
--- 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 June 25, 2022
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36743
Apple Inc.
(Exact name of Registrant as specified in its charter)
California 94-2404110
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
One Apple Park Way
Cupertino, California 95014
(Address of principal executive offices) (Zip Code)
(408) 996-1010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading 
symbol(s) Name of each exchange on which registered
Common Stock, $0.00001 par value per share AAPL The Nasdaq Stock Market LLC
1.000% Notes due 2022 — The Nasdaq Stock Market LLC
1.375% Notes due 2024 — The Nasdaq Stock Market LLC
0.000% Notes due 2025 — The Nasdaq Stock Market LLC
0.875% Notes due 2025 — The Nasdaq Stock Market LLC
1.625% Notes due 2026 — The Nasdaq Stock Market LLC
2.000% Notes due 2027 — The Nasdaq Stock Market LLC
1.375% Notes due 2029 — The Nasdaq Stock Market LLC
3.050% Notes due 2029 — The Nasdaq Stock Market LLC
0.500% Notes due 2031 — The Nasdaq Stock Market LLC
3.600% Notes due 2042 — The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)  has been 
subject to such filing requirements for the past 90 days.
Yes  ☒     No  ☐

--- 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  ☒
16,070,752,000 shares of common stock were issued and outstanding as of July 15, 2022.

--- Page 3 ---

Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended June 25, 2022 
TABLE OF CONTENTS
Page
Part I
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
Item 4. Controls and Procedures 19
Part II
Item 1. Legal Proceedings 20
Item 1A. Risk Factors 20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
Item 3. Defaults Upon Senior Securities 21
Item 4. Mine Safety Disclosures 21
Item 5. Other Information 21
Item 6. Exhibits 21

--- 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
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Net sales:
   Products $ 63,355 $ 63,948 $ 245,241 $ 232,309 
   Services  19,604  17,486  58,941  50,148 
Total net sales  82,959  81,434  304,182  282,457 
Cost of sales:
   Products  41,485  40,899  155,084  149,476 
   Services  5,589  5,280  16,411  15,319 
Total cost of sales  47,074  46,179  171,495  164,795 
Gross margin  35,885  35,255  132,687  117,662 
Operating expenses:
Research and development  6,797  5,717  19,490  16,142 
Selling, general and administrative  6,012  5,412  18,654  16,357 
Total operating expenses  12,809  11,129  38,144  32,499 
Operating income  23,076  24,126  94,543  85,163 
Other income/(expense), net  (10)  243  (97)  796 
Income before provision for income taxes  23,066  24,369  94,446  85,959 
Provision for income taxes  3,624  2,625  15,364  11,830 
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129 
Earnings per share:
Basic $ 1.20 $ 1.31 $ 4.86 $ 4.42 
Diluted $ 1.20 $ 1.30 $ 4.82 $ 4.38 
Shares used in computing earnings per share:
Basic  16,162,945  16,629,371  16,277,824  16,772,656 
Diluted  16,262,203  16,781,735  16,394,937  16,941,527 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 1

--- Page 5 ---

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (721)  188  (1,102)  659 
Change in unrealized gains/losses on derivative 
instruments, net of tax:
Change in fair value of derivative instruments  852  (24)  1,548  4 
Adjustment for net (gains)/losses realized and included 
in net income  121  17  (87)  593 
Total change in unrealized gains/losses on 
derivative instruments  973  (7)  1,461  597 
Change in unrealized gains/losses on marketable debt 
securities, net of tax:
Change in fair value of marketable debt securities  (3,150)  217  (9,959)  (558) 
Adjustment for net (gains)/losses realized and included 
in net income  95  (54)  140  (234) 
Total change in unrealized gains/losses on 
marketable debt securities  (3,055)  163  (9,819)  (792) 
Total other comprehensive income/(loss)  (2,803)  344  (9,460)  464 
Total comprehensive income $ 16,639 $ 22,088 $ 69,622 $ 74,593 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 2

--- Page 6 ---

Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
June 25,
2022
September 25,
2021
ASSETS:
Current assets:
Cash and cash equivalents $ 27,502 $ 34,940 
Marketable securities  20,729  27,699 
Accounts receivable, net  21,803  26,278 
Inventories  5,433  6,580 
Vendor non-trade receivables  20,439  25,228 
Other current assets  16,386  14,111 
Total current assets  112,292  134,836 
Non-current assets:
Marketable securities  131,077  127,877 
Property, plant and equipment, net  40,335  39,440 
Other non-current assets  52,605  48,849 
Total non-current assets  224,017  216,166 
Total assets $ 336,309 $ 351,002 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 48,343 $ 54,763 
Other current liabilities  48,811  47,493 
Deferred revenue  7,728  7,612 
Commercial paper  10,982  6,000 
Term debt  14,009  9,613 
Total current liabilities  129,873  125,481 
Non-current liabilities:
Term debt  94,700  109,106 
Other non-current liabilities  53,629  53,325 
Total non-current liabilities  148,329  162,431 
Total liabilities  278,202  287,912 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 16,095,378 and 16,426,786 shares issued and outstanding, respectively  62,115  57,365 
Retained earnings  5,289  5,562 
Accumulated other comprehensive income/(loss)  (9,297)  163 
Total shareholders’ equity  58,107  63,090 
Total liabilities and shareholders’ equity $ 336,309 $ 351,002 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 3

