APPLE INC., 10-Q filed on 4/29/2022
Quarterly Report
v3.22.1
Cover Page - shares
shares in Thousands
 6 Months Ended
Mar. 26, 2022
Apr. 15, 2022
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 26, 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)   16,185,181
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q2  
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, $0.00001 par value per share  
Trading Symbol AAPL  
Security Exchange Name NASDAQ  
1.000% Notes due 2022    
Entity Information [Line Items]    
Title of 12(b) Security 1.000% Notes due 2022  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2024    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2024  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.000% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.000% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.875% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.875% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.625% Notes due 2026    
Entity Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2026  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
2.000% Notes due 2027    
Entity Information [Line Items]    
Title of 12(b) Security 2.000% Notes due 2027  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.050% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 3.050% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.500% Notes due 2031    
Entity Information [Line Items]    
Title of 12(b) Security 0.500% Notes due 2031  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.600% Notes due 2042    
Entity Information [Line Items]    
Title of 12(b) Security 3.600% Notes due 2042  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Net sales $ 97,278 $ 89,584 $ 221,223 $ 201,023
Cost of sales 54,719 51,505 124,421 118,616
Gross margin 42,559 38,079 96,802 82,407
Operating expenses:        
Research and development 6,387 5,262 12,693 10,425
Selling, general and administrative 6,193 5,314 12,642 10,945
Total operating expenses 12,580 10,576 25,335 21,370
Operating income 29,979 27,503 71,467 61,037
Other income/(expense), net 160 508 (87) 553
Income before provision for income taxes 30,139 28,011 71,380 61,590
Provision for income taxes 5,129 4,381 11,740 9,205
Net income $ 25,010 $ 23,630 $ 59,640 $ 52,385
Earnings per share:        
Basic (in dollars per share) $ 1.54 $ 1.41 $ 3.65 $ 3.11
Diluted (in dollars per share) $ 1.52 $ 1.40 $ 3.62 $ 3.08
Shares used in computing earnings per share:        
Basic (in shares) 16,278,802 16,753,476 16,335,263 16,844,298
Diluted (in shares) 16,403,316 16,929,157 16,461,304 17,021,423
Products        
Net sales $ 77,457 $ 72,683 $ 181,886 $ 168,361
Cost of sales 49,290 46,447 113,599 108,577
Services        
Net sales 19,821 16,901 39,337 32,662
Cost of sales $ 5,429 $ 5,058 $ 10,822 $ 10,039
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Statement of Comprehensive Income [Abstract]        
Net income $ 25,010 $ 23,630 $ 59,640 $ 52,385
Other comprehensive income/(loss):        
Change in foreign currency translation, net of tax (21) (78) (381) 471
Change in unrealized gains/losses on derivative instruments, net of tax:        
Change in fair value of derivative instruments 334 332 696 28
Adjustment for net (gains)/losses realized and included in net income (301) 759 (208) 576
Total change in unrealized gains/losses on derivative instruments 33 1,091 488 604
Change in unrealized gains/losses on marketable debt securities, net of tax:        
Change in fair value of marketable debt securities (5,633) (1,403) (6,809) (775)
Adjustment for net (gains)/losses realized and included in net income 54 (75) 45 (180)
Total change in unrealized gains/losses on marketable debt securities (5,579) (1,478) (6,764) (955)
Total other comprehensive income/(loss) (5,567) (465) (6,657) 120
Total comprehensive income $ 19,443 $ 23,165 $ 52,983 $ 52,505
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Mar. 26, 2022
Sep. 25, 2021
Current assets:    
Cash and cash equivalents $ 28,098 $ 34,940
Marketable securities 23,413 27,699
Accounts receivable, net 20,815 26,278
Inventories 5,460 6,580
Vendor non-trade receivables 24,585 25,228
Other current assets 15,809 14,111
Total current assets 118,180 134,836
Non-current assets:    
Marketable securities 141,219 127,877
Property, plant and equipment, net 39,304 39,440
Other non-current assets 51,959 48,849
Total non-current assets 232,482 216,166
Total assets 350,662 351,002
Current liabilities:    
Accounts payable 52,682 54,763
Other current liabilities 50,248 47,493
Deferred revenue 7,920 7,612
Commercial paper 6,999 6,000
Term debt 9,659 9,613
Total current liabilities 127,508 125,481
Non-current liabilities:    
Term debt 103,323 109,106
Other non-current liabilities 52,432 53,325
Total non-current liabilities 155,755 162,431
Total liabilities 283,263 287,912
Commitments and contingencies
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,207,568 and 16,426,786 shares issued and outstanding, respectively 61,181 57,365
Retained earnings 12,712 5,562
Accumulated other comprehensive income/(loss) (6,494) 163
Total shareholders’ equity 67,399 63,090
Total liabilities and shareholders’ equity $ 350,662 $ 351,002
