APPLE INC., 10-K filed on 11/1/2024
Annual Report
v3.24.3
Cover Page - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Sep. 28, 2024
Oct. 18, 2024
Mar. 29, 2024
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --09-28    
Document Period End Date Sep. 28, 2024    
Document Transition Report false    
Entity File Number 001-36743    
Entity Registrant Name Apple Inc.    
Entity Incorporation, State or Country Code CA    
Entity Tax Identification Number 94-2404110    
Entity Address, Address Line One One Apple Park Way    
Entity Address, City or Town Cupertino    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 95014    
City Area Code 408    
Local Phone Number 996-1010    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 2,628,553
Entity Common Stock, Shares Outstanding (in shares)   15,115,823  
Documents Incorporated by Reference
Portions of the Registrant’s definitive proxy statement relating to its 2025 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.
    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000320193    
Common Stock, $0.00001 par value per share      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, $0.00001 par value per share    
Trading Symbol AAPL    
Security Exchange Name NASDAQ    
0.000% Notes due 2025      
Entity Information [Line Items]      
Title of 12(b) Security 0.000% Notes due 2025    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
0.875% Notes due 2025      
Entity Information [Line Items]      
Title of 12(b) Security 0.875% Notes due 2025    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
1.625% Notes due 2026      
Entity Information [Line Items]      
Title of 12(b) Security 1.625% Notes due 2026    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
2.000% Notes due 2027      
Entity Information [Line Items]      
Title of 12(b) Security 2.000% Notes due 2027    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
1.375% Notes due 2029      
Entity Information [Line Items]      
Title of 12(b) Security 1.375% Notes due 2029    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
3.050% Notes due 2029      
Entity Information [Line Items]      
Title of 12(b) Security 3.050% Notes due 2029    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
0.500% Notes due 2031      
Entity Information [Line Items]      
Title of 12(b) Security 0.500% Notes due 2031    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
3.600% Notes due 2042      
Entity Information [Line Items]      
Title of 12(b) Security 3.600% Notes due 2042    
No Trading Symbol Flag true    
Security Exchange Name NASDAQ    
v3.24.3
Auditor Information
 12 Months Ended
Sep. 28, 2024
Auditor Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location San Jose, California
Auditor Firm ID 42
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Net sales $ 391,035 $ 383,285 $ 394,328
Cost of sales 210,352 214,137 223,546
Gross margin 180,683 169,148 170,782
Operating expenses:      
Research and development 31,370 29,915 26,251
Selling, general and administrative 26,097 24,932 25,094
Total operating expenses 57,467 54,847 51,345
Operating income 123,216 114,301 119,437
Other income/(expense), net 269 (565) (334)
Income before provision for income taxes 123,485 113,736 119,103
Provision for income taxes 29,749 16,741 19,300
Net income $ 93,736 $ 96,995 $ 99,803
Earnings per share:      
Basic (in dollars per share) $ 6.11 $ 6.16 $ 6.15
Diluted (in dollars per share) $ 6.08 $ 6.13 $ 6.11
Shares used in computing earnings per share:      
Basic (in shares) 15,343,783 15,744,231 16,215,963
Diluted (in shares) 15,408,095 15,812,547 16,325,819
Products      
Net sales $ 294,866 $ 298,085 $ 316,199
Cost of sales 185,233 189,282 201,471
Services      
Net sales 96,169 85,200 78,129
Cost of sales $ 25,119 $ 24,855 $ 22,075
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 93,736 $ 96,995 $ 99,803
Other comprehensive income/(loss):      
Change in foreign currency translation, net of tax 395 (765) (1,511)
Change in unrealized gains/losses on derivative instruments, net of tax:      
Change in fair value of derivative instruments (832) 323 3,212
Adjustment for net (gains)/losses realized and included in net income (1,337) (1,717) (1,074)
Total change in unrealized gains/losses on derivative instruments (2,169) (1,394) 2,138
Change in unrealized gains/losses on marketable debt securities, net of tax:      
Change in fair value of marketable debt securities 5,850 1,563 (12,104)
Adjustment for net (gains)/losses realized and included in net income 204 253 205
Total change in unrealized gains/losses on marketable debt securities 6,054 1,816 (11,899)
Total other comprehensive income/(loss) 4,280 (343) (11,272)
Total comprehensive income $ 98,016 $ 96,652 $ 88,531
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
shares in Thousands, $ in Millions
Sep. 28, 2024
Sep. 30, 2023
Current assets:    
Cash and cash equivalents $ 29,943 $ 29,965
Marketable securities 35,228 31,590
Accounts receivable, net 33,410 29,508
Vendor non-trade receivables 32,833 31,477
Inventories 7,286 6,331
Other current assets 14,287 14,695
Total current assets 152,987 143,566
Non-current assets:    
Marketable securities 91,479 100,544
Property, plant and equipment, net 45,680 43,715
Other non-current assets 74,834 64,758
Total non-current assets 211,993 209,017
Total assets 364,980 352,583
Current liabilities:    
Accounts payable 68,960 62,611
Other current liabilities 78,304 58,829
Deferred revenue 8,249 8,061
Commercial paper 9,967 5,985
Term debt 10,912 9,822
Total current liabilities 176,392 145,308
Non-current liabilities:    
Term debt 85,750 95,281
Other non-current liabilities 45,888 49,848
Total non-current liabilities 131,638 145,129
Total liabilities 308,030 290,437
Commitments and contingencies
Common stock, shares outstanding (in shares) 15,116,786 15,550,061
Common stock, shares issued (in shares) 15,116,786 15,550,061
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,116,786 and 15,550,061 shares issued and outstanding, respectively $ 83,276 $ 73,812
Accumulated deficit (19,154) (214)
Accumulated other comprehensive loss (7,172) (11,452)
Total shareholders’ equity 56,950 62,146
Total liabilities and shareholders’ equity $ 364,980 $ 352,583
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 28, 2024
Sep. 30, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 50,400,000,000 50,400,000,000
Common stock, shares issued (in shares) 15,116,786,000 15,550,061,000
Common stock, shares outstanding (in shares) 15,116,786,000 15,550,061,000
v3.24.3
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Millions
Total
Common stock and additional paid-in capital
Retained earnings/(Accumulated deficit)
Accumulated other comprehensive income/(loss)
Beginning balances at Sep. 25, 2021 $ 63,090 $ 57,365 $ 5,562 $ 163
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   1,175    
Common stock withheld related to net share settlement of equity awards   (2,971) (3,454)  
Share-based compensation   9,280    
Net income 99,803   99,803  
Dividends and dividend equivalents declared     (14,793)  
Common stock repurchased     (90,186)  
Other comprehensive income/(loss) (11,272)     (11,272)
Ending balances at Sep. 24, 2022 $ 50,672 64,849 (3,068) (11,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.90      
Common stock issued   1,346    
Common stock withheld related to net share settlement of equity awards   (3,521) (2,099)  
Share-based compensation   11,138    
Net income $ 96,995   96,995  
Dividends and dividend equivalents declared     (14,996)  
Common stock repurchased     (77,046)  
Other comprehensive income/(loss) (343)     (343)
Ending balances at Sep. 30, 2023 $ 62,146 73,812 (214) (11,452)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.94      
Common stock issued   1,423    
Common stock withheld related to net share settlement of equity awards   (3,993) (1,612)  
Share-based compensation   12,034    
Net income $ 93,736   93,736  
Dividends and dividend equivalents declared     (15,218)  
Common stock repurchased (95,000)   (95,846)  
Other comprehensive income/(loss) 4,280     4,280
Ending balances at Sep. 28, 2024 $ 56,950 $ 83,276 $ (19,154) $ (7,172)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.98      
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Statement of Cash Flows [Abstract]      
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances $ 30,737 $ 24,977 $ 35,929
Operating activities:      
Net income 93,736 96,995 99,803
Adjustments to reconcile net income to cash generated by operating activities:      
Depreciation and amortization 11,445 11,519 11,104
Share-based compensation expense 11,688 10,833 9,038
Other (2,266) (2,227) 1,006
Changes in operating assets and liabilities:      
Accounts receivable, net (3,788) (1,688) (1,823)
Vendor non-trade receivables (1,356) 1,271 (7,520)
Inventories (1,046) (1,618) 1,484
Other current and non-current assets (11,731) (5,684) (6,499)
Accounts payable 6,020 (1,889) 9,448
Other current and non-current liabilities 15,552 3,031 6,110
Cash generated by operating activities 118,254 110,543 122,151
Investing activities:      
Purchases of marketable securities (48,656) (29,513) (76,923)
Proceeds from maturities of marketable securities 51,211 39,686 29,917
Proceeds from sales of marketable securities 11,135 5,828 37,446
Payments for acquisition of property, plant and equipment (9,447) (10,959) (10,708)
Other (1,308) (1,337) (2,086)
Cash generated by/(used in) investing activities 2,935 3,705 (22,354)
Financing activities:      
Payments for taxes related to net share settlement of equity awards (5,441) (5,431) (6,223)
Payments for dividends and dividend equivalents (15,234) (15,025) (14,841)
Repurchases of common stock (94,949) (77,550) (89,402)
Proceeds from issuance of term debt, net 0 5,228 5,465
Repayments of term debt (9,958) (11,151) (9,543)
Proceeds from/(Repayments of) commercial paper, net 3,960 (3,978) 3,955
Other (361) (581) (160)
Cash used in financing activities (121,983) (108,488) (110,749)
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents (794) 5,760 (10,952)
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances 29,943 30,737 24,977
Supplemental cash flow disclosure:      
Cash paid for income taxes, net $ 26,102 $ 18,679 $ 19,573
v3.24.3
Summary of Significant Accounting Policies
 12 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies 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 years 2024 and 2022 spanned 52 weeks each, whereas fiscal year 2023 spanned 53 weeks. 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 TCJA.
