APPLE INC., 10-Q filed on 8/4/2023
Quarterly Report
v3.23.2
Cover Page - shares
shares in Thousands
 9 Months Ended
Jul. 01, 2023
Jul. 21, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jul. 01, 2023  
Document Transition Report false  
Entity File Number 001-36743  
Entity Registrant Name Apple Inc.  
Entity Incorporation, State or Country Code CA  
Entity Tax Identification Number 94-2404110  
Entity Address, Address Line One One Apple Park Way  
Entity Address, City or Town Cupertino  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 95014  
City Area Code 408  
Local Phone Number 996-1010  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   15,634,232
Amendment Flag false  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000320193  
Current Fiscal Year End Date --09-30  
Common Stock, $0.00001 par value per share    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.00001 par value per share  
Trading Symbol AAPL  
Security Exchange Name NASDAQ  
1.375% Notes due 2024    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2024  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.000% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.000% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.875% Notes due 2025    
Entity Information [Line Items]    
Title of 12(b) Security 0.875% Notes due 2025  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.625% Notes due 2026    
Entity Information [Line Items]    
Title of 12(b) Security 1.625% Notes due 2026  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
2.000% Notes due 2027    
Entity Information [Line Items]    
Title of 12(b) Security 2.000% Notes due 2027  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
1.375% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 1.375% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.050% Notes due 2029    
Entity Information [Line Items]    
Title of 12(b) Security 3.050% Notes due 2029  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
0.500% Notes due 2031    
Entity Information [Line Items]    
Title of 12(b) Security 0.500% Notes due 2031  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
3.600% Notes due 2042    
Entity Information [Line Items]    
Title of 12(b) Security 3.600% Notes due 2042  
No Trading Symbol Flag true  
Security Exchange Name NASDAQ  
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Net sales $ 81,797 $ 82,959 $ 293,787 $ 304,182
Cost of sales 45,384 47,074 165,066 171,495
Gross margin 36,413 35,885 128,721 132,687
Operating expenses:        
Research and development 7,442 6,797 22,608 19,490
Selling, general and administrative 5,973 6,012 18,781 18,654
Total operating expenses 13,415 12,809 41,389 38,144
Operating income 22,998 23,076 87,332 94,543
Other income/(expense), net (265) (10) (594) (97)
Income before provision for income taxes 22,733 23,066 86,738 94,446
Provision for income taxes 2,852 3,624 12,699 15,364
Net income $ 19,881 $ 19,442 $ 74,039 $ 79,082
Earnings per share:        
Basic (in dollars per share) $ 1.27 $ 1.20 $ 4.69 $ 4.86
Diluted (in dollars per share) $ 1.26 $ 1.20 $ 4.67 $ 4.82
Shares used in computing earnings per share:        
Basic (in shares) 15,697,614 16,162,945 15,792,497 16,277,824
Diluted (in shares) 15,775,021 16,262,203 15,859,263 16,394,937
Products        
Net sales $ 60,584 $ 63,355 $ 230,901 $ 245,241
Cost of sales 39,136 41,485 146,696 155,084
Services        
Net sales 21,213 19,604 62,886 58,941
Cost of sales $ 6,248 $ 5,589 $ 18,370 $ 16,411
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Statement of Comprehensive Income [Abstract]        
Net income $ 19,881 $ 19,442 $ 74,039 $ 79,082
Other comprehensive income/(loss):        
Change in foreign currency translation, net of tax (385) (721) (494) (1,102)
Change in unrealized gains/losses on derivative instruments, net of tax:        
Change in fair value of derivative instruments 509 852 (492) 1,548
Adjustment for net (gains)/losses realized and included in net income 103 121 (1,854) (87)
Total change in unrealized gains/losses on derivative instruments 612 973 (2,346) 1,461
Change in unrealized gains/losses on marketable debt securities, net of tax:        
Change in fair value of marketable debt securities (340) (3,150) 1,963 (9,959)
Adjustment for net (gains)/losses realized and included in net income 58 95 185 140