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Mar. 26, 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) 16,207,568,000 16,426,786,000
Common stock, shares outstanding (in shares) 16,207,568,000 16,426,786,000
v3.22.1
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   (1,236) (2,047)  
Share-based compensation   4,099    
Net income 52,385   52,385  
Dividends and dividend equivalents declared     (7,042)  
Common stock repurchased     (43,001)  
Other comprehensive income/(loss) 120     120
Ending balances at Mar. 27, 2021 $ 69,178 54,203 15,261 (286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.41      
Beginning balances at Dec. 26, 2020 $ 66,224 51,744 14,301 179
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   561    
Common stock withheld related to net share settlement of equity awards   (135) (174)  
Share-based compensation   2,033    
Net income 23,630   23,630  
Dividends and dividend equivalents declared     (3,495)  
Common stock repurchased     (19,001)  
Other comprehensive income/(loss) (465)     (465)
Ending balances at Mar. 27, 2021 $ 69,178 54,203 15,261 (286)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.205      
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 (43,300)   (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      
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Statement of Cash Flows [Abstract]    
Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789
Operating activities:    
Net income 59,640 52,385
Adjustments to reconcile net income to cash generated by operating activities:    
Depreciation and amortization 5,434 5,463
Share-based compensation expense 4,517 4,001
Deferred income tax expense/(benefit) 1,088 (207)
Other (20) (474)
Changes in operating assets and liabilities:    
Accounts receivable, net 5,542 (2,347)
Inventories 1,065 (1,226)
Vendor non-trade receivables 643 6,792
Other current and non-current assets (3,542) (4,333)
Accounts payable (1,750) (1,997)
Deferred revenue 627 1,642
Other current and non-current liabilities 1,888 3,045
Cash generated by operating activities 75,132 62,744
Investing activities:    
Purchases of marketable securities (61,987) (74,424)
Proceeds from maturities of marketable securities 18,000 39,605
Proceeds from sales of marketable securities 24,668 21,645
Payments for acquisition of property, plant and equipment (5,317) (5,769)
Payments made in connection with business acquisitions, net (167) (9)
Other (568) 0
Cash used in investing activities (25,371) (18,952)
Financing activities:    
Payments for taxes related to net share settlement of equity awards (3,218) (3,160)
Payments for dividends and dividend equivalents (7,327) (7,060)
Repurchases of common stock (43,109) (43,323)
Proceeds from issuance of term debt, net 0 13,923
Repayments of term debt (3,750) (4,500)
Proceeds from commercial paper, net 999 22
Other (105) 523
Cash used in financing activities (56,510) (43,575)
Increase/(Decrease) in cash, cash equivalents and restricted cash (6,749) 217
Cash, cash equivalents and restricted cash, ending balances 29,180 40,006
Supplemental cash flow disclosure:    
Cash paid for income taxes, net 9,301 10,276
Cash paid for interest $ 1,406 $ 1,327
v3.22.1
Summary of Significant Accounting Policies
 6 Months Ended
Mar. 26, 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 six-month periods ended March 26, 2022 and March 27, 2021 (net income in millions and shares in thousands):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Numerator:
Net income$25,010 $23,630 $59,640 $52,385 
Denominator:
Weighted-average basic shares outstanding16,278,802 16,753,476 16,335,263 16,844,298 
Effect of dilutive securities124,514 175,681 126,041 177,125 
Weighted-average diluted shares16,403,316 16,929,157 16,461,304 17,021,423 
Basic earnings per share$1.54 $1.41 $3.65 $3.11 
Diluted earnings per share$1.52 $1.40 $3.62 $3.08 
v3.22.1
Revenue
 6 Months Ended
Mar. 26, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Net sales disaggregated by significant products and services for the three- and six-month periods ended March 26, 2022 and March 27, 2021 were as follows (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
iPhone® (1)
$50,570 $47,938 $122,198 $113,535 
Mac® (1)
10,435 9,102 21,287 17,777 
iPad® (1)
7,646 7,807 14,894 16,242 
Wearables, Home and Accessories (1)(2)
8,806 7,836 23,507 20,807 
Services (3)
19,821 16,901 39,337 32,662 
Total net sales (4)
$97,278 $89,584 $221,223 $201,023 
(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®, iPod touch® 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 $3.0 billion of revenue recognized in the three months ended March 26, 2022 that was included in deferred revenue as of December 25, 2021, $2.7 billion of revenue recognized in the three months ended March 27, 2021 that was included in deferred revenue as of December 26, 2020, $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, and $4.1 billion of revenue recognized in the six months ended March 27, 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 six-month periods ended March 26, 2022 and March 27, 2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of March 26, 2022 and September 25, 2021, the Company had total deferred revenue of $12.5 billion and $11.9 billion, respectively. As of March 26, 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.
