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COMBINED FINANCIALS - 2023 PDF FILES
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FILE: 2023 Q1/Apple reports first quarter results - Apple.pdf
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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
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, Appleʼs 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, Appleʼs 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.”
Appleʼs board of directors has declared a cash dividend of $0.23 per share of the
Companyʼs 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 2W00 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.
Share article
Consolidated Financial Statements
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 Companyʼs
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 Companyʼs business, reputation, results of operations, financial condition,
and stock price is included in the Companyʼs filings with the SEC, including in the “Risk Factors” and “Managementʼs
Discussion and Analysis of Financial Condition and Results of Operations” sections of the Companyʼs 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. Appleʼs 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. Appleʼs more than 100,000
employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
© 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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FILE: 2023 Q1/FY23_Q1_Consolidated_Financial_Statements.pdf
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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)  Three Months Ended  December 31, 2022  December 25, 2021 Net sales:       Products /dollarsign 96,388   /dollarsign 104,429     Services  20,766    19,516  Total  net  sal es (1)  117,154    123,945  Cost of sales:       Products  60,765    64,309     Services  6,057    5,393  Total  cost  of  sal es  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  operat i ng 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 /dollarsign 29,998   /dollarsign 34,630      Earnings per share:    Basic /dollarsign 1.89   /dollarsign 2.11  Diluted /dollarsign 1.88   /dollarsign 2.10  Shares used in computing earnings per share:    Basic  15,892,723    16,391,724  Diluted  15,955,718    16,519,291      (1) Net sales by reportable segment:    Americas /dollarsign 49,278   /dollarsign 51,496  Europe  27,681    29,749  Greater China  23,905    25,783  Japan  6,755    7,107  Rest of Asia Pacific  9,535    9,810  Total  net  sal es /dollarsign 117,154   /dollarsign 123,945      (1) Net sales by category:    iPhone /dollarsign 65,775   /dollarsign 71,628  Mac  7,735    10,852  iPad  9,396    7,248  Wearables, Home and Accessories  13,482    14,701  Services  20,766    19,516  Total  net  sal es /dollarsign 117,154   /dollarsign 123,945  

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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 /dollarsign 20,535   /dollarsign 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  cur rent  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 /dollarsign 346,747   /dollarsign 352,755      LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities:    Accounts payable /dollarsign 57,918   /dollarsign 64,115  Other current liabilities  59,893    60,845  Deferred revenue  7,992    7,912  Commercial paper  1,743    9,982  Ter m debt  9,740    11,128  Total  cur rent  l i abi l i t i es  137,286    153,982      Non-current liabilities:    Ter m debt  99,627    98,959  Other non-current liabilities  53,107    49,142  Total  non-current liabilities  152,734    148,101  Total  l i abi l i t i es  290,020    302,083      Commitments and contingencies        Shareholders’ equity:    Common stock and additional paid-in capital, /dollarsign0.00001 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  sharehol ders’  equi t y  56,727    50,672  Total  l i abi l i t i es and sharehol ders’  equi t y /dollarsign 346,747   /dollarsign 352,755  

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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 /dollarsign 24,977  /dollarsign 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 /dollarsign 21,974  /dollarsign 38,630 Supplemental cash flow disclosure:    Cash paid for income taxes, net /dollarsign 828  /dollarsign 5,235 Cash paid for interest /dollarsign 703  /dollarsign 531  

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FILE: 2023 Q1/_10-Q-Q1-2023-(As-Filed).pdf
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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  ☐

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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.

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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 non-
current 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 non-
current 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 credit-
financing 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

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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

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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

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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

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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

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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

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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

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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

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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

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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

--- Page 23 ---

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

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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

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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 20 22 Employee 
Stock Plan effective as of September 25, 2022.
10.2* Form of CEO Performance Award Agreement under 20 22 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

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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

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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

--- Page 28 ---

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.
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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 Tax-
Related 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

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(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

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(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; 
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(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

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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

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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

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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.
Y ou 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

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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.
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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 Tax-
Related 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 one-
half (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

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(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

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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 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 
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

--- Page 40 ---

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

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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

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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 
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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

--- Page 44 ---

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

--- Page 45 ---

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

--- Page 46 ---

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.

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--- Page 1 ---

PRESS RELEASE
May 4, 2023
Apple reports second quarter
results
Services revenue reaches new all-time high
iPhone revenue sets March quarter record
CUPERTINO, CALIFORNIA — Apple today announced financial results for its fiscal
2023 second quarter ended April 1, 2023. The Company posted quarterly
revenue of $94.8 billion, down 3 percent year over year, and quarterly earnings
per diluted share of $1.52, unchanged year over year.
“We are pleased to report an all-time record in Services and a March quarter
record for iPhone despite the challenging macroeconomic environment, and to
have our installed base of active devices reach an all-time high,” said Tim Cook,
Appleʼs CEO. “We continue to invest for the long term and lead with our values,
including making major progress toward building carbon neutral products and
supply chains by 2030.”
“Our year-over-year business performance improved compared to the December
quarter, and we generated strong operating cash flow of $28.6 billion while
returning over $23 billion to shareholders during the quarter,” said Luca Maestri,
Appleʼs CFO. “Given our confidence in Appleʼs future and the value we see in our
stock, our Board has authorized an additional $90 billion for share repurchases.
We are also raising our quarterly dividend for the eleventh year in a row.”
Appleʼs board of directors has declared a cash dividend of $0.24 per share of the
Companyʼs common stock, an increase of 4 percent. The dividend is payable on
May 18, 2023 to shareholders of record as of the close of business on May 15,
2023. The board of directors has also authorized an additional program to
repurchase up to $90 billion of the Companyʼs common stock.
Apple will provide live streaming of its Q2 2023 financial results conference call
beginning at 2Z00 p.m. PT on May 4, 2023 at apple.com/investor/earnings-call .
The webcast will be available for replay for approximately two weeks thereafter.
Share article
Consolidated Financial Statements
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 Companyʼs plans for return
of capital, the payment of its quarterly dividend, its installed base growth, and its investment plans and environmental
initiatives. 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 Companyʼs business, reputation, results of
operations, financial condition, and stock price is included in the Companyʼs filings with the SEC, including in the
“Risk Factors” and “Managementʼs Discussion and Analysis of Financial Condition and Results of Operations”
sections of the Companyʼs 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. Appleʼs 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. Appleʼs more than 100,000
employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
© 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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FILE: 2023 Q2/FY23_Q2_Consolidated_Financial_Statements.pdf
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--- Page 1 ---

  
 
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  April 1, 2023  March 26, 2022  April 1, 2023  March 26, 2022 Net sales:           Products /dollarsign 73,929   /dollarsign 77,457   /dollarsign 170,317   /dollarsign 181,886     Services  20,907    19,821    41,673    39,337  Total  net  sal es (1)  94,836    97,278    211,990    221,223  Cost of sales:           Products  46,795    49,290    107,560    113,599     Services  6,065    5,429    12,122    10,822  Total  cost  of  sal es  52,860    54,719    119,682    124,421  Gross margin  41,976    42,559    92,308    96,802          Operating expenses:        Research and development  7,457    6,387    15,166    12,693  Selling, general and administrative  6,201    6,193    12,808    12,642  Total  operat i ng expenses  13,658    12,580    27,974    25,335          Operating income  28,318    29,979    64,334    71,467  Other income/(expense), net  64    160    (329)  (87) Income before provision for income taxes  28,382    30,139    64,005    71,380  Provision for income taxes  4,222    5,129    9,847     11,740  Net income /dollarsign 24,160   /dollarsign 25,010   /dollarsign 54,158   /dollarsign 59,640          Earnings per share:        Basic /dollarsign 1.53   /dollarsign 1.54   /dollarsign 3.42   /dollarsign 3.65  Diluted /dollarsign 1.52   /dollarsign 1.52   /dollarsign 3.41   /dollarsign 3.62  Shares used in computing earnings per share:        Basic  15,787,154    16,278,802    15,839,939    16,335,263  Diluted  15,847,050    16,403,316    15,901,384    16,461,304          (1) Net sales by reportable segment:        Americas /dollarsign  37,784   /dollarsign 40,882   /dollarsign 87,062   /dollarsign 92,378  Europe  23,945    23,287    51,626    53,036  Greater China    17,812    18,343     41,717    44,126  Japan   7,176    7,724    13,931    14,831  Rest of Asia Pacific   8,119    7,042    17,654    16,852  Total  net  sal es /dollarsign 94,836   /dollarsign 97,278   /dollarsign 211,990   /dollarsign 221,223          (1) Net sales by category:        iPhone /dollarsign 51,334   /dollarsign 50,570   /dollarsign 117,109   /dollarsign 122,198  Mac   7,168    10,435    14,903    21,287  iPad  6,670    7,646    16,066    14,894  Wearables, Home and Accessories  8,757    8,806    22,239    23,507  Services  20,907    19,821    41,673    39,337  Total  net  sal es /dollarsign 94,836   /dollarsign 97,278   /dollarsign 211,990   /dollarsign 221,223   

--- Page 2 ---

  
 
Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value)   April 1, 2023  September 24, 2022 ASSETS: Current assets:    Cash and cash equivalents /dollarsign 24,687   /dollarsign 23,646  Marketable securities  31,185    24,658  Accounts receivable, net  17,936    28,184  Inventories  7,482    4,946  Vendor non-trade receivables  17,963    32,748  Other current assets  13,660    21,223  Total  cur rent  assets  112,913    135,405      Non-current assets:    Marketable securities  110,461    120,805  Property, plant and equipment, net  43,398    42,117  Other non-current assets  65,388    54,428  Total  non-current assets  219,247    217,350  Total  assets /dollarsign 332,160   /dollarsign 352,755      LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities:    Accounts payable /dollarsign 42,945   /dollarsign 64,115  Other current liabilities  56,425    60,845  Deferred revenue  8,131    7,912  Commercial paper  1,996    9,982  Ter m debt  10,578    11,128  Total  cur rent  l i abi l i t i es  120,075    153,982      Non-current liabilities:    Ter m debt  97,041    98,959  Other non-current liabilities  52,886    49,142  Total  non-current liabilities  149,927    148,101  Total  l i abi l i t i es  270,002    302,083      Commitments and contingencies        Shareholders’ equity:    Common stock and additional paid-in capital, /dollarsign0.00001 par value: 50,400,000 shares authorized; 15,723,406 and 15,943,425 shares issued and outstanding, respectively  69,568    64,849  Retained earnings/(Accumulated deficit)  4,336    (3,068) Accumulated other comprehensive income/(loss)  (11,746)   (11,109) Total  sharehol ders’  equi t y  62,158    50,672  Total  l i abi l i t i es and sharehol ders’  equi t y /dollarsign 332,160   /dollarsign 352,755   

--- Page 3 ---

  
 
Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)   Six Months Ended  April 1, 2023  March 26, 2022 Cash, cash equivalents and restricted cash, beginning balances /dollarsign 24,977   /dollarsign 35,929      Operating activities:    Net income  54,158    59,640  Adjustments to reconcile net income to cash generated by operating activities:    Depreciation and amortization  5,814    5,434  Share-based compensation expense  5,591    4,517  Other  (1,732)   1,068  Changes in operating assets and liabilities:    Accounts receivable, net  9,596    5,542  Inventories  (2,548)   1,065  Vendor non-trade receivables  14,785    643  Other current and non-current assets  (4,092)   (3,542) Accounts payable  (20,764)   (1,750) Other current and non-current liabilities  1,757    2,515  Cash generated by operating activities  62,565    75,132      Investing activities:    Purchases of marketable securities  (11,197)   (61,987) Proceeds from maturities of marketable securities  17,124    18,000  Proceeds from sales of marketable securities  1,897    24,668  Payments for acquisition of property, plant and equipment  (6,703)   (5,317) Other  (247)   (735) Cash generated by/(used in) investing activities  874    (25,371)     Financing activities:    Payments for taxes related to net share settlement of equity awards  (2,734)   (3,218) Payments for dividends and dividend equivalents  (7,418)   (7,327) Repurchases of common stock  (39,069)   (43,109) Repayments of term debt  (3,651)   (3,750) Proceeds from/(Repayments of) commercial paper, net  (7,960)   999  Other  (455)   (105) Cash used in financing activities  (61,287)   (56,510)     Increase/(Decrease) in cash, cash equivalents and restricted cash  2,152    (6,749) Cash, cash equivalents and restricted cash, ending balances /dollarsign 27,129   /dollarsign 29,180      Supplemental cash flow disclosure:    Cash paid for income taxes, net /dollarsign 4,894   /dollarsign 9,301  Cash paid for interest /dollarsign 1,873   /dollarsign 1,406   

================================================================================

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================================================================================


--- Page 1 ---

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 April 1, 2023
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  ☐

--- Page 2 ---

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  ☒
15,728,702,000 shares of common stock were issued and outstanding as of April 21, 2023.

--- Page 3 ---

Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended April 1, 2023 
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

--- Page 4 ---

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 Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Net sales:
   Products $ 73,929 $ 77,457 $ 170,317 $ 181,886 
   Services  20,907  19,821  41,673  39,337 
Total net sales  94,836  97,278  211,990  221,223 
Cost of sales:
   Products  46,795  49,290  107,560  113,599 
   Services  6,065  5,429  12,122  10,822 
Total cost of sales  52,860  54,719  119,682  124,421 
Gross margin  41,976  42,559  92,308  96,802 
Operating expenses:
Research and development  7,457  6,387  15,166  12,693 
Selling, general and administrative  6,201  6,193  12,808  12,642 
Total operating expenses  13,658  12,580  27,974  25,335 
Operating income  28,318  29,979  64,334  71,467 
Other income/(expense), net  64  160  (329)  (87) 
Income before provision for income taxes  28,382  30,139  64,005  71,380 
Provision for income taxes  4,222  5,129  9,847  11,740 
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640 
Earnings per share:
Basic $ 1.53 $ 1.54 $ 3.42 $ 3.65 
Diluted $ 1.52 $ 1.52 $ 3.41 $ 3.62 
Shares used in computing earnings per share:
Basic  15,787,154  16,278,802  15,839,939  16,335,263 
Diluted  15,847,050  16,403,316  15,901,384  16,461,304 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 Form 10-Q | 1

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (95)  (21)  (109)  (381) 
Change in unrealized gains/losses on derivative 
instruments, net of tax:
Change in fair value of derivative instruments  (13)  334  (1,001)  696 
Adjustment for net (gains)/losses realized and included 
in net income  (191)  (301)  (1,957)  (208) 
Total change in unrealized gains/losses on 
derivative instruments  (204)  33  (2,958)  488 
Change in unrealized gains/losses on marketable debt 
securities, net of tax:
Change in fair value of marketable debt securities  1,403  (5,633)  2,303  (6,809) 
Adjustment for net (gains)/losses realized and included 
in net income  62  54  127  45 
Total change in unrealized gains/losses on 
marketable debt securities  1,465  (5,579)  2,430  (6,764) 
Total other comprehensive income/(loss)  1,166  (5,567)  (637)  (6,657) 
Total comprehensive income $ 25,326 $ 19,443 $ 53,521 $ 52,983 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 Form 10-Q | 2

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Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
April 1,
2023
September 24,
2022
ASSETS:
Current assets:
Cash and cash equivalents $ 24,687 $ 23,646 
Marketable securities  31,185  24,658 
Accounts receivable, net  17,936  28,184 
Inventories  7,482  4,946 
Vendor non-trade receivables  17,963  32,748 
Other current assets  13,660  21,223 
Total current assets  112,913  135,405 
Non-current assets:
Marketable securities  110,461  120,805 
Property, plant and equipment, net  43,398  42,117 
Other non-current assets  65,388  54,428 
Total non-current assets  219,247  217,350 
Total assets $ 332,160 $ 352,755 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 42,945 $ 64,115 
Other current liabilities  56,425  60,845 
Deferred revenue  8,131  7,912 
Commercial paper  1,996  9,982 
Term debt  10,578  11,128 
Total current liabilities  120,075  153,982 
Non-current liabilities:
Term debt  97,041  98,959 
Other non-current liabilities  52,886  49,142 
Total non-current liabilities  149,927  148,101 
Total liabilities  270,002  302,083 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 15,723,406 and 15,943,425 shares issued and outstanding, respectively  69,568  64,849 
Retained earnings/(Accumulated deficit)  4,336  (3,068) 
Accumulated other comprehensive income/(loss)  (11,746)  (11,109) 
Total shareholders’ equity  62,158  50,672 
Total liabilities and shareholders’ equity $ 332,160 $ 352,755 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 Form 10-Q | 3

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per share amounts)
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Total shareholders’ equity, beginning balances $ 56,727 $ 71,932 $ 50,672 $ 63,090 
Common stock and additional paid-in capital:
Beginning balances  66,399  58,424  64,849  57,365 
Common stock issued  690  593  690  593 
Common stock withheld related to net share settlement 
of equity awards  (281)  (149)  (1,715)  (1,412) 
Share-based compensation  2,760  2,313  5,744  4,635 
Ending balances  69,568  61,181  69,568  61,181 
Retained earnings/(Accumulated deficit):
Beginning balances  3,240  14,435  (3,068)  5,562 
Net income  24,160  25,010  54,158  59,640 
Dividends and dividend equivalents declared  (3,684)  (3,633)  (7,396)  (7,298) 
Common stock withheld related to net share settlement 
of equity awards  (152)  (190)  (1,130)  (1,920) 
Common stock repurchased  (19,228)  (22,910)  (38,228)  (43,272) 
Ending balances  4,336  12,712  4,336  12,712 
Accumulated other comprehensive income/(loss):
Beginning balances  (12,912)  (927)  (11,109)  163 
Other comprehensive income/(loss)  1,166  (5,567)  (637)  (6,657) 
Ending balances  (11,746)  (6,494)  (11,746)  (6,494) 
Total shareholders’ equity, ending balances $ 62,158 $ 67,399 $ 62,158 $ 67,399 
Dividends and dividend equivalents declared per share or RSU $ 0.23 $ 0.22 $ 0.46 $ 0.44 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 Form 10-Q | 4

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
April 1,
2023
March 26,
2022
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929 
Operating activities:
Net income  54,158  59,640 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  5,814  5,434 
Share-based compensation expense  5,591  4,517 
Other  (1,732)  1,068 
Changes in operating assets and liabilities:
Accounts receivable, net  9,596  5,542 
Inventories  (2,548)  1,065 
Vendor non-trade receivables  14,785  643 
Other current and non-current assets  (4,092)  (3,542) 
Accounts payable  (20,764)  (1,750) 
Other current and non-current liabilities  1,757  2,515 
Cash generated by operating activities  62,565  75,132 
Investing activities:
Purchases of marketable securities  (11,197)  (61,987) 
Proceeds from maturities of marketable securities  17,124  18,000 
Proceeds from sales of marketable securities  1,897  24,668 
Payments for acquisition of property, plant and equipment  (6,703)  (5,317) 
Other  (247)  (735) 
Cash generated by/(used in) investing activities  874  (25,371) 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (2,734)  (3,218) 
Payments for dividends and dividend equivalents  (7,418)  (7,327) 
Repurchases of common stock  (39,069)  (43,109) 
Repayments of term debt  (3,651)  (3,750) 
Proceeds from/(Repayments of) commercial paper, net  (7,960)  999 
Other  (455)  (105) 
Cash used in financing activities  (61,287)  (56,510) 
Increase/(Decrease) in cash, cash equivalents and restricted cash  2,152  (6,749) 
Cash, cash equivalents and restricted cash, ending balances $ 27,129 $ 29,180 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 4,894 $ 9,301 
Cash paid for interest $ 1,873 $ 1,406 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 Form 10-Q | 5

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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- and six-month periods ended 
April 1, 2023 and March 26, 2022 (net income in millions and shares in thousands):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Numerator:
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640 
Denominator:
Weighted-average basic shares outstanding  15,787,154  16,278,802  15,839,939  16,335,263 
Effect of dilutive securities  59,896  124,514  61,445  126,041 
Weighted-average diluted shares  15,847,050  16,403,316  15,901,384  16,461,304 
Basic earnings per share $ 1.53 $ 1.54 $ 3.42 $ 3.65 
Diluted earnings per share $ 1.52 $ 1.52 $ 3.41 $ 3.62 
Approximately 48 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the 
six months ended April 1, 2023 because their effect would have been antidilutive.
Apple Inc. | Q2 2023 Form 10-Q | 6

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Note 2 – Revenue
Net sales disaggregated by significant products and services for the three- and six-month periods ended April 1, 2023  and 
March 26, 2022 were as follows (in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
iPhone® $ 51,334 $ 50,570 $ 117,109 $ 122,198 
Mac®  7,168  10,435  14,903  21,287 
iPad®  6,670  7,646  16,066  14,894 
Wearables, Home and Accessories  8,757  8,806  22,239  23,507 
Services  20,907  19,821  41,673  39,337 
Total net sales $ 94,836 $ 97,278 $ 211,990 $ 221,223 
Total net sales include $3.5 billion of revenue recognized in the three months ended April 1, 2023 that was included in deferred 
revenue as of December  31, 2022, $3.0 billion  of revenue recognized in the three months ended March  26, 2022 that was 
included in deferred revenue as of December 25, 2021, $5.5 billion of revenue recognized in the six months ended April 1, 2023 
that was included in deferred revenue as of September 24, 2022, and $4.8 billion of revenue recognized in the six months ended 
March 26, 2022 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 10, “Segment Information and Geographic Data” for the three- and six-month periods ended April 1, 2023  and March 26, 
2022, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of April  1, 2023  and September  24, 2022 , the Company had total deferred revenue of $12.5 billion  and $12.4  billion, 
respectively. As of April 1, 2023 , the Company expects 65% of total deferred revenue to be realized in less than a year, 26% 
within one-to-two years, 7% within two-to-three years and 2% in greater than three years.
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 April 1, 2023 and September 24, 2022 (in millions):
April 1, 2023
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 20,050 $ — $ — $ 20,050 $ 20,050 $ — $ — 
Level 1 (1): 
Money market funds  1,656  —  —  1,656  1,656  —  — 
Mutual funds  345  5  (26)  324  —  324  — 
Subtotal  2,001  5  (26)  1,980  1,656  324  — 
Level 2 (2):
U.S. Treasury securities  22,754  1  (1,262)  21,493  9  8,002  13,482 
U.S. agency securities  5,743  —  (538)  5,205  —  199  5,006 
Non-U.S. government securities  17,380  20  (961)  16,439  —  10,222  6,217 
Certificates of deposit and time deposits  2,999  —  —  2,999  2,881  118  — 
Commercial paper  271  —  —  271  —  271  — 
Corporate debt securities  82,802  32  (6,049)  76,785  91  11,676  65,018 
Municipal securities  790  —  (20)  770  —  257  513 
Mortgage- and asset-backed securities  22,438  9  (2,106)  20,341  —  116  20,225 
Subtotal  155,177  62  (10,936)  144,303  2,981  30,861  110,461 
Total (3) $ 177,228 $ 67 $ (10,962) $ 166,333 $ 24,687 $ 31,185 $ 110,461 
Apple Inc. | Q2 2023 Form 10-Q | 7

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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 April 1, 2023 and September 24, 2022, total marketable securities included $13.1 billion and $12.7 billion, respectively, 
that were restricted from general use, related to the State Aid Decision (refer to Note 5, “ Income Taxes ”) and other 
agreements.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
April 1, 2023 (in millions):
Due after 1 year through 5 years $ 81,352 
Due after 5 years through 10 years  11,928 
Due after 10 years  17,181 
Total fair value $ 110,461 
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 April 1, 2023 , 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 19 years.
Apple Inc. | Q2 2023 Form 10-Q | 8

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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 April 1, 2023 and September 24, 2022 were as 
follows (in millions):
April 1,
2023
September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 51,119 $ 102,670 
Interest rate contracts $ 19,375 $ 20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 111,696 $ 185,381 
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 non-
current 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 non-
current 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 April 1, 2023 and September 24, 2022 were as 
follows (in millions):
April 1,
2023
September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities $ 14,651 $ 13,378 
Current and non-current term debt $ (18,249) $ (18,739) 
Apple Inc. | Q2 2023 Form 10-Q | 9

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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 credit-
financing 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 April 1, 2023 and September 24, 2022, the Company had one customer that represented 10% or more of total trade 
receivables, which accounted for  10%. The Company’s cellular network carriers accounted for 32% and 44% of total trade 
receivables as of April 1, 2023 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 April 1, 2023 , the Company had  three vendors that individually represented 10% or 
more of total vendor non-trade receivables, which accounted for 43%, 19% and 13%. 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%.
Note 4 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of April  1, 2023  and 
September 24, 2022 (in millions):
Inventories
April 1,
2023
September 24,
2022
Components $ 3,379 $ 1,637 
Finished goods  4,103  3,309 
Total inventories $ 7,482 $ 4,946 
Property, Plant and Equipment, Net
April 1,
2023
September 24,
2022
Gross property, plant and equipment $ 113,066 $ 114,457 
Accumulated depreciation and amortization  (69,668)  (72,340) 
Total property, plant and equipment, net $ 43,398 $ 42,117 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and six-month periods ended April 1, 2023 and 
March 26, 2022 (in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Interest and dividend income $ 918 $ 700 $ 1,786 $ 1,350 
Interest expense  (930)  (691)  (1,933)  (1,385) 
Other income/(expense), net  76  151  (182)  (52) 
Total other income/(expense), net $ 64 $ 160 $ (329) $ (87) 
Apple Inc. | Q2 2023 Form 10-Q | 10

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Note 5 – Income Taxes
European Commission State Aid Decision
On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by 
providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the 
Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the 
Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated 
the application of the tax opinions from that date forward. The Company and Ireland appealed the State Aid Decision to the 
General Court of the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled 
the State Aid Decision. On September 25, 2020, the European Commission appealed the General Court’s decision to the 
European Court of Justice and a hearing has been scheduled for May 23, 2023. The Company believes it would be eligible to 
claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to the State 
Aid Decision.
Note 6 – 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 April 1, 2023 and September 24, 2022, the Company had $2.0 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 six months ended April 1, 2023 and March 26, 2022 (in millions):
Six Months Ended
April 1,
2023
March 26,
2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net $ (5,315) $ 4,952 
Maturities greater than 90 days:
Proceeds from commercial paper  —  1,191 
Repayments of commercial paper  (2,645)  (5,144) 
Repayments of commercial paper, net  (2,645)  (3,953) 
Total proceeds from/(repayments of) commercial paper, net $ (7,960) $ 999 
Term Debt
As of April  1, 2023 and September  24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an 
aggregate carrying amount of  $107.6 billion and $110.1 billion, respectively (collectively the “Notes”). As of April 1, 2023  and 
September  24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was  $98.4 billion  and $98.8 billion , 
respectively.
Note 7 – Shareholders’ Equity
Share Repurchase Program
During the six months ended  April  1, 2023 , the Company repurchased 262 million  shares of its common stock under an 
authorized share repurchase program for $38.1 billion, excluding excise tax due under the Inflation Reduction Act of 2022.  The 
program does not obligate the Company to acquire a minimum amount of shares. Under the program, shares may be 
repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the 
Securities Exchange Act of 1934, as amended.
Apple Inc. | Q2 2023 Form 10-Q | 11

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Note 8 – Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the six months ended April 1, 2023 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  84,902 $ 149.73 
RSUs vested  (54,795) $ 86.72 
RSUs canceled  (4,671) $ 122.79 
Balance as of April 1, 2023  226,937 $ 129.76 $ 37,422 
The fair value as of the respective vesting dates of RSUs was $1.1 billion and $8.0 billion for the three- and six-month periods 
ended April 1, 2023 , respectively, and was $1.0 billion and $9.5 billion for the three- and six-month periods ended March 26, 
2022, 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 six-month periods ended April 1, 2023 and March 26, 2022  (in 
millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Share-based compensation expense $ 2,686 $ 2,252 $ 5,591 $ 4,517 
Income tax benefit related to share-based compensation 
expense $ (620) $ (649) $ (1,798) $ (2,185) 
As of April 1, 2023, the total unrecognized compensation cost related to outstanding RSUs and stock options was $23.2 billion, 
which the Company expects to recognize over a weighted-average period of 2.8 years.
Note 9 – 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 April 1, 2023, are as follows (in millions):
2023 (remaining six months) $ 2,263 
2024  2,716 
2025  2,028 
2026  2,602 
2027  571 
Thereafter  5,897 
Total $ 16,077 
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. | Q2 2023 Form 10-Q | 12

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Note 10 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and six-month periods ended April 1, 2023 and March 
26, 2022 (in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Americas:
Net sales $ 37,784 $ 40,882 $ 87,062 $ 92,378 
Operating income $ 13,927 $ 15,279 $ 31,791 $ 34,864 
Europe:
Net sales $ 23,945 $ 23,287 $ 51,626 $ 53,036 
Operating income $ 9,368 $ 8,505 $ 19,385 $ 20,050 
Greater China:
Net sales $ 17,812 $ 18,343 $ 41,717 $ 44,126 
Operating income $ 7,531 $ 8,112 $ 17,968 $ 19,295 
Japan:
Net sales $ 7,176 $ 7,724 $ 13,931 $ 14,831 
Operating income $ 3,394 $ 3,496 $ 6,630 $ 6,845 
Rest of Asia Pacific:
Net sales $ 8,119 $ 7,042 $ 17,654 $ 16,852 
Operating income $ 3,268 $ 2,823 $ 7,119 $ 6,818 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three- and six-month periods ended April 1, 2023 and March 26, 2022 is as follows (in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Segment operating income $ 37,488 $ 38,215 $ 82,893 $ 87,872 
Research and development expense  (7,457)  (6,387)  (15,166)  (12,693) 
Other corporate expenses, net  (1,713)  (1,849)  (3,393)  (3,712) 
Total operating income $ 28,318 $ 29,979 $ 64,334 $ 71,467 
Apple Inc. | Q2 2023 Form 10-Q | 13

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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 macroeconomic conditions 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
Weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on the Company’s t otal net sales, which 
decreased 3% or $2.4 billion during the second quarter of 2023 compared to the same quarter in 2022. The year-over-year net 
sales decrease consisted primarily of lower net sales of Mac, partially offset by higher net sales of Services.
During the second quarter of 2023, the Company announced the following new products:
• MacBook Pro® 14” and MacBook Pro 16”, powered by the Apple M2 Pro and M2 Max chip;
• Mac mini®, powered by the Apple M2 and M2 Pro chip; and
• Second-generation HomePod®.
The Company repurchased $19.1 billion of its common stock and paid dividends and dividend equivalents of $3.7 billion during 
the second quarter of 2023.
Apple Inc. | Q2 2023 Form 10-Q | 14

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Macroeconomic Conditions
Macroeconomic conditions, including inflation, changes in interest rates, and currency fluctuations, have directly and indirectly 
impacted, and could in the future materially impact, the Company’s results of operations and financial condition.
Segment Operating Performance
The following table shows net sales by reportable segment for the three- and six-month periods ended April 1, 2023  and 
March 26, 2022 (dollars in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022 Change
April 1,
2023
March 26,
2022 Change
Net sales by reportable segment:
Americas $ 37,784 $ 40,882  (8) % $ 87,062 $ 92,378  (6) %
Europe  23,945  23,287  3 %  51,626  53,036  (3) %
Greater China  17,812  18,343  (3) %  41,717  44,126  (5) %
Japan  7,176  7,724  (7) %  13,931  14,831  (6) %
Rest of Asia Pacific  8,119  7,042  15 %  17,654  16,852  5 %
Total net sales $ 94,836 $ 97,278  (3) % $ 211,990 $ 221,223  (4) %
Americas
Americas net sales decreased during the second quarter and first six months of 2023 compared to the same periods in 2022 due 
primarily to lower net sales of iPhone and Mac, partially offset by higher net sales of Services.
Europe
The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales 
during the second quarter and first six months of 2023. During the second quarter of 2023, the Europe net sales increase 
consisted primarily of higher net sales of iPhone, partially offset by lower net sales of Mac. During the first six months of 2023, 
the Europe net sales decrease consisted primarily of lower net sales of Mac, partially offset by higher net sales of iPhone.
Greater China
The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater China net sales 
during the second quarter and first six months of 2023. During the second quarter and first six months of 2023, the Greater China 
net sales decrease consisted primarily of lower net sales of iPhone and Mac.
Japan
The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during the 
second quarter and first six months of 2023. During the second quarter of 2023, the Japan net sales decrease consisted 
primarily of lower net sales of iPad, Services and iPhone. During the first six months of 2023, the Japan net sales decrease 
consisted primarily of lower net sales of Services, Wearables, Home and Accessories and Mac.
Rest of Asia Pacific
The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific 
net sales during the second quarter and first six months of 2023. During the second quarter and first six months of 2023, the 
Rest of Asia Pacific net sales increase consisted primarily of higher net sales of iPhone, partially offset by lower net sales of Mac.
Apple Inc. | Q2 2023 Form 10-Q | 15

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Products and Services Performance
The following table shows net sales by category for the three- and six-month periods ended April 1, 2023  and March 26, 2022  
(dollars in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022 Change
April 1,
2023
March 26,
2022 Change
Net sales by category:
iPhone $ 51,334 $ 50,570  2 % $ 117,109 $ 122,198  (4) %
Mac  7,168  10,435  (31) %  14,903  21,287  (30) %
iPad  6,670  7,646  (13) %  16,066  14,894  8 %
Wearables, Home and Accessories  8,757  8,806  (1) %  22,239  23,507  (5) %
Services  20,907  19,821  5 %  41,673  39,337  6 %
Total net sales $ 94,836 $ 97,278  (3) % $ 211,990 $ 221,223  (4) %
iPhone
iPhone net sales were relatively flat during the second quarter of 2023 compared to the second quarter of 2022. Year-over-year 
iPhone net sales decreased during the first six months of 2023 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 second quarter and first six months of 2023 compared to the same periods in 2022 due 
primarily to lower net sales of MacBook Pro.
iPad
iPad net sales decreased during the second quarter of 2023 compared to the second quarter of 2022 due primarily to lower net 
sales of iPad Pro ® and iPad Air ®. Year-over-year iPad net sales increased during the first six months of 2023 due primarily to 
higher net sales of iPad, partially offset by lower net sales of iPad mini®.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales were relatively flat during the second quarter of 2023 compared to the second 
quarter of 2022. Year-over-year Wearables, Home and Accessories net sales decreased during the first six months of 2023 due 
primarily to lower net sales of AirPods®.
Services
Services net sales increased during the second quarter and first six months of 2023 compared to the same periods in 2022 due 
primarily to higher net sales from cloud services, music and advertising.
Apple Inc. | Q2 2023 Form 10-Q | 16

