APPLE INC., 10-Q filed on 7/29/2022
Quarterly Report
v3.22.2
Cover Page - shares
shares in Thousands
 9 Months Ended
Jun. 25, 2022
Jul. 15, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 25, 2022  
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)   16,070,752
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000320193  
Current Fiscal Year End Date --09-24  
Common Stock    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.00001 par value per share  
Trading Symbol AAPL  
Security Exchange Name NASDAQ  
1.000% Notes due 2022    
Entity Information [Line Items]    
Title of 12(b) Security 1.000% Notes due 2022  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2024    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2024  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.000% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.000% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.875% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.875% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.625% Notes due 2026    
Entity Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2026  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
2.000% Notes due 2027    
Entity Information [Line Items]    
Title of 12(b) Security 2.000% Notes due 2027  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.050% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 3.050% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.500% Notes due 2031    
Entity Information [Line Items]    
Title of 12(b) Security 0.500% Notes due 2031  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.600% Notes due 2042    
Entity Information [Line Items]    
Title of 12(b) Security 3.600% Notes due 2042  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Net sales $ 82,959 $ 81,434 $ 304,182 $ 282,457
Cost of sales 47,074 46,179 171,495 164,795
Gross margin 35,885 35,255 132,687 117,662
Operating expenses:        
Research and development 6,797 5,717 19,490 16,142
Selling, general and administrative 6,012 5,412 18,654 16,357
Total operating expenses 12,809 11,129 38,144 32,499
Operating income 23,076 24,126 94,543 85,163
Other income/(expense), net (10) 243 (97) 796
Income before provision for income taxes 23,066 24,369 94,446 85,959
Provision for income taxes 3,624 2,625 15,364 11,830
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129
Earnings per share:        
Basic (in dollars per share) $ 1.20 $ 1.31 $ 4.86 $ 4.42
Diluted (in dollars per share) $ 1.20 $ 1.30 $ 4.82 $ 4.38
Shares used in computing earnings per share:        
Basic (in shares) 16,162,945 16,629,371 16,277,824 16,772,656
Diluted (in shares) 16,262,203 16,781,735 16,394,937 16,941,527
Products        
Net sales $ 63,355 $ 63,948 $ 245,241 $ 232,309
Cost of sales 41,485 40,899 155,084 149,476
Services        
Net sales 19,604 17,486 58,941 50,148
Cost of sales $ 5,589 $ 5,280 $ 16,411 $ 15,319
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Statement of Comprehensive Income [Abstract]        
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129
Other comprehensive income/(loss):        
Change in foreign currency translation, net of tax (721) 188 (1,102) 659
Change in unrealized gains/losses on derivative instruments, net of tax:        
Change in fair value of derivative instruments 852 (24) 1,548 4
Adjustment for net (gains)/losses realized and included in net income 121 17 (87) 593
Total change in unrealized gains/losses on derivative instruments 973 (7) 1,461 597
Change in unrealized gains/losses on marketable debt securities, net of tax:        
Change in fair value of marketable debt securities (3,150) 217 (9,959) (558)
Adjustment for net (gains)/losses realized and included in net income 95 (54) 140 (234)
Total change in unrealized gains/losses on marketable debt securities (3,055) 163 (9,819) (792)
Total other comprehensive income/(loss) (2,803) 344 (9,460) 464
Total comprehensive income $ 16,639 $ 22,088 $ 69,622 $ 74,593
v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Jun. 25, 2022
Sep. 25, 2021
Current assets:    
Cash and cash equivalents $ 27,502 $ 34,940
Marketable securities 20,729 27,699
Accounts receivable, net 21,803 26,278
Inventories 5,433 6,580
Vendor non-trade receivables 20,439 25,228
Other current assets 16,386 14,111
Total current assets 112,292 134,836
Non-current assets:    
Marketable securities 131,077 127,877
Property, plant and equipment, net 40,335 39,440
Other non-current assets 52,605 48,849
Total non-current assets 224,017 216,166
Total assets 336,309 351,002
Current liabilities:    
Accounts payable 48,343 54,763
Other current liabilities 48,811 47,493
Deferred revenue 7,728 7,612
Commercial paper 10,982 6,000
Term debt 14,009 9,613
Total current liabilities 129,873 125,481
Non-current liabilities:    
Term debt 94,700 109,106
Other non-current liabilities 53,629 53,325
Total non-current liabilities 148,329 162,431
Total liabilities 278,202 287,912
Commitments and contingencies
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,095,378 and 16,426,786 shares issued and outstanding, respectively 62,115 57,365
Retained earnings 5,289 5,562
Accumulated other comprehensive income/(loss) (9,297) 163
Total shareholders’ equity 58,107 63,090
Total liabilities and shareholders’ equity $ 336,309 $ 351,002
v3.22.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Jun. 25, 2022
Sep. 25, 2021
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) 16,095,378,000 16,426,786,000
Common stock, shares outstanding (in shares) 16,095,378,000 16,426,786,000
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Common stock and additional paid-in capital
Retained earnings
Accumulated other comprehensive income/(loss)
Beginning balances at Sep. 26, 2020 $ 65,339 $ 50,779 $ 14,966 $ (406)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   561    
Common stock withheld related to net share settlement of equity awards   (2,460) (3,606)  
Share-based compensation   6,109    
Net income 74,129   74,129  
Dividends and dividend equivalents declared     (10,755)  
Common stock repurchased     (65,501)  
Other comprehensive income/(loss) 464     464
Ending balances at Jun. 26, 2021 $ 64,280 54,989 9,233 58
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.63      