v3.22.1
Financial Instruments
 6 Months Ended
Mar. 26, 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 March 26, 2022 and September 25, 2021 (in millions):
March 26, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$14,298 $— $— $14,298 $14,298 $— $— 
Level 1 (1):
Money market funds7,653 — — 7,653 7,653 — — 
Mutual funds230 7 (9)228 — 228 — 
Subtotal7,883 7 (9)7,881 7,653 228 — 
Level 2 (2):
Equity securities1,527 — (1,132)395 — 395 — 
U.S. Treasury securities28,711 2 (1,037)27,676 2,306 3,554 21,816 
U.S. agency securities6,561 — (407)6,154 251 683 5,220 
Non-U.S. government securities18,868 44 (551)18,361 25 4,526 13,810 
Certificates of deposit and time deposits
2,872 — — 2,872 2,221 601 50 
Commercial paper2,913 — — 2,913 1,310 1,603 — 
Corporate debt securities93,057 94 (4,266)88,885 34 11,309 77,542 
Municipal securities990 1 (22)969 — 162 807 
Mortgage- and asset-backed securities
23,613 3 (1,290)22,326 — 352 21,974 
Subtotal179,112 144 (8,705)170,551 6,147 23,185 141,219 
Total (3)
$201,293 $151 $(8,714)$192,730 $28,098 $23,413 $141,219 
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 March 26, 2022 and September 25, 2021, total marketable securities included $15.4 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 March 26, 2022 (in millions):
Due after 1 year through 5 years$97,603 
Due after 5 years through 10 years22,899 
Due after 10 years20,717 
Total fair value$141,219 
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 March 26, 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 March 26, 2022 and September 25, 2021 were as follows (in millions):
March 26,
2022		September 25,
2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$65,140 $76,475 
Interest rate contracts$20,775 $16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$110,758 $126,918 
The gross fair values of the Company’s derivative assets and liabilities were not material as of March 26, 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 six-month periods ended March 26, 2022 and March 27, 2021.
The carrying amounts of the Company’s hedged items in fair value hedges as of March 26, 2022 and September 25, 2021 were as follows (in millions):
March 26,
2022		September 25,
2021
Hedged assets/(liabilities):
Current and non-current marketable securities$14,943 $15,954 
Current and non-current term debt$(19,766)$(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 six-month periods ended March 26, 2022 and March 27, 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 March 26, 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 March 26, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 52% 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%.
v3.22.1
Condensed Consolidated Financial Statement Details
 6 Months Ended
Mar. 26, 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 March 26, 2022 and September 25, 2021 (in millions):
Property, Plant and Equipment, Net
March 26,
2022		September 25,
2021
Gross property, plant and equipment$109,324 $109,723 
Accumulated depreciation and amortization(70,020)(70,283)
Total property, plant and equipment, net$39,304 $39,440 
Other Non-Current Liabilities
March 26,
2022		September 25,
2021
Long-term taxes payable$20,711 $24,689 
Other non-current liabilities31,721 28,636 
Total other non-current liabilities$52,432 $53,325 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and six-month periods ended March 26, 2022 and March 27, 2021 (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Interest and dividend income$700 $718 $1,350 $1,465 
Interest expense(691)(670)(1,385)(1,308)
Other income/(expense), net151 460 (52)396 
Total other income/(expense), net$160 $508 $(87)$553 
v3.22.1
Debt
 6 Months Ended
Mar. 26, 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 March 26, 2022 and September 25, 2021, the Company had $7.0 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 six months ended March 26, 2022 and March 27, 2021 (in millions):
Six Months Ended
March 26,
2022		March 27,
2021
Maturities 90 days or less:
Proceeds from commercial paper, net$4,952 $2,008 
Maturities greater than 90 days:
Proceeds from commercial paper1,191 1,368 
Repayments of commercial paper(5,144)(3,354)
Repayments of commercial paper, net(3,953)(1,986)
Total proceeds from commercial paper, net$999 $22 
Term Debt
As of March 26, 2022 and September 25, 2021, the Company had outstanding floating- and fixed-rate notes with varying maturities for an aggregate carrying amount of $113.0 billion and $118.7 billion, respectively (collectively the “Notes”). As of March 26, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $110.5 billion and $125.3 billion, respectively.
v3.22.1
Shareholders' Equity
 6 Months Ended
Mar. 26, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
During the six months ended March 26, 2022, the Company repurchased 266 million shares of its common stock for $43.3 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.