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Gross Margin
Products and Services gross margin and gross margin percentage for the three- and six-month periods ended April 1, 2023  and 
March 26, 2022 were as follows (dollars in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Gross margin:
Products $ 27,134 $ 28,167 $ 62,757 $ 68,287 
Services  14,842  14,392  29,551  28,515 
Total gross margin $ 41,976 $ 42,559 $ 92,308 $ 96,802 
Gross margin percentage:
Products  36.7%  36.4%  36.8%  37.5% 
Services  71.0%  72.6%  70.9%  72.5% 
Total gross margin percentage  44.3%  43.7%  43.5%  43.8% 
Products Gross Margin
Products gross margin decreased during the second quarter and first six months of 2023 compared to the same periods in 2022 
due primarily to lower Products volume and the weakness in foreign currencies relative to the U.S. dollar, partially offset by a 
different Products mix.
Products gross margin percentage increased during the second quarter of 2023 compared to the second quarter of 2022 due 
primarily to a different Products mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar. Year-over-
year Products gross margin percentage decreased during the first six months of 2023 due primarily to the weakness in foreign 
currencies relative to the U.S. dollar, partially offset by a different Products mix.
Services Gross Margin
Services gross margin increased during the second quarter and first six months of 2023 compared to the same periods in 2022 
due primarily to higher Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar and 
higher Services costs.
Services gross margin percentage decreased during the second quarter and first six months of 2023 compared to the same 
periods 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. | Q2 2023 Form 10-Q | 17

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Operating Expenses
Operating expenses for the three- and six-month periods ended April 1, 2023  and March 26, 2022  were as follows (dollars in 
millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Research and development $ 7,457 $ 6,387 $ 15,166 $ 12,693 
Percentage of total net sales  8%  7%  7%  6% 
Selling, general and administrative $ 6,201 $ 6,193 $ 12,808 $ 12,642 
Percentage of total net sales  7%  6%  6%  6% 
Total operating expenses $ 13,658 $ 12,580 $ 27,974 $ 25,335 
Percentage of total net sales  14%  13%  13%  11% 
Research and Development
The growth in research and development (“R&D”) expense during the second quarter and first six months of 2023 compared to 
the same periods in 2022 was driven primarily by increases in headcount-related expenses.
Selling, General and Administrative
Selling, general and administrative expense was relatively flat during the second quarter and first six months of 2023 compared 
to the same periods in 2022.
Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- and six-month periods ended 
April 1, 2023 and March 26, 2022 were as follows (dollars in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Provision for income taxes $ 4,222 $ 5,129 $ 9,847 $ 11,740 
Effective tax rate  14.9%  17.0%  15.4%  16.4% 
Statutory federal income tax rate  21%  21%  21%  21% 
The Compa ny’s effective tax rate for the second quarter of 2023 was lower than the statutory federal income tax rate due 
primarily to a lower effective tax rate on foreign earnings and the U.S. federal R&D credit, partially offset by state income taxes. 
The Company’s effective tax rate for the first six months of 2023 was lower than the statutory federal income tax rate due 
primarily to a lower effective tax rate on foreign earnings, the U.S. federal R&D credit and tax benefits from share-based 
compensation, partially offset by state income taxes.
The Company’s effective tax rate for the second quarter of 2023 was lower compared to the second quarter of 2022 due 
primarily to the impact of U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 2022 and a higher 
U.S. federal R&D credit. The Company’s effective tax rate for the first six months of 2023 was lower compared to the same 
period in 2022 due primarily to the impact of U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 
2022 and a higher U.S. federal R&D credit, partially 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.
Apple Inc. | Q2 2023 Form 10-Q | 18

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Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. As 
of April 1, 2023, the Company had $2.0 billion of Commercial Paper outstanding, all of which was payable within 12 months.
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 April 1, 2023, the Company had manufacturing 
purchase obligations of $40.5 billion, with $40.1 billion payable within 12 months. The Company’s manufacturing purchase 
obligations are primarily noncancelable.
Capital Return Program
In addition to its contractual cash requirements, the Company has an authorized share repurchase program, under which the 
remaining availability was $22.6 billion as of April 1, 2023. On May 4, 2023, the Company announced the Board of Directors had 
authorized an additional program to repurchase up to $90 billion of the Company’s common stock. The programs do not obligate 
the Company to acquire a minimum amount of shares.
On May 4, 2023, the Company also announced the Board of Directors raised the Company’s quarterly cash dividend from $0.23 
to $0.24 per share, beginning with the dividend to be paid during the third quarter of 2023. 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 six 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 April 1, 2023 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 second 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. | Q2 2023 Form 10-Q | 19

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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. On April 24, 2023, the U.S. Court of Appeals for the Ninth Circuit affirmed the Northern California 
District Court’s ruling. The Company is considering further review of the decision.
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 second 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 April 1, 2023  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)
January 1, 2023 to February 4, 2023:
Open market and privately negotiated purchases  36,980 $ 135.21  36,980 
February 5, 2023 to March 4, 2023:
Open market and privately negotiated purchases  49,168 $ 150.33  49,168 
March 5, 2023 to April 1, 2023:
Open market and privately negotiated purchases  43,164 $ 155.32  43,164 
Total  129,312 $ 22,570 
(1) On April 28, 2022, the Board of Directors authorized the purchase of an additional $90 billion of the Company’s common 
stock under a share repurchase program. As of April 1, 2023, total utilization under the April 2022 authorization was $67.4 
billion. On May 4, 2023, the Company announced the Board of Directors had authorized an additional program to repurchase 
up to $90 billion of the Company’s common stock. The programs do not obligate the Company to acquire a minimum amount 
of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including 
under plans complying with Rule 10b5-1 under the Exchange Act.
Apple Inc. | Q2 2023 Form 10-Q | 20

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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 April 1, 2023, 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. | Q2 2023 Form 10-Q | 21

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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: May 4, 2023 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q2 2023 Form 10-Q | 22

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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: May 4, 2023
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

--- Page 27 ---

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: May 4, 2023
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer

--- Page 28 ---

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 April  1, 2023 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: May 4, 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 April  1, 2023 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: May 4, 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.

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--- Page 1 ---

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, Appleʼs 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, Appleʼs 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.”
Appleʼs board of directors has declared a cash dividend of $0.24 per share of the
Companyʼs 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 2X00 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
Consolidated Financial Statements
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 Companyʼs
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 Companyʼs
business, reputation, results of operations, financial condition, and stock price is included in the Companyʼs filings
with the SEC, including in the “Risk Factors” and “Managementʼs Discussion and Analysis of Financial Condition and
Results of Operations” sections of the Companyʼs 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. Appleʼs 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. Appleʼs more than 100,000
employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
© 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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--- Page 1 ---

  
 
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  July 1, 2023  June 25, 2022  July 1, 2023  June 25, 2022 Net sales:           Products /dollarsign 60,584   /dollarsign 63,355   /dollarsign 230,901   /dollarsign 245,241     Services  21,213    19,604    62,886    58,941  Total  net  sal es (1)  81,797    82,959    293,787    304,182  Cost of sales:           Products  39,136    41,485    146,696    155,084     Services  6,248    5,589    18,370    16,411  Total  cost  of  sal es  45,384    47,074    165,066    171,495  Gross margin  36,413    35,885    128,721    132,687          Operating expenses:        Research and development  7,442    6,797    22,608    19,490  Selling, general and administrative  5,973    6,012    18,781    18,654  Total  operat i ng expenses  13,415    12,809    41,389    38,144          Operating income  22,998    23,076    87,332    94,543  Other income/(expense), net  (265)   (10)   (594)   (97) Income before provision for income taxes  22,733    23,066    86,738    94,446  Provision for income taxes  2,852    3,624    12,699    15,364  Net income /dollarsign 19,881   /dollarsign 19,442   /dollarsign 74,039   /dollarsign 79,082          Earnings per share:        Basic /dollarsign 1.27   /dollarsign 1.20   /dollarsign 4.69   /dollarsign 4.86  Diluted /dollarsign 1.26   /dollarsign 1.20   /dollarsign 4.67   /dollarsign 4.82  Shares used in computing earnings per share:        Basic  15,697,614    16,162,945    15,792,497    16,277,824  Diluted  15,775,021    16,262,203    15,859,263    16,394,937          (1) Net sales by reportable segment:        Americas /dollarsign 35,383   /dollarsign 37,472   /dollarsign 122,445   /dollarsign 129,850  Europe  20,205    19,287    71,831    72,323  Greater China  15,758    14,604    57,475    58,730  Japan  4,821    5,446    18,752    20,277  Rest of Asia Pacific  5,630    6,150    23,284    23,002  Total  net  sal es /dollarsign 81,797   /dollarsign 82,959   /dollarsign 293,787   /dollarsign 304,182          (1) Net sales by category:        iPhone /dollarsign 39,669   /dollarsign 40,665   /dollarsign 156,778   /dollarsign 162,863  Mac  6,840    7,382    21,743    28,669  iPad  5,791    7,224    21,857    22,118  Wearables, Home and Accessories  8,284    8,084    30,523    31,591  Services  21,213    19,604    62,886    58,941  Total  net  sal es /dollarsign 81,797   /dollarsign 82,959   /dollarsign 293,787   /dollarsign 304,182   

--- Page 2 ---

  
 
Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares which are reflected in thousands and par value)   July 1, 2023  September 24, 2022 ASSETS: Current assets:    Cash and cash equivalents /dollarsign 28,408   /dollarsign 23,646  Marketable securities  34,074    24,658  Accounts receivable, net  19,549    28,184  Inventories  7,351    4,946  Vendor non-trade receivables  19,637    32,748  Other current assets  13,640    21,223  Total  cur rent  assets  122,659    135,405      Non-current assets:    Marketable securities  104,061    120,805  Property, plant and equipment, net  43,550    42,117  Other non-current assets  64,768    54,428  Total  non-current assets  212,379    217,350  Total  assets /dollarsign 335,038   /dollarsign 352,755      LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities:    Accounts payable /dollarsign 46,699   /dollarsign 64,115  Other current liabilities  58,897    60,845  Deferred revenue  8,158    7,912  Commercial paper  3,993    9,982  Ter m debt  7,216    11,128  Total  cur rent  l i abi l i t i es  124,963    153,982      Non-current liabilities:    Ter m debt  98,071    98,959  Other non-current liabilities  51,730    49,142  Total  non-current liabilities  149,801    148,101  Total  l i abi l i t i es  274,764    302,083      Commitments and contingencies        Shareholders’ equity:    Common stock and additional paid-in capital, /dollarsign0.00001 par value: 50,400,000 shares authorized; 15,647,868 and 15,943,425 shares issued and outstanding, respectively  70,667    64,849  Retained earnings/(Accumulated deficit)  1,408    (3,068) Accumulated other comprehensive income/(loss)  (11,801)   (11,109) Total  sharehol ders’  equi t y  60,274    50,672  Total  l i abi l i t i es and sharehol ders’  equi t y /dollarsign 335,038   /dollarsign 352,755   

--- Page 3 ---

  
 
Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)   Nine Months Ended  July 1, 2023  June 25, 2022 Cash, cash equivalents and restricted cash, beginning balances /dollarsign 24,977   /dollarsign 35,929      Operating activities:    Net income  74,039    79,082  Adjustments to reconcile net income to cash generated by operating activities:    Depreciation and amortization  8,866    8,239  Share-based compensation expense  8,208    6,760  Other  (1,651)   2,695  Changes in operating assets and liabilities:    Accounts receivable, net  7,609    4,561  Inventories  (2,570)   1,049  Vendor non-trade receivables  13,111    4,789  Other current and non-current assets  (4,863)   (3,289) Accounts payable  (16,790)   (6,108) Other current and non-current liabilities  2,986    246  Cash generated by operating activities  88,945    98,024      Investing activities:    Purchases of marketable securities  (20,956)   (70,178) Proceeds from maturities of marketable securities  27,857    24,203  Proceeds from sales of marketable securities  3,959    33,609  Payments for acquisition of property, plant and equipment  (8,796)   (7,419) Other  (753)   (1,352) Cash generated by/(used in) investing activities  1,311    (21,137)     Financing activities:    Payments for taxes related to net share settlement of equity awards  (5,119)   (5,915) Payments for dividends and dividend equivalents  (11,267)   (11,138) Repurchases of common stock  (56,547)   (64,974) Proceeds from issuance of term debt, net  5,228    —  Repayments of term debt  (11,151)   (6,750) Proceeds from/(Repayments of) commercial paper, net  (5,971)   4,970  Other  (508)   (148) Cash used in financing activities  (85,335)   (83,955)     Increase/(Decrease) in cash, cash equivalents and restricted cash  4,921    (7,068) Cash, cash equivalents and restricted cash, ending balances /dollarsign 29,898   /dollarsign 28,861        Supplemental cash flow disclosure:    Cash paid for income taxes, net /dollarsign 7,020   /dollarsign 12,251  Cash paid for interest /dollarsign 2,590   /dollarsign 1,910   

================================================================================

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================================================================================


--- Page 1 ---

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 July 1, 2023
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  ☐

--- Page 2 ---

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  ☒
15,634,232,000 shares of common stock were issued and outstanding as of July 21, 2023.

--- Page 3 ---

Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended July 1, 2023 
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, Use of Proceeds, and Issuer Purchases of Equity Securities 21
Item 3. Defaults Upon Senior Securities 21
Item 4. Mine Safety Disclosures 21
Item 5. Other Information 21
Item 6. Exhibits 22

--- Page 4 ---

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
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Net sales:
   Products $ 60,584 $ 63,355 $ 230,901 $ 245,241 
   Services  21,213  19,604  62,886  58,941 
Total net sales  81,797  82,959  293,787  304,182 
Cost of sales:
   Products  39,136  41,485  146,696  155,084 
   Services  6,248  5,589  18,370  16,411 
Total cost of sales  45,384  47,074  165,066  171,495 
Gross margin  36,413  35,885  128,721  132,687 
Operating expenses:
Research and development  7,442  6,797  22,608  19,490 
Selling, general and administrative  5,973  6,012  18,781  18,654 
Total operating expenses  13,415  12,809  41,389  38,144 
Operating income  22,998  23,076  87,332  94,543 
Other income/(expense), net  (265)  (10)  (594)  (97) 
Income before provision for income taxes  22,733  23,066  86,738  94,446 
Provision for income taxes  2,852  3,624  12,699  15,364 
Net income $ 19,881 $ 19,442 $ 74,039 $ 79,082 
Earnings per share:
Basic $ 1.27 $ 1.20 $ 4.69 $ 4.86 
Diluted $ 1.26 $ 1.20 $ 4.67 $ 4.82 
Shares used in computing earnings per share:
Basic  15,697,614  16,162,945  15,792,497  16,277,824 
Diluted  15,775,021  16,262,203  15,859,263  16,394,937 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2023 Form 10-Q | 1

--- Page 5 ---

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Net income $ 19,881 $ 19,442 $ 74,039 $ 79,082 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (385)  (721)  (494)  (1,102) 
Change in unrealized gains/losses on derivative 
instruments, net of tax:
Change in fair value of derivative instruments  509  852  (492)  1,548 
Adjustment for net (gains)/losses realized and included 
in net income  103  121  (1,854)  (87) 
Total change in unrealized gains/losses on 
derivative instruments  612  973  (2,346)  1,461 
Change in unrealized gains/losses on marketable debt 
securities, net of tax:
Change in fair value of marketable debt securities  (340)  (3,150)  1,963  (9,959) 
Adjustment for net (gains)/losses realized and included 
in net income  58  95  185  140 
Total change in unrealized gains/losses on 
marketable debt securities  (282)  (3,055)  2,148  (9,819) 
Total other comprehensive income/(loss)  (55)  (2,803)  (692)  (9,460) 
Total comprehensive income $ 19,826 $ 16,639 $ 73,347 $ 69,622 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2023 Form 10-Q | 2

--- Page 6 ---

Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
July 1,
2023
September 24,
2022
ASSETS:
Current assets:
Cash and cash equivalents $ 28,408 $ 23,646 
Marketable securities  34,074  24,658 
Accounts receivable, net  19,549  28,184 
Inventories  7,351  4,946 
Vendor non-trade receivables  19,637  32,748 
Other current assets  13,640  21,223 
Total current assets  122,659  135,405 
Non-current assets:
Marketable securities  104,061  120,805 
Property, plant and equipment, net  43,550  42,117 
Other non-current assets  64,768  54,428 
Total non-current assets  212,379  217,350 
Total assets $ 335,038 $ 352,755 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 46,699 $ 64,115 
Other current liabilities  58,897  60,845 
Deferred revenue  8,158  7,912 
Commercial paper  3,993  9,982 
Term debt  7,216  11,128 
Total current liabilities  124,963  153,982 
Non-current liabilities:
Term debt  98,071  98,959 
Other non-current liabilities  51,730  49,142 
Total non-current liabilities  149,801  148,101 
Total liabilities  274,764  302,083 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 15,647,868 and 15,943,425 shares issued and outstanding, respectively  70,667  64,849 
Retained earnings/(Accumulated deficit)  1,408  (3,068) 
Accumulated other comprehensive income/(loss)  (11,801)  (11,109) 
Total shareholders’ equity  60,274  50,672 
Total liabilities and shareholders’ equity $ 335,038 $ 352,755 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2023 Form 10-Q | 3

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per share amounts)
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Total shareholders’ equity, beginning balances $ 62,158 $ 67,399 $ 50,672 $ 63,090 
Common stock and additional paid-in capital:
Beginning balances  69,568  61,181  64,849  57,365 
Common stock issued  —  —  690  593 
Common stock withheld related to net share settlement 
of equity awards  (1,595)  (1,371)  (3,310)  (2,783) 
Share-based compensation  2,694  2,305  8,438  6,940 
Ending balances  70,667  62,115  70,667  62,115 
Retained earnings/(Accumulated deficit):
Beginning balances  4,336  12,712  (3,068)  5,562 
Net income  19,881  19,442  74,039  79,082 
Dividends and dividend equivalents declared  (3,811)  (3,760)  (11,207)  (11,058) 
Common stock withheld related to net share settlement 
of equity awards  (858)  (1,403)  (1,988)  (3,323) 
Common stock repurchased  (18,140)  (21,702)  (56,368)  (64,974) 
Ending balances  1,408  5,289  1,408  5,289 
Accumulated other comprehensive income/(loss):
Beginning balances  (11,746)  (6,494)  (11,109)  163 
Other comprehensive income/(loss)  (55)  (2,803)  (692)  (9,460) 
Ending balances  (11,801)  (9,297)  (11,801)  (9,297) 
Total shareholders’ equity, ending balances $ 60,274 $ 58,107 $ 60,274 $ 58,107 
Dividends and dividend equivalents declared per share or RSU $ 0.24 $ 0.23 $ 0.70 $ 0.67 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2023 Form 10-Q | 4

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
July 1,
2023
June 25,
2022
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929 
Operating activities:
Net income  74,039  79,082 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  8,866  8,239 
Share-based compensation expense  8,208  6,760 
Other  (1,651)  2,695 
Changes in operating assets and liabilities:
Accounts receivable, net  7,609  4,561 
Inventories  (2,570)  1,049 
Vendor non-trade receivables  13,111  4,789 
Other current and non-current assets  (4,863)  (3,289) 
Accounts payable  (16,790)  (6,108) 
Other current and non-current liabilities  2,986  246 
Cash generated by operating activities  88,945  98,024 
Investing activities:
Purchases of marketable securities  (20,956)  (70,178) 
Proceeds from maturities of marketable securities  27,857  24,203 
Proceeds from sales of marketable securities  3,959  33,609 
Payments for acquisition of property, plant and equipment  (8,796)  (7,419) 
Other  (753)  (1,352) 
Cash generated by/(used in) investing activities  1,311  (21,137) 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (5,119)  (5,915) 
Payments for dividends and dividend equivalents  (11,267)  (11,138) 
Repurchases of common stock  (56,547)  (64,974) 
Proceeds from issuance of term debt, net  5,228  — 
Repayments of term debt  (11,151)  (6,750) 
Proceeds from/(Repayments of) commercial paper, net  (5,971)  4,970 
Other  (508)  (148) 
Cash used in financing activities  (85,335)  (83,955) 
Increase/(Decrease) in cash, cash equivalents and restricted cash  4,921  (7,068) 
Cash, cash equivalents and restricted cash, ending balances $ 29,898 $ 28,861 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 7,020 $ 12,251 
Cash paid for interest $ 2,590 $ 1,910 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2023 Form 10-Q | 5

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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- and nine-month periods ended 
July 1, 2023 and June 25, 2022 (net income in millions and shares in thousands):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Numerator:
Net income $ 19,881 $ 19,442 $ 74,039 $ 79,082 
Denominator:
Weighted-average basic shares outstanding  15,697,614  16,162,945  15,792,497  16,277,824 
Effect of dilutive securities  77,407  99,258  66,766  117,113 
Weighted-average diluted shares  15,775,021  16,262,203  15,859,263  16,394,937 
Basic earnings per share $ 1.27 $ 1.20 $ 4.69 $ 4.86 
Diluted earnings per share $ 1.26 $ 1.20 $ 4.67 $ 4.82 
Approximately 32 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the 
nine months ended July 1, 2023 because their effect would have been antidilutive.
Apple Inc. | Q3 2023 Form 10-Q | 6

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Note 2 – Revenue
Net sales disaggregated by significant products and services for the three- and nine-month periods ended July 1, 2023  and 
June 25, 2022 were as follows (in millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
iPhone® $ 39,669 $ 40,665 $ 156,778 $ 162,863 
Mac®  6,840  7,382  21,743  28,669 
iPad®  5,791  7,224  21,857  22,118 
Wearables, Home and Accessories  8,284  8,084  30,523  31,591 
Services  21,213  19,604  62,886  58,941 
Total net sales $ 81,797 $ 82,959 $ 293,787 $ 304,182 
Total net sales include $3.3 billion of revenue recognized in the three months ended July 1, 2023 that was included in deferred 
revenue as of April 1, 2023 , $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, $7.0 billion of revenue recognized in the nine months ended  July  1, 2023 that was 
included in deferred revenue as of September  24, 2022, and $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.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 10, “Segment Information and Geographic Data” for the three- and nine-month periods ended July 1, 2023  and June 25, 
2022, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of July  1, 2023  and September  24, 2022 , the Company had total deferred revenue of $12.2 billion  and $12.4  billion, 
respectively. As of July 1, 2023 , the Company expects 67% of total deferred revenue to be realized in less than a year, 26% 
within one-to-two years, 6% within two-to-three years and 1% in greater than three years.
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 July 1, 2023 and September 24, 2022 (in millions):
July 1, 2023
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 25,337 $ — $ — $ 25,337 $ 25,337 $ — $ — 
Level 1 (1): 
Money market funds  1,108  —  —  1,108  1,108  —  — 
Mutual funds  366  15  (19)  362  —  362  — 
Subtotal  1,474  15  (19)  1,470  1,108  362  — 
Level 2 (2):
U.S. Treasury securities  22,274  —  (1,354)  20,920  —  8,076  12,844 
U.S. agency securities  5,709  —  (594)  5,115  3  272  4,840 
Non-U.S. government securities  17,588  19  (927)  16,680  —  11,262  5,418 
Certificates of deposit and time deposits  2,315  —  —  2,315  1,960  355  — 
Commercial paper  364  —  —  364  —  364  — 
Corporate debt securities  79,621  22  (6,079)  73,564  —  13,005  60,559 
Municipal securities  713  —  (23)  690  —  213  477 
Mortgage- and asset-backed securities  22,383  4  (2,299)  20,088  —  165  19,923 
Subtotal  150,967  45  (11,276)  139,736  1,963  33,712  104,061 
Total (3) $ 177,778 $ 60 $ (11,295) $ 166,543 $ 28,408 $ 34,074 $ 104,061 
Apple Inc. | Q3 2023 Form 10-Q | 7

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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 July 1, 2023 and September 24, 2022, total marketable securities included $14.1 billion and $12.7 billion, respectively, 
that were restricted from general use, related to the State Aid Decision (refer to Note 5, “ Income Taxes ”) and other 
agreements.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
July 1, 2023 (in millions):
Due after 1 year through 5 years $ 76,267 
Due after 5 years through 10 years  11,148 
Due after 10 years  16,646 
Total fair value $ 104,061 
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 July 1, 2023, 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 
19 years.
Apple Inc. | Q3 2023 Form 10-Q | 8

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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 July 1, 2023 and September 24, 2022 were as 
follows (in millions):
July 1,
2023
September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 45,425 $ 102,670 
Interest rate contracts $ 19,375 $ 20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 90,977 $ 185,381 
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 non-
current 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 non-
current 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 July 1, 2023 and September 24, 2022 were as 
follows (in millions):
July 1,
2023
September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities $ 14,863 $ 13,378 
Current and non-current term debt $ (17,986) $ (18,739) 
Apple Inc. | Q3 2023 Form 10-Q | 9

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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 credit-
financing 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  September  24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which 
accounted for 10%. The Company’s cellular network carriers accounted for 44% of total trade receivables as of September 24, 
2022.
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 July 1, 2023, the Company had two vendors that individually represented 10% or more 
of total vendor non-trade receivables, which accounted for 54% and 14%. 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%.
Note 4 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of July  1, 2023  and 
September 24, 2022 (in millions):
Inventories
July 1,
2023
September 24,
2022
Components $ 3,788 $ 1,637 
Finished goods  3,563  3,309 
Total inventories $ 7,351 $ 4,946 
Property, Plant and Equipment, Net
July 1,
2023
September 24,
2022
Gross property, plant and equipment $ 114,337 $ 114,457 
Accumulated depreciation and amortization  (70,787)  (72,340) 
Total property, plant and equipment, net $ 43,550 $ 42,117 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and nine-month periods ended July 1, 2023  
and June 25, 2022 (in millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Interest and dividend income $ 980 $ 722 $ 2,766 $ 2,072 
Interest expense  (998)  (719)  (2,931)  (2,104) 
Other expense, net  (247)  (13)  (429)  (65) 
Total other income/(expense), net $ (265) $ (10) $ (594) $ (97) 
Apple Inc. | Q3 2023 Form 10-Q | 10

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Note 5 – Income Taxes
European Commission State Aid Decision
On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by 
providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the 
Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the 
Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated 
the application of the tax opinions from that date forward. The Company and Ireland appealed the State Aid Decision to the 
General Court of the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled 
the State Aid Decision. On September 25, 2020, the European Commission appealed the General Court’s decision to the 
European Court of Justice (the “ECJ”) and a hearing was held on May 23, 2023. A decision from the ECJ is expected in calendar 
year 2024. The Company believes it would be eligible to claim a U.S. foreign tax credit for a portion of any incremental Irish 
corporate income taxes potentially due related to the State Aid Decision.
Note 6 – 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 July 1, 2023 and September 24, 2022, the Company had $4.0 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 nine months ended July 1, 2023 and June 25, 2022 (in millions):
Nine Months Ended
July 1,
2023
June 25,
2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net $ (3,326) $ 4,383 
Maturities greater than 90 days:
Proceeds from commercial paper  —  5,731 
Repayments of commercial paper  (2,645)  (5,144) 
Proceeds from/(Repayments of) commercial paper, net  (2,645)  587 
Total proceeds from/(repayments of) commercial paper, net $ (5,971) $ 4,970 
Term Debt
As of July  1, 2023 and September  24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an 
aggregate carrying amount of $105.3 billion and $110.1 billion, respectively (collectively the “Notes”). As of July  1, 2023 and 
September  24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was  $95.3 billion  and $98.8 billion , 
respectively.
Note 7 – Shareholders’ Equity
Share Repurchase Program
During the nine months ended July 1, 2023, the Company repurchased 365 million shares of its common stock for $56.1 billion, 
excluding excise tax due under the Inflation Reduction Act of 2022.  The Company’s share repurchase programs do not obligate 
the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated 
or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as 
amended.
Apple Inc. | Q3 2023 Form 10-Q | 11

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Note 8 – Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the nine months ended July 1, 2023 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  86,896 $ 150.23 
RSUs vested  (96,681) $ 95.97 
RSUs canceled  (7,000) $ 126.48 
Balance as of July 1, 2023  184,716 $ 135.08 $ 35,829 
The fair value as of the respective vesting dates of RSUs was $7.0 billion and $14.9 billion for the three- and nine-month periods 
ended July 1, 2023 , respectively, and was $7.8 billion and $17.3 billion for the three- and nine-month periods ended June 25, 
2022, 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 July 1, 2023 and June 25, 2022  (in 
millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Share-based compensation expense $ 2,617 $ 2,243 $ 8,208 $ 6,760 
Income tax benefit related to share-based compensation 
expense $ (993) $ (1,231) $ (2,791) $ (3,416) 
As of July 1, 2023, the total unrecognized compensation cost related to outstanding RSUs and stock options was $20.9 billion, 
which the Company expects to recognize over a weighted-average period of 2.7 years.
Note 9 – 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 intellectual property and content, and distribution rights.  Future payments under noncancelable 
unconditional purchase obligations with a remaining term in excess of one year as of July 1, 2023, are as follows (in millions):
2023 (remaining three months) $ 1,260 
2024  3,417 
2025  1,990 
2026  3,079 
2027  1,013 
Thereafter  8,198 
Total $ 18,957 
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 2023 Form 10-Q | 12

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Note 10 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and nine-month periods ended July 1, 2023 and June 
25, 2022 (in millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Americas:
Net sales $ 35,383 $ 37,472 $ 122,445 $ 129,850 
Operating income $ 13,117 $ 13,914 $ 44,908 $ 48,778 
Europe:
Net sales $ 20,205 $ 19,287 $ 71,831 $ 72,323 
Operating income $ 7,995 $ 7,124 $ 27,380 $ 27,174 
Greater China:
Net sales $ 15,758 $ 14,604 $ 57,475 $ 58,730 
Operating income $ 6,207 $ 5,760 $ 24,175 $ 25,055 
Japan:
Net sales $ 4,821 $ 5,446 $ 18,752 $ 20,277 
Operating income $ 2,443 $ 2,418 $ 9,073 $ 9,263 
Rest of Asia Pacific:
Net sales $ 5,630 $ 6,150 $ 23,284 $ 23,002 
Operating income $ 2,328 $ 2,367 $ 9,447 $ 9,185 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three- and nine-month periods ended July 1, 2023 and June 25, 2022 is as follows (in millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Segment operating income $ 32,090 $ 31,583 $ 114,983 $ 119,455 
Research and development expense  (7,442)  (6,797)  (22,608)  (19,490) 
Other corporate expenses, net  (1,650)  (1,710)  (5,043)  (5,422) 
Total operating income $ 22,998 $ 23,076 $ 87,332 $ 94,543 
Apple Inc. | Q3 2023 Form 10-Q | 13

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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 macroeconomic conditions 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
Weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on the Company’s total net sales, which 
decreased 1% or $1.2 billion during the third quarter of 2023 compared to the same quarter in 2022. The year-over-year net 
sales decrease consisted primarily of lower net sales of iPad and iPhone, partially offset by higher net sales of Services.
During the third quarter of 2023, the Company announced the following new products:
• 15-inch MacBook Air®, powered by the M2 chip;
• Mac Studio™, powered by the M2 Max chip and the new M2 Ultra chip;
• Mac Pro®, powered by the new M2 Ultra chip; and
• Apple Vision Pro™ , the Company’s first spatial computer featuring its new visionOS™, expected to be available in early 
calendar year 2024.
The Company also announced iOS 17, macOS ® Sonoma, iPadOS® 17, tvOS® 17 and watchOS® 10, updates to its operating 
systems that are expected to be available in the fall of 2023.
Apple Inc. | Q3 2023 Form 10-Q | 14

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The Company repurchased $18.0 billion of its common stock and paid dividends and dividend equivalents of $3.8 billion during 
the third quarter of 2023.
Macroeconomic Conditions
Macroeconomic conditions, including inflation, changes in interest rates, and currency fluctuations, have directly and indirectly 
impacted, and could in the future materially impact, the Company’s results of operations and financial condition.
Segment Operating Performance
The following table shows net sales by reportable segment for the three- and nine-month periods ended July 1, 2023  and 
June 25, 2022 (dollars in millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022 Change
July 1,
2023
June 25,
2022 Change
Net sales by reportable segment:
Americas $ 35,383 $ 37,472  (6) % $ 122,445 $ 129,850  (6) %
Europe  20,205  19,287  5 %  71,831  72,323  (1) %
Greater China  15,758  14,604  8 %  57,475  58,730  (2) %
Japan  4,821  5,446  (11) %  18,752  20,277  (8) %
Rest of Asia Pacific  5,630  6,150  (8) %  23,284  23,002  1 %
Total net sales $ 81,797 $ 82,959  (1) % $ 293,787 $ 304,182  (3) %
Americas
Americas net sales decreased during the third quarter and first nine months of 2023 compared to the same periods in 2022 due 
primarily to lower net sales of iPhone and Mac, partially offset by higher net sales of Services.
Europe
The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales 
during the third quarter and first nine months of 2023. During the third quarter of 2023, the Europe net sales increase consisted 
primarily of higher net sales of iPhone. During the first nine months of 2023, the Europe net sales decrease consisted primarily of 
lower net sales of Mac, partially offset by higher net sales of iPhone.
Greater China
The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater China net sales 
during the third quarter and first nine months of 2023. During the third quarter of 2023, the Greater China net sales increase 
consisted primarily of higher net sales of iPhone. During the first nine months of 2023, the Greater China net sales decrease 
consisted primarily of lower net sales of iPhone.
Japan
The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during the third 
quarter and first nine months of 2023. During the third quarter of 2023, the Japan net sales decrease consisted primarily of lower 
net sales of iPhone. During the first nine months of 2023, the Japan net sales decrease consisted primarily of lower net sales of 
iPhone, Services and Wearables, Home and Accessories.
Rest of Asia Pacific
The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Rest of Asia 
Pacific net sales during the third quarter and first nine months of 2023. During the third quarter of 2023, the Rest of Asia Pacific 
net sales decrease consisted primarily of lower net sales of iPhone and iPad. During the first nine months of 2023, the Rest of 
Asia Pacific net sales increase consisted primarily of higher net sales of iPhone, partially offset by lower net sales of Mac.
Apple Inc. | Q3 2023 Form 10-Q | 15