--- Page 7 ---

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per share amounts)
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Total shareholders’ equity, beginning balances $ 67,399 $ 69,178 $ 63,090 $ 65,339 
Common stock and additional paid-in capital:
Beginning balances  61,181  54,203  57,365  50,779 
Common stock issued  —  —  593  561 
Common stock withheld related to net share settlement 
of equity awards  (1,371)  (1,224)  (2,783)  (2,460) 
Share-based compensation  2,305  2,010  6,940  6,109 
Ending balances  62,115  54,989  62,115  54,989 
Retained earnings:
Beginning balances  12,712  15,261  5,562  14,966 
Net income  19,442  21,744  79,082  74,129 
Dividends and dividend equivalents declared  (3,760)  (3,713)  (11,058)  (10,755) 
Common stock withheld related to net share settlement 
of equity awards  (1,403)  (1,559)  (3,323)  (3,606) 
Common stock repurchased  (21,702)  (22,500)  (64,974)  (65,501) 
Ending balances  5,289  9,233  5,289  9,233 
Accumulated other comprehensive income/(loss):
Beginning balances  (6,494)  (286)  163  (406) 
Other comprehensive income/(loss)  (2,803)  344  (9,460)  464 
Ending balances  (9,297)  58  (9,297)  58 
Total shareholders’ equity, ending balances $ 58,107 $ 64,280 $ 58,107 $ 64,280 
Dividends and dividend equivalents declared per share or RSU $ 0.23 $ 0.22 $ 0.67 $ 0.63 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 4

--- Page 8 ---

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
June 25,
2022
June 26,
2021
Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789 
Operating activities:
Net income  79,082  74,129 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  8,239  8,295 
Share-based compensation expense  6,760  5,961 
Deferred income tax expense/(benefit)  2,756  (737) 
Other  (61)  (689) 
Changes in operating assets and liabilities:
Accounts receivable, net  4,561  (1,316) 
Inventories  1,049  (1,213) 
Vendor non-trade receivables  4,789  4,892 
Other current and non-current assets  (3,289)  (5,899) 
Accounts payable  (6,108)  (1,786) 
Deferred revenue  260  1,738 
Other current and non-current liabilities  (14)  463 
Cash generated by operating activities  98,024  83,838 
Investing activities:
Purchases of marketable securities  (70,178)  (94,052) 
Proceeds from maturities of marketable securities  24,203  49,880 
Proceeds from sales of marketable securities  33,609  36,745 
Payments for acquisition of property, plant and equipment  (7,419)  (7,862) 
Payments made in connection with business acquisitions, net  (169)  (13) 
Other  (1,183)  (78) 
Cash used in investing activities  (21,137)  (15,380) 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (5,915)  (5,855) 
Payments for dividends and dividend equivalents  (11,138)  (10,827) 
Repurchases of common stock  (64,974)  (66,223) 
Proceeds from issuance of term debt, net  —  13,923 
Repayments of term debt  (6,750)  (7,500) 
Proceeds from commercial paper, net  4,970  3,022 
Other  (148)  489 
Cash used in financing activities  (83,955)  (72,971) 
Decrease in cash, cash equivalents and restricted cash  (7,068)  (4,513) 
Cash, cash equivalents and restricted cash, ending balances $ 28,861 $ 35,276 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 12,251 $ 18,536 
Cash paid for interest $ 1,910 $ 1,870 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q3 2022 Form 10-Q | 5

--- Page 9 ---

Apple Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 – Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries 
(collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the 
Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and 
recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated 
financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires 
management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from 
those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have 
been reclassified to conform to the current period’s presentation.  These condensed consolidated financial statements and 
accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and 
accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 25, 2021.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The 
Company’s fiscal years 2022 and 2021 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, 
months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of 
those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended 
June 25, 2022 and June 26, 2021 (net income in millions and shares in thousands):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Numerator:
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129 
Denominator:
Weighted-average basic shares outstanding  16,162,945  16,629,371  16,277,824  16,772,656 
Effect of dilutive securities  99,258  152,364  117,113  168,871 
Weighted-average diluted shares  16,262,203  16,781,735  16,394,937  16,941,527 
Basic earnings per share $ 1.20 $ 1.31 $ 4.86 $ 4.42 
Diluted earnings per share $ 1.20 $ 1.30 $ 4.82 $ 4.38 
Apple Inc. | Q3 2022 Form 10-Q | 6