v3.22.1
Benefit Plans
 6 Months Ended
Mar. 26, 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 six months ended March 26, 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 granted76,920 $149.72 
RSUs vested(62,476)$62.86 
RSUs canceled(8,407)$95.86 
Balance as of March 26, 2022246,464 $100.84 $43,062 
The fair value as of the respective vesting dates of RSUs was $1.0 billion and $9.5 billion for the three- and six-month periods ended March 26, 2022, respectively, and was $867 million and $9.4 billion for the three- and six-month periods ended March 27, 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 six-month periods ended March 26, 2022 and March 27, 2021 (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Share-based compensation expense$2,252 $1,981 $4,517 $4,001 
Income tax benefit related to share-based compensation expense
$(649)$(575)$(2,185)$(2,199)
As of March 26, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $19.3 billion, which the Company expects to recognize over a weighted-average period of 2.8 years.
v3.22.1
Commitments and Contingencies
 6 Months Ended
Mar. 26, 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 six-month periods ended March 26, 2022 and March 27, 2021 (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Beginning accrued warranty and related costs$3,530 $4,124 $3,364 $3,354 
Cost of warranty claims(581)(649)(1,253)(1,372)
Accruals for product warranty257 309 1,095 1,802 
Ending accrued warranty and related costs$3,206 $3,784 $3,206 $3,784 
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.
v3.22.1
Segment Information and Geographic Data
 6 Months Ended
Mar. 26, 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 six-month periods ended March 26, 2022 and March 27, 2021 (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Americas:
Net sales$40,882 $34,306 $92,378 $80,616 
Operating income$15,279 $12,050 $34,864 $27,835 
Europe:
Net sales$23,287 $22,264 $53,036 $49,570 
Operating income$8,505 $8,265 $20,050 $17,854 
Greater China:
Net sales$18,343 $17,728 $44,126 $39,041 
Operating income$8,112 $7,758 $19,295 $16,288 
Japan:
Net sales$7,724 $7,742 $14,831 $16,027 
Operating income$3,496 $3,428 $6,845 $6,931 
Rest of Asia Pacific:
Net sales$7,042 $7,544 $16,852 $15,769 
Operating income$2,823 $2,736 $6,818 $5,689 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and six-month periods ended March 26, 2022 and March 27, 2021 is as follows (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Segment operating income$38,215 $34,237 $87,872 $74,597 
Research and development expense(6,387)(5,262)(12,693)(10,425)
Other corporate expenses, net(1,849)(1,472)(3,712)(3,135)
Total operating income$29,979 $27,503 $71,467 $61,037 
v3.22.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Mar. 26, 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.
v3.22.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Mar. 26, 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 six-month periods ended March 26, 2022 and March 27, 2021 (net income in millions and shares in thousands):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Numerator:
Net income$25,010 $23,630 $59,640 $52,385 
Denominator:
Weighted-average basic shares outstanding16,278,802 16,753,476 16,335,263 16,844,298 
Effect of dilutive securities124,514 175,681 126,041 177,125 
Weighted-average diluted shares16,403,316 16,929,157 16,461,304 17,021,423 
Basic earnings per share$1.54 $1.41 $3.65 $3.11 
Diluted earnings per share$1.52 $1.40 $3.62 $3.08 
v3.22.1
Revenue (Tables)
 6 Months Ended
Mar. 26, 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 six-month periods ended March 26, 2022 and March 27, 2021 were as follows (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
iPhone® (1)
$50,570 $47,938 $122,198 $113,535 
Mac® (1)
10,435 9,102 21,287 17,777 
iPad® (1)
7,646 7,807 14,894 16,242 
Wearables, Home and Accessories (1)(2)
8,806 7,836 23,507 20,807 
Services (3)
19,821 16,901 39,337 32,662 
Total net sales (4)
$97,278 $89,584 $221,223 $201,023 
(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®, iPod touch® 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 $3.0 billion of revenue recognized in the three months ended March 26, 2022 that was included in deferred revenue as of December 25, 2021, $2.7 billion of revenue recognized in the three months ended March 27, 2021 that was included in deferred revenue as of December 26, 2020, $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, and $4.1 billion of revenue recognized in the six months ended March 27, 2021 that was included in deferred revenue as of September 26, 2020.
