APPLE INC., 10-Q filed on 2/3/2023
Quarterly Report
v3.22.4
Cover Page - shares
shares in Thousands
 3 Months Ended
Dec. 31, 2022
Jan. 20, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 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)   15,821,946
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0000320193  
Current Fiscal Year End Date --09-30  
Common Stock, $0.00001 par value per share    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.00001 par value per share  
Trading Symbol AAPL  
Security Exchange Name NASDAQ  
1.375% Notes due 2024    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2024  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.000% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.000% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.875% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.875% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.625% Notes due 2026    
Entity Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2026  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
2.000% Notes due 2027    
Entity Information [Line Items]    
Title of 12(b) Security 2.000% Notes due 2027  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.050% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 3.050% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.500% Notes due 2031    
Entity Information [Line Items]    
Title of 12(b) Security 0.500% Notes due 2031  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.600% Notes due 2042    
Entity Information [Line Items]    
Title of 12(b) Security 3.600% Notes due 2042  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Net sales $ 117,154 $ 123,945
Cost of sales 66,822 69,702
Gross margin 50,332 54,243
Operating expenses:    
Research and development 7,709 6,306
Selling, general and administrative 6,607 6,449
Total operating expenses 14,316 12,755
Operating income 36,016 41,488
Other income/(expense), net (393) (247)
Income before provision for income taxes 35,623 41,241
Provision for income taxes 5,625 6,611
Net income $ 29,998 $ 34,630
Earnings per share:    
Basic (in dollars per share) $ 1.89 $ 2.11
Diluted (in dollars per share) $ 1.88 $ 2.10
Shares used in computing earnings per share:    
Basic (in shares) 15,892,723 16,391,724
Diluted (in shares) 15,955,718 16,519,291
Products    
Net sales $ 96,388 $ 104,429
Cost of sales 60,765 64,309
Services    
Net sales 20,766 19,516
Cost of sales $ 6,057 $ 5,393
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Statement of Comprehensive Income [Abstract]    
Net income $ 29,998 $ 34,630
Other comprehensive income/(loss):    
Change in foreign currency translation, net of tax (14) (360)
Change in unrealized gains/losses on derivative instruments, net of tax:    
Change in fair value of derivative instruments (988) 362
Adjustment for net (gains)/losses realized and included in net income (1,766) 93
Total change in unrealized gains/losses on derivative instruments (2,754) 455
Change in unrealized gains/losses on marketable debt securities, net of tax:    
Change in fair value of marketable debt securities 900 (1,176)
Adjustment for net (gains)/losses realized and included in net income 65 (9)
Total change in unrealized gains/losses on marketable debt securities 965 (1,185)
Total other comprehensive income/(loss) (1,803) (1,090)
Total comprehensive income $ 28,195 $ 33,540
v3.22.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Dec. 31, 2022
Sep. 24, 2022
Current assets:    
Cash and cash equivalents $ 20,535 $ 23,646
Marketable securities 30,820 24,658
Accounts receivable, net 23,752 28,184
Inventories 6,820 4,946
Vendor non-trade receivables 30,428 32,748
Other current assets 16,422 21,223
Total current assets 128,777 135,405
Non-current assets:    
Marketable securities 114,095 120,805
Property, plant and equipment, net 42,951 42,117
Other non-current assets 60,924 54,428
Total non-current assets 217,970 217,350
Total assets 346,747 352,755
Current liabilities:    
Accounts payable 57,918 64,115
Other current liabilities 59,893 60,845
Deferred revenue 7,992 7,912
Commercial paper 1,743 9,982
Term debt 9,740 11,128
Total current liabilities 137,286 153,982
Non-current liabilities:    
Term debt 99,627 98,959
Other non-current liabilities 53,107 49,142
Total non-current liabilities 152,734 148,101
Total liabilities 290,020 302,083
Commitments and contingencies
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,842,407 and 15,943,425 shares issued and outstanding, respectively 66,399 64,849
Retained earnings/(Accumulated deficit) 3,240 (3,068)
Accumulated other comprehensive income/(loss) (12,912) (11,109)
Total shareholders’ equity 56,727 50,672
Total liabilities and shareholders’ equity $ 346,747 $ 352,755
v3.22.4
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Dec. 31, 2022
Sep. 24, 2022
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 50,400,000,000 50,400,000,000
Common stock, shares issued (in shares) 15,842,407,000 15,943,425,000
Common stock, shares outstanding (in shares) 15,842,407,000 15,943,425,000