Beginning balances at Mar. 27, 2021 $ 69,178 54,203 15,261 (286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   0    
Common stock withheld related to net share settlement of equity awards   (1,224) (1,559)  
Share-based compensation   2,010    
Net income 21,744   21,744  
Dividends and dividend equivalents declared     (3,713)  
Common stock repurchased     (22,500)  
Other comprehensive income/(loss) 344     344
Ending balances at Jun. 26, 2021 $ 64,280 54,989 9,233 58
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. 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   (2,783) (3,323)  
Share-based compensation   6,940    
Net income 79,082   79,082  
Dividends and dividend equivalents declared     (11,058)  
Common stock repurchased (65,000)   (64,974)  
Other comprehensive income/(loss) (9,460)     (9,460)
Ending balances at Jun. 25, 2022 $ 58,107 62,115 5,289 (9,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.67      
Beginning balances at Mar. 26, 2022 $ 67,399 61,181 12,712 (6,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   0    
Common stock withheld related to net share settlement of equity awards   (1,371) (1,403)  
Share-based compensation   2,305    
Net income 19,442   19,442  
Dividends and dividend equivalents declared     (3,760)  
Common stock repurchased     (21,702)  
Other comprehensive income/(loss) (2,803)     (2,803)
Ending balances at Jun. 25, 2022 $ 58,107 $ 62,115 $ 5,289 $ (9,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.23      
v3.22.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Statement of Cash Flows [Abstract]    
Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789
Operating activities:    
Net income 79,082 74,129
Adjustments to reconcile net income to cash generated by operating activities:    
Depreciation and amortization 8,239 8,295
Share-based compensation expense 6,760 5,961
Deferred income tax expense/(benefit) 2,756 (737)
Other (61) (689)
Changes in operating assets and liabilities:    
Accounts receivable, net 4,561 (1,316)
Inventories 1,049 (1,213)
Vendor non-trade receivables 4,789 4,892
Other current and non-current assets (3,289) (5,899)
Accounts payable (6,108) (1,786)
Deferred revenue 260 1,738
Other current and non-current liabilities (14) 463
Cash generated by operating activities 98,024 83,838
Investing activities:    
Purchases of marketable securities (70,178) (94,052)
Proceeds from maturities of marketable securities 24,203 49,880
Proceeds from sales of marketable securities 33,609 36,745
Payments for acquisition of property, plant and equipment (7,419) (7,862)
Payments made in connection with business acquisitions, net (169) (13)
Other (1,183) (78)
Cash used in investing activities (21,137) (15,380)
Financing activities:    
Payments for taxes related to net share settlement of equity awards (5,915) (5,855)
Payments for dividends and dividend equivalents (11,138) (10,827)
Repurchases of common stock (64,974) (66,223)
Proceeds from issuance of term debt, net 0 13,923
Repayments of term debt (6,750) (7,500)
Proceeds from commercial paper, net 4,970 3,022
Other (148) 489
Cash used in financing activities (83,955) (72,971)
Decrease in cash, cash equivalents and restricted cash (7,068) (4,513)
Cash, cash equivalents and restricted cash, ending balances 28,861 35,276
Supplemental cash flow disclosure:    
Cash paid for income taxes, net 12,251 18,536
Cash paid for interest $ 1,910 $ 1,870
v3.22.2
Summary of Significant Accounting Policies
 9 Months Ended
Jun. 25, 2022
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 25, 2021.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The Company’s fiscal years 2022 and 2021 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 (net income in millions and shares in thousands):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Numerator:
Net income$19,442 $21,744 $79,082 $74,129 
Denominator:
Weighted-average basic shares outstanding16,162,945 16,629,371 16,277,824 16,772,656 
Effect of dilutive securities99,258 152,364 117,113 168,871 
Weighted-average diluted shares16,262,203 16,781,735 16,394,937 16,941,527 
Basic earnings per share$1.20 $1.31 $4.86 $4.42 
Diluted earnings per share$1.20 $1.30 $4.82 $4.38 
v3.22.2
Revenue
 9 Months Ended
Jun. 25, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 were as follows (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
iPhone® (1)
$40,665 $39,570 $162,863 $153,105 
Mac® (1)
7,382 8,235 28,669 26,012 
iPad® (1)
7,224 7,368 22,118 23,610 
Wearables, Home and Accessories (1)(2)
8,084 8,775 31,591 29,582 
Services (3)
19,604 17,486 58,941 50,148 
Total net sales (4)
$82,959 $81,434 $304,182 $282,457 
(1)Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in the sales price of the respective product.
(2)Wearables, Home and Accessories net sales include sales of AirPods®, Apple TV®, Apple Watch®, Beats® products, HomePod mini® and accessories.
(3)Services net sales include sales from the Company’s advertising, AppleCare®, cloud, digital content, payment and other services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products.
(4)Includes $3.1 billion of revenue recognized in the three months ended June 25, 2022 that was included in deferred revenue as of March 26, 2022, $3.0 billion of revenue recognized in the three months ended June 26, 2021 that was included in deferred revenue as of March 27, 2021, $6.3 billion of revenue recognized in the nine months ended June 25, 2022 that was included in deferred revenue as of September 25, 2021, and $5.5 billion of revenue recognized in the nine months ended June 26, 2021 that was included in deferred revenue as of September 26, 2020.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 9, “Segment Information and Geographic Data” for the three- and nine-month periods ended June 25, 2022 and June 26, 2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of June 25, 2022 and September 25, 2021, the Company had total deferred revenue of $12.2 billion and $11.9 billion, respectively. As of June 25, 2022, the Company expects 63% of total deferred revenue to be realized in less than a year, 27% within one-to-two years, 8% within two-to-three years and 2% in greater than three years.