--- Page 10 ---

Note 2 – Revenue
Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 25, 2022  and 
June 26, 2021 were as follows (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
iPhone® (1) $ 40,665 $ 39,570 $ 162,863 $ 153,105 
Mac® (1)  7,382  8,235  28,669  26,012 
iPad® (1)  7,224  7,368  22,118  23,610 
Wearables, Home and Accessories (1)(2)  8,084  8,775  31,591  29,582 
Services (3)  19,604  17,486  58,941  50,148 
Total net sales (4) $ 82,959 $ 81,434 $ 304,182 $ 282,457 
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods ®, Apple TV ®, Apple Watch ®, Beats ® products, 
HomePod mini® and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare ®, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
(4) Includes $3.1 billion of revenue recognized in the three months ended June 25, 2022 that was included in deferred revenue 
as of March 26, 2022 , $3.0 billion of revenue recognized in the three months ended June 26, 2021  that was included in 
deferred revenue as of March 27, 2021, $6.3 billion of revenue recognized in the nine months ended June 25, 2022 that was 
included in deferred revenue as of September 25, 2021 , and $5.5 billion of revenue recognized in the nine months ended  
June 26, 2021 that was included in deferred revenue as of September 26, 2020.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 9, “Segment Information and Geographic Data” for the three- and nine-month periods ended June 25, 2022 and June 26, 
2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of June  25, 2022 and September  25, 2021, the Company had total deferred revenue of $12.2 billion  and $11.9  billion, 
respectively. As of June 25, 2022, the Company expects 63% of total deferred revenue to be realized in less than a year, 27% 
within one-to-two years, 8% within two-to-three years and 2% in greater than three years.
Apple Inc. | Q3 2022 Form 10-Q | 7

--- Page 11 ---

Note 3 – Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category 
as of June 25, 2022 and September 25, 2021 (in millions):
June 25, 2022
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 12,852 $ — $ — $ 12,852 $ 12,852 $ — $ — 
Level 1 (1): 
Money market funds  10,970  —  —  10,970  10,970  —  — 
Mutual funds  252  —  (32)  220  —  220  — 
Subtotal  11,222  —  (32)  11,190  10,970  220  — 
Level 2 (2):
U.S. Treasury securities  25,296  —  (1,328)  23,968  91  3,511  20,366 
U.S. agency securities  5,805  —  (511)  5,294  4  240  5,050 
Non-U.S. government securities  17,597  6  (1,023)  16,580  —  6,336  10,244 
Certificates of deposit and time deposits  3,928  —  —  3,928  3,374  504  50 
Commercial paper  966  —  —  966  209  757  — 
Corporate debt securities  88,912  15  (6,455)  82,472  2  8,738  73,732 
Municipal securities  978  —  (26)  952  —  203  749 
Mortgage- and asset-backed securities  23,058  —  (1,952)  21,106  —  220  20,886 
Subtotal  166,540  21  (11,295)  155,266  3,680  20,509  131,077 
Total (3) $ 190,614 $ 21 $ (11,327) $ 179,308 $ 27,502 $ 20,729 $ 131,077 
September 25, 2021
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 17,305 $ — $ — $ 17,305 $ 17,305 $ — $ — 
Level 1 (1):
Money market funds  9,608  —  —  9,608  9,608  —  — 
Mutual funds  175  11  (1)  185  —  185  — 
Subtotal  9,783  11  (1)  9,793  9,608  185  — 
Level 2 (2):
Equity securities  1,527  —  (564)  963  —  963  — 
U.S. Treasury securities  22,878  102  (77)  22,903  3,596  6,625  12,682 
U.S. agency securities  8,949  2  (64)  8,887  1,775  1,930  5,182 
Non-U.S. government securities  20,201  211  (101)  20,311  390  3,091  16,830 
Certificates of deposit and time deposits  1,300  —  —  1,300  490  810  — 
Commercial paper  2,639  —  —  2,639  1,776  863  — 
Corporate debt securities  83,883  1,242  (267)  84,858  —  12,327  72,531 
Municipal securities  967  14  —  981  —  130  851 
Mortgage- and asset-backed securities  20,529  171  (124)  20,576  —  775  19,801 
Subtotal  162,873  1,742  (1,197)  163,418  8,027  27,514  127,877 
Total (3) $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 
(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets 
and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable 
or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3) As of June  25, 2022  and September  25, 2021 , total marketable securities included $14.1  billion and $17.9 billion , 
respectively, that were restricted from general use, related to the European Commission decision finding that Ireland granted 
state aid to the Company, and other agreements.
Apple Inc. | Q3 2022 Form 10-Q | 8

--- Page 12 ---

The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
June 25, 2022 (in millions):
Due after 1 year through 5 years $ 92,970 
Due after 5 years through 10 years  19,317 
Due after 10 years  18,790 
Total fair value $ 131,077 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 
However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations 
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a 
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, 
option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally 
hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 
12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency 
exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company 
designates these instruments as either cash flow or fair value hedges. As of June 25, 2022, the Company’s hedged term debt– 
and marketable securities–related foreign currency transactions are expected to be recognized within 20 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins 
from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains 
and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into 
interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value 
hedges.
The notional amounts of the Company’s outstanding derivative instruments as of June 25, 2022 and September 25, 2021 were 
as follows (in millions):
June 25,
2022
September 25,
2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 76,234 $ 76,475 
Interest rate contracts $ 20,775 $ 16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 84,506 $ 126,918 
The gross fair values of the Company’s derivative assets and liabilities were not material as of June 25, 2022 and September 25, 
2021.
The gains and losses recognized in other comprehensive income/(loss) and amounts reclassified from accumulated other 
comprehensive income/(loss) to net income for the Company’s derivative instruments designated as cash flow hedges were not 
material in the three- and nine-month periods ended June 25, 2022 and June 26, 2021.
Apple Inc. | Q3 2022 Form 10-Q | 9