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Common stock and additional paid-in capital
Retained earnings/(Accumulated deficit)
Accumulated other comprehensive income/(loss)
Beginning balances at Sep. 25, 2021 $ 63,090 $ 57,365 $ 5,562 $ 163
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock withheld related to net share settlement of equity awards   (1,263) (1,730)  
Share-based compensation   2,322    
Net income 34,630   34,630  
Dividends and dividend equivalents declared     (3,665)  
Common stock repurchased     (20,362)  
Other comprehensive income/(loss) (1,090)     (1,090)
Ending balances at Dec. 25, 2021 $ 71,932 58,424 14,435 (927)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.22      
Beginning balances at Sep. 24, 2022 $ 50,672 64,849 (3,068) (11,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock withheld related to net share settlement of equity awards   (1,434) (978)  
Share-based compensation   2,984    
Net income 29,998   29,998  
Dividends and dividend equivalents declared     (3,712)  
Common stock repurchased (19,000)   (19,000)  
Other comprehensive income/(loss) (1,803)     (1,803)
Ending balances at Dec. 31, 2022 $ 56,727 $ 66,399 $ 3,240 $ (12,912)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.23      
v3.22.4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Statement of Cash Flows [Abstract]    
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929
Operating activities:    
Net income 29,998 34,630
Adjustments to reconcile net income to cash generated by operating activities:    
Depreciation and amortization 2,916 2,697
Share-based compensation expense 2,905 2,265
Other (317) 849
Changes in operating assets and liabilities:    
Accounts receivable, net 4,275 (3,934)
Inventories (1,807) 681
Vendor non-trade receivables 2,320 (9,812)
Other current and non-current assets (4,099) (4,921)
Accounts payable (6,075) 19,813
Deferred revenue 131 462
Other current and non-current liabilities 3,758 4,236
Cash generated by operating activities 34,005 46,966
Investing activities:    
Purchases of marketable securities (5,153) (34,913)
Proceeds from maturities of marketable securities 7,127 11,309
Proceeds from sales of marketable securities 509 10,675
Payments for acquisition of property, plant and equipment (3,787) (2,803)
Other (141) (374)
Cash used in investing activities (1,445) (16,106)
Financing activities:    
Payments for taxes related to net share settlement of equity awards (2,316) (2,888)
Payments for dividends and dividend equivalents (3,768) (3,732)
Repurchases of common stock (19,475) (20,478)
Repayments of term debt (1,401) 0
Repayments of commercial paper, net (8,214) (1,000)
Other (389) (61)
Cash used in financing activities (35,563) (28,159)
Increase/(Decrease) in cash, cash equivalents and restricted cash (3,003) 2,701
Cash, cash equivalents and restricted cash, ending balances 21,974 38,630
Supplemental cash flow disclosure:    
Cash paid for income taxes, net 828 5,235
Cash paid for interest $ 703 $ 531
v3.22.4
Summary of Significant Accounting Policies
 3 Months Ended
Dec. 31, 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 24, 2022.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first fiscal quarter of 2023. The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three months ended December 31, 2022 and December 25, 2021 (net income in millions and shares in thousands):
Three Months Ended
December 31,
2022		December 25,
2021
Numerator:
Net income$29,998 $34,630 
Denominator:
Weighted-average basic shares outstanding15,892,723 16,391,724 
Effect of dilutive securities62,995 127,567 
Weighted-average diluted shares15,955,718 16,519,291 
Basic earnings per share$1.89 $2.11 
Diluted earnings per share$1.88 $2.10 
Approximately 89 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the three months ended December 31, 2022 because their effect would have been antidilutive.
v3.22.4
Revenue
 3 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Net sales disaggregated by significant products and services for the three months ended December 31, 2022 and December 25, 2021 were as follows (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
iPhone® (1)
$65,775 $71,628 
Mac® (1)
7,735 10,852 
iPad® (1)
9,396 7,248 
Wearables, Home and Accessories (1)(2)
13,482 14,701 
Services (3)
20,766 19,516 
Total net sales (4)
$117,154 $123,945 
(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 $3.4 billion of revenue recognized in the three months ended December 31, 2022 that was included in deferred revenue as of September 24, 2022 and $3.0 billion of revenue recognized in the three months ended December 25, 2021 that was included in deferred revenue as of September 25, 2021.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 9, “Segment Information and Geographic Data” for the three months ended December 31, 2022 and December 25, 2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of December 31, 2022 and September 24, 2022, the Company had total deferred revenue of $12.6 billion and $12.4 billion, respectively. As of December 31, 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.