v3.22.1
Financial Instruments (Tables)
 6 Months Ended
Mar. 26, 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 March 26, 2022 and September 25, 2021 (in millions):
March 26, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$14,298 $— $— $14,298 $14,298 $— $— 
Level 1 (1):
Money market funds7,653 — — 7,653 7,653 — — 
Mutual funds230 7 (9)228 — 228 — 
Subtotal7,883 7 (9)7,881 7,653 228 — 
Level 2 (2):
Equity securities1,527 — (1,132)395 — 395 — 
U.S. Treasury securities28,711 2 (1,037)27,676 2,306 3,554 21,816 
U.S. agency securities6,561 — (407)6,154 251 683 5,220 
Non-U.S. government securities18,868 44 (551)18,361 25 4,526 13,810 
Certificates of deposit and time deposits
2,872 — — 2,872 2,221 601 50 
Commercial paper2,913 — — 2,913 1,310 1,603 — 
Corporate debt securities93,057 94 (4,266)88,885 34 11,309 77,542 
Municipal securities990 1 (22)969 — 162 807 
Mortgage- and asset-backed securities
23,613 3 (1,290)22,326 — 352 21,974 
Subtotal179,112 144 (8,705)170,551 6,147 23,185 141,219 
Total (3)
$201,293 $151 $(8,714)$192,730 $28,098 $23,413 $141,219 
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 March 26, 2022 and September 25, 2021, total marketable securities included $15.4 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 March 26, 2022 (in millions):
Due after 1 year through 5 years$97,603 
Due after 5 years through 10 years22,899 
Due after 10 years20,717 
Total fair value$141,219 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of March 26, 2022 and September 25, 2021 were as follows (in millions):
March 26,
2022		September 25,
2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$65,140 $76,475 
Interest rate contracts$20,775 $16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$110,758 $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 March 26, 2022 and September 25, 2021 were as follows (in millions):
March 26,
2022		September 25,
2021
Hedged assets/(liabilities):
Current and non-current marketable securities$14,943 $15,954 
Current and non-current term debt$(19,766)$(17,857)
v3.22.1
Condensed Consolidated Financial Statement Details (Tables)
 6 Months Ended
Mar. 26, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
March 26,
2022		September 25,
2021
Gross property, plant and equipment$109,324 $109,723 
Accumulated depreciation and amortization(70,020)(70,283)
Total property, plant and equipment, net$39,304 $39,440 
Other Non-Current Liabilities
Other Non-Current Liabilities
March 26,
2022		September 25,
2021
Long-term taxes payable$20,711 $24,689 
Other non-current liabilities31,721 28,636 
Total other non-current liabilities$52,432 $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 six-month periods ended March 26, 2022 and March 27, 2021 (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Interest and dividend income$700 $718 $1,350 $1,465 
Interest expense(691)(670)(1,385)(1,308)
Other income/(expense), net151 460 (52)396 
Total other income/(expense), net$160 $508 $(87)$553 
v3.22.1
Debt (Tables)
 6 Months Ended
Mar. 26, 2022
Debt Disclosure [Abstract]  
Summary of Cash Flows Associated with Issuance and Maturities of Commercial Paper The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the six months ended March 26, 2022 and March 27, 2021 (in millions):
Six Months Ended
March 26,
2022		March 27,
2021
Maturities 90 days or less:
Proceeds from commercial paper, net$4,952 $2,008 
Maturities greater than 90 days:
Proceeds from commercial paper1,191 1,368 
Repayments of commercial paper(5,144)(3,354)
Repayments of commercial paper, net(3,953)(1,986)
Total proceeds from commercial paper, net$999 $22 
v3.22.1
Benefit Plans (Tables)
 6 Months Ended
Mar. 26, 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 six months ended March 26, 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 granted76,920 $149.72 
RSUs vested(62,476)$62.86 
RSUs canceled(8,407)$95.86 
Balance as of March 26, 2022246,464 $100.84 $43,062 
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 March 26, 2022 and March 27, 2021 (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Share-based compensation expense$2,252 $1,981 $4,517 $4,001 
Income tax benefit related to share-based compensation expense
$(649)$(575)$(2,185)$(2,199)
v3.22.1
Commitments and Contingencies (Tables)
 6 Months Ended
Mar. 26, 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 six-month periods ended March 26, 2022 and March 27, 2021 (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Beginning accrued warranty and related costs$3,530 $4,124 $3,364 $3,354 
Cost of warranty claims(581)(649)(1,253)(1,372)
Accruals for product warranty257 309 1,095 1,802 
Ending accrued warranty and related costs$3,206 $3,784 $3,206 $3,784 
v3.22.1
Segment Information and Geographic Data (Tables)
 6 Months Ended
Mar. 26, 2022
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for the three- and six-month periods ended March 26, 2022 and March 27, 2021 (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Americas:
Net sales$40,882 $34,306 $92,378 $80,616 
Operating income$15,279 $12,050 $34,864 $27,835 
Europe:
Net sales$23,287 $22,264 $53,036 $49,570 
Operating income$8,505 $8,265 $20,050 $17,854 
Greater China:
Net sales$18,343 $17,728 $44,126 $39,041 
Operating income$8,112 $7,758 $19,295 $16,288 
Japan:
Net sales$7,724 $7,742 $14,831 $16,027 
Operating income$3,496 $3,428 $6,845 $6,931 
Rest of Asia Pacific:
Net sales$7,042 $7,544 $16,852 $15,769 
Operating income$2,823 $2,736 $6,818 $5,689 
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 March 26, 2022 and March 27, 2021 is as follows (in millions):
Three Months EndedSix Months Ended
March 26,
2022		March 27,
2021		March 26,
2022		March 27,
2021
Segment operating income$38,215 $34,237 $87,872 $74,597 
Research and development expense(6,387)(5,262)(12,693)(10,425)
Other corporate expenses, net(1,849)(1,472)(3,712)(3,135)
Total operating income$29,979 $27,503 $71,467 $61,037 
v3.22.1
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Numerator:        
Net income $ 25,010 $ 23,630 $ 59,640 $ 52,385
Denominator:        
Weighted-average basic shares outstanding (in shares) 16,278,802 16,753,476 16,335,263 16,844,298
Effect of dilutive securities (in shares) 124,514 175,681 126,041 177,125
Weighted-average diluted shares (in shares) 16,403,316 16,929,157 16,461,304 17,021,423
Basic earnings per share (in dollars per share) $ 1.54 $ 1.41 $ 3.65 $ 3.11
Diluted earnings per share (in dollars per share) $ 1.52 $ 1.40 $ 3.62 $ 3.08
v3.22.1
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Disaggregation of Revenue [Line Items]        
Net sales $ 97,278 $ 89,584 $ 221,223 $ 201,023
Revenue recognized that was included in deferred revenue at the beginning of the period 3,000 2,700 4,800 4,100
iPhone        
Disaggregation of Revenue [Line Items]        
Net sales 50,570 47,938 122,198 113,535
Mac        
Disaggregation of Revenue [Line Items]        
Net sales 10,435 9,102 21,287 17,777
iPad        
Disaggregation of Revenue [Line Items]        
Net sales 7,646 7,807 14,894 16,242
Wearables, Home and Accessories        
Disaggregation of Revenue [Line Items]        
Net sales 8,806 7,836 23,507 20,807
Services        
Disaggregation of Revenue [Line Items]        
Net sales $ 19,821 $ 16,901 $ 39,337 $ 32,662
v3.22.1
Revenue - Additional Information (Details) - USD ($)
$ in Billions
Mar. 26, 2022
Sep. 25, 2021
Revenue from Contract with Customer [Abstract]    
Total deferred revenue $ 12.5 $ 11.9
v3.22.1
Revenue - Deferred Revenue, Expected Timing of Realization (Details)
Mar. 26, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-03-27  
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]: 2023-04-02  
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]: 2024-03-31  
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]: 2025-03-30  
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
v3.22.1
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Mar. 26, 2022
Sep. 25, 2021
Debt Securities, Available-for-sale [Line Items]    
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost $ 201,293 $ 189,961
Cash Equivalents and Marketable Securities, Unrealized Gains 151 1,753
Cash Equivalents and Marketable Securities, Unrealized Losses (8,714) (1,198)
Cash, Cash Equivalents and Marketable Securities, Fair Value 192,730 190,516
Cash and Cash Equivalents 28,098 34,940
Current Marketable Securities 23,413 27,699
Non-Current Marketable Securities 141,219 127,877
Total marketable securities that were restricted from general use 15,400 17,900
Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 7,883 9,783
Marketable Securities, Equity, Unrealized Gains 7 11
Marketable Securities, Equity, Unrealized Losses (9) (1)
Marketable Securities, Equity, Fair Value 7,881 9,793
Cash and Cash Equivalents 7,653 9,608
Current Marketable Securities 228 185
Non-Current Marketable Securities 0 0
Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 179,112 162,873
Marketable Securities, Debt, Unrealized Gains 144 1,742
Marketable Securities, Debt, Unrealized Losses (8,705) (1,197)
Marketable Securities, Debt, Fair Value 170,551 163,418
Cash and Cash Equivalents 6,147 8,027
Current Marketable Securities 23,185 27,514
Non-Current Marketable Securities 141,219 127,877
Cash    
Debt Securities, Available-for-sale [Line Items]    
Cash 14,298 17,305
Cash and Cash Equivalents 14,298 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 7,653 9,608
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 7,653 9,608
Cash and Cash Equivalents 7,653 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 230 175
Marketable Securities, Equity, Unrealized Gains 7 11
Marketable Securities, Equity, Unrealized Losses (9) (1)
Marketable Securities, Equity, Fair Value 228 185
Cash and Cash Equivalents 0 0
Current Marketable Securities 228 185
Non-Current Marketable Securities 0 0