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.
v3.24.3
Revenue
 12 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Revenue 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 the performance obligations regularly included in arrangements involving the sale of iPhone, Mac and iPad. The first material 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 material performance obligation is the right to receive certain product-related bundled services, which include iCloud®, Siri® and Maps. The Company allocates revenue and any related discounts to all of its performance obligations based on their relative SSPs. Because the Company lacks observable prices for product-related bundled services, 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 product-related bundled services 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.
Net sales disaggregated by significant products and services for 2024, 2023 and 2022 were as follows (in millions):
202420232022
iPhone
$201,183 $200,583 $205,489 
Mac
29,984 29,357 40,177 
iPad
26,694 28,300 29,292 
Wearables, Home and Accessories
37,005 39,845 41,241 
Services (1)
96,169 85,200 78,129 
Total net sales$391,035 $383,285 $394,328 
(1)Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.
Total net sales include $7.7 billion of revenue recognized in 2024 that was included in deferred revenue as of September 30, 2023, $8.2 billion of revenue recognized in 2023 that was included in deferred revenue as of September 24, 2022, and $7.5 billion of revenue recognized in 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 13, “Segment Information and Geographic Data” for 2024, 2023 and 2022, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of September 28, 2024 and September 30, 2023, the Company had total deferred revenue of $12.8 billion and $12.1 billion, respectively. As of September 28, 2024, the Company expects 64% of total deferred revenue to be realized in less than a year, 25% within one-to-two years, 9% within two-to-three years and 2% in greater than three years.
v3.24.3
Earnings Per Share
 12 Months Ended
Sep. 28, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for 2024, 2023 and 2022 (net income in millions and shares in thousands):
202420232022
Numerator:
Net income$93,736 $96,995 $99,803 
Denominator:
Weighted-average basic shares outstanding15,343,783 15,744,231 16,215,963 
Effect of dilutive share-based awards64,312 68,316 109,856 
Weighted-average diluted shares15,408,095 15,812,547 16,325,819 
Basic earnings per share$6.11 $6.16 $6.15 
Diluted earnings per share$6.08 $6.13 $6.11 
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.
v3.24.3
Financial Instruments
 12 Months Ended
Sep. 28, 2024
Financial Instruments [Abstract]  
Financial Instruments 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 28, 2024 and September 30, 2023 (in millions):
2024
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$27,199 $— $— $27,199 $27,199 $— $— 
Level 1:
Money market funds778 — — 778 778 — — 
Mutual funds
515 105 (3)617 — 617 — 
Subtotal1,293 105 (3)1,395 778 617 — 
Level 2 (1):
U.S. Treasury securities16,150 45 (516)15,679 212 4,087 11,380 
U.S. agency securities5,431 — (272)5,159 155 703 4,301 
Non-U.S. government securities17,959 93 (484)17,568 1,158 10,810 5,600 
Certificates of deposit and time deposits873 — — 873 387 478 8 
Commercial paper1,066 — — 1,066 28 1,038 — 
Corporate debt securities65,622 270 (1,953)63,939 26 16,027 47,886 
Municipal securities412 — (7)405 — 190 215 
Mortgage- and asset-backed securities24,595 175 (1,403)23,367 — 1,278 22,089 
Subtotal132,108 583 (4,635)128,056 1,966 34,611 91,479 
Total (2)(3)
$160,600 $688 $(4,638)$156,650 $29,943 $35,228 $91,479 
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 funds481 — — 481 481 — — 
Mutual funds and equity securities
442 12 (26)428 — 428 — 
Subtotal923 12 (26)909 481 428 — 
Level 2 (1):
U.S. Treasury securities19,406 — (1,292)18,114 35 5,468 12,611 
U.S. agency securities5,736 — (600)5,136 36 271 4,829 
Non-U.S. government securities17,533 6 (1,048)16,491 — 11,332 5,159 
Certificates of deposit and time deposits1,354 — — 1,354 1,034 320 — 
Commercial paper608 — — 608 — 608 — 
Corporate debt securities76,840 6 (5,956)70,890 20 12,627 58,243 
Municipal securities628 — (26)602 — 192 410 
Mortgage- and asset-backed securities22,365 6 (2,735)19,636 — 344 19,292 
Subtotal144,470 18 (11,657)132,831 1,125 31,162 100,544 
Total (3)
$173,752 $30 $(11,683)$162,099 $29,965 $31,590 $100,544 
(1)The valuation techniques used to measure the fair values 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 28, 2024, cash and cash equivalents included $2.6 billion held in escrow and restricted from general use. These restricted cash and cash equivalents were designated to settle the Company’s obligation related to the State Aid Decision (refer to Note 7, “Income Taxes”).
(3)As of September 28, 2024 and September 30, 2023, total marketable securities included $13.2 billion and $13.8 billion, respectively, held in escrow and restricted from general use. The September 28, 2024 restricted marketable securities were designated to settle the Company’s obligation related to the State Aid Decision (refer to Note 7, “Income Taxes”).
As of September 28, 2024, 86% of the Company’s non-current marketable debt securities other than mortgage- and asset-backed securities had maturities between 1 and 5 years, 10% between 5 and 10 years, and 4% greater than 10 years. As of September 28, 2024, 14% of the Company’s non-current mortgage- and asset-backed securities had maturities between 1 and 5 years, 9% between 5 and 10 years, and 77% greater than 10 years.
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 on each instrument’s underlying maturity.
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 28, 2024, 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 18 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 28, 2024 and September 30, 2023 were as follows (in millions):
20242023
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$64,069 $74,730 
Interest rate contracts$14,575 $19,375 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$91,493 $104,777 
The carrying amounts of the Company’s hedged items in fair value hedges as of September 28, 2024 and September 30, 2023 were as follows (in millions):
20242023
Hedged assets/(liabilities):
Current and non-current marketable securities$— $14,433 
Current and non-current term debt$(13,505)$(18,247)
Accounts Receivable
Trade Receivables
The Company’s third-party cellular network carriers accounted for 38% and 41% of total trade receivables as of September 28, 2024 and September 30, 2023, 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 28, 2024, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 44% and 23%. 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%.
v3.24.3
Property, Plant and Equipment
 12 Months Ended
Sep. 28, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment 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 28, 2024 and September 30, 2023 (in millions):
20242023
Land and buildings$24,690 $23,446 
Machinery, equipment and internal-use software80,205 78,314 
Leasehold improvements14,233 12,839 
Gross property, plant and equipment119,128 114,599 
Accumulated depreciation
(73,448)(70,884)
Total property, plant and equipment, net$45,680 $43,715 
Depreciation expense on property, plant and equipment was $8.2 billion, $8.5 billion and $8.7 billion during 2024, 2023 and 2022, respectively.
v3.24.3
Consolidated Financial Statement Details
 12 Months Ended
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Consolidated Financial Statement Details Consolidated Financial Statement Details
The following tables show the Company’s consolidated financial statement details as of September 28, 2024 and September 30, 2023 (in millions):
Other Non-Current Assets
20242023
Deferred tax assets$19,499 $17,852 
Other non-current assets55,335 46,906 
Total other non-current assets$74,834 $64,758 
Other Current Liabilities
20242023
Income taxes payable$26,601 $8,819 
Other current liabilities51,703 50,010 
Total other current liabilities$78,304 $58,829 
Other Non-Current Liabilities
20242023
Income taxes payable
$9,254 $15,457 
Other non-current liabilities36,634 34,391 
Total other non-current liabilities$45,888 $49,848 
v3.24.3
Income Taxes
 12 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
European Commission State Aid Decision
On August 30, 2016, the 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.
From time to time, the Company requested approval from the Irish Minister for Finance to reduce the recovery amount for certain taxes paid to other countries. As of September 28, 2024, the adjusted recovery amount of €12.7 billion plus interest of €1.2 billion was held in escrow and restricted from general use. The total balance of the escrow, including net unrealized investment gains, was €14.2 billion or $15.8 billion as of September 28, 2024, of which $2.6 billion was classified as cash and cash equivalents and $13.2 billion was classified as current marketable securities in the Consolidated Balance Sheet. Refer to the Cash, Cash Equivalents and Marketable Securities section of Note 4, “Financial Instruments” for more information.
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 Commission appealed the General Court’s decision to the European Court of Justice (the “ECJ”) and a hearing was held on May 23, 2023. On September 10, 2024, the ECJ announced that it had set aside the 2020 judgment of the General Court and confirmed the Commission’s 2016 State Aid Decision. As a result, during the fourth quarter of 2024 the Company recorded a one-time income tax charge of $10.2 billion, net, which represents $15.8 billion payable to Ireland via release of the escrow, partially offset by a U.S. foreign tax credit of $4.8 billion and a decrease in unrecognized tax benefits of $823 million.
Provision for Income Taxes and Effective Tax Rate
The provision for income taxes for 2024, 2023 and 2022, consisted of the following (in millions):
202420232022
Federal:
Current$5,571 $9,445 $7,890 
Deferred(3,080)(3,644)(2,265)
Total2,491 5,801 5,625 
State:
Current1,726 1,570 1,519 
Deferred(298)(49)84 
Total1,428 1,521 1,603 
Foreign:
Current25,483 8,750 8,996 
Deferred347 669 3,076 
Total25,830 9,419 12,072 
Provision for income taxes$29,749 $16,741 $19,300 
Foreign pretax earnings were $77.3 billion, $72.9 billion and $71.3 billion in 2024, 2023 and 2022, respectively.