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Products and Services Performance
The following table shows net sales by category for the three- and nine-month periods ended July 1, 2023  and June 25, 2022  
(dollars in millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022 Change
July 1,
2023
June 25,
2022 Change
Net sales by category:
iPhone $ 39,669 $ 40,665  (2) % $ 156,778 $ 162,863  (4) %
Mac  6,840  7,382  (7) %  21,743  28,669  (24) %
iPad  5,791  7,224  (20) %  21,857  22,118  (1) %
Wearables, Home and Accessories  8,284  8,084  2 %  30,523  31,591  (3) %
Services  21,213  19,604  8 %  62,886  58,941  7 %
Total net sales $ 81,797 $ 82,959  (1) % $ 293,787 $ 304,182  (3) %
iPhone
iPhone net sales decreased during the third quarter and first nine months of 2023 compared to the same periods in 2022 due 
primarily to lower net sales from certain iPhone models, partially offset by higher net sales of iPhone 14 Pro models.
Mac
Mac net sales decreased during the third quarter and first nine months of 2023 compared to the same periods in 2022 due 
primarily to lower net sales of laptops.
iPad
iPad net sales decreased during the third quarter of 2023 compared to the third quarter of 2022 due primarily to lower net sales 
across most iPad models. Year-over-year iPad net sales were relatively flat during the first nine months of 2023.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales increased during the third quarter of 2023 compared to the third quarter of 2022 
due primarily to higher net sales of Wearables, which includes AirPods®, Apple Watch® and Beats® products, partially offset by 
lower net sales of accessories . Year-over-year Wearables, Home and Accessories net sales decreased during the first nine 
months of 2023 due primarily to lower net sales of Wearables and accessories.
Services
Services net sales increased during the third quarter of 2023 compared to the third quarter of 2022 due primarily to higher net 
sales from advertising, cloud services and the App Store ®. Year-over-year Services net sales increased during the first nine 
months of 2023 due primarily to higher net sales from cloud services, advertising and music.
Apple Inc. | Q3 2023 Form 10-Q | 16

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Gross Margin
Products and Services gross margin and gross margin percentage for the three- and nine-month periods ended July 1, 2023 and 
June 25, 2022 were as follows (dollars in millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Gross margin:
Products $ 21,448 $ 21,870 $ 84,205 $ 90,157 
Services  14,965  14,015  44,516  42,530 
Total gross margin $ 36,413 $ 35,885 $ 128,721 $ 132,687 
Gross margin percentage:
Products  35.4%  34.5%  36.5%  36.8% 
Services  70.5%  71.5%  70.8%  72.2% 
Total gross margin percentage  44.5%  43.3%  43.8%  43.6% 
Products Gross Margin
Products gross margin decreased during the third quarter and first nine months of 2023 compared to the same periods in 2022 
due primarily to the weakness in foreign currencies relative to the U.S. dollar and lower Products volume, partially offset by cost 
savings and a different Products mix.
Products gross margin percentage increased during the third quarter of 2023 compared to the third quarter of 2022 due primarily 
to cost savings and a different Products mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar and 
decreased leverage. Year-over-year Products gross margin percentage decreased during the first nine months of 2023 due 
primarily to the weakness in foreign currencies relative to the U.S. dollar and decreased leverage, partially offset by cost savings 
and a different Products mix.
Services Gross Margin
Services gross margin increased during the third quarter and first nine months of 2023 compared to the same periods in 2022 
due primarily to higher Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar and 
higher Services costs.
Services gross margin percentage decreased during the third quarter of 2023 compared to the third quarter of 2022 due primarily 
to higher Services costs, partially offset by improved leverage. Year-over-year Services gross margin percentage decreased 
during the first nine months of 2023 due primarily to higher Services costs and the weakness in foreign currencies relative to the 
U.S. dollar, 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. | Q3 2023 Form 10-Q | 17

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Operating Expenses
Operating expenses for the three- and nine-month periods ended July 1, 2023  and June 25, 2022  were as follows (dollars in 
millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Research and development $ 7,442 $ 6,797 $ 22,608 $ 19,490 
Percentage of total net sales  9%  8%  8%  6% 
Selling, general and administrative $ 5,973 $ 6,012 $ 18,781 $ 18,654 
Percentage of total net sales  7%  7%  6%  6% 
Total operating expenses $ 13,415 $ 12,809 $ 41,389 $ 38,144 
Percentage of total net sales  16%  15%  14%  13% 
Research and Development
The growth in research and development (“R&D”) expense during the third quarter and first nine months of 2023 compared to the 
same periods in 2022 was driven primarily by increases in headcount-related expenses.
Selling, General and Administrative
Selling, general and administrative expense was relatively flat during the third quarter and first nine months of 2023 compared to 
the same periods in 2022.
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 
July 1, 2023 and June 25, 2022 were as follows (dollars in millions):
Three Months Ended Nine Months Ended
July 1,
2023
June 25,
2022
July 1,
2023
June 25,
2022
Provision for income taxes $ 2,852 $ 3,624 $ 12,699 $ 15,364 
Effective tax rate  12.5%  15.7%  14.6%  16.3% 
Statutory federal income tax rate  21%  21%  21%  21% 
The Company’s effective tax rate for the third quarter and first nine months of 2023 was lower than the statutory federal income 
tax rate due primarily to a lower effective tax rate on foreign earnings, including the favorable impact of changes in unrecognized 
tax benefits, 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 third quarter of 2023 was lower compared to the third quarter of 2022 due primarily to a 
lower effective tax rate on foreign earnings, including the favorable impact of changes in unrecognized tax benefits, partially 
offset by lower tax benefits from share-based compensation. The Company’s effective tax rate for the first nine months of 2023 
was lower compared to the same period in 2022 due primarily to a lower effective tax rate on foreign earnings and the impact of 
U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 2022, partially offset by lower tax benefits 
from share-based compensation.
Apple Inc. | Q3 2023 Form 10-Q | 18

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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 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 July 1, 2023 , the Company had manufacturing 
purchase obligations of $38.4 billion, with $38.1 billion payable within 12 months. The Company’s manufacturing purchase 
obligations are primarily noncancelable.
Capital Return Program
In addition to its contractual cash requirements, the Company had authorized share repurchase programs as of July 1, 2023. The 
programs do not obligate the Company to acquire a minimum amount of shares. As of July 1, 2023 , the Company’s quarterly 
cash dividend was $0.24 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 nine 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 July 1, 2023  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 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. | Q3 2023 Form 10-Q | 19

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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 “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. On September 10, 2021, the District Court ruled in favor of the Company with respect to 
nine out of the ten counts included in Epic’s claim. The District Court found that certain provisions of the Company’s App Store 
Review Guidelines violate California’s unfair competition law and issued an injunction enjoining the Company from prohibiting 
developers from including in their apps external links that direct customers to purchasing mechanisms other than Apple in-app 
purchasing. The injunction applies to apps on the U.S. storefront of the iOS and iPadOS App Store. On April 24, 2023, the U.S. 
Court of Appeals for the Ninth Circuit (the “Circuit Court”) affirmed the District Court’s ruling. On June 7, 2023, the Company and 
Epic filed petitions with the Circuit Court requesting further review of the decision. On June 30, 2023, the Circuit Court denied 
both petitions. On July 17, 2023, the Circuit Court granted Apple’s motion to stay enforcement of the injunction pending appeal to 
the U.S. Supreme Court. Epic has appealed the Circuit Court’s stay of the injunction. If the U.S. Supreme Court reverses the 
Circuit Court’s stay of the injunction or declines Apple’s petition, the injunction will take effect.
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 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.
Apple Inc. | Q3 2023 Form 10-Q | 20

--- Page 24 ---

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended July  1, 2023 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)
April 2, 2023 to May 6, 2023:
Open market and privately negotiated purchases  38,121 $ 165.46  38,121 
May 7, 2023 to June 3, 2023:
Open market and privately negotiated purchases  21,876 $ 174.91  21,876 
June 4, 2023 to July 1, 2023:
Open market and privately negotiated purchases  42,676 $ 184.34  42,676 
Total  102,673 $ 94,569 
(1) On April 28, 2022, the Board of Directors authorized the purchase of an additional $90 billion of the Company’s common 
stock under a share repurchase program. As of July 1, 2023 , remaining availability under the April 2022 authorization was 
$4.6 billion. On May 4, 2023, the Board of Directors authorized an additional program to repurchase up to $90 billion of the 
Company’s common stock. The program s do not obligate the Company to acquire a minimum amount of shares. Under the 
programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying 
with Rule 10b5-1 under the Exchange Act.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
None.
Apple Inc. | Q3 2023 Form 10-Q | 21

--- Page 25 ---

Item 6. Exhibits
Incorporated by Reference
Exhibit
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
4.1 Officer’s Certificate of the Registrant, dated as of May 10, 2023, including forms 
of global notes representing the 4.421% Notes due 2026, 4.000% Notes due 
2028, 4.150% Notes due 2030, 4.300% Notes due 2033 and 4.850% Notes 
due 2053.
8-K 4.1 5/10/23
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 2023 Form 10-Q | 22

--- Page 26 ---

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: August 3, 2023 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q3 2023 Form 10-Q | 23

--- Page 27 ---

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: August 3, 2023
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

--- Page 28 ---

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: August 3, 2023
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer

--- Page 29 ---

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 July  1, 2023 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: August 3, 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 July  1, 2023 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: August 3, 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.

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PRESS RELEASE
November 2, 2023
Apple reports fourth quarter
results
iPhone revenue sets September quarter record
Services revenue reaches new all-time high
CUPERTINO, CALIFORNIA — Apple today announced financial results for its fiscal
2023 fourth quarter ended September 30, 2023. The Company posted quarterly
revenue of $89.5 billion, down 1 percent year over year, and quarterly earnings
per diluted share of $1.46, up 13 percent year over year.
“T oday Apple is pleased to report a September quarter revenue record for iPhone
and an all-time revenue record in Services,” said Tim Cook, Appleʼs CEO. “We
now have our strongest lineup of products ever heading into the holiday season,
including the iPhone 15 lineup and our first carbon neutral Apple Watch models,
a major milestone in our efforts to make all Apple products carbon neutral by
2030.”
“Our active installed base of devices has again reached a new all-time high
across all products and all geographic segments, thanks to the strength of our
ecosystem and unparalleled customer loyalty,” said Luca Maestri, Appleʼs CFO.
“During the September quarter, our business performance drove double digit
EPS growth and we returned nearly $25 billion to our shareholders, while
continuing to invest in our long-term growth plans.”
Appleʼs board of directors has declared a cash dividend of $0.24 per share of the
Companyʼs common stock. The dividend is payable on November 16, 2023 to
shareholders of record as of the close of business on November 13, 2023.
Apple will provide live streaming of its Q4 2023 financial results conference call
beginning at 2X00 p.m. PT on November 2, 2023 at apple.com/investor/earnings-
call. The webcast will be available for replay for approximately two weeks
thereafter.
Share article
Consolidated Financial Statements
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 Companyʼs
quarterly dividend and its environmental goals and initiatives. 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 Companyʼs business, reputation, results of operations, financial condition, and stock price is included
in the Companyʼs filings with the SEC, including in the “Risk Factors” and “Managementʼs Discussion and Analysis of
Financial Condition and Results of Operations” sections of the Companyʼs 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. Appleʼs 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. Appleʼs more than 100,000
employees are dedicated to making the best products on earth, and to leaving the world better than we found it.
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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)  Three Months Ended  Twelve Months Ended  September 30, 2023  September 24, 2022  September 30, 2023  September 24, 2022 Net sales:           Products /dollarsign 67,184   /dollarsign 70,958   /dollarsign 298,085   /dollarsign 316,199     Services  22,314    19,188    85,200    78,129  Total  net  sal es (1)  89,498    90,146    383,285    394,328  Cost of sales:           Products  42,586    46,387    189,282    201,471     Services  6,485    5,664    24,855    22,075  Total  cost  of  sal es  49,071    52,051    214,137    223,546  Gross margin  40,427    38,095    169,148    170,782          Operating expenses:        Research and development  7,307    6,761    29,915    26,251  Selling, general and administrative  6,151    6,440    24,932    25,094  Total  operat i ng expenses  13,458    13,201    54,847    51,345          Operating income  26,969    24,894    114,301    119,437  Other income/(expense), net  29    (237)   (565)   (334) Income before provision for income taxes  26,998    24,657    113,736    119,103  Provision for income taxes  4,042    3,936    16,741    19,300  Net income /dollarsign 22,956   /dollarsign 20,721   /dollarsign 96,995   /dollarsign 99,803          Earnings per share:        Basic /dollarsign 1.47   /dollarsign 1.29   /dollarsign 6.16   /dollarsign 6.15  Diluted /dollarsign 1.46   /dollarsign 1.29   /dollarsign 6.13   /dollarsign 6.11  Shares used in computing earnings per share:        Basic  15,599,434    16,030,382    15,744,231    16,215,963  Diluted  15,672,400    16,118,465    15,812,547    16,325,819          (1) Net sales by reportable segment:        Americas /dollarsign 40,115   /dollarsign 39,808   /dollarsign 162,560   /dollarsign 169,658  Europe  22,463    22,795    94,294    95,118  Greater China  15,084    15,470    72,559    74,200  Japan  5,505    5,700    24,257    25,977  Rest of Asia Pacific  6,331    6,373    29,615    29,375  Total  net  sal es /dollarsign 89,498   /dollarsign 90,146   /dollarsign 383,285   /dollarsign 394,328          (1) Net sales by category:        iPhone /dollarsign 43,805   /dollarsign 42,626   /dollarsign 200,583   /dollarsign 205,489  Mac  7,614    11,508    29,357    40,177  iPad  6,443    7,174    28,300    29,292  Wearables, Home and Accessories  9,322    9,650    39,845    41,241  Services  22,314    19,188    85,200    78,129  Total  net  sal es /dollarsign 89,498   /dollarsign 90,146   /dollarsign 383,285   /dollarsign 394,328  

--- Page 2 ---

  
 
Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value)   September 30, 2023  September 24, 2022 ASSETS: Current assets:    Cash and cash equivalents /dollarsign 29,965   /dollarsign 23,646  Marketable securities  31,590    24,658  Accounts receivable, net  29,508    28,184  Vendor non-trade receivables  31,477    32,748  Inventories  6,331    4,946  Other current assets  14,695    21,223  Total  cur rent  assets  143,566    135,405      Non-current assets:    Marketable securities  100,544    120,805  Property, plant and equipment, net  43,715    42,117  Other non-current assets  64,758    54,428  Total  non-current assets  209,017    217,350  Total  assets /dollarsign 352,583   /dollarsign 352,755      LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities:    Accounts payable /dollarsign 62,611   /dollarsign 64,115  Other current liabilities  58,829    60,845  Deferred revenue  8,061    7,912  Commercial paper  5,985    9,982  Ter m debt  9,822    11,128  Total  cur rent  l i abi l i t i es  145,308    153,982      Non-current liabilities:    Ter m debt  95,281    98,959  Other non-current liabilities  49,848    49,142  Total  non-current liabilities  145,129    148,101  Total  l i abi l i t i es  290,437    302,083      Commitments and contingencies        Shareholders’ equity:    Common stock and additional paid-in capital, /dollarsign0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively  73,812    64,849  Accumulated deficit  (214)   (3,068) Accumulated other comprehensive loss  (11,452)   (11,109) Total  sharehol ders’  equi t y  62,146    50,672  Total  l i abi l i t i es and sharehol ders’  equi t y /dollarsign 352,583   /dollarsign 352,755   

--- Page 3 ---

  
 
Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)   Twelve Months Ended  September 30, 2023  September 24, 2022 Cash, cash equivalents and restricted cash, beginning balances /dollarsign 24,977   /dollarsign 35,929      Operating activities:    Net income  96,995    99,803  Adjustments to reconcile net income to cash generated by operating activities:    Depreciation and amortization  11,519    11,104  Share-based compensation expense  10,833    9,038  Other  (2,227)   1,006  Changes in operating assets and liabilities:    Accounts receivable, net  (1,688)   (1,823) Vendor non-trade receivables  1,271    (7,520) Inventories  (1,618)   1,484  Other current and non-current assets  (5,684)   (6,499) Accounts payable  (1,889)   9,448  Other current and non-current liabilities  3,031    6,110  Cash generated by operating activities  110,543    122,151      Investing activities:    Purchases of marketable securities  (29,513)   (76,923) Proceeds from maturities of marketable securities  39,686    29,917  Proceeds from sales of marketable securities  5,828    37,446  Payments for acquisition of property, plant and equipment  (10,959)   (10,708) Other  (1,337)   (2,086) Cash generated by/(used in) investing activities  3,705    (22,354)     Financing activities:    Payments for taxes related to net share settlement of equity awards  (5,431)   (6,223) Payments for dividends and dividend equivalents  (15,025)   (14,841) Repurchases of common stock  (77,550)   (89,402) Proceeds from issuance of term debt, net  5,228    5,465  Repayments of term debt  (11,151)   (9,543) Proceeds from/(Repayments of) commercial paper, net  (3,978)   3,955  Other  (581)   (160) Cash used in financing activities  (108,488)   (110,749)     Increase/(Decrease) in cash, cash equivalents and restricted cash  5,760    (10,952) Cash, cash equivalents and restricted cash, ending balances /dollarsign 30,737   /dollarsign 24,977      Supplemental cash flow disclosure:    Cash paid for income taxes, net /dollarsign 18,679   /dollarsign 19,573  Cash paid for interest /dollarsign 3,803   /dollarsign 2,865   

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--- Page 1 ---

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended September 30, 2023
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
Securities registered pursuant to Section 12(g) of the Act:  None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes  ☒     No  ☐
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes  ☐     No  ☒

--- Page 2 ---

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 has filed a report on and attestation to its management’s assessment of the effectiveness of its 
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting 
firm that prepared or issued its audit report.          ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included 
in the filing reflect the correction of an error to previously issued financial statements.          ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).          ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes  ☐     No  ☒
The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant, as of March 31, 2023, the last business 
day of the Registrant’s most recently completed second fiscal quarter, was approximately $2,591,165,000,000. Solely for purposes of this 
disclosure, shares of common stock held by executive officers and directors of the Registrant as of such date have been excluded because such 
persons may be deemed to be affiliates. This determination of executive officers and directors as affiliates is not necessarily a conclusive 
determination for any other purposes.
15,552,752,000 shares of common stock were issued and outstanding as of October 20, 2023.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s definitive proxy statement relating to its 2024 annual meeting of shareholders are incorporated by reference into Part 
III of this Annual Report on Form 10-K where indicated. The Registrant’s definitive proxy statement will be filed with the U.S. Securities and 
Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

--- Page 3 ---

Apple Inc.
Form 10-K
For the Fiscal Year Ended September 30, 2023
TABLE OF CONTENTS
Page
Part I
Item 1. Business 1
Item 1A. Risk Factors 5
Item 1B. Unresolved Staff Comments 16
Item 1C. Cybersecurity 16
Item 2. Properties 17
Item 3. Legal Proceedings 17
Item 4. Mine Safety Disclosures 17
Part II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities
18
Item 6. [Reserved] 19
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 20
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 26
Item 8. Financial Statements and Supplementary Data 27
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 52
Item 9A. Controls and Procedures 52
Item 9B. Other Information 53
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 53
Part III
Item 10. Directors, Executive Officers and Corporate Governance 53
Item 11. Executive Compensation 53
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 53
Item 13. Certain Relationships and Related Transactions, and Director Independence 53
Item 14. Principal Accountant Fees and Services 53
Part IV
Item 15. Exhibit and Financial Statement Schedules 54
Item 16. Form 10-K Summary 57

--- Page 4 ---

This Annual Report on Form 10-K (“Form 10-K”) contains forward-looking statements, within the meaning of the Private 
Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Many of the forward-looking statements are 
located in Part I, Item 1 of this Form 10-K under the heading “Business” and Part II, Item 7 of this Form 10-K under the heading 
“Management’s Discussion and Analysis of Financial Condition and Results of Operations.” 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-K regarding the potential future impact of 
macroeconomic conditions 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 this 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.
PART I
Item 1. Business
Company Background
The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and 
sells a variety of related services. The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of 
September.
Products
iPhone
iPhone® is the Company’s line of smartphones based on its iOS operating system. The iPhone line includes iPhone 15 Pro, 
iPhone 15, iPhone 14, iPhone 13 and iPhone SE®.
Mac
Mac® is the Company’s line of personal computers based on its macOS ® operating system. The Mac line includes laptops 
MacBook Air® and MacBook Pro®, as well as desktops iMac®, Mac mini®, Mac Studio® and Mac Pro®.
iPad
iPad® is the Company’s line of multipurpose tablets based on its iPadOS ® operating system. The iPad line includes iPad Pro ®, 
iPad Air®, iPad and iPad mini®.
Wearables, Home and Accessories
Wearables includes smartwatches and wireless headphones. The Company’s line of smartwatches, based on its watchOS ® 
operating system, includes Apple Watch Ultra™ 2, Apple Watch ® Series 9 and Apple Watch SE ®. The Company’s line of 
wireless headphones includes AirPods®, AirPods Pro®, AirPods Max™ and Beats ® products.
Home includes Apple TV ®, the Company’s media streaming and gaming device based on its tvOS ® operating system, and 
HomePod® and HomePod mini®, high-fidelity wireless smart speakers.
Accessories includes Apple-branded and third-party accessories.
Apple Inc. | 2023 Form 10-K | 1

--- Page 5 ---

Services
Advertising
The Company’s advertising services include third-party licensing arrangements and the Company’s own advertising platforms.
AppleCare
The Company offers a portfolio of fee-based service and support products under the AppleCare ® brand. The offerings provide 
priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement 
services, and in many cases additional coverage for instances of accidental damage or theft and loss, depending on the country 
and type of product.
Cloud Services
The Company’s cloud services store and keep customers’ content up-to-date and available across multiple Apple devices and 
Windows personal computers.
Digital Content
The Company operates various platforms, including the App Store ®, that allow customers to discover and download applications 
and digital content, such as books, music, video, games and podcasts.
The Company also offers digital content through subscription-based services, including Apple Arcade ®, a game subscription 
service; Apple Fitness+ SM, a personalized fitness service; Apple Music ®, which offers users a curated listening experience with 
on-demand radio stations; Apple News+ ®, a subscription news and magazine service; and Apple TV+ ®, which offers exclusive 
original content and live sports.
Payment Services
The Company offers payment services, including Apple Card ®, a co-branded credit card, and Apple Pay ®, a cashless payment 
service.
Segments
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.
Markets and Distribution
The Company’s customers are primarily in the consumer, small and mid-sized business, education, enterprise and government 
markets. The Company sells its products and resells third-party products in most of its major markets directly to customers 
through its retail and online stores and its direct sales force. The Company also employs a variety of indirect distribution 
channels, such as third-party cellular network carriers, wholesalers, retailers and resellers. During 2023, the Company’s net 
sales through its direct and indirect distribution channels accounted for 37% and 63%, respectively, of total net sales.
Competition
The markets for the Company’s products and services are highly competitive, and are characterized by aggressive price 
competition and resulting downward pressure on gross margins, frequent introduction of new products and services, short 
product life cycles, evolving industry standards, continual improvement in product price and performance characteristics, rapid 
adoption of technological advancements by competitors, and price sensitivity on the part of consumers and businesses. Many of 
the Company’s competitors seek to compete primarily through aggressive pricing and very low cost structures, and by imitating 
the Company’s products and infringing on its intellectual property.
Apple Inc. | 2023 Form 10-K | 2

--- Page 6 ---

The Company’s ability to compete successfully depends heavily on ensuring the continuing and timely introduction of innovative 
new products, services and technologies to the marketplace. The Company designs and develops nearly the entire solution for 
its products, including the hardware, operating system, numerous software applications and related services. Principal 
competitive factors important to the Company include price, product and service features (including security features), relative 
price and performance, product and service quality and reliability, design innovation, a strong third-party software and 
accessories ecosystem, marketing and distribution capability, service and support, and corporate reputation.
The Company is focused on expanding its market opportunities related to smartphones, personal computers, tablets, wearables 
and accessories, and services. The Company faces substantial competition in these markets from companies that have 
significant technical, marketing, distribution and other resources, as well as established hardware, software, and service offerings 
with large customer bases. In addition, some of the Company’s competitors have broader product lines, lower-priced products 
and a larger installed base of active devices. Competition has been particularly intense as competitors have aggressively cut 
prices and lowered product margins. Certain competitors have the resources, experience or cost structures to provide products 
at little or no profit or even at a loss. The Company’s services compete with business models that provide content to users for 
free and use illegitimate means to obtain third-party digital content and applications. The Company faces significant competition 
as competitors imitate the Company’s product features and applications within their products, or collaborate to offer integrated 
solutions that are more competitive than those they currently offer.
Supply of Components
Although most components essential to the Company’s business are generally available from multiple sources, certain 
components are currently obtained from single or limited sources. The Company also competes for various components with 
other participants in the markets for smartphones, personal computers, tablets, wearables and accessories. Therefore, many 
components used by the Company, including those that are available from multiple sources, are at times subject to industry-wide 
shortage and significant commodity pricing fluctuations.
The Company uses some custom components that are not commonly used by its competitors, and new products introduced by 
the Company often utilize custom components available from only one source. When a component or product uses new 
technologies, initial capacity constraints may exist until the suppliers’ yields have matured or their manufacturing capacities have 
increased. The continued availability of these components at acceptable prices, or at all, may be affected if suppliers decide to 
concentrate on the production of common components instead of components customized to meet the Company’s requirements.
The Company has entered into agreements for the supply of many components; however, there can be no guarantee that the 
Company will be able to extend or renew these agreements on similar terms, or at all.
Research and Development
Because the industries in which the Company competes are characterized by rapid technological advances, the Company’s 
ability to compete successfully depends heavily upon its ability to ensure a continual and timely flow of competitive products, 
services and technologies to the marketplace. The Company continues to develop new technologies to enhance existing 
products and services, and to expand the range of its offerings through research and development (“R&D”), licensing of 
intellectual property and acquisition of third-party businesses and technology.
Intellectual Property
The Company currently holds a broad collection of intellectual property rights relating to certain aspects of its hardware devices, 
accessories, software and services. This includes patents, designs, copyrights, trademarks and other forms of intellectual 
property rights in the U.S. and various foreign countries. Although the Company believes the ownership of such intellectual 
property rights is an important factor in differentiating its business and that its success does depend in part on such ownership, 
the Company relies primarily on the innovative skills, technical competence and marketing abilities of its personnel.
The Company regularly files patent, design, copyright and trademark applications to protect innovations arising from its research, 
development, design and marketing, and is currently pursuing thousands of applications around the world. Over time, the 
Company has accumulated a large portfolio of issued and registered intellectual property rights around the world. No single 
intellectual property right is solely responsible for protecting the Company’s products and services. The Company believes the 
duration of its intellectual property rights is adequate relative to the expected lives of its products and services.
In addition to Company-owned intellectual property, many of the Company’s products and services are designed to include 
intellectual property owned by third parties. It may be necessary in the future to seek or renew licenses relating to various 
aspects of the Company’s products, processes and services. While the Company has generally been able to obtain such 
licenses on commercially reasonable terms in the past, there is no guarantee that such licenses could be obtained in the future 
on reasonable terms or at all.
Apple Inc. | 2023 Form 10-K | 3

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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.
Human Capital
The Company believes it has a talented, motivated and dedicated team, and works to create an inclusive, safe and supportive 
environment for all of its team members. As of September  30, 2023 , the Company had approximately 161,000 full-time 
equivalent employees.
Workplace Practices and Policies
The Company is an equal opportunity employer committed to inclusion and diversity and to providing a workplace free of 
harassment or discrimination.
Compensation and Benefits
The Company believes that compensation should be competitive and equitable, and should enable employees to share in the 
Company’s success. The Company recognizes its people are most likely to thrive when they have the resources to meet their 
needs and the time and support to succeed in their professional and personal lives. In support of this, the Company offers a wide 
variety of benefits for employees around the world and invests in tools and resources that are designed to support employees’ 
individual growth and development.
Inclusion and Diversity
The Company is committed to its vision to build and sustain a more inclusive workforce that is representative of the communities 
it serves. The Company continues to work to increase diverse representation at every level, foster an inclusive culture, and 
support equitable pay and access to opportunity for all employees.
Engagement
The Company believes that open and honest communication among team members, managers and leaders helps create an 
open, collaborative work environment where everyone can contribute, grow and succeed. Team members are encouraged to 
come to their managers with questions, feedback or concerns, and the Company conducts surveys that gauge employee 
sentiment in areas like career development, manager performance and inclusivity.
Health and Safety
The Company is committed to protecting its team members everywhere it operates. The Company identifies potential workplace 
risks in order to develop measures to mitigate possible hazards. The Company supports employees with general safety, security 
and crisis management training, and by putting specific programs in place for those working in potentially high-hazard 
environments. Additionally, the Company works to protect the safety and security of its team members, visitors and customers 
through its global security team.
Available Information
The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and 
amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the 
“Exchange Act”), are filed with the U.S. Securities and Exchange Commission (the “SEC”). Such reports and other information 
filed by the Company with the SEC are available free of charge at investor.apple.com/investor-relations/sec-filings/default.aspx 
when such reports are available on the SEC’s website. 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-K is not 
incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual 
references only.
Apple Inc. | 2023 Form 10-K | 4

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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 below. 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.
Because of the following factors, as well as other factors affecting the Company’s results of operations and financial condition, 
past financial performance should not be considered to be a reliable indicator of future performance, and investors should not 
use historical trends to anticipate results or trends in future periods. This discussion of risk factors contains forward-looking 
statements.
This section should be read in conjunction with Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition 
and Results of Operations” and the consolidated financial statements and accompanying notes in Part II, Item 8, “Financial 
Statements and Supplementary Data” of this Form 10-K.
Macroeconomic and Industry Risks
The Company’s operations and performance depend significantly on global and regional economic conditions and 
adverse economic conditions can materially adversely affect the Company’s business, results of operations and financial 
condition.
The Company has international operations with sales outside the U.S. representing a majority of the Company’s total net sales. 
In addition, the Company’s global supply chain is large and complex and a majority of the Company’s supplier facilities, including 
manufacturing and assembly sites, are located outside the U.S. As a result, the Company’s operations and performance depend 
significantly on global and regional economic conditions.
Adverse macroeconomic conditions, including slow growth or recession, high unemployment, inflation, tighter credit, higher 
interest rates, and currency fluctuations, can adversely impact consumer confidence and spending and materially adversely 
affect demand for the Company’s products and services. In addition, consumer confidence and spending can be materially 
adversely affected in response to changes in fiscal and monetary policy, financial market volatility, declines in income or asset 
values, and other economic factors.
In addition to an adverse impact on demand for the Company’s products and services, uncertainty about, or a decline in, global 
or regional economic conditions can have a significant impact on the Company’s suppliers, contract manufacturers, logistics 
providers, distributors, cellular network carriers and other channel partners, and developers. Potential outcomes include financial 
instability; inability to obtain credit to finance business operations; and insolvency.
Adverse economic conditions can also lead to increased credit and collectibility risk on the Company’s trade receivables; the 
failure of derivative counterparties and other financial institutions; limitations on the Company’s ability to issue new debt; reduced 
liquidity; and declines in the fair values of the Company’s financial instruments. These and other impacts can materially 
adversely affect the Company’s business, results of operations, financial condition and stock price.
The Company’s business can be impacted by political events, trade and other international disputes, war, terrorism, 
natural disasters, public health issues, industrial accidents and other business interruptions.
Political events, trade and other international disputes, war, terrorism, natural disasters, public health issues, industrial accidents 
and other business interruptions can harm or disrupt international commerce and the global economy, and could have a material 
adverse effect on the Company and its customers, suppliers, contract manufacturers, logistics providers, distributors, cellular 
network carriers and other channel partners.
Apple Inc. | 2023 Form 10-K | 5