Equity securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 1,527 1,527
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses (1,132) (564)
Marketable Securities, Equity, Fair Value 395 963
Cash and Cash Equivalents 0 0
Current Marketable Securities 395 963
Non-Current Marketable Securities 0 0
U.S. Treasury securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 28,711 22,878
Marketable Securities, Debt, Unrealized Gains 2 102
Marketable Securities, Debt, Unrealized Losses (1,037) (77)
Marketable Securities, Debt, Fair Value 27,676 22,903
Cash and Cash Equivalents 2,306 3,596
Current Marketable Securities 3,554 6,625
Non-Current Marketable Securities 21,816 12,682
U.S. agency securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 6,561 8,949
Marketable Securities, Debt, Unrealized Gains 0 2
Marketable Securities, Debt, Unrealized Losses (407) (64)
Marketable Securities, Debt, Fair Value 6,154 8,887
Cash and Cash Equivalents 251 1,775
Current Marketable Securities 683 1,930
Non-Current Marketable Securities 5,220 5,182
Non-U.S. government securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 18,868 20,201
Marketable Securities, Debt, Unrealized Gains 44 211
Marketable Securities, Debt, Unrealized Losses (551) (101)
Marketable Securities, Debt, Fair Value 18,361 20,311
Cash and Cash Equivalents 25 390
Current Marketable Securities 4,526 3,091
Non-Current Marketable Securities 13,810 16,830
Certificates of deposit and time deposits | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 2,872 1,300
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 2,872 1,300
Cash and Cash Equivalents 2,221 490
Current Marketable Securities 601 810
Non-Current Marketable Securities 50 0
Commercial paper | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 2,913 2,639
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 2,913 2,639
Cash and Cash Equivalents 1,310 1,776
Current Marketable Securities 1,603 863
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 93,057 83,883
Marketable Securities, Debt, Unrealized Gains 94 1,242
Marketable Securities, Debt, Unrealized Losses (4,266) (267)
Marketable Securities, Debt, Fair Value 88,885 84,858
Cash and Cash Equivalents 34 0
Current Marketable Securities 11,309 12,327
Non-Current Marketable Securities 77,542 72,531
Municipal securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 990 967
Marketable Securities, Debt, Unrealized Gains 1 14
Marketable Securities, Debt, Unrealized Losses (22) 0
Marketable Securities, Debt, Fair Value 969 981
Cash and Cash Equivalents 0 0
Current Marketable Securities 162 130
Non-Current Marketable Securities 807 851
Mortgage- and asset-backed securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 23,613 20,529
Marketable Securities, Debt, Unrealized Gains 3 171
Marketable Securities, Debt, Unrealized Losses (1,290) (124)
Marketable Securities, Debt, Fair Value 22,326 20,576
Cash and Cash Equivalents 0 0
Current Marketable Securities 352 775
Non-Current Marketable Securities $ 21,974 $ 19,801
v3.22.1
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details)
$ in Millions
Mar. 26, 2022
USD ($)
Fair value of non-current marketable debt securities by contractual maturity  
Due after 1 year through 5 years $ 97,603
Due after 5 years through 10 years 22,899
Due after 10 years 20,717
Total fair value $ 141,219
v3.22.1
Financial Instruments - Additional Information (Details) - Vendor
 6 Months Ended 12 Months Ended
Mar. 26, 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 52.00% 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  
v3.22.1
Financial Instruments - Notional Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Mar. 26, 2022
Sep. 25, 2021
Derivative instruments designated as accounting hedges | Foreign exchange contracts    
Derivative [Line Items]    
Derivatives, notional amount $ 65,140 $ 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 $ 110,758 $ 126,918
v3.22.1
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
Mar. 26, 2022
Sep. 25, 2021
Current and non-current marketable securities    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of hedged marketable securities $ 14,943 $ 15,954
Current and non-current term debt    
Derivative Instruments and Hedging Activities Disclosures [Line Items]    
Carrying amount of hedged term debt $ (19,766) $ (17,857)
v3.22.1
Condensed Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Mar. 26, 2022
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Gross property, plant and equipment $ 109,324 $ 109,723
Accumulated depreciation and amortization (70,020) (70,283)
Total property, plant and equipment, net $ 39,304 $ 39,440
v3.22.1
Condensed Consolidated Financial Statement Details - Other Non-Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 26, 2022
Sep. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Long-term taxes payable $ 20,711 $ 24,689
Other non-current liabilities 31,721 28,636
