APPLE INC., 10-Q filed on 5/5/2023
Quarterly Report
v3.23.1
Cover Page - shares
shares in Thousands
 6 Months Ended
Apr. 01, 2023
Apr. 21, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Apr. 01, 2023  
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 Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   15,728,702
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000320193  
Current Fiscal Year End Date --09-30  
Common Stock, $0.00001 par value per share    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.00001 par value per share  
Trading Symbol AAPL  
Security Exchange Name NASDAQ  
1.375% Notes due 2024    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2024  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.000% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.000% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.875% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.875% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.625% Notes due 2026    
Entity Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2026  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
2.000% Notes due 2027    
Entity Information [Line Items]    
Title of 12(b) Security 2.000% Notes due 2027  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.050% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 3.050% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.500% Notes due 2031    
Entity Information [Line Items]    
Title of 12(b) Security 0.500% Notes due 2031  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.600% Notes due 2042    
Entity Information [Line Items]    
Title of 12(b) Security 3.600% Notes due 2042  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Net sales $ 94,836 $ 97,278 $ 211,990 $ 221,223
Cost of sales 52,860 54,719 119,682 124,421
Gross margin 41,976 42,559 92,308 96,802
Operating expenses:        
Research and development 7,457 6,387 15,166 12,693
Selling, general and administrative 6,201 6,193 12,808 12,642
Total operating expenses 13,658 12,580 27,974 25,335
Operating income 28,318 29,979 64,334 71,467
Other income/(expense), net 64 160 (329) (87)
Income before provision for income taxes 28,382 30,139 64,005 71,380
Provision for income taxes 4,222 5,129 9,847 11,740
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640
Earnings per share:        
Basic (in dollars per share) $ 1.53 $ 1.54 $ 3.42 $ 3.65
Diluted (in dollars per share) $ 1.52 $ 1.52 $ 3.41 $ 3.62
Shares used in computing earnings per share:        
Basic (in shares) 15,787,154 16,278,802 15,839,939 16,335,263
Diluted (in shares) 15,847,050 16,403,316 15,901,384 16,461,304
Products        
Net sales $ 73,929 $ 77,457 $ 170,317 $ 181,886
Cost of sales 46,795 49,290 107,560 113,599
Services        
Net sales 20,907 19,821 41,673 39,337
Cost of sales $ 6,065 $ 5,429 $ 12,122 $ 10,822
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640
Other comprehensive income/(loss):        
Change in foreign currency translation, net of tax (95) (21) (109) (381)
Change in unrealized gains/losses on derivative instruments, net of tax:        
Change in fair value of derivative instruments (13) 334 (1,001) 696
Adjustment for net (gains)/losses realized and included in net income (191) (301) (1,957) (208)
Total change in unrealized gains/losses on derivative instruments (204) 33 (2,958) 488
Change in unrealized gains/losses on marketable debt securities, net of tax:        
Change in fair value of marketable debt securities 1,403 (5,633) 2,303 (6,809)
Adjustment for net (gains)/losses realized and included in net income 62 54 127 45
Total change in unrealized gains/losses on marketable debt securities 1,465 (5,579) 2,430 (6,764)
Total other comprehensive income/(loss) 1,166 (5,567) (637) (6,657)
Total comprehensive income $ 25,326 $ 19,443 $ 53,521 $ 52,983
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Apr. 01, 2023
Sep. 24, 2022
Current assets:    
Cash and cash equivalents $ 24,687 $ 23,646
Marketable securities 31,185 24,658
Accounts receivable, net 17,936 28,184
Inventories 7,482 4,946
Vendor non-trade receivables 17,963 32,748
Other current assets 13,660 21,223
Total current assets 112,913 135,405
Non-current assets:    
Marketable securities 110,461 120,805
Property, plant and equipment, net 43,398 42,117
Other non-current assets 65,388 54,428
Total non-current assets 219,247 217,350
Total assets 332,160 352,755
Current liabilities:    
Accounts payable 42,945 64,115
Other current liabilities 56,425 60,845
Deferred revenue 8,131 7,912
Commercial paper 1,996 9,982
Term debt 10,578 11,128
Total current liabilities 120,075 153,982
Non-current liabilities:    
Term debt 97,041 98,959
Other non-current liabilities 52,886 49,142
Total non-current liabilities 149,927 148,101
Total liabilities 270,002 302,083
Commitments and contingencies
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,723,406 and 15,943,425 shares issued and outstanding, respectively 69,568 64,849
Retained earnings/(Accumulated deficit) 4,336 (3,068)
Accumulated other comprehensive income/(loss) (11,746) (11,109)
Total shareholders’ equity 62,158 50,672
Total liabilities and shareholders’ equity $ 332,160 $ 352,755
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Apr. 01, 2023
Sep. 24, 2022
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) 15,723,406,000 15,943,425,000
Common stock, shares outstanding (in shares) 15,723,406,000 15,943,425,000
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - 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   593    
Common stock withheld related to net share settlement of equity awards   (1,412) (1,920)  
Share-based compensation   4,635    
Net income 59,640   59,640  
Dividends and dividend equivalents declared     (7,298)  
Common stock repurchased     (43,272)  
Other comprehensive income/(loss) (6,657)     (6,657)
Ending balances at Mar. 26, 2022 $ 67,399 61,181 12,712 (6,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.44      