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The Company has a large, global business with sales outside the U.S. representing a majority of the Company’s total net sales, 
and the Company believes that it generally benefits from growth in international trade. Substantially all of the Company’s 
manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South 
Korea, Taiwan and Vietnam. Restrictions on international trade, such as tariffs and other controls on imports or exports of goods, 
technology or data, can materially adversely affect the Company’s operations and supply chain and limit the Company’s ability to 
offer and distribute its products and services to customers. The impact can be particularly significant if these restrictive measures 
apply to countries and regions where the Company derives a significant portion of its revenues and/or has significant supply 
chain operations. Restrictive measures can require the Company to take various actions, including changing suppliers, 
restructuring business relationships, and ceasing to offer third-party applications on its platforms. Changing the Company’s 
operations in accordance with new or changed restrictions on international trade can be expensive, time-consuming and 
disruptive to the Company’s operations. Such restrictions can be announced with little or no advance notice and the Company 
may not be able to effectively mitigate all adverse impacts from such measures. For example, tensions between governments, 
including the U.S. and China, have in the past led to tariffs and other restrictions being imposed on the Company’s business. If 
disputes and conflicts further escalate in the future, actions by governments in response could be significantly more severe and 
restrictive and could materially adversely affect the Company’s business. Political uncertainty surrounding trade and other 
international disputes could also have a negative effect on consumer confidence and spending, which could adversely affect the 
Company’s business.
Many of the Company’s operations and facilities, as well as critical business operations of the Company’s suppliers and contract 
manufacturers, are in locations that are prone to earthquakes and other natural disasters. In addition, such operations and 
facilities are subject to the risk of interruption by fire, power shortages, nuclear power plant accidents and other industrial 
accidents, terrorist attacks and other hostile acts, ransomware and other cybersecurity attacks, labor disputes, public health 
issues, including pandemics such as the COVID-19 pandemic, and other events beyond the Company’s control. Global climate 
change is resulting in certain types of natural disasters, such as droughts, floods, hurricanes and wildfires, occurring more 
frequently or with more intense effects. Such events can make it difficult or impossible for the Company to manufacture and 
deliver products to its customers, create delays and inefficiencies in the Company’s supply and manufacturing chain, and result 
in slowdowns and outages to the Company’s service offerings, and negatively impact consumer spending and demand in 
affected areas. Following an interruption to its business, the Company can require substantial recovery time, experience 
significant expenditures to resume operations, and lose significant sales. Because the Company relies on single or limited 
sources for the supply and manufacture of many critical components, a business interruption affecting such sources would 
exacerbate any negative consequences to the Company.
The Company’s operations are also subject to the risks of industrial accidents at its suppliers and contract manufacturers. While 
the Company’s suppliers are required to maintain safe working environments and operations, an industrial accident could occur 
and could result in serious injuries or loss of life, disruption to the Company’s business, and harm to the Company’s reputation. 
Major public health issues, including pandemics such as the COVID-19 pandemic, have adversely affected, and could in the 
future materially adversely affect, the Company due to their impact on the global economy and demand for consumer products; 
the imposition of protective public safety measures, such as stringent employee travel restrictions and limitations on freight 
services and the movement of products between regions; and disruptions in the Company’s operations, supply chain and sales 
and distribution channels, resulting in interruptions to the supply of current products and offering of existing services, and delays 
in production ramps of new products and development of new services.
While the Company maintains insurance coverage for certain types of losses, such insurance coverage may be insufficient to 
cover all losses that may arise.
Global markets for the Company’s products and services are highly competitive and subject to rapid technological 
change, and the Company may be unable to compete effectively in these markets.
The Company’s products and services are offered in highly competitive global markets characterized by aggressive price 
competition and resulting downward pressure on gross margins, frequent introduction of new products and services, short 
product life cycles, evolving industry standards, continual improvement in product price and performance characteristics, rapid 
adoption of technological advancements by competitors, and price sensitivity on the part of consumers and businesses.
The Company’s ability to compete successfully depends heavily on ensuring the continuing and timely introduction of innovative 
new products, services and technologies to the marketplace. The Company designs and develops nearly the entire solution for 
its products, including the hardware, operating system, numerous software applications and related services. As a result, the 
Company must make significant investments in R&D. There can be no assurance these investments will achieve expected 
returns, and the Company may not be able to develop and market new products and services successfully.
Apple Inc. | 2023 Form 10-K | 6

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The Company currently holds a significant number of patents, trademarks and copyrights and has registered, and applied to 
register, additional patents, trademarks and copyrights. In contrast, many of the Company’s competitors seek to compete 
primarily through aggressive pricing and very low cost structures, and by imitating the Company’s products and infringing on 
its  intellectual property. Effective intellectual property protection is not consistently available in every country in which the 
Company operates. If the Company is unable to continue to develop and sell innovative new products with attractive margins or if 
competitors infringe on the Company’s intellectual property, the Company’s ability to maintain a competitive advantage could be 
materially adversely affected.
The Company has a minority market share in the global smartphone, personal computer and tablet markets. The Company faces 
substantial competition in these markets from companies that have significant technical, marketing, distribution and other 
resources, as well as established hardware, software and digital content supplier relationships. In addition, some of the 
Company’s competitors have broader product lines, lower-priced products and a larger installed base of active devices. 
Competition has been particularly intense as competitors have aggressively cut prices and lowered product margins. Certain 
competitors have the resources, experience or cost structures to provide products at little or no profit or even at a loss. Some of 
the markets in which the Company competes have from time to time experienced little to no growth or contracted overall.
Additionally, the Company faces significant competition as competitors imitate the Company’s product features and applications 
within their products or collaborate to offer solutions that are more competitive than those they currently offer. The Company also 
expects competition to intensify as competitors imitate the Company’s approach to providing components seamlessly within their 
offerings or work collaboratively to offer integrated solutions.
The Company’s services also face substantial competition, including from companies that have significant resources and 
experience and have established service offerings with large customer bases. The Company competes with business models 
that provide content to users for free. The Company also competes with illegitimate means to obtain third-party digital content 
and applications.
The Company’s business, results of operations and financial condition depend substantially on the Company’s ability to 
continually improve its products and services to maintain their functional and design advantages. There can be no assurance the 
Company will be able to continue to provide products and services that compete effectively.
Business Risks
To remain competitive and stimulate customer demand, the Company must successfully manage frequent introductions 
and transitions of products and services.
Due to the highly volatile and competitive nature of the markets and industries in which the Company competes, the Company 
must continually introduce new products, services and technologies, enhance existing products and services, effectively 
stimulate customer demand for new and upgraded products and services, and successfully manage the transition to these new 
and upgraded products and services. The success of new product and service introductions depends on a number of factors, 
including timely and successful development, market acceptance, the Company’s ability to manage the risks associated with new 
technologies and production ramp-up issues, the availability of application software for the Company’s products, the effective 
management of purchase commitments and inventory levels in line with anticipated product demand, the availability of products 
in appropriate quantities and at expected costs to meet anticipated demand, and the risk that new products and services may 
have quality or other defects or deficiencies. There can be no assurance the Company will successfully manage future 
introductions and transitions of products and services.
The Company depends on component and product manufacturing and logistical services provided by outsourcing 
partners, many of which are located outside of the U.S.
Substantially all of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in 
China mainland, India, Japan, South Korea, Taiwan and Vietnam, and a significant concentration of this manufacturing is 
currently performed by a small number of outsourcing partners, often in single locations. Changes or additions to the Company’s 
supply chain require considerable time and resources and involve significant risks and uncertainties. The Company has also 
outsourced much of its transportation and logistics management. While these arrangements can lower operating costs, they also 
reduce the Company’s direct control over production and distribution. Such diminished control has from time to time and may in 
the future have an adverse effect on the quality or quantity of products manufactured or services provided, or adversely affect the 
Company’s flexibility to respond to changing conditions. Although arrangements with these partners may contain provisions for 
product defect expense reimbursement, the Company generally remains responsible to the consumer for warranty and out-of-
warranty service in the event of product defects and experiences unanticipated product defect liabilities from time to time. While 
the Company relies on its partners to adhere to its supplier code of conduct, violations of the supplier code of conduct occur from 
time to time and can materially adversely affect the Company’s business, reputation, results of operations and financial condition.
Apple Inc. | 2023 Form 10-K | 7

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The Company relies on single-source outsourcing partners in the U.S., Asia and Europe to supply and manufacture many 
components, and on outsourcing partners primarily located in Asia, for final assembly of substantially all of the Company’s 
hardware products. Any failure of these partners to perform can have a negative impact on the Company’s cost or supply of 
components or finished goods. In addition, manufacturing or logistics in these locations or transit to final destinations can be 
disrupted for a variety of reasons, including natural and man-made disasters, information technology system failures, commercial 
disputes, armed conflict, economic, business, labor, environmental, public health or political issues, or international trade 
disputes.
The Company has invested in manufacturing process equipment, much of which is held at certain of its outsourcing partners, 
and has made prepayments to certain of its suppliers associated with long-term supply agreements. While these arrangements 
help ensure the supply of components and finished goods, if these outsourcing partners or suppliers experience severe financial 
problems or other disruptions in their business, such continued supply can be reduced or terminated, and the recoverability of 
manufacturing process equipment or prepayments can be negatively impacted.
Future operating results depend upon the Company’s ability to obtain components in sufficient quantities on 
commercially reasonable terms.
Because the Company currently obtains certain components from single or limited sources, the Company is subject to significant 
supply and pricing risks. Many components, including those that are available from multiple sources, are at times subject to 
industry-wide shortages and significant commodity pricing fluctuations that can materially adversely affect the Company’s 
business, results of operations and financial condition. For example, the global semiconductor industry has in the past 
experienced high demand and shortages of supply, which adversely affected the Company’s ability to obtain sufficient quantities 
of components and products on commercially reasonable terms or at all. Such disruptions could occur in the future. While the 
Company has entered into agreements for the supply of many components, there can be no assurance the Company will be able 
to extend or renew these agreements on similar terms, or at all. Component suppliers may suffer from poor financial conditions, 
which can lead to business failure for the supplier or consolidation within a particular industry, further limiting the Company’s 
ability to obtain sufficient quantities of components on commercially reasonable terms or at all. The effects of global or regional 
economic conditions on the Company’s suppliers, described in “ The Company’s operations and performance depend 
significantly on global and regional economic conditions and adverse economic conditions can materially adversely affect the 
Company’s business, results of operations and financial condition ,” above, can also affect the Company’s ability to obtain 
components. Therefore, the Company remains subject to significant risks of supply shortages and price increases that can 
materially adversely affect its business, results of operations and financial condition.
The Company’s new products often utilize custom components available from only one source. When a component or product 
uses new technologies, initial capacity constraints may exist until the suppliers’ yields have matured or their manufacturing 
capacities have increased. The continued availability of these components at acceptable prices, or at all, can be affected for any 
number of reasons, including if suppliers decide to concentrate on the production of common components instead of components 
customized to meet the Company’s requirements. When the Company’s supply of components for a new or existing product has 
been delayed or constrained, or when an outsourcing partner has delayed shipments of completed products to the Company, the 
Company’s business, results of operations and financial condition have been adversely affected and future delays or constraints 
could materially adversely affect the Company’s business, results of operations and financial condition. The Company’s business 
and financial performance could also be materially adversely affected depending on the time required to obtain sufficient 
quantities from the source, or to identify and obtain sufficient quantities from an alternative source.
The Company’s products and services may be affected from time to time by design and manufacturing defects that could 
materially adversely affect the Company’s business and result in harm to the Company’s reputation.
The Company offers complex hardware and software products and services that can be affected by design and manufacturing 
defects. Sophisticated operating system software and applications, such as those offered by the Company, often have issues 
that can unexpectedly interfere with the intended operation of hardware or software products and services. Defects can also exist 
in components and products the Company purchases from third parties. Component defects could make the Company’s 
products unsafe and create a risk of environmental or property damage and personal injury. These risks may increase as the 
Company’s products are introduced into specialized applications, including health. In addition, the Company’s service offerings 
can have quality issues and from time to time experience outages, service slowdowns or errors. As a result, from time to time the 
Company’s services have not performed as anticipated and may not meet customer expectations. There can be no assurance 
the Company will be able to detect and fix all issues and defects in the hardware, software and services it offers. Failure to do so 
can result in widespread technical and performance issues affecting the Company’s products and services. In addition, the 
Company can be exposed to product liability claims, recalls, product replacements or modifications, write-offs of inventory, 
property, plant and equipment or intangible assets, and significant warranty and other expenses, including litigation costs and 
regulatory fines. Quality problems can also adversely affect the experience for users of the Company’s products and services, 
and result in harm to the Company’s reputation, loss of competitive advantage, poor market acceptance, reduced demand for 
products and services, delay in new product and service introductions and lost sales.
Apple Inc. | 2023 Form 10-K | 8

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The Company is exposed to the risk of write-downs on the value of its inventory and other assets, in addition to purchase 
commitment cancellation risk.
The Company records a write-down for product and component inventories that have become obsolete or exceed anticipated 
demand, or for which cost exceeds net realizable value. The Company also accrues necessary cancellation fee reserves for 
orders of excess products and components. The Company reviews long-lived assets, including capital assets held at its 
suppliers’ facilities and inventory prepayments, for impairment whenever events or circumstances indicate the assets may not be 
recoverable. If the Company determines that an impairment has occurred, it records a write-down equal to the amount by which 
the carrying value of the asset exceeds its fair value. Although the Company believes its inventory, capital assets, inventory 
prepayments and other assets and purchase commitments are currently recoverable, there can be no assurance the Company 
will not incur write-downs, fees, impairments and other charges given the rapid and unpredictable pace of product obsolescence 
in the industries in which the Company competes.
The Company orders components for its products and builds inventory in advance of product announcements and shipments. 
Manufacturing purchase obligations cover the Company’s forecasted component and manufacturing requirements, typically for 
periods up to 150 days. Because the Company’s markets are volatile, competitive and subject to rapid technology and price 
changes, there is a risk the Company will forecast incorrectly and order or produce excess or insufficient amounts of components 
or products, or not fully utilize firm purchase commitments.
The Company relies on access to third-party intellectual property, which may not be available to the Company on 
commercially reasonable terms or at all.
The Company’s products and services are designed to include intellectual property owned by third parties, which requires 
licenses from those third parties. In addition, because of technological changes in the industries in which the Company currently 
competes or in the future may compete, current extensive patent coverage and the rapid rate of issuance of new patents, the 
Company’s products and services can unknowingly infringe existing patents or intellectual property rights of others. From time to 
time, the Company has been notified that it may be infringing certain patents or other intellectual property rights of third parties. 
Based on experience and industry practice, the Company believes licenses to such third-party intellectual property can generally 
be obtained on commercially reasonable terms. However, there can be no assurance the necessary licenses can be obtained on 
commercially reasonable terms or at all. Failure to obtain the right to use third-party intellectual property, or to use such 
intellectual property on commercially reasonable terms, can preclude the Company from selling certain products or services, or 
otherwise have a material adverse impact on the Company’s business, results of operations and financial condition.
The Company’s future performance depends in part on support from third-party software developers.
The Company believes decisions by customers to purchase its hardware products depend in part on the availability of third-party 
software applications and services. There can be no assurance third-party developers will continue to develop and maintain 
software applications and services for the Company’s products. If third-party software applications and services cease to be 
developed and maintained for the Company’s products, customers may choose not to buy the Company’s products.
The Company believes the availability of third-party software applications and services for its products depends in part on the 
developers’ perception and analysis of the relative benefits of developing, maintaining and upgrading such software and services 
for the Company’s products compared to competitors’ platforms, such as Android for smartphones and tablets, Windows for 
personal computers and tablets, and PlayStation, Nintendo and Xbox for gaming platforms. This analysis may be based on 
factors such as the market position of the Company and its products, the anticipated revenue that may be generated, expected 
future growth of product sales, and the costs of developing such applications and services.
The Company’s minority market share in the global smartphone, personal computer and tablet markets can make developers 
less inclined to develop or upgrade software for the Company’s products and more inclined to devote their resources to 
developing and upgrading software for competitors’ products with larger market share. When developers focus their efforts on 
these competing platforms, the availability and quality of applications for the Company’s devices can suffer.
The Company relies on the continued availability and development of compelling and innovative software applications for its 
products. The Company’s products and operating systems are subject to rapid technological change, and when third-party 
developers are unable to or choose not to keep up with this pace of change, their applications can fail to take advantage of these 
changes to deliver improved customer experiences, can operate incorrectly, and can result in dissatisfied customers and lower 
customer demand for the Company’s products.
Apple Inc. | 2023 Form 10-K | 9

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The Company distributes third-party applications for its products through the App Store. For the vast majority of applications, 
developers keep all of the revenue they generate on the App Store. The Company retains a commission from sales of 
applications and sales of digital services or goods initiated within an application. From time to time, the Company has made 
changes to its App Store, including actions taken in response to competition, market conditions and legal and regulatory 
requirements. The Company expects to make further business changes in the future, including as a result of legislative initiatives 
impacting the App Store, such as the European Union (“EU”) Digital Markets Act, which the Company is required to comply with 
by March 2024. The Company is also subject to litigation and investigations relating to the App Store, which have resulted in 
changes to the Company’s business practices, and may in the future result in further changes. Changes have included how 
developers communicate with consumers outside the App Store regarding alternative purchasing mechanisms. Future changes 
could also affect what the Company charges developers for access to its platforms, how it manages distribution of apps outside 
of the App Store, and how and to what extent it allows developers to communicate with consumers inside the App Store 
regarding alternative purchasing mechanisms. This could reduce the volume of sales, and the commission that the Company 
earns on those sales, would decrease. If the rate of the commission that the Company retains on such sales is reduced, or if it is 
otherwise narrowed in scope or eliminated, the Company’s business, results of operations and financial condition could be 
materially adversely affected.
Failure to obtain or create digital content that appeals to the Company’s customers, or to make such content available 
on commercially reasonable terms, could have a material adverse impact on the Company’s business, results of 
operations and financial condition.
The Company contracts with numerous third parties to offer their digital content to customers. This includes the right to sell, or 
offer subscriptions to, third-party content, as well as the right to incorporate specific content into the Company’s own services. 
The licensing or other distribution arrangements for this content can be for relatively short time periods and do not guarantee the 
continuation or renewal of these arrangements on commercially reasonable terms, or at all. Some third-party content providers 
and distributors currently or in the future may offer competing products and services, and can take actions to make it difficult or 
impossible for the Company to license or otherwise distribute their content. Other content owners, providers or distributors may 
seek to limit the Company’s access to, or increase the cost of, such content. The Company may be unable to continue to offer a 
wide variety of content at commercially reasonable prices with acceptable usage rules.
The Company also produces its own digital content, which can be costly to produce due to intense and increasing competition for 
talent, content and subscribers, and may fail to appeal to the Company’s customers.
Some third-party digital content providers require the Company to provide digital rights management and other security solutions. 
If requirements change, the Company may have to develop or license new technology to provide these solutions. There can be 
no assurance the Company will be able to develop or license such solutions at a reasonable cost and in a timely manner.
The Company’s success depends largely on the talents and efforts of its team members, the continued service and 
availability of highly skilled employees, including key personnel, and the Company’s ability to nurture its distinctive and 
inclusive culture.
Much of the Company’s future success depends on the talents and efforts of its team members and the continued availability and 
service of key personnel, including its Chief Executive Officer, executive team and other highly skilled employees. Experienced 
personnel in the technology industry are in high demand and competition for their talents is intense, especially in Silicon Valley, 
where most of the Company’s key personnel are located. In addition to intense competition for talent, workforce dynamics are 
constantly evolving. If the Company does not manage changing workforce dynamics effectively, it could materially adversely 
affect the Company’s culture, reputation and operational flexibility.
The Company believes that its distinctive and inclusive culture is a significant driver of its success. If the Company is unable to 
nurture its culture, it could materially adversely affect the Company’s ability to recruit and retain the highly skilled employees who 
are critical to its success, and could otherwise materially adversely affect the Company’s business, reputation, results of 
operations and financial condition.
The Company depends on the performance of carriers, wholesalers, retailers and other resellers.
The Company distributes its products and certain of its services through cellular network carriers, wholesalers, retailers and 
resellers, many of which distribute products and services from competitors. The Company also sells its products and services 
and resells third-party products in most of its major markets directly to consumers, small and mid-sized businesses, and 
education, enterprise and government customers through its retail and online stores and its direct sales force.
Some carriers providing cellular network service for the Company’s products offer financing, installment payment plans or 
subsidies for users’ purchases of the device. There can be no assurance such offers will be continued at all or in the same 
amounts.
Apple Inc. | 2023 Form 10-K | 10

--- Page 14 ---

The Company has invested and will continue to invest in programs to enhance reseller sales, including staffing selected 
resellers’ stores with Company employees and contractors, and improving product placement displays. These programs can 
require a substantial investment while not assuring return or incremental sales. The financial condition of these resellers could 
weaken, these resellers could stop distributing the Company’s products, or uncertainty regarding demand for some or all of the 
Company’s products could cause resellers to reduce their ordering and marketing of the Company’s products.
The Company’s business and reputation are impacted by information technology system failures and network 
disruptions.
The Company and its global supply chain are dependent on complex information technology systems and are exposed to 
information technology system failures or network disruptions caused by natural disasters, accidents, power disruptions, 
telecommunications failures, acts of terrorism or war, computer viruses, physical or electronic break-ins, ransomware or other 
cybersecurity incidents, or other events or disruptions. System upgrades, redundancy and other continuity measures may be 
ineffective or inadequate, and the Company’s or its vendors’ business continuity and disaster recovery planning may not be 
sufficient for all eventualities. Such failures or disruptions can adversely impact the Company’s business by, among other things, 
preventing access to the Company’s online services, interfering with customer transactions or impeding the manufacturing and 
shipping of the Company’s products. These events could materially adversely affect the Company’s business, reputation, results 
of operations and financial condition.
Losses or unauthorized access to or releases of confidential information, including personal information, could subject 
the Company to significant reputational, financial, legal and operational consequences.
The Company’s business requires it to use and store confidential information, including personal information, with respect to the 
Company’s customers and employees. The Company devotes significant resources to network and data security, including 
through the use of encryption and other security measures intended to protect its systems and data. But these measures cannot 
provide absolute security, and losses or unauthorized access to or releases of confidential information occur and could materially 
adversely affect the Company’s business, reputation, results of operations and financial condition.
The Company’s business also requires it to share confidential information with suppliers and other third parties. The Company 
relies on global suppliers that are also exposed to ransomware and other malicious attacks that can disrupt business operations. 
Although the Company takes steps to secure confidential information that is provided to or accessible by third parties working on 
the Company’s behalf, such measures are not always effective and losses or unauthorized access to, or releases of, confidential 
information occur. Such incidents and other malicious attacks could materially adversely affect the Company’s business, 
reputation, results of operations and financial condition.
The Company experiences malicious attacks and other attempts to gain unauthorized access to its systems on a regular basis. 
These attacks seek to compromise the confidentiality, integrity or availability of confidential information or disrupt normal 
business operations, and can, among other things, impair the Company’s ability to attract and retain customers for its products 
and services, impact the Company’s stock price, materially damage commercial relationships, and expose the Company to 
litigation or government investigations, which could result in penalties, fines or judgments against the Company. Globally, attacks 
are expected to continue accelerating in both frequency and sophistication with increasing use by actors of tools and techniques 
that are designed to circumvent controls, avoid detection, and remove or obfuscate forensic evidence, all of which hinders the 
Company’s ability to identify, investigate and recover from incidents. In addition, attacks against the Company and its customers 
can escalate during periods of severe diplomatic or armed conflict.
Although malicious attacks perpetrated to gain access to confidential information, including personal information, affect many 
companies across various industries, the Company is at a relatively greater risk of being targeted because of its high profile and 
the value of the confidential information it creates, owns, manages, stores and processes.
The Company has implemented systems and processes intended to secure its information technology systems and prevent 
unauthorized access to or loss of sensitive data, and mitigate the impact of unauthorized access, including through the use of 
encryption and authentication technologies. As with all companies, these security measures may not be sufficient for all 
eventualities and may be vulnerable to hacking, ransomware attacks, employee error, malfeasance, system error, faulty 
password management or other irregularities. For example, third parties can fraudulently induce the Company’s or its vendors’ 
employees or customers into disclosing usernames, passwords or other sensitive information, which can, in turn, be used for 
unauthorized access to the Company’s or its vendors’ systems and services. To help protect customers and the Company, the 
Company deploys and makes available technologies like multifactor authentication, monitors its services and systems for 
unusual activity and may freeze accounts under suspicious circumstances, which, among other things, can result in the delay or 
loss of customer orders or impede customer access to the Company’s products and services.
While the Company maintains insurance coverage that is intended to address certain aspects of data security risks, such 
insurance coverage may be insufficient to cover all losses or all types of claims that may arise.
Apple Inc. | 2023 Form 10-K | 11

--- Page 15 ---

Investment in new business strategies and acquisitions could disrupt the Company’s ongoing business, present risks not 
originally contemplated and materially adversely affect the Company’s business, reputation, results of operations and 
financial condition.
The Company has invested, and in the future may invest, in new business strategies or acquisitions. Such endeavors may 
involve significant risks and uncertainties, including distraction of management from current operations, greater-than-expected 
liabilities and expenses, economic, political, legal and regulatory challenges associated with operating in new businesses, 
regions or countries, inadequate return on capital, potential impairment of tangible and intangible assets, and significant write-
offs. Investment and acquisition transactions are exposed to additional risks, including failing to obtain required regulatory 
approvals on a timely basis or at all, or the imposition of onerous conditions that could delay or prevent the Company from 
completing a transaction or otherwise limit the Company’s ability to fully realize the anticipated benefits of a transaction. These 
new ventures are inherently risky and may not be successful. The failure of any significant investment could materially adversely 
affect the Company’s business, reputation, results of operations and financial condition.
The Company’s retail stores are subject to numerous risks and uncertainties.
The Company’s retail operations are subject to many factors that pose risks and uncertainties and could adversely impact the 
Company’s business, results of operations and financial condition, including macroeconomic factors that could have an adverse 
effect on general retail activity. Other factors include the Company’s ability to: manage costs associated with retail store 
construction and operation; manage relationships with existing retail partners; manage costs associated with fluctuations in the 
value of retail inventory; and obtain and renew leases in quality retail locations at a reasonable cost.
Legal and Regulatory Compliance Risks
The Company’s business, results of operations and financial condition could be adversely impacted by unfavorable 
results of legal proceedings or government investigations.
The Company is subject to various claims, legal proceedings and government investigations that have arisen in the ordinary 
course of business and have not yet been fully resolved, and new matters may arise in the future. In addition, agreements 
entered into by the Company sometimes include indemnification provisions which can subject the Company to costs and 
damages in the event of a claim against an indemnified third party. The number of claims, legal proceedings and government 
investigations involving the Company, and the alleged magnitude of such claims, proceedings and government investigations, 
has generally increased over time and may continue to increase.
The Company has faced and continues to face a significant number of patent claims relating to its cellular-enabled products, and 
new claims may arise in the future, including as a result of new legal or regulatory frameworks. For example, technology and 
other patent-holding companies frequently assert their patents and seek royalties and often enter into litigation based on 
allegations of patent infringement or other violations of intellectual property rights. The Company is vigorously defending 
infringement actions in courts in several U.S. jurisdictions, as well as internationally in various countries. The plaintiffs in these 
actions frequently seek injunctions and substantial damages.
Regardless of the merit of particular claims, defending against litigation or responding to government investigations can be 
expensive, time-consuming and disruptive to the Company’s operations. In recognition of these considerations, the Company 
may enter into agreements or other arrangements to settle litigation and resolve such challenges. There can be no assurance 
such agreements can be obtained on acceptable terms or that litigation will not occur. These agreements can also significantly 
increase the Company’s cost of sales and operating expenses and require the Company to change its business practices and 
limit the Company’s ability to offer certain products and services.
Except as described in Part I, Item 3 of this Form 10-K under the heading “Legal Proceedings” and in Part II, Item 8 of this Form 
10-K in the Notes to Consolidated Financial Statements in Note 12, “Commitments, Contingencies and Supply Concentrations ” 
under the heading “Contingencies,” 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.
The outcome of litigation or government investigations is inherently uncertain. If one or more legal matters were resolved against 
the Company or an indemnified third party in a reporting period for amounts above management’s expectations, the Company’s 
results of operations and financial condition for that reporting period could be materially adversely affected. Further, such an 
outcome can result in significant compensatory, punitive or trebled monetary damages, disgorgement of revenue or profits, 
remedial corporate measures or injunctive relief against the Company, and has from time to time required, and can in the future 
require, the Company to change its business practices and limit the Company’s ability to offer certain products and services, all 
of which could materially adversely affect the Company’s business, reputation, results of operations and financial condition.
While the Company maintains insurance coverage for certain types of claims, such insurance coverage may be insufficient to 
cover all losses or all types of claims that may arise.
Apple Inc. | 2023 Form 10-K | 12

--- Page 16 ---

The Company is subject to complex and changing laws and regulations worldwide, which exposes the Company to 
potential liabilities, increased costs and other adverse effects on the Company’s business.
The Company’s global operations are subject to complex and changing laws and regulations on subjects, including antitrust; 
privacy, data security and data localization; consumer protection; advertising, sales, billing and e-commerce; financial services 
and technology; product liability; intellectual property ownership and infringement; digital platforms; machine learning and 
artificial intelligence; internet, telecommunications and mobile communications; media, television, film and digital content; 
availability of third-party software applications and services; labor and employment; anticorruption; import, export and trade; 
foreign exchange controls and cash repatriation restrictions; anti–money laundering; foreign ownership and investment; tax; and 
environmental, health and safety, including electronic waste, recycling, product design and climate change.
Compliance with these laws and regulations is onerous and expensive. New and changing laws and regulations can adversely 
affect the Company’s business by increasing the Company’s costs, limiting the Company’s ability to offer a product, service or 
feature to customers, imposing changes to the design of the Company’s products and services, impacting customer demand for 
the Company’s products and services, and requiring changes to the Company’s supply chain and its business. New and 
changing laws and regulations can also create uncertainty about how such laws and regulations will be interpreted and applied. 
These risks and costs may increase as the Company’s products and services are introduced into specialized applications, 
including health and financial services. The Company has implemented policies and procedures designed to ensure compliance 
with applicable laws and regulations, but there can be no assurance the Company’s employees, contractors or agents will not 
violate such laws and regulations or the Company’s policies and procedures. If the Company is found to have violated laws and 
regulations, it could materially adversely affect the Company’s business, reputation, results of operations and financial condition. 
Regulatory changes and other actions that materially adversely affect the Company’s business may be announced with little or 
no advance notice and the Company may not be able to effectively mitigate all adverse impacts from such measures. For 
example, the Company is subject to changing regulations relating to the export and import of its products. Although the Company 
has programs, policies and procedures in place that are designed to satisfy regulatory requirements, there can be no assurance 
that such policies and procedures will be effective in preventing a violation or a claim of a violation. As a result, the Company’s 
products could be banned, delayed or prohibited from importation, which could materially adversely affect the Company’s 
business, reputation, results of operations and financial condition.
Expectations relating to environmental, social and governance considerations and related reporting obligations expose 
the Company to potential liabilities, increased costs, reputational harm, and other adverse effects on the Company’s 
business.
Many governments, regulators, investors, employees, customers and other stakeholders are increasingly focused on 
environmental, social and governance considerations relating to businesses, including climate change and greenhouse gas 
emissions, human and civil rights, and diversity, equity and inclusion. In addition, the Company makes statements about its goals 
and initiatives through its various non-financial reports, information provided on its website, press statements and other 
communications. Responding to these environmental, social and governance considerations and implementation of these goals 
and initiatives involves risks and uncertainties, requires investments, and depends in part on third-party performance or data that 
is outside the Company’s control. The Company cannot guarantee that it will achieve its announced environmental, social and 
governance goals and initiatives. In addition, some stakeholders may disagree with the Company’s goals and initiatives. Any 
failure, or perceived failure, by the Company to achieve its goals, further its initiatives, adhere to its public statements, comply 
with federal, state or international environmental, social and governance laws and regulations, or meet evolving and varied 
stakeholder expectations and standards could result in legal and regulatory proceedings against the Company and materially 
adversely affect the Company’s business, reputation, results of operations, financial condition and stock price.
The technology industry, including, in some instances, the Company, is subject to intense media, political and regulatory 
scrutiny, which exposes the Company to increasing regulation, government investigations, legal actions and penalties.
From time to time, the Company has made changes to its App Store, including actions taken in response to litigation, 
competition, market conditions and legal and regulatory requirements. The Company expects to make further business changes 
in the future, including as a result of legislative initiatives impacting the App Store, such as the EU Digital Markets Act, which the 
Company is required to comply with by March 2024, or similar laws in other jurisdictions. Changes have included how developers 
communicate with consumers outside the App Store regarding alternative purchasing mechanisms. Future changes could also 
affect what the Company charges developers for access to its platforms, how it manages distribution of apps outside of the App 
Store, and how and to what extent it allows developers to communicate with consumers inside the App Store regarding 
alternative purchasing mechanisms.
Apple Inc. | 2023 Form 10-K | 13