v3.22.4
Financial Instruments
 3 Months Ended
Dec. 31, 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 December 31, 2022 and September 24, 2022 (in millions):
December 31, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$17,908 $— $— $17,908 $17,908 $— $— 
Level 1 (1):
Money market funds818 — — 818 818 — — 
Mutual funds330 2 (40)292 — 292 — 
Subtotal1,148 2 (40)1,110 818 292 — 
Level 2 (2):
U.S. Treasury securities24,128 1 (1,576)22,553 13 9,105 13,435 
U.S. agency securities5,743 — (643)5,100 — 310 4,790 
Non-U.S. government securities17,778 14 (1,029)16,763 — 9,907 6,856 
Certificates of deposit and time deposits
2,025 — — 2,025 1,795 230 — 
Commercial paper237 — — 237 — 237 — 
Corporate debt securities85,895 14 (7,039)78,870 1 10,377 68,492 
Municipal securities864 — (26)838 — 278 560 
Mortgage- and asset-backed securities
22,448 3 (2,405)20,046 — 84 19,962 
Subtotal159,118 32 (12,718)146,432 1,809 30,528 114,095 
Total (3)
$178,174 $34 $(12,758)$165,450 $20,535 $30,820 $114,095 
September 24, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$18,546 $— $— $18,546 $18,546 $— $— 
Level 1 (1):
Money market funds2,929 — — 2,929 2,929 — — 
Mutual funds274 — (47)227 — 227 — 
Subtotal3,203 — (47)3,156 2,929 227 — 
Level 2 (2):
U.S. Treasury securities25,134 — (1,725)23,409 338 5,091 17,980 
U.S. agency securities5,823 — (655)5,168 — 240 4,928 
Non-U.S. government securities16,948 2 (1,201)15,749 — 8,806 6,943 
Certificates of deposit and time deposits
2,067 — — 2,067 1,805 262 — 
Commercial paper718 — — 718 28 690 — 
Corporate debt securities87,148 9 (7,707)79,450 — 9,023 70,427 
Municipal securities921 — (35)886 — 266 620 
Mortgage- and asset-backed securities
22,553 — (2,593)19,960 — 53 19,907 
Subtotal161,312 11 (13,916)147,407 2,171 24,431 120,805 
Total (3)
$183,061 $11 $(13,963)$169,109 $23,646 $24,658 $120,805 
(1)Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3)As of December 31, 2022 and September 24, 2022, total marketable securities included $13.6 billion and $12.7 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 December 31, 2022 (in millions):
Due after 1 year through 5 years$82,497 
Due after 5 years through 10 years14,243 
Due after 10 years17,355 
Total fair value$114,095 
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 December 31, 2022, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 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 December 31, 2022 and September 24, 2022 were as follows (in millions):
December 31,
2022		September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$66,054 $102,670 
Interest rate contracts$20,125 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$134,971 $185,381 
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
September 24, 2022
Fair Value of
Derivatives Designated
as Accounting Hedges		Fair Value of
Derivatives Not Designated
as Accounting Hedges		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$4,317 $2,819 $7,136 
Derivative liabilities (2):
Foreign exchange contracts$2,205 $2,547 $4,752 
Interest rate contracts$1,367 $— $1,367 
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheet.
(2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheet.
The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. To mitigate credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted when the net fair values of certain derivatives fluctuate from contractually established thresholds. To further limit credit risk, the Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. As of September 24, 2022, the potential effects of these rights of set-off associated with the Company’s derivative contracts, including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting in a net derivative asset of $412 million.
The carrying amounts of the Company’s hedged items in fair value hedges as of December 31, 2022 and September 24, 2022 were as follows (in millions):
December 31,
2022		September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,311 $13,378 
Current and non-current term debt$(18,731)$(18,739)
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit-financing arrangements are directly between the third-party financing company and the end customer. As such, the Company generally does not assume any recourse or credit risk sharing related to any of these arrangements.
As of both December 31, 2022 and September 24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 11% and 10%, respectively. The Company’s cellular network carriers accounted for 43% and 44% of total trade receivables as of December 31, 2022 and September 24, 2022, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. As of December 31, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 16%. As of September 24, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 13%.
v3.22.4
Condensed Consolidated Financial Statement Details
 3 Months Ended
Dec. 31, 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 December 31, 2022 and September 24, 2022 (in millions):
Inventories
December 31,
2022		September 24,
2022
Components$2,513 $1,637 
Finished goods4,307 3,309 
Total inventories$6,820 $4,946 
Property, Plant and Equipment, Net
December 31,
2022		September 24,
2022
Gross property, plant and equipment$110,995 $114,457 
Accumulated depreciation and amortization(68,044)(72,340)
Total property, plant and equipment, net$42,951 $42,117 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Interest and dividend income$868 $650 
Interest expense(1,003)(694)
Other expense, net(258)(203)
Total other income/(expense), net$(393)$(247)
v3.22.4
Debt
 3 Months Ended
Dec. 31, 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 December 31, 2022 and September 24, 2022, the Company had $1.7 billion and $10.0 billion of Commercial Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(5,569)$1,339 
Maturities greater than 90 days:
Proceeds from commercial paper— 1,191 
Repayments of commercial paper(2,645)(3,530)
Repayments of commercial paper, net(2,645)(2,339)
Total repayments of commercial paper, net$(8,214)$(1,000)
Term Debt
As of December 31, 2022 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $109.4 billion and $110.1 billion, respectively (collectively the “Notes”). As of December 31, 2022 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $98.0 billion and $98.8 billion, respectively.
