with respect to such matters.
10. Adjustments Upon Specified Events. Upon the occurrence of certain events relating to 
the Company’s stock contemplated by Section 11 of the Plan (including, without limitation, an 
extraordinary cash dividend on such stock), the Committee shall make adjustments in accordance with 
such section in the number of RSUs then outstanding and the number and kind of securities that may be 
3
issued in respect of the Award. No such adjustment shall be made with respect to any ordinary cash 
dividend for which Dividend Equivalent Rights are credited pursuant to Section 5(b).
11. Responsibility for Taxes. The Participant acknowledges that, regardless of any action 
the Company and/or the Participant’s employer (“Employer”) take with respect to any Tax-Related Items, 
the ultimate liability for all Tax-Related Items is and remains the Participant’s responsibility and may 
exceed the amount, if any, actually withheld by the Company or the Employer. The Participant further 
acknowledges that the Company and/or the Employer (i)  make no representations or undertakings 
regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the 
grant of the RSUs, the vesting of the RSUs, the delivery of Shares, the subsequent sale of any Shares 
acquired at vesting and the receipt of any dividends and/or Dividend Equivalent Rights; and (ii) do not 
commit to and are under no obligation to structure the terms of the grant or any aspect of the Award to 
reduce or eliminate the Participant’s liability for Tax-Related Items or achieve any particular tax result. 
Further, if the Participant is or becomes subject to tax in more than one jurisdiction, the Participant 
acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required 
to withhold or account for Tax-Related Items in more than one jurisdiction.
Prior to the relevant taxable or tax withholding event, as applicable, the Participant shall pay or 
make arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In 
this regard, the Participant authorizes the Company and/or the Employer, or their respective agents, at 
their discretion and pursuant to such procedures as they may specify from time to time, to satisfy any 
applicable withholding obligations with regard to all Tax-Related Items by one or a combination of the 
following: 
(a) withholding from any wages or other cash compensation, including short-term cash 
incentives, payable to the Participant by the Company and/or the Employer;
(b) withholding otherwise deliverable Shares and/or from otherwise payable Dividend 
Equivalent Rights to be issued or paid upon vesting/settlement of the Award;
(c) arranging for the sale of Shares otherwise deliverable to the Participant (on the 
Participant’s behalf and at the Participant’s direction pursuant to this authorization), including 
selling Shares as part of a block trade with other Participants in the Plan;
(d) withholding from the proceeds of the sale of Shares acquired upon vesting/
settlement of the Award; or
(e) any other method of withholding determined by the Company to be permitted under 
the Plan and, to the extent required by Applicable Law or under the Plan, approved by the 
Committee.
Notwithstanding the foregoing, if the Participant is an officer of the Company who is subject to 
Section 16 of the Exchange Act, then the Company must satisfy any withholding obligations arising upon 
the occurrence of a taxable or tax withholding event, as applicable, by  withholding Shares otherwise 
deliverable or an amount otherwise payable upon settlement of Dividend Equivalent Rights pursuant to 
method (b), unless the Board or the Committee determines in its discretion to satisfy the obligation for TaxRelated Items by one or a combination of methods (a), (b), (c), and (d) above.
The Company may withhold or account for Tax-Related Items by considering statutory withholding 
amounts or other withholding rates, including maximum rates applicable in the Participant’s 
jurisdictions(s). If the maximum rate is used, any over-withheld amount may be refunded to the Participant 
in cash by the Company or Employer (with no entitlement to the Share equivalent) or if not refunded, the 
Participant may seek a refund from the local tax authorities. In the event of under-withholding, the 
Participant may be required to pay additional Tax-Related Items directly to the applicable tax authority or to 
4
the Company or Employer. If the obligation for Tax-Related Items is satisfied by withholding a number of 
Shares as described herein, for tax purposes, the Participant is deemed to have been issued the full 
number of Shares subject to the vested RSUs, notwithstanding that a number of the Shares are held back 
solely for the purpose of paying the Tax-Related Items. The Company may refuse to issue or deliver to the 
Participant any Shares or the proceeds of the sale of Shares if the Participant fails to comply with the 
Participant’s obligations in connection with the Tax-Related Items.
12. Electronic Delivery and Acceptance. The Company may, in its sole discretion, deliver 
any documents related to the Award by electronic means or request the Participant’s consent to 
participate in the Plan by electronic means. The Participant hereby consents to receive all applicable 
documentation by electronic delivery and to participate in the Plan through an on-line (and/or voice 
activated) system established and maintained by the Company or a third party vendor designated by the 
Company.
13. Data Privacy. The Participant acknowledges and consents to the collection, use, 
processing and transfer of personal data as described in this Section 13. The Company, its related 
entities, and the Employer hold certain personal information about the Participant, including the 
Participant’s name, home address and telephone number, email address, date of birth, social security 
number or other employee identification number, salary, nationality, job title, any Shares or directorships 
held in the Company, details of all RSUs or any other entitlement to Shares or equivalent benefits 
awarded, canceled, purchased, vested, unvested or outstanding in the Participant’s favor, for the purpose 
of managing and administering the Plan (“Data”). The Company and its related entities may transfer Data 
amongst themselves as necessary for the purpose of implementation, administration and management of 
the Participant’s participation in the Plan, and the Company and its related entities may each further 
transfer Data to any third parties assisting the Company or any such related entity in the implementation, 
administration and management of the Plan. The Participant acknowledges that the transferors and 
transferees of such Data may be located anywhere in the world and hereby authorizes each of them to 
receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of 
implementing, administering and managing the Participant’s participation in the Plan, including any 
transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding 
of Shares on the Participant’s behalf to a broker or to other third party with whom the Participant may elect 
to deposit any Shares acquired under the Plan (whether pursuant to the Award or otherwise).
14. Notices. Any notice to be given under the terms of this Award Agreement shall be in 
writing and addressed to the Company at its principal office to the attention of the Secretary, and to the 
Participant at the Participant’s last address reflected on the Company’s records, or at such other address 
as either party may hereafter designate in writing to the other. Any such notice shall be given only when 
received, but if the Participant is no longer an employee of the Company, shall be deemed to have been 
duly given by the Company when enclosed in a properly sealed envelope addressed as aforesaid, 
registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or 
branch post office regularly maintained by the United States Government.
15. Plan. The Award and all rights of the Participant under this Award Agreement are subject 
to the terms and conditions of the provisions of the Plan, incorporated herein by reference. The 
Participant agrees to be bound by the terms of the Plan and this Award Agreement. The Participant 
acknowledges having read and understood the Plan, the Prospectus for the Plan, and this Award 
Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions of 
the Plan that confer discretionary authority on the Board or the Committee do not (and shall not be 
deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are 
otherwise in the sole discretion of the Board or the Committee so conferred by appropriate action of the 
Board or the Committee under the Plan after the date hereof.
5
16. Entire Agreement. This Award Agreement and the Plan together constitute the entire 
agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto 
with respect to the subject matter hereof. The Plan and this Award Agreement may be amended pursuant 
to Section  15 of the Plan. Such amendment must be in writing and signed by the Company. The 
Company may, however, unilaterally waive any provision hereof in writing to the extent such waiver does 
not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be 
construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof.
17. Limitation on the Participant’s Rights. Participation in the Plan confers no rights or 
interests other than as herein provided. This Award Agreement creates only a contractual obligation on 
the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither 
the Plan nor any underlying program, in and of itself, has any assets. The Participant shall have only the 
rights of a general unsecured creditor of the Company with respect to amounts credited and benefits 
payable, if any, with respect to the RSUs, and rights no greater than the right to receive the Shares as a 
general unsecured creditor with respect to RSUs, as and when payable hereunder.
18. Section Headings. The section headings of this Award Agreement are for convenience 
of reference only and shall not be deemed to alter or affect any provision hereof.
19. Governing Law. This Award Agreement shall be governed by and construed and 
enforced in accordance with the laws of the State of California without regard to conflict of law principles 
thereunder.
20. Choice of Venue. For purposes of litigating any dispute that arises directly or indirectly 