--- Page 13 ---

The carrying amounts of the Company’s hedged items in fair value hedges as of June 25, 2022 and September 25, 2021 were 
as follows (in millions):
June 25,
2022
September 25,
2021
Hedged assets/(liabilities):
Current and non-current marketable securities $ 14,250 $ 15,954 
Current and non-current term debt $ (19,281) $ (17,857) 
The gains and losses on the Company’s derivative instruments designated as fair value hedges and the related hedged item 
adjustments were not material in the three- and nine-month periods ended June 25, 2022 and June 26, 2021.
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, 
resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does 
not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain 
instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit 
insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These 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.
The Company’s cellular network carriers accounted for 36% and 42% of total trade receivables as of June  25, 2022  and 
September 25, 2021, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. As of June 25, 2022 , the Company had two vendors that individually represented 10% or 
more of total vendor non-trade receivables, which accounted for 54% and 12%. As of September 25, 2021 , the Company had 
three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 52%, 11% 
and 11%.
Note 4 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of June  25, 2022  and 
September 25, 2021 (in millions):
Property, Plant and Equipment, Net
June 25,
2022
September 25,
2021
Gross property, plant and equipment $ 111,851 $ 109,723 
Accumulated depreciation and amortization  (71,516)  (70,283) 
Total property, plant and equipment, net $ 40,335 $ 39,440 
Other Non-Current Liabilities
June 25,
2022
September 25,
2021
Long-term taxes payable $ 20,699 $ 24,689 
Other non-current liabilities  32,930  28,636 
Total other non-current liabilities $ 53,629 $ 53,325 
Apple Inc. | Q3 2022 Form 10-Q | 10

--- Page 14 ---

Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and nine-month periods ended June 25, 2022  
and June 26, 2021 (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Interest and dividend income $ 722 $ 719 $ 2,072 $ 2,184 
Interest expense  (719)  (665)  (2,104)  (1,973) 
Other income/(expense), net  (13)  189  (65)  585 
Total other income/(expense), net $ (10) $ 243 $ (97) $ 796 
Note 5 – Debt
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. 
The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and 
share repurchases. As of June 25, 2022 and September 25, 2021, the Company had $11.0 billion and $6.0 billion of Commercial 
Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and 
maturities of Commercial Paper for the nine months ended June 25, 2022 and June 26, 2021 (in millions):
Nine Months Ended
June 25,
2022
June 26,
2021
Maturities 90 days or less:
Proceeds from commercial paper, net $ 4,383 $ 2,745 
Maturities greater than 90 days:
Proceeds from commercial paper  5,731  3,993 
Repayments of commercial paper  (5,144)  (3,716) 
Proceeds from commercial paper, net  587  277 
Total proceeds from commercial paper, net $ 4,970 $ 3,022 
Term Debt
As of June  25, 2022  and September  25, 2021 , the Company had outstanding floating- and fixed-rate notes with varying 
maturities for an aggregate carrying amount of $108.7 billion  and $118.7 billion , respectively (collectively the “Notes”). As of 
June 25, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $101.0 billion and 
$125.3 billion, respectively.
Note 6 – Shareholders’ Equity
Share Repurchase Program
During the nine months ended June 25, 2022, the Company repurchased 408 million shares of its common stock for $65.0 billion 
under a share repurchase program authorized by the Board of Directors (the “Program”), including 35 million shares delivered 
under accelerated share repurchase agreements totaling $6.0 billion that were entered into in November 2021.  The Program 
does not obligate the Company to acquire a minimum amount of shares. Under the Program, shares may be repurchased in 
privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities 
Exchange Act of 1934, as amended.
Apple Inc. | Q3 2022 Form 10-Q | 11

--- Page 15 ---

Note 7 – Benefit Plans
Restricted Stock Units
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the nine months ended  June 25, 
2022 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 25, 2021  240,427 $ 75.16 
RSUs granted  84,927 $ 150.02 
RSUs vested  (109,846) $ 70.96 
RSUs canceled  (12,986) $ 98.26 
Balance as of June 25, 2022  202,522 $ 107.35 $ 28,689 
The fair value as of the respective vesting dates of RSUs was $7.8 billion and $17.3 billion for the three- and nine-month periods 
ended June 25, 2022, respectively, and was $7.9 billion and $17.3 billion for the three- and nine-month periods ended June 26, 
2021, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed 
Consolidated Statements of Operations for the three- and nine-month periods ended June 25, 2022 and June 26, 2021  (in 
millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Share-based compensation expense $ 2,243 $ 1,960 $ 6,760 $ 5,961 
Income tax benefit related to share-based compensation 
expense $ (1,231) $ (1,319) $ (3,416) $ (3,518) 
As of June 25, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $18.1 billion, 
which the Company expects to recognize over a weighted-average period of 2.7 years.
Note 8 – Commitments and Contingencies
Accrued Warranty
The following table shows changes in the Company’s accrued warranties and related costs for the three- and nine-month periods 
ended June 25, 2022 and June 26, 2021 (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Beginning accrued warranty and related costs $ 3,206 $ 3,784 $ 3,364 $ 3,354 
Cost of warranty claims  (534)  (636)  (1,787)  (2,008) 
Accruals for product warranty  177  384  1,272  2,186 
Ending accrued warranty and related costs $ 2,849 $ 3,532 $ 2,849 $ 3,532 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that 
have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at 
least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, 
concerning loss contingencies for asserted legal and other claims.
Apple Inc. | Q3 2022 Form 10-Q | 12