A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate (21% in 2024, 2023 and 2022) to income before provision for income taxes for 2024, 2023 and 2022, is as follows (dollars in millions):
202420232022
Computed expected tax$25,932 $23,885 $25,012 
State taxes, net of federal effect1,162 1,124 1,518 
Impact of the State Aid Decision
10,246 — — 
Earnings of foreign subsidiaries(5,311)(5,744)(4,366)
Research and development credit, net(1,397)(1,212)(1,153)
Excess tax benefits from equity awards(893)(1,120)(1,871)
Other10 (192)160 
Provision for income taxes$29,749 $16,741 $19,300 
Effective tax rate24.1 %14.7 %16.2 %
Deferred Tax Assets and Liabilities
As of September 28, 2024 and September 30, 2023, the significant components of the Company’s deferred tax assets and liabilities were (in millions):
20242023
Deferred tax assets:
Capitalized research and development$10,739 $6,294 
Tax credit carryforwards8,856 8,302 
Accrued liabilities and other reserves6,114 6,365 
Deferred revenue3,413 4,571 
Lease liabilities2,410 2,421 
Unrealized losses1,173 2,447 
Other2,168 2,343 
Total deferred tax assets34,873 32,743 
Less: Valuation allowance(8,866)(8,374)
Total deferred tax assets, net26,007 24,369 
Deferred tax liabilities:
Depreciation2,551 1,998 
Right-of-use assets2,125 2,179 
Minimum tax on foreign earnings1,674 1,940 
Unrealized gains— 511 
Other455 490 
Total deferred tax liabilities6,805 7,118 
Net deferred tax assets$19,202 $17,251 
As of September 28, 2024, the Company had $5.1 billion in foreign tax credit carryforwards in Ireland and $3.6 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 28, 2024, the total amount of gross unrecognized tax benefits was $22.0 billion, of which $10.8 billion, if recognized, would impact the Company’s effective tax rate. 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 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 2024, 2023 and 2022, is as follows (in millions):
202420232022
Beginning balances$19,454 $16,758 $15,477 
Increases related to tax positions taken during a prior year1,727 2,044 2,284 
Decreases related to tax positions taken during a prior year(386)(1,463)(1,982)
Increases related to tax positions taken during the current year2,542 2,628 1,936 
Decreases related to settlements with taxing authorities(1,070)(19)(28)
Decreases related to expiration of the statute of limitations(229)(494)(929)
Ending balances$22,038 $19,454 $16,758 
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. Although 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 between approximately $5 billion and $13 billion in the next 12 months, primarily related to intercompany transfer pricing and deemed repatriation tax.
v3.24.3
Leases
 12 Months Ended
Sep. 28, 2024
Leases [Abstract]  
Leases Leases
The Company has lease 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 for both 2024 and 2023 and $1.9 billion for 2022. Lease costs associated with variable payments on the Company’s leases were $13.8 billion, $13.9 billion and $14.9 billion for 2024, 2023 and 2022, respectively.
The Company made fixed cash payments related to operating leases of $1.9 billion in both 2024 and 2023 and $1.8 billion in 2022. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $1.0 billion, $2.1 billion and $2.8 billion for 2024, 2023 and 2022, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 28, 2024 and September 30, 2023 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20242023
Right-of-use assets:
Operating leasesOther non-current assets$10,234 $10,661 
Finance leasesProperty, plant and equipment, net1,069 1,015 
Total right-of-use assets$11,303 $11,676 
Lease liabilities:
Operating leasesOther current liabilities$1,488 $1,410 
Other non-current liabilities10,046 10,408 
Finance leasesOther current liabilities144 165 
Other non-current liabilities752 859 
Total lease liabilities$12,430 $12,842 
Lease liability maturities as of September 28, 2024, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2025$1,820 $171 $1,991 
20261,914 131 2,045 
20271,674 59 1,733 
20281,360 38 1,398 
20291,187 36 1,223 
Thereafter5,563 837 6,400 
Total undiscounted liabilities13,518 1,272 14,790 
Less: Imputed interest(1,984)(376)(2,360)
Total lease liabilities$11,534 $896 $12,430 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September 28, 2024 and September 30, 2023 was 10.3 years and 10.6 years, respectively. The discount rate related to the Company’s lease liabilities as of September 28, 2024 and September 30, 2023 was 3.1% and 3.0%, 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 28, 2024, the Company had $849 million of fixed payment obligations under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases will commence between 2025 and 2026, with lease terms ranging from less than 1 year to 21 years.
Leases Leases
The Company has lease 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 for both 2024 and 2023 and $1.9 billion for 2022. Lease costs associated with variable payments on the Company’s leases were $13.8 billion, $13.9 billion and $14.9 billion for 2024, 2023 and 2022, respectively.
The Company made fixed cash payments related to operating leases of $1.9 billion in both 2024 and 2023 and $1.8 billion in 2022. Noncash activities involving right-of-use (“ROU”) assets obtained in exchange for lease liabilities were $1.0 billion, $2.1 billion and $2.8 billion for 2024, 2023 and 2022, respectively.
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 28, 2024 and September 30, 2023 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20242023
Right-of-use assets:
Operating leasesOther non-current assets$10,234 $10,661 
Finance leasesProperty, plant and equipment, net1,069 1,015 
Total right-of-use assets$11,303 $11,676 
Lease liabilities:
Operating leasesOther current liabilities$1,488 $1,410 
Other non-current liabilities10,046 10,408 
Finance leasesOther current liabilities144 165 
Other non-current liabilities752 859 
Total lease liabilities$12,430 $12,842 
Lease liability maturities as of September 28, 2024, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2025$1,820 $171 $1,991 
20261,914 131 2,045 
20271,674 59 1,733 
20281,360 38 1,398 
20291,187 36 1,223 
Thereafter5,563 837 6,400 
Total undiscounted liabilities13,518 1,272 14,790 
Less: Imputed interest(1,984)(376)(2,360)
Total lease liabilities$11,534 $896 $12,430 
The weighted-average remaining lease term related to the Company’s lease liabilities as of September 28, 2024 and September 30, 2023 was 10.3 years and 10.6 years, respectively. The discount rate related to the Company’s lease liabilities as of September 28, 2024 and September 30, 2023 was 3.1% and 3.0%, 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 28, 2024, the Company had $849 million of fixed payment obligations under additional leases, primarily for corporate facilities and retail space, that had not yet commenced. These leases will commence between 2025 and 2026, with lease terms ranging from less than 1 year to 21 years.
v3.24.3
Debt
 12 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Debt 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 28, 2024 and September 30, 2023, the Company had $10.0 billion and $6.0 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 5.00% and 5.28% as of September 28, 2024 and September 30, 2023, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for 2024, 2023 and 2022 (in millions):
202420232022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$3,960 $(1,333)$5,264 
Maturities greater than 90 days:
Proceeds from commercial paper— — 5,948 
Repayments of commercial paper— (2,645)(7,257)
Proceeds from/(Repayments of) commercial paper, net— (2,645)(1,309)
Total proceeds from/(repayments of) commercial paper, net$3,960 $(3,978)$3,955 
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 28, 2024 and September 30, 2023:
Maturities
(calendar year)
20242023
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2023 debt issuances:
Fixed-rate 0.000% – 4.850% notes
2024 – 2062
$97,341 
0.03% – 6.65%
$106,572 
0.03% – 6.72%
Total term debt principal
97,341 106,572 
Unamortized premium/(discount) and issuance costs, net
(321)(356)
Hedge accounting fair value adjustments(358)(1,113)
Total term debt
96,662 105,103 
Less: Current portion of term debt(10,912)(9,822)
Total non-current portion of term debt$85,750 $95,281 
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 future principal payments for the Company’s Notes as of September 28, 2024, are as follows (in millions):
2025$10,930 
202612,342 
20279,936 
20287,800 
20295,153 
Thereafter51,180 
Total term debt principal$97,341 
As of September 28, 2024 and September 30, 2023, the fair value of the Company’s Notes, based on Level 2 inputs, was $88.4 billion and $90.8 billion, respectively.
v3.24.3
Shareholders' Equity
 12 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
During 2024, the Company repurchased 499 million shares of its common stock for $95.0 billion. 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.
Shares of Common Stock
The following table shows the changes in shares of common stock for 2024, 2023 and 2022 (in thousands):
202420232022
Common stock outstanding, beginning balances15,550,061 15,943,425 16,426,786 
Common stock repurchased(499,372)(471,419)(568,589)
Common stock issued, net of shares withheld for employee taxes66,097 78,055 85,228 
Common stock outstanding, ending balances15,116,786 15,550,061 15,943,425 
v3.24.3
Share-Based Compensation
 12 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation 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, as amended and restated (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 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 2024, 2023 and 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, 2021240,427 $75.16 
RSUs granted91,674 $150.70 
RSUs vested(115,861)$72.12 
RSUs canceled(14,739)$99.77 
Balance as of September 24, 2022201,501 $109.48 
RSUs granted88,768 $150.87 
RSUs vested(101,878)$97.31 
RSUs canceled(8,144)$127.98 
Balance as of September 30, 2023180,247 $135.91 
RSUs granted80,456 $173.78 
RSUs vested(87,633)$127.59 
RSUs canceled(9,744)$140.80 
Balance as of September 28, 2024163,326 $158.73 $37,204 
The fair value as of the respective vesting dates of RSUs was $15.8 billion, $15.9 billion and $18.2 billion for 2024, 2023 and 2022, respectively. The majority of RSUs that vested in 2024, 2023 and 2022 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 cash to the appropriate taxing authorities. The total shares withheld were approximately 31 million, 37 million and 41 million for 2024, 2023 and 2022, 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 in both 2024 and 2023 and $6.4 billion in 2022.