v3.22.2
Financial Instruments
 9 Months Ended
Jun. 25, 2022
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 June 25, 2022 and September 25, 2021 (in millions):
June 25, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$12,852 $— $— $12,852 $12,852 $— $— 
Level 1 (1):
Money market funds10,970 — — 10,970 10,970 — — 
Mutual funds252 — (32)220 — 220 — 
Subtotal11,222 — (32)11,190 10,970 220 — 
Level 2 (2):
U.S. Treasury securities25,296 — (1,328)23,968 91 3,511 20,366 
U.S. agency securities5,805 — (511)5,294 4 240 5,050 
Non-U.S. government securities17,597 6 (1,023)16,580 — 6,336 10,244 
Certificates of deposit and time deposits
3,928 — — 3,928 3,374 504 50 
Commercial paper966 — — 966 209 757 — 
Corporate debt securities88,912 15 (6,455)82,472 2 8,738 73,732 
Municipal securities978 — (26)952 — 203 749 
Mortgage- and asset-backed securities
23,058 — (1,952)21,106 — 220 20,886 
Subtotal166,540 21 (11,295)155,266 3,680 20,509 131,077 
Total (3)
$190,614 $21 $(11,327)$179,308 $27,502 $20,729 $131,077 
September 25, 2021
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$17,305 $— $— $17,305 $17,305 $— $— 
Level 1 (1):
Money market funds9,608 — — 9,608 9,608 — — 
Mutual funds175 11 (1)185 — 185 — 
Subtotal9,783 11 (1)9,793 9,608 185 — 
Level 2 (2):
Equity securities1,527 — (564)963 — 963 — 
U.S. Treasury securities22,878 102 (77)22,903 3,596 6,625 12,682 
U.S. agency securities8,949 2 (64)8,887 1,775 1,930 5,182 
Non-U.S. government securities20,201 211 (101)20,311 390 3,091 16,830 
Certificates of deposit and time deposits
1,300 — — 1,300 490 810 — 
Commercial paper2,639 — — 2,639 1,776 863 — 
Corporate debt securities83,883 1,242 (267)84,858 — 12,327 72,531 
Municipal securities967 14 — 981 — 130 851 
Mortgage- and asset-backed securities
20,529 171 (124)20,576 — 775 19,801 
Subtotal162,873 1,742 (1,197)163,418 8,027 27,514 127,877 
Total (3)
$189,961 $1,753 $(1,198)$190,516 $34,940 $27,699 $127,877 
(1)Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3)As of June 25, 2022 and September 25, 2021, total marketable securities included $14.1 billion and $17.9 billion, respectively, that were restricted from general use, related to the European Commission decision finding that Ireland granted state aid to the Company, and other agreements.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of June 25, 2022 (in millions):
Due after 1 year through 5 years$92,970 
Due after 5 years through 10 years19,317 
Due after 10 years18,790 
Total fair value$131,077 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of June 25, 2022, the Company’s hedged term debt– and marketable securities–related foreign currency transactions are expected to be recognized within 20 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.
The notional amounts of the Company’s outstanding derivative instruments as of June 25, 2022 and September 25, 2021 were as follows (in millions):
June 25,
2022		September 25,
2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$76,234 $76,475 
Interest rate contracts$20,775 $16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$84,506 $126,918 
The gross fair values of the Company’s derivative assets and liabilities were not material as of June 25, 2022 and September 25, 2021.
The gains and losses recognized in other comprehensive income/(loss) and amounts reclassified from accumulated other comprehensive income/(loss) to net income for the Company’s derivative instruments designated as cash flow hedges were not material in the three- and nine-month periods ended June 25, 2022 and June 26, 2021.
The carrying amounts of the Company’s hedged items in fair value hedges as of June 25, 2022 and September 25, 2021 were as follows (in millions):
June 25,
2022		September 25,
2021
Hedged assets/(liabilities):
Current and non-current marketable securities$14,250 $15,954 
Current and non-current term debt$(19,281)$(17,857)
The gains and losses on the Company’s derivative instruments designated as fair value hedges and the related hedged item adjustments were not material in the three- and nine-month periods ended June 25, 2022 and June 26, 2021.
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit-financing arrangements are directly between the third-party financing company and the end customer. As such, the Company generally does not assume any recourse or credit risk sharing related to any of these arrangements.
The Company’s cellular network carriers accounted for 36% and 42% of total trade receivables as of June 25, 2022 and September 25, 2021, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. As of June 25, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 12%. As of September 25, 2021, the Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 52%, 11% and 11%.
v3.22.2
Condensed Consolidated Financial Statement Details
 9 Months Ended
Jun. 25, 2022
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 June 25, 2022 and September 25, 2021 (in millions):
Property, Plant and Equipment, Net
June 25,
2022		September 25,
2021
Gross property, plant and equipment$111,851 $109,723 
Accumulated depreciation and amortization(71,516)(70,283)
Total property, plant and equipment, net$40,335 $39,440 
Other Non-Current Liabilities
June 25,
2022		September 25,
2021
Long-term taxes payable$20,699 $24,689 
Other non-current liabilities32,930 28,636 
Total other non-current liabilities$53,629 $53,325 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Interest and dividend income$722 $719 $2,072 $2,184 
Interest expense(719)(665)(2,104)(1,973)
Other income/(expense), net(13)189 (65)585 
Total other income/(expense), net$(10)$243 $(97)$796 
v3.22.2
Debt
 9 Months Ended
Jun. 25, 2022
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 June 25, 2022 and September 25, 2021, the Company had $11.0 billion and $6.0 billion of Commercial Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the nine months ended June 25, 2022 and June 26, 2021 (in millions):
Nine Months Ended
June 25,
2022		June 26,
2021
Maturities 90 days or less:
Proceeds from commercial paper, net$4,383 $2,745 
Maturities greater than 90 days:
Proceeds from commercial paper5,731 3,993 
Repayments of commercial paper(5,144)(3,716)
Proceeds from commercial paper, net587 277 
Total proceeds from commercial paper, net$4,970 $3,022 
Term Debt
As of June 25, 2022 and September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate carrying amount of $108.7 billion and $118.7 billion, respectively (collectively the “Notes”). As of June 25, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $101.0 billion and $125.3 billion, respectively.