Total other non-current liabilities $ 52,432 $ 53,325
v3.22.1
Condensed Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest and dividend income $ 700 $ 718 $ 1,350 $ 1,465
Interest expense (691) (670) (1,385) (1,308)
Other income/(expense), net 151 460 (52) 396
Total other income/(expense), net $ 160 $ 508 $ (87) $ 553
v3.22.1
Debt - Additional Information (Details) - USD ($)
$ in Millions
Mar. 26, 2022
Sep. 25, 2021
Debt Instrument [Line Items]    
Commercial paper $ 6,999 $ 6,000
Floating- and fixed-rate notes, aggregate carrying amount 113,000 118,700
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper 7,000 6,000
Level 2    
Debt Instrument [Line Items]    
Floating- and fixed-rate notes, aggregate fair value $ 110,500 $ 125,300
v3.22.1
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Maturities 90 days or less:    
Proceeds from commercial paper, net $ 4,952 $ 2,008
Maturities greater than 90 days:    
Proceeds from commercial paper 1,191 1,368
Repayments of commercial paper (5,144) (3,354)
Repayments of commercial paper, net (3,953) (1,986)
Total proceeds from commercial paper, net $ 999 $ 22
v3.22.1
Shareholders' Equity - Additional Information (Details)
shares in Millions, $ in Billions
 6 Months Ended
Mar. 26, 2022
USD ($)
shares
Share Repurchase Program [Line Items]  
Number of shares repurchased (in shares) | shares 266
Amount of share repurchases | $ $ 43.3
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
v3.22.1
Benefit Plans - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total unrecognized compensation cost related to RSUs and stock options $ 19,300   $ 19,300  
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 $ 1,000 $ 867 $ 9,500 $ 9,400
v3.22.1
Benefit Plans - Restricted Stock Units Activity and Related Information (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Millions
 6 Months Ended
Mar. 26, 2022
USD ($)
$ / shares
shares
Number of Restricted Stock Units  
Beginning balance (in shares) | shares 240,427
RSUs granted (in shares) | shares 76,920
RSUs vested (in shares) | shares (62,476)
RSUs canceled (in shares) | shares (8,407)
Ending balance (in shares) | shares 246,464
Weighted-Average Grant Date Fair Value Per RSU  
Beginning balance (in dollars per share) | $ / shares $ 75.16
RSUs granted (in dollars per share) | $ / shares 149.72
RSUs vested (in dollars per share) | $ / shares 62.86
RSUs canceled (in dollars per share) | $ / shares 95.86
Ending balance (in dollars per share) | $ / shares $ 100.84
Aggregate Fair Value  
Aggregate fair value of RSUs | $ $ 43,062
v3.22.1
Benefit Plans - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Share-based Payment Arrangement [Abstract]        
Share-based compensation expense $ 2,252 $ 1,981 $ 4,517 $ 4,001
Income tax benefit related to share-based compensation expense $ (649) $ (575) $ (2,185) $ (2,199)
v3.22.1
Commitments and Contingencies - Changes in Accrued Warranties and Related Costs (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Changes in Accrued Warranties and Related Costs [Roll Forward]        
Beginning accrued warranty and related costs $ 3,530 $ 4,124 $ 3,364 $ 3,354
Cost of warranty claims (581) (649) (1,253) (1,372)
Accruals for product warranty 257 309 1,095 1,802
Ending accrued warranty and related costs $ 3,206 $ 3,784 $ 3,206 $ 3,784
v3.22.1
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Segment Reporting Information [Line Items]        
Net sales $ 97,278 $ 89,584 $ 221,223 $ 201,023
Operating income 29,979 27,503 71,467 61,037
Americas        
Segment Reporting Information [Line Items]        
Net sales 40,882 34,306 92,378 80,616
Operating income 15,279 12,050 34,864 27,835
Europe        
Segment Reporting Information [Line Items]        
Net sales 23,287 22,264 53,036 49,570
Operating income 8,505 8,265 20,050 17,854
Greater China        
Segment Reporting Information [Line Items]        
Net sales 18,343 17,728 44,126 39,041
Operating income 8,112 7,758 19,295 16,288
Japan        
Segment Reporting Information [Line Items]        
Net sales 7,724 7,742 14,831 16,027
Operating income 3,496 3,428 6,845 6,931
Rest of Asia Pacific        
Segment Reporting Information [Line Items]        
Net sales 7,042 7,544 16,852 15,769
Operating income $ 2,823 $ 2,736 $ 6,818 $ 5,689
v3.22.1
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
Mar. 26, 2022
Mar. 27, 2021
Mar. 26, 2022
Mar. 27, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ 29,979 $ 27,503 $ 71,467 $ 61,037
Research and development expense (6,387) (5,262) (12,693) (10,425)
Operating segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income 38,215 34,237 87,872 74,597
Segment reconciling items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Research and development expense (6,387) (5,262) (12,693) (10,425)
Corporate non-segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Other corporate expenses, net $ (1,849) $ (1,472) $ (3,712) $ (3,135)