--- Page 17 ---

The Company is also currently subject to antitrust investigations in various jurisdictions around the world, which can result in 
legal proceedings and claims against the Company that could, individually or in the aggregate, have a materially adverse impact 
on the Company’s business, results of operations and financial condition. For example, the Company is the subject of 
investigations in Europe and other jurisdictions relating to App Store terms and conditions. If such investigations result in adverse 
findings against the Company, the Company could be exposed to significant fines and may be required to make changes to its 
App Store business, all of which could materially adversely affect the Company’s business, results of operations and financial 
condition. The Company is also subject to litigation relating to the App Store, which has resulted in changes to the Company’s 
business practices, and may in the future result in further changes.
Further, the Company has commercial relationships with other companies in the technology industry that are or may become 
subject to investigations and litigation that, if resolved against those other companies, could materially adversely affect the 
Company’s commercial relationships with those business partners and materially adversely affect the Company’s business, 
results of operations and financial condition. For example, the Company earns revenue from licensing arrangements with other 
companies to offer their search services on the Company’s platforms and applications, and certain of these arrangements are 
currently subject to government investigations and legal proceedings.
There can be no assurance the Company’s business will not be materially adversely affected, individually or in the aggregate, by 
the outcomes of such investigations, litigation or changes to laws and regulations in the future. Changes to the Company’s 
business practices to comply with new laws and regulations or in connection with other legal proceedings could negatively 
impact the reputation of the Company’s products for privacy and security and otherwise adversely affect the experience for users 
of the Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor 
market acceptance, reduced demand for products and services, and lost sales.
The Company’s business is subject to a variety of U.S. and international laws, rules, policies and other obligations 
regarding data protection.
The Company is subject to an increasing number of federal, state and international laws relating to the collection, use, retention, 
security and transfer of various types of personal information. In many cases, these laws apply not only to third-party 
transactions, but also restrict transfers of personal information among the Company and its international subsidiaries. Several 
jurisdictions have passed laws in this area, and additional jurisdictions are considering imposing additional restrictions or have 
laws that are pending. These laws continue to develop and may be inconsistent from jurisdiction to jurisdiction. Complying with 
emerging and changing requirements causes the Company to incur substantial costs and has required and may in the future 
require the Company to change its business practices. Noncompliance could result in significant penalties or legal liability.
The Company makes statements about its use and disclosure of personal information through its privacy policy, information 
provided on its website, press statements and other privacy notices provided to customers. Any failure by the Company to 
comply with these public statements or with other federal, state or international privacy or data protection laws and regulations 
could result in inquiries or proceedings against the Company by governmental entities or others. In addition to reputational 
impacts, penalties could include ongoing audit requirements and significant legal liability.
In addition to the risks generally relating to the collection, use, retention, security and transfer of personal information, the 
Company is also subject to specific obligations relating to information considered sensitive under applicable laws, such as health 
data, financial data and biometric data. Health data and financial data are subject to additional privacy, security and breach 
notification requirements, and the Company is subject to audit by governmental authorities regarding the Company’s compliance 
with these obligations. If the Company fails to adequately comply with these rules and requirements, or if health data or financial 
data is handled in a manner not permitted by law or under the Company’s agreements with healthcare or financial institutions, 
the Company can be subject to litigation or government investigations, and can be liable for associated investigatory expenses, 
and can also incur significant fees or fines.
Payment card data is also subject to additional requirements. Under payment card rules and obligations, if cardholder 
information is potentially compromised, the Company can be liable for associated investigatory expenses and can also incur 
significant fees or fines if the Company fails to follow payment card industry data security standards. The Company could also 
experience a significant increase in payment card transaction costs or lose the ability to process payment cards if it fails to follow 
payment card industry data security standards, which could materially adversely affect the Company’s business, reputation, 
results of operations and financial condition.
Apple Inc. | 2023 Form 10-K | 14

--- Page 18 ---

Financial Risks
The Company expects its quarterly net sales and results of operations to fluctuate.
The Company’s profit margins vary across its products, services, geographic segments and distribution channels. For example, 
the gross margins on the Company’s products and services vary significantly and can change over time. The Company’s gross 
margins are subject to volatility and downward pressure due to a variety of factors, including: continued industry-wide global 
product pricing pressures and product pricing actions that the Company may take in response to such pressures; increased 
competition; the Company’s ability to effectively stimulate demand for certain of its products and services; compressed product 
life cycles; supply shortages; potential increases in the cost of components, outside manufacturing services, and developing, 
acquiring and delivering content for the Company’s services; the Company’s ability to manage product quality and warranty costs 
effectively; shifts in the mix of products and services, or in the geographic, currency or channel mix, including to the extent that 
regulatory changes require the Company to modify its product and service offerings; fluctuations in foreign exchange rates; 
inflation and other macroeconomic pressures; and the introduction of new products or services, including new products or 
services with higher cost structures. These and other factors could have a materially adverse impact on the Company’s results of 
operations and financial condition.
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. Further, the Company generates a significant portion of its net sales from a single product and a 
decline in demand for that product could significantly impact quarterly net sales. The Company could also be subject to 
unexpected developments, such as lower-than-anticipated demand for the Company’s products or services, issues with new 
product or service introductions, information technology system failures or network disruptions, or failure of one of the 
Company’s logistics, components supply, or manufacturing partners.
The Company’s financial performance is subject to risks associated with changes in the value of the U.S. dollar relative 
to local currencies.
The Company’s primary exposure to movements in foreign exchange rates relates to non–U.S. dollar–denominated sales, cost 
of sales and operating expenses worldwide. Gross margins on the Company’s products in foreign countries and on products that 
include components obtained from foreign suppliers have in the past been adversely affected and could in the future be 
materially adversely affected by foreign exchange rate fluctuations.
The weakening of foreign currencies relative to the U.S. dollar adversely affects the U.S. dollar value of the Company’s foreign 
currency–denominated sales and earnings, and generally leads the Company to raise international pricing, potentially reducing 
demand for the Company’s products. In some circumstances, for competitive or other reasons, the Company may decide not to 
raise international pricing to offset the U.S. dollar’s strengthening, which would adversely affect the U.S. dollar value of the gross 
margins the Company earns on foreign currency–denominated sales.
Conversely, a strengthening of foreign currencies relative to the U.S. dollar, while generally beneficial to the Company’s foreign 
currency–denominated sales and earnings, could cause the Company to reduce international pricing or incur losses on its 
foreign currency derivative instruments, thereby limiting the benefit. Additionally, strengthening of foreign currencies may 
increase the Company’s cost of product components denominated in those currencies, thus adversely affecting gross margins.
The Company uses derivative instruments, such as foreign currency forward and option contracts, to hedge certain exposures to 
fluctuations in foreign exchange rates. The use of such hedging activities may not be effective to offset any, or more than a 
portion, of the adverse financial effects of unfavorable movements in foreign exchange rates over the limited time the hedges are 
in place.
The Company is exposed to credit risk and fluctuations in the values of its investment portfolio.
The Company’s investments can be negatively affected by changes in liquidity, credit deterioration, financial results, market and 
economic conditions, political risk, sovereign risk, interest rate fluctuations or other factors. As a result, the value and liquidity of 
the Company’s cash, cash equivalents and marketable securities may fluctuate substantially. Therefore, although the Company 
has not realized any significant losses on its cash, cash equivalents and marketable securities, future fluctuations in their value 
could result in significant losses and could have a material adverse impact on the Company’s results of operations and financial 
condition.
Apple Inc. | 2023 Form 10-K | 15

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The Company is exposed to credit risk on its trade accounts receivable, vendor non-trade receivables and prepayments 
related to long-term supply agreements, and this risk is heightened during periods when economic conditions worsen.
The Company distributes its products and certain of its services through third-party cellular network carriers, wholesalers, 
retailers and resellers. The Company also sells its products and services directly to small and mid-sized businesses and 
education, enterprise and government customers. A substantial majority of the Company’s outstanding trade receivables are not 
covered by collateral, third-party bank support or financing arrangements, or credit insurance, and a significant portion of the 
Company’s trade receivables can be concentrated within cellular network carriers or other resellers. The Company’s exposure to 
credit and collectibility risk on its trade receivables is higher in certain international markets and its ability to mitigate such risks 
may be limited. The Company also has unsecured vendor non-trade receivables resulting from purchases of components by 
outsourcing partners and other vendors that manufacture subassemblies or assemble final products for the Company. In 
addition, the Company has made prepayments associated with long-term supply agreements to secure supply of inventory 
components. As of September  30, 2023, the Company’s vendor non-trade receivables and prepayments related to long-term 
supply agreements were concentrated among a few individual vendors located primarily in Asia. While the Company has 
procedures to monitor and limit exposure to credit risk on its trade and vendor non-trade receivables, as well as long-term 
prepayments, there can be no assurance such procedures will effectively limit its credit risk and avoid losses.
The Company is subject to changes in tax rates, the adoption of new U.S. or international tax legislation and exposure to 
additional tax liabilities.
The Company is subject to taxes in the U.S. and numerous foreign jurisdictions, including Ireland and Singapore, where a 
number of the Company’s subsidiaries are organized. Due to economic and political conditions, tax laws and tax rates for income 
taxes and other non-income taxes in various jurisdictions may be subject to significant change. For example, the Organisation for 
Economic Co-operation and Development continues to advance proposals for modernizing international tax rules, including the 
introduction of global minimum tax standards. The Company’s effective tax rates are affected by changes in the mix of earnings 
in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, the introduction of 
new taxes, and changes in tax laws or their interpretation. The application of tax laws may be uncertain, require significant 
judgment and be subject to differing interpretations.
The Company is also subject to the examination of its tax returns and other tax matters by the U.S. Internal Revenue Service 
and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome 
resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the 
outcome of these examinations. If the Company’s effective tax rates were to increase, or if the ultimate determination of the 
Company’s taxes owed is for an amount in excess of amounts previously accrued, the Company’s business, results of 
operations and financial condition could be materially adversely affected.
General Risks
The price of the Company’s stock is subject to volatility.
The Company’s stock has experienced substantial price volatility in the past and may continue to do so in the future. Additionally, 
the Company, the technology industry and the stock market as a whole have, from time to time, experienced extreme stock price 
and volume fluctuations that have affected stock prices in ways that may have been unrelated to these companies’ operating 
performance. Price volatility may cause the average price at which the Company repurchases its stock in a given period to 
exceed the stock’s price at a given point in time. The Company believes the price of its stock should reflect expectations of future 
growth and profitability. The Company also believes the price of its stock should reflect expectations that its cash dividend will 
continue at current levels or grow, and that its current share repurchase program will be fully consummated. Future dividends are 
subject to declaration by the Company’s Board of Directors, and the Company’s share repurchase program does not obligate it 
to acquire any specific number of shares. If the Company fails to meet expectations related to future growth, profitability, 
dividends, share repurchases or other market expectations, the price of the Company’s stock may decline significantly, which 
could have a material adverse impact on investor confidence and employee retention.
Item 1B. Unresolved Staff Comments
None.
Item 1C. Cybersecurity
Not applicable.
Apple Inc. | 2023 Form 10-K | 16

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Item 2. Properties
The Company’s headquarters is located in Cupertino, California. As of September  30, 2023, the Company owned or leased 
facilities and land for corporate functions, R&D, data centers, retail and other purposes at locations throughout the U.S. and in 
various places outside the U.S. The Company believes its existing facilities and equipment, which are used by all reportable 
segments, are in good operating condition and are suitable for the conduct of its business.
Item 3. Legal Proceedings
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “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. On September 10, 2021, the District Court ruled in favor of the Company with respect to 
nine out of the ten counts included in Epic’s claim. The District Court found that certain provisions of the Company’s App Store 
Review Guidelines violate California’s unfair competition law and issued an injunction enjoining the Company from prohibiting 
developers from including in their apps external links that direct customers to purchasing mechanisms other than Apple in-app 
purchasing. The injunction applies to apps on the U.S. storefront of the iOS and iPadOS App Store. On April 24, 2023, the U.S. 
Court of Appeals for the Ninth Circuit (the “Circuit Court”) affirmed the District Court’s ruling. On June 7, 2023, the Company and 
Epic filed petitions with the Circuit Court requesting further review of the decision. On June 30, 2023, the Circuit Court denied 
both petitions. On July 17, 2023, the Circuit Court granted Apple’s motion to stay enforcement of the injunction pending appeal to 
the U.S. Supreme Court. If the U.S. Supreme Court denies Apple’s petition, the stay of the injunction will expire.
Masimo
Masimo Corporation and Cercacor Laboratories, Inc. (together, “Masimo”) filed a complaint before the U.S. International Trade 
Commission (the “ITC”) alleging infringement by the Company of five patents relating to the functionality of the blood oxygen 
feature in Apple Watch Series 6 and 7. In its complaint, Masimo sought a permanent exclusion order prohibiting importation to 
the United States of certain Apple Watch models that include blood oxygen sensing functionality. On October 26, 2023, the ITC 
entered a limited exclusion order (the “Order”) prohibiting importation and sales in the United States of Apple Watch models with 
blood oxygen sensing functionality, which includes Apple Watch Series 9 and Ultra 2. The Order will not go into effect until the 
end of the administrative review period, which is currently expected to end on December 25, 2023. The Company intends to 
appeal the Order and seek 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 fourth 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 4. Mine Safety Disclosures
Not applicable.
Apple Inc. | 2023 Form 10-K | 17

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PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities
The Company’s common stock is traded on The Nasdaq Stock Market LLC under the symbol AAPL.
Holders
As of October 20, 2023, there were 23,763 shareholders of record.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended September  30, 2023 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)
July 2, 2023 to August 5, 2023:
Open market and privately negotiated purchases  33,864 $ 191.62  33,864 
August 6, 2023 to September 2, 2023:
August 2023 ASRs  22,085 (2) (2)  22,085 (2)
Open market and privately negotiated purchases  30,299 $ 178.99  30,299 
September 3, 2023 to September 30, 2023:
Open market and privately negotiated purchases  20,347 $ 176.31  20,347 
Total  106,595 $ 74,069 
(1) As of September  30, 2023, the Company was authorized by the Board of Directors to purchase up to $90 billion  of the 
Company’s common stock under a share repurchase program announced on May 4, 2023, of which $15.9 billion had been 
utilized. During the fourth quarter of 2023, the Company also utilized the final $4.6 billion  under its previous repurchase 
program, which was most recently authorized in April 2022. The programs do not obligate the Company to acquire a 
minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market 
transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
(2) In August 2023, the Company entered into new accelerated share repurchase agreements (“ASRs”). Under the terms of the 
ASRs, two financial institutions committed to deliver shares of the Company’s common stock during the purchase periods in 
exchange for up-front payments totaling $5.0 billion. The total number of shares ultimately delivered under the ASRs, and 
therefore the average repurchase price paid per share, is determined based on the volume-weighted average price of the 
Company’s common stock during the ASRs’ purchase periods, which end in the first quarter of 2024.
Apple Inc. | 2023 Form 10-K | 18

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Company Stock Performance
The following graph shows a comparison of five-year cumulative total shareholder return, calculated on a dividend-reinvested 
basis, for the Company, the S&P 500 Index and the Dow Jones U.S. Technology Supersector Index. The graph assumes $100 
was invested in each of the Company’s common stock, the S&P 500 Index and the Dow Jones U.S. Technology Supersector 
Index as of the market close on September 28, 2018. Past stock price performance is not necessarily indicative of future stock 
price performance.
COMPARISON OF 5-YEAR CUMULATIVE TOTAL RETURN
Among Apple Inc., the S&P 500 Index and the Dow Jones U.S. Technology Supersector Index
Apple Inc. S&P 500 Index Dow Jones U.S. Technology Supersector Index
9/28/18 9/28/19 9/26/20 9/25/21 9/24/22 9/30/23
$0
$100
$200
$300
$400
September 
2018
September 
2019
September 
2020
September 
2021
September 
2022
September 
2023
Apple Inc. $ 100 $ 98 $ 204 $ 269 $ 277 $ 317 
S&P 500 Index $ 100 $ 104 $ 118 $ 161 $ 136 $ 160 
Dow Jones U.S. Technology Supersector Index $ 100 $ 105 $ 154 $ 227 $ 164 $ 226 
Item 6. [Reserved]
Apple Inc. | 2023 Form 10-K | 19

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Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes 
included in Part II, Item 8 of this Form 10-K. This Item generally discusses 2023 and 2022 items and year-to-year comparisons 
between 2023 and 2022. Discussions of 2021 items and year-to-year comparisons between 2022 and 2021 are not included, 
and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 
7 of the Company’s Annual Report on Form 10-K for the fiscal year ended September 24, 2022.
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 year 2023 spanned 53 weeks, whereas fiscal years 2022 and 2021 
spanned 52 weeks each.
Fiscal Year Highlights
The Company’s total net sales were $383.3 billion and net income was $97.0 billion during 2023.
The Company’s total net sales decreased 3% or $11.0 billion  during 2023 compared to 2022. The weakness in foreign 
currencies relative to the U.S. dollar accounted for more than the entire year-over-year decrease in total net sales, which 
consisted primarily of lower net sales of Mac and iPhone, partially offset by higher net sales of Services.
The Company announces new product, service and software offerings at various times during the year. Significant 
announcements during fiscal year 2023 included the following:
First Quarter 2023:
• iPad and iPad Pro;
• Next-generation Apple TV 4K; and
• MLS Season Pass, a Major League Soccer subscription streaming service.
Second Quarter 2023:
• MacBook Pro 14”, MacBook Pro 16” and Mac mini; and
• Second-generation HomePod.
Third Quarter 2023:
• MacBook Air 15”, Mac Studio and Mac Pro;
• Apple Vision Pro™, the Company’s first spatial computer featuring its new visionOS™, expected to be available in early 
calendar year 2024; and
• iOS 17, macOS Sonoma, iPadOS 17, tvOS 17 and watchOS 10, updates to the Company’s operating systems.
Fourth Quarter 2023:
• iPhone 15, iPhone 15 Plus, iPhone 15 Pro and iPhone 15 Pro Max; and
• Apple Watch Series 9 and Apple Watch Ultra 2.
In May 2023, the Company announced a new share repurchase program of up to $90 billion and raised its quarterly dividend 
from $0.23 to $0.24 per share beginning in May 2023. During 2023, the Company repurchased $76.6 billion of its common stock 
and paid dividends and dividend equivalents of $15.0 billion.
Macroeconomic Conditions
Macroeconomic conditions, including inflation, changes in interest rates, and currency fluctuations, have directly and indirectly 
impacted, and could in the future materially impact, the Company’s results of operations and financial condition.
Apple Inc. | 2023 Form 10-K | 20

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Segment Operating Performance
The following table shows net sales by reportable segment for 2023, 2022 and 2021 (dollars in millions):
2023 Change 2022 Change 2021
Net sales by reportable segment:
Americas $ 162,560  (4) % $ 169,658  11 % $ 153,306 
Europe  94,294  (1) %  95,118  7 %  89,307 
Greater China  72,559  (2) %  74,200  9 %  68,366 
Japan  24,257  (7) %  25,977  (9) %  28,482 
Rest of Asia Pacific  29,615  1 %  29,375  11 %  26,356 
Total net sales $ 383,285  (3) % $ 394,328  8 % $ 365,817 
Americas
Americas net sales decreased 4% or $7.1 billion during 2023 compared to 2022 due to lower net sales of iPhone and Mac, 
partially offset by higher net sales of Services.
Europe
Europe net sales decreased 1% or $824 million during 2023 compared to 2022. The weakness in foreign currencies relative to 
the U.S. dollar accounted for more than the entire year-over-year decrease in Europe net sales, which consisted primarily of 
lower net sales of Mac and Wearables, Home and Accessories, partially offset by higher net sales of iPhone and Services.
Greater China
Greater China net sales decreased 2% or $1.6 billion during 2023 compared to 2022. The weakness in the renminbi relative to 
the U.S. dollar accounted for more than the entire year-over-year decrease in Greater China net sales, which consisted primarily 
of lower net sales of Mac and iPhone.
Japan
Japan net sales decreased 7% or $1.7 billion during 2023 compared to 2022. The weakness in the yen relative to the U.S. dollar 
accounted for more than the entire year-over-year decrease in Japan net sales, which consisted primarily of lower net sales of 
iPhone, Wearables, Home and Accessories and Mac.
Rest of Asia Pacific
Rest of Asia Pacific net sales increased 1% or $240 million during 2023 compared to 2022. The weakness in foreign currencies 
relative to the U.S. dollar had a significantly unfavorable year-over-year impact on Rest of Asia Pacific net sales. The net sales 
increase consisted of higher net sales of iPhone and Services, partially offset by lower net sales of Mac and iPad.
Apple Inc. | 2023 Form 10-K | 21

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Products and Services Performance
The following table shows net sales by category for 2023, 2022 and 2021 (dollars in millions):
2023 Change 2022 Change 2021
Net sales by category:
iPhone (1) $ 200,583  (2) % $ 205,489  7 % $ 191,973 
Mac (1)  29,357  (27) %  40,177  14 %  35,190 
iPad (1)  28,300  (3) %  29,292  (8) %  31,862 
Wearables, Home and Accessories (1)  39,845  (3) %  41,241  7 %  38,367 
Services (2)  85,200  9 %  78,129  14 %  68,425 
Total net sales $ 383,285  (3) % $ 394,328  8 % $ 365,817 
(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) Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.
iPhone
iPhone net sales decreased 2% or $4.9 billion during 2023 compared to 2022 due to lower net sales of non-Pro iPhone models, 
partially offset by higher net sales of Pro iPhone models.
Mac
Mac net sales decreased 27% or $10.8 billion during 2023 compared to 2022 due primarily to lower net sales of laptops.
iPad
iPad net sales decreased 3% or $1.0 billion during 2023 compared to 2022 due primarily to lower net sales of iPad mini and iPad 
Air, partially offset by the combined net sales of iPad 9th and 10th generation.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales decreased 3% or $1.4 billion during 2023 compared to 2022 due primarily to lower 
net sales of Wearables and Accessories.
Services
Services net sales increased 9% or $7.1 billion  during 2023 compared to 2022 due to higher net sales across all lines of 
business.
Apple Inc. | 2023 Form 10-K | 22

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Gross Margin
Products and Services gross margin and gross margin percentage for 2023, 2022 and 2021 were as follows (dollars in millions):
2023 2022 2021
Gross margin:
Products $ 108,803 $ 114,728 $ 105,126 
Services  60,345  56,054  47,710 
Total gross margin $ 169,148 $ 170,782 $ 152,836 
Gross margin percentage:
Products  36.5%  36.3%  35.3% 
Services  70.8%  71.7%  69.7% 
Total gross margin percentage  44.1%  43.3%  41.8% 
Products Gross Margin
Products gross margin decreased during 2023 compared to 2022 due to the weakness in foreign currencies relative to the U.S. 
dollar and lower Products volume, partially offset by cost savings and a different Products mix.
Products gross margin percentage increased during 2023 compared to 2022 due to cost savings and a different Products mix, 
partially offset by the weakness in foreign currencies relative to the U.S. dollar and decreased leverage.
Services Gross Margin
Services gross margin increased during 2023 compared to 2022 due primarily to higher Services net sales, partially offset by the 
weakness in foreign currencies relative to the U.S. dollar and higher Services costs.
Services gross margin percentage decreased during 2023 compared to 2022 due to higher Services costs and the weakness in 
foreign currencies relative to the U.S. dollar, partially offset by a different Services mix.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of this 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.
Operating Expenses
Operating expenses for 2023, 2022 and 2021 were as follows (dollars in millions):
2023 Change 2022 Change 2021
Research and development $ 29,915  14 % $ 26,251  20 % $ 21,914 
Percentage of total net sales  8%  7%  6% 
Selling, general and administrative $ 24,932  (1) % $ 25,094  14 % $ 21,973 
Percentage of total net sales  7%  6%  6% 
Total operating expenses $ 54,847  7 % $ 51,345  17 % $ 43,887 
Percentage of total net sales  14%  13%  12% 
Research and Development
The year-over-year growth in R&D expense in 2023 was driven primarily by increases in headcount-related expenses.
Selling, General and Administrative
Selling, general and administrative expense was relatively flat in 2023 compared to 2022.
Apple Inc. | 2023 Form 10-K | 23

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Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for 2023, 2022 and 2021 were as follows 
(dollars in millions):
2023 2022 2021
Provision for income taxes $ 16,741 $ 19,300 $ 14,527 
Effective tax rate  14.7%  16.2%  13.3% 
Statutory federal income tax rate  21%  21%  21% 
The Company’s effective tax rate for 2023 and 2022 was lower than the statutory federal income tax rate due primarily to a lower 
effective tax rate on foreign earnings, the impact of the U.S. federal R&D credit, and tax benefits from share-based 
compensation, partially offset by state income taxes.
The Company’s effective tax rate for 2023 was lower compared to 2022 due primarily to a lower effective tax rate on foreign 
earnings and the impact of U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 2022, partially 
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, which totaled $148.3 billion 
as of September  30, 2023, 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 material cash requirements include the following contractual obligations:
Debt
As of September  30, 2023, the Company had outstanding fixed-rate notes with varying maturities for an aggregate principal 
amount of $106.6 billion  (collectively the “Notes”), with $9.9 billion  payable within 12 months. Future interest payments 
associated with the Notes total $41.1 billion, with $2.9 billion payable within 12 months.
The Company also issues unsecured short-term promissory notes pursuant to a commercial paper program. As of 
September 30, 2023, the Company had $6.0 billion of commercial paper outstanding, all of which was payable within 12 months.
Leases
The Company has lease arrangements for certain equipment and facilities, including corporate, data center, manufacturing and 
retail space. As of September  30, 2023, the Company had fixed lease payment obligations of $15.8 billion , with $2.0 billion  
payable within 12 months.
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. As of September 30, 2023, the Company had manufacturing purchase obligations of $53.1 billion, 
with $52.9 billion payable within 12 months. The Company’s manufacturing purchase obligations are primarily noncancelable.
Other Purchase Obligations
The Company’s other purchase obligations primarily consist of noncancelable obligations to acquire capital assets, including 
assets related to product manufacturing, and noncancelable obligations related to supplier arrangements, licensed intellectual 
property and content, and distribution rights. As of September 30, 2023, the Company had other purchase obligations of $21.9 
billion, with $5.6 billion payable within 12 months.
Deemed Repatriation Tax Payable
As of September 30, 2023 , the balance of the deemed repatriation tax payable imposed by the U.S. Tax Cuts and Jobs Act of 
2017 (the “Act”) was $22.0 billion, with $6.5 billion expected to be paid within 12 months.
Apple Inc. | 2023 Form 10-K | 24

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Capital Return Program
In addition to its contractual cash requirements, the Company has an authorized share repurchase program. The program does 
not obligate the Company to acquire a minimum amount of shares. As of September 30, 2023 , the Company’s quarterly cash 
dividend was $0.24 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 
(“GAAP”) 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 Consolidated Financial Statements in Part II, Item 8 of this Form 10-K describes the 
significant accounting policies and methods used in the preparation of the Company’s consolidated financial statements. 
Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under 
the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities.
Uncertain Tax Positions
The Company is subject to income taxes in the U.S. and numerous foreign jurisdictions. The evaluation of the Company’s 
uncertain tax positions involves significant judgment in the interpretation and application of GAAP and complex domestic and 
international tax laws, including the Act and matters related to the allocation of international taxation rights between countries. 
Although management believes the Company’s reserves are reasonable, no assurance can be given that the final outcome of 
these uncertainties will not be different from that which is reflected in the Company’s reserves. Reserves are adjusted 
considering changing facts and circumstances, such as the closing of a tax examination. Resolution of these uncertainties in a 
manner inconsistent with management’s expectations could have a material impact on the Company’s financial condition and 
operating results.
Legal and Other Contingencies
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, the outcomes of 
which are inherently uncertain. The Company records a liability when it is probable that a loss has been incurred and the amount 
is reasonably estimable, the determination of which requires significant judgment. Resolution of legal matters in a manner 
inconsistent with management’s expectations could have a material impact on the Company’s financial condition and operating 
results.
Apple Inc. | 2023 Form 10-K | 25

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk
The Company is exposed to economic risk from interest rates and foreign exchange rates. The Company uses various strategies 
to manage these risks; however, they may still impact the Company’s consolidated financial statements.
Interest Rate Risk
The Company is primarily exposed to fluctuations in U.S. interest rates and their impact on the Company’s investment portfolio 
and term debt. Increases in interest rates will negatively affect the fair value of the Company’s investment portfolio and increase 
the interest expense on the Company’s term debt. To protect against interest rate risk, the Company may use derivative 
instruments, offset interest rate–sensitive assets and liabilities, or control duration of the investment and term debt portfolios.
The following table sets forth potential impacts on the Company’s investment portfolio and term debt, including the effects of any 
associated derivatives, that would result from a hypothetical increase in relevant interest rates as of September 30, 2023  and 
September 24, 2022 (dollars in millions):
Interest Rate
Sensitive Instrument
Hypothetical Interest
Rate Increase Potential Impact 2023 2022
Investment portfolio 100 basis points, all tenors Decline in fair value $ 3,089 $ 4,022 
Term debt 100 basis points, all tenors Increase in annual interest expense $ 194 $ 201 
Foreign Exchange Rate Risk
The Company’s exposure to foreign exchange rate risk relates primarily to the Company being a net receiver of currencies other 
than the U.S. dollar. Changes in exchange rates, and in particular a strengthening of the U.S. dollar, will negatively affect the 
Company’s net sales and gross margins as expressed in U.S. dollars. Fluctuations in exchange rates may also affect the fair 
values of certain of the Company’s assets and liabilities. To protect against foreign exchange rate risk, the Company may use 
derivative instruments, offset exposures, or adjust local currency pricing of its products and services. However, the Company 
may choose to not hedge certain foreign currency exposures for a variety of reasons, including accounting considerations or 
prohibitive cost.
The Company applied a value-at-risk (“VAR”) model to its foreign currency derivative positions to assess the potential impact of 
fluctuations in exchange rates. The VAR model used a Monte Carlo simulation. The VAR is the maximum expected loss in fair 
value, for a given confidence interval, to the Company’s foreign currency derivative positions due to adverse movements in rates. 
Based on the results of the model, the Company estimates, with 95% confidence, a maximum one-day loss in fair value of $669 
million and $1.0 billion as of September 30, 2023 and September 24, 2022, respectively. Changes in the Company’s underlying 
foreign currency exposures, which were excluded from the assessment, generally offset changes in the fair values of the 
Company’s foreign currency derivatives.
Apple Inc. | 2023 Form 10-K | 26

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Item 8. Financial Statements and Supplementary Data
Index to Consolidated Financial Statements Page
Consolidated Statements of Operations for the years ended September 30, 2023, September 24, 2022 and 
September 25, 2021 28
Consolidated Statements of Comprehensive Income for the years ended September 30, 2023, September 24, 
2022 and September 25, 2021 29
Consolidated Balance Sheets as of September 30, 2023 and September 24, 2022 30
Consolidated Statements of Shareholders’ Equity for the years ended September 30, 2023, September 24, 2022 
and September 25, 2021 31
Consolidated Statements of Cash Flows for the years ended September 30, 2023, September 24, 2022 and 
September 25, 2021 32
Notes to Consolidated Financial Statements 33
Reports of Independent Registered Public Accounting Firm 49
All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts 
sufficient to require submission of the schedule, or because the information required is included in the consolidated financial 
statements and accompanying notes.
Apple Inc. | 2023 Form 10-K | 27

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Apple Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Years ended
September 30,
2023
September 24,
2022
September 25,
2021
Net sales:
   Products $ 298,085 $ 316,199 $ 297,392 
   Services  85,200  78,129  68,425 
Total net sales  383,285  394,328  365,817 
Cost of sales:
   Products  189,282  201,471  192,266 
   Services  24,855  22,075  20,715 
Total cost of sales  214,137  223,546  212,981 
Gross margin  169,148  170,782  152,836 
Operating expenses:
Research and development  29,915  26,251  21,914 
Selling, general and administrative  24,932  25,094  21,973 
Total operating expenses  54,847  51,345  43,887 
Operating income  114,301  119,437  108,949 
Other income/(expense), net  (565)  (334)  258 
Income before provision for income taxes  113,736  119,103  109,207 
Provision for income taxes  16,741  19,300  14,527 
Net income $ 96,995 $ 99,803 $ 94,680 
Earnings per share:
Basic $ 6.16 $ 6.15 $ 5.67 
Diluted $ 6.13 $ 6.11 $ 5.61 
Shares used in computing earnings per share:
Basic  15,744,231  16,215,963  16,701,272 
Diluted  15,812,547  16,325,819  16,864,919 
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 28

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Apple Inc.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In millions)
Years ended
September 30,
2023
September 24,
2022
September 25,
2021
Net income $ 96,995 $ 99,803 $ 94,680 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (765)  (1,511)  501 
Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivative instruments  323  3,212  32 
Adjustment for net (gains)/losses realized and included in net 
income  (1,717)  (1,074)  1,003 
Total change in unrealized gains/losses on derivative 
instruments  (1,394)  2,138  1,035 
Change in unrealized gains/losses on marketable debt securities, net of 
tax:
Change in fair value of marketable debt securities  1,563  (12,104)  (694) 
Adjustment for net (gains)/losses realized and included in net 
income  253  205  (273) 
Total change in unrealized gains/losses on marketable debt 
securities  1,816  (11,899)  (967) 
Total other comprehensive income/(loss)  (343)  (11,272)  569 
Total comprehensive income $ 96,652 $ 88,531 $ 95,249 
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 29

--- Page 33 ---

Apple Inc.
CONSOLIDATED BALANCE SHEETS
(In millions, except number of shares, which are reflected in thousands, and par value)
September 30,
2023
September 24,
2022
ASSETS:
Current assets:
Cash and cash equivalents $ 29,965 $ 23,646 
Marketable securities  31,590  24,658 
Accounts receivable, net  29,508  28,184 
Vendor non-trade receivables  31,477  32,748 
Inventories  6,331  4,946 
Other current assets  14,695  21,223 
Total current assets  143,566  135,405 
Non-current assets:
Marketable securities  100,544  120,805 
Property, plant and equipment, net  43,715  42,117 
Other non-current assets  64,758  54,428 
Total non-current assets  209,017  217,350 
Total assets $ 352,583 $ 352,755 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 62,611 $ 64,115 
Other current liabilities  58,829  60,845 
Deferred revenue  8,061  7,912 
Commercial paper  5,985  9,982 
Term debt  9,822  11,128 
Total current liabilities  145,308  153,982 
Non-current liabilities:
Term debt  95,281  98,959 
Other non-current liabilities  49,848  49,142 
Total non-current liabilities  145,129  148,101 
Total liabilities  290,437  302,083 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively  73,812  64,849 
Accumulated deficit  (214)  (3,068) 
Accumulated other comprehensive loss  (11,452)  (11,109) 
Total shareholders’ equity  62,146  50,672 
Total liabilities and shareholders’ equity $ 352,583 $ 352,755 
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 30

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Apple Inc.
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In millions, except per-share amounts)
Years ended
September 30,
2023
September 24,
2022
September 25,
2021
Total shareholders’ equity, beginning balances $ 50,672 $ 63,090 $ 65,339 
Common stock and additional paid-in capital:
Beginning balances  64,849  57,365  50,779 
Common stock issued  1,346  1,175  1,105 
Common stock withheld related to net share settlement of equity 
awards  (3,521)  (2,971)  (2,627) 
Share-based compensation  11,138  9,280  8,108 
Ending balances  73,812  64,849  57,365 
Retained earnings/(Accumulated deficit):
Beginning balances  (3,068)  5,562  14,966 
Net income  96,995  99,803  94,680 
Dividends and dividend equivalents declared  (14,996)  (14,793)  (14,431) 
Common stock withheld related to net share settlement of equity 
awards  (2,099)  (3,454)  (4,151) 
Common stock repurchased  (77,046)  (90,186)  (85,502) 
Ending balances  (214)  (3,068)  5,562 
Accumulated other comprehensive income/(loss):
Beginning balances  (11,109)  163  (406) 
Other comprehensive income/(loss)  (343)  (11,272)  569 
Ending balances  (11,452)  (11,109)  163 
Total shareholders’ equity, ending balances $ 62,146 $ 50,672 $ 63,090 
Dividends and dividend equivalents declared per share or RSU $ 0.94 $ 0.90 $ 0.85 
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 31