v3.22.2
Shareholders' Equity
 9 Months Ended
Jun. 25, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
During the nine months ended June 25, 2022, the Company repurchased 408 million shares of its common stock for $65.0 billion under a share repurchase program authorized by the Board of Directors (the “Program”), including 35 million shares delivered under accelerated share repurchase agreements totaling $6.0 billion that were entered into in November 2021. The Program does not obligate the Company to acquire a minimum amount of shares. Under the Program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
v3.22.2
Benefit Plans
 9 Months Ended
Jun. 25, 2022
Share-based Payment Arrangement [Abstract]  
Benefit Plans Benefit Plans
Restricted Stock Units
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the nine months ended June 25, 2022 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 25, 2021240,427 $75.16 
RSUs granted84,927 $150.02 
RSUs vested(109,846)$70.96 
RSUs canceled(12,986)$98.26 
Balance as of June 25, 2022202,522 $107.35 $28,689 
The fair value as of the respective vesting dates of RSUs was $7.8 billion and $17.3 billion for the three- and nine-month periods ended June 25, 2022, respectively, and was $7.9 billion and $17.3 billion for the three- and nine-month periods ended June 26, 2021, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Share-based compensation expense$2,243 $1,960 $6,760 $5,961 
Income tax benefit related to share-based compensation expense$(1,231)$(1,319)$(3,416)$(3,518)
As of June 25, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $18.1 billion, which the Company expects to recognize over a weighted-average period of 2.7 years.
v3.22.2
Commitments and Contingencies
 9 Months Ended
Jun. 25, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Accrued Warranty
The following table shows changes in the Company’s accrued warranties and related costs for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Beginning accrued warranty and related costs$3,206 $3,784 $3,364 $3,354 
Cost of warranty claims(534)(636)(1,787)(2,008)
Accruals for product warranty177 384 1,272 2,186 
Ending accrued warranty and related costs$2,849 $3,532 $2,849 $3,532 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.
v3.22.2
Segment Information and Geographic Data
 9 Months Ended
Jun. 25, 2022
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 nine-month periods ended June 25, 2022 and June 26, 2021 (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Americas:
Net sales$37,472 $35,870 $129,850 $116,486 
Operating income$13,914 $12,916 $48,778 $40,751 
Europe:
Net sales$19,287 $18,943 $72,323 $68,513 
Operating income$7,124 $7,085 $27,174 $24,939 
Greater China:
Net sales$14,604 $14,762 $58,730 $53,803 
Operating income$5,760 $6,303 $25,055 $22,591 
Japan:
Net sales$5,446 $6,464 $20,277 $22,491 
Operating income$2,418 $3,031 $9,263 $9,962 
Rest of Asia Pacific:
Net sales$6,150 $5,395 $23,002 $21,164 
Operating income$2,367 $2,116 $9,185 $7,805 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 is as follows (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Segment operating income$31,583 $31,451 $119,455 $106,048 
Research and development expense(6,797)(5,717)(19,490)(16,142)
Other corporate expenses, net(1,710)(1,608)(5,422)(4,743)
Total operating income$23,076 $24,126 $94,543 $85,163 
v3.22.2
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Jun. 25, 2022
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 25, 2021.
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. The Company’s fiscal years 2022 and 2021 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
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.
v3.22.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Jun. 25, 2022
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 nine-month periods ended June 25, 2022 and June 26, 2021 (net income in millions and shares in thousands):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Numerator:
Net income$19,442 $21,744 $79,082 $74,129 
Denominator:
Weighted-average basic shares outstanding16,162,945 16,629,371 16,277,824 16,772,656 
Effect of dilutive securities99,258 152,364 117,113 168,871 
Weighted-average diluted shares16,262,203 16,781,735 16,394,937 16,941,527 
Basic earnings per share$1.20 $1.31 $4.86 $4.42 
Diluted earnings per share$1.20 $1.30 $4.82 $4.38 
v3.22.2
Revenue (Tables)
 9 Months Ended
Jun. 25, 2022
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 nine-month periods ended June 25, 2022 and June 26, 2021 were as follows (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
iPhone® (1)
$40,665 $39,570 $162,863 $153,105 
Mac® (1)
7,382 8,235 28,669 26,012 
iPad® (1)
7,224 7,368 22,118 23,610 
Wearables, Home and Accessories (1)(2)
8,084 8,775 31,591 29,582 
Services (3)
19,604 17,486 58,941 50,148 
Total net sales (4)
$82,959 $81,434 $304,182 $282,457 
(1)Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in the sales price of the respective product.
(2)Wearables, Home and Accessories net sales include sales of AirPods®, Apple TV®, Apple Watch®, Beats® products, HomePod mini® and accessories.
(3)Services net sales include sales from the Company’s advertising, AppleCare®, cloud, digital content, payment and other services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products.