from the relationship of the parties evidenced by this grant or this Award Agreement, the parties hereby 
submit to the exclusive jurisdiction of the State of California and agree that such litigation shall be 
conducted only in the courts of Santa Clara County, California, or the federal courts for the Northern 
District of California, and no other courts, where this grant is made and/or to be performed.
21. Construction. It is intended that the terms of the Award will not result in the imposition of 
any tax liability pursuant to Section 409A of the Code. This Award Agreement shall be construed and 
interpreted consistent with that intent.
22. Severability. The provisions of this Award Agreement are severable and if any one of 
more provisions are determined to be illegal or otherwise unenforceable, in whole or in part, the remaining 
provisions shall nevertheless be binding and enforceable.
23. Imposition of Other Requirements. The Company reserves the right to impose other 
requirements on the Participant’s participation in the Plan, on the RSUs and on any Shares acquired 
under the Plan, to the extent the Company determines it is necessary or advisable for legal or 
administrative reasons, and to require the Participant to sign any additional agreements or undertakings 
that may be necessary to accomplish the foregoing.
* * * * *
6
PERFORMANCE AWARD
EXHIBIT A
PERFORMANCE VESTING REQUIREMENTS
The RSUs (and related Dividend Equivalent Rights) subject to the Award that will vest on the 
Vesting Date will be determined based on the Company’s relative total shareholder return (“TSR”) 
Percentile for the Performance Period.
The percentage of the RSUs (and related Dividend Equivalent Rights) that vest on the Vesting 
Date will be determined as follows:
• If the Company’s TSR Percentile for the Performance Period is at the [ ] ([ ]) 
percentile or greater, [ ] ([ ]%) of the target RSUs will vest on the Vesting Date.
• If the Company’s TSR Percentile for the Performance Period is at the [ ] ([ ]) 
percentile, [ ] ([ ]%) of the target RSUs will vest on the Vesting Date.
• If the Company’s TSR Percentile for the Performance Period is at the [ ] ([ ]) 
percentile, [ ] ([ ]%) of the target RSUs will vest on the Vesting Date.
• If the Company’s TSR Percentile for the Performance Period is below the [ ] ([ ]) 
percentile, [ ] ([ ]%) of the RSUs will vest on the Vesting Date.
For TSR Percentile performance for the Performance Period between the levels indicated above, 
the portion of the RSUs that will vest on the Vesting Date will be determined on a straight-line basis (i.e., 
linearly interpolated) between the two nearest vesting percentages indicated above.
Notwithstanding the foregoing, if the Company’s TSR for the Performance Period is negative, in 
no event shall more than one hundred percent (100%) of the target RSUs vest.
The number of RSUs that vest on the Vesting Date will be rounded to the nearest whole unit, and 
the balance of the RSUs will not vest and will terminate on that Vesting Date.
 For purposes of the Award, the following definitions will apply:
• “TSR Percentile” means the percentile ranking of the Company’s TSR among the TSRs 
for the Comparison Group members for the Performance Period. In determining the 
Company’s TSR Percentile for the Performance Period, in the event that the Company’s 
TSR for the Performance Period is equal to the TSR(s) of one or more other Comparison 
Group members for that same period, the Company’s TSR Percentile ranking will be 
determined by ranking the Company’s TSR for that period as being greater than such 
other Comparison Group members.
• “Comparison Group” means the Company and each other company included in the 
Standard & Poor’s 500 index on the first day of the Performance Period and, except as 
provided below, the common stock (or similar equity security) of which continues to be 
listed or traded on a national securities exchange through the last trading day of the 
Performance Period. In the event a member of the Comparison Group files for 
bankruptcy or liquidates due to an insolvency, such company shall continue to be treated 
as a Comparison Group member, and such company’s Ending Price will be treated as $0 
if the common stock (or similar equity security) of such company is no longer listed or 
A-1
traded on a national securities exchange on the last trading day of the Performance 
Period. In the event of a formation of a new parent company by a Comparison Group 
member, substantially all of the assets and liabilities of which consist immediately after 
the transaction of the equity interests in the original Comparison Group member or the 
assets and liabilities of such Comparison Group member immediately prior to the 
transaction, such new parent company shall be substituted for the Comparison Group 
member to the extent (and for such period of time) as its common stock (or similar equity 
securities) are listed or traded on a national securities exchange but the common stock 
(or similar equity securities) of the original Comparison Group member are not. In the 
event of a merger or other business combination of two Comparison Group members 
(including, without limitation, the acquisition of one Comparison Group member, or all or 
substantially all of its assets, by another Comparison Group member), the surviving, 
resulting or successor entity, as the case may be, shall continue to be treated as a 
member of the Comparison Group, provided that the common stock (or similar equity 
security) of such entity is listed or traded on a national securities exchange through the 
last trading day of the Performance Period. With respect to the preceding two sentences, 
the applicable stock prices shall be equitably and proportionately adjusted to the extent (if 
any) necessary to preserve the intended incentives of the awards and mitigate the impact 
of the transaction.
• “TSR” shall be determined with respect to the Company and any other Comparison Group 
member by dividing: (a) the sum of (i) the difference obtained by subtracting the 
applicable Beginning Price from the applicable Ending Price plus (ii) all dividends and 
other distributions during the Performance Period by (b) the applicable Beginning Price. 
Any non-cash distributions shall be valued at fair market value. For the purpose of 
determining TSR, the value of dividends and other distributions shall be determined by 
treating them as reinvested in additional shares of stock at the closing market price on the 
date of distribution.
• “Beginning Price” means, with respect to the Company and any other Comparison 
Group member, the average of the closing market prices of such company’s common 
stock on the principal exchange on which such stock is traded for the twenty (20) 
consecutive trading days beginning with the first trading day of the Performance Period. 
For the purpose of determining Beginning Price, the value of dividends and other 
distributions shall be determined by treating them as reinvested in additional shares of 
stock at the closing market price on the date of distribution.
• “Ending Price” means, with respect to the Company and any other Comparison Group 
member, the average of the closing market prices of such company’s common stock on 
the principal exchange on which such stock is traded for the twenty (20) consecutive 
trading days ending on the last trading day of the Performance Period. For the purpose of 
determining Ending Price, the value of dividends and other distributions shall be 
determined by treating them as reinvested in additional shares of stock at the closing 
market price on the date of distribution.
 With respect to the computation of TSR, Beginning Price, and Ending Price, there shall also be an 
equitable and proportionate adjustment to the extent (if any) necessary to preserve the intended 
incentives of the awards and mitigate the impact of any stock split, stock dividend or reverse stock split 
occurring during the Performance Period (or during the applicable 20-day period in determining Beginning 
Price or Ending Price, as the case may be).
 In the event of any ambiguity or discrepancy, the determination of the Committee shall be final 
and binding.
A-2
Exhibit 31.1
CERTIFICATION
I, Timothy D. Cook, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in 
the Registrant’s internal control over financial reporting.
Date: February 2, 2023
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer
Exhibit 31.2
CERTIFICATION
I, Luca Maestri, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: February 2, 2023
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Exhibit 32.1
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Timothy D. Cook, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended December 31, 2022 fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: February 2, 2023
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer
I, Luca Maestri, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended December 31, 2022 fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: February 2, 2023
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
A signed original of this written statement required by Section 906 has been provided to Apple Inc. and will be retained by Apple 
Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
10-Q Q1 2023, 12.31.2022-2023-02-02-10-14
https://s2.q4cdn.com/470004039/files/doc_financials/2023/q1/_10-Q-Q1-2023-(As-Filed).pdf
None
None
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Net sales:
 Products ! 66,886 ! 73,929 ! 163,344 ! 170,317
 Services 23,867 20,907 46,984 41,673
Total net sales (1) 90,753 94,836 210,328 211,990
Cost of sales:
 Products 42,424 46,795 100,864 107,560
 Services 6,058 6,065 12,338 12,122
Total cost of sales 48,482 52,860 113,202 119,682
Gross margin 42,271 41,976 97,126 92,308
Operating expenses:
Research and development 7,903 7,457 15,599 15,166
Selling, general and administrative 6,468 6,201 13,254 12,808
Total operating expenses 14,371 13,658 28,853 27,974
Operating income 27,900 28,318 68,273 64,334
Other income/(expense), net 158 64 108 (329)
Income before provision for income taxes 28,058 28,382 68,381 64,005
Provision for income taxes 4,422 4,222 10,829 9,847
Net income ! 23,636 ! 24,160 ! 57,552 ! 54,158
Earnings per share:
Basic ! 1.53 ! 1.53 ! 3.72 ! 3.42
Diluted ! 1.53 ! 1.52 ! 3.71 ! 3.41