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Apple Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
Years ended
September 30,
2023
September 24,
2022
September 25,
2021
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929 $ 39,789 
Operating activities:
Net income  96,995  99,803  94,680 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  11,519  11,104  11,284 
Share-based compensation expense  10,833  9,038  7,906 
Other  (2,227)  1,006  (4,921) 
Changes in operating assets and liabilities:
Accounts receivable, net  (1,688)  (1,823)  (10,125) 
Vendor non-trade receivables  1,271  (7,520)  (3,903) 
Inventories  (1,618)  1,484  (2,642) 
Other current and non-current assets  (5,684)  (6,499)  (8,042) 
Accounts payable  (1,889)  9,448  12,326 
Other current and non-current liabilities  3,031  6,110  7,475 
Cash generated by operating activities  110,543  122,151  104,038 
Investing activities:
Purchases of marketable securities  (29,513)  (76,923)  (109,558) 
Proceeds from maturities of marketable securities  39,686  29,917  59,023 
Proceeds from sales of marketable securities  5,828  37,446  47,460 
Payments for acquisition of property, plant and equipment  (10,959)  (10,708)  (11,085) 
Other  (1,337)  (2,086)  (385) 
Cash generated by/(used in) investing activities  3,705  (22,354)  (14,545) 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (5,431)  (6,223)  (6,556) 
Payments for dividends and dividend equivalents  (15,025)  (14,841)  (14,467) 
Repurchases of common stock  (77,550)  (89,402)  (85,971) 
Proceeds from issuance of term debt, net  5,228  5,465  20,393 
Repayments of term debt  (11,151)  (9,543)  (8,750) 
Proceeds from/(Repayments of) commercial paper, net  (3,978)  3,955  1,022 
Other  (581)  (160)  976 
Cash used in financing activities  (108,488)  (110,749)  (93,353) 
Increase/(Decrease) in cash, cash equivalents and restricted cash  5,760  (10,952)  (3,860) 
Cash, cash equivalents and restricted cash, ending balances $ 30,737 $ 24,977 $ 35,929 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 18,679 $ 19,573 $ 25,385 
Cash paid for interest $ 3,803 $ 2,865 $ 2,687 
See accompanying Notes to Consolidated Financial Statements.
Apple Inc. | 2023 Form 10-K | 32

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Apple Inc.
Notes to Consolidated Financial Statements
Note 1 – Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries. The preparation of 
these consolidated financial statements and accompanying notes in conformity with GAAP requires the use of management 
estimates. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified 
to conform to the current period’s presentation.
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 year 2023 spanned 53 weeks, whereas fiscal years 2022 and 
2021 spanned 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.
Revenue
The Company records revenue net of taxes collected from customers that are remitted to governmental authorities.
Share-Based Compensation
The Company recognizes share-based compensation expense on a straight-line basis for its estimate of equity awards that will 
ultimately vest.
Cash Equivalents
All highly liquid investments with maturities of three months or less at the date of purchase are treated as cash equivalents.
Marketable Securities
The cost of securities sold is determined using the specific identification method.
Inventories
Inventories are measured using the first-in, first-out method.
Property, Plant and Equipment
Depreciation on property, plant and equipment is recognized on a straight-line basis.
Derivative Instruments
The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets.
Income Taxes
The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings 
created by the Act.
Leases
The Company combines and accounts for lease and nonlease components as a single lease component for leases of corporate, 
data center and retail facilities.
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Note 2 – Revenue
The Company recognizes revenue at the amount to which it expects to be entitled when control of the products or services is 
transferred to its customers. Control is generally transferred when the Company has a present right to payment and title and the 
significant risks and rewards of ownership of products or services are transferred to its customers. For most of the Company’s 
Products net sales, control transfers when products are shipped. For the Company’s Services net sales, control transfers over 
time as services are delivered. Payment for Products and Services net sales is collected within a short period following transfer 
of control or commencement of delivery of services, as applicable.
The Company records reductions to Products net sales related to future product returns, price protection and other customer 
incentive programs based on the Company’s expectations and historical experience.
For arrangements with multiple performance obligations, which represent promises within an arrangement that are distinct, the 
Company allocates revenue to all distinct performance obligations based on their relative stand-alone selling prices (“SSPs”). 
When available, the Company uses observable prices to determine SSPs. When observable prices are not available, SSPs are 
established that reflect the Company’s best estimates of what the selling prices of the performance obligations would be if they 
were sold regularly on a stand-alone basis. The Company’s process for estimating SSPs without observable prices considers 
multiple factors that may vary depending upon the unique facts and circumstances related to each performance obligation 
including, where applicable, prices charged by the Company for similar offerings, market trends in the pricing for similar offerings, 
product-specific business objectives and the estimated cost to provide the performance obligation.
The Company has identified up to three performance obligations regularly included in arrangements involving the sale of iPhone, 
Mac, iPad and certain other products. The first performance obligation, which represents the substantial portion of the allocated 
sales price, is the hardware and bundled software delivered at the time of sale. The second performance obligation is the right to 
receive certain product-related bundled services, which include iCloud ®, Siri® and Maps. The third performance obligation is the 
right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with 
each device. The Company allocates revenue and any related discounts to these performance obligations based on their relative 
SSPs. Because the Company lacks observable prices for the undelivered performance obligations, the allocation of revenue is 
based on the Company’s estimated SSPs. Revenue allocated to the delivered hardware and bundled software is recognized 
when control has transferred to the customer, which generally occurs when the product is shipped. Revenue allocated to the 
product-related bundled services and unspecified software upgrade rights is deferred and recognized on a straight-line basis 
over the estimated period they are expected to be provided.
For certain long-term service arrangements, the Company has performance obligations for services it has not yet delivered. For 
these arrangements, the Company does not have a right to bill for the undelivered services. The Company has determined that 
any unbilled consideration relates entirely to the value of the undelivered services. Accordingly, the Company has not recognized 
revenue, and does not disclose amounts, related to these undelivered services.
For the sale of third-party products where the Company obtains control of the product before transferring it to the customer, the 
Company recognizes revenue based on the gross amount billed to customers. The Company considers multiple factors when 
determining whether it obtains control of third-party products, including evaluating if it can establish the price of the product, 
retains inventory risk for tangible products or has the responsibility for ensuring acceptability of the product. For third-party 
applications sold through the App Store, the Company does not obtain control of the product before transferring it to the 
customer. Therefore, the Company accounts for all third-party application–related sales on a net basis by recognizing in Services 
net sales only the commission it retains.
Apple Inc. | 2023 Form 10-K | 34

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Net sales disaggregated by significant products and services for 2023, 2022 and 2021 were as follows (in millions):
2023 2022 2021
iPhone (1) $ 200,583 $ 205,489 $ 191,973 
Mac (1)  29,357  40,177  35,190 
iPad (1)  28,300  29,292  31,862 
Wearables, Home and Accessories (1)  39,845  41,241  38,367 
Services (2)  85,200  78,129  68,425 
Total net sales $ 383,285 $ 394,328 $ 365,817 
(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) Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.
Total net sales include $8.2 billion of revenue recognized in 2023 that was included in deferred revenue as of September 24, 
2022, $7.5 billion of revenue recognized in 2022 that was included in deferred revenue as of September 25, 2021 , and $6.7 
billion of revenue recognized in 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 13, “ Segment Information and Geographic Data ” for 2023, 2022 and 2021, except in Greater China, where iPhone 
revenue represented a moderately higher proportion of net sales.
As of September 30, 2023 and September 24, 2022, the Company had total deferred revenue of $12.1 billion and $12.4 billion, 
respectively. As of September 30, 2023, the Company expects 67% of total deferred revenue to be realized in less than a year, 
25% within one-to-two years, 7% within two-to-three years and 1% in greater than three years.
Note 3 – Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for 2023, 2022 and 2021 (net income in 
millions and shares in thousands):
2023 2022 2021
Numerator:
Net income $ 96,995 $ 99,803 $ 94,680 
Denominator:
Weighted-average basic shares outstanding  15,744,231  16,215,963  16,701,272 
Effect of dilutive share-based awards  68,316  109,856  163,647 
Weighted-average diluted shares  15,812,547  16,325,819  16,864,919 
Basic earnings per share $ 6.16 $ 6.15 $ 5.67 
Diluted earnings per share $ 6.13 $ 6.11 $ 5.61 
Approximately 24 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for 
2023 because their effect would have been antidilutive.
Apple Inc. | 2023 Form 10-K | 35

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Note 4 – 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 September 30, 2023 and September 24, 2022 (in millions):
2023
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 28,359 $ — $ — $ 28,359 $ 28,359 $ — $ — 
Level 1:
Money market funds  481  —  —  481  481  —  — 
Mutual funds and equity securities  442  12  (26)  428  —  428  — 
Subtotal  923  12  (26)  909  481  428  — 
Level 2 (1):
U.S. Treasury securities  19,406  —  (1,292)  18,114  35  5,468  12,611 
U.S. agency securities  5,736  —  (600)  5,136  36  271  4,829 
Non-U.S. government securities  17,533  6  (1,048)  16,491  —  11,332  5,159 
Certificates of deposit and time deposits  1,354  —  —  1,354  1,034  320  — 
Commercial paper  608  —  —  608  —  608  — 
Corporate debt securities  76,840  6  (5,956)  70,890  20  12,627  58,243 
Municipal securities  628  —  (26)  602  —  192  410 
Mortgage- and asset-backed securities  22,365  6  (2,735)  19,636  —  344  19,292 
Subtotal  144,470  18  (11,657)  132,831  1,125  31,162  100,544 
Total (2) $ 173,752 $ 30 $ (11,683) $ 162,099 $ 29,965 $ 31,590 $ 100,544 
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:
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 (1):
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 (2) $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 
(1) The valuation techniques used to measure the fair value s of the Company’s Level 2 financial instruments, which generally 
have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant 
inputs derived from or corroborated by observable market data.
(2) As of September  30, 2023 and September  24, 2022, total marketable securities inc luded $13.8 billion  and $12.7 billion , 
respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 7, “Income Taxes”) and 
other agreements.
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The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
September 30, 2023 (in millions):
Due after 1 year through 5 years $ 74,427 
Due after 5 years through 10 years  9,964 
Due after 10 years  16,153 
Total fair value $ 100,544 
The Company’s investments in marketable debt securities have been classified and accounted for as available-for-sale. The 
Company classifies marketable debt securities as either current or non-current based solely on each instrument’s underlying 
contractual maturity date.
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.
The Company classifies cash flows related to derivative instruments in the same section of the Consolidated Statements of Cash 
Flows as the items being hedged, which are generally classified as operating activities.
Foreign Exchange Rate Risk
To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options 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 
exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these 
instruments as either cash flow or fair value hedges. As of September 30, 2023 , 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 19 
years.
The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from 
certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency 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 use 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 September 30, 2023 and September 24, 2022 
were as follows (in millions):
2023 2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 74,730 $ 102,670 
Interest rate contracts $ 19,375 $ 20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 104,777 $ 185,381 
Apple Inc. | 2023 Form 10-K | 37

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The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
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 non-
current assets in the Consolidated Balance Sheet.
(2) Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-
current liabilities in the 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 uses 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 uses 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 September 30, 2023 and September 24, 2022 
were as follows (in millions):
2023 2022
Hedged assets/(liabilities):
Current and non-current marketable securities $ 14,433 $ 13,378 
Current and non-current term debt $ (18,247) $ (18,739) 
Accounts Receivable
Trade Receivables
As of September 24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which 
accounted for 10%. The Company’s third-party cellular network carriers accounted for 41% and 44% of total trade receivables as 
of September 30, 2023 and September 24, 2022, respectively. The Company requires third-party credit support or collateral from 
certain customers to limit credit risk.
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. The Company does not reflect the sale of these components in products net sales. Rather, 
the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are 
sold by the Company. As of September 30, 2023 , the Company had two vendors that individually represented 10% or more of 
total vendor non-trade receivables, which accounted for 48% and 23%. 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. | 2023 Form 10-K | 38

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Note 5 – Property, Plant and Equipment
The following table  shows the Company’s gross property, plant and equipment by major asset class and accumulated 
depreciation as of September 30, 2023 and September 24, 2022 (in millions):
2023 2022
Land and buildings $ 23,446 $ 22,126 
Machinery, equipment and internal-use software  78,314  81,060 
Leasehold improvements  12,839  11,271 
Gross property, plant and equipment  114,599  114,457 
Accumulated depreciation  (70,884)  (72,340) 
Total property, plant and equipment, net $ 43,715 $ 42,117 
Depreciation expe nse on property, plant and equipment was $8.5 billion , $8.7 billion  and $9.5 billion  during 2023, 2022 and 
2021, respectively.
Note 6 – Consolidated Financial Statement Details
The following tables show the Company’s consolidated financial statement details as of September 30, 2023 and September 24, 
2022 (in millions):
Other Non-Current Assets
2023 2022
Deferred tax assets $ 17,852 $ 15,375 
Other non-current assets  46,906  39,053 
Total other non-current assets $ 64,758 $ 54,428 
Other Current Liabilities
2023 2022
Income taxes payable $ 8,819 $ 6,552 
Other current liabilities  50,010  54,293 
Total other current liabilities $ 58,829 $ 60,845 
Other Non-Current Liabilities
2023 2022
Long-term taxes payable $ 15,457 $ 16,657 
Other non-current liabilities  34,391  32,485 
Total other non-current liabilities $ 49,848 $ 49,142 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for 2023, 2022 and 2021 (in millions):
2023 2022 2021
Interest and dividend income $ 3,750 $ 2,825 $ 2,843 
Interest expense  (3,933)  (2,931)  (2,645) 
Other income/(expense), net  (382)  (228)  60 
Total other income/(expense), net $ (565) $ (334) $ 258 
Apple Inc. | 2023 Form 10-K | 39

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Note 7 – Income Taxes
Provision for Income Taxes and Effective Tax Rate
The provision for income taxes for 2023, 2022 and 2021, consisted of the following (in millions):
2023 2022 2021
Federal:
Current $ 9,445 $ 7,890 $ 8,257 
Deferred  (3,644)  (2,265)  (7,176) 
Total  5,801  5,625  1,081 
State:
Current  1,570  1,519  1,620 
Deferred  (49)  84  (338) 
Total  1,521  1,603  1,282 
Foreign:
Current  8,750  8,996  9,424 
Deferred  669  3,076  2,740 
Total  9,419  12,072  12,164 
Provision for income taxes $ 16,741 $ 19,300 $ 14,527 
The foreign provision for income taxes is based on foreign pretax earnings of $72.9 billion, $71.3 billion and $68.7 billion in 2023, 
2022 and 2021, respectively.
A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate ( 21% 
in 2023, 2022 and 2021) to income before provision for income taxes for 2023, 2022 and 2021, is as follows (dollars in millions):
2023 2022 2021
Computed expected tax $ 23,885 $ 25,012 $ 22,933 
State taxes, net of federal effect  1,124  1,518  1,151 
Earnings of foreign subsidiaries  (5,744)  (4,366)  (4,715) 
Research and development credit, net  (1,212)  (1,153)  (1,033) 
Excess tax benefits from equity awards  (1,120)  (1,871)  (2,137) 
Foreign-derived intangible income deduction  —  (296)  (1,372) 
Other  (192)  456  (300) 
Provision for income taxes $ 16,741 $ 19,300 $ 14,527 
Effective tax rate  14.7%  16.2%  13.3% 
Apple Inc. | 2023 Form 10-K | 40

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Deferred Tax Assets and Liabilities
As of September  30, 2023 and September  24, 2022, the significant components of the Company’s deferred tax assets and 
liabilities were (in millions):
2023 2022
Deferred tax assets:
Tax credit carryforwards $ 8,302 $ 6,962 
Accrued liabilities and other reserves  6,365  6,515 
Capitalized research and development  6,294  1,267 
Deferred revenue  4,571  5,742 
Unrealized losses  2,447  2,913 
Lease liabilities  2,421  2,400 
Other  2,343  3,407 
Total deferred tax assets  32,743  29,206 
Less: Valuation allowance  (8,374)  (7,530) 
Total deferred tax assets, net  24,369  21,676 
Deferred tax liabilities:
Right-of-use assets  2,179  2,163 
Depreciation  1,998  1,582 
Minimum tax on foreign earnings  1,940  1,983 
Unrealized gains  511  942 
Other  490  469 
Total deferred tax liabilities  7,118  7,139 
Net deferred tax assets $ 17,251 $ 14,537 
As of September  30, 2023 , the Company had $5.2  billion in foreign tax credit carryforwards in Ireland and $3.0  billion in 
California R&D credit carryforwards, both of which can be carried forward indefinitely. A valuation allowance has been recorded 
for the credit carryforwards and a portion of other temporary differences.
Uncertain Tax Positions
As of September  30, 2023, the total amount of gross unrecognized tax benefits was $19.5 billion , of which $9.5 billion , if 
recognized, would impact the Company’s effective tax rate. As of September 24, 2022, the total amount of gross unrecognized 
tax benefits was $16.8 billion, of which $8.0 billion, if recognized, would have impacted the Company’s effective tax rate.
The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2023, 2022 
and 2021, is as follows (in millions):
2023 2022 2021
Beginning balances $ 16,758 $ 15,477 $ 16,475 
Increases related to tax positions taken during a prior year  2,044  2,284  816 
Decreases related to tax positions taken during a prior year  (1,463)  (1,982)  (1,402) 
Increases related to tax positions taken during the current year  2,628  1,936  1,607 
Decreases related to settlements with taxing authorities  (19)  (28)  (1,838) 
Decreases related to expiration of the statute of limitations  (494)  (929)  (181) 
Ending balances $ 19,454 $ 16,758 $ 15,477 
The Company is subject to taxation and files income tax returns in the U.S. federal jurisdiction and many state and foreign 
jurisdictions. Tax years after 2017 for the U.S. federal jurisdiction, and after 2014 in certain major foreign jurisdictions, remain 
subject to examination. Altho ugh the timing of resolution or closure of examinations is not certain, the Company believes it is 
reasonably possible that its gross unrecognized tax benefits could decrease in the next 12 months by as much as $4.5 billion.
Apple Inc. | 2023 Form 10-K | 41

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European Commission State Aid Decision
On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by 
providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the 
Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the 
Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated 
the application of the tax opinions from that date forward. The recovery amount was calculated to be €13.1 billion, plus interest of 
€1.2 billion . The Company and Ireland appealed the State Aid Decision to the General Court of the Court of Justice of the 
European Union (the “General Court”). On July 15, 2020, the General Court annulled the State Aid Decision. On September 25, 
2020, the European Commission appealed the General Court’s decision to the European Court of Justice (the “ECJ”) and a 
hearing was held on May 23, 2023. A decision from the ECJ is expected in calendar year 2024. The Company believes it would 
be eligible to claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to 
the State Aid Decision.
On an annual basis, the Company may request approval from the Irish Minister for Finance to reduce the recovery amount for 
certain taxes paid to other countries. As of September  30, 2023, the adjusted recovery amount was €12.7 billion , excluding 
interest. The adjusted recovery amount plus interest is funded into escrow, where it will remain restricted from general use 
pending the conclusion of all legal proceedings. Refer to the Cash, Cash Equivalents and Marketable Securities section of Note 
4, “Financial Instruments” for more information.
Note 8 – Leases
The Company has lea se arrangements for certain equipment and facilities, including corporate, data center, manufacturing and 
retail space. These leases typically have original terms not exceeding 10 years and generally contain multiyear renewal options, 
some of which are reasonably certain of exercise.
Payments under the Company’s lease arrangements may be fixed or variable, and variable lease payments are primarily based 
on purchases of output of the underlying leased assets. Lease costs associated with fixed payments on the Company’s operating 
leases were $2.0 billion, $1.9 billion and $1.7 billion for 2023, 2022 and 2021, respectively. Lease costs associated with variable 
payments on the Company’s leases were $13.9 billion, $14.9 billion and $12.9 billion for 2023, 2022 and 2021, respectively.
The Company made $1.9 billion, $1.8 billion and $1.4 billion of fixed cash payments related to operating leases in 2023, 2022 
and 2021, respectively. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were 
$2.1 billion, $2.8 billion and $3.3 billion for 2023, 2022 and 2021, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of 
September 30, 2023 and September 24, 2022 (in millions):
Lease-Related Assets and Liabilities Financial Statement Line Items 2023 2022
Right-of-use assets:
Operating leases Other non-current assets $ 10,661 $ 10,417 
Finance leases Property, plant and equipment, net  1,015  952 
Total right-of-use assets $ 11,676 $ 11,369 
Lease liabilities:
Operating leases Other current liabilities $ 1,410 $ 1,534 
Other non-current liabilities  10,408  9,936 
Finance leases Other current liabilities  165  129 
Other non-current liabilities  859  812 
Total lease liabilities $ 12,842 $ 12,411 
Apple Inc. | 2023 Form 10-K | 42

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Lease liability maturities as of September 30, 2023, are as follows (in millions):
Operating
Leases
Finance
Leases Total
2024 $ 1,719 $ 196 $ 1,915 
2025  1,875  151  2,026 
2026  1,732  120  1,852 
2027  1,351  52  1,403 
2028  1,181  34  1,215 
Thereafter  5,983  872  6,855 
Total undiscounted liabilities  13,841  1,425  15,266 
Less: Imputed interest  (2,023)  (401)  (2,424) 
Total lease liabilities $ 11,818 $ 1,024 $ 12,842 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September  30, 2023  and 
September 24, 2022 was 10.6 years and 10.1 years, respectively. The discount rate related to the Company’s lease liabilities as 
of September 30, 2023 and September 24, 2022 was 3.0% and 2.3%, respectively. The discount rates related to the Company’s 
lease liabilities are generally based on estimates of the Company’s incremental borrowing rate, as the discount rates implicit in 
the Company’s leases cannot be readily determined.
As of September 30, 2023 , the Company had $544 million of future payments under additional leases, primarily for corporate 
facilities and retail space, that had not yet commenced. These leases will commence between 2024 and 2026, with lease terms 
ranging from 1 year to 21 years.
Note 9 – Debt
Commercial Paper
The Company issues unsecured short-term promissory notes 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 
September 30, 2023 and September 24, 2022, the Company had $6.0 billion and $10.0 billion of commercial paper outstanding, 
respectively, with maturities generally less than nine months. The weighted-average interest rate of the Company’s commercial 
paper was 5.28% and 2.31% as of September 30, 2023  and September 24, 2022 , respectively. The following table provides a 
summary of cash flows associated with the issuance and maturities of commercial paper for 2023, 2022 and 2021 (in millions):
2023 2022 2021
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net $ (1,333) $ 5,264 $ (357) 
Maturities greater than 90 days:
Proceeds from commercial paper  —  5,948  7,946 
Repayments of commercial paper  (2,645)  (7,257)  (6,567) 
Proceeds from/(Repayments of) commercial paper, net  (2,645)  (1,309)  1,379 
Total proceeds from/(repayments of) commercial paper, net $ (3,978) $ 3,955 $ 1,022 
Apple Inc. | 2023 Form 10-K | 43

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Term Debt
The Company has outstanding Notes, which are senior unsecured obligations with interest payable in arrears. The following 
table provides a summary of the Company’s term debt as of September 30, 2023 and September 24, 2022:
Maturities
(calendar year)
2023 2022
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2022 debt issuances:
Fixed-rate 0.000% – 4.650% notes 2024 – 2062 $ 101,322 0.03% – 6.72% $ 111,824 0.03% – 4.78%
Third quarter 2023 debt issuance:
Fixed-rate 4.000% – 4.850% notes 2026 – 2053  5,250 4.04% – 4.88%  — 
Total term debt principal  106,572  111,824 
Unamortized premium/(discount) and issuance 
costs, net  (356)  (374) 
Hedge accounting fair value adjustments  (1,113)  (1,363) 
Total term debt  105,103  110,087 
Less: Current portion of term debt  (9,822)  (11,128) 
Total non-current portion of term debt $ 95,281 $ 98,959 
To manage interest rate risk on certain of its U.S. dollar–denominated fixed-rate notes, the Company uses interest rate swaps to 
effectively convert the fixed interest rates to floating interest rates on a portion of these notes. Additionally, to manage foreign 
exchange rate risk on certain of its foreign currency–denominated notes, the Company uses cross-currency swaps to effectively 
convert these notes to U.S. dollar–denominated notes.
The effective interest rates for the Notes include the interest on the Notes, amortization of the discount or premium and, if 
applicable, adjustments related to hedging. The Company recognized $3.7 billion, $2.8 billion and $2.6 billion of interest expense 
on its term debt for 2023, 2022 and 2021, respectively.
The future principal payments for the Company’s Notes as of September 30, 2023, are as follows (in millions):
2024 $ 9,943 
2025  10,775 
2026  12,265 
2027  9,786 
2028  7,800 
Thereafter  56,003 
Total term debt principal $ 106,572 
As of September 30, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $90.8 
billion and $98.8 billion, respectively.
Note 10 – Shareholders’ Equity
Share Repurchase Program
During 2023, the Company repurchased 471 million shares of its common stock for $76.6 billion, excluding excise tax due under 
the Inflation Reduction Act of 2022. The Company’s share repurchase programs do not obligate the Company to acquire a 
minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market 
transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.
Apple Inc. | 2023 Form 10-K | 44

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Shares of Common Stock
The following table shows the changes in shares of common stock for 2023, 2022 and 2021 (in thousands):
2023 2022 2021
Common stock outstanding, beginning balances  15,943,425  16,426,786  16,976,763 
Common stock repurchased  (471,419)  (568,589)  (656,340) 
Common stock issued, net of shares withheld for employee taxes  78,055  85,228  106,363 
Common stock outstanding, ending balances  15,550,061  15,943,425  16,426,786 
Note 11 – Share-Based Compensation
2022 Employee Stock Plan
The Apple Inc. 2022 Employee Stock Plan (the “2022 Plan”) is a shareholder-approved plan that provides for broad-based equity 
grants to employees, including executive officers, and permits the granting of RSUs, stock grants, performance-based awards, 
stock options and stock appreciation rights. RSUs granted under the 2022 Plan generally vest over four years , based on 
continued employment, and are settled upon vesting in shares of the Company’s common stock on a one-for-one basis. All 
RSUs granted under the 2022 Plan have dividend equivalent rights, which entitle holders of RSUs to the same dividend value 
per share as holders of common stock. A maximum of approximately 1.3 billion shares were authorized for issuance pursuant to 
2022 Plan awards at the time the plan was approved on March 4, 2022.
2014 Employee Stock Plan
The Apple Inc. 2014 Employee Stock Plan (the “2014 Plan”) is a shareholder-approved plan that provided for broad-based equity 
grants to employees, including executive officers. The 2014 Plan permitted the granting of substantially the same types of equity 
awards with substantially the same terms as the 2022 Plan. The 2014 Plan also permitted the granting of cash bonus awards. In 
the third quarter of 2022, the Company terminated the authority to grant new awards under the 2014 Plan.
Restricted Stock Units
A summary of the Company’s RSU activity and related information for 2023, 2022 and 2021, 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 26, 2020  310,778 $ 51.58 
RSUs granted  89,363 $ 116.33 
RSUs vested  (145,766) $ 50.71 
RSUs canceled  (13,948) $ 68.95 
Balance as of September 25, 2021  240,427 $ 75.16 
RSUs granted  91,674 $ 150.70 
RSUs vested  (115,861) $ 72.12 
RSUs canceled  (14,739) $ 99.77 
Balance as of September 24, 2022  201,501 $ 109.48 
RSUs granted  88,768 $ 150.87 
RSUs vested  (101,878) $ 97.31 
RSUs canceled  (8,144) $ 127.98 
Balance as of September 30, 2023  180,247 $ 135.91 $ 30,860 
The fair value as of the respective vesting dates of RSUs was $15.9 billion, $18.2 billion and $19.0 billion for 2023, 2022 and 
2021, respectively. The majority of RSUs that vested in 2023, 2022 and 2021 were net share settled such that the Company 
withheld shares with a value equivalent to the employees’ obligation for the applicable income and other employment taxes, and 
remitted the cash to the appropriate taxing authorities. The total shares withheld were approximately 37 million, 41 million and 53 
million for 2023, 2022 and 2021, respectively, and were based on the value of the RSUs on their respective vesting dates as 
determined by the Company’s closing stock price. Total payments to taxing authorities for employees’ tax obligations were $5.6 
billion, $6.4 billion and $6.8 billion in 2023, 2022 and 2021, respectively.
Apple Inc. | 2023 Form 10-K | 45

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Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Consolidated 
Statements of Operations for 2023, 2022 and 2021 (in millions):
2023 2022 2021
Share-based compensation expense $ 10,833 $ 9,038 $ 7,906 
Income tax benefit related to share-based compensation expense $ (3,421) $ (4,002) $ (4,056) 
As of September 30, 2023, the total unrecognized compensation cost related to outstanding RSUs was $18.6 billion, which the 
Company expects to recognize over a weighted-average period of 2.5 years.
Note 12 – Commitments, Contingencies and Supply Concentrations
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 intellectual property and content, and distribution rights. Future payments under noncancelable 
unconditional purchase obligations with a remaining term in excess of one year as of September 30, 2023 , are as follows (in 
millions):
2024 $ 4,258 
2025  2,674 
2026  3,434 
2027  1,277 
2028  5,878 
Thereafter  3,215 
Total $ 20,736 
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.
Concentrations in the Available Sources of Supply of Materials and Product
Although most components essential to the Company’s business are generally available from multiple sources, certain 
components are currently obtained from single or limited sources. The Company also competes for various components with 
other participants in the markets for smartphones, personal computers, tablets, wearables and accessories. Therefore, many 
components used by the Company, including those that are available from multiple sources, are at times subject to industry-wide 
shortage and significant commodity pricing fluctuations.
The Company uses some custom components that are not commonly used by its competitors, and new products introduced by 
the Company often utilize custom components available from only one source. When a component or product uses new 
technologies, initial capacity constraints may exist until the suppliers’ yields have matured or their manufacturing capacities have 
increased. The continued availability of these components at acceptable prices, or at all, may be affected if suppliers decide to 
concentrate on the production of common components instead of components customized to meet the Company’s requirements.
Substantially all of the Company’s hardware products are manufactured by outsourcing partners that are located primarily in 
China mainland, India, Japan, South Korea, Taiwan and Vietnam.
Apple Inc. | 2023 Form 10-K | 46

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Note 13 – Segment Information and Geographic Data
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.
The Company evaluates the performance of its reportable segments based on net sales and operating income. Net sales for 
geographic segments are generally based on the location of customers and sales through the Company’s retail stores located in 
those geographic locations. Operating income for each segment consists of net sales to third parties, related cost of sales, and 
operating expenses directly attributable to the segment. The information provided to the Company’s chief operating decision 
maker for purposes of making decisions and assessing segment performance excludes asset information.
The following table shows information by reportable segment for 2023, 2022 and 2021 (in millions):
2023 2022 2021
Americas:
Net sales $ 162,560 $ 169,658 $ 153,306 
Operating income $ 60,508 $ 62,683 $ 53,382 
Europe:
Net sales $ 94,294 $ 95,118 $ 89,307 
Operating income $ 36,098 $ 35,233 $ 32,505 
Greater China:
Net sales $ 72,559 $ 74,200 $ 68,366 
Operating income $ 30,328 $ 31,153 $ 28,504 
Japan:
Net sales $ 24,257 $ 25,977 $ 28,482 
Operating income $ 11,888 $ 12,257 $ 12,798 
Rest of Asia Pacific:
Net sales $ 29,615 $ 29,375 $ 26,356 
Operating income $ 12,066 $ 11,569 $ 9,817 
A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2023, 2022 and 
2021 is as follows (in millions):
2023 2022 2021
Segment operating income $ 150,888 $ 152,895 $ 137,006 
Research and development expense  (29,915)  (26,251)  (21,914) 
Other corporate expenses, net (1)  (6,672)  (7,207)  (6,143) 
Total operating income $ 114,301 $ 119,437 $ 108,949 
(1) Includes corporate marketing expenses, certain share-based compensation expenses, various nonrecurring charges, and 
other separately managed general and administrative costs.
Apple Inc. | 2023 Form 10-K | 47

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The U.S. and China were the only countries that accounted for more than 10% of the Company’s net sales in 2023, 2022 and 
2021. Net sales for 2023, 2022 and 2021 and long-lived assets as of September 30, 2023  and September 24, 2022  were as 
follows (in millions):
2023 2022 2021
Net sales:
U.S. $ 138,573 $ 147,859 $ 133,803 
China (1)  72,559  74,200  68,366 
Other countries  172,153  172,269  163,648 
Total net sales $ 383,285 $ 394,328 $ 365,817 
2023 2022
Long-lived assets:
U.S. $ 33,276 $ 31,119 
China (1)  5,778  7,260 
Other countries  4,661  3,738 
Total long-lived assets $ 43,715 $ 42,117 
(1) China includes Hong Kong and Taiwan.
Apple Inc. | 2023 Form 10-K | 48