Beginning balances at Dec. 25, 2021 $ 71,932 58,424 14,435 (927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   593    
Common stock withheld related to net share settlement of equity awards   (149) (190)  
Share-based compensation   2,313    
Net income 25,010   25,010  
Dividends and dividend equivalents declared     (3,633)  
Common stock repurchased     (22,910)  
Other comprehensive income/(loss) (5,567)     (5,567)
Ending balances at Mar. 26, 2022 $ 67,399 61,181 12,712 (6,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.22      
Beginning balances at Sep. 24, 2022 $ 50,672 64,849 (3,068) (11,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   690    
Common stock withheld related to net share settlement of equity awards   (1,715) (1,130)  
Share-based compensation   5,744    
Net income 54,158   54,158  
Dividends and dividend equivalents declared     (7,396)  
Common stock repurchased (38,100)   (38,228)  
Other comprehensive income/(loss) (637)     (637)
Ending balances at Apr. 01, 2023 $ 62,158 69,568 4,336 (11,746)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.46      
Beginning balances at Dec. 31, 2022 $ 56,727 66,399 3,240 (12,912)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   690    
Common stock withheld related to net share settlement of equity awards   (281) (152)  
Share-based compensation   2,760    
Net income 24,160   24,160  
Dividends and dividend equivalents declared     (3,684)  
Common stock repurchased     (19,228)  
Other comprehensive income/(loss) 1,166     1,166
Ending balances at Apr. 01, 2023 $ 62,158 $ 69,568 $ 4,336 $ (11,746)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.23      
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Statement of Cash Flows [Abstract]    
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929
Operating activities:    
Net income 54,158 59,640
Adjustments to reconcile net income to cash generated by operating activities:    
Depreciation and amortization 5,814 5,434
Share-based compensation expense 5,591 4,517
Other (1,732) 1,068
Changes in operating assets and liabilities:    
Accounts receivable, net 9,596 5,542
Inventories (2,548) 1,065
Vendor non-trade receivables 14,785 643
Other current and non-current assets (4,092) (3,542)
Accounts payable (20,764) (1,750)
Other current and non-current liabilities 1,757 2,515
Cash generated by operating activities 62,565 75,132
Investing activities:    
Purchases of marketable securities (11,197) (61,987)
Proceeds from maturities of marketable securities 17,124 18,000
Proceeds from sales of marketable securities 1,897 24,668
Payments for acquisition of property, plant and equipment (6,703) (5,317)
Other (247) (735)
Cash generated by/(used in) investing activities 874 (25,371)
Financing activities:    
Payments for taxes related to net share settlement of equity awards (2,734) (3,218)
Payments for dividends and dividend equivalents (7,418) (7,327)
Repurchases of common stock (39,069) (43,109)
Repayments of term debt (3,651) (3,750)
Proceeds from/(Repayments of) commercial paper, net (7,960) 999
Other (455) (105)
Cash used in financing activities (61,287) (56,510)
Increase/(Decrease) in cash, cash equivalents and restricted cash 2,152 (6,749)
Cash, cash equivalents and restricted cash, ending balances 27,129 29,180
Supplemental cash flow disclosure:    
Cash paid for income taxes, net 4,894 9,301
Cash paid for interest $ 1,873 $ 1,406
v3.23.1
Summary of Significant Accounting Policies
 6 Months Ended
Apr. 01, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 24, 2022.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first fiscal quarter of 2023. The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (net income in millions and shares in thousands):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Numerator:
Net income$24,160 $25,010 $54,158 $59,640 
Denominator:
Weighted-average basic shares outstanding15,787,154 16,278,802 15,839,939 16,335,263 
Effect of dilutive securities59,896 124,514 61,445 126,041 
Weighted-average diluted shares15,847,050 16,403,316 15,901,384 16,461,304 
Basic earnings per share$1.53 $1.54 $3.42 $3.65 
Diluted earnings per share$1.52 $1.52 $3.41 $3.62 
Approximately 48 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the six months ended April 1, 2023 because their effect would have been antidilutive.
v3.23.1
Revenue
 6 Months Ended
Apr. 01, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Net sales disaggregated by significant products and services for the three- and six-month periods ended April 1, 2023 and March 26, 2022 were as follows (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
iPhone®
$51,334 $50,570 $117,109 $122,198 
Mac®
7,168 10,435 14,903 21,287 
iPad®
6,670 7,646 16,066 14,894 
Wearables, Home and Accessories8,757 8,806 22,239 23,507 
Services20,907 19,821 41,673 39,337 
Total net sales$94,836 $97,278 $211,990 $221,223 
Total net sales include $3.5 billion of revenue recognized in the three months ended April 1, 2023 that was included in deferred revenue as of December 31, 2022, $3.0 billion of revenue recognized in the three months ended March 26, 2022 that was included in deferred revenue as of December 25, 2021, $5.5 billion of revenue recognized in the six months ended April 1, 2023 that was included in deferred revenue as of September 24, 2022, and $4.8 billion of revenue recognized in the six months ended March 26, 2022 that was included in deferred revenue as of September 25, 2021.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 10, “Segment Information and Geographic Data” for the three- and six-month periods ended April 1, 2023 and March 26, 2022, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of April 1, 2023 and September 24, 2022, the Company had total deferred revenue of $12.5 billion and $12.4 billion, respectively. As of April 1, 2023, the Company expects 65% of total deferred revenue to be realized in less than a year, 26% within one-to-two years, 7% within two-to-three years and 2% in greater than three years.