Shares used in computing earnings per share:
Basic 15,405,856 15,787,154 15,457,810 15,839,939
Diluted 15,464,709 15,847,050 15,520,675 15,901,384
(1) Net sales by reportable segment:
Americas ! 37,273 ! 37,784 ! 87,703 ! 87,062
Europe 24,123 23,945 54,520 51,626
Greater China 16,372 17,812 37,191 41,717
Japan 6,262 7,176 14,029 13,931
Rest of Asia Pacific 6,723 8,119 16,885 17,654
Total net sales ! 90,753 ! 94,836 ! 210,328 ! 211,990
(1) Net sales by category:
iPhone ! 45,963 ! 51,334 ! 115,665 ! 117,109
Mac 7,451 7,168 15,231 14,903
iPad 5,559 6,670 12,582 16,066
Wearables, Home and Accessories 7,913 8,757 19,866 22,239
Services 23,867 20,907 46,984 41,673
Total net sales ! 90,753 ! 94,836 ! 210,328 ! 211,990
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
March 30,
2024
September 30,
2023
ASSETS:
Current assets:
Cash and cash equivalents ! 32,695 ! 29,965
Marketable securities 34,455 31,590
Accounts receivable, net 21,837 29,508
Vendor non-trade receivables 19,313 31,477
Inventories 6,232 6,331
Other current assets 13,884 14,695
Total current assets 128,416 143,566
Non-current assets:
Marketable securities 95,187 100,544
Property, plant and equipment, net 43,546 43,715
Other non-current assets 70,262 64,758
Total non-current assets 208,995 209,017
Total assets ! 337,411 ! 352,583
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable ! 45,753 ! 62,611
Other current liabilities 57,298 58,829
Deferred revenue 8,012 8,061
Commercial paper 1,997 5,985
Term debt 10,762 9,822
Total current liabilities 123,822 145,308
Non-current liabilities:
Term debt 91,831 95,281
Other non-current liabilities 47,564 49,848
Total non-current liabilities 139,395 145,129
Total liabilities 263,217 290,437
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, !0.00001 par value: 50,400,000 shares 
authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively 78,815 73,812
Retained earnings/(Accumulated deficit) 4,339 (214)
Accumulated other comprehensive loss (8,960) (11,452)
Total shareholders’ equity 74,194 62,146
Total liabilities and shareholders’ equity ! 337,411 ! 352,583
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 30,
2024
April 1,
2023
Cash, cash equivalents and restricted cash, beginning balances ! 30,737 ! 24,977
Operating activities:
Net income 57,552 54,158
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 5,684 5,814
Share-based compensation expense 5,961 5,591
Other (1,971) (1,732)
Changes in operating assets and liabilities:
Accounts receivable, net 7,727 9,596
Vendor non-trade receivables 12,164 14,785
Inventories 53 (2,548)
Other current and non-current assets (4,438) (4,092)
Accounts payable (16,710) (20,764)
Other current and non-current liabilities (3,437) 1,757
Cash generated by operating activities 62,585 62,565
Investing activities:
Purchases of marketable securities (25,042) (11,197)
Proceeds from maturities of marketable securities 27,462 17,124
Proceeds from sales of marketable securities 4,314 1,897
Payments for acquisition of property, plant and equipment (4,388) (6,703)
Other (729) (247)
Cash generated by investing activities 1,617 874
Financing activities:
Payments for taxes related to net share settlement of equity awards (2,875) (2,734)
Payments for dividends and dividend equivalents (7,535) (7,418)
Repurchases of common stock (43,344) (39,069)
Repayments of term debt (3,150) (3,651)
Repayments of commercial paper, net (3,982) (7,960)
Other (132) (455)
Cash used in financing activities (61,018) (61,287)
Increase in cash, cash equivalents and restricted cash 3,184 2,152
Cash, cash equivalents and restricted cash, ending balances ! 33,921 ! 27,129
Supplemental cash flow disclosure:
Cash paid for income taxes, net ! 14,531 ! 4,894
Apple reports second quarter results
https://www.apple.com/newsroom/pdfs/fy2024-q2/FY24_Q2_Consolidated_Financial_Statements.pdf
anonymous
2022-07-28
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 25, 2022
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36743
Apple Inc.
(Exact name of Registrant as specified in its charter)
California 94-2404110
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
One Apple Park Way
Cupertino, California 95014
(Address of principal executive offices) (Zip Code)
(408) 996-1010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading 
symbol(s) Name of each exchange on which registered
Common Stock, $0.00001 par value per share AAPL The Nasdaq Stock Market LLC
1.000% Notes due 2022 — The Nasdaq Stock Market LLC
1.375% Notes due 2024 — The Nasdaq Stock Market LLC
0.000% Notes due 2025 — The Nasdaq Stock Market LLC
0.875% Notes due 2025 — The Nasdaq Stock Market LLC
1.625% Notes due 2026 — The Nasdaq Stock Market LLC
2.000% Notes due 2027 — The Nasdaq Stock Market LLC
1.375% Notes due 2029 — The Nasdaq Stock Market LLC
3.050% Notes due 2029 — The Nasdaq Stock Market LLC
0.500% Notes due 2031 — The Nasdaq Stock Market LLC
3.600% Notes due 2042 — The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)  has been 
subject to such filing requirements for the past 90 days.
Yes  ☒     No  ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to 
submit such files).
Yes  ☒     No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and 
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with 
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐     No  ☒
16,070,752,000 shares of common stock were issued and outstanding as of July 15, 2022.
Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended June 25, 2022
TABLE OF CONTENTS
Page
Part I
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
Item 4. Controls and Procedures 19
Part II
Item 1. Legal Proceedings 20
Item 1A. Risk Factors 20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
Item 3. Defaults Upon Senior Securities 21
Item 4. Mine Safety Disclosures 21
Item 5. Other Information 21
Item 6. Exhibits 21
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Net sales:
 Products $ 63,355 $ 63,948 $ 245,241 $ 232,309 
 Services 19,604 17,486 58,941 50,148 
Total net sales 82,959 81,434 304,182 282,457 
Cost of sales:
 Products 41,485 40,899 155,084 149,476 
 Services 5,589 5,280 16,411 15,319 
Total cost of sales 47,074 46,179 171,495 164,795 
Gross margin 35,885 35,255 132,687 117,662 
Operating expenses:
Research and development 6,797 5,717 19,490 16,142 
Selling, general and administrative 6,012 5,412 18,654 16,357 
Total operating expenses 12,809 11,129 38,144 32,499 
Operating income 23,076 24,126 94,543 85,163 
Other income/(expense), net (10) 243 (97) 796 
Income before provision for income taxes 23,066 24,369 94,446 85,959 
Provision for income taxes 3,624 2,625 15,364 11,830 
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129 
Earnings per share:
Basic $ 1.20 $ 1.31 $ 4.86 $ 4.42 
Diluted $ 1.20 $ 1.30 $ 4.82 $ 4.38 
Shares used in computing earnings per share:
Basic 16,162,945 16,629,371 16,277,824 16,772,656 
Diluted 16,262,203 16,781,735 16,394,937 16,941,527 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 1
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax (721) 188 (1,102) 659 
Change in unrealized gains/losses on derivative 
instruments, net of tax:
Change in fair value of derivative instruments 852 (24) 1,548 4 
Adjustment for net (gains)/losses realized and included 
in net income 121 17 (87) 593 
Total change in unrealized gains/losses on 
derivative instruments 973 (7) 1,461 597 
Change in unrealized gains/losses on marketable debt 
securities, net of tax:
Change in fair value of marketable debt securities (3,150) 217 (9,959) (558) 
Adjustment for net (gains)/losses realized and included 
in net income 95 (54) 140 (234) 
Total change in unrealized gains/losses on 
marketable debt securities (3,055) 163 (9,819) (792) 
Total other comprehensive income/(loss) (2,803) 344 (9,460) 464 
Total comprehensive income $ 16,639 $ 22,088 $ 69,622 $ 74,593 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 2
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
June 25,
2022
September 25,
2021
ASSETS:
Current assets:
Cash and cash equivalents $ 27,502 $ 34,940 
Marketable securities 20,729 27,699 
Accounts receivable, net 21,803 26,278 
Inventories 5,433 6,580 
Vendor non-trade receivables 20,439 25,228 
Other current assets 16,386 14,111 
Total current assets 112,292 134,836 
Non-current assets:
Marketable securities 131,077 127,877 
Property, plant and equipment, net 40,335 39,440 
Other non-current assets 52,605 48,849 
Total non-current assets 224,017 216,166 
Total assets $ 336,309 $ 351,002 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 48,343 $ 54,763 
Other current liabilities 48,811 47,493 
Deferred revenue 7,728 7,612 
Commercial paper 10,982 6,000 
Term debt 14,009 9,613 
Total current liabilities 129,873 125,481 
Non-current liabilities:
Term debt 94,700 109,106 
Other non-current liabilities 53,629 53,325 
Total non-current liabilities 148,329 162,431 
Total liabilities 278,202 287,912 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 16,095,378 and 16,426,786 shares issued and outstanding, respectively 62,115 57,365 
Retained earnings 5,289 5,562 
Accumulated other comprehensive income/(loss) (9,297) 163 
Total shareholders’ equity 58,107 63,090 
Total liabilities and shareholders’ equity $ 336,309 $ 351,002 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 3
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per share amounts)
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Total shareholders’ equity, beginning balances $ 67,399 $ 69,178 $ 63,090 $ 65,339 
Common stock and additional paid-in capital:
Beginning balances 61,181 54,203 57,365 50,779 
Common stock issued — — 593 561 
Common stock withheld related to net share settlement 
of equity awards (1,371) (1,224) (2,783) (2,460) 
Share-based compensation 2,305 2,010 6,940 6,109 
Ending balances 62,115 54,989 62,115 54,989 
Retained earnings:
Beginning balances 12,712 15,261 5,562 14,966 
Net income 19,442 21,744 79,082 74,129 
Dividends and dividend equivalents declared (3,760) (3,713) (11,058) (10,755) 
Common stock withheld related to net share settlement 
of equity awards (1,403) (1,559) (3,323) (3,606) 
Common stock repurchased (21,702) (22,500) (64,974) (65,501) 
Ending balances 5,289 9,233 5,289 9,233 
Accumulated other comprehensive income/(loss):
Beginning balances (6,494) (286) 163 (406) 
Other comprehensive income/(loss) (2,803) 344 (9,460) 464 
Ending balances (9,297) 58 (9,297) 58 