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 2024, 2023 and 2022 (in millions):
202420232022
Share-based compensation expense$11,688 $10,833 $9,038 
Income tax benefit related to share-based compensation expense$(3,350)$(3,421)$(4,002)
As of September 28, 2024, the total unrecognized compensation cost related to outstanding RSUs was $19.4 billion, which the Company expects to recognize over a weighted-average period of 2.4 years.
v3.24.3
Commitments, Contingencies and Supply Concentrations
 12 Months Ended
Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments, Contingencies and Supply Concentrations 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 unconditional purchase obligations with a remaining term in excess of one year as of September 28, 2024, are as follows (in millions):
2025$3,206 
20262,440 
20271,156 
20283,121 
2029633 
Thereafter670 
Total$11,226 
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.
v3.24.3
Segment Information and Geographic Data
 12 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Segment Information and Geographic Data 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 2024, 2023 and 2022 (in millions):
202420232022
Americas:
Net sales$167,045 $162,560 $169,658 
Operating income$67,656 $60,508 $62,683 
Europe:
Net sales$101,328 $94,294 $95,118 
Operating income$41,790 $36,098 $35,233 
Greater China:
Net sales$66,952 $72,559 $74,200 
Operating income$27,082 $30,328 $31,153 
Japan:
Net sales$25,052 $24,257 $25,977 
Operating income$12,454 $11,888 $12,257 
Rest of Asia Pacific:
Net sales$30,658 $29,615 $29,375 
Operating income$13,062 $12,066 $11,569 
A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2024, 2023 and 2022 is as follows (in millions):
202420232022
Segment operating income$162,044 $150,888 $152,895 
Research and development expense(31,370)(29,915)(26,251)
Other corporate expenses, net (1)
(7,458)(6,672)(7,207)
Total operating income$123,216 $114,301 $119,437 
(1)Includes general and administrative compensation costs, various nonrecurring charges, and other separately managed costs.
The following tables show net sales for 2024, 2023 and 2022 and long-lived assets as of September 28, 2024 and September 30, 2023 for countries that individually accounted for 10% or more of the respective totals, as well as aggregate amounts for the remaining countries (in millions):
202420232022
Net sales:
U.S.$142,196 $138,573 $147,859 
China (1)
66,952 72,559 74,200 
Other countries181,887 172,153 172,269 
Total net sales$391,035 $383,285 $394,328 
20242023
Long-lived assets:
U.S.$35,664 $33,276 
China (1)
4,797 5,778 
Other countries5,219 4,661 
Total long-lived assets$45,680 $43,715 
(1)China includes Hong Kong and Taiwan.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Pay vs Performance Disclosure      
Net income $ 93,736 $ 96,995 $ 99,803
v3.24.3
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Sep. 28, 2024
shares
Sep. 28, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Deirdre O'Brien [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On August 27, 2024, Deirdre O’Brien, the Company’s Senior Vice President, Retail, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale, subject to certain price limits, of shares vesting between April 1, 2025 and October 1, 2026, pursuant to certain equity awards granted to Ms. O’Brien, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Ms. O’Brien’s plan will expire on December 31, 2026, subject to early termination in accordance with the terms of the plan.
Name Deirdre O’Brien  
Title Senior Vice President, Retail  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 27, 2024  
Expiration Date December 31, 2026  
Arrangement Duration 856 days  
Jeff Williams [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
On August 29, 2024, Jeff Williams, the Company’s Chief Operating Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale, subject to certain price limits, of up to 100,000 shares of common stock, as well as shares vesting between April 1, 2025 and October 1, 2025, pursuant to certain equity awards granted to Mr. Williams, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations. Mr. Williams’ plan will expire on December 15, 2025, subject to early termination in accordance with the terms of the plan.
Name Jeff Williams  
Title Chief Operating Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 29, 2024  
Expiration Date December 15, 2025  
Arrangement Duration 473 days  
Aggregate Available 100,000 100,000
v3.24.3
Insider Trading Policies and Procedures
 12 Months Ended
Sep. 28, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.24.3
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 28, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Preparation
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.
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 fiscal quarter of 2023. The Company’s fiscal years 2024 and 2022 spanned 52 weeks each, whereas fiscal year 2023 spanned 53 weeks. 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
Revenue
The Company records revenue net of taxes collected from customers that are remitted to governmental authorities.
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 the performance obligations regularly included in arrangements involving the sale of iPhone, Mac and iPad. The first material 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 material performance obligation is the right to receive certain product-related bundled services, which include iCloud®, Siri® and Maps. The Company allocates revenue and any related discounts to all of its performance obligations based on their relative SSPs. Because the Company lacks observable prices for product-related bundled services, 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 product-related bundled services 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.
Share-Based Compensation
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
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
Marketable Securities
The cost of securities sold is determined using the specific identification method.
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 on each instrument’s underlying maturity.
Inventories
Inventories
Inventories are measured using the first-in, first-out method.
Property, Plant and Equipment
Property, Plant and Equipment
Depreciation on property, plant and equipment is recognized on a straight-line basis.
Derivative Instruments
Derivative Instruments
The Company presents derivative assets and liabilities at their gross fair values in the Consolidated Balance Sheets.
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.
Income Taxes
Income Taxes
The Company records certain deferred tax assets and liabilities in connection with the minimum tax on certain foreign earnings created by the TCJA.
Leases
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.
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.
Fair Value Measurements The valuation techniques used to measure the fair values 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.
Segment Reporting
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.
v3.24.3
Revenue (Tables)
 12 Months Ended
Sep. 28, 2024
Revenue from Contract with Customer [Abstract]  
Net Sales Disaggregated by Significant Products and Services
Net sales disaggregated by significant products and services for 2024, 2023 and 2022 were as follows (in millions):
202420232022
iPhone
$201,183 $200,583 $205,489 
Mac
29,984 29,357 40,177 
iPad
26,694 28,300 29,292 
Wearables, Home and Accessories
37,005 39,845 41,241 
Services (1)
96,169 85,200 78,129 
Total net sales$391,035 $383,285 $394,328 
(1)Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.
v3.24.3
Earnings Per Share (Tables)
 12 Months Ended
Sep. 28, 2024
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for 2024, 2023 and 2022 (net income in millions and shares in thousands):
202420232022
Numerator:
Net income$93,736 $96,995 $99,803 
Denominator:
Weighted-average basic shares outstanding15,343,783 15,744,231 16,215,963 
Effect of dilutive share-based awards64,312 68,316 109,856 
Weighted-average diluted shares15,408,095 15,812,547 16,325,819 
Basic earnings per share$6.11 $6.16 $6.15 
Diluted earnings per share$6.08 $6.13 $6.11 
v3.24.3
Financial Instruments (Tables)
 12 Months Ended
Sep. 28, 2024
Financial Instruments [Abstract]  
Cash, Cash Equivalents and Marketable Securities by Significant Investment Category
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of September 28, 2024 and September 30, 2023 (in millions):
2024
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$27,199 $— $— $27,199 $27,199 $— $— 
Level 1:
Money market funds778 — — 778 778 — — 
Mutual funds
515 105 (3)617 — 617 — 
Subtotal1,293 105 (3)1,395 778 617 — 
Level 2 (1):
U.S. Treasury securities16,150 45 (516)15,679 212 4,087 11,380 
U.S. agency securities5,431 — (272)5,159 155 703 4,301 
Non-U.S. government securities17,959 93 (484)17,568 1,158 10,810 5,600 
Certificates of deposit and time deposits873 — — 873 387 478 8 
Commercial paper1,066 — — 1,066 28 1,038 — 
Corporate debt securities65,622 270 (1,953)63,939 26 16,027 47,886 
Municipal securities412 — (7)405 — 190 215 
Mortgage- and asset-backed securities24,595 175 (1,403)23,367 — 1,278 22,089 
Subtotal132,108 583 (4,635)128,056 1,966 34,611 91,479 
Total (2)(3)
$160,600 $688 $(4,638)$156,650 $29,943 $35,228 $91,479 
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 funds481 — — 481 481 — — 
Mutual funds and equity securities
442 12 (26)428 — 428 — 
Subtotal923 12 (26)909 481 428 — 
Level 2 (1):
U.S. Treasury securities19,406 — (1,292)18,114 35 5,468 12,611 
U.S. agency securities5,736 — (600)5,136 36 271 4,829 
Non-U.S. government securities17,533 6 (1,048)16,491 — 11,332 5,159 
Certificates of deposit and time deposits1,354 — — 1,354 1,034 320 — 
Commercial paper608 — — 608 — 608 — 
Corporate debt securities76,840 6 (5,956)70,890 20 12,627 58,243 
Municipal securities628 — (26)602 — 192 410 
Mortgage- and asset-backed securities22,365 6 (2,735)19,636 — 344 19,292 
Subtotal144,470 18 (11,657)132,831 1,125 31,162 100,544 
Total (3)
$173,752 $30 $(11,683)$162,099 $29,965 $31,590 $100,544 
(1)The valuation techniques used to measure the fair values 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 28, 2024, cash and cash equivalents included $2.6 billion held in escrow and restricted from general use. These restricted cash and cash equivalents were designated to settle the Company’s obligation related to the State Aid Decision (refer to Note 7, “Income Taxes”).
(3)As of September 28, 2024 and September 30, 2023, total marketable securities included $13.2 billion and $13.8 billion, respectively, held in escrow and restricted from general use. The September 28, 2024 restricted marketable securities were designated to settle the Company’s obligation related to the State Aid Decision (refer to Note 7, “Income Taxes”).