--- Page 16 ---

Note 9 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and nine-month periods ended June 25, 2022 and 
June 26, 2021 (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Americas:
Net sales $ 37,472 $ 35,870 $ 129,850 $ 116,486 
Operating income $ 13,914 $ 12,916 $ 48,778 $ 40,751 
Europe:
Net sales $ 19,287 $ 18,943 $ 72,323 $ 68,513 
Operating income $ 7,124 $ 7,085 $ 27,174 $ 24,939 
Greater China:
Net sales $ 14,604 $ 14,762 $ 58,730 $ 53,803 
Operating income $ 5,760 $ 6,303 $ 25,055 $ 22,591 
Japan:
Net sales $ 5,446 $ 6,464 $ 20,277 $ 22,491 
Operating income $ 2,418 $ 3,031 $ 9,263 $ 9,962 
Rest of Asia Pacific:
Net sales $ 6,150 $ 5,395 $ 23,002 $ 21,164 
Operating income $ 2,367 $ 2,116 $ 9,185 $ 7,805 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three- and nine-month periods ended June 25, 2022 and June 26, 2021 is as follows (in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Segment operating income $ 31,583 $ 31,451 $ 119,455 $ 106,048 
Research and development expense  (6,797)  (5,717)  (19,490)  (16,142) 
Other corporate expenses, net  (1,710)  (1,608)  (5,422)  (4,743) 
Total operating income $ 23,076 $ 24,126 $ 94,543 $ 85,163 
Apple Inc. | Q3 2022 Form 10-Q | 13

--- Page 17 ---

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within 
the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking 
statements provide current expectations of future events based on certain assumptions and include any statement that does 
not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future 
impact of the COVID-19 pandemic on the Company’s business and results of operations are forward-looking statements . 
Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” 
“intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not 
guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the 
forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, 
Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 25, 2021 (the “2021 Form 10-K”) 
under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking statements for 
any reason, except as required by law.
Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to 
particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated 
quarters, months and periods of those fiscal years. Each of the terms the “Company” and “Apple” as used herein refers 
collectively to Apple Inc. and its wholly owned subsidiaries, unless otherwise stated.
The following discussion should be read in conjunction with the 2021 Form 10-K filed with the U.S. Securities and Exchange 
Commission (the “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, 
Item 1 of this Form 10-Q.
Available Information
The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor 
relations website, investor.apple.com. This includes press releases and other information about financial performance, 
information on environmental, social and corporate governance matters, and details related to the Company’s annual meeting of 
shareholders. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this 
filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.
Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in 
part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of 
sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect 
distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an 
older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and 
distributors anticipate a product introduction.
Quarterly Highlights
Total net sales increased 2% or $1.5 billion  during the third quarter of 2022 compared to the same quarter in 2021, driven 
primarily by higher net sales of Services and iPhone, partially offset by lower net sales of Mac and Wearables, Home and 
Accessories. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on all Products and 
Services net sales during the third quarter of 2022.
At the end of  the third quarter of 2022, the Company introduced an all-new MacBook Air ® and an updated 13-inch MacBook 
Pro®, both powered by the new Apple M2 chip . The Company also announced iOS 16, macOS ® Ventura, iPadOS ® 16 and 
watchOS® 9, updates to its operating systems that are expected to be available in the fall of 2022.
The Company repurchased $21.7 billion of its common stock and paid dividends and dividend equivalents of $3.8 billion during 
the third quarter of 2022. 
Apple Inc. | Q3 2022 Form 10-Q | 14