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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Apple Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Apple Inc. as of September 30, 2023  and September 24, 
2022, the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of 
the three years in the period ended September  30, 2023 , and the related notes (collectively referred to as the “financial 
statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of Apple Inc. at 
September 30, 2023 and September 24, 2022, and the results of its operations and its cash flows for each of the three years in 
the period ended September 30, 2023, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (the 
“PCAOB”), Apple Inc.’s internal control over financial reporting as of September  30, 2023, based on criteria established in  
Internal Control – Integrated Framework  issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(2013 framework) and our report dated November 2, 2023 expressed an unqualified opinion thereon.
Basis for Opinion
These financial statements are the responsibility of Apple Inc.’s management. Our responsibility is to express an opinion on 
Apple Inc.’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to Apple Inc. in accordance with the U.S. federal securities laws and the applicable rules 
and regulations of the U.S. Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to 
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included 
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included 
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall 
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was 
communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are 
material to the financial statements and (2)  involved our especially challenging, subjective, or complex judgments. The 
communication of the critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, 
and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on 
the account or disclosure to which it relates.
Uncertain Tax Positions
Description of the Matter As discussed in Note 7 to the financial statements, Apple Inc. is subject to taxation and files 
income tax returns in the U.S. federal jurisdiction and many state and foreign jurisdictions. 
As of September 30, 2023, the total amount of gross unrecognized tax benefits was $19.5 
billion, of which $9.5 billion, if recognized, would impact Apple Inc.’s effective tax rate. In 
accounting for some of the uncertain tax positions, Apple Inc. uses significant judgment in 
the interpretation and application of complex domestic and international tax laws.
Auditing management’s evaluation of whether an uncertain tax position is more likely than 
not to be sustained and the measurement of the benefit of various tax positions can be 
complex, involves significant judgment, and is based on interpretations of tax laws and legal 
rulings.
Apple Inc. | 2023 Form 10-K | 49

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How We Addressed the
Matter in Our Audit
We tested controls relating to the evaluation of uncertain tax positions, including controls 
over management’s assessment as to whether tax positions are more likely than not to be 
sustained, management’s process to measure the benefit of its tax positions, and the 
development of the related disclosures.
To evaluate Apple Inc.’s assessment of which tax positions are more likely than not to be 
sustained, our audit procedures included, among others, reading and evaluating 
management’s assumptions and analysis, and, as applicable, Apple Inc.’s communications 
with taxing authorities, that detailed the basis and technical merits of the uncertain tax 
positions. We involved our tax subject matter resources in assessing the technical merits of 
certain of Apple Inc.’s tax positions based on our knowledge of relevant tax laws and 
experience with related taxing authorities. For certain tax positions, we also received 
external legal counsel confirmation letters and discussed the matters with external advisors 
and Apple Inc. tax personnel. In addition, we evaluated Apple Inc.’s disclosure in relation to 
these matters included in Note 7 to the financial statements.
/s/ Ernst & Young LLP
We have served as Apple Inc.’s auditor since 2009.
San Jose, California
November 2, 2023
Apple Inc. | 2023 Form 10-K | 50

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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of Apple Inc.
Opinion on Internal Control Over Financial Reporting
We have audited Apple Inc.’s internal control over financial reporting as of September 30, 2023, based on criteria established in 
Internal Control – Integrated Framework  issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(2013 framework) (the “COSO criteria”). In our opinion, Apple Inc. maintained, in all material respects, effective internal control 
over financial reporting as of September 30, 2023, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (the 
“PCAOB”), the consolidated balance sheets of Apple Inc. as of September  30, 2023 and September  24, 2022, the related 
consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years 
in the period ended September  30, 2023 , and the related notes and our report dated November  2, 2023  expressed an 
unqualified opinion thereon.
Basis for Opinion
Apple Inc.’s management is responsible for maintaining effective internal control over financial reporting, and for its assessment 
of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on 
Internal Control over Financial Reporting. Our responsibility is to express an opinion on Apple Inc.’s internal control over financial 
reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent 
with respect to Apple Inc. in accordance with the U.S. federal securities laws and the applicable rules and regulations of the U.S. 
Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all 
material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, 
and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a 
reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. 
generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and 
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions 
and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to 
permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts 
and expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young LLP
San Jose, California
November 2, 2023
Apple Inc. | 2023 Form 10-K | 51

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
None.
Item 9A. 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 Exchange Act were effective as of September  30, 2023 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.
Inherent Limitations over Internal Controls
The Company’s internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. The Company’s 
internal control over financial reporting includes those policies and procedures that: 
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the Company’s assets;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial 
statements in accordance with GAAP, and that the Company’s receipts and expenditures are being made only in 
accordance with authorizations of the Company’s management and directors; and
(iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the Company’s assets that could have a material effect on the financial statements.
Management, including the Company’s Chief Executive Officer and Chief Financial Officer, does not expect that the Company’s 
internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can 
provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a 
control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative 
to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute 
assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of 
controls in future periods are subject to the risk that those internal controls may become inadequate because of changes in 
business conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management’s Annual Report on Internal Control over Financial Reporting
The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting 
(as defined in Rule 13a-15(f) under the Exchange Act). Management conducted an assessment of the effectiveness of the 
Company’s internal control over financial reporting based on the criteria set forth in Internal Control – Integrated Framework 
issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework). Based on the Company’s 
assessment, management has concluded that its internal control over financial reporting was effective as of September 30, 2023 
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in 
accordance with GAAP. The Company’s independent registered public accounting firm, Ernst & Young LLP, has issued an audit 
report on the Company’s internal control over financial reporting, which appears in Part II, Item 8 of this Form 10-K.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the fourth 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. | 2023 Form 10-K | 52

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Item 9B. Other Information
Insider Trading Arrangements
On August 30, 2023 , Deirdre O ’Brien, the Company’ s Senior Vice President , Retail , and Jeff Williams , the Company’s Chief 
Operating Officer, each entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under 
the Exchange Act. The plans provide for the sale of all shares vested during the duration of the plans pursuant to certain equity 
awards granted to Ms. O’Brien and Mr. Williams, respectively, excluding any shares withheld by the Company to satisfy income 
tax withholding and remittance obligations. Ms. O’Brien’s plan will expire on October 15, 2024, and Mr. Williams’ plan will expire 
on December 15, 2024, subject to early termination for certain specified events set forth in the plans.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.
PART III
Item 10. Directors, Executive Officers and Corporate Governance
The information required by this Item will be included in the Company’s definitive proxy statement to be filed with the SEC within 
120 days after September 30, 2023 , in connection with the solicitation of proxies for the Company’s 2024 annual meeting of 
shareholders (the “2024 Proxy Statement”), and is incorporated herein by reference.
Item 11. Executive Compensation
The information required by this Item will be included in the 2024 Proxy Statement, and is incorporated herein by reference.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this Item will be included in the 2024 Proxy Statement, and is incorporated herein by reference.
Item 13. Certain Relationships and Related Transactions, and Director Independence
The information required by this Item will be included in the 2024 Proxy Statement, and is incorporated herein by reference.
Item 14. Principal Accountant Fees and Services
The information required by this Item will be included in the 2024 Proxy Statement, and is incorporated herein by reference.
Apple Inc. | 2023 Form 10-K | 53

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PART IV
Item 15. Exhibit and Financial Statement Schedules
(a) Documents filed as part of this report
(1) All financial statements
Index to Consolidated Financial Statements Page
Consolidated Statements of Operations for the years ended September 30, 2023, September 24, 2022 and 
September 25, 2021 28
Consolidated Statements of Comprehensive Income for the years ended September 30, 2023, September 24, 
2022 and September 25, 2021 29
Consolidated Balance Sheets as of September 30, 2023 and September 24, 2022 30
Consolidated Statements of Shareholders’ Equity for the years ended September 30, 2023, September 24, 2022 
and September 25, 2021 31
Consolidated Statements of Cash Flows for the years ended September 30, 2023, September 24, 2022 and 
September 25, 2021 32
Notes to Consolidated Financial Statements 33
Reports of Independent Registered Public Accounting Firm* 49
* Ernst & Young LLP, PCAOB Firm ID No. 00042.
(2) Financial Statement Schedules
All financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts 
sufficient to require submission of the schedule, or because the information required is included in the consolidated financial 
statements and accompanying notes included in this Form 10-K.
(3) Exhibits required by Item 601 of Regulation S-K (1)
3.1 Restated Articles of Incorporation of the Registrant filed on August 3, 2020. 8-K 3.1 8/7/20
3.2 Amended and Restated Bylaws of the Registrant effective as of August 17, 2022. 8-K 3.2 8/19/22
4.1** Description of Securities of the Registrant.
4.2 Indenture, dated as of April 29, 2013, between the Registrant and The Bank of 
New York Mellon Trust Company, N.A., as Trustee.
S-3 4.1 4/29/13
4.3 Officer’s Certificate of the Registrant, dated as of May 3, 2013, including forms of 
global notes representing the Floating Rate Notes due 2016, Floating Rate 
Notes due 2018, 0.45% Notes due 2016, 1.00% Notes due 2018, 2.40% Notes 
due 2023 and 3.85% Notes due 2043.
8-K 4.1 5/3/13
4.4 Officer’s Certificate of the Registrant, dated as of May 6, 2014, including forms of 
global notes representing the Floating Rate Notes due 2017, Floating Rate 
Notes due 2019, 1.05% Notes due 2017, 2.10% Notes due 2019, 2.85% Notes 
due 2021, 3.45% Notes due 2024 and 4.45% Notes due 2044.
8-K 4.1 5/6/14
4.5 Officer’s Certificate of the Registrant, dated as of November 10, 2014, including 
forms of global notes representing the 1.000% Notes due 2022 and 1.625% 
Notes due 2026.
8-K 4.1 11/10/14
4.6 Officer’s Certificate of the Registrant, dated as of February 9, 2015, including 
forms of global notes representing the Floating Rate Notes due 2020, 1.55% 
Notes due 2020, 2.15% Notes due 2022, 2.50% Notes due 2025 and 3.45% 
Notes due 2045.
8-K 4.1 2/9/15
4.7 Officer’s Certificate of the Registrant, dated as of May 13, 2015, including forms 
of global notes representing the Floating Rate Notes due 2017, Floating Rate 
Notes due 2020, 0.900% Notes due 2017, 2.000% Notes due 2020, 2.700% 
Notes due 2022, 3.200% Notes due 2025, and 4.375% Notes due 2045.
8-K 4.1 5/13/15
4.8 Officer’s Certificate of the Registrant, dated as of July 31, 2015, including forms 
of global notes representing the 3.05% Notes due 2029 and 3.60% Notes due 
2042.
8-K 4.1 7/31/15
4.9 Officer’s Certificate of the Registrant, dated as of September 17, 2015, including 
forms of global notes representing the 1.375% Notes due 2024 and 2.000% 
Notes due 2027.
8-K 4.1 9/17/15
Incorporated by Reference
Exhibit 
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
Apple Inc. | 2023 Form 10-K | 54

--- Page 58 ---

4.10 Officer’s Certificate of the Registrant, dated as of February 23, 2016, including 
forms of global notes representing the Floating Rate Notes due 2019, Floating 
Rate Notes due 2021, 1.300% Notes due 2018, 1.700% Notes due 2019, 
2.250% Notes due 2021, 2.850% Notes due 2023, 3.250% Notes due 2026, 
4.500% Notes due 2036 and 4.650% Notes due 2046.
8-K 4.1 2/23/16
4.11 Supplement No. 1 to the Officer’s Certificate of the Registrant, dated as of March 
24, 2016.
8-K 4.1 3/24/16
4.12 Officer’s Certificate of the Registrant, dated as of August 4, 2016, including forms 
of global notes representing the Floating Rate Notes due 2019, 1.100% Notes 
due 2019, 1.550% Notes due 2021, 2.450% Notes due 2026 and 3.850% 
Notes due 2046.
8-K 4.1 8/4/16
4.13 Officer’s Certificate of the Registrant, dated as of February 9, 2017, including 
forms of global notes representing the Floating Rate Notes due 2019, Floating 
Rate Notes due 2020, Floating Rate Notes due 2022, 1.550% Notes due 2019, 
1.900% Notes due 2020, 2.500% Notes due 2022, 3.000% Notes due 2024, 
3.350% Notes due 2027 and 4.250% Notes due 2047.
8-K 4.1 2/9/17
4.14 Officer’s Certificate of the Registrant, dated as of May 11, 2017, including forms 
of global notes representing the Floating Rate Notes due 2020, Floating Rate 
Notes due 2022, 1.800% Notes due 2020, 2.300% Notes due 2022, 2.850% 
Notes due 2024 and 3.200% Notes due 2027.
8-K 4.1 5/11/17
4.15 Officer’s Certificate of the Registrant, dated as of May 24, 2017, including forms 
of global notes representing the 0.875% Notes due 2025 and 1.375% Notes 
due 2029.
8-K 4.1 5/24/17
4.16 Officer’s Certificate of the Registrant, dated as of June 20, 2017, including form of 
global note representing the 3.000% Notes due 2027.
8-K 4.1 6/20/17
4.17 Officer’s Certificate of the Registrant, dated as of August 18, 2017, including form 
of global note representing the 2.513% Notes due 2024.
8-K 4.1 8/18/17
4.18 Officer’s Certificate of the Registrant, dated as of September 12, 2017, including 
forms of global notes representing the 1.500% Notes due 2019, 2.100% Notes 
due 2022, 2.900% Notes due 2027 and 3.750% Notes due 2047.
8-K 4.1 9/12/17
4.19 Officer’s Certificate of the Registrant, dated as of November 13, 2017, including 
forms of global notes representing the 1.800% Notes due 2019, 2.000% Notes 
due 2020, 2.400% Notes due 2023, 2.750% Notes due 2025, 3.000% Notes 
due 2027 and 3.750% Notes due 2047.
8-K 4.1 11/13/17
4.20 Indenture, dated as of November 5, 2018, between the Registrant and The Bank 
of New York Mellon Trust Company, N.A., as Trustee.
S-3 4.1 11/5/18
4.21 Officer’s Certificate of the Registrant, dated as of September 11, 2019, including 
forms of global notes representing the 1.700% Notes due 2022, 1.800% Notes 
due 2024, 2.050% Notes due 2026, 2.200% Notes due 2029 and 2.950% 
Notes due 2049.
8-K 4.1 9/11/19
4.22 Officer’s Certificate of the Registrant, dated as of November 15, 2019, including 
forms of global notes representing the 0.000% Notes due 2025 and 0.500% 
Notes due 2031.
8-K 4.1 11/15/19
4.23 Officer’s Certificate of the Registrant, dated as of May 11, 2020, including forms 
of global notes representing the 0.750% Notes due 2023, 1.125% Notes due 
2025, 1.650% Notes due 2030 and 2.650% Notes due 2050.
8-K 4.1 5/11/20
4.24 Officer’s Certificate of the Registrant, dated as of August 20, 2020, including 
forms of global notes representing the 0.550% Notes due 2025, 1.25% Notes 
due 2030, 2.400% Notes due 2050 and 2.550% Notes due 2060.
8-K 4.1 8/20/20
4.25 Officer’s Certificate of the Registrant, dated as of  February 8, 2021, including 
forms of global notes representing the 0.700% Notes due 2026, 1.200% Notes 
due 2028,  1.650% Notes due 2031,  2.375% Notes due 2041, 2.650% Notes 
due 2051 and 2.800% Notes due 2061.
8-K 4.1 2/8/21
4.26 Officer’s Certificate of the Registrant, dated as of August 5, 2021, including forms 
of global notes representing the 1.400% Notes due 2028, 1.700% Notes due 
2031, 2.700% Notes due 2051 and 2.850% Notes due 2061.
8-K 4.1 8/5/21
4.27 Indenture, dated as of October 28, 2021, between the Registrant and The Bank 
of New York Mellon Trust Company, N.A., as Trustee.
S-3 4.1 10/29/21
4.28 Officer’s Certificate of the Registrant, dated as of August 8, 2022, including forms 
of global notes representing the 3.250% Notes due 2029, 3.350% Notes due 
2032, 3.950% Notes due 2052 and 4.100% Notes due 2062.
8-K 4.1 8/8/22
Incorporated by Reference
Exhibit 
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
Apple Inc. | 2023 Form 10-K | 55

--- Page 59 ---

4.29 Officer’s Certificate of the Registrant, dated as of May 10, 2023, including forms 
of global notes representing the 4.421% Notes due 2026, 4.000% Notes due 
2028, 4.150% Notes due 2030, 4.300% Notes due 2033 and 4.850% Notes 
due 2053.
8-K 4.1 5/10/23
4.30* Apple Inc. Deferred Compensation Plan. S-8 4.1 8/23/18
10.1* Apple Inc. Employee Stock Purchase Plan, as amended and restated as of 
March 10, 2015.
8-K 10.1 3/13/15
10.2* Form of Indemnification Agreement between the Registrant and each director 
and executive officer of the Registrant.
10-Q 10.2 6/27/09
10.3* Apple Inc. Non-Employee Director Stock Plan, as amended November 9, 2021. 10-Q 10.1 12/25/21
10.4* Apple Inc. 2014 Employee Stock Plan, as amended and restated as of October 1, 
2017.
10-K 10.8 9/30/17
10.5* Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock 
Plan effective as of September 26, 2017.
10-K 10.20 9/30/17
10.6* Form of Restricted Stock Unit Award Agreement under Non-Employee Director 
Stock Plan effective as of February 13, 2018.
10-Q 10.2 3/31/18
10.7* Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock 
Plan effective as of August 21, 2018.
10-K 10.17 9/29/18
10.8* Form of Performance Award Agreement under 2014 Employee Stock Plan 
effective as of August 21, 2018.
10-K 10.18 9/29/18
10.9* Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock 
Plan effective as of September 29, 2019.
10-K 10.15 9/28/19
10.10* Form of Performance Award Agreement under 2014 Employee Stock Plan 
effective as of September 29, 2019.
10-K 10.16 9/28/19
10.11* Form of Restricted Stock Unit Award Agreement under 2014 Employee Stock 
Plan effective as of August 18, 2020.
10-K 10.16 9/26/20
10.12* Form of Performance Award Agreement under 2014 Employee Stock Plan 
effective as of August 18, 2020.
10-K 10.17 9/26/20
10.13* Form of CEO Restricted Stock Unit Award Agreement under 2014 Employee 
Stock Plan effective as of September 27, 2020.
10-Q 10.1 12/26/20
10.14* Form of CEO Performance Award Agreement under 2014 Employee Stock Plan 
effective as of September 27, 2020.
10-Q 10.2 12/26/20
10.15* Apple Inc. 2022 Employee Stock Plan. 8-K 10.1 3/4/22
10.16* Form of Restricted Stock Unit Award Agreement under 2022 Employee Stock 
Plan effective as of March 4, 2022.
8-K 10.2 3/4/22
10.17* Form of Performance Award Agreement under 2022 Employee Stock Plan 
effective as of March 4, 2022.
8-K 10.3 3/4/22
10.18* Apple Inc. Executive Cash Incentive Plan. 8-K 10.1 8/19/22
10.19* Form of CEO Restricted Stock Unit Award Agreement under 2022 Employee 
Stock Plan effective as of September 25, 2022.
10-Q 10.1 12/31/22
10.20* Form of CEO Performance Award Agreement under 2022 Employee Stock Plan 
effective as of September 25, 2022.
10-Q 10.2 12/31/22
21.1** Subsidiaries of the Registrant.
23.1** Consent of Independent Registered Public Accounting Firm.
24.1** Power of Attorney (included on the Signatures page of this Annual Report on 
Form 10-K).
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 consolidated financial statements and 
accompanying notes in Part II, Item 8, “Financial Statements and 
Supplementary Data” of this Annual Report on Form 10-K.
Incorporated by Reference
Exhibit 
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
Apple Inc. | 2023 Form 10-K | 56

--- Page 60 ---

104** Inline XBRL for the cover page of this Annual Report on Form 10-K, included in 
the Exhibit 101 Inline XBRL Document Set.
Incorporated by Reference
Exhibit 
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
* Indicates management contract or compensatory plan or arrangement.
** Filed herewith.
*** Furnished herewith.
(1) Certain instruments defining the rights of holders of long-term debt securities of the Registrant are omitted pursuant to Item 
601(b)(4)(iii) of Regulation S-K. The Registrant hereby undertakes to furnish to the SEC, upon request, copies of any such 
instruments.
Item 16. Form 10-K Summary
None.
Apple Inc. | 2023 Form 10-K | 57

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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: November 2, 2023 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Power of Attorney
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints 
Timothy D. Cook and Luca Maestri, jointly and severally, his or her attorneys-in-fact, each with the power of substitution, for him 
or her in any and all capacities, to sign any amendments to this Annual Report on Form 10-K, and to file the same, with exhibits 
thereto and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and 
confirming all that each of said attorneys-in-fact, or his substitute or substitutes, may do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons 
on behalf of the Registrant and in the capacities and on the dates indicated:
Name Title Date
/s/    Timothy D. Cook
Chief Executive Officer and Director
(Principal Executive Officer) November 2, 2023
TIMOTHY D. COOK
/s/    Luca Maestri
Senior Vice President, Chief Financial Officer
(Principal Financial Officer) November 2, 2023
LUCA MAESTRI
/s/    Chris Kondo
Senior Director of Corporate Accounting
(Principal Accounting Officer) November 2, 2023
CHRIS KONDO
/s/    James A. Bell Director November 2, 2023
JAMES A. BELL
/s/    Al Gore Director November 2, 2023
AL GORE
/s/    Alex Gorsky Director November 2, 2023
ALEX GORSKY
/s/    Andrea Jung Director November 2, 2023
ANDREA JUNG
/s/    Arthur D. Levinson Director and Chair of the Board November 2, 2023
ARTHUR D. LEVINSON
/s/    Monica Lozano Director November 2, 2023
MONICA LOZANO
/s/    Ronald D. Sugar Director November 2, 2023
RONALD D. SUGAR
/s/    Susan L. Wagner Director November 2, 2023
SUSAN L. WAGNER
Apple Inc. | 2023 Form 10-K | 58

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DESCRIPTION OF THE REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934
As of September 30, 2023, Apple Inc. (“Apple” or the “Company”) had ten classes of securities registered 
under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) Common Stock, 
$0.00001 par value per share (“Common Stock”); (ii) 1.375% Notes due 2024 (the “2024 Notes”); (iii) 0.000% Notes 
due 2025 (the “0.000% 2025 Notes”); (iv) 0.875% Notes due 2025 (the “0.875% 2025 Notes”); (v) 1.625% Notes due 
2026 (the “2026 Notes”); (vi) 2.000% Notes due 2027 (the “2027 Notes”); (vii) 1.375% Notes due 2029 (the “1.375% 
2029 Notes”); (viii) 3.050% Notes due 2029 (the “3.050% 2029 Notes”); (ix) 0.500% Notes due 2031 (the “2031 
Notes”); and (x) 3.600% Notes due 2042 (the “2042 Notes,” and together with the 2024 Notes, the 0.000% 2025 
Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes, the 3.050% 2029 Notes, 
and the 2031 Notes, the “Notes”). Each of the Company’s securities registered under Section 12 of the Exchange Act 
are listed on The Nasdaq Stock Market LLC.
DESCRIPTION OF COMMON STOCK
The following is a description of the rights of Common Stock and related provisions of the Company’s 
Restated Articles of Incorporation (the “Articles”) and Amended and Restated Bylaws (the “Bylaws”) and applicable 
California law. This description is qualified in its entirety by, and should be read in conjunction with, the Articles, 
Bylaws and applicable California law.
Authorized Capital Stock
The Company’s authorized capital stock consists of 50,400,000,000 shares of Common Stock.
Common Stock
Fully Paid and Nonassessable
All of the outstanding shares of the Company’s Common Stock are fully paid and nonassessable.
Voting Rights
The holders of shares of Common Stock are entitled to one vote per share on all matters to be voted on by 
such holders. Holders of shares of Common Stock are not entitled to cumulative voting rights.
Except as described below or as required by law, all matters to be voted on by shareholders must be 
approved by the affirmative vote of (i) a majority of the shares present or represented by proxy and voting and (ii) a 
majority of the shares required to constitute a quorum.
In an election of directors where the number of nominees exceeds the number of directors to be elected, the 
candidates receiving the highest number of affirmative votes of the shares entitled to be voted for them up to the 
number of directors to be elected by such shares will be elected.
The Company’s entire Board of Directors or any individual director may be removed without cause by an 
affirmative vote of a majority of the outstanding shares entitled to vote, subject to the provisions of the Company’s 
Bylaws.
Vacancies created by the removal of a director must be filled only by approval of the shareholders, or by the 
unanimous written consent of all shares entitled to vote. The shareholders may elect a director at any time to fill a 
vacancy not filled by the directors, but any such election by written consent, other than to fill a vacancy created by 
removal, requires the consent of a majority of the outstanding shares entitled to vote thereon.
An amendment of the Bylaws or the Articles may be adopted by the vote of the majority of the outstanding 
shares entitled to vote. Any amendment of the Bylaws specifying or changing a fixed number of directors or the 
maximum or minimum number or changing from a fixed to a variable board or vice versa may only be adopted by the 
shareholders; provided, however, that an amendment of the Bylaws or the Articles reducing the fixed number or the 
minimum number of directors to less than five cannot be adopted if the votes cast against its adoption are equal to 
more than 16 2/3% of the outstanding shares entitled to vote.
Exhibit 4.1

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Any shareholders’ meeting may be adjourned from time to time by the vote of a majority of the shares 
present in person or represented by proxy.
Dividends
The holders of shares of Common Stock are entitled to receive such dividends, if any, as may be declared 
from time to time by the Company’s Board of Directors in its discretion from funds legally available therefor.
Right to Receive Liquidation Distributions
Upon liquidation, dissolution or winding-up, the holders of shares of Common Stock are entitled to receive 
pro rata all assets remaining available for distribution to holders of such shares.
No Preemptive or Similar Rights
Common Stock has no preemptive or other subscription rights, and there are no conversion rights or 
redemption or sinking fund provisions with respect to such shares of Common Stock.
Anti-Takeover Provisions of the Articles, Bylaws and California Law
Provisions of the Articles and Bylaws may delay or discourage transactions involving an actual or potential 
change in control of the Company or change in its management, including transactions in which shareholders might 
otherwise receive a premium for their shares, or transactions that its shareholders might otherwise deem to be in their 
best interests. Among other things, the Articles and Bylaws:
• provide that, except for a vacancy caused by the removal of a director as provided in the Bylaws, a 
vacancy on the Company’s Board of Directors may be filled by a person selected by a majority of the 
remaining directors then in office, whether or not less than a quorum, or by a sole remaining director;
• provide that shareholders seeking to present proposals before a meeting of shareholders or to nominate 
candidates for election as directors at a meeting of shareholders must provide notice in writing in a 
timely manner, and also specify requirements as to the form and content of a shareholder’s notice, 
including with respect to a shareholder’s notice under Rule 14a-19 of the Exchange Act;
• provide that a shareholder, or group of up to 20 shareholders, that has owned continuously for at least 
three years shares of Common Stock representing an aggregate of at least 3% of the Company’s 
outstanding shares of Common Stock, may nominate and include in the Company’s proxy materials 
director nominees constituting up to 20% of the Company’s Board of Directors, provided that the 
shareholder(s) and nominee(s) satisfy the requirements in the Bylaws;
• do not provide for cumulative voting rights for the election of directors; and
• provide that special meetings of the shareholders may only be called by (i) the Board of Directors, the 
Chair of the Board of Directors or the Chief Executive Officer or (ii) one or more holders of shares 
entitled to cast not less than ten percent (10%) of the votes on the record date established pursuant to 
the Company’s Bylaws, provided that the shareholder(s) satisfy requirements in the Bylaws.
In addition, as a California corporation, the Company is subject to the provisions of Section 1203 of the 
California General Corporation Law, which requires it to provide a fairness opinion to its shareholders in connection 
with their consideration of any proposed “interested party” reorganization transaction.
Listing
The Company’s Common Stock is listed on The Nasdaq Stock Market LLC under the trading symbol 
“AAPL.”
2

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DESCRIPTION OF DEBT SECURITIES
The following description of the Notes is a summary and does not purport to be complete. This description is 
qualified in its entirety by reference, as applicable, to the Indenture, dated as of April 29, 2013, between Apple Inc. 
and The Bank of New York Mellon Trust Company, N.A., as trustee (the “2013 Indenture”) and the Indenture, dated 
as of November 5, 2018, between Apple Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee (the 
“2018 Indenture,” and together with the 2013 Indenture, the “Indentures”). References in this section to the 
“Company,” “us,” “we” and “our” are solely to Apple Inc. and not to any of its subsidiaries, unless the context requires 
otherwise.
The Notes
Each of the Notes were issued under the applicable Indenture, which provides that debt securities may be 
issued under such Indenture from time to time in one or more series. The Indentures and the Notes are governed by, 
and construed in accordance with, the laws of the State of New York. The Indentures do not limit the amount of debt 
securities that we may issue thereunder. We may, without the consent of the holders of the debt securities of any 
series, issue additional debt securities ranking equally with, and otherwise similar in all respects to, the debt securities 
of the series (except for the date of issuance, the date interest begins to accrue and, in certain circumstances, the 
first interest payment date) so that those additional debt securities will be consolidated and form a single series with 
the debt securities of the series previously offered and sold; provided, however, that any additional debt securities will 
have a separate ISIN number unless certain conditions are met.
The 2024 Notes
We issued €1,000,000,000 aggregate principal amount of the 2024 Notes on September 17, 2015. The 
maturity date of the 2024 Notes is January 17, 2024, and interest at a rate of 1.375% per annum is paid annually on 
January 17 of each year, beginning on January 17, 2016, and on the maturity date. As of October 20, 2023, 
€1,000,000,000 aggregate principal amount of the 2024 Notes was outstanding.
The 0.000% 2025 Notes
We issued €1,000,000,000 aggregate principal amount of the 0.000% 2025 Notes on November 15, 2019. 
The maturity date of the 0.000% 2025 Notes is November 15, 2025, and interest at a rate of 0.000% per annum is 
paid annually on November 15 of each year, beginning on November 15, 2020, and on the maturity date. As of 
October 20, 2023, €1,000,000,000 aggregate principal amount of the 0.000% 2025 Notes was outstanding.
The 0.875% 2025 Notes
We issued €1,250,000,000 aggregate principal amount of the 0.875% 2025 Notes on May 24, 2017. The 
maturity date of the 0.875% 2025 Notes is May 24, 2025, and interest at a rate of 0.875% per annum is paid annually 
on May 24 of each year, beginning on May 24, 2018, and on the maturity date. As of October 20, 2023, 
€1,250,000,000 aggregate principal amount of the 0.875% 2025 Notes was outstanding.
The 2026 Notes
We issued €1,400,000,000 aggregate principal amount of the 2026 Notes on November 10, 2014. The 
maturity date of the 2026 Notes is November 10, 2026, and interest at a rate of 1.625% per annum is paid annually 
on November 10 of each year, beginning on November 10, 2015, and on the maturity date. As of October 20, 2023, 
€1,400,000,000 aggregate principal amount of the 2026 Notes was outstanding.
The 2027 Notes
We issued €1,000,000,000 aggregate principal amount of the 2027 Notes on September 17, 2015. The 
maturity date of the 2027 Notes is September 17, 2027, and interest at a rate of 2.000% per annum is paid annually 
on September 17 of each year, beginning on September 17, 2016, and on the maturity date. As of October 20, 2023, 
€1,000,000,000 aggregate principal amount of the 2027 Notes was outstanding.
3