v3.22.4
Shareholders' Equity
 3 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
During the three months ended December 31, 2022, the Company repurchased 133 million shares of its common stock for $19.0 billion under a share repurchase program authorized by the Board of Directors (the “Program”). The Program does not obligate the Company to acquire a minimum amount of shares. 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.
v3.22.4
Benefit Plans
 3 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Benefit Plans Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the three months ended December 31, 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 24, 2022201,501 $109.48 
RSUs granted82,123 $149.85 
RSUs vested(47,298)$84.46 
RSUs canceled(2,958)$120.26 
Balance as of December 31, 2022233,368 $128.62 $30,322 
The fair value as of the respective vesting dates of RSUs was $6.8 billion and $8.5 billion for the three months ended December 31, 2022 and December 25, 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 months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Share-based compensation expense$2,905 $2,265 
Income tax benefit related to share-based compensation expense$(1,178)$(1,536)
As of December 31, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $25.5 billion, which the Company expects to recognize over a weighted-average period of 3.0 years.
v3.22.4
Commitments and Contingencies
 3 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Contingencies
Unconditional Purchase Obligations
The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier arrangements, licensed content and distribution rights. Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of December 31, 2022, are as follows (in millions):
2023 (remaining nine months)$2,899 
20242,897 
20251,584 
20266,554 
2027348 
Thereafter444 
Total$14,726 
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.
v3.22.4
Segment Information and Geographic Data
 3 Months Ended
Dec. 31, 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 months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Americas:
Net sales$49,278 $51,496 
Operating income$17,864 $19,585 
Europe:
Net sales$27,681 $29,749 
Operating income$10,017 $11,545 
Greater China:
Net sales$23,905 $25,783 
Operating income$10,437 $11,183 
Japan:
Net sales$6,755 $7,107 
Operating income$3,236 $3,349 
Rest of Asia Pacific:
Net sales$9,535 $9,810 
Operating income$3,851 $3,995 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three months ended December 31, 2022 and December 25, 2021 is as follows (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Segment operating income$45,405 $49,657 
Research and development expense(7,709)(6,306)
Other corporate expenses, net(1,680)(1,863)
Total operating income$36,016 $41,488 
v3.22.4
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Dec. 31, 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 24, 2022.
Fiscal Period The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first fiscal quarter of 2023. The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Fair Value Measurements Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
v3.22.4
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Dec. 31, 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 months ended December 31, 2022 and December 25, 2021 (net income in millions and shares in thousands):
Three Months Ended
December 31,
2022		December 25,
2021
Numerator:
Net income$29,998 $34,630 
Denominator:
Weighted-average basic shares outstanding15,892,723 16,391,724 
Effect of dilutive securities62,995 127,567 
Weighted-average diluted shares15,955,718 16,519,291 
Basic earnings per share$1.89 $2.11 
Diluted earnings per share$1.88 $2.10 
v3.22.4
Revenue (Tables)
 3 Months Ended
Dec. 31, 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 months ended December 31, 2022 and December 25, 2021 were as follows (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
iPhone® (1)
$65,775 $71,628 
Mac® (1)
7,735 10,852 
iPad® (1)
9,396 7,248 
Wearables, Home and Accessories (1)(2)
13,482 14,701 
Services (3)
20,766 19,516 
Total net sales (4)
$117,154 $123,945 
(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 $3.4 billion of revenue recognized in the three months ended December 31, 2022 that was included in deferred revenue as of September 24, 2022 and $3.0 billion of revenue recognized in the three months ended December 25, 2021 that was included in deferred revenue as of September 25, 2021.