v3.23.1
Financial Instruments
 6 Months Ended
Apr. 01, 2023
Investments, All Other Investments [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 April 1, 2023 and September 24, 2022 (in millions):
April 1, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$20,050 $— $— $20,050 $20,050 $— $— 
Level 1 (1):
Money market funds1,656 — — 1,656 1,656 — — 
Mutual funds345 5 (26)324 — 324 — 
Subtotal2,001 5 (26)1,980 1,656 324 — 
Level 2 (2):
U.S. Treasury securities22,754 1 (1,262)21,493 9 8,002 13,482 
U.S. agency securities5,743 — (538)5,205 — 199 5,006 
Non-U.S. government securities17,380 20 (961)16,439 — 10,222 6,217 
Certificates of deposit and time deposits
2,999 — — 2,999 2,881 118 — 
Commercial paper271 — — 271 — 271 — 
Corporate debt securities82,802 32 (6,049)76,785 91 11,676 65,018 
Municipal securities790 — (20)770 — 257 513 
Mortgage- and asset-backed securities
22,438 9 (2,106)20,341 — 116 20,225 
Subtotal155,177 62 (10,936)144,303 2,981 30,861 110,461 
Total (3)
$177,228 $67 $(10,962)$166,333 $24,687 $31,185 $110,461 
September 24, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$18,546 $— $— $18,546 $18,546 $— $— 
Level 1 (1):
Money market funds2,929 — — 2,929 2,929 — — 
Mutual funds274 — (47)227 — 227 — 
Subtotal3,203 — (47)3,156 2,929 227 — 
Level 2 (2):
U.S. Treasury securities25,134 — (1,725)23,409 338 5,091 17,980 
U.S. agency securities5,823 — (655)5,168 — 240 4,928 
Non-U.S. government securities16,948 2 (1,201)15,749 — 8,806 6,943 
Certificates of deposit and time deposits
2,067 — — 2,067 1,805 262 — 
Commercial paper718 — — 718 28 690 — 
Corporate debt securities87,148 9 (7,707)79,450 — 9,023 70,427 
Municipal securities921 — (35)886 — 266 620 
Mortgage- and asset-backed securities
22,553 — (2,593)19,960 — 53 19,907 
Subtotal161,312 11 (13,916)147,407 2,171 24,431 120,805 
Total (3)
$183,061 $11 $(13,963)$169,109 $23,646 $24,658 $120,805 
(1)Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3)As of April 1, 2023 and September 24, 2022, total marketable securities included $13.1 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of April 1, 2023 (in millions):
Due after 1 year through 5 years$81,352 
Due after 5 years through 10 years11,928 
Due after 10 years17,181 
Total fair value$110,461 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of April 1, 2023, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 19 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.
The notional amounts of the Company’s outstanding derivative instruments as of April 1, 2023 and September 24, 2022 were as follows (in millions):
April 1,
2023		September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$51,119 $102,670 
Interest rate contracts$19,375 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$111,696 $185,381 
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
September 24, 2022
Fair Value of
Derivatives Designated
as Accounting Hedges		Fair Value of
Derivatives Not Designated
as Accounting Hedges		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$4,317 $2,819 $7,136 
Derivative liabilities (2):
Foreign exchange contracts$2,205 $2,547 $4,752 
Interest rate contracts$1,367 $— $1,367 
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheet.
(2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheet.
The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. To mitigate credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted when the net fair values of certain derivatives fluctuate from contractually established thresholds. To further limit credit risk, the Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. As of September 24, 2022, the potential effects of these rights of set-off associated with the Company’s derivative contracts, including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting in a net derivative asset of $412 million.
The carrying amounts of the Company’s hedged items in fair value hedges as of April 1, 2023 and September 24, 2022 were as follows (in millions):
April 1,
2023		September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,651 $13,378 
Current and non-current term debt$(18,249)$(18,739)
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit-financing arrangements are directly between the third-party financing company and the end customer. As such, the Company generally does not assume any recourse or credit risk sharing related to any of these arrangements.
As of both April 1, 2023 and September 24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 10%. The Company’s cellular network carriers accounted for 32% and 44% of total trade receivables as of April 1, 2023 and September 24, 2022, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. As of April 1, 2023, the Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 43%, 19% and 13%. As of September 24, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 13%.
v3.23.1
Condensed Consolidated Financial Statement Details
 6 Months Ended
Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Financial Statement Details Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of April 1, 2023 and September 24, 2022 (in millions):
Inventories
April 1,
2023		September 24,
2022
Components$3,379 $1,637 
Finished goods4,103 3,309 
Total inventories$7,482 $4,946 
Property, Plant and Equipment, Net
April 1,
2023		September 24,
2022
Gross property, plant and equipment$113,066 $114,457 
Accumulated depreciation and amortization(69,668)(72,340)
Total property, plant and equipment, net$43,398 $42,117 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Interest and dividend income$918 $700 $1,786 $1,350 
Interest expense(930)(691)(1,933)(1,385)
Other income/(expense), net76 151 (182)(52)
Total other income/(expense), net$64 $160 $(329)$(87)
v3.23.1
Income Taxes
 6 Months Ended
Apr. 01, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
European Commission State Aid Decision
On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated the application of the tax opinions from that date forward. The Company and Ireland appealed the State Aid Decision to the General Court of the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled the State Aid Decision. On September 25, 2020, the European Commission appealed the General Court’s decision to the European Court of Justice and a hearing has been scheduled for May 23, 2023. The Company believes it would be eligible to claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to the State Aid Decision.