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of September 28, 2024 and September 30, 2023 were as follows (in millions):
20242023
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$64,069 $74,730 
Interest rate contracts$14,575 $19,375 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$91,493 $104,777 
Carrying Amounts of Hedged Items in Fair Value Hedges
The carrying amounts of the Company’s hedged items in fair value hedges as of September 28, 2024 and September 30, 2023 were as follows (in millions):
20242023
Hedged assets/(liabilities):
Current and non-current marketable securities$— $14,433 
Current and non-current term debt$(13,505)$(18,247)
v3.24.3
Property, Plant and Equipment (Tables)
 12 Months Ended
Sep. 28, 2024
Property, Plant and Equipment [Abstract]  
Gross Property, Plant and Equipment by Major Asset Class and Accumulated Depreciation
The following table shows the Company’s gross property, plant and equipment by major asset class and accumulated depreciation as of September 28, 2024 and September 30, 2023 (in millions):
20242023
Land and buildings$24,690 $23,446 
Machinery, equipment and internal-use software80,205 78,314 
Leasehold improvements14,233 12,839 
Gross property, plant and equipment119,128 114,599 
Accumulated depreciation
(73,448)(70,884)
Total property, plant and equipment, net$45,680 $43,715 
v3.24.3
Consolidated Financial Statement Details (Tables)
 12 Months Ended
Sep. 28, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Non-Current Assets
Other Non-Current Assets
20242023
Deferred tax assets$19,499 $17,852 
Other non-current assets55,335 46,906 
Total other non-current assets$74,834 $64,758 
Other Current Liabilities
Other Current Liabilities
20242023
Income taxes payable$26,601 $8,819 
Other current liabilities51,703 50,010 
Total other current liabilities$78,304 $58,829 
Other Non-Current Liabilities
Other Non-Current Liabilities
20242023
Income taxes payable
$9,254 $15,457 
Other non-current liabilities36,634 34,391 
Total other non-current liabilities$45,888 $49,848 
v3.24.3
Income Taxes (Tables)
 12 Months Ended
Sep. 28, 2024
Income Tax Disclosure [Abstract]  
Provision for Income Taxes
The provision for income taxes for 2024, 2023 and 2022, consisted of the following (in millions):
202420232022
Federal:
Current$5,571 $9,445 $7,890 
Deferred(3,080)(3,644)(2,265)
Total2,491 5,801 5,625 
State:
Current1,726 1,570 1,519 
Deferred(298)(49)84 
Total1,428 1,521 1,603 
Foreign:
Current25,483 8,750 8,996 
Deferred347 669 3,076 
Total25,830 9,419 12,072 
Provision for income taxes$29,749 $16,741 $19,300 
Reconciliation of Provision for Income Taxes to Amount Computed by Applying the Statutory Federal Income Tax Rate to Income Before Provision for Income Taxes
A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate (21% in 2024, 2023 and 2022) to income before provision for income taxes for 2024, 2023 and 2022, is as follows (dollars in millions):
202420232022
Computed expected tax$25,932 $23,885 $25,012 
State taxes, net of federal effect1,162 1,124 1,518 
Impact of the State Aid Decision
10,246 — — 
Earnings of foreign subsidiaries(5,311)(5,744)(4,366)
Research and development credit, net(1,397)(1,212)(1,153)
Excess tax benefits from equity awards(893)(1,120)(1,871)
Other10 (192)160 
Provision for income taxes$29,749 $16,741 $19,300 
Effective tax rate24.1 %14.7 %16.2 %
Significant Components of Deferred Tax Assets and Liabilities
As of September 28, 2024 and September 30, 2023, the significant components of the Company’s deferred tax assets and liabilities were (in millions):
20242023
Deferred tax assets:
Capitalized research and development$10,739 $6,294 
Tax credit carryforwards8,856 8,302 
Accrued liabilities and other reserves6,114 6,365 
Deferred revenue3,413 4,571 
Lease liabilities2,410 2,421 
Unrealized losses1,173 2,447 
Other2,168 2,343 
Total deferred tax assets34,873 32,743 
Less: Valuation allowance(8,866)(8,374)
Total deferred tax assets, net26,007 24,369 
Deferred tax liabilities:
Depreciation2,551 1,998 
Right-of-use assets2,125 2,179 
Minimum tax on foreign earnings1,674 1,940 
Unrealized gains— 511 
Other455 490 
Total deferred tax liabilities6,805 7,118 
Net deferred tax assets$19,202 $17,251 
Aggregate Changes in Gross Unrecognized Tax Benefits
The aggregate change in the balance of gross unrecognized tax benefits, which excludes interest and penalties, for 2024, 2023 and 2022, is as follows (in millions):
202420232022
Beginning balances$19,454 $16,758 $15,477 
Increases related to tax positions taken during a prior year1,727 2,044 2,284 
Decreases related to tax positions taken during a prior year(386)(1,463)(1,982)
Increases related to tax positions taken during the current year2,542 2,628 1,936 
Decreases related to settlements with taxing authorities(1,070)(19)(28)
Decreases related to expiration of the statute of limitations(229)(494)(929)
Ending balances$22,038 $19,454 $16,758 
v3.24.3
Leases (Tables)
 12 Months Ended
Sep. 28, 2024
Leases [Abstract]  
ROU Assets and Lease Liabilities
The following table shows ROU assets and lease liabilities, and the associated financial statement line items, as of September 28, 2024 and September 30, 2023 (in millions):
Lease-Related Assets and LiabilitiesFinancial Statement Line Items20242023
Right-of-use assets:
Operating leasesOther non-current assets$10,234 $10,661 
Finance leasesProperty, plant and equipment, net1,069 1,015 
Total right-of-use assets$11,303 $11,676 
Lease liabilities:
Operating leasesOther current liabilities$1,488 $1,410 
Other non-current liabilities10,046 10,408 
Finance leasesOther current liabilities144 165 
Other non-current liabilities752 859 
Total lease liabilities$12,430 $12,842 
Lease Liability Maturities
Lease liability maturities as of September 28, 2024, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2025$1,820 $171 $1,991 
20261,914 131 2,045 
20271,674 59 1,733 
20281,360 38 1,398 
20291,187 36 1,223 
Thereafter5,563 837 6,400 
Total undiscounted liabilities13,518 1,272 14,790 
Less: Imputed interest(1,984)(376)(2,360)
Total lease liabilities$11,534 $896 $12,430 
Lease Liability Maturities
Lease liability maturities as of September 28, 2024, are as follows (in millions):
Operating
Leases		Finance
Leases		Total
2025$1,820 $171 $1,991 
20261,914 131 2,045 
20271,674 59 1,733 
20281,360 38 1,398 
20291,187 36 1,223 
Thereafter5,563 837 6,400 
Total undiscounted liabilities13,518 1,272 14,790 
Less: Imputed interest(1,984)(376)(2,360)
Total lease liabilities$11,534 $896 $12,430 
v3.24.3
Debt (Tables)
 12 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Summary of Cash Flows Associated with Issuance and Maturities of Commercial Paper The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for 2024, 2023 and 2022 (in millions):
202420232022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$3,960 $(1,333)$5,264 
Maturities greater than 90 days:
Proceeds from commercial paper— — 5,948 
Repayments of commercial paper— (2,645)(7,257)
Proceeds from/(Repayments of) commercial paper, net— (2,645)(1,309)
Total proceeds from/(repayments of) commercial paper, net$3,960 $(3,978)$3,955 
Summary of Term Debt The following table provides a summary of the Company’s term debt as of September 28, 2024 and September 30, 2023:
Maturities
(calendar year)
20242023
Amount
(in millions)
Effective
Interest Rate
Amount
(in millions)
Effective
Interest Rate
2013 – 2023 debt issuances:
Fixed-rate 0.000% – 4.850% notes
2024 – 2062
$97,341 
0.03% – 6.65%
$106,572 
0.03% – 6.72%
Total term debt principal
97,341 106,572 
Unamortized premium/(discount) and issuance costs, net
(321)(356)
Hedge accounting fair value adjustments(358)(1,113)
Total term debt
96,662 105,103 
Less: Current portion of term debt(10,912)(9,822)
Total non-current portion of term debt$85,750 $95,281 
Future Principal Payments for Notes
The future principal payments for the Company’s Notes as of September 28, 2024, are as follows (in millions):
2025$10,930 
202612,342 
20279,936 
20287,800 
20295,153 
Thereafter51,180 
Total term debt principal$97,341 
v3.24.3
Shareholders' Equity (Tables)
 12 Months Ended
Sep. 28, 2024
Equity [Abstract]  
Changes in Shares of Common Stock
The following table shows the changes in shares of common stock for 2024, 2023 and 2022 (in thousands):
202420232022
Common stock outstanding, beginning balances15,550,061 15,943,425 16,426,786 
Common stock repurchased(499,372)(471,419)(568,589)
Common stock issued, net of shares withheld for employee taxes66,097 78,055 85,228 
Common stock outstanding, ending balances15,116,786 15,550,061 15,943,425 
v3.24.3
Share-Based Compensation (Tables)
 12 Months Ended
Sep. 28, 2024
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Unit Activity
A summary of the Company’s RSU activity and related information for 2024, 2023 and 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, 2021240,427 $75.16 
RSUs granted91,674 $150.70 
RSUs vested(115,861)$72.12 
RSUs canceled(14,739)$99.77 
Balance as of September 24, 2022201,501 $109.48 
RSUs granted88,768 $150.87 
RSUs vested(101,878)$97.31 
RSUs canceled(8,144)$127.98 
Balance as of September 30, 2023180,247 $135.91 
RSUs granted80,456 $173.78 
RSUs vested(87,633)$127.59 
RSUs canceled(9,744)$140.80 
Balance as of September 28, 2024163,326 $158.73 $37,204 
Summary of Share-Based Compensation Expense and the Related Income Tax Benefit
The following table shows share-based compensation expense and the related income tax benefit included in the Consolidated Statements of Operations for 2024, 2023 and 2022 (in millions):
202420232022
Share-based compensation expense$11,688 $10,833 $9,038 
Income tax benefit related to share-based compensation expense$(3,350)$(3,421)$(4,002)
v3.24.3
Commitments, Contingencies and Supply Concentrations (Tables)
 12 Months Ended
Sep. 28, 2024
Commitments and Contingencies Disclosure [Abstract]  
Future Payments Under Unconditional Purchase Obligations Future payments under unconditional purchase obligations with a remaining term in excess of one year as of September 28, 2024, are as follows (in millions):
2025$3,206 
20262,440 
20271,156 
20283,121 
2029633 
Thereafter670 
Total$11,226 
v3.24.3
Segment Information and Geographic Data (Tables)
 12 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for 2024, 2023 and 2022 (in millions):
202420232022
Americas:
Net sales$167,045 $162,560 $169,658 
Operating income$67,656 $60,508 $62,683 
Europe:
Net sales$101,328 $94,294 $95,118 
Operating income$41,790 $36,098 $35,233 
Greater China:
Net sales$66,952 $72,559 $74,200 
Operating income$27,082 $30,328 $31,153 
Japan:
Net sales$25,052 $24,257 $25,977 
Operating income$12,454 $11,888 $12,257 
Rest of Asia Pacific:
Net sales$30,658 $29,615 $29,375 
Operating income$13,062 $12,066 $11,569 
Reconciliation of Segment Operating Income to the Consolidated Statements of Operations
A reconciliation of the Company’s segment operating income to the Consolidated Statements of Operations for 2024, 2023 and 2022 is as follows (in millions):
202420232022
Segment operating income$162,044 $150,888 $152,895 
Research and development expense(31,370)(29,915)(26,251)
Other corporate expenses, net (1)
(7,458)(6,672)(7,207)
Total operating income$123,216 $114,301 $119,437 
(1)Includes general and administrative compensation costs, various nonrecurring charges, and other separately managed costs.