--- Page 18 ---

COVID-19
The COVID-19 pandemic has had, and continues to have, a significant impact around the world, prompting governments and 
businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of 
businesses, and quarantine and shelter-in-place orders. The COVID-19 pandemic has at times significantly curtailed global 
economic activity and caused significant volatility and disruption in global financial markets. The COVID-19 pandemic and the 
measures taken by many countries in response have affected and could in the future materially impact the Company’s business, 
results of operations and financial condition.
Certain of the Company’s outsourcing partners, component suppliers and logistical service providers have experienced 
disruptions during the COVID-19 pandemic, resulting in supply shortages. Similar disruptions could occur in the future.
Products and Services Performance
The following table shows net sales by category for the three- and nine-month periods ended June 25, 2022  and June 26, 2021 
(dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021 Change
June 25,
2022
June 26,
2021 Change
Net sales by category:
iPhone (1) $ 40,665 $ 39,570  3 % $ 162,863 $ 153,105  6 %
Mac (1)  7,382  8,235  (10) %  28,669  26,012  10 %
iPad (1)  7,224  7,368  (2) %  22,118  23,610  (6) %
Wearables, Home and Accessories (1)(2)  8,084  8,775  (8) %  31,591  29,582  7 %
Services (3)  19,604  17,486  12 %  58,941  50,148  18 %
Total net sales $ 82,959 $ 81,434  2 % $ 304,182 $ 282,457  8 %
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod 
mini and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
iPhone
iPhone net sales increased during the third quarter and first nine months of 2022 compared to the same periods in 2021 due 
primarily to higher net sales from the Company’s new iPhone models.
Mac
Mac net sales decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to lower net sales 
of MacBook Air and iMac ®, partially offset by higher net sales of MacBook Pro. Year-over-year Mac net sales increased during 
the first nine months of 2022 due primarily to higher net sales of MacBook Pro, partially offset by lower net sales of MacBook Air.
iPad
iPad net sales decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to lower net sales 
of iPad Pro®, partially offset by higher net sales of all other iPad models. Year-over-year iPad net sales decreased during the first 
nine months of 2022 due primarily to lower net sales of the 10-inch version of iPad and iPad Air ®, partially offset by higher net 
sales of iPad mini®.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales decreased during the third quarter of 2022 compared to the third quarter of 2021 
due primarily to lower net sales of AirPods and Apple Watch. Year-over-year Wearables, Home and Accessories net sales 
increased during the first nine months of 2022 due primarily to higher net sales of Apple Watch and AirPods.
Apple Inc. | Q3 2022 Form 10-Q | 15

--- Page 19 ---

Services
Services net sales increased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to higher net 
sales from advertising, cloud services and AppleCare. Year-over-year Services net sales increased during the first nine months 
of 2022 due primarily to higher net sales from advertising, the App Store® and cloud services.
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the 
Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe 
includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong 
and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable 
segments. Although the reportable segments provide similar hardware and software products and similar services, each one is 
managed separately to better align with the location of the Company’s customers and distribution partners and the unique market 
dynamics of each geographic region. Further information regarding the Company’s reportable segments can be found in Part I, 
Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 9, “Segment Information and 
Geographic Data.”
The following table shows net sales by reportable segment for the three- and nine-month periods ended June 25, 2022  and 
June 26, 2021 (dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021 Change
June 25,
2022
June 26,
2021 Change
Net sales by reportable segment:
Americas $ 37,472 $ 35,870  4 % $ 129,850 $ 116,486  11 %
Europe  19,287  18,943  2 %  72,323  68,513  6 %
Greater China  14,604  14,762  (1) %  58,730  53,803  9 %
Japan  5,446  6,464  (16) %  20,277  22,491  (10) %
Rest of Asia Pacific  6,150  5,395  14 %  23,002  21,164  9 %
Total net sales $ 82,959 $ 81,434  2 % $ 304,182 $ 282,457  8 %
Americas
Americas net sales increased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to higher net 
sales of Services and iPhone, partially offset by lower net sales of Mac and Wearables, Home and Accessories. Year-over-year 
Americas net sales increased during the first nine months of 2022 due primarily to higher net sales of iPhone, Services and 
Wearables, Home and Accessories.
Europe
Europe net sales increased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to higher net 
sales of iPhone, partially offset by lower net sales of Mac. Year-over-year Europe net sales increased during the first nine 
months of 2022 due primarily to higher net sales of Services and iPhone. The weakness in foreign currencies relative to the U.S. 
dollar had a net unfavorable impact on Europe net sales during the third quarter and first nine months of 2022.
Greater China
Greater China net sales decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to lower 
net sales of iPhone, partially offset by higher net sales of Services. Year-over-year Greater China net sales increased during the 
first nine months of 2022 due primarily to higher net sales of iPhone and Services. The weakness in foreign currencies relative to 
the U.S. dollar had an unfavorable impact on Greater China net sales during the third quarter of 2022. The strength of the 
renminbi relative to the U.S. dollar had a favorable impact on Greater China net sales during the first nine months of 2022.
Japan
Japan net sales decreased during the third quarter and first nine months of 2022 compared to the same periods in 2021 due 
primarily to lower net sales of iPhone and iPad. The weakness of the yen relative to the U.S. dollar had an unfavorable impact on 
Japan net sales during the third quarter and first nine months of 2022.
Apple Inc. | Q3 2022 Form 10-Q | 16