Total shareholders’ equity, ending balances $ 58,107 $ 64,280 $ 58,107 $ 64,280 
Dividends and dividend equivalents declared per share or RSU $ 0.23 $ 0.22 $ 0.67 $ 0.63 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 4
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
June 25,
2022
June 26,
2021
Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789 
Operating activities:
Net income 79,082 74,129 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 8,239 8,295 
Share-based compensation expense 6,760 5,961 
Deferred income tax expense/(benefit) 2,756 (737) 
Other (61) (689) 
Changes in operating assets and liabilities:
Accounts receivable, net 4,561 (1,316) 
Inventories 1,049 (1,213) 
Vendor non-trade receivables 4,789 4,892 
Other current and non-current assets (3,289) (5,899) 
Accounts payable (6,108) (1,786) 
Deferred revenue 260 1,738 
Other current and non-current liabilities (14) 463 
Cash generated by operating activities 98,024 83,838 
Investing activities:
Purchases of marketable securities (70,178) (94,052) 
Proceeds from maturities of marketable securities 24,203 49,880 
Proceeds from sales of marketable securities 33,609 36,745 
Payments for acquisition of property, plant and equipment (7,419) (7,862) 
Payments made in connection with business acquisitions, net (169) (13) 
Other (1,183) (78) 
Cash used in investing activities (21,137) (15,380) 
Financing activities:
Payments for taxes related to net share settlement of equity awards (5,915) (5,855) 
Payments for dividends and dividend equivalents (11,138) (10,827) 
Repurchases of common stock (64,974) (66,223) 
Proceeds from issuance of term debt, net — 13,923 
Repayments of term debt (6,750) (7,500) 
Proceeds from commercial paper, net 4,970 3,022 
Other (148) 489 
Cash used in financing activities (83,955) (72,971) 
Decrease in cash, cash equivalents and restricted cash (7,068) (4,513) 
Cash, cash equivalents and restricted cash, ending balances $ 28,861 $ 35,276 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 12,251 $ 18,536 
Cash paid for interest $ 1,910 $ 1,870 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 5
Apple Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 – Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries 
(collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the 
Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and 
recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated 
financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires 
management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from 
those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have 
been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and 
accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and 
accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 25, 2021.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The 
Company’s fiscal years 2022 and 2021 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, 
months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of 
those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended 
June 25, 2022 and June 26, 2021 (net income in millions and shares in thousands):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Numerator:
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129 
Denominator:
Weighted-average basic shares outstanding 16,162,945 16,629,371 16,277,824 16,772,656 
Effect of dilutive securities 99,258 152,364 117,113 168,871 
Weighted-average diluted shares 16,262,203 16,781,735 16,394,937 16,941,527 
Basic earnings per share $ 1.20 $ 1.31 $ 4.86 $ 4.42 
Diluted earnings per share $ 1.20 $ 1.30 $ 4.82 $ 4.38 
Apple Inc. | Q3 2022 Form 10-Q | 6
Note 2 – Revenue
Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 25, 2022 and 
June 26, 2021 were as follows (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
iPhone® (1) $ 40,665 $ 39,570 $ 162,863 $ 153,105 
Mac® (1) 7,382 8,235 28,669 26,012 
iPad® (1) 7,224 7,368 22,118 23,610 
Wearables, Home and Accessories (1)(2) 8,084 8,775 31,591 29,582 
Services (3) 19,604 17,486 58,941 50,148 
Total net sales (4) $ 82,959 $ 81,434 $ 304,182 $ 282,457 
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods®, Apple TV®, Apple Watch®, Beats® products, 
HomePod mini® and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare®, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
(4) Includes $3.1 billion of revenue recognized in the three months ended June 25, 2022 that was included in deferred revenue 
as of March 26, 2022, $3.0 billion of revenue recognized in the three months ended June 26, 2021 that was included in 
deferred revenue as of March 27, 2021, $6.3 billion of revenue recognized in the nine months ended June 25, 2022 that was 
included in deferred revenue as of September 25, 2021, and $5.5 billion of revenue recognized in the nine months ended
June 26, 2021 that was included in deferred revenue as of September 26, 2020.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 9, “Segment Information and Geographic Data” for the three- and nine-month periods ended June 25, 2022 and June 26, 
2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of June  25, 2022 and September  25, 2021, the Company had total deferred revenue of $12.2 billion and $11.9  billion, 
respectively. As of June 25, 2022, the Company expects 63% of total deferred revenue to be realized in less than a year, 27%
within one-to-two years, 8% within two-to-three years and 2% in greater than three years.
Apple Inc. | Q3 2022 Form 10-Q | 7
Note 3 – Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category 
as of June 25, 2022 and September 25, 2021 (in millions):
June 25, 2022
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 12,852 $ — $ — $ 12,852 $ 12,852 $ — $ — 
Level 1 (1): 
Money market funds 10,970 — — 10,970 10,970 — — 
Mutual funds 252 — (32) 220 — 220 — 
Subtotal 11,222 — (32) 11,190 10,970 220 — 
Level 2 (2):
U.S. Treasury securities 25,296 — (1,328) 23,968 91 3,511 20,366 
U.S. agency securities 5,805 — (511) 5,294 4 240 5,050 
Non-U.S. government securities 17,597 6 (1,023) 16,580 — 6,336 10,244 
Certificates of deposit and time deposits 3,928 — — 3,928 3,374 504 50 
Commercial paper 966 — — 966 209 757 — 
Corporate debt securities 88,912 15 (6,455) 82,472 2 8,738 73,732 
Municipal securities 978 — (26) 952 — 203 749 
Mortgage- and asset-backed securities 23,058 — (1,952) 21,106 — 220 20,886 
Subtotal 166,540 21 (11,295) 155,266 3,680 20,509 131,077 
Total (3) $ 190,614 $ 21 $ (11,327) $ 179,308 $ 27,502 $ 20,729 $ 131,077 
September 25, 2021
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 17,305 $ — $ — $ 17,305 $ 17,305 $ — $ — 
Level 1 (1):
Money market funds 9,608 — — 9,608 9,608 — — 
Mutual funds 175 11 (1) 185 — 185 — 
Subtotal 9,783 11 (1) 9,793 9,608 185 — 
Level 2 (2):
Equity securities 1,527 — (564) 963 — 963 — 
U.S. Treasury securities 22,878 102 (77) 22,903 3,596 6,625 12,682 
U.S. agency securities 8,949 2 (64) 8,887 1,775 1,930 5,182 
Non-U.S. government securities 20,201 211 (101) 20,311 390 3,091 16,830 
Certificates of deposit and time deposits 1,300 — — 1,300 490 810 — 
Commercial paper 2,639 — — 2,639 1,776 863 — 
Corporate debt securities 83,883 1,242 (267) 84,858 — 12,327 72,531 
Municipal securities 967 14 — 981 — 130 851 
Mortgage- and asset-backed securities 20,529 171 (124) 20,576 — 775 19,801 
Subtotal 162,873 1,742 (1,197) 163,418 8,027 27,514 127,877 
Total (3) $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 
(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets 
and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable 
or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3) As of June  25, 2022 and September  25, 2021, total marketable securities included $14.1  billion and $17.9 billion, 
respectively, that were restricted from general use, related to the European Commission decision finding that Ireland granted 
state aid to the Company, and other agreements.
Apple Inc. | Q3 2022 Form 10-Q | 8
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
June 25, 2022 (in millions):
Due after 1 year through 5 years $ 92,970 
Due after 5 years through 10 years 19,317 
Due after 10 years 18,790 
Total fair value $ 131,077 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 
However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations 
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a 
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, 
option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally 
hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 
12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency 
exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company 
designates these instruments as either cash flow or fair value hedges. As of June 25, 2022, the Company’s hedged term debt– 
and marketable securities–related foreign currency transactions are expected to be recognized within 20 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins 
from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains 
and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into 
interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value 
hedges.
The notional amounts of the Company’s outstanding derivative instruments as of June 25, 2022 and September 25, 2021 were 
as follows (in millions):
June 25,
2022
September 25,
2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 76,234 $ 76,475 
Interest rate contracts $ 20,775 $ 16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 84,506 $ 126,918 
The gross fair values of the Company’s derivative assets and liabilities were not material as of June 25, 2022 and September 25, 
2021.
The gains and losses recognized in other comprehensive income/(loss) and amounts reclassified from accumulated other 
comprehensive income/(loss) to net income for the Company’s derivative instruments designated as cash flow hedges were not 
material in the three- and nine-month periods ended June 25, 2022 and June 26, 2021.
Apple Inc. | Q3 2022 Form 10-Q | 9
The carrying amounts of the Company’s hedged items in fair value hedges as of June 25, 2022 and September 25, 2021 were 
as follows (in millions):
June 25,
2022
September 25,
2021
Hedged assets/(liabilities):
Current and non-current marketable securities $ 14,250 $ 15,954 
Current and non-current term debt $ (19,281) $ (17,857) 
The gains and losses on the Company’s derivative instruments designated as fair value hedges and the related hedged item 