Net Sales and Long-Lived Assets for Countries that Individually Accounted for 10% or More of the Respective Totals
The following tables show net sales for 2024, 2023 and 2022 and long-lived assets as of September 28, 2024 and September 30, 2023 for countries that individually accounted for 10% or more of the respective totals, as well as aggregate amounts for the remaining countries (in millions):
202420232022
Net sales:
U.S.$142,196 $138,573 $147,859 
China (1)
66,952 72,559 74,200 
Other countries181,887 172,153 172,269 
Total net sales$391,035 $383,285 $394,328 
20242023
Long-lived assets:
U.S.$35,664 $33,276 
China (1)
4,797 5,778 
Other countries5,219 4,661 
Total long-lived assets$45,680 $43,715 
(1)China includes Hong Kong and Taiwan.
v3.24.3
Revenue - Additional Information (Details) - USD ($)
$ in Billions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Revenue from Contract with Customer [Abstract]      
Revenue recognized that was included in deferred revenue at the beginning of the period $ 7.7 $ 8.2 $ 7.5
Total deferred revenue $ 12.8 $ 12.1  
v3.24.3
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Disaggregation of Revenue [Line Items]      
Net sales $ 391,035 $ 383,285 $ 394,328
iPhone      
Disaggregation of Revenue [Line Items]      
Net sales 201,183 200,583 205,489
Mac      
Disaggregation of Revenue [Line Items]      
Net sales 29,984 29,357 40,177
iPad      
Disaggregation of Revenue [Line Items]      
Net sales 26,694 28,300 29,292
Wearables, Home and Accessories      
Disaggregation of Revenue [Line Items]      
Net sales 37,005 39,845 41,241
Services      
Disaggregation of Revenue [Line Items]      
Net sales $ 96,169 $ 85,200 $ 78,129
v3.24.3
Revenue - Deferred Revenue, Expected Timing of Realization (Details)
Sep. 28, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 64.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-28  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 25.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-09-27  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 9.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-09-26  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 2.00%
Deferred revenue, expected timing of realization, period 1 year
v3.24.3
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Numerator:      
Net income $ 93,736 $ 96,995 $ 99,803
Denominator:      
Weighted-average basic shares outstanding (in shares) 15,343,783 15,744,231 16,215,963
Effect of dilutive share-based awards (in shares) 64,312 68,316 109,856
Weighted-average diluted shares (in shares) 15,408,095 15,812,547 16,325,819
Basic earnings per share (in dollars per share) $ 6.11 $ 6.16 $ 6.15
Diluted earnings per share (in dollars per share) $ 6.08 $ 6.13 $ 6.11
v3.24.3
Earnings Per Share - Additional Information (Details)
shares in Millions
 12 Months Ended
Sep. 30, 2023
shares
Restricted stock units  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Restricted stock units excluded from the computation of diluted earnings per share because their effect would have been antidilutive (in shares) 24
v3.24.3
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Marketable Securities [Line Items]    
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost $ 160,600 $ 173,752
Cash Equivalents and Marketable Securities, Unrealized Gains 688 30
Cash Equivalents and Marketable Securities, Unrealized Loss (4,638) (11,683)
Cash, Cash Equivalents and Marketable Securities, Fair Value 156,650 162,099
Cash and Cash Equivalents 29,943 29,965
Current Marketable Securities 35,228 31,590
Non-Current Marketable Securities 91,479 100,544
Total marketable securities that were restricted from general use   13,800
Unfavorable investigation outcome, EU State Aid rules    
Marketable Securities [Line Items]    
Cash and cash equivalents that were restricted from general use 2,600  
Total marketable securities that were restricted from general use 13,200  
Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 1,293 923
Marketable Securities, Equity, Unrealized Gains 105 12
Marketable Securities, Equity, Unrealized Losses (3) (26)
Marketable Securities, Equity, Fair Value 1,395 909
Cash and Cash Equivalents 778 481
Current Marketable Securities 617 428
Non-Current Marketable Securities 0 0
Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 132,108 144,470
Marketable Securities, Debt, Unrealized Gains 583 18
Marketable Securities, Debt, Unrealized Losses (4,635) (11,657)
Marketable Securities, Debt, Fair Value 128,056 132,831
Cash and Cash Equivalents 1,966 1,125
Current Marketable Securities 34,611 31,162
Non-Current Marketable Securities 91,479 100,544
Cash    
Marketable Securities [Line Items]    
Cash 27,199 28,359
Cash and Cash Equivalents 27,199 28,359
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Money market funds | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 778 481
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 778 481
Cash and Cash Equivalents 778 481
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Mutual funds | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 515  
Marketable Securities, Equity, Unrealized Gains 105  
Marketable Securities, Equity, Unrealized Losses (3)  
Marketable Securities, Equity, Fair Value 617  
Cash and Cash Equivalents 0  
Current Marketable Securities 617  
Non-Current Marketable Securities 0  
Mutual funds and equity securities | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost   442
Marketable Securities, Equity, Unrealized Gains   12
Marketable Securities, Equity, Unrealized Losses   (26)
Marketable Securities, Equity, Fair Value   428
Cash and Cash Equivalents   0
Current Marketable Securities   428
Non-Current Marketable Securities   0
U.S. Treasury securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 16,150 19,406
Marketable Securities, Debt, Unrealized Gains 45 0
Marketable Securities, Debt, Unrealized Losses (516) (1,292)
Marketable Securities, Debt, Fair Value 15,679 18,114
Cash and Cash Equivalents 212 35
Current Marketable Securities 4,087 5,468
Non-Current Marketable Securities 11,380 12,611
U.S. agency securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 5,431 5,736
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (272) (600)
Marketable Securities, Debt, Fair Value 5,159 5,136
Cash and Cash Equivalents 155 36
Current Marketable Securities 703 271
Non-Current Marketable Securities 4,301 4,829
Non-U.S. government securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 17,959 17,533
Marketable Securities, Debt, Unrealized Gains 93 6
Marketable Securities, Debt, Unrealized Losses (484) (1,048)
Marketable Securities, Debt, Fair Value 17,568 16,491
Cash and Cash Equivalents 1,158 0
Current Marketable Securities 10,810 11,332
Non-Current Marketable Securities 5,600 5,159
Certificates of deposit and time deposits | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 873 1,354
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 873 1,354
Cash and Cash Equivalents 387 1,034
Current Marketable Securities 478 320
Non-Current Marketable Securities 8 0
Commercial paper | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 1,066 608
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 1,066 608
Cash and Cash Equivalents 28 0
Current Marketable Securities 1,038 608
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 65,622 76,840
Marketable Securities, Debt, Unrealized Gains 270 6
Marketable Securities, Debt, Unrealized Losses (1,953) (5,956)
Marketable Securities, Debt, Fair Value 63,939 70,890
Cash and Cash Equivalents 26 20
Current Marketable Securities 16,027 12,627
Non-Current Marketable Securities 47,886 58,243
Municipal securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 412 628
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (7) (26)
Marketable Securities, Debt, Fair Value 405 602
Cash and Cash Equivalents 0 0
Current Marketable Securities 190 192
Non-Current Marketable Securities 215 410
Mortgage- and asset-backed securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 24,595 22,365
Marketable Securities, Debt, Unrealized Gains 175 6
Marketable Securities, Debt, Unrealized Losses (1,403) (2,735)
Marketable Securities, Debt, Fair Value 23,367 19,636
Cash and Cash Equivalents 0 0
Current Marketable Securities 1,278 344
Non-Current Marketable Securities $ 22,089 $ 19,292
v3.24.3
Financial Instruments - Additional Information (Details) - Vendor
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Trade receivables | Credit concentration risk | Cellular network carriers    
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]    
Concentration risk, percentage 38.00% 41.00%
Non-trade receivables | Credit concentration risk    
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]    
Number of vendors that individually represented 10% or more of total vendor non-trade receivables 2 2
Non-trade receivables | Credit concentration risk | Vendor one    
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]    
Concentration risk, percentage 44.00% 48.00%
Non-trade receivables | Credit concentration risk | Vendor two    
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]    
Concentration risk, percentage 23.00% 23.00%
Hedges of foreign currency exposure associated with revenue and inventory purchases    
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]    
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions 12 months  
Hedges of foreign currency exposure associated with term debt    
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]    
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions 18 years  
Marketable debt securities other than mortgage- and asset-backed securities    
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]    
Between 1 and 5 years 86.00%  
Between 5 and 10 years 10.00%  