v3.23.1
Debt
 6 Months Ended
Apr. 01, 2023
Debt Disclosure [Abstract]  
Debt Debt
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of April 1, 2023 and September 24, 2022, the Company had $2.0 billion and $10.0 billion of Commercial Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the six months ended April 1, 2023 and March 26, 2022 (in millions):
Six Months Ended
April 1,
2023		March 26,
2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(5,315)$4,952 
Maturities greater than 90 days:
Proceeds from commercial paper— 1,191 
Repayments of commercial paper(2,645)(5,144)
Repayments of commercial paper, net(2,645)(3,953)
Total proceeds from/(repayments of) commercial paper, net$(7,960)$999 
Term Debt
As of April 1, 2023 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $107.6 billion and $110.1 billion, respectively (collectively the “Notes”). As of April 1, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.4 billion and $98.8 billion, respectively.
v3.23.1
Shareholders' Equity
 6 Months Ended
Apr. 01, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
During the six months ended April 1, 2023, the Company repurchased 262 million shares of its common stock under an authorized share repurchase program for $38.1 billion, excluding excise tax due under the Inflation Reduction Act of 2022. The program does not obligate the Company to acquire a minimum amount of shares. Under the program, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
v3.23.1
Benefit Plans
 6 Months Ended
Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]  
Benefit Plans Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the six months ended April 1, 2023 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 24, 2022201,501 $109.48 
RSUs granted84,902 $149.73 
RSUs vested(54,795)$86.72 
RSUs canceled(4,671)$122.79 
Balance as of April 1, 2023226,937 $129.76 $37,422 
The fair value as of the respective vesting dates of RSUs was $1.1 billion and $8.0 billion for the three- and six-month periods ended April 1, 2023, respectively, and was $1.0 billion and $9.5 billion for the three- and six-month periods ended March 26, 2022, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Share-based compensation expense$2,686 $2,252 $5,591 $4,517 
Income tax benefit related to share-based compensation expense$(620)$(649)$(1,798)$(2,185)
As of April 1, 2023, the total unrecognized compensation cost related to outstanding RSUs and stock options was $23.2 billion, which the Company expects to recognize over a weighted-average period of 2.8 years.
v3.23.1
Commitments and Contingencies
 6 Months Ended
Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Unconditional Purchase Obligations
The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier arrangements, licensed content and distribution rights. Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of April 1, 2023, are as follows (in millions):
2023 (remaining six months)$2,263 
20242,716 
20252,028 
20262,602 
2027571 
Thereafter5,897 
Total$16,077 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.
v3.23.1
Segment Information and Geographic Data
 6 Months Ended
Apr. 01, 2023
Segment Reporting [Abstract]  
Segment Information and Geographic Data Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Americas:
Net sales$37,784 $40,882 $87,062 $92,378 
Operating income$13,927 $15,279 $31,791 $34,864 
Europe:
Net sales$23,945 $23,287 $51,626 $53,036 
Operating income$9,368 $8,505 $19,385 $20,050 
Greater China:
Net sales$17,812 $18,343 $41,717 $44,126 
Operating income$7,531 $8,112 $17,968 $19,295 
Japan:
Net sales$7,176 $7,724 $13,931 $14,831 
Operating income$3,394 $3,496 $6,630 $6,845 
Rest of Asia Pacific:
Net sales$8,119 $7,042 $17,654 $16,852 
Operating income$3,268 $2,823 $7,119 $6,818 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and six-month periods ended April 1, 2023 and March 26, 2022 is as follows (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Segment operating income$37,488 $38,215 $82,893 $87,872 
Research and development expense(7,457)(6,387)(15,166)(12,693)
Other corporate expenses, net(1,713)(1,849)(3,393)(3,712)
Total operating income$28,318 $29,979 $64,334 $71,467 
v3.23.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Apr. 01, 2023
Accounting Policies [Abstract]  
Basis of Presentation and Preparation
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 24, 2022.
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 2023 and 2022 span 53 and 52 weeks, respectively. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Fair Value Measurements Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
v3.23.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Apr. 01, 2023
Accounting Policies [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (net income in millions and shares in thousands):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Numerator:
Net income$24,160 $25,010 $54,158 $59,640 
Denominator:
Weighted-average basic shares outstanding15,787,154 16,278,802 15,839,939 16,335,263 
Effect of dilutive securities59,896 124,514 61,445 126,041 
Weighted-average diluted shares15,847,050 16,403,316 15,901,384 16,461,304 
Basic earnings per share$1.53 $1.54 $3.42 $3.65 
Diluted earnings per share$1.52 $1.52 $3.41 $3.62 
v3.23.1
Revenue (Tables)
 6 Months Ended
Apr. 01, 2023
Revenue from Contract with Customer [Abstract]  
Net Sales Disaggregated by Significant Products and Services
Net sales disaggregated by significant products and services for the three- and six-month periods ended April 1, 2023 and March 26, 2022 were as follows (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
iPhone®
$51,334 $50,570 $117,109 $122,198 
Mac®
7,168 10,435 14,903 21,287 
iPad®
6,670 7,646 16,066 14,894 
Wearables, Home and Accessories8,757 8,806 22,239 23,507 
Services20,907 19,821 41,673 39,337 
Total net sales$94,836 $97,278 $211,990 $221,223 
v3.23.1
Financial Instruments (Tables)
 6 Months Ended
Apr. 01, 2023
Investments, All Other Investments [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 April 1, 2023 and September 24, 2022 (in millions):