Total change in unrealized gains/losses on marketable debt securities (282) (3,055) 2,148 (9,819)
Total other comprehensive income/(loss) (55) (2,803) (692) (9,460)
Total comprehensive income $ 19,826 $ 16,639 $ 73,347 $ 69,622
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Jul. 01, 2023
Sep. 24, 2022
Current assets:    
Cash and cash equivalents $ 28,408 $ 23,646
Marketable securities 34,074 24,658
Accounts receivable, net 19,549 28,184
Inventories 7,351 4,946
Vendor non-trade receivables 19,637 32,748
Other current assets 13,640 21,223
Total current assets 122,659 135,405
Non-current assets:    
Marketable securities 104,061 120,805
Property, plant and equipment, net 43,550 42,117
Other non-current assets 64,768 54,428
Total non-current assets 212,379 217,350
Total assets 335,038 352,755
Current liabilities:    
Accounts payable 46,699 64,115
Other current liabilities 58,897 60,845
Deferred revenue 8,158 7,912
Commercial paper 3,993 9,982
Term debt 7,216 11,128
Total current liabilities 124,963 153,982
Non-current liabilities:    
Term debt 98,071 98,959
Other non-current liabilities 51,730 49,142
Total non-current liabilities 149,801 148,101
Total liabilities 274,764 302,083
Commitments and contingencies
Shareholders’ equity:    
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,647,868 and 15,943,425 shares issued and outstanding, respectively 70,667 64,849
Retained earnings/(Accumulated deficit) 1,408 (3,068)
Accumulated other comprehensive income/(loss) (11,801) (11,109)
Total shareholders’ equity 60,274 50,672
Total liabilities and shareholders’ equity $ 335,038 $ 352,755
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Jul. 01, 2023
Sep. 24, 2022
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001
Common stock, shares authorized (in shares) 50,400,000,000 50,400,000,000
Common stock, shares issued (in shares) 15,647,868,000 15,943,425,000
Common stock, shares outstanding (in shares) 15,647,868,000 15,943,425,000
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Common stock and additional paid-in capital
Retained earnings/(Accumulated deficit)
Accumulated other comprehensive income/(loss)
Beginning balances at Sep. 25, 2021 $ 63,090 $ 57,365 $ 5,562 $ 163
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   593    
Common stock withheld related to net share settlement of equity awards   (2,783) (3,323)  
Share-based compensation   6,940    
Net income 79,082   79,082  
Dividends and dividend equivalents declared     (11,058)  
Common stock repurchased     (64,974)  
Other comprehensive income/(loss) (9,460)     (9,460)
Ending balances at Jun. 25, 2022 $ 58,107 62,115 5,289 (9,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.67      
Beginning balances at Mar. 26, 2022 $ 67,399 61,181 12,712 (6,494)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   0    
Common stock withheld related to net share settlement of equity awards   (1,371) (1,403)  
Share-based compensation   2,305    
Net income 19,442   19,442  
Dividends and dividend equivalents declared     (3,760)  
Common stock repurchased     (21,702)  
Other comprehensive income/(loss) (2,803)     (2,803)
Ending balances at Jun. 25, 2022 $ 58,107 62,115 5,289 (9,297)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.23      
Beginning balances at Sep. 24, 2022 $ 50,672 64,849 (3,068) (11,109)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   690    
Common stock withheld related to net share settlement of equity awards   (3,310) (1,988)  
Share-based compensation   8,438    
Net income 74,039   74,039  
Dividends and dividend equivalents declared     (11,207)  
Common stock repurchased (56,100)   (56,368)  
Other comprehensive income/(loss) (692)     (692)
Ending balances at Jul. 01, 2023 $ 60,274 70,667 1,408 (11,801)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.70      
Beginning balances at Apr. 01, 2023 $ 62,158 69,568 4,336 (11,746)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Common stock issued   0    
Common stock withheld related to net share settlement of equity awards   (1,595) (858)  
Share-based compensation   2,694    
Net income 19,881   19,881  
Dividends and dividend equivalents declared     (3,811)  
Common stock repurchased     (18,140)  
Other comprehensive income/(loss) (55)     (55)
Ending balances at Jul. 01, 2023 $ 60,274 $ 70,667 $ 1,408 $ (11,801)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) $ 0.24      