(4)Includes $3.1 billion of revenue recognized in the three months ended June 25, 2022 that was included in deferred revenue as of March 26, 2022, $3.0 billion of revenue recognized in the three months ended June 26, 2021 that was included in deferred revenue as of March 27, 2021, $6.3 billion of revenue recognized in the nine months ended June 25, 2022 that was included in deferred revenue as of September 25, 2021, and $5.5 billion of revenue recognized in the nine months ended June 26, 2021 that was included in deferred revenue as of September 26, 2020.
v3.22.2
Financial Instruments (Tables)
 9 Months Ended
Jun. 25, 2022
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 June 25, 2022 and September 25, 2021 (in millions):
June 25, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$12,852 $— $— $12,852 $12,852 $— $— 
Level 1 (1):
Money market funds10,970 — — 10,970 10,970 — — 
Mutual funds252 — (32)220 — 220 — 
Subtotal11,222 — (32)11,190 10,970 220 — 
Level 2 (2):
U.S. Treasury securities25,296 — (1,328)23,968 91 3,511 20,366 
U.S. agency securities5,805 — (511)5,294 4 240 5,050 
Non-U.S. government securities17,597 6 (1,023)16,580 — 6,336 10,244 
Certificates of deposit and time deposits
3,928 — — 3,928 3,374 504 50 
Commercial paper966 — — 966 209 757 — 
Corporate debt securities88,912 15 (6,455)82,472 2 8,738 73,732 
Municipal securities978 — (26)952 — 203 749 
Mortgage- and asset-backed securities
23,058 — (1,952)21,106 — 220 20,886 
Subtotal166,540 21 (11,295)155,266 3,680 20,509 131,077 
Total (3)
$190,614 $21 $(11,327)$179,308 $27,502 $20,729 $131,077 
September 25, 2021
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$17,305 $— $— $17,305 $17,305 $— $— 
Level 1 (1):
Money market funds9,608 — — 9,608 9,608 — — 
Mutual funds175 11 (1)185 — 185 — 
Subtotal9,783 11 (1)9,793 9,608 185 — 
Level 2 (2):
Equity securities1,527 — (564)963 — 963 — 
U.S. Treasury securities22,878 102 (77)22,903 3,596 6,625 12,682 
U.S. agency securities8,949 2 (64)8,887 1,775 1,930 5,182 
Non-U.S. government securities20,201 211 (101)20,311 390 3,091 16,830 
Certificates of deposit and time deposits
1,300 — — 1,300 490 810 — 
Commercial paper2,639 — — 2,639 1,776 863 — 
Corporate debt securities83,883 1,242 (267)84,858 — 12,327 72,531 
Municipal securities967 14 — 981 — 130 851 
Mortgage- and asset-backed securities
20,529 171 (124)20,576 — 775 19,801 
Subtotal162,873 1,742 (1,197)163,418 8,027 27,514 127,877 
Total (3)
$189,961 $1,753 $(1,198)$190,516 $34,940 $27,699 $127,877 
(1)Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3)As of June 25, 2022 and September 25, 2021, total marketable securities included $14.1 billion and $17.9 billion, respectively, that were restricted from general use, related to the European Commission decision finding that Ireland granted state aid to the Company, and other agreements.
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 June 25, 2022 (in millions):
Due after 1 year through 5 years$92,970 
Due after 5 years through 10 years19,317 
Due after 10 years18,790 
Total fair value$131,077 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of June 25, 2022 and September 25, 2021 were as follows (in millions):
June 25,
2022		September 25,
2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$76,234 $76,475 
Interest rate contracts$20,775 $16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$84,506 $126,918 
Carrying Amounts of Hedged Items in Fair Value Hedges
The carrying amounts of the Company’s hedged items in fair value hedges as of June 25, 2022 and September 25, 2021 were as follows (in millions):
June 25,
2022		September 25,
2021
Hedged assets/(liabilities):
Current and non-current marketable securities$14,250 $15,954 
Current and non-current term debt$(19,281)$(17,857)
v3.22.2
Condensed Consolidated Financial Statement Details (Tables)
 9 Months Ended
Jun. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
June 25,
2022		September 25,
2021
Gross property, plant and equipment$111,851 $109,723 
Accumulated depreciation and amortization(71,516)(70,283)
Total property, plant and equipment, net$40,335 $39,440 
Other Non-Current Liabilities
Other Non-Current Liabilities
June 25,
2022		September 25,
2021
Long-term taxes payable$20,699 $24,689 
Other non-current liabilities32,930 28,636 
Total other non-current liabilities$53,629 $53,325 
Other Income/(Expense), Net
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Interest and dividend income$722 $719 $2,072 $2,184 
Interest expense(719)(665)(2,104)(1,973)
Other income/(expense), net(13)189 (65)585 
Total other income/(expense), net$(10)$243 $(97)$796 
v3.22.2
Debt (Tables)
 9 Months Ended
Jun. 25, 2022
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 nine months ended June 25, 2022 and June 26, 2021 (in millions):
Nine Months Ended
June 25,
2022		June 26,
2021
Maturities 90 days or less:
Proceeds from commercial paper, net$4,383 $2,745 
Maturities greater than 90 days:
Proceeds from commercial paper5,731 3,993 
Repayments of commercial paper(5,144)(3,716)
Proceeds from commercial paper, net587 277 
Total proceeds from commercial paper, net$4,970 $3,022 
v3.22.2
Benefit Plans (Tables)
 9 Months Ended
Jun. 25, 2022
Share-based Payment Arrangement [Abstract]  
Restricted Stock Unit Activity
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the nine months ended June 25, 2022 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 25, 2021240,427 $75.16 
RSUs granted84,927 $150.02 
RSUs vested(109,846)$70.96 
RSUs canceled(12,986)$98.26 
Balance as of June 25, 2022202,522 $107.35 $28,689 
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 nine-month periods ended June 25, 2022 and June 26, 2021 (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Share-based compensation expense$2,243 $1,960 $6,760 $5,961 