v3.22.4
Financial Instruments (Tables)
 3 Months Ended
Dec. 31, 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 December 31, 2022 and September 24, 2022 (in millions):
December 31, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$17,908 $— $— $17,908 $17,908 $— $— 
Level 1 (1):
Money market funds818 — — 818 818 — — 
Mutual funds330 2 (40)292 — 292 — 
Subtotal1,148 2 (40)1,110 818 292 — 
Level 2 (2):
U.S. Treasury securities24,128 1 (1,576)22,553 13 9,105 13,435 
U.S. agency securities5,743 — (643)5,100 — 310 4,790 
Non-U.S. government securities17,778 14 (1,029)16,763 — 9,907 6,856 
Certificates of deposit and time deposits
2,025 — — 2,025 1,795 230 — 
Commercial paper237 — — 237 — 237 — 
Corporate debt securities85,895 14 (7,039)78,870 1 10,377 68,492 
Municipal securities864 — (26)838 — 278 560 
Mortgage- and asset-backed securities
22,448 3 (2,405)20,046 — 84 19,962 
Subtotal159,118 32 (12,718)146,432 1,809 30,528 114,095 
Total (3)
$178,174 $34 $(12,758)$165,450 $20,535 $30,820 $114,095 
September 24, 2022
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$18,546 $— $— $18,546 $18,546 $— $— 
Level 1 (1):
Money market funds2,929 — — 2,929 2,929 — — 
Mutual funds274 — (47)227 — 227 — 
Subtotal3,203 — (47)3,156 2,929 227 — 
Level 2 (2):
U.S. Treasury securities25,134 — (1,725)23,409 338 5,091 17,980 
U.S. agency securities5,823 — (655)5,168 — 240 4,928 
Non-U.S. government securities16,948 2 (1,201)15,749 — 8,806 6,943 
Certificates of deposit and time deposits
2,067 — — 2,067 1,805 262 — 
Commercial paper718 — — 718 28 690 — 
Corporate debt securities87,148 9 (7,707)79,450 — 9,023 70,427 
Municipal securities921 — (35)886 — 266 620 
Mortgage- and asset-backed securities
22,553 — (2,593)19,960 — 53 19,907 
Subtotal161,312 11 (13,916)147,407 2,171 24,431 120,805 
Total (3)
$183,061 $11 $(13,963)$169,109 $23,646 $24,658 $120,805 
(1)Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2)Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3)As of December 31, 2022 and September 24, 2022, total marketable securities included $13.6 billion and $12.7 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 December 31, 2022 (in millions):
Due after 1 year through 5 years$82,497 
Due after 5 years through 10 years14,243 
Due after 10 years17,355 
Total fair value$114,095 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of December 31, 2022 and September 24, 2022 were as follows (in millions):
December 31,
2022		September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$66,054 $102,670 
Interest rate contracts$20,125 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$134,971 $185,381 
Gross Fair Values of Derivative Assets and Liabilities
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
September 24, 2022
Fair Value of
Derivatives Designated
as Accounting Hedges		Fair Value of
Derivatives Not Designated
as Accounting Hedges		Total
Fair Value
Derivative assets (1):
Foreign exchange contracts$4,317 $2,819 $7,136 
Derivative liabilities (2):
Foreign exchange contracts$2,205 $2,547 $4,752 
Interest rate contracts$1,367 $— $1,367 
(1)Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-current assets in the Condensed Consolidated Balance Sheet.
(2)Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheet.
Carrying Amounts of Hedged Items in Fair Value Hedges
The carrying amounts of the Company’s hedged items in fair value hedges as of December 31, 2022 and September 24, 2022 were as follows (in millions):
December 31,
2022		September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,311 $13,378 
Current and non-current term debt$(18,731)$(18,739)
v3.22.4
Condensed Consolidated Financial Statement Details (Tables)
 3 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Inventories
Inventories
December 31,
2022		September 24,
2022
Components$2,513 $1,637 
Finished goods4,307 3,309 
Total inventories$6,820 $4,946 
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
December 31,
2022		September 24,
2022
Gross property, plant and equipment$110,995 $114,457 
Accumulated depreciation and amortization(68,044)(72,340)
Total property, plant and equipment, net$42,951 $42,117 
Other Income/(Expense), Net
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Interest and dividend income$868 $650 
Interest expense(1,003)(694)
Other expense, net(258)(203)
Total other income/(expense), net$(393)$(247)
v3.22.4
Debt (Tables)
 3 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Summary of Cash Flows Associated with the Issuance and Maturities of Commercial Paper The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(5,569)$1,339 
Maturities greater than 90 days:
Proceeds from commercial paper— 1,191 
Repayments of commercial paper(2,645)(3,530)
Repayments of commercial paper, net(2,645)(2,339)
Total repayments of commercial paper, net$(8,214)$(1,000)
v3.22.4
Benefit Plans (Tables)
 3 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Unit Activity
A summary of the Company’s RSU activity and related information for the three months ended December 31, 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 24, 2022201,501 $109.48 
RSUs granted82,123 $149.85 
RSUs vested(47,298)$84.46 
RSUs canceled(2,958)$120.26 
Balance as of December 31, 2022233,368 $128.62 $30,322 
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 months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Share-based compensation expense$2,905 $2,265 
Income tax benefit related to share-based compensation expense$(1,178)$(1,536)
v3.22.4
Commitments and Contingencies (Tables)
 3 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Future Payments Under Unconditional Purchase Obligations Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of December 31, 2022, are as follows (in millions):