April 1, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$20,050 $— $— $20,050 $20,050 $— $— 
Level 1 (1):
Money market funds1,656 — — 1,656 1,656 — — 
Mutual funds345 5 (26)324 — 324 — 
Subtotal2,001 5 (26)1,980 1,656 324 — 
Level 2 (2):
U.S. Treasury securities22,754 1 (1,262)21,493 9 8,002 13,482 
U.S. agency securities5,743 — (538)5,205 — 199 5,006 
Non-U.S. government securities17,380 20 (961)16,439 — 10,222 6,217 
Certificates of deposit and time deposits
2,999 — — 2,999 2,881 118 — 
Commercial paper271 — — 271 — 271 — 
Corporate debt securities82,802 32 (6,049)76,785 91 11,676 65,018 
Municipal securities790 — (20)770 — 257 513 
Mortgage- and asset-backed securities
22,438 9 (2,106)20,341 — 116 20,225 
Subtotal155,177 62 (10,936)144,303 2,981 30,861 110,461 
Total (3)
$177,228 $67 $(10,962)$166,333 $24,687 $31,185 $110,461 
September 24, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$18,546 $— $— $18,546 $18,546 $— $— 
Level 1 (1):
Money market funds2,929 — — 2,929 2,929 — — 
Mutual funds274 — (47)227 — 227 — 
Subtotal3,203 — (47)3,156 2,929 227 — 
Level 2 (2):
U.S. Treasury securities25,134 — (1,725)23,409 338 5,091 17,980 
U.S. agency securities5,823 — (655)5,168 — 240 4,928 
Non-U.S. government securities16,948 2 (1,201)15,749 — 8,806 6,943 
Certificates of deposit and time deposits
2,067 — — 2,067 1,805 262 — 
Commercial paper718 — — 718 28 690 — 
Corporate debt securities87,148 9 (7,707)79,450 — 9,023 70,427 
Municipal securities921 — (35)886 — 266 620 
Mortgage- and asset-backed securities
22,553 — (2,593)19,960 — 53 19,907 
Subtotal161,312 11 (13,916)147,407 2,171 24,431 120,805 
Total (3)
$183,061 $11 $(13,963)$169,109 $23,646 $24,658 $120,805 
(1)Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3)As of April 1, 2023 and September 24, 2022, total marketable securities included $13.1 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements.
Non-Current Marketable Debt Securities by Contractual Maturity
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of April 1, 2023 (in millions):
Due after 1 year through 5 years$81,352 
Due after 5 years through 10 years11,928 
Due after 10 years17,181 
Total fair value$110,461 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of April 1, 2023 and September 24, 2022 were as follows (in millions):
April 1,
2023		September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$51,119 $102,670 
Interest rate contracts$19,375 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$111,696 $185,381 
Gross Fair Values of Derivative Assets and Liabilities
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
September 24, 2022
Fair Value of
Derivatives Designated
as Accounting Hedges		Fair Value of
Derivatives Not Designated
as Accounting Hedges		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$4,317 $2,819 $7,136 
Derivative liabilities (2):
Foreign exchange contracts$2,205 $2,547 $4,752 
Interest rate contracts$1,367 $— $1,367 
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheet.
(2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheet.
Carrying Amounts of Hedged Items in Fair Value Hedges
The carrying amounts of the Company’s hedged items in fair value hedges as of April 1, 2023 and September 24, 2022 were as follows (in millions):
April 1,
2023		September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,651 $13,378 
Current and non-current term debt$(18,249)$(18,739)
v3.23.1
Condensed Consolidated Financial Statement Details (Tables)
 6 Months Ended
Apr. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Inventories
Inventories
April 1,
2023		September 24,
2022
Components$3,379 $1,637 
Finished goods4,103 3,309 
Total inventories$7,482 $4,946 
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
April 1,
2023		September 24,
2022
Gross property, plant and equipment$113,066 $114,457 
Accumulated depreciation and amortization(69,668)(72,340)
Total property, plant and equipment, net$43,398 $42,117 
Other Income/(Expense), Net
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Interest and dividend income$918 $700 $1,786 $1,350 
Interest expense(930)(691)(1,933)(1,385)
Other income/(expense), net76 151 (182)(52)
Total other income/(expense), net$64 $160 $(329)$(87)
v3.23.1
Debt (Tables)
 6 Months Ended
Apr. 01, 2023
Debt Disclosure [Abstract]  
Summary of Cash Flows Associated with the 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 the six months ended April 1, 2023 and March 26, 2022 (in millions):
Six Months Ended
April 1,
2023		March 26,
2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(5,315)$4,952 
Maturities greater than 90 days:
Proceeds from commercial paper— 1,191 
Repayments of commercial paper(2,645)(5,144)
Repayments of commercial paper, net(2,645)(3,953)
Total proceeds from/(repayments of) commercial paper, net$(7,960)$999 
v3.23.1
Benefit Plans (Tables)
 6 Months Ended
Apr. 01, 2023
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Unit Activity
A summary of the Company’s RSU activity and related information for the six months ended April 1, 2023 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 24, 2022201,501 $109.48 
RSUs granted84,902 $149.73 
RSUs vested(54,795)$86.72 
RSUs canceled(4,671)$122.79 
Balance as of April 1, 2023226,937 $129.76 $37,422 
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 Condensed Consolidated Statements of Operations for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Share-based compensation expense$2,686 $2,252 $5,591 $4,517 
Income tax benefit related to share-based compensation expense$(620)$(649)$(1,798)$(2,185)
v3.23.1
Commitments and Contingencies (Tables)
 6 Months Ended
Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]  
Future Payments Under Unconditional Purchase Obligations Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of April 1, 2023, are as follows (in millions):
2023 (remaining six months)$2,263 
20242,716 
20252,028 
20262,602 
2027571 
Thereafter5,897 
Total$16,077 
v3.23.1
Segment Information and Geographic Data (Tables)
 6 Months Ended