--- Page 20 ---

Rest of Asia Pacific
Rest of Asia Pacific net sales increased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to 
higher net sales of iPhone and Services. Year-over-year Rest of Asia Pacific net sales increased during the first nine months of 
2022 due primarily to higher net sales of Services, iPhone and Mac. The weakness in foreign currencies relative to the U.S. 
dollar had a net unfavorable impact on Rest of Asia Pacific net sales during the third quarter and first nine months of 2022.
Gross Margin
Products and Services gross margin and gross margin percentage for the three- and nine-month periods ended June 25, 2022  
and June 26, 2021 were as follows (dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Gross margin:
Products $ 21,870 $ 23,049 $ 90,157 $ 82,833 
Services  14,015  12,206  42,530  34,829 
Total gross margin $ 35,885 $ 35,255 $ 132,687 $ 117,662 
Gross margin percentage:
Products  34.5%  36.0%  36.8%  35.7% 
Services  71.5%  69.8%  72.2%  69.5% 
Total gross margin percentage  43.3%  43.3%  43.6%  41.7% 
Products Gross Margin
Products gross margin decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily to the 
weakness in foreign currencies relative to the U.S. dollar. Year-over-year Products gross margin increased during the first nine 
months of 2022 due primarily to a different Products mix and higher Products volume, partially offset by the weakness in foreign 
currencies relative to the U.S. dollar.
Products gross margin percentage decreased during the third quarter of 2022 compared to the third quarter of 2021 due primarily 
to the weakness in foreign currencies relative to the U.S. dollar and a different Products mix. Year-over-year Products gross 
margin percentage increased during the first nine months of 2022 due primarily to a different Products mix.
Services Gross Margin
Services gross margin increased during the third quarter and first nine months of 2022 compared to the same periods in 2021 
due primarily to higher Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar.
Services gross margin percentage increased during the third quarter and first nine months of 2022 compared to the same 
periods in 2021 due primarily to improved leverage and a different Services mix, partially offset by the weakness in foreign 
currencies relative to the U.S. dollar and higher Services costs.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2021 Form 
10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility 
and downward pressure.
Apple Inc. | Q3 2022 Form 10-Q | 17

--- Page 21 ---

Operating Expenses
Operating expenses for the three- and nine-month periods ended June 25, 2022  and June 26, 2021 were as follows (dollars in 
millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Research and development $ 6,797 $ 5,717 $ 19,490 $ 16,142 
Percentage of total net sales  8%  7%  6%  6% 
Selling, general and administrative $ 6,012 $ 5,412 $ 18,654 $ 16,357 
Percentage of total net sales  7%  7%  6%  6% 
Total operating expenses $ 12,809 $ 11,129 $ 38,144 $ 32,499 
Percentage of total net sales  15%  14%  13%  12% 
Research and Development
The growth in research and development (“R&D”) expense during the third quarter and first nine months of 2022 compared to the 
same periods in 2021 was driven primarily by increases in headcount-related expenses, engineering program costs and 
professional services. The Company continues to believe that focused investments in R&D are critical to its future growth and 
competitive position in the marketplace, and to the development of new and updated products and services that are central to the 
Company’s core business strategy.
Selling, General and Administrative
The growth in selling, general and administrative expense during the third quarter and first nine months of 2022 compared to the 
same periods in 2021 was driven primarily by increases in headcount-related expenses, advertising and professional services. 
Other Income/(Expense), Net
Other income/(expense), net (“OI&E”) for the three- and nine-month periods ended June 25, 2022  and June 26, 2021  was as 
follows (dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021 Change
June 25,
2022
June 26,
2021 Change
Interest and dividend income $ 722 $ 719 $ 2,072 $ 2,184 
Interest expense  (719)  (665)  (2,104)  (1,973) 
Other income/(expense), net  (13)  189  (65)  585 
Total other income/(expense), net $ (10) $ 243  (104) % $ (97) $ 796  (112) %
OI&E decreased during the third quarter and first nine months of 2022 compared to the same periods in 2021 due primarily to fair 
value adjustments and realized losses on marketable securities and higher interest expense, partially offset by foreign exchange 
gains.
Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- and nine-month periods ended 
June 25, 2022 and June 26, 2021 were as follows (dollars in millions):
Three Months Ended Nine Months Ended
June 25,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Provision for income taxes $ 3,624 $ 2,625 $ 15,364 $ 11,830 
Effective tax rate  15.7%  10.8%  16.3%  13.8% 
Statutory federal income tax rate  21%  21%  21%  21% 
The Company’s effective tax rate for the third quarter and first nine months of 2022 was lower than the statutory federal income 
tax rate due primarily to a lower effective tax rate on foreign earnings, tax benefits from share-based compensation and the 
impact of the U.S. federal R&D tax credit, partially offset by state income taxes.
Apple Inc. | Q3 2022 Form 10-Q | 18

--- Page 22 ---

The Company’s effective tax rate for the third quarter of 2022 was higher compared to the third quarter of 2021 due primarily to a 
higher effective tax rate on foreign earnings and an adjustment to prior years’ foreign-derived intangible income deductions. The 
Company’s effective tax rate for the first nine months of 2022 was higher compared to the same period in 2021 due primarily to a 
higher effective tax rate on foreign earnings, lower tax benefits from share-based compensation, and the impact to U.S. foreign 
tax credits as a result of regulations issued by the U.S. Department of the Treasury in January 2022.
Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and unrestricted marketable securities , along with cash generated 
by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return 
program over the next 12 months and beyond.
The Company’s contractual cash requirements have not changed materially since the 2021 Form 10-K, except for manufacturing 
purchase obligations.
Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform 
final assembly and testing of finished products. The Company also obtains individual components for its products from a wide 
variety of individual suppliers. Outsourcing partners acquire components and build product based on demand information 
supplied by the Company, which typically covers periods up to 150 days. As of June 25, 2022, the Company had manufacturing 
purchase obligations of $43.1 billion , with $43.0 billion  payable within 12 months. The Company’s manufacturing purchase 
obligations are primarily noncancelable.
In addition  to its contractual cash requirements, the Company has a share repurchase program authorized by the Board of 
Directors (the “Program”). The Program does not obligate the Company to acquire a minimum amount of shares. As of June 25, 
2022, the Company’s quarterly cash dividend was $0.23 per share. The Company intends to increase its dividend on an annual 
basis, subject to declaration by the Board of Directors.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles 
and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management 
to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Summary of Significant Accounting 
Policies” of the Notes to condensed consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to 
Consolidated Financial Statements in Part II, Item 8 of the 2021 Form 10-K describe the significant accounting policies and 
methods used in the preparation of the Company’s condensed consolidated financial statements. There have been no material 
changes to the Company’s critical accounting estimates since the 2021 Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company’s market risk during the first nine months of 2022. For a discussion of the 
Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and 
Qualitative Disclosures About Market Risk” of the 2021 Form 10-K.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal 
executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined 
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) were effective 
as of June 25, 2022 to provide reasonable assurance that information required to be disclosed by the Company in reports that it 
files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in 
the SEC rules and forms and (ii)  accumulated and communicated to the Company’s management, including its principal 
executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the third quarter of 2022, which were 
identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the 
Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over 
financial reporting.
Apple Inc. | Q3 2022 Form 10-Q | 19