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The 1.375% 2029 Notes
We issued €1,250,000,000 aggregate principal amount of the 1.375% 2029 Notes on May 24, 2017. The 
maturity date of the 1.375% 2029 Notes is May 24, 2029, and interest at a rate of 1.375% per annum is paid annually 
on May 24 of each year, beginning on May 24, 2018, and on the maturity date. As of October 20, 2023, 
€1,250,000,000 aggregate principal amount of the 1.375% 2029 Notes was outstanding.
The 3.050% 2029 Notes
We issued £750,000,000 aggregate principal amount of the 3.050% 2029 Notes on July 31, 2015. The 
maturity date of the 3.050% 2029 Notes is July 31, 2029, and interest at a rate of 3.050% per annum is paid semi-
annually on January 31 and July 31 of each year, beginning on January 31, 2016, and on the maturity date. As of 
October 20, 2023, £750,000,000 aggregate principal amount of the 3.050% 2029 Notes was outstanding.
The 2031 Notes
We issued €1,000,000,000 aggregate principal amount of the 2031 Notes on November 15, 2019. The 
maturity date of the 2031 Notes is November 15, 2031, and interest at a rate of 0.500% per annum is paid annually 
on November 15 of each year, beginning on November 15, 2020, and on the maturity date. As of October 20, 2023, 
€1,000,000,000 aggregate principal amount of the 2031 Notes was outstanding.
The 2042 Notes
We issued £500,000,000 aggregate principal amount of the 2042 Notes on July 31, 2015. The maturity date 
of the 2042 Notes is July 31, 2042, and interest at a rate of 3.600% per annum is paid semi-annually on January 31 
and July 31 of each year, beginning on January 31, 2016, and on the maturity date. As of October 20, 2023, 
£500,000,000 aggregate principal amount of the 2042 Notes was outstanding.
Ranking
The Notes are our senior unsecured indebtedness and rank equally with each other and with all of our other 
senior unsecured and unsubordinated indebtedness from time to time outstanding. However, the Notes are 
structurally subordinated to any indebtedness and preferred stock, if any, of our subsidiaries and are effectively 
subordinated to any secured indebtedness to the extent of the value of the assets securing such indebtedness. 
Claims of the creditors of our subsidiaries generally have priority with respect to the assets and earnings of such 
subsidiaries over the claims of our creditors, including holders of the Notes. Accordingly, the Notes are effectively 
subordinated to creditors, including trade creditors and preferred stockholders, if any, of our subsidiaries. The 
Indentures do not restrict our ability or that of our subsidiaries to incur additional indebtedness.
Payment on the Notes
All payments of principal of, the redemption price (if any), and interest and additional amounts (if any) on the 
2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 
Notes and the 2031 Notes are payable in euro, provided that, if the euro is unavailable to the Company due to the 
imposition of exchange controls or other circumstances beyond the Company’s control, or if the euro is no longer 
being used by the then member states of the European Monetary Union that have adopted the euro as their currency 
or for the settlement of transactions by public institutions of or within the international banking community, then all 
payments in respect of the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 
Notes, the 1.375% 2029 Notes and the 2031 Notes will be made in U.S. dollars, until the euro is again available to the 
Company or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate 
mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the 
relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the 
basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second 
Business Day prior to the relevant payment date. Any payment in respect of the 2024 Notes, the 0.000% 2025 Notes, 
the 0.875% 2025 Notes, the 2026 Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes so made in 
U.S. dollars will not constitute an event of default under such Notes or the applicable Indenture.
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With respect to the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 
Notes, the 1.375% 2029 Notes and the 2031 Notes, “Business Day” means any day, other than a Saturday or 
Sunday, (1) which is not a day on which banking institutions in The City of New York or London are authorized or 
required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-time 
Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open.
All payments of principal of, the redemption price (if any), and interest and additional amounts (if any) on the 
3.050% 2029 Notes and the 2042 Notes are payable in pounds sterling, or, if the United Kingdom adopts euro as its 
lawful currency, in euro. If pounds sterling or, in the event the Notes are redenominated into euro, euro is unavailable 
to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or, 
in the event the notes are redenominated into euro, the euro is no longer being used by the then member states of 
the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by 
public institutions of or within the international banking community, then all payments in respect of the 3.050% 2029 
Notes and the 2042 Notes will be made in U.S. dollars until the pound sterling or euro, as the case may be, is again 
available to the Company or so used. The amount payable on any date in pounds sterling or, in the event such Notes 
are redenominated into euro, euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal 
Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the 
event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. 
dollar/pounds sterling or, in the event the Notes are redenominated into euro, the most recent U.S. dollar/euro 
exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant 
payment date. Any payment in respect of the 3.050% 2029 Notes and the 2042 Notes so made in U.S. dollars will not 
constitute an event of default under such Notes or the 2013 Indenture.
With respect to the 3.050% 2029 Notes and the 2042 Notes, “Business Day” means any day which is not a 
day on which banking institutions in The City of New York or London or the relevant place of payment are authorized 
or required by law, regulation or executive order to close.
Payment of Additional Amounts
The terms of the Notes state that all payments of principal and interest in respect of the Notes will be made 
free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, 
assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United 
States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction 
is required by law.
All of the Notes also contain a covenant substantially similar to the following:
The Company will, subject to the exceptions and limitations set forth below, pay as additional interest on the 
Notes such additional amounts (“Additional Amounts”) as are necessary in order that the net payment by the 
Company or the paying agent of the Company for the applicable Notes (“Paying Agent”) of the principal of and 
interest on the Notes to a holder who is not a United States person (as defined below), after withholding or deduction 
for any present or future tax, assessment or other governmental charge (“Tax”) imposed by the United States or a 
taxing authority in the United States, will not be less than the amount provided in the Notes to be then due and 
payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply:
(1) to any Tax that is imposed by reason of the holder (or the beneficial owner for whose benefit such 
holder holds the Notes), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the 
holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust 
administered by a fiduciary holder, being considered as:
(a) being or having been engaged in a trade or business in the United States or having or having had a 
permanent establishment in the United States;
(b) having a current or former connection with the United States (other than a connection arising solely 
as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any 
rights hereunder), including being or having been a citizen or resident of the United States;
(c) being or having been a personal holding company, a passive foreign investment company or a 
controlled foreign corporation for U.S. federal income tax purposes or a corporation that has 
accumulated earnings to avoid U.S. federal income tax;
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(d) being or having been a “10-percent shareholder” of the Company as defined in Section 871(h)(3) of 
the Internal Revenue Code of 1986, as amended (the “Code”);
(e) being a controlled foreign corporation that is related to the Company within the meaning of Section 
864(d)(4) of the Code; or
(f) being a bank receiving payments on an extension of credit made pursuant to a loan agreement 
entered into in the ordinary course of its trade or business;
(2) to any holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a 
fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with 
respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or 
member of the partnership or limited liability company would not have been entitled to the payment of 
an additional amount had the beneficiary, settlor, beneficial owner or member received directly its 
beneficial or distributive share of the payment;
(3) to any Tax that would not have been imposed but for the failure of the holder or any other person to 
comply with certification, identification or information reporting requirements concerning the nationality, 
residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if 
compliance is required by statute, by regulation of the United States or any taxing authority therein or by 
an applicable income tax treaty to which the United States is a party as a precondition to exemption 
from such Tax (including, but not limited to, the requirement to provide Internal Revenue Service Forms 
W-8BEN, W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and any 
documentation requirement under an applicable income tax treaty);
(4) to any Tax that is imposed otherwise than by withholding by the Company or a Paying Agent from the 
payment;
(5) to any Tax that would not have been imposed but for a change in law, regulation, or administrative or 
judicial interpretation that becomes effective more than 10 days after the payment becomes due or is 
duly provided for, whichever occurs later;
(6) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property or 
similar Tax;
(7) to any Tax required to be withheld by any paying agent from any payment of principal of or interest on 
any Note, if such payment can be made without such withholding by at least one other paying agent;
(8) to any Tax that would not have been imposed but for the presentation by the holder of any Note, where 
presentation is required, for payment on a date more than 30 days after the date on which payment 
became due and payable or the date on which payment thereof is duly provided for, whichever occurs 
later;
(9) to any Tax imposed under Sections 1471 through 1474 of the Code (or any amended or successor 
provisions), any current or future regulations or official interpretations thereof, any agreement entered 
into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices 
adopted pursuant to any intergovernmental agreement entered into in connection with the 
implementation of such sections of the Code; or
(10) in the case of any combination of items (1) through (9) above.
The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial 
interpretation applicable to the Notes. Except as specifically provided under this heading “—Payment of Additional 
Amounts,” the Company will not be required to make any payment for any Tax imposed by any government or a 
political subdivision or taxing authority of or in any government or political subdivision. As used under “—Payment of 
Additional Amounts” and under “—Redemption for Tax Reasons,” the term “United States” means the United States 
of America (including the states and the District of Columbia and any political subdivision thereof), and the term 
“United States person” means any individual who is a citizen or resident of the United States for U.S. federal income 
tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, 
any state of the United States or the District of Columbia (other than a partnership that is not treated as a United 
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States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to U.S. 
federal income taxation regardless of its source.
Redemption for Tax Reasons
If, as a result of any change in, or amendment to, or, in the case of the 0.000% 2025 Notes and the 2031 
Notes, introduction of, the laws (or any regulations or rulings promulgated under the laws) of the United States (or any 
political subdivision or taxing authority of or in the United States), or any change in, or amendments to, an official 
position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment is 
announced or becomes effective on or after the date of the applicable prospectus supplement, we become, or based 
upon a written opinion of independent counsel selected by us, will become obligated to pay additional amounts as 
described above under the heading “Payments of Additional Amounts” with respect to a series of the Notes, then we 
may at our option redeem, in whole, but not in part, in the case of the 2024 Notes, the 2026 Notes, the 2027 Notes, 
the 3.050% 2029 Notes and the 2042 Notes, the Notes of such series on not less than 30 nor more than 60 days’ 
prior notice, in the case of the 0.875% 2025 Notes and the 1.375% 2029 Notes, the Notes of such series on not less 
than 15 nor more than 60 days’ notice, and in the case of the 0.000% 2025 Notes and the 2031 Notes, the Notes of 
such series on not less than 10 nor more than 60 days’ prior notice, in each case at a redemption price equal to 100% 
of their principal amount, together with interest accrued but unpaid on those Notes to (and, in the case of the 0.000% 
2025 Notes and the 2031 Notes, but not including) the date fixed for redemption.
Optional Redemption
We may redeem the 2024 Notes, the 2026 Notes, the 2027 Notes, the 3.050% 2029 Notes and the 2042 
Notes at our option, at any time in whole or from time to time in part, at a redemption price equal to the greater of:
• 100% of the principal amount of the Notes to be redeemed; or
• the sum of the present values of the remaining scheduled payments of principal and interest thereon 
(not including any portion of such payments of interest accrued as of the date of redemption), 
discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable 
Comparable Government Bond Rate (as defined below), plus 10 basis points in the case of the 2026 
Notes, plus 15 basis points in the case of the 2024 Notes, the 3.050% 2029 Notes and the 2042 Notes 
and plus 20 basis points in the case of the 2027 Notes.
We may redeem the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes and the 2031 
Notes at our option, at any time in whole or from time to time in part, prior to the applicable Par Call Date at a 
redemption price equal to the greater of: 
• 100% of the principal amount of the Notes to be redeemed; or 
• the sum of the present values of the remaining scheduled payments of principal and interest thereon 
assuming that the Notes matured on the applicable Par Call Date (not including any portion of such 
payments of interest accrued as of the date of redemption), discounted to the date of redemption on an 
annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as 
defined below), plus 10 basis points in the case of the 0.000% 2025 Notes, plus 15 basis points in the 
case of the 0.875% 2025 Notes and the 2031 Notes, and 20 basis points in the case of the 2029 Notes. 
“Par Call Date” means (i) with respect to the 0.000% 2025 Notes, August 15, 2025 (three months prior to the 
maturity date of the 0.000% 2025 Notes), (ii) with respect to the 0.875% 2025 Notes, February 24, 2025 (three 
months prior to the maturity date of the 0.875% 2025 Notes), (iii) with respect to the 1.375% 2029 Notes, February 
24, 2029 (three months prior to the maturity date of 1.375% 2029 Notes) and (iv) with respect to the 2031 Notes, 
August 15, 2031 (three months prior to the maturity of the 2031 Notes).
If any of the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes or the 2031 Notes are 
redeemed on or after the applicable Par Call Date, the redemption price for such Notes will equal 100% of the 
principal amount of the Notes being redeemed. 
In each case upon redemption of the Notes, we will pay accrued and unpaid interest on the principal amount 
being redeemed to, but excluding, the date of redemption.
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Installments of interest on Notes being redeemed that are due and payable on interest payment dates falling 
on or prior to a redemption date shall be payable on the interest payment date to the holders as of the close of 
business on the relevant regular record date according to the Notes and the applicable Indenture.
“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation 
for the 2024 Notes, the 2026 Notes and the 2027 Notes, at the discretion of an independent investment bank selected 
by us, a German government bond whose maturity is closest to the maturity of the Notes being redeemed, or if such 
independent investment bank in its discretion determines that such similar bond is not in issue, such other German 
government bond as such independent investment bank may, with the advice of three brokers of, and/or market 
makers in, German government bonds selected by us, determine to be appropriate for determining the Comparable 
Government Bond Rate.
“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation 
for the 3.050% 2029 Notes and the 2042 Notes, at the discretion of an independent investment bank selected by us, 
a United Kingdom government bond whose maturity is closest to the maturity of the Notes being redeemed, or if such 
independent investment bank in its discretion determines that such similar bond is not in issue, such other United 
Kingdom government bond as such independent investment bank may, with the advice of three brokers of, and/or 
market makers in, United Kingdom government bonds selected by us, determine to be appropriate for determining the 
Comparable Government Bond Rate. 
“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation 
for the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 1.375% 2029 Notes and the 2031 Notes, at the discretion of 
an independent investment bank selected by us, a German government bond whose maturity is closest to the 
applicable Par Call Date of the Notes being redeemed, or if such independent investment bank in its discretion 
determines that such similar bond is not in issue, such other German government bond as such independent 
investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds 
selected by us, determine to be appropriate for determining the Comparable Government Bond Rate.
“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three 
decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes, if they were 
to be purchased at such price on the third business day prior to the date fixed for redemption, would be equal to the 
gross redemption yield on such business day of the Comparable Government Bond on the basis of the middle market 
price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as 
determined by an independent investment bank selected by us.
Covenants
The Indentures set forth limited covenants that apply to the Notes. However, these covenants do not, among 
other things:
• limit the amount of indebtedness or lease obligations that may be incurred by us and our subsidiaries;
• limit our ability or that of our subsidiaries to issue, assume or guarantee debt secured by liens; or
• restrict us from paying dividends or making distributions on our capital stock or purchasing or redeeming 
our capital stock.
Consolidation, Merger and Sale of Assets
The Indentures provide that we may consolidate with or merge with or into any other person, and may sell, 
transfer, or lease or convey all or substantially all of our properties and assets to another person; provided that the 
following conditions are satisfied: 
• we are the continuing entity, or the resulting, surviving or transferee person (the “Successor”) is a 
person (if such person is not a corporation, then the Successor will include a corporate co-issuer of the 
debt securities) organized and existing under the laws of the United States of America, any state thereof 
or the District of Columbia and the Successor (if not us) will expressly assume, by supplemental 
indenture, all of our obligations under the debt securities and the applicable Indenture and, for each 
security that by its terms provides for conversion, provide for the right to convert such security in 
accordance with its terms; 
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• immediately after giving effect to such transaction, no default or event of default under the applicable 
Indenture has occurred and is continuing; and 
• in the case of the 2013 Indenture, the trustee receives from us an officers’ certificate and an opinion of 
counsel that the transaction and such supplemental indenture, as the case may be, complies with the 
applicable provisions of the 2013 Indenture.
If we consolidate or merge with or into any other person or sell, transfer, lease or convey all or substantially 
all of our properties and assets in accordance with the Indentures, the Successor will be substituted for us in the 
Indentures, with the same effect as if it had been an original party to the Indentures. As a result, the Successor may 
exercise our rights and powers under the Indentures, and we will be released from all our liabilities and obligations 
under the Indentures and under the debt securities.
For purposes of this covenant, “person” means any individual, corporation, partnership, limited liability 
company, joint venture, association, joint-stock company, trust, unincorporated organization or government or any 
agency or political subdivision thereof or any other entity.
Events of Default
Each of the following events are defined in the Indentures as an “event of default” (whatever the reason for 
such event of default and whether or not it will be voluntary or involuntary or be effected by operation of law or 
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or 
governmental body) with respect to the debt securities of any series:
(1) default in the payment of any installment of interest on any debt securities of such series for 30 days 
after becoming due;
(2) default in the payment of principal of or premium, if any, on any debt securities of such series when it 
becomes due and payable at its stated maturity, upon optional redemption, upon declaration or 
otherwise;
(3) default in the performance, or breach, of any covenant or agreement of ours in the applicable Indenture 
with respect to the debt securities of such series (other than a covenant or agreement, a default in the 
performance of which or a breach of which is elsewhere in the applicable Indenture specifically dealt 
with or that has expressly been included in the applicable Indenture solely for the benefit of a series of 
debt securities other than such series), which continues for a period of 90 days after written notice to us 
by the trustee or to us and the trustee by the holders of, in the case of the 2013 Indenture, at least 25% 
in aggregate principal amount of the outstanding debt securities of that series, and in the case of the 
2018 Indenture, at least 33% in aggregate principal amount of the outstanding debt securities of that 
series;
(4) we, pursuant to or within the meaning of the Bankruptcy Law:
• commence a voluntary case or proceeding;
• consent to the entry of an order for relief against us in an involuntary case or proceeding;
• consent to the appointment of a custodian of us or for all or substantially all of our property;
• make a general assignment for the benefit of our creditors;
• file a petition in bankruptcy or answer or consent seeking reorganization or relief;
• consent to the filing of such petition or the appointment of or taking possession by a custodian; or
• take any comparable action under any foreign laws relating to insolvency;
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(5) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
• is for relief against us in an involuntary case, or adjudicates us insolvent or bankrupt;
• appoints a custodian of us or for all or substantially all of our property; or
• orders the winding-up or liquidation of us (or any similar relief is granted under any foreign laws);
and the order or decree remains unstayed and in effect for 90 days (or, in the case of the 2018 
Indenture, 90 consecutive days); or
(6) any other event of default provided with respect to debt securities of such series occurs.
“Bankruptcy Law” means Title 11, United States Code or any similar federal or state or foreign law for the 
relief of debtors. “Custodian” means any custodian, receiver, trustee, assignee, liquidator or other similar official 
under any Bankruptcy Law.
If an event of default with respect to debt securities of any series (other than an event of default relating to 
certain events of bankruptcy, insolvency, or reorganization of us) occurs and is continuing, the trustee by notice to us, 
or the holders of, in the case of the 2013 Indenture, at least 25% in aggregate principal amount of the outstanding 
debt securities of such series, and in the case of the 2018 Indenture, at least 33% in aggregate principal amount of 
the outstanding debt securities of such series, by notice to us and the trustee, may, and the trustee at the request of 
these holders will, declare the principal of and premium, if any, and accrued and unpaid interest on all the debt 
securities of such series to be due and payable. Upon such a declaration, such principal, premium and accrued and 
unpaid interest will be due and payable immediately. If an event of default relating to certain events of bankruptcy, 
insolvency, or reorganization of us occurs and is continuing, the principal of and premium, if any, and accrued and 
unpaid interest on the debt securities of such series will become and be immediately due and payable without any 
declaration or other act on the part of the trustee or any holders.
The holders of not less than a majority in aggregate principal amount of the outstanding debt securities of 
any series may rescind a declaration of acceleration and its consequences, if we have deposited certain sums with 
the trustee and all events of default with respect to the debt securities of such series, other than the non-payment of 
the principal or interest which have become due solely by such acceleration, have been cured or waived, as provided 
in the Indentures.
An event of default for a particular series of debt securities does not necessarily constitute an event of 
default for any other series of debt securities issued under the Indentures.
We are required to furnish the trustee annually within 120 days after the end of our fiscal year a statement 
by one of our officers to the effect that, to the best knowledge of such officer, we are not in default in the fulfillment of 
any of our obligations under the applicable Indenture or, if there has been a default in the fulfillment of any such 
obligation, specifying each such default and the nature and status thereof.
No holder of any debt securities of any series will have any right to institute any judicial or other proceeding 
with respect to the applicable Indenture, or for the appointment of a receiver or trustee, or for any other remedy 
unless:
(1) an event of default has occurred and is continuing and such holder has given the trustee prior written 
notice of such continuing event of default with respect to the debt securities of such series;
(2) in the case of the 2013 Indenture, the holders of not less than 25% of the aggregate principal amount of 
the outstanding debt securities of such series, and in the case of the 2018 Indenture, the holders of not 
less than 33% of the aggregate principal amount of the outstanding debt securities of such series have 
requested the trustee to institute proceedings in respect of such event of default;
(3) the trustee has been offered indemnity reasonably satisfactory to it against its costs, expenses and 
liabilities in complying with such request;
(4) the trustee has failed to institute proceedings 60 days after the receipt of such notice, request and offer 
of indemnity; and
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(5) no direction inconsistent with such written request has been given for 60 days by the holders of a 
majority in aggregate principal amount of the outstanding debt securities of such series.
The holders of a majority in aggregate principal amount of outstanding debt securities of a series will have 
the right, subject to certain limitations, to direct the time, method and place of conducting any proceeding for any 
remedy available to the trustee with respect to the debt securities of that series or exercising any trust or power 
conferred to the trustee, and to waive certain defaults. Each of the Indentures provides that if an event of default 
occurs and is continuing, the trustee will exercise such of its rights and powers under such Indenture, and use the 
same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in 
the conduct of such person’s own affairs. Subject to such provisions, the trustee will be under no obligation to 
exercise any of its rights or powers under the applicable Indenture at the request of any of the holders of the debt 
securities of a series unless they will have offered to the trustee security or indemnity satisfactory to the trustee 
against the costs, expenses and liabilities which might be incurred by it in compliance with such request.
Notwithstanding the foregoing, the holder of any debt security will have an absolute and unconditional right 
to receive payment of the principal of and premium, if any, and interest on that debt security on or after the due dates 
expressed in that debt security and to institute suit for the enforcement of payment.
Modification and Waivers
Modification and amendments of the Indentures and the Notes may be made by us and the trustee with the 
consent of the holders of not less than a majority in aggregate principal amount of the outstanding series of Notes 
affected thereby; provided, however, that no such modification or amendment may, without the consent of the holder 
of each outstanding Note of that series affected thereby:
• change the stated maturity of the principal of, or installment of interest on, any Note;
• reduce the principal amount of any Note or reduce the amount of the principal of any Note which would 
be due and payable upon a declaration of acceleration of the maturity thereof or reduce the rate of 
interest on any Note;
• reduce any premium payable on the redemption of any Note or change the date on which any Note may 
or must be redeemed (in the case of the 2018 Indenture, it being understood that a change to any 
notice requirement with respect to such date shall not be deemed to be a change of such date);
• change the coin or currency in which the principal of, premium, if any, or interest on any Note is 
payable;
• impair the right of any holder to institute suit for the enforcement of any payment on or after the stated 
maturity of any Note (or, in the case of redemption, on or after the redemption date);
• reduce the percentage in principal amount of the outstanding Notes, the consent of whose holders is 
required in order to take certain actions;
• reduce the requirements for quorum or voting by holders of Notes in the applicable Indenture or the 
Note;
• modify any of the provisions in the applicable Indenture regarding the waiver of past defaults and the 
waiver of certain covenants by the holders of Notes except to increase any percentage vote required or 
to provide that certain other provisions of the applicable Indenture cannot be modified or waived without 
the consent of the holder of each Notes affected thereby;
• make any change that adversely affects the right to convert or exchange any debt security or decreases 
the conversion or exchange rate or increases the conversion price of any convertible or exchangeable 
debt security, unless such decrease or increase is permitted by the terms of the debt securities; or
• modify any of the above provisions.
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We and the trustee may, without the consent of any holders, modify or amend the terms of the Indentures 
and any series of Notes with respect to the following:
• to add to our covenants for the benefit of holders of all or any series of the Notes or to surrender any 
right or power conferred upon us;
• to evidence the succession of another person to, and the assumption by the successor of our 
covenants, agreements and obligations under, the applicable Indenture pursuant to the covenant 
described above under the caption “Covenants—Consolidation, Merger and Sale of Assets”;
• to add any additional events of default for the benefit of holders of all or any series of the Notes;
• to add one or more guarantees, and in the case of the 2018 Indenture, co-obligors, for the benefit of 
holders of the Notes;
• to secure the Notes pursuant to the covenants of the Indenture;
• to add or appoint a successor or separate trustee or other agent;
• to provide for the issuance of additional debt securities of any series;
• to establish the form or terms of the debt securities of any series as permitted by the Indenture;
• to comply with the rules of any applicable securities depository;
• to provide for uncertificated Notes in addition to or in place of certificated Notes;
• in the case of the 2013 Indenture, to add to, change or eliminate any of the provisions of the 2013 
Indenture in respect of one or more series of debt securities; provided that any such addition, change or 
elimination (a) shall neither (1) apply to any debt security of any series created prior to the execution of 
such supplemental indenture and entitled to the benefit of such provision nor (2) modify the rights of the 
holder of any such debt security with respect to such provision or (b) shall become effective only when 
there is no debt security described in clause (a)(1) outstanding;
• in the case of the 2018 Indenture, to add to, change or eliminate any of the provisions of the 2018 
Indenture in respect of one or more series of debt securities; provided that any such addition, change or 
elimination shall become effective only when there is no outstanding security of any series created prior 
to the execution of such supplemental indenture that is entitled to the benefit of such provision and as to 
which such supplemental indenture would apply;
• to cure any ambiguity, omission, defect or inconsistency;
• to change any other provision; provided that the change does not adversely affect the interests of the 
holders of debt securities of, in the case of the 2013 Indenture any series, and in the case of the 2018 
Indenture, any outstanding series, in any material respect;
• to supplement any of the provisions of the applicable Indenture to such extent as shall be necessary to 
permit or facilitate the defeasance and discharge of any series of Notes pursuant to the Indenture; 
provided that any such action shall not adversely affect the interests of the holders of Notes of such 
series or any other series of debt securities in any material respect;
• to comply with the rules or regulations of any securities exchange or automated quotation system on 
which any of the Notes may be listed or traded; and
• to add to, change or eliminate any of the provisions of the applicable Indenture as shall be necessary or 
desirable in accordance with any amendments to the Trust Indenture Act of 1939, as amended, and in 
the case of the 2013 Indenture, provided that such action does not adversely affect the rights or 
interests of any holder of debt securities in any material respect.
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The holders of at least a majority in aggregate principal amount of the outstanding Notes of any series may, 
on behalf of the holders of all Notes of that series, waive compliance by us with certain restrictive provisions of the 
Indentures. The holders of not less than a majority in aggregate principal amount of the outstanding Notes of a series 
may, on behalf of the holders of all Notes of that series, waive any past default and its consequences under the 
applicable Indenture with respect to the Notes of that series, except a default (1) in the payment of principal or 
premium, if any, or interest on Notes of that series or (2) in respect of a covenant or provision of the applicable 
Indenture that cannot be modified or amended without the consent of the holder of each Note of that series. Upon any 
such waiver, such default will cease to exist, and any event of default arising therefrom will be deemed to have been 
cured, for every purpose of the Indenture; however, no such waiver will extend to any subsequent or other default or 
event of default or impair any rights consequent thereon.
Discharge, Defeasance and Covenant Defeasance
We may discharge certain obligations to holders of the Notes of a series that have not already been 
delivered to the trustee for cancellation and that either have become due and payable or will become due and 
payable within one year (or scheduled for redemption within one year) by depositing with the trustee, in trust, funds in 
U.S. dollars in an amount sufficient to pay the entire indebtedness including, but not limited to, the principal and 
premium, if any, and interest to the date of such deposit (if due and payable) or to the maturity thereof or the 
redemption date of the Notes of that series, as the case may be. We may direct the trustee to invest such funds in 
U.S. Treasury securities with a maturity of one year or less or in a money market fund that invests solely in short-term 
U.S. Treasury securities.
The Indentures provide that we may elect either (1) to defease and be discharged from any and all 
obligations with respect to the Notes of a series (except for, among other things, obligations to register the transfer or 
exchange of the Notes, to replace temporary or mutilated, destroyed, lost or stolen Notes, to maintain an office or 
agency with respect to the Notes and to hold moneys for payment in trust) (“legal defeasance”) or (2) to be released 
from our obligations to comply with the restrictive covenants under the applicable Indenture, and any omission to 
comply with such obligations will not constitute a default or an event of default with respect to the Notes of a series 
and clauses (3) and (6) under the caption “Events of Default” above will no longer be applied (“covenant 
defeasance”). Legal defeasance or covenant defeasance, as the case may be, will be conditioned upon, among other 
things, the irrevocable deposit by us with the trustee, in trust, of an amount in U.S. dollars, or U.S. government 
obligations (as such term is modified below), or both, applicable to the Notes of that series which through the 
scheduled payment of principal and interest in accordance with their terms will provide money in an amount sufficient 
to pay the principal or premium, if any, and interest on the Notes on the scheduled due dates therefor.
If we effect covenant defeasance with respect to the Notes of any series, the amount in U.S. dollars, or U.S. 
government obligations (as such term is modified below), or both, on deposit with the trustee will be sufficient, in the 
opinion of a nationally recognized firm of independent accountants, to pay amounts due on the Notes of that series at 
the time of the stated maturity but may not be sufficient to pay amounts due on the Notes of that series at the time of 
the acceleration resulting from such event of default. However, we would remain liable to make payment of such 
amounts due at the time of acceleration.
With respect to the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 Notes, the 2027 
Notes, the 1.375% 2029 Notes and the 2031 Notes, the term “U.S. government obligations” shall instead mean (x) 
any security that is (i) a direct obligation of the German government or (ii) an obligation of a person controlled or 
supervised by and acting as an agency or instrumentality of the German government the payment of which is fully 
and unconditionally guaranteed by the German government or the central bank of the German government, which, in 
either case (x)(i) or (ii), is not callable or redeemable at the option of the issuer thereof, and (y) certificates, depositary 
receipts or other instruments which evidence a direct ownership interest in obligations described in clause (x)(i) or 
(x)(ii) above or in any specific principal or interest payments due in respect thereof. 
With respect to the 3.050% 2029 Notes and the 2042 Notes, the term “U.S. government obligations” shall 
instead mean (x) any security that is (i) a direct obligation of the United Kingdom government or (ii) an obligation of a 
person controlled or supervised by and acting as an agency or instrumentality of the United Kingdom government the 
payment of which is fully and unconditionally guaranteed by the United Kingdom government or the central bank of 
the United Kingdom government, which, in either case (x)(i) or (ii), is not callable or redeemable at the option of the 
issuer thereof, and (y) certificates, depositary receipts or other instruments which evidence a direct ownership interest 
in obligations described in clause (x)(i) or (x)(ii) above or in any specific principal or interest payments due in respect 
thereof. 
13

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We will be required to deliver to the trustee an opinion of counsel that the deposit and related defeasance 
will not cause the holders and beneficial owners of the Notes of that series to recognize income, gain or loss for 
federal income tax purposes. If we elect legal defeasance, that opinion of counsel must be based upon a ruling from 
the U.S. Internal Revenue Service or a change in law to that effect.
We may exercise our legal defeasance option notwithstanding our prior exercise of our covenant 
defeasance option.
Book-Entry and Settlement
The Notes were issued in book-entry form and are represented by global notes deposited with, or on behalf 
of, a common depositary on behalf of Euroclear and Clearstream, and are registered in the name of the common 
depositary or its nominee. Except as described herein, certificated notes will not be issued in exchange for beneficial 
interests in the global notes.
Certificated Notes
Subject to certain conditions, the Notes represented by the global notes are exchangeable for certificated 
notes in definitive form of like tenor, in minimum denominations of €100,000 principal amount and integral multiples of 
€1,000 in excess thereof in the case of the 2024 Notes, the 0.000% 2025 Notes, the 0.875% 2025 Notes, the 2026 
Notes, the 2027 Notes, the 1.375% 2029 Notes and the 2031 Notes, and in minimum denominations of £100,000 
principal amount and integral multiples of £1,000 in excess thereof in the case of the 3.050% 2029 Notes and the 
2042 Notes, if: 
1. the common depositary notifies us that it is unwilling or unable to continue as depositary or if the 
common depositary ceases to be eligible under the applicable Indenture and we do not appoint a 
successor depository within 90 days;
2. we determine that the Notes will no longer be represented by global securities and execute and deliver 
to the trustee an order to that effect; or
3. an event of default with respect to the Notes will have occurred and be continuing. 
Any Note that is exchangeable as above is exchangeable for certificated notes issuable in authorized 
denominations and registered in such names as the common depositary shall direct. Subject to the foregoing, a 
global note is not exchangeable, except for a global note of the same aggregate denomination to be registered in the 
name of the common depositary or its nominee. 
The Trustee for the Notes
The Bank of New York Mellon Trust Company, N.A. is the trustee under the Indentures. We have 
commercial deposits and custodial arrangements with The Bank of New York Mellon Trust Company, N.A. and its 
affiliates (“BNYM”). We may enter into similar or other banking relationships with BNYM in the future in the normal 
course of business. In addition, BNYM acts as trustee and as paying agent with respect to other debt securities 
issued by us, and may do so for future issuances of debt securities by us as well.
14

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Exhibit 21.1
Subsidiaries of
Apple Inc.*
Jurisdiction
of Incorporation
Apple Asia Limited Hong Kong
Apple Asia LLC Delaware, U.S.
Apple Canada Inc. Canada
Apple Computer Trading (Shanghai) Co., Ltd. China
Apple Distribution International Limited Ireland
Apple India Private Limited India
Apple Insurance Company, Inc. Arizona, U.S.
Apple Japan, Inc. Japan
Apple Korea Limited South Korea
Apple Operations International Limited Ireland
Apple Operations Limited Ireland
Apple Operations Mexico, S.A. de C.V. Mexico
Apple Pty Limited Australia
Apple Sales International Limited Ireland
Apple South Asia (Thailand) Limited Thailand
Apple Vietnam Limited Liability Company Vietnam
Braeburn Capital, Inc. Nevada, U.S.
iTunes K.K. Japan
* Pursuant to Item 601(b)(21)(ii) of Regulation S-K, the names of other subsidiaries of Apple Inc. are omitted because, 
considered in the aggregate, they would not constitute a significant subsidiary as of the end of the year covered by this report.

--- Page 77 ---

Exhibit 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the following Registration Statements:
(1) Registration Statement (Form S-3 ASR No. 333-260578) of Apple Inc.,
(2) Registration Statement (Form S-8 No. 333-264555) pertaining to Apple Inc. Deferred Compensation Plan,
(3) Registration Statement (Form S-8 No. 333-165214) pertaining to Apple Inc. 2014 Employee Stock Plan and Apple Inc. 
2022 Employee Stock Plan,
(4) Registration Statement (Form S-8 No. 333-195509) pertaining to Apple Inc. 2014 Employee Stock Plan and Apple Inc. 
2022 Employee Stock Plan,
(5) Registration Statement (Form S-8 No. 333-226986) pertaining to Apple Inc. Deferred Compensation Plan,
(6) Registration Statement (Form S-8 No. 333-203698) pertaining to Apple Inc. Employee Stock Purchase Plan, and
(7) Registration Statement (Form S-8 No. 333-60455) pertaining to Apple Inc. Non-Employee Director Stock Plan;
of our reports dated November 2, 2023 with respect to the consolidated financial statements of Apple Inc., and the effectiveness 
of internal control over financial reporting of Apple Inc., included in this Annual Report on Form 10-K for the year ended 
September 30, 2023.
/s/ Ernst & Young LLP
San Jose, California
November 2, 2023

--- Page 78 ---

Exhibit 31.1
CERTIFICATION
I, Timothy D. Cook, certify that:
1. I have reviewed this annual report on Form 10-K 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: November 2, 2023
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

--- Page 79 ---

Exhibit 31.2
CERTIFICATION
I, Luca Maestri, certify that:
1. I have reviewed this annual report on Form 10-K 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: November 2, 2023
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer

--- Page 80 ---

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 Annual Report of Apple Inc. on Form 10-K for the fiscal year ended September 30, 2023 
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-K 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: November 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 Annual Report of Apple Inc. on Form 10-K for the fiscal year ended September 30, 2023 
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-K 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: November 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.

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