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Statement of Cash Flows [Abstract]    
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929
Operating activities:    
Net income 74,039 79,082
Adjustments to reconcile net income to cash generated by operating activities:    
Depreciation and amortization 8,866 8,239
Share-based compensation expense 8,208 6,760
Other (1,651) 2,695
Changes in operating assets and liabilities:    
Accounts receivable, net 7,609 4,561
Inventories (2,570) 1,049
Vendor non-trade receivables 13,111 4,789
Other current and non-current assets (4,863) (3,289)
Accounts payable (16,790) (6,108)
Other current and non-current liabilities 2,986 246
Cash generated by operating activities 88,945 98,024
Investing activities:    
Purchases of marketable securities (20,956) (70,178)
Proceeds from maturities of marketable securities 27,857 24,203
Proceeds from sales of marketable securities 3,959 33,609
Payments for acquisition of property, plant and equipment (8,796) (7,419)
Other (753) (1,352)
Cash generated by/(used in) investing activities 1,311 (21,137)
Financing activities:    
Payments for taxes related to net share settlement of equity awards (5,119) (5,915)
Payments for dividends and dividend equivalents (11,267) (11,138)
Repurchases of common stock (56,547) (64,974)
Proceeds from issuance of term debt, net 5,228 0
Repayments of term debt (11,151) (6,750)
Proceeds from/(Repayments of) commercial paper, net (5,971) 4,970
Other (508) (148)
Cash used in financing activities (85,335) (83,955)
Increase/(Decrease) in cash, cash equivalents and restricted cash 4,921 (7,068)
Cash, cash equivalents and restricted cash, ending balances 29,898 28,861
Supplemental cash flow disclosure:    
Cash paid for income taxes, net 7,020 12,251
Cash paid for interest $ 2,590 $ 1,910
v3.23.2
Summary of Significant Accounting Policies
 9 Months Ended
Jul. 01, 2023
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 24, 2022.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first fiscal quarter of 2023. The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 (net income in millions and shares in thousands):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Numerator:
Net income$19,881 $19,442 $74,039 $79,082 
Denominator:
Weighted-average basic shares outstanding15,697,614 16,162,945 15,792,497 16,277,824 
Effect of dilutive securities77,407 99,258 66,766 117,113 
Weighted-average diluted shares15,775,021 16,262,203 15,859,263 16,394,937 
Basic earnings per share$1.27 $1.20 $4.69 $4.86 
Diluted earnings per share$1.26 $1.20 $4.67 $4.82 
Approximately 32 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the nine months ended July 1, 2023 because their effect would have been antidilutive.
v3.23.2
Revenue
 9 Months Ended
Jul. 01, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Net sales disaggregated by significant products and services for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 were as follows (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
iPhone®
$39,669 $40,665 $156,778 $162,863 
Mac®
6,840 7,382 21,743 28,669 
iPad®
5,791 7,224 21,857 22,118 
Wearables, Home and Accessories8,284 8,084 30,523 31,591 
Services21,213 19,604 62,886 58,941 
Total net sales$81,797 $82,959 $293,787 $304,182 
Total net sales include $3.3 billion of revenue recognized in the three months ended July 1, 2023 that was included in deferred revenue as of April 1, 2023, $3.1 billion of revenue recognized in the three months ended June 25, 2022 that was included in deferred revenue as of March 26, 2022, $7.0 billion of revenue recognized in the nine months ended July 1, 2023 that was included in deferred revenue as of September 24, 2022, and $6.3 billion of revenue recognized in the nine months ended June 25, 2022 that was included in deferred revenue as of September 25, 2021.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 10, “Segment Information and Geographic Data” for the three- and nine-month periods ended July 1, 2023 and June 25, 2022, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of July 1, 2023 and September 24, 2022, the Company had total deferred revenue of $12.2 billion and $12.4 billion, respectively. As of July 1, 2023, the Company expects 67% of total deferred revenue to be realized in less than a year, 26% within one-to-two years, 6% within two-to-three years and 1% in greater than three years.