2023 (remaining nine months)$2,899 
20242,897 
20251,584 
20266,554 
2027348 
Thereafter444 
Total$14,726 
v3.22.4
Segment Information and Geographic Data (Tables)
 3 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for the three months ended December 31, 2022 and December 25, 2021 (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Americas:
Net sales$49,278 $51,496 
Operating income$17,864 $19,585 
Europe:
Net sales$27,681 $29,749 
Operating income$10,017 $11,545 
Greater China:
Net sales$23,905 $25,783 
Operating income$10,437 $11,183 
Japan:
Net sales$6,755 $7,107 
Operating income$3,236 $3,349 
Rest of Asia Pacific:
Net sales$9,535 $9,810 
Operating income$3,851 $3,995 
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 months ended December 31, 2022 and December 25, 2021 is as follows (in millions):
Three Months Ended
December 31,
2022		December 25,
2021
Segment operating income$45,405 $49,657 
Research and development expense(7,709)(6,306)
Other corporate expenses, net(1,680)(1,863)
Total operating income$36,016 $41,488 
v3.22.4
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Numerator:    
Net income $ 29,998 $ 34,630
Denominator:    
Weighted-average basic shares outstanding (in shares) 15,892,723 16,391,724
Effect of dilutive securities (in shares) 62,995 127,567
Weighted-average diluted shares (in shares) 15,955,718 16,519,291
Basic earnings per share (in dollars per share) $ 1.89 $ 2.11
Diluted earnings per share (in dollars per share) $ 1.88 $ 2.10
v3.22.4
Summary of Significant Accounting Policies - Additional Information (Details)
shares in Millions
 3 Months Ended
Dec. 31, 2022
shares
Restricted stock units  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Restricted stock units excluded from the computation of diluted earnings per share because their effect would have been antidilutive (in shares) 89
v3.22.4
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Disaggregation of Revenue [Line Items]    
Net sales $ 117,154 $ 123,945
Revenue recognized that was included in deferred revenue at the beginning of the period 3,400 3,000
iPhone    
Disaggregation of Revenue [Line Items]    
Net sales 65,775 71,628
Mac    
Disaggregation of Revenue [Line Items]    
Net sales 7,735 10,852
iPad    
Disaggregation of Revenue [Line Items]    
Net sales 9,396 7,248
Wearables, Home and Accessories    
Disaggregation of Revenue [Line Items]    
Net sales 13,482 14,701
Services    
Disaggregation of Revenue [Line Items]    
Net sales $ 20,766 $ 19,516
v3.22.4
Revenue - Additional Information (Details) - USD ($)
$ in Billions
Dec. 31, 2022
Sep. 24, 2022
Revenue from Contract with Customer [Abstract]    
Total deferred revenue $ 12.6 $ 12.4
v3.22.4
Revenue - Deferred Revenue, Expected Timing of Realization (Details)
Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01  
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]: 2023-12-31  
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]: 2024-12-29  
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]: 2025-12-28  
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
v3.22.4
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Sep. 24, 2022
Debt Securities, Available-for-sale [Line Items]    
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost $ 178,174 $ 183,061
Cash Equivalents and Marketable Securities, Unrealized Gains 34 11
Cash Equivalents and Marketable Securities, Unrealized Losses (12,758) (13,963)
Cash, Cash Equivalents and Marketable Securities, Fair Value 165,450 169,109
Cash and Cash Equivalents 20,535 23,646
Current Marketable Securities 30,820 24,658
Non-Current Marketable Securities 114,095 120,805
Total marketable securities that were restricted from general use 13,600 12,700
Level 1    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Equity, Adjusted Cost 1,148 3,203
Marketable Securities, Equity, Unrealized Gains 2 0
Marketable Securities, Equity, Unrealized Losses (40) (47)
Marketable Securities, Equity, Fair Value 1,110 3,156
Cash and Cash Equivalents 818 2,929
Current Marketable Securities 292 227
Non-Current Marketable Securities 0 0
Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 159,118 161,312
Marketable Securities, Debt, Unrealized Gains 32 11
Marketable Securities, Debt, Unrealized Losses (12,718) (13,916)
Marketable Securities, Debt, Fair Value 146,432 147,407
Cash and Cash Equivalents 1,809 2,171
Current Marketable Securities 30,528 24,431
Non-Current Marketable Securities 114,095 120,805
Cash    
Debt Securities, Available-for-sale [Line Items]    
Cash 17,908 18,546
Cash and Cash Equivalents 17,908 18,546
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 818 2,929
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 818 2,929
Cash and Cash Equivalents 818 2,929
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 330 274
Marketable Securities, Equity, Unrealized Gains 2 0
Marketable Securities, Equity, Unrealized Losses (40) (47)
Marketable Securities, Equity, Fair Value 292 227
Cash and Cash Equivalents 0 0
Current Marketable Securities 292 227
Non-Current Marketable Securities 0 0
U.S. Treasury securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 24,128 25,134
Marketable Securities, Debt, Unrealized Gains 1 0
Marketable Securities, Debt, Unrealized Losses (1,576) (1,725)
Marketable Securities, Debt, Fair Value 22,553 23,409
Cash and Cash Equivalents 13 338
Current Marketable Securities 9,105 5,091
Non-Current Marketable Securities 13,435 17,980
U.S. agency securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 5,743 5,823
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (643) (655)