Greater than 10 years 4.00%  
Mortgage- and asset-backed securities    
Debt Securities, Available-for-Sale, Maturity, Fair Value, Rolling Maturity [Abstract]    
Between 1 and 5 years 14.00%  
Between 5 and 10 years 9.00%  
Greater than 10 years 77.00%  
v3.24.3
Financial Instruments - Notional Amounts Associated with Derivative Instruments (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Derivatives designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 64,069 $ 74,730
Derivatives designated as accounting hedges | Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount 14,575 19,375
Derivatives not designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 91,493 $ 104,777
v3.24.3
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Carrying amount of hedged marketable securities $ 0 $ 14,433
Hedged asset, statement of financial position [Extensible Enumeration] Marketable securities, Marketable securities Marketable securities, Marketable securities
Carrying amount of hedged term debt $ (13,505) $ (18,247)
Hedged liability, statement of financial position [Extensible Enumeration] Term debt, Term debt Term debt, Term debt
v3.24.3
Property, Plant and Equipment - Gross Property, Plant and Equipment by Major Asset Class and Accumulated Depreciation (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment $ 119,128 $ 114,599
Accumulated depreciation (73,448) (70,884)
Total property, plant and equipment, net 45,680 43,715
Land and buildings    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment 24,690 23,446
Machinery, equipment and internal-use software    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment 80,205 78,314
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Gross property, plant and equipment $ 14,233 $ 12,839
v3.24.3
Property, Plant, and Equipment - Additional Information (Details) - USD ($)
$ in Billions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Property, Plant and Equipment [Abstract]      
Depreciation expense on property, plant and equipment $ 8.2 $ 8.5 $ 8.7
v3.24.3
Consolidated Financial Statement Details - Other Non-Current Assets (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Deferred tax assets $ 19,499 $ 17,852
Other non-current assets 55,335 46,906
Total other non-current assets $ 74,834 $ 64,758
v3.24.3
Consolidated Financial Statement Details - Other Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Income taxes payable $ 26,601 $ 8,819
Other current liabilities 51,703 50,010
Total other current liabilities $ 78,304 $ 58,829
v3.24.3
Consolidated Financial Statement Details - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Income taxes payable $ 9,254 $ 15,457
Other non-current liabilities 36,634 34,391
Total other non-current liabilities $ 45,888 $ 49,848
v3.24.3
Income Taxes - Additional Information (Details)
$ in Millions, € in Billions
 3 Months Ended 12 Months Ended
Aug. 30, 2016
EUR (€)
Subsidiary
Sep. 28, 2024
USD ($)
Sep. 28, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 24, 2022
USD ($)
Sep. 28, 2024
EUR (€)
Sep. 25, 2021
USD ($)
Income Tax Contingency [Line Items]              
Adjusted recovery amount related to European Commission State Aid Decision   $ 26,601 $ 26,601 $ 8,819      
State Aid escrow, marketable securities balance       13,800      
One-time income tax charge, net, State Aid Decision, portion payable to Ireland     25,483 8,750 $ 8,996    
One-time income tax charge, net, State Aid Decision, U.S. foreign tax credit     (5,571) (9,445) (7,890)    
Decrease in unrecognized tax benefits, State Aid Decision     1,070 19 28    
Foreign pre-tax earnings     $ 77,300 $ 72,900 $ 71,300    
U.S. statutory federal income tax rate     21.00% 21.00% 21.00%    
Foreign tax credit carryforwards   5,100 $ 5,100        
Research and development tax credit carryforwards   3,600 3,600        
Gross unrecognized tax benefits   22,038 22,038 $ 19,454 $ 16,758   $ 15,477
Gross unrecognized tax benefits that would impact effective tax rate, if recognized   10,800 10,800 $ 9,500      
Minimum              
Income Tax Contingency [Line Items]              
Reasonably possible decrease in gross unrecognized tax benefits over next 12 months   5,000 5,000        
Maximum              
Income Tax Contingency [Line Items]              
Reasonably possible decrease in gross unrecognized tax benefits over next 12 months   13,000 13,000        
Unfavorable investigation outcome, EU State Aid rules              
Income Tax Contingency [Line Items]              
Number of subsidiaries impacted by the European Commission tax ruling | Subsidiary 2            
Maximum potential loss related to European Commission State Aid Decision | € € 13.1            
Adjusted recovery amount related to European Commission State Aid Decision | €           € 12.7  
State Aid escrow, total balance   15,800 15,800     14.2  
State Aid escrow, cash and cash equivalents balance   2,600 2,600        
State Aid escrow, marketable securities balance   13,200 $ 13,200        
One-time income tax charge, net, State Aid Decision   10,200          
One-time income tax charge, net, State Aid Decision, portion payable to Ireland   15,800          
One-time income tax charge, net, State Aid Decision, U.S. foreign tax credit   4,800          
Decrease in unrecognized tax benefits, State Aid Decision   $ 823          
Unfavorable investigation outcome, EU State Aid rules - interest component              
Income Tax Contingency [Line Items]              
Maximum potential loss related to European Commission State Aid Decision | € € 1.2            
Adjusted recovery amount related to European Commission State Aid Decision | €           € 1.2  
v3.24.3
Income Taxes - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Federal:      
Current $ 5,571 $ 9,445 $ 7,890
Deferred (3,080) (3,644) (2,265)
Total 2,491 5,801 5,625
State:      
Current 1,726 1,570 1,519
Deferred (298) (49) 84
Total 1,428 1,521 1,603
Foreign:      
Current 25,483 8,750 8,996
Deferred 347 669 3,076
Total 25,830 9,419 12,072
Provision for income taxes $ 29,749 $ 16,741 $ 19,300
v3.24.3
Income Taxes - Reconciliation of Provision for Income Taxes to Amount Computed by Applying the Statutory Federal Income Tax Rate to Income Before Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Income Tax Disclosure [Abstract]      
Computed expected tax $ 25,932 $ 23,885 $ 25,012
State taxes, net of federal effect 1,162 1,124 1,518
Impact of the State Aid Decision 10,246 0 0
Earnings of foreign subsidiaries (5,311) (5,744) (4,366)
Research and development credit, net (1,397) (1,212) (1,153)
Excess tax benefits from equity awards (893) (1,120) (1,871)
Other 10 (192) 160
Provision for income taxes $ 29,749 $ 16,741 $ 19,300
Effective tax rate 24.10% 14.70% 16.20%
v3.24.3
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Deferred tax assets:    
Capitalized research and development $ 10,739 $ 6,294
Tax credit carryforwards 8,856 8,302
Accrued liabilities and other reserves 6,114 6,365
Deferred revenue 3,413 4,571
Lease liabilities 2,410 2,421
Unrealized losses 1,173 2,447
Other 2,168 2,343
Total deferred tax assets 34,873 32,743
Less: Valuation allowance (8,866) (8,374)
Total deferred tax assets, net 26,007 24,369
Deferred tax liabilities:    
Depreciation 2,551 1,998
Right-of-use assets 2,125 2,179
Minimum tax on foreign earnings 1,674 1,940
Unrealized gains 0 511
Other 455 490
Total deferred tax liabilities 6,805 7,118
Net deferred tax assets $ 19,202 $ 17,251
v3.24.3
Income Taxes - Aggregate Changes in Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Beginning balances $ 19,454 $ 16,758 $ 15,477
Increases related to tax positions taken during a prior year 1,727 2,044 2,284
Decreases related to tax positions taken during a prior year (386) (1,463) (1,982)
Increases related to tax positions taken during the current year 2,542 2,628 1,936
Decreases related to settlements with taxing authorities (1,070) (19) (28)
Decreases related to expiration of the statute of limitations (229) (494) (929)
Ending balances $ 22,038 $ 19,454 $ 16,758
v3.24.3
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Lessee, Lease, Description [Line Items]      
Typical term of leases (not exceeding) 10 years    
Fixed operating lease costs $ 2,000 $ 2,000 $ 1,900
Variable lease costs 13,800 13,900 14,900
Fixed operating lease payments 1,900 1,900 1,800
Right-of-use assets obtained in exchange for operating and finance lease liabilities $ 1,000 $ 2,100 $ 2,800
Weighted-average remaining lease term 10 years 3 months 18 days 10 years 7 months 6 days  
Weighted-average discount rate 3.10% 3.00%  
Leases not yet commenced, fixed payment obligations $ 11,226    
Operating lease, lease not yet commenced      
Lessee, Lease, Description [Line Items]      
Leases not yet commenced, fixed payment obligations $ 849    
Minimum      
Lessee, Lease, Description [Line Items]      
Leases not yet commenced, lease term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Leases not yet commenced, lease term 21 years    
v3.24.3
Leases - ROU Assets and Lease Liabilities (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Lease-Related Assets and Liabilities    
Operating lease right-of-use assets $ 10,234 $ 10,661
Operating lease, right-of-use asset, statement of financial position [Extensible Enumeration] Other non-current assets Other non-current assets
Finance lease right-of-use assets $ 1,069 $ 1,015
Finance lease, right-of-use asset, statement of financial position [Extensible Enumeration] Property, plant and equipment, net Property, plant and equipment, net
Total right-of-use assets $ 11,303 $ 11,676
Operating lease liabilities, current $ 1,488 $ 1,410
Operating lease, liability, current, statement of financial position [Extensible Enumeration] Other current liabilities Other current liabilities