v3.23.2
Financial Instruments
 9 Months Ended
Jul. 01, 2023
Financial Instruments [Abstract]  
Financial Instruments Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of July 1, 2023 and September 24, 2022 (in millions):
July 1, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$25,337 $— $— $25,337 $25,337 $— $— 
Level 1 (1):
Money market funds1,108 — — 1,108 1,108 — — 
Mutual funds366 15 (19)362 — 362 — 
Subtotal1,474 15 (19)1,470 1,108 362 — 
Level 2 (2):
U.S. Treasury securities22,274 — (1,354)20,920 — 8,076 12,844 
U.S. agency securities5,709 — (594)5,115 3 272 4,840 
Non-U.S. government securities17,588 19 (927)16,680 — 11,262 5,418 
Certificates of deposit and time deposits
2,315 — — 2,315 1,960 355 — 
Commercial paper364 — — 364 — 364 — 
Corporate debt securities79,621 22 (6,079)73,564 — 13,005 60,559 
Municipal securities713 — (23)690 — 213 477 
Mortgage- and asset-backed securities
22,383 4 (2,299)20,088 — 165 19,923 
Subtotal150,967 45 (11,276)139,736 1,963 33,712 104,061 
Total (3)
$177,778 $60 $(11,295)$166,543 $28,408 $34,074 $104,061 
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 July 1, 2023 and September 24, 2022, total marketable securities included $14.1 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of July 1, 2023 (in millions):
Due after 1 year through 5 years$76,267 
Due after 5 years through 10 years11,148 
Due after 10 years16,646 
Total fair value$104,061 
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 July 1, 2023, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 19 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.
The notional amounts of the Company’s outstanding derivative instruments as of July 1, 2023 and September 24, 2022 were as follows (in millions):
July 1,
2023		September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$45,425 $102,670 
Interest rate contracts$19,375 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$90,977 $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 July 1, 2023 and September 24, 2022 were as follows (in millions):
July 1,
2023		September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,863 $13,378 
Current and non-current term debt$(17,986)$(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 September 24, 2022, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 10%. The Company’s cellular network carriers accounted for 44% of total trade receivables as of September 24, 2022.
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 July 1, 2023, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 14%. As of September 24, 2022, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 13%.
v3.23.2
Condensed Consolidated Financial Statement Details
 9 Months Ended
Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Financial Statement Details Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of July 1, 2023 and September 24, 2022 (in millions):
Inventories
July 1,
2023		September 24,
2022
Components$3,788 $1,637 
Finished goods3,563 3,309 
Total inventories$7,351 $4,946 
Property, Plant and Equipment, Net
July 1,
2023		September 24,
2022
Gross property, plant and equipment$114,337 $114,457 
Accumulated depreciation and amortization(70,787)(72,340)
Total property, plant and equipment, net$43,550 $42,117 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Interest and dividend income$980 $722 $2,766 $2,072 
Interest expense(998)(719)(2,931)(2,104)
Other expense, net(247)(13)(429)(65)
Total other income/(expense), net$(265)$(10)$(594)$(97)
v3.23.2
Income Taxes
 9 Months Ended
Jul. 01, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
European Commission State Aid Decision
On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated the application of the tax opinions from that date forward. The Company and Ireland appealed the State Aid Decision to the General Court of the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled the State Aid Decision. On September 25, 2020, the European Commission appealed the General Court’s decision to the European Court of Justice (the “ECJ”) and a hearing was held on May 23, 2023. A decision from the ECJ is expected in calendar year 2024. The Company believes it would be eligible to claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to the State Aid Decision.
v3.23.2
Debt
 9 Months Ended
Jul. 01, 2023
Debt Disclosure [Abstract]  
Debt Debt
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of July 1, 2023 and September 24, 2022, the Company had $4.0 billion and $10.0 billion of Commercial Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the nine months ended July 1, 2023 and June 25, 2022 (in millions):
Nine Months Ended
July 1,
2023		June 25,
2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(3,326)$4,383 
Maturities greater than 90 days:
Proceeds from commercial paper— 5,731 
Repayments of commercial paper(2,645)(5,144)
Proceeds from/(Repayments of) commercial paper, net(2,645)587 
Total proceeds from/(repayments of) commercial paper, net$(5,971)$4,970 
Term Debt
As of July 1, 2023 and September 24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $105.3 billion and $110.1 billion, respectively (collectively the “Notes”). As of July 1, 2023 and September 24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was $95.3 billion and $98.8 billion, respectively.