Income tax benefit related to share-based compensation expense$(1,231)$(1,319)$(3,416)$(3,518)
v3.22.2
Commitments and Contingencies (Tables)
 9 Months Ended
Jun. 25, 2022
Commitments and Contingencies Disclosure [Abstract]  
Changes in Accrued Warranties and Related Costs
The following table shows changes in the Company’s accrued warranties and related costs for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Beginning accrued warranty and related costs$3,206 $3,784 $3,364 $3,354 
Cost of warranty claims(534)(636)(1,787)(2,008)
Accruals for product warranty177 384 1,272 2,186 
Ending accrued warranty and related costs$2,849 $3,532 $2,849 $3,532 
v3.22.2
Segment Information and Geographic Data (Tables)
 9 Months Ended
Jun. 25, 2022
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for the three- and nine-month periods ended June 25, 2022 and June 26, 2021 (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Americas:
Net sales$37,472 $35,870 $129,850 $116,486 
Operating income$13,914 $12,916 $48,778 $40,751 
Europe:
Net sales$19,287 $18,943 $72,323 $68,513 
Operating income$7,124 $7,085 $27,174 $24,939 
Greater China:
Net sales$14,604 $14,762 $58,730 $53,803 
Operating income$5,760 $6,303 $25,055 $22,591 
Japan:
Net sales$5,446 $6,464 $20,277 $22,491 
Operating income$2,418 $3,031 $9,263 $9,962 
Rest of Asia Pacific:
Net sales$6,150 $5,395 $23,002 $21,164 
Operating income$2,367 $2,116 $9,185 $7,805 
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 nine-month periods ended June 25, 2022 and June 26, 2021 is as follows (in millions):
Three Months EndedNine Months Ended
June 25,
2022		June 26,
2021		June 25,
2022		June 26,
2021
Segment operating income$31,583 $31,451 $119,455 $106,048 
Research and development expense(6,797)(5,717)(19,490)(16,142)
Other corporate expenses, net(1,710)(1,608)(5,422)(4,743)
Total operating income$23,076 $24,126 $94,543 $85,163 
v3.22.2
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Numerator:        
Net income $ 19,442 $ 21,744 $ 79,082 $ 74,129
Denominator:        
Weighted-average basic shares outstanding (in shares) 16,162,945 16,629,371 16,277,824 16,772,656
Effect of dilutive securities (in shares) 99,258 152,364 117,113 168,871
Weighted-average diluted shares (in shares) 16,262,203 16,781,735 16,394,937 16,941,527
Basic earnings per share (in dollars per share) $ 1.20 $ 1.31 $ 4.86 $ 4.42
Diluted earnings per share (in dollars per share) $ 1.20 $ 1.30 $ 4.82 $ 4.38
v3.22.2
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Disaggregation of Revenue [Line Items]        
Net sales $ 82,959 $ 81,434 $ 304,182 $ 282,457
Revenue recognized that was included in deferred revenue at the beginning of the period 3,100 3,000 6,300 5,500
iPhone        
Disaggregation of Revenue [Line Items]        
Net sales 40,665 39,570 162,863 153,105
Mac        
Disaggregation of Revenue [Line Items]        
Net sales 7,382 8,235 28,669 26,012
iPad        
Disaggregation of Revenue [Line Items]        
Net sales 7,224 7,368 22,118 23,610
Wearables, Home and Accessories        
Disaggregation of Revenue [Line Items]        
Net sales 8,084 8,775 31,591 29,582
Services        
Disaggregation of Revenue [Line Items]        
Net sales $ 19,604 $ 17,486 $ 58,941 $ 50,148
v3.22.2
Revenue - Additional Information (Details) - USD ($)
$ in Billions
Jun. 25, 2022
Sep. 25, 2021
Revenue from Contract with Customer [Abstract]    
Total deferred revenue $ 12.2 $ 11.9
v3.22.2
Revenue - Deferred Revenue, Expected Timing of Realization (Details)
Jun. 25, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-06-26  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 63.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-02  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 27.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 8.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-29  
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
v3.22.2
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Jun. 25, 2022
Sep. 25, 2021
Debt Securities, Available-for-sale [Line Items]    
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost $ 190,614 $ 189,961
Cash Equivalents and Marketable Securities, Unrealized Gains 21 1,753
Cash Equivalents and Marketable Securities, Unrealized Losses (11,327) (1,198)
Cash, Cash Equivalents and Marketable Securities, Fair Value 179,308 190,516
Cash and Cash Equivalents 27,502 34,940
Current Marketable Securities 20,729 27,699
Non-Current Marketable Securities 131,077 127,877
Total marketable securities that were restricted from general use 14,100 17,900
Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 11,222 9,783
Marketable Securities, Equity, Unrealized Gains 0 11
Marketable Securities, Equity, Unrealized Losses (32) (1)
Marketable Securities, Equity, Fair Value 11,190 9,793
Cash and Cash Equivalents 10,970 9,608
Current Marketable Securities 220 185
Non-Current Marketable Securities 0 0
Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 166,540 162,873
Marketable Securities, Debt, Unrealized Gains 21 1,742
Marketable Securities, Debt, Unrealized Losses (11,295) (1,197)
Marketable Securities, Debt, Fair Value 155,266 163,418
Cash and Cash Equivalents 3,680 8,027
Current Marketable Securities 20,509 27,514
Non-Current Marketable Securities 131,077 127,877
Cash    
Debt Securities, Available-for-sale [Line Items]    
Cash 12,852 17,305
Cash and Cash Equivalents 12,852 17,305
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Money market funds | Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 10,970 9,608
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 10,970 9,608
Cash and Cash Equivalents 10,970 9,608
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Mutual funds | Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 252 175