adjustments were not material in the three- and nine-month periods ended June 25, 2022 and June 26, 2021.
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, 
resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does 
not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain 
instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit 
insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These creditfinancing arrangements are directly between the third-party financing company and the end customer. As such, the Company 
generally does not assume any recourse or credit risk sharing related to any of these arrangements.
The Company’s cellular network carriers accounted for 36% and 42% of total trade receivables as of June  25, 2022 and 
September 25, 2021, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. As of June 25, 2022, the Company had two vendors that individually represented 10% or 
more of total vendor non-trade receivables, which accounted for 54% and 12%. As of September 25, 2021, the Company had 
three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 52%, 11%
and 11%.
Note 4 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of June  25, 2022 and 
September 25, 2021 (in millions):
Property, Plant and Equipment, Net
June 25,
2022
September 25,
2021
Gross property, plant and equipment $ 111,851 $ 109,723 
Accumulated depreciation and amortization (71,516) (70,283) 
Total property, plant and equipment, net $ 40,335 $ 39,440 
Other Non-Current Liabilities
June 25,
2022
September 25,
2021
Long-term taxes payable $ 20,699 $ 24,689 
Other non-current liabilities 32,930 28,636 
Total other non-current liabilities $ 53,629 $ 53,325 
Apple Inc. | Q3 2022 Form 10-Q | 10
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and nine-month periods ended June 25, 2022
and June 26, 2021 (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Interest and dividend income $ 722 $ 719 $ 2,072 $ 2,184 
Interest expense (719) (665) (2,104) (1,973) 
Other income/(expense), net (13) 189 (65) 585 
Total other income/(expense), net $ (10) $ 243 $ (97) $ 796 
Note 5 – Debt
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. 
The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and 
share repurchases. As of June 25, 2022 and September 25, 2021, the Company had $11.0 billion and $6.0 billion of Commercial 
Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and 
maturities of Commercial Paper for the nine months ended June 25, 2022 and June 26, 2021 (in millions):
Nine Months Ended
June 25,
2022
June 26,
2021
Maturities 90 days or less:
Proceeds from commercial paper, net $ 4,383 $ 2,745 
Maturities greater than 90 days:
Proceeds from commercial paper 5,731 3,993 
Repayments of commercial paper (5,144) (3,716) 
Proceeds from commercial paper, net 587 277 
Total proceeds from commercial paper, net $ 4,970 $ 3,022 
Term Debt
As of June  25, 2022 and September  25, 2021, the Company had outstanding floating- and fixed-rate notes with varying 
maturities for an aggregate carrying amount of $108.7 billion and $118.7 billion, respectively (collectively the “Notes”). As of 
June 25, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $101.0 billion and 
$125.3 billion, respectively.
Note 6 – Shareholders’ Equity
Share Repurchase Program
During the nine months ended June 25, 2022, the Company repurchased 408 million shares of its common stock for $65.0 billion
under a share repurchase program authorized by the Board of Directors (the “Program”), including 35 million shares delivered 
under accelerated share repurchase agreements totaling $6.0 billion that were entered into in November 2021. The Program 
does not obligate the Company to acquire a minimum amount of shares. Under the Program, shares may be repurchased in 
privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities 
Exchange Act of 1934, as amended.
Apple Inc. | Q3 2022 Form 10-Q | 11
Note 7 – Benefit Plans
Restricted Stock Units
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the nine months ended June 25, 
2022 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 25, 2021 240,427 $ 75.16 
RSUs granted 84,927 $ 150.02 
RSUs vested (109,846) $ 70.96 
RSUs canceled (12,986) $ 98.26 
Balance as of June 25, 2022 202,522 $ 107.35 $ 28,689 
The fair value as of the respective vesting dates of RSUs was $7.8 billion and $17.3 billion for the three- and nine-month periods 
ended June 25, 2022, respectively, and was $7.9 billion and $17.3 billion for the three- and nine-month periods ended June 26, 
2021, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed 
Consolidated Statements of Operations for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 (in 
millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Share-based compensation expense $ 2,243 $ 1,960 $ 6,760 $ 5,961 
Income tax benefit related to share-based compensation 
expense $ (1,231) $ (1,319) $ (3,416) $ (3,518) 
As of June 25, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $18.1 billion, 
which the Company expects to recognize over a weighted-average period of 2.7 years.
Note 8 – Commitments and Contingencies
Accrued Warranty
The following table shows changes in the Company’s accrued warranties and related costs for the three- and nine-month periods 
ended June 25, 2022 and June 26, 2021 (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Beginning accrued warranty and related costs $ 3,206 $ 3,784 $ 3,364 $ 3,354 
Cost of warranty claims (534) (636) (1,787) (2,008) 
Accruals for product warranty 177 384 1,272 2,186 
Ending accrued warranty and related costs $ 2,849 $ 3,532 $ 2,849 $ 3,532 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that 
have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at 
least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, 
concerning loss contingencies for asserted legal and other claims.
Apple Inc. | Q3 2022 Form 10-Q | 12
Note 9 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and nine-month periods ended June 25, 2022 and 
June 26, 2021 (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Americas:
Net sales $ 37,472 $ 35,870 $ 129,850 $ 116,486 
Operating income $ 13,914 $ 12,916 $ 48,778 $ 40,751 
Europe:
Net sales $ 19,287 $ 18,943 $ 72,323 $ 68,513 
Operating income $ 7,124 $ 7,085 $ 27,174 $ 24,939 
Greater China:
Net sales $ 14,604 $ 14,762 $ 58,730 $ 53,803 
Operating income $ 5,760 $ 6,303 $ 25,055 $ 22,591 
Japan:
Net sales $ 5,446 $ 6,464 $ 20,277 $ 22,491 
Operating income $ 2,418 $ 3,031 $ 9,263 $ 9,962 
Rest of Asia Pacific:
Net sales $ 6,150 $ 5,395 $ 23,002 $ 21,164 
Operating income $ 2,367 $ 2,116 $ 9,185 $ 7,805 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three- and nine-month periods ended June 25, 2022 and June 26, 2021 is as follows (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Segment operating income $ 31,583 $ 31,451 $ 119,455 $ 106,048 
Research and development expense (6,797) (5,717) (19,490) (16,142) 
Other corporate expenses, net (1,710) (1,608) (5,422) (4,743) 
Total operating income $ 23,076 $ 24,126 $ 94,543 $ 85,163 
Apple Inc. | Q3 2022 Form 10-Q | 13
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within 
the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking 
statements provide current expectations of future events based on certain assumptions and include any statement that does 
not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future 
impact of the COVID-19 pandemic on the Company’s business and results of operations are forward-looking statements.
Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” 
“intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not 
guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the 
forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, 
Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 25, 2021 (the “2021 Form 10-K”) 
under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking statements for 
any reason, except as required by law.
Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to 
particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated 
quarters, months and periods of those fiscal years. Each of the terms the “Company” and “Apple” as used herein refers 
collectively to Apple Inc. and its wholly owned subsidiaries, unless otherwise stated.
The following discussion should be read in conjunction with the 2021 Form 10-K filed with the U.S. Securities and Exchange 
Commission (the “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, 
Item 1 of this Form 10-Q.
Available Information
The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor 
relations website, investor.apple.com. This includes press releases and other information about financial performance, 
information on environmental, social and corporate governance matters, and details related to the Company’s annual meeting of 
shareholders. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this 
filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.
Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in 
part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of 
sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect 
distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an 
older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and 
distributors anticipate a product introduction.
Quarterly Highlights
Total net sales increased 2% or $1.5 billion during the third quarter of 2022 compared to the same quarter in 2021, driven 
primarily by higher net sales of Services and iPhone, partially offset by lower net sales of Mac and Wearables, Home and 
Accessories. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on all Products and 
Services net sales during the third quarter of 2022.
At the end of the third quarter of 2022, the Company introduced an all-new MacBook Air® and an updated 13-inch MacBook 
Pro®, both powered by the new Apple M2 chip. The Company also announced iOS 16, macOS® Ventura, iPadOS® 16 and 
watchOS® 9, updates to its operating systems that are expected to be available in the fall of 2022.
The Company repurchased $21.7 billion of its common stock and paid dividends and dividend equivalents of $3.8 billion during 
the third quarter of 2022. 
Apple Inc. | Q3 2022 Form 10-Q | 14
COVID-19
The COVID-19 pandemic has had, and continues to have, a significant impact around the world, prompting governments and 
businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of 
businesses, and quarantine and shelter-in-place orders. The COVID-19 pandemic has at times significantly curtailed global 
economic activity and caused significant volatility and disruption in global financial markets. The COVID-19 pandemic and the 
measures taken by many countries in response have affected and could in the future materially impact the Company’s business, 
results of operations and financial condition.
Certain of the Company’s outsourcing partners, component suppliers and logistical service providers have experienced 
disruptions during the COVID-19 pandemic, resulting in supply shortages. Similar disruptions could occur in the future.
Products and Services Performance
The following table shows net sales by category for the three- and nine-month periods ended June 25, 2022 and June 26, 2021
(dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021 Change
June 25,
2022
June 26,
2021 Change
Net sales by category:
iPhone (1) $ 40,665 $ 39,570 3 % $ 162,863 $ 153,105 6 %
Mac (1) 7,382 8,235 (10) % 28,669 26,012 10 %
iPad (1) 7,224 7,368 (2) % 22,118 23,610 (6) %
Wearables, Home and Accessories (1)(2) 8,084 8,775 (8) % 31,591 29,582 7 %
Services (3) 19,604 17,486 12 % 58,941 50,148 18 %
Total net sales $ 82,959 $ 81,434 2 % $ 304,182 $ 282,457 8 %
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod 
mini and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
iPhone
iPhone net sales increased during the third quarter and first nine months of 2022 compared to the same periods in 2021 due 
primarily to higher net sales from the Company’s new iPhone models.
Mac
Mac net sales decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to lower net sales 
of MacBook Air and iMac®, partially offset by higher net sales of MacBook Pro. Year-over-year Mac net sales increased during 
the first nine months of 2022 due primarily to higher net sales of MacBook Pro, partially offset by lower net sales of MacBook Air.
iPad
iPad net sales decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to lower net sales 
of iPad Pro®, partially offset by higher net sales of all other iPad models. Year-over-year iPad net sales decreased during the first 
nine months of 2022 due primarily to lower net sales of the 10-inch version of iPad and iPad Air®, partially offset by higher net 
sales of iPad mini®.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales decreased during the third quarter of 2022 compared to the third quarter of 2021
due primarily to lower net sales of AirPods and Apple Watch. Year-over-year Wearables, Home and Accessories net sales 
increased during the first nine months of 2022 due primarily to higher net sales of Apple Watch and AirPods.
Apple Inc. | Q3 2022 Form 10-Q | 15
Services
Services net sales increased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to higher net 
sales from advertising, cloud services and AppleCare. Year-over-year Services net sales increased during the first nine months 
of 2022 due primarily to higher net sales from advertising, the App Store® and cloud services.
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the 
Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe 
includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong 
and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable 
segments. Although the reportable segments provide similar hardware and software products and similar services, each one is 
managed separately to better align with the location of the Company’s customers and distribution partners and the unique market 
dynamics of each geographic region. Further information regarding the Company’s reportable segments can be found in Part I, 
Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 9, “Segment Information and 
Geographic Data.”
The following table shows net sales by reportable segment for the three- and nine-month periods ended June 25, 2022 and 
June 26, 2021 (dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021 Change
June 25,
2022
June 26,
2021 Change
Net sales by reportable segment:
Americas $ 37,472 $ 35,870 4 % $ 129,850 $ 116,486 11 %
Europe 19,287 18,943 2 % 72,323 68,513 6 %
Greater China 14,604 14,762 (1) % 58,730 53,803 9 %
Japan 5,446 6,464 (16) % 20,277 22,491 (10) %
Rest of Asia Pacific 6,150 5,395 14 % 23,002 21,164 9 %
Total net sales $ 82,959 $ 81,434 2 % $ 304,182 $ 282,457 8 %
Americas
Americas net sales increased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to higher net 
sales of Services and iPhone, partially offset by lower net sales of Mac and Wearables, Home and Accessories. Year-over-year 
Americas net sales increased during the first nine months of 2022 due primarily to higher net sales of iPhone, Services and 
Wearables, Home and Accessories.
Europe
Europe net sales increased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to higher net 
sales of iPhone, partially offset by lower net sales of Mac. Year-over-year Europe net sales increased during the first nine 
months of 2022 due primarily to higher net sales of Services and iPhone. The weakness in foreign currencies relative to the U.S. 
dollar had a net unfavorable impact on Europe net sales during the third quarter and first nine months of 2022.
Greater China
Greater China net sales decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to lower 
net sales of iPhone, partially offset by higher net sales of Services. Year-over-year Greater China net sales increased during the 
first nine months of 2022 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to 
the U.S. dollar had an unfavorable impact on Greater China net sales during the third quarter of 2022. The strength of the 
renminbi relative to the U.S. dollar had a favorable impact on Greater China net sales during the first nine months of 2022.
Japan
Japan net sales decreased during the third quarter and first nine months of 2022 compared to the same periods in 2021 due 
primarily to lower net sales of iPhone and iPad. The weakness of the yen relative to the U.S. dollar had an unfavorable impact on 
Japan net sales during the third quarter and first nine months of 2022.
Apple Inc. | Q3 2022 Form 10-Q | 16
Rest of Asia Pacific
Rest of Asia Pacific net sales increased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to 
higher net sales of iPhone and Services. Year-over-year Rest of Asia Pacific net sales increased during the first nine months of 
2022 due primarily to higher net sales of Services, iPhone and Mac. The weakness in foreign currencies relative to the U.S. 
dollar had a net unfavorable impact on Rest of Asia Pacific net sales during the third quarter and first nine months of 2022.
Gross Margin
Products and Services gross margin and gross margin percentage for the three- and nine-month periods ended June 25, 2022
and June 26, 2021 were as follows (dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Gross margin:
Products $ 21,870 $ 23,049 $ 90,157 $ 82,833 
Services 14,015 12,206 42,530 34,829 
Total gross margin $ 35,885 $ 35,255 $ 132,687 $ 117,662 
Gross margin percentage:
Products 34.5% 36.0% 36.8% 35.7% 
Services 71.5% 69.8% 72.2% 69.5% 
Total gross margin percentage 43.3% 43.3% 43.6% 41.7% 
Products Gross Margin
Products gross margin decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to the 
weakness in foreign currencies relative to the U.S. dollar. Year-over-year Products gross margin increased during the first nine 
months of 2022 due primarily to a different Products mix and higher Products volume, partially offset by the weakness in foreign 
currencies relative to the U.S. dollar.
Products gross margin percentage decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily 
to the weakness in foreign currencies relative to the U.S. dollar and a different Products mix. Year-over-year Products gross 
margin percentage increased during the first nine months of 2022 due primarily to a different Products mix.
Services Gross Margin
Services gross margin increased during the third quarter and first nine months of 2022 compared to the same periods in 2021 
due primarily to higher Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar.
Services gross margin percentage increased during the third quarter and first nine months of 2022 compared to the same 
periods in 2021 due primarily to improved leverage and a different Services mix, partially offset by the weakness in foreign 
currencies relative to the U.S. dollar and higher Services costs.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2021 Form 
10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility 
and downward pressure.
Apple Inc. | Q3 2022 Form 10-Q | 17
Operating Expenses
Operating expenses for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 were as follows (dollars in 
millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Research and development $ 6,797 $ 5,717 $ 19,490 $ 16,142 
Percentage of total net sales 8% 7% 6% 6% 
Selling, general and administrative $ 6,012 $ 5,412 $ 18,654 $ 16,357 
Percentage of total net sales 7% 7% 6% 6% 
Total operating expenses $ 12,809 $ 11,129 $ 38,144 $ 32,499 
Percentage of total net sales 15% 14% 13% 12% 
Research and Development
The growth in research and development (“R&D”) expense during the third quarter and first nine months of 2022 compared to the 
same periods in 2021 was driven primarily by increases in headcount-related expenses, engineering program costs and 
professional services. The Company continues to believe that focused investments in R&D are critical to its future growth and 
competitive position in the marketplace, and to the development of new and updated products and services that are central to the 
Company’s core business strategy.
Selling, General and Administrative
The growth in selling, general and administrative expense during the third quarter and first nine months of 2022 compared to the 
same periods in 2021 was driven primarily by increases in headcount-related expenses, advertising and professional services. 
Other Income/(Expense), Net
Other income/(expense), net (“OI&E”) for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 was as 
follows (dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021 Change
June 25,
2022
June 26,
2021 Change
Interest and dividend income $ 722 $ 719 $ 2,072 $ 2,184 
Interest expense (719) (665) (2,104) (1,973) 
Other income/(expense), net (13) 189 (65) 585 