Apr. 01, 2023
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for the three- and six-month periods ended April 1, 2023 and March 26, 2022 (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Americas:
Net sales$37,784 $40,882 $87,062 $92,378 
Operating income$13,927 $15,279 $31,791 $34,864 
Europe:
Net sales$23,945 $23,287 $51,626 $53,036 
Operating income$9,368 $8,505 $19,385 $20,050 
Greater China:
Net sales$17,812 $18,343 $41,717 $44,126 
Operating income$7,531 $8,112 $17,968 $19,295 
Japan:
Net sales$7,176 $7,724 $13,931 $14,831 
Operating income$3,394 $3,496 $6,630 $6,845 
Rest of Asia Pacific:
Net sales$8,119 $7,042 $17,654 $16,852 
Operating income$3,268 $2,823 $7,119 $6,818 
Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and six-month periods ended April 1, 2023 and March 26, 2022 is as follows (in millions):
Three Months EndedSix Months Ended
April 1,
2023		March 26,
2022		April 1,
2023		March 26,
2022
Segment operating income$37,488 $38,215 $82,893 $87,872 
Research and development expense(7,457)(6,387)(15,166)(12,693)
Other corporate expenses, net(1,713)(1,849)(3,393)(3,712)
Total operating income$28,318 $29,979 $64,334 $71,467 
v3.23.1
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Numerator:        
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640
Denominator:        
Weighted-average basic shares outstanding (in shares) 15,787,154 16,278,802 15,839,939 16,335,263
Effect of dilutive securities (in shares) 59,896 124,514 61,445 126,041
Weighted-average diluted shares (in shares) 15,847,050 16,403,316 15,901,384 16,461,304
Basic earnings per share (in dollars per share) $ 1.53 $ 1.54 $ 3.42 $ 3.65
Diluted earnings per share (in dollars per share) $ 1.52 $ 1.52 $ 3.41 $ 3.62
v3.23.1
Summary of Significant Accounting Policies - Additional Information (Details)
shares in Millions
 6 Months Ended
Apr. 01, 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) 48
v3.23.1
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Disaggregation of Revenue [Line Items]        
Net sales $ 94,836 $ 97,278 $ 211,990 $ 221,223
Revenue recognized that was included in deferred revenue at the beginning of the period 3,500 3,000 5,500 4,800
iPhone        
Disaggregation of Revenue [Line Items]        
Net sales 51,334 50,570 117,109 122,198
Mac        
Disaggregation of Revenue [Line Items]        
Net sales 7,168 10,435 14,903 21,287
iPad        
Disaggregation of Revenue [Line Items]        
Net sales 6,670 7,646 16,066 14,894
Wearables, Home and Accessories        
Disaggregation of Revenue [Line Items]        
Net sales 8,757 8,806 22,239 23,507
Services        
Disaggregation of Revenue [Line Items]        
Net sales $ 20,907 $ 19,821 $ 41,673 $ 39,337
v3.23.1
Revenue - Additional Information (Details) - USD ($)
$ in Billions
Apr. 01, 2023
Sep. 24, 2022
Revenue from Contract with Customer [Abstract]    
Total deferred revenue $ 12.5 $ 12.4
v3.23.1
Revenue - Deferred Revenue, Expected Timing of Realization (Details)
Apr. 01, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-02  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 65.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 26.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 7.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-03-29  
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
v3.23.1
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Apr. 01, 2023
Sep. 24, 2022
Marketable Securities [Line Items]    
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost $ 177,228 $ 183,061
Cash Equivalents and Marketable Securities, Unrealized Gains 67 11
Cash Equivalents and Marketable Securities, Unrealized Losses (10,962) (13,963)
Cash, Cash Equivalents and Marketable Securities, Fair Value 166,333 169,109
Cash and Cash Equivalents 24,687 23,646
Current Marketable Securities 31,185 24,658
Non-Current Marketable Securities 110,461 120,805
Total marketable securities that were restricted from general use 13,100 12,700
Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 2,001 3,203
Marketable Securities, Equity, Unrealized Gains 5 0
Marketable Securities, Equity, Unrealized Losses (26) (47)
Marketable Securities, Equity, Fair Value 1,980 3,156
Cash and Cash Equivalents 1,656 2,929
Current Marketable Securities 324 227
Non-Current Marketable Securities 0 0
Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 155,177 161,312
Marketable Securities, Debt, Unrealized Gains 62 11
Marketable Securities, Debt, Unrealized Losses (10,936) (13,916)
Marketable Securities, Debt, Fair Value 144,303 147,407
Cash and Cash Equivalents 2,981 2,171
Current Marketable Securities 30,861 24,431
Non-Current Marketable Securities 110,461 120,805
Cash    
Marketable Securities [Line Items]    
Cash 20,050 18,546
Cash and Cash Equivalents 20,050 18,546
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 1,656 2,929
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 1,656 2,929
Cash and Cash Equivalents 1,656 2,929
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Mutual funds | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 345 274
Marketable Securities, Equity, Unrealized Gains 5 0
Marketable Securities, Equity, Unrealized Losses (26) (47)
Marketable Securities, Equity, Fair Value 324 227
Cash and Cash Equivalents 0 0
Current Marketable Securities 324 227
Non-Current Marketable Securities 0 0
U.S. Treasury securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 22,754 25,134
Marketable Securities, Debt, Unrealized Gains 1 0
Marketable Securities, Debt, Unrealized Losses (1,262) (1,725)
Marketable Securities, Debt, Fair Value 21,493 23,409
Cash and Cash Equivalents 9 338
Current Marketable Securities 8,002 5,091
Non-Current Marketable Securities 13,482 17,980
U.S. agency securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 5,743 5,823
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (538) (655)
Marketable Securities, Debt, Fair Value 5,205 5,168
Cash and Cash Equivalents 0 0
Current Marketable Securities 199 240
Non-Current Marketable Securities 5,006 4,928