Marketable Securities, Equity, Unrealized Gains 0 11
Marketable Securities, Equity, Unrealized Losses (32) (1)
Marketable Securities, Equity, Fair Value 220 185
Cash and Cash Equivalents 0 0
Current Marketable Securities 220 185
Non-Current Marketable Securities 0 0
Equity securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost   1,527
Marketable Securities, Equity, Unrealized Gains   0
Marketable Securities, Equity, Unrealized Losses   (564)
Marketable Securities, Equity, Fair Value   963
Cash and Cash Equivalents   0
Current Marketable Securities   963
Non-Current Marketable Securities   0
U.S. Treasury securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 25,296 22,878
Marketable Securities, Debt, Unrealized Gains 0 102
Marketable Securities, Debt, Unrealized Losses (1,328) (77)
Marketable Securities, Debt, Fair Value 23,968 22,903
Cash and Cash Equivalents 91 3,596
Current Marketable Securities 3,511 6,625
Non-Current Marketable Securities 20,366 12,682
U.S. agency securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 5,805 8,949
Marketable Securities, Debt, Unrealized Gains 0 2
Marketable Securities, Debt, Unrealized Losses (511) (64)
Marketable Securities, Debt, Fair Value 5,294 8,887
Cash and Cash Equivalents 4 1,775
Current Marketable Securities 240 1,930
Non-Current Marketable Securities 5,050 5,182
Non-U.S. government securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 17,597 20,201
Marketable Securities, Debt, Unrealized Gains 6 211
Marketable Securities, Debt, Unrealized Losses (1,023) (101)
Marketable Securities, Debt, Fair Value 16,580 20,311
Cash and Cash Equivalents 0 390
Current Marketable Securities 6,336 3,091
Non-Current Marketable Securities 10,244 16,830
Certificates of deposit and time deposits | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 3,928 1,300
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 3,928 1,300
Cash and Cash Equivalents 3,374 490
Current Marketable Securities 504 810
Non-Current Marketable Securities 50 0
Commercial paper | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 966 2,639
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 966 2,639
Cash and Cash Equivalents 209 1,776
Current Marketable Securities 757 863
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 88,912 83,883
Marketable Securities, Debt, Unrealized Gains 15 1,242
Marketable Securities, Debt, Unrealized Losses (6,455) (267)
Marketable Securities, Debt, Fair Value 82,472 84,858
Cash and Cash Equivalents 2 0
Current Marketable Securities 8,738 12,327
Non-Current Marketable Securities 73,732 72,531
Municipal securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 978 967
Marketable Securities, Debt, Unrealized Gains 0 14
Marketable Securities, Debt, Unrealized Losses (26) 0
Marketable Securities, Debt, Fair Value 952 981
Cash and Cash Equivalents 0 0
Current Marketable Securities 203 130
Non-Current Marketable Securities 749 851
Mortgage- and asset-backed securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 23,058 20,529
Marketable Securities, Debt, Unrealized Gains 0 171
Marketable Securities, Debt, Unrealized Losses (1,952) (124)
Marketable Securities, Debt, Fair Value 21,106 20,576
Cash and Cash Equivalents 0 0
Current Marketable Securities 220 775
Non-Current Marketable Securities $ 20,886 $ 19,801
v3.22.2
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details)
$ in Millions
Jun. 25, 2022
USD ($)
Fair value of non-current marketable debt securities by contractual maturity  
Due after 1 year through 5 years $ 92,970
Due after 5 years through 10 years 19,317
Due after 10 years 18,790
Total fair value $ 131,077
v3.22.2
Financial Instruments - Additional Information (Details) - Vendor
 9 Months Ended 12 Months Ended
Jun. 25, 2022
Sep. 25, 2021
Trade receivables | Credit concentration risk | Cellular network carriers    
Financial Instruments [Line Items]    
Concentration risk, percentage 36.00% 42.00%
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 2 3
Non-trade receivables | Credit concentration risk | Vendor one    
Financial Instruments [Line Items]    
Concentration risk, percentage 54.00% 52.00%
Non-trade receivables | Credit concentration risk | Vendor two    
Financial Instruments [Line Items]    
Concentration risk, percentage 12.00% 11.00%
Non-trade receivables | Credit concentration risk | Vendor three    
Financial Instruments [Line Items]    
Concentration risk, percentage   11.00%
Hedges of foreign currency exposure associated with revenue and inventory purchases    
Financial Instruments [Line Items]    
Hedged foreign currency transactions, expected recognition period 12 months  
Hedges of foreign currency exposure associated with term debt and marketable securities    
Financial Instruments [Line Items]    
Hedged foreign currency transactions, expected recognition period 20 years  
v3.22.2
Financial Instruments - Notional Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Jun. 25, 2022
Sep. 25, 2021
Derivative instruments designated as accounting hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivatives, notional amount $ 76,234 $ 76,475
Derivative instruments designated as accounting hedges | Interest rate contracts    
Derivative [Line Items]    
Derivatives, notional amount 20,775 16,875
Derivatives instruments not designated as accounting hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivatives, notional amount $ 84,506 $ 126,918
v3.22.2
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
Jun. 25, 2022
Sep. 25, 2021
Current and non-current marketable securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of hedged marketable securities $ 14,250 $ 15,954
Current and non-current term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of hedged term debt $ (19,281) $ (17,857)