Total other income/(expense), net $ (10) $ 243 (104) % $ (97) $ 796 (112) %
OI&E decreased during the third quarter and first nine months of 2022 compared to the same periods in 2021 due primarily to fair 
value adjustments and realized losses on marketable securities and higher interest expense, partially offset by foreign exchange 
gains.
Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- and nine-month periods ended 
June 25, 2022 and June 26, 2021 were as follows (dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Provision for income taxes $ 3,624 $ 2,625 $ 15,364 $ 11,830 
Effective tax rate 15.7% 10.8% 16.3% 13.8% 
Statutory federal income tax rate 21% 21% 21% 21% 
The Company’s effective tax rate for the third quarter and first nine months of 2022 was lower than the statutory federal income 
tax rate due primarily to a lower effective tax rate on foreign earnings, tax benefits from share-based compensation and the 
impact of the U.S. federal R&D tax credit, partially offset by state income taxes.
Apple Inc. | Q3 2022 Form 10-Q | 18
The Company’s effective tax rate for the third quarter of 2022 was higher compared to the third quarter of 2021 due primarily to a 
higher effective tax rate on foreign earnings and an adjustment to prior years’ foreign-derived intangible income deductions. The 
Company’s effective tax rate for the first nine months of 2022 was higher compared to the same period in 2021 due primarily to a 
higher effective tax rate on foreign earnings, lower tax benefits from share-based compensation, and the impact to U.S. foreign 
tax credits as a result of regulations issued by the U.S. Department of the Treasury in January 2022.
Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, along with cash generated 
by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return 
program over the next 12 months and beyond.
The Company’s contractual cash requirements have not changed materially since the 2021 Form 10-K, except for manufacturing 
purchase obligations.
Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform 
final assembly and testing of finished products. The Company also obtains individual components for its products from a wide 
variety of individual suppliers. Outsourcing partners acquire components and build product based on demand information 
supplied by the Company, which typically covers periods up to 150 days. As of June 25, 2022, the Company had manufacturing 
purchase obligations of $43.1 billion, with $43.0 billion payable within 12 months. The Company’s manufacturing purchase 
obligations are primarily noncancelable.
In addition to its contractual cash requirements, the Company has a share repurchase program authorized by the Board of 
Directors (the “Program”). The Program does not obligate the Company to acquire a minimum amount of shares. As of June 25, 
2022, the Company’s quarterly cash dividend was $0.23 per share. The Company intends to increase its dividend on an annual 
basis, subject to declaration by the Board of Directors.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles 
and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management 
to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Summary of Significant Accounting 
Policies” of the Notes to condensed consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to 
Consolidated Financial Statements in Part II, Item 8 of the 2021 Form 10-K describe the significant accounting policies and 
methods used in the preparation of the Company’s condensed consolidated financial statements. There have been no material 
changes to the Company’s critical accounting estimates since the 2021 Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company’s market risk during the first nine months of 2022. For a discussion of the 
Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and 
Qualitative Disclosures About Market Risk” of the 2021 Form 10-K.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal 
executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined 
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) were effective 
as of June 25, 2022 to provide reasonable assurance that information required to be disclosed by the Company in reports that it 
files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in 
the SEC rules and forms and (ii)  accumulated and communicated to the Company’s management, including its principal 
executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the third quarter of 2022, which were 
identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the 
Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over 
financial reporting.
Apple Inc. | Q3 2022 Form 10-Q | 19
PART II — OTHER INFORMATION
Item 1. Legal Proceedings
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “Northern California 
District Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law 
based upon the Company’s operation of its App Store. The Company filed a counterclaim for breach of contract. On September 
10, 2021, the Northern California District Court ruled in favor of the Company with respect to nine out of the ten counts included 
in Epic’s claim, and in favor of the Company with respect to the Company’s claims for breach of contract. The Northern California 
District Court found that certain provisions of the Company’s App Store Review Guidelines violate California’s unfair competition 
law and issued an injunction. Epic appealed the decision. The Company filed a cross-appeal and has been granted a stay 
pending the appeal.
Other Legal Proceedings
The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the 
ordinary course of business. The Company settled certain matters during the third quarter of 2022 that did not individually or in 
the aggregate have a material impact on the Company’s financial condition or operating results. The outcome of litigation is 
inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above 
management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially 
adversely affected.
Item 1A. Risk Factors
The Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s stock, 
can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the 
2021 Form 10-K under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, the 
Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s stock, can 
be materially and adversely affected. There have been no material changes to the Company’s risk factors since the 2021 Form 
10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended June 25, 2022 was as follows (in millions, except number of shares, 
which are reflected in thousands, and per share amounts):
Periods
Total Number
of Shares 
Purchased
Average 
Price
Paid Per 
Share
Total Number 
of Shares
Purchased as 
Part of Publicly
Announced 
Plans or 
Programs
Approximate 
Dollar Value of
Shares That May 
Yet Be Purchased
Under the Plans 
or Programs (1)
March 27, 2022 to April 30, 2022:
Open market and privately negotiated purchases 50,578 $ 168.06 50,578 
May 1, 2022 to May 28, 2022:
Open market and privately negotiated purchases 42,069 $ 148.45 42,069 
May 29, 2022 to June 25, 2022:
Open market and privately negotiated purchases 50,027 $ 139.06 50,027 
Total 142,674 $ 85,877 
(1) On April 28, 2022, the Board of Directors authorized the purchase of an additional $90 billion of the Company’s common 
stock under the Program. As of June 25, 2022, total utilization under the April 2022 authorization was $4.1 billion. During the 
third quarter of 2022, the Company also utilized the final $17.6 billion under the $90 billion Program authorization approved 
in April 2021. The Program does not obligate the Company to acquire a minimum amount of shares. Under the Program, 
shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with 
Rule 10b5-1 under the Exchange Act.
Apple Inc. | Q3 2022 Form 10-Q | 20
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the three months ended June 25, 2022, Katherine L. Adams, Timothy D. Cook, Luca Maestri, Deirdre O’Brien and Jeffrey 
Williams, each an officer for purposes of Section 16 of the Exchange Act, had equity trading plans in place in accordance with 
Rule 10b5-1(c)(1) under the Exchange Act. An equity trading plan is a written document that preestablishes the amounts, prices 
and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, 
including sales of shares acquired under the Company’s employee and director equity plans.
Item 6. Exhibits
Incorporated by Reference
Exhibit
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
32.1** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
101* Inline XBRL Document Set for the condensed consolidated financial statements 
and accompanying notes in Part I, Item 1, “Financial Statements” of this 
Quarterly Report on Form 10-Q.
104* Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in 
the Exhibit 101 Inline XBRL Document Set.
* Filed herewith.
** Furnished herewith.
Apple Inc. | Q3 2022 Form 10-Q | 21
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on 
its behalf by the undersigned thereunto duly authorized.
Date: July 28, 2022 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q3 2022 Form 10-Q | 22
Exhibit 31.1
CERTIFICATION
I, Timothy D. Cook, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: July 28, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer
Exhibit 31.2
CERTIFICATION
I, Luca Maestri, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: July 28, 2022
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Exhibit 32.1
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Timothy D. Cook, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended June 25, 2022 fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: July 28, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer
I, Luca Maestri, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended June 25, 2022 fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: July 28, 2022
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
A signed original of this written statement required by Section 906 has been provided to Apple Inc. and will be retained by Apple 
Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
10-Q Q3 2022, 06.25.2022-2022-07-28-10-19
https://s2.q4cdn.com/470004039/files/doc_financials/2022/q3/_10-Q-Q3-2022-(As-Filed).pdf
None
2024-08-13T00:12:34Z
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                        <span>PRESS RELEASE</span>
                    