Non-U.S. government securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 17,380 16,948
Marketable Securities, Debt, Unrealized Gains 20 2
Marketable Securities, Debt, Unrealized Losses (961) (1,201)
Marketable Securities, Debt, Fair Value 16,439 15,749
Cash and Cash Equivalents 0 0
Current Marketable Securities 10,222 8,806
Non-Current Marketable Securities 6,217 6,943
Certificates of deposit and time deposits | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 2,999 2,067
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 2,999 2,067
Cash and Cash Equivalents 2,881 1,805
Current Marketable Securities 118 262
Non-Current Marketable Securities 0 0
Commercial paper | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 271 718
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 271 718
Cash and Cash Equivalents 0 28
Current Marketable Securities 271 690
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 82,802 87,148
Marketable Securities, Debt, Unrealized Gains 32 9
Marketable Securities, Debt, Unrealized Losses (6,049) (7,707)
Marketable Securities, Debt, Fair Value 76,785 79,450
Cash and Cash Equivalents 91 0
Current Marketable Securities 11,676 9,023
Non-Current Marketable Securities 65,018 70,427
Municipal securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 790 921
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (20) (35)
Marketable Securities, Debt, Fair Value 770 886
Cash and Cash Equivalents 0 0
Current Marketable Securities 257 266
Non-Current Marketable Securities 513 620
Mortgage- and asset-backed securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 22,438 22,553
Marketable Securities, Debt, Unrealized Gains 9 0
Marketable Securities, Debt, Unrealized Losses (2,106) (2,593)
Marketable Securities, Debt, Fair Value 20,341 19,960
Cash and Cash Equivalents 0 0
Current Marketable Securities 116 53
Non-Current Marketable Securities $ 20,225 $ 19,907
v3.23.1
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details)
$ in Millions
Apr. 01, 2023
USD ($)
Fair value of non-current marketable debt securities by contractual maturity  
Due after 1 year through 5 years $ 81,352
Due after 5 years through 10 years 11,928
Due after 10 years 17,181
Total fair value $ 110,461
v3.23.1
Financial Instruments - Additional Information (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Apr. 01, 2023
Customer
Vendor
Sep. 24, 2022
USD ($)
Vendor
Customer
Financial Instruments [Line Items]    
Potential reduction to derivative assets resulting from rights of set-off under master netting arrangements, including the effects of collateral   $ 7,800
Potential reduction to derivative liabilities resulting from rights of set-off under master netting arrangements, including the effects of collateral   7,800
Net derivative assets/(liabilities) after potential reductions under master netting arrangements   412
Credit concentration risk    
Financial Instruments [Line Items]    
Derivative, credit risk amount   $ 7,136
Trade receivables | Credit concentration risk    
Financial Instruments [Line Items]    
Number of customers that individually represented 10% or more of total trade receivables | Customer 1 1
Trade receivables | Credit concentration risk | Customer One    
Financial Instruments [Line Items]    
Concentration risk, percentage 10.00% 10.00%
Trade receivables | Credit concentration risk | Cellular network carriers    
Financial Instruments [Line Items]    
Concentration risk, percentage 32.00% 44.00%
Non-trade receivables | Credit concentration risk    
Financial Instruments [Line Items]    
Number of vendors that individually represented 10% or more of total vendor non-trade receivables | Vendor 3 2
Non-trade receivables | Credit concentration risk | Vendor one    
Financial Instruments [Line Items]    
Concentration risk, percentage 43.00% 54.00%
Non-trade receivables | Credit concentration risk | Vendor two    
Financial Instruments [Line Items]    
Concentration risk, percentage 19.00% 13.00%
Non-trade receivables | Credit concentration risk | Vendor three    
Financial Instruments [Line Items]    
Concentration risk, percentage 13.00%  
Hedges of foreign currency exposure associated with revenue and inventory purchases    
Financial Instruments [Line Items]    
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    
Financial Instruments [Line Items]    
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions 19 years  
v3.23.1
Financial Instruments - Notional Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Apr. 01, 2023
Sep. 24, 2022
Derivatives designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 51,119 $ 102,670
Derivatives designated as accounting hedges | Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount 19,375 20,125
Derivatives not designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 111,696 $ 185,381
v3.23.1
Financial Instruments - Gross Fair Values of Derivative Assets and Liabilities (Details) - Level 2
$ in Millions
Sep. 24, 2022
USD ($)
Other current assets and other non-current assets | Foreign exchange contracts  
Derivative assets:  
Fair value of derivative assets $ 7,136
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives designated as accounting hedges  
Derivative assets:  
Fair value of derivative assets 4,317
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives not designated as accounting hedges  
Derivative assets:  
Fair value of derivative assets 2,819
Other current liabilities and other non-current liabilities | Foreign exchange contracts  
Derivative liabilities:  
Fair value of derivative liabilities 4,752
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 2,205
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives not designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 2,547
Other current liabilities and other non-current liabilities | Interest rate contracts  
Derivative liabilities:  
Fair value of derivative liabilities 1,367
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 1,367
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives not designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities $ 0