v3.23.2
Shareholders' Equity
 9 Months Ended
Jul. 01, 2023
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Share Repurchase Program
During the nine months ended July 1, 2023, the Company repurchased 365 million shares of its common stock for $56.1 billion, excluding excise tax due under the Inflation Reduction Act of 2022. The Company’s share repurchase programs do not obligate the Company to acquire a minimum amount of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
v3.23.2
Benefit Plans
 9 Months Ended
Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]  
Benefit Plans Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the nine months ended July 1, 2023 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 24, 2022201,501 $109.48 
RSUs granted86,896 $150.23 
RSUs vested(96,681)$95.97 
RSUs canceled(7,000)$126.48 
Balance as of July 1, 2023184,716 $135.08 $35,829 
The fair value as of the respective vesting dates of RSUs was $7.0 billion and $14.9 billion for the three- and nine-month periods ended July 1, 2023, respectively, and was $7.8 billion and $17.3 billion for the three- and nine-month periods ended June 25, 2022, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Share-based compensation expense$2,617 $2,243 $8,208 $6,760 
Income tax benefit related to share-based compensation expense$(993)$(1,231)$(2,791)$(3,416)
As of July 1, 2023, the total unrecognized compensation cost related to outstanding RSUs and stock options was $20.9 billion, which the Company expects to recognize over a weighted-average period of 2.7 years.
v3.23.2
Commitments and Contingencies
 9 Months Ended
Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Unconditional Purchase Obligations
The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services (“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier arrangements, licensed intellectual property and content, and distribution rights. Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of July 1, 2023, are as follows (in millions):
2023 (remaining three months)$1,260 
20243,417 
20251,990 
20263,079 
20271,013 
Thereafter8,198 
Total$18,957 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, concerning loss contingencies for asserted legal and other claims.
v3.23.2
Segment Information and Geographic Data
 9 Months Ended
Jul. 01, 2023
Segment Reporting [Abstract]  
Segment Information and Geographic Data Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Americas:
Net sales$35,383 $37,472 $122,445 $129,850 
Operating income$13,117 $13,914 $44,908 $48,778 
Europe:
Net sales$20,205 $19,287 $71,831 $72,323 
Operating income$7,995 $7,124 $27,380 $27,174 
Greater China:
Net sales$15,758 $14,604 $57,475 $58,730 
Operating income$6,207 $5,760 $24,175 $25,055 
Japan:
Net sales$4,821 $5,446 $18,752 $20,277 
Operating income$2,443 $2,418 $9,073 $9,263 
Rest of Asia Pacific:
Net sales$5,630 $6,150 $23,284 $23,002 
Operating income$2,328 $2,367 $9,447 $9,185 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 is as follows (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Segment operating income$32,090 $31,583 $114,983 $119,455 
Research and development expense(7,442)(6,797)(22,608)(19,490)
Other corporate expenses, net(1,650)(1,710)(5,043)(5,422)
Total operating income$22,998 $23,076 $87,332 $94,543 
v3.23.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Pay vs Performance Disclosure        
Net income $ 19,881 $ 19,442 $ 74,039 $ 79,082
v3.23.2
Insider Trading Arrangements
 3 Months Ended
Jul. 01, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.2
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Jul. 01, 2023
Accounting Policies [Abstract]  
Basis of Presentation and Preparation
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries (collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended September 24, 2022.
Fiscal Period The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which occurred in the first fiscal quarter of 2023. The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of those fiscal years.
Fair Value Measurements Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
v3.23.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Jul. 01, 2023
Accounting Policies [Abstract]  
Computation of Basic and Diluted Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 (net income in millions and shares in thousands):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Numerator:
Net income$19,881 $19,442 $74,039 $79,082 
Denominator:
Weighted-average basic shares outstanding15,697,614 16,162,945 15,792,497 16,277,824 
Effect of dilutive securities77,407 99,258 66,766 117,113 
Weighted-average diluted shares15,775,021 16,262,203 15,859,263 16,394,937 
Basic earnings per share$1.27 $1.20 $4.69 $4.86 
Diluted earnings per share$1.26 $1.20 $4.67 $4.82 
v3.23.2
Revenue (Tables)
 9 Months Ended
Jul. 01, 2023
Revenue from Contract with Customer [Abstract]  
Net Sales Disaggregated by Significant Products and Services
Net sales disaggregated by significant products and services for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 were as follows (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
iPhone®
$39,669 $40,665 $156,778 $162,863 
Mac®
6,840 7,382 21,743 28,669 
iPad®
5,791 7,224 21,857 22,118 
Wearables, Home and Accessories8,284 8,084 30,523 31,591 
Services21,213 19,604 62,886 58,941 
Total net sales$81,797 $82,959 $293,787 $304,182 
v3.23.2
Financial Instruments (Tables)
 9 Months Ended
Jul. 01, 2023
Financial Instruments [Abstract]  