Marketable Securities, Debt, Fair Value 5,100 5,168
Cash and Cash Equivalents 0 0
Current Marketable Securities 310 240
Non-Current Marketable Securities 4,790 4,928
Non-U.S. government securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 17,778 16,948
Marketable Securities, Debt, Unrealized Gains 14 2
Marketable Securities, Debt, Unrealized Losses (1,029) (1,201)
Marketable Securities, Debt, Fair Value 16,763 15,749
Cash and Cash Equivalents 0 0
Current Marketable Securities 9,907 8,806
Non-Current Marketable Securities 6,856 6,943
Certificates of deposit and time deposits | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 2,025 2,067
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 2,025 2,067
Cash and Cash Equivalents 1,795 1,805
Current Marketable Securities 230 262
Non-Current Marketable Securities 0 0
Commercial paper | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 237 718
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 237 718
Cash and Cash Equivalents 0 28
Current Marketable Securities 237 690
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 85,895 87,148
Marketable Securities, Debt, Unrealized Gains 14 9
Marketable Securities, Debt, Unrealized Losses (7,039) (7,707)
Marketable Securities, Debt, Fair Value 78,870 79,450
Cash and Cash Equivalents 1 0
Current Marketable Securities 10,377 9,023
Non-Current Marketable Securities 68,492 70,427
Municipal securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 864 921
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (26) (35)
Marketable Securities, Debt, Fair Value 838 886
Cash and Cash Equivalents 0 0
Current Marketable Securities 278 266
Non-Current Marketable Securities 560 620
Mortgage- and asset-backed securities | Level 2    
Debt Securities, Available-for-sale [Line Items]    
Marketable Securities, Debt, Adjusted Cost 22,448 22,553
Marketable Securities, Debt, Unrealized Gains 3 0
Marketable Securities, Debt, Unrealized Losses (2,405) (2,593)
Marketable Securities, Debt, Fair Value 20,046 19,960
Cash and Cash Equivalents 0 0
Current Marketable Securities 84 53
Non-Current Marketable Securities $ 19,962 $ 19,907
v3.22.4
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Fair value of non-current marketable debt securities by contractual maturity  
Due after 1 year through 5 years $ 82,497
Due after 5 years through 10 years 14,243
Due after 10 years 17,355
Total fair value $ 114,095
v3.22.4
Financial Instruments - Additional Information (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2022
Vendor
Customer
Sep. 24, 2022
USD ($)
Vendor
Customer
Financial Instruments [Line Items]    
Potential reduction to derivative assets resulting from rights of set-off under master netting arrangements, including the effects of collateral   $ 7,800
Potential reduction to derivative liabilities resulting from rights of set-off under master netting arrangements, including the effects of collateral   7,800
Net derivative assets/(liabilities) after potential reductions under master netting arrangements   412
Credit concentration risk    
Financial Instruments [Line Items]    
Derivative, credit risk amount   $ 7,136
Trade receivables | Credit concentration risk    
Financial Instruments [Line Items]    
Number of customers that individually represented 10% or more of total trade receivables | Customer 1 1
Trade receivables | Credit concentration risk | Customer One    
Financial Instruments [Line Items]    
Concentration risk, percentage 11.00% 10.00%
Trade receivables | Credit concentration risk | Cellular network carriers    
Financial Instruments [Line Items]    
Concentration risk, percentage 43.00% 44.00%
Non-trade receivables | Credit concentration risk    
Financial Instruments [Line Items]    
Number of vendors that individually represented 10% or more of total vendor non-trade receivables | Vendor 2 2
Non-trade receivables | Credit concentration risk | Vendor one    
Financial Instruments [Line Items]    
Concentration risk, percentage 54.00% 54.00%
Non-trade receivables | Credit concentration risk | Vendor two    
Financial Instruments [Line Items]    
Concentration risk, percentage 16.00% 13.00%
Hedges of foreign currency exposure associated with revenue and inventory purchases    
Financial Instruments [Line Items]    
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions 12 months  
Hedges of foreign currency exposure associated with term debt and marketable securities    
Financial Instruments [Line Items]    
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions 20 years  
v3.22.4
Financial Instruments - Notional Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Sep. 24, 2022
Derivatives designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 66,054 $ 102,670
Derivatives designated as accounting hedges | Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount 20,125 20,125
Derivatives not designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 134,971 $ 185,381
v3.22.4
Financial Instruments - Gross Fair Values of Derivative Assets and Liabilities (Details) - Level 2
$ in Millions
Sep. 24, 2022
USD ($)
Other current assets and other non-current assets | Foreign exchange contracts  
Derivative assets:  
Fair value of derivative assets $ 7,136
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives designated as accounting hedges  
Derivative assets:  
Fair value of derivative assets 4,317
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives not designated as accounting hedges  
Derivative assets:  
Fair value of derivative assets 2,819
Other current liabilities and other non-current liabilities | Foreign exchange contracts  
Derivative liabilities:  
Fair value of derivative liabilities 4,752