v3.23.1
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
Apr. 01, 2023
Sep. 24, 2022
Current and non-current marketable securities    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged marketable securities $ 14,651 $ 13,378
Current and non-current term debt    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged term debt $ (18,249) $ (18,739)
v3.23.1
Condensed Consolidated Financial Statement Details - Inventories (Details) - USD ($)
$ in Millions
Apr. 01, 2023
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Components $ 3,379 $ 1,637
Finished goods 4,103 3,309
Total inventories $ 7,482 $ 4,946
v3.23.1
Condensed Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Apr. 01, 2023
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Gross property, plant and equipment $ 113,066 $ 114,457
Accumulated depreciation and amortization (69,668) (72,340)
Total property, plant and equipment, net $ 43,398 $ 42,117
v3.23.1
Condensed Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest and dividend income $ 918 $ 700 $ 1,786 $ 1,350
Interest expense (930) (691) (1,933) (1,385)
Other income/(expense), net 76 151 (182) (52)
Total other income/(expense), net $ 64 $ 160 $ (329) $ (87)
v3.23.1
Income Taxes (Details)
Aug. 30, 2016
Subsidiary
Unfavorable investigation outcome, EU State Aid rules  
Income Tax Contingency [Line Items]  
Number of subsidiaries impacted by the European Commission tax ruling 2
v3.23.1
Debt - Additional Information (Details) - USD ($)
$ in Millions
Apr. 01, 2023
Sep. 24, 2022
Debt Instrument [Line Items]    
Commercial paper $ 1,996 $ 9,982
Fixed-rate notes, aggregate carrying amount 107,600 110,100
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper 2,000 10,000
Level 2    
Debt Instrument [Line Items]    
Fixed-rate notes, aggregate fair value $ 98,400 $ 98,800
v3.23.1
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Maturities 90 days or less:    
Proceeds from/(Repayments of) commercial paper, net $ (5,315) $ 4,952
Maturities greater than 90 days:    
Proceeds from commercial paper 0 1,191
Repayments of commercial paper (2,645) (5,144)
Repayments of commercial paper, net (2,645) (3,953)
Total proceeds from/(repayments of) commercial paper, net $ (7,960) $ 999
v3.23.1
Shareholders' Equity - Additional Information (Details)
shares in Millions, $ in Billions
 6 Months Ended
Apr. 01, 2023
USD ($)
shares
Share Repurchase Program [Line Items]  
Number of shares repurchased (in shares) | shares 262
Amount of share repurchases | $ $ 38.1
v3.23.1
Benefit Plans - Restricted Stock Units Activity and Related Information (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Millions
 6 Months Ended
Apr. 01, 2023
USD ($)
$ / shares
shares
Number of Restricted Stock Units  
Beginning balance (in shares) | shares 201,501
RSUs granted (in shares) | shares 84,902
RSUs vested (in shares) | shares (54,795)
RSUs canceled (in shares) | shares (4,671)
Ending balance (in shares) | shares 226,937
Weighted-Average Grant Date Fair Value Per RSU  
Beginning balance (in dollars per share) | $ / shares $ 109.48
RSUs granted (in dollars per share) | $ / shares 149.73
RSUs vested (in dollars per share) | $ / shares 86.72
RSUs canceled (in dollars per share) | $ / shares 122.79
Ending balance (in dollars per share) | $ / shares $ 129.76
Aggregate Fair Value  
Aggregate fair value of RSUs | $ $ 37,422
v3.23.1
Benefit Plans - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total unrecognized compensation cost related to RSUs and stock options $ 23.2   $ 23.2  
Total unrecognized compensation cost related to RSUs and stock options, weighted-average recognition period     2 years 9 months 18 days  
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of RSUs as of the respective vesting dates $ 1.1 $ 1.0 $ 8.0 $ 9.5
v3.23.1
Benefit Plans - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Share-Based Payment Arrangement [Abstract]        
Share-based compensation expense $ 2,686 $ 2,252 $ 5,591 $ 4,517
Income tax benefit related to share-based compensation expense $ (620) $ (649) $ (1,798) $ (2,185)
v3.23.1
Commitments and Contingencies - Future Payments Under Unconditional Purchase Obligations (Details)
$ in Millions
Apr. 01, 2023
USD ($)
Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]  
2023 (remaining six months) $ 2,263
2024 2,716
2025 2,028
2026 2,602
2027 571
Thereafter 5,897
Total $ 16,077
v3.23.1
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Segment Reporting Information [Line Items]        
Net sales $ 94,836 $ 97,278 $ 211,990 $ 221,223
Operating income 28,318 29,979 64,334 71,467
Americas        
Segment Reporting Information [Line Items]        
Net sales 37,784 40,882 87,062 92,378
Operating income 13,927 15,279 31,791 34,864
Europe        
Segment Reporting Information [Line Items]        
Net sales 23,945 23,287 51,626 53,036
Operating income 9,368 8,505 19,385 20,050
Greater China        
Segment Reporting Information [Line Items]        
Net sales 17,812 18,343 41,717 44,126
Operating income 7,531 8,112 17,968 19,295
Japan        
Segment Reporting Information [Line Items]        
Net sales 7,176 7,724 13,931 14,831
Operating income 3,394 3,496 6,630 6,845
Rest of Asia Pacific        
Segment Reporting Information [Line Items]        
Net sales 8,119 7,042 17,654 16,852
Operating income $ 3,268 $ 2,823 $ 7,119 $ 6,818
v3.23.1
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Apr. 01, 2023
Mar. 26, 2022
Apr. 01, 2023
Mar. 26, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ 28,318 $ 29,979 $ 64,334 $ 71,467
Research and development expense (7,457) (6,387) (15,166) (12,693)
Operating segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income 37,488 38,215 82,893 87,872
Segment reconciling items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Research and development expense (7,457) (6,387) (15,166) (12,693)
Corporate non-segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Other corporate expenses, net $ (1,713) $ (1,849) $ (3,393) $ (3,712)