Operating lease liabilities, non-current $ 10,046 $ 10,408
Operating lease, liability, noncurrent, statement of financial position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Finance lease liabilities, current $ 144 $ 165
Finance lease, liability, current, statement of financial position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance lease liabilities, non-current $ 752 $ 859
Finance lease, liability, noncurrent, statement of financial position [Extensible Enumeration] Other non-current liabilities Other non-current liabilities
Total lease liabilities $ 12,430 $ 12,842
v3.24.3
Leases - Lease Liability Maturities (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Operating Leases    
2025 $ 1,820  
2026 1,914  
2027 1,674  
2028 1,360  
2029 1,187  
Thereafter 5,563  
Total undiscounted liabilities 13,518  
Less: Imputed interest (1,984)  
Total lease liabilities 11,534  
Finance Leases    
2025 171  
2026 131  
2027 59  
2028 38  
2029 36  
Thereafter 837  
Total undiscounted liabilities 1,272  
Less: Imputed interest (376)  
Total lease liabilities 896  
Total    
2025 1,991  
2026 2,045  
2027 1,733  
2028 1,398  
2029 1,223  
Thereafter 6,400  
Total undiscounted liabilities 14,790  
Less: Imputed interest (2,360)  
Total lease liabilities $ 12,430 $ 12,842
v3.24.3
Debt - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Debt Instrument [Line Items]    
Commercial paper $ 9,967 $ 5,985
Level 2    
Debt Instrument [Line Items]    
Fixed-rate notes, aggregate fair value 88,400 90,800
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper $ 10,000 $ 6,000
Commercial paper, general maturity period (less than) 9 months 9 months
Commercial paper, weighted-average interest rate 5.00% 5.28%
v3.24.3
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Maturities 90 days or less:      
Proceeds from/(Repayments of) commercial paper, net $ 3,960 $ (1,333) $ 5,264
Maturities greater than 90 days:      
Proceeds from commercial paper 0 0 5,948
Repayments of commercial paper 0 (2,645) (7,257)
Proceeds from/(Repayments of) commercial paper, net 0 (2,645) (1,309)
Total proceeds from/(repayments of) commercial paper, net $ 3,960 $ (3,978) $ 3,955
v3.24.3
Debt - Summary of Term Debt (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Debt Instrument [Line Items]    
Total term debt principal $ 97,341 $ 106,572
Unamortized premium/(discount) and issuance costs, net (321) (356)
Hedge accounting fair value adjustments (358) (1,113)
Total term debt 96,662 105,103
Less: Current portion of term debt (10,912) (9,822)
Total non-current portion of term debt 85,750 95,281
2013 – 2023 debt issuances | Fixed-rate notes    
Debt Instrument [Line Items]    
Total term debt principal $ 97,341 $ 106,572
Debt instrument, maturity year (calendar), start 2024  
Debt instrument, maturity year (calendar), end 2062  
2013 – 2023 debt issuances | Fixed-rate notes | Minimum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 0.00%  
Debt instrument, effective interest rate 0.03% 0.03%
2013 – 2023 debt issuances | Fixed-rate notes | Maximum    
Debt Instrument [Line Items]    
Debt instrument, stated interest rate 4.85%  
Debt instrument, effective interest rate 6.65% 6.72%
v3.24.3
Debt - Future Principal Payments for Term Debt (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Debt Disclosure [Abstract]    
2025 $ 10,930  
2026 12,342  
2027 9,936  
2028 7,800  
2029 5,153  
Thereafter 51,180  
Total term debt principal $ 97,341 $ 106,572
v3.24.3
Shareholders' Equity - Additional Information (Details)
shares in Millions, $ in Billions
 12 Months Ended
Sep. 28, 2024
USD ($)
shares
Stockholders' Equity Note [Abstract]  
Number of shares repurchased (in shares) | shares 499
Amount of share repurchases | $ $ 95.0
v3.24.3
Shareholders' Equity - Shares of Common Stock (Details) - shares
shares in Thousands
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward]      
Common stock outstanding, beginning balances (in shares) 15,550,061    
Common stock repurchased (in shares) (499,000)    
Common stock outstanding, ending balances (in shares) 15,116,786 15,550,061  
Common stock      
Increase (Decrease) in Shares of Common Stock Outstanding [Roll Forward]      
Common stock outstanding, beginning balances (in shares) 15,550,061 15,943,425 16,426,786
Common stock repurchased (in shares) (499,372) (471,419) (568,589)
Common stock issued, net of shares withheld for employee taxes (in shares) 66,097 78,055 85,228
Common stock outstanding, ending balances (in shares) 15,116,786 15,550,061 15,943,425
v3.24.3
Share-Based Compensation - Additional Information (Details)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 28, 2024
USD ($)
shares
Sep. 30, 2023
USD ($)
shares
Sep. 24, 2022
USD ($)
shares
Mar. 04, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total payments to taxing authorities for employees' tax obligations related to vesting of RSUs $ 5,441 $ 5,431 $ 6,223  
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of RSUs as of the respective vesting dates $ 15,800 $ 15,900 $ 18,200  
Total shares withheld upon vesting of RSUs (in shares) | shares 31 37 41  
Total payments to taxing authorities for employees' tax obligations related to vesting of RSUs $ 5,600 $ 5,600 $ 6,400  
Total unrecognized compensation cost related to RSUs $ 19,400      
Total unrecognized compensation cost related to RSUs, weighted-average recognition period 2 years 4 months 24 days      
2022 Employee Stock Plan        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Shares authorized for issuance pursuant to plan awards (in shares) | shares       1,300
2022 Employee Stock Plan | Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based award, vesting period 4 years      
Number of shares of common stock issued per RSU upon vesting 1      
v3.24.3
Share-Based Compensation - Restricted Stock Unit Activity and Related Information (Details) - Restricted stock units - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Number of Restricted Stock Units      
Beginning balance (in shares) 180,247 201,501 240,427
RSUs granted (in shares) 80,456 88,768 91,674
RSUs vested (in shares) (87,633) (101,878) (115,861)
RSUs canceled (in shares) (9,744) (8,144) (14,739)
Ending balance (in shares) 163,326 180,247 201,501
Weighted-Average Grant-Date Fair Value Per RSU      
Beginning balance (in dollars per share) $ 135.91 $ 109.48 $ 75.16
RSUs granted (in dollars per share) 173.78 150.87 150.70
RSUs vested (in dollars per share) 127.59 97.31 72.12
RSUs canceled (in dollars per share) 140.80 127.98 99.77
Ending balance (in dollars per share) $ 158.73 $ 135.91 $ 109.48
Aggregate Fair Value      
Aggregate fair value of RSUs $ 37,204    
v3.24.3
Share-Based Compensation - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Share-Based Payment Arrangement [Abstract]      
Share-based compensation expense $ 11,688 $ 10,833 $ 9,038
Income tax benefit related to share-based compensation expense $ (3,350) $ (3,421) $ (4,002)
v3.24.3
Commitments, Contingencies and Supply Concentrations - Future Payments Under Unconditional Purchase Obligations (Details)
$ in Millions
Sep. 28, 2024
USD ($)
Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]  
2025 $ 3,206
2026 2,440
2027 1,156
2028 3,121
2029 633
Thereafter 670
Total $ 11,226
v3.24.3
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Segment Reporting Information [Line Items]      
Net sales $ 391,035 $ 383,285 $ 394,328
Operating income 123,216 114,301 119,437
Americas      
Segment Reporting Information [Line Items]      
Net sales 167,045 162,560 169,658
Operating income 67,656 60,508 62,683
Europe      
Segment Reporting Information [Line Items]      
Net sales 101,328 94,294 95,118
Operating income 41,790 36,098 35,233
Greater China      
Segment Reporting Information [Line Items]      
Net sales 66,952 72,559 74,200
Operating income 27,082 30,328 31,153
Japan      
Segment Reporting Information [Line Items]      
Net sales 25,052 24,257 25,977
Operating income 12,454 11,888 12,257
Rest of Asia Pacific      
Segment Reporting Information [Line Items]      
Net sales 30,658 29,615 29,375
Operating income $ 13,062 $ 12,066 $ 11,569
v3.24.3
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Operating income $ 123,216 $ 114,301 $ 119,437
Research and development expense (31,370) (29,915) (26,251)
Operating segments      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Operating income 162,044 150,888 152,895
Segment reconciling items      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Research and development expense (31,370) (29,915) (26,251)
Corporate non-segment      
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]      
Other corporate expenses, net $ (7,458) $ (6,672) $ (7,207)
v3.24.3
Segment Information and Geographic Data - Net Sales for Countries that Individually Accounted for More than 10% of the Total (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 28, 2024
Sep. 30, 2023
Sep. 24, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 391,035 $ 383,285 $ 394,328
U.S.      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 142,196 138,573 147,859
China      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales 66,952 72,559 74,200
Other countries      
Revenues from External Customers and Long-Lived Assets [Line Items]      
Net sales $ 181,887 $ 172,153 $ 172,269
v3.24.3
Segment Information and Geographic Data - Long-Lived Assets for Countries that Individually Accounted for More than 10% of the Total (Details) - USD ($)
$ in Millions
Sep. 28, 2024
Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 45,680 $ 43,715
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 35,664 33,276
China    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 4,797 5,778
Other countries    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 5,219 $ 4,661