--- Page 23 ---

PART II  —  OTHER INFORMATION
Item 1. Legal Proceedings
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “Northern California 
District Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law 
based upon the Company’s operation of its App Store. The Company filed a counterclaim for breach of contract. On September 
10, 2021, the Northern California District Court ruled in favor of the Company with respect to nine out of the ten counts included 
in Epic’s claim, and in favor of the Company with respect to the Company’s claims for breach of contract. The Northern California 
District Court found that certain provisions of the Company’s App Store Review Guidelines violate California’s unfair competition 
law and issued an injunction. Epic appealed the decision. The Company filed a cross-appeal and has been granted a stay 
pending the appeal.
Other Legal Proceedings
The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the 
ordinary course of business. The Company settled certain matters during the third quarter of 2022 that did not individually or in 
the aggregate have a material impact on the Company’s financial condition or operating results. The outcome of litigation is 
inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above 
management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially 
adversely affected.
Item 1A. Risk Factors
The Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s stock, 
can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the 
2021 Form 10-K under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, the 
Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s stock, can 
be materially and adversely affected. There have been no material changes to the Company’s risk factors since the 2021 Form 
10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended June 25, 2022  was as follows (in millions, except number of shares, 
which are reflected in thousands, and per share amounts):
Periods
Total Number
of Shares 
Purchased
Average 
Price
Paid Per 
Share
Total Number 
of Shares
Purchased as 
Part of Publicly
Announced 
Plans or 
Programs
Approximate 
Dollar Value of
Shares That May 
Yet Be Purchased
Under the Plans 
or Programs (1)
March 27, 2022 to April 30, 2022:
Open market and privately negotiated purchases  50,578 $ 168.06  50,578 
May 1, 2022 to May 28, 2022:
Open market and privately negotiated purchases  42,069 $ 148.45  42,069 
May 29, 2022 to June 25, 2022:
Open market and privately negotiated purchases  50,027 $ 139.06  50,027 
Total  142,674 $ 85,877 
(1) On April 28, 2022 , the Board of Directors authorized the purchase of an additional $90 billion of the Company’s common 
stock under the Program. As of June 25, 2022, total utilization under the April 2022 authorization was $4.1 billion. During the 
third quarter of 2022, the Company also utilized the final $17.6 billion under the $90 billion Program authorization approved 
in April 2021. The Program does not obligate the Company to acquire a minimum amount of shares. Under the Program, 
shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with 
Rule 10b5-1 under the Exchange Act.
Apple Inc. | Q3 2022 Form 10-Q | 20

--- Page 24 ---

Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the three months ended June 25, 2022, Katherine L. Adams, Timothy D. Cook, Luca Maestri, Deirdre O’Brien and Jeffrey 
Williams, each an officer for purposes of Section 16 of the Exchange Act, had equity trading plans in place in accordance with 
Rule 10b5-1(c)(1) under the Exchange Act. An equity trading plan is a written document that preestablishes the amounts, prices 
and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, 
including sales of shares acquired under the Company’s employee and director equity plans.
Item 6. Exhibits
Incorporated by Reference
Exhibit
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
31.1* Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
31.2* Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
32.1** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
101* Inline XBRL Document Set for the condensed consolidated financial statements 
and accompanying notes in Part I, Item 1, “Financial Statements” of this 
Quarterly Report on Form 10-Q.
104* Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in 
the Exhibit 101 Inline XBRL Document Set.
* Filed herewith.
** Furnished herewith.
Apple Inc. | Q3 2022 Form 10-Q | 21

--- Page 25 ---

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on 
its behalf by the undersigned thereunto duly authorized.
Date: July 28, 2022 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q3 2022 Form 10-Q | 22

--- Page 26 ---

Exhibit 31.1
CERTIFICATION
I, Timothy D. Cook, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: July 28, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

--- 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: July 28, 2022
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 June 25, 2022  fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: July 28, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer
I, Luca Maestri, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended June 25, 2022  fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: July 28, 2022
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
A signed original of this written statement required by Section 906 has been provided to Apple Inc. and will be retained by Apple 
Inc. and furnished to the Securities and Exchange Commission or its staff upon request.