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 2,205
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives not designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 2,547
Other current liabilities and other non-current liabilities | Interest rate contracts  
Derivative liabilities:  
Fair value of derivative liabilities 1,367
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 1,367
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives not designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities $ 0
v3.22.4
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Sep. 24, 2022
Current and non-current marketable securities    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged marketable securities $ 14,311 $ 13,378
Current and non-current term debt    
Derivatives, Fair Value [Line Items]    
Carrying amount of hedged term debt $ (18,731) $ (18,739)
v3.22.4
Condensed Consolidated Financial Statement Details - Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Components $ 2,513 $ 1,637
Finished goods 4,307 3,309
Total inventories $ 6,820 $ 4,946
v3.22.4
Condensed Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Gross property, plant and equipment $ 110,995 $ 114,457
Accumulated depreciation and amortization (68,044) (72,340)
Total property, plant and equipment, net $ 42,951 $ 42,117
v3.22.4
Condensed Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Interest and dividend income $ 868 $ 650
Interest expense (1,003) (694)
Other expense, net (258) (203)
Total other income/(expense), net $ (393) $ (247)
v3.22.4
Debt - Additional Information (Details) - USD ($)
$ in Millions
Dec. 31, 2022
Sep. 24, 2022
Debt Instrument [Line Items]    
Commercial paper $ 1,743 $ 9,982
Fixed-rate notes, aggregate carrying amount 109,400 110,100
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper 1,700 10,000
Level 2    
Debt Instrument [Line Items]    
Fixed-rate notes, aggregate fair value $ 98,000 $ 98,800
v3.22.4
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Maturities 90 days or less:    
Proceeds from/(Repayments of) commercial paper, net $ (5,569) $ 1,339
Maturities greater than 90 days:    
Proceeds from commercial paper 0 1,191
Repayments of commercial paper (2,645) (3,530)
Repayments of commercial paper, net (2,645) (2,339)
Total repayments of commercial paper, net $ (8,214) $ (1,000)
v3.22.4
Shareholders' Equity - Additional Information (Details)
shares in Millions, $ in Billions
 3 Months Ended
Dec. 31, 2022
USD ($)
shares
Share Repurchase Program [Line Items]  
Number of shares repurchased (in shares) | shares 133
Amount of share repurchases | $ $ 19.0
v3.22.4
Benefit Plans - Restricted Stock Units Activity and Related Information (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
shares
Number of Restricted Stock Units  
Beginning balance (in shares) | shares 201,501
RSUs granted (in shares) | shares 82,123
RSUs vested (in shares) | shares (47,298)
RSUs canceled (in shares) | shares (2,958)
Ending balance (in shares) | shares 233,368
Weighted-Average Grant Date Fair Value Per RSU  
Beginning balance (in dollars per share) | $ / shares $ 109.48
RSUs granted (in dollars per share) | $ / shares 149.85
RSUs vested (in dollars per share) | $ / shares 84.46
RSUs canceled (in dollars per share) | $ / shares 120.26
Ending balance (in dollars per share) | $ / shares $ 128.62
Aggregate Fair Value  
Aggregate fair value of RSUs | $ $ 30,322
v3.22.4
Benefit Plans - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total unrecognized compensation cost related to RSUs and stock options $ 25.5  
Total unrecognized compensation cost related to RSUs and stock options, weighted-average recognition period 3 years  
Restricted stock units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Fair value of RSUs as of the respective vesting dates $ 6.8 $ 8.5
v3.22.4
Benefit Plans - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Share-Based Payment Arrangement [Abstract]    
Share-based compensation expense $ 2,905 $ 2,265
Income tax benefit related to share-based compensation expense $ (1,178) $ (1,536)
v3.22.4
Commitments and Contingencies - Future Payments Under Unconditional Purchase Obligations (Details)
$ in Millions
Dec. 31, 2022
USD ($)
Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]  
2023 (remaining nine months) $ 2,899
2024 2,897
2025 1,584
2026 6,554
2027 348
Thereafter 444
Total $ 14,726
v3.22.4
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Segment Reporting Information [Line Items]    
Net sales $ 117,154 $ 123,945
Operating income 36,016 41,488
Americas    
Segment Reporting Information [Line Items]    
Net sales 49,278 51,496
Operating income 17,864 19,585
Europe    
Segment Reporting Information [Line Items]    
Net sales 27,681 29,749
Operating income 10,017 11,545
Greater China    
Segment Reporting Information [Line Items]    
Net sales 23,905 25,783
Operating income 10,437 11,183
Japan    
Segment Reporting Information [Line Items]    
Net sales 6,755 7,107
Operating income 3,236 3,349
Rest of Asia Pacific    
Segment Reporting Information [Line Items]    
Net sales 9,535 9,810
Operating income $ 3,851 $ 3,995
v3.22.4
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2022
Dec. 25, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income $ 36,016 $ 41,488
Research and development expense (7,709) (6,306)
Operating segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income 45,405 49,657
Segment reconciling items    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Research and development expense (7,709) (6,306)
Corporate non-segment    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Other corporate expenses, net $ (1,680) $ (1,863)