v3.22.2
Condensed Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Jun. 25, 2022
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Gross property, plant and equipment $ 111,851 $ 109,723
Accumulated depreciation and amortization (71,516) (70,283)
Total property, plant and equipment, net $ 40,335 $ 39,440
v3.22.2
Condensed Consolidated Financial Statement Details - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 25, 2022
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Long-term taxes payable $ 20,699 $ 24,689
Other non-current liabilities 32,930 28,636
Total other non-current liabilities $ 53,629 $ 53,325
v3.22.2
Condensed Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest and dividend income $ 722 $ 719 $ 2,072 $ 2,184
Interest expense (719) (665) (2,104) (1,973)
Other income/(expense), net (13) 189 (65) 585
Total other income/(expense), net $ (10) $ 243 $ (97) $ 796
v3.22.2
Debt - Additional Information (Details) - USD ($)
$ in Millions
Jun. 25, 2022
Sep. 25, 2021
Debt Instrument [Line Items]    
Commercial paper $ 10,982 $ 6,000
Floating- and fixed-rate notes, aggregate carrying amount 108,700 118,700
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper 11,000 6,000
Level 2    
Debt Instrument [Line Items]    
Floating- and fixed-rate notes, aggregate fair value $ 101,000 $ 125,300
v3.22.2
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Maturities 90 days or less:    
Proceeds from commercial paper, net $ 4,383 $ 2,745
Maturities greater than 90 days:    
Proceeds from commercial paper 5,731 3,993
Repayments of commercial paper (5,144) (3,716)
Proceeds from commercial paper, net 587 277
Total proceeds from commercial paper, net $ 4,970 $ 3,022
v3.22.2
Shareholders' Equity - Additional Information (Details)
shares in Millions, $ in Billions
 9 Months Ended
Jun. 25, 2022
USD ($)
shares
Share Repurchase Program [Line Items]  
Number of shares repurchased (in shares) | shares 408
Amount of share repurchases | $ $ 65.0
November 2021 accelerated share repurchase agreements  
Share Repurchase Program [Line Items]  
Number of shares repurchased (in shares) | shares 35
Amount of share repurchases | $ $ 6.0
v3.22.2
Benefit Plans - Restricted Stock Units Activity and Related Information (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Millions
 9 Months Ended
Jun. 25, 2022
USD ($)
$ / shares
shares
Number of Restricted Stock Units  
Beginning balance (in shares) | shares 240,427
RSUs granted (in shares) | shares 84,927
RSUs vested (in shares) | shares (109,846)
RSUs canceled (in shares) | shares (12,986)
Ending balance (in shares) | shares 202,522
Weighted-Average Grant Date Fair Value Per RSU  
Beginning balance (in dollars per share) | $ / shares $ 75.16
RSUs granted (in dollars per share) | $ / shares 150.02
RSUs vested (in dollars per share) | $ / shares 70.96
RSUs canceled (in dollars per share) | $ / shares 98.26
Ending balance (in dollars per share) | $ / shares $ 107.35
Aggregate Fair Value  
Aggregate fair value of RSUs | $ $ 28,689
v3.22.2
Benefit Plans - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total unrecognized compensation cost related to RSUs and stock options $ 18.1   $ 18.1  
Total unrecognized compensation cost related to RSUs and stock options, weighted-average recognition period     2 years 8 months 12 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 $ 7.8 $ 7.9 $ 17.3 $ 17.3
v3.22.2
Benefit Plans - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Share-based Payment Arrangement [Abstract]        
Share-based compensation expense $ 2,243 $ 1,960 $ 6,760 $ 5,961
Income tax benefit related to share-based compensation expense $ (1,231) $ (1,319) $ (3,416) $ (3,518)
v3.22.2
Commitments and Contingencies - Changes in Accrued Warranties and Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Changes in Accrued Warranties and Related Costs [Roll Forward]        
Beginning accrued warranty and related costs $ 3,206 $ 3,784 $ 3,364 $ 3,354
Cost of warranty claims (534) (636) (1,787) (2,008)
Accruals for product warranty 177 384 1,272 2,186
Ending accrued warranty and related costs $ 2,849 $ 3,532 $ 2,849 $ 3,532
v3.22.2
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Segment Reporting Information [Line Items]        
Net sales $ 82,959 $ 81,434 $ 304,182 $ 282,457
Operating income 23,076 24,126 94,543 85,163
Americas        
Segment Reporting Information [Line Items]        
Net sales 37,472 35,870 129,850 116,486
Operating income 13,914 12,916 48,778 40,751
Europe        
Segment Reporting Information [Line Items]        
Net sales 19,287 18,943 72,323 68,513
Operating income 7,124 7,085 27,174 24,939
Greater China        
Segment Reporting Information [Line Items]        
Net sales 14,604 14,762 58,730 53,803
Operating income 5,760 6,303 25,055 22,591
Japan        
Segment Reporting Information [Line Items]        
Net sales 5,446 6,464 20,277 22,491
Operating income 2,418 3,031 9,263 9,962
Rest of Asia Pacific        
Segment Reporting Information [Line Items]        
Net sales 6,150 5,395 23,002 21,164
Operating income $ 2,367 $ 2,116 $ 9,185 $ 7,805
v3.22.2
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jun. 25, 2022
Jun. 26, 2021
Jun. 25, 2022
Jun. 26, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ 23,076 $ 24,126 $ 94,543 $ 85,163
Research and development expense (6,797) (5,717) (19,490) (16,142)
Operating segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income 31,583 31,451 119,455 106,048
Segment reconciling items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Research and development expense (6,797) (5,717) (19,490) (16,142)
Corporate non-segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Other corporate expenses, net $ (1,710) $ (1,608) $ (5,422) $ (4,743)