                    
                        <span>August 3, 2023</span>
                    
                    
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        Apple reports third quarter results
    

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                    Services revenue reaches new all-time high <p>
Installed base of active devices sets all-time record
                
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                 <div><span>CUPERTINO, CALIFORNIA</span> Apple today announced financial results for its fiscal 2023 third quarter ended July 1, 2023. The Company posted quarterly revenue of $81.8 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.26, up 5 percent year over year. 
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                 <div>“We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Tim Cook, Apple’s CEO. “From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”
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                 <div>“Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”
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                 <div>Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on August 17, 2023 to shareholders of record as of the close of business on August 14, 2023.
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                 <div>Apple will provide live streaming of its Q3 2023 financial results conference call beginning at 2:00 p.m. PT on August 3, 2023 at <a href="http://apple.com/investor/earnings-call">apple.com/investor/earnings-call</a>. The webcast will be available for replay for approximately two weeks thereafter.
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                    <p>Consolidated Financial Statements</p>
                    
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        PRESS RELEASE August 3, 2023

      Apple reports third quarter results

      Services revenue reaches new all-time high

      Installed base of active devices sets all-time record
          * 
          * 
          * 
          * 
      CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2023 third quarter ended July 1, 2023. The Company posted quarterly revenue of $81.8 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.26, up 5 percent year over year.
      “We are happy to report that we had an all-time revenue record in Services during the June quarter, driven by over 1 billion paid subscriptions, and we saw continued strength in emerging markets thanks to robust sales of iPhone,” said Tim Cook, Apple’s CEO. “From education to the environment, we are continuing to advance our values, while championing innovation that enriches the lives of our customers and leaves the world better than we found it.”
      “Our June quarter year-over-year business performance improved from the March quarter, and our installed base of active devices reached an all-time high in every geographic segment,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated very strong operating cash flow of $26 billion, returned over $24 billion to our shareholders, and continued to invest in our long-term growth plans.”
      Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on August 17, 2023 to shareholders of record as of the close of business on August 14, 2023.
      Apple will provide live streaming of its Q3 2023 financial results conference call beginning at 2:00 p.m. PT on August 3, 2023 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
      Share article
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        * Consolidated Financial Statements

            View PDF

    Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

    This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

    About Apple

    Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

    Press Contact

        Apple Media Helpline

        media.help@apple.com

    © 2023 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

  Apple Newsroom

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  direct from Apple.

  Read more

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Apple reports third quarter results
https://www.apple.com/newsroom/2023/08/apple-reports-third-quarter-results/
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                        <span>PRESS RELEASE</span>
                    
                    
                        <span>February 1, 2024</span>
                    
                    
                </div>

        <div>
                
                
                
                    <h2>
                        
    
        Apple reports first quarter results
    

                    </h2>
                
            </div>

        <div>
                
                
                    Services revenue reaches new all-time record<p>
EPS up 16 percent to new all-time high
                
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        <div>
             
                 <div><span>CUPERTINO, CALIFORNIA</span> Apple today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year.
</div>
                 
             
                 <div>“Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.”
</div>
                 
             
                 <div>“Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans.”
</div>
                 
             
                 <div>Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on February 15, 2024 to shareholders of record as of the close of business on February 12, 2024.
</div>
                 
             
                 <div>Based on the Company’s fiscal calendar, the Company’s fiscal 2024 first quarter had 13 weeks, while the Company’s fiscal 2023 first quarter had 14 weeks.
</div>
                 
             
                 <div>Apple will provide live streaming of its Q1 2024 financial results conference call beginning at 2:00 p.m. PT on February 1, 2024 at <a href="https://www.apple.com/investor/earnings-call/">apple.com/investor/earnings-call</a>. The webcast will be available for replay for approximately two weeks thereafter.
</div>
                 
             
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        <ul>
			
			<li>
                
                <div>
                    <p>Consolidated Financial Statements</p>
                    
                </div>
            </li>

        </ul>
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    <div>
            © 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

        </div>













</article>



</section>
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</div>||||I||||        * Apple
              * 
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        * 
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    Newsroom
          * 
          * Apple Stories
          Open Newsroom navigation Close Newsroom navigation
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opens in new window
        PRESS RELEASE February 1, 2024

      Apple reports first quarter results

      Services revenue reaches new all-time record

      EPS up 16 percent to new all-time high
          * 
          * 
          * 
          * 
      CUPERTINO, CALIFORNIA Apple today announced financial results for its fiscal 2024 first quarter ended December 30, 2023. The Company posted quarterly revenue of $119.6 billion, up 2 percent year over year, and quarterly earnings per diluted share of $2.18, up 16 percent year over year.
      “Today Apple is reporting revenue growth for the December quarter fueled by iPhone sales, and an all-time revenue record in Services,” said Tim Cook, Apple’s CEO. “We are pleased to announce that our installed base of active devices has now surpassed 2.2 billion, reaching an all-time high across all products and geographic segments. And as customers begin to experience the incredible Apple Vision Pro tomorrow, we are committed as ever to the pursuit of groundbreaking innovation — in line with our values and on behalf of our customers.”
      “Our December quarter top-line performance combined with margin expansion drove an all-time record EPS of $2.18, up 16 percent from last year,” said Luca Maestri, Apple’s CFO. “During the quarter, we generated nearly $40 billion of operating cash flow, and returned almost $27 billion to our shareholders. We are confident in our future, and continue to make significant investments across our business to support our long-term growth plans.”
      Apple’s board of directors has declared a cash dividend of $0.24 per share of the Company’s common stock. The dividend is payable on February 15, 2024 to shareholders of record as of the close of business on February 12, 2024.
      Based on the Company’s fiscal calendar, the Company’s fiscal 2024 first quarter had 13 weeks, while the Company’s fiscal 2023 first quarter had 14 weeks.
      Apple will provide live streaming of its Q1 2024 financial results conference call beginning at 2:00 p.m. PT on February 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
      Share article
          * 
          * 
          * 
          * 

    Media

        * Consolidated Financial Statements

            View PDF

    Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

    This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

    About Apple

    Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

    Press Contact

        Apple Media Helpline

        media.help@apple.com

    © 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

  Apple Newsroom

  The latest news and updates,
  direct from Apple.

  Read more

    Apple Footer

     Apple
       1. Newsroom
       2. Apple reports first quarter results

        Shop and Learn Shop and Learn

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        For Business For Business

          * Apple and Business
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        For Education For Education

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          * Shop for College

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        For Government For Government

          * Shop for Government
          * Shop for Veterans and Military

        Apple Values Apple Values

          * Accessibility
          * Education
          * Environment
          * Inclusion and Diversity
          * Privacy
          * Racial Equity and Justice
          * Supply Chain

        About Apple About Apple

          * Newsroom
          * Apple Leadership
          * Career Opportunities
          * Investors
          * Ethics & Compliance
          * Events
          * Contact Apple
      More ways to shop: Find an Apple Store or other retailer near you. Or call 1-800-MY-APPLE.
      United States
        Copyright © 2024 Apple Inc. All rights reserved.
        * Privacy Policy
        * Terms of Use
        * Sales and Refunds
        * Legal
        * Site Map
Apple reports first quarter results
https://www.apple.com/newsroom/2024/02/apple-reports-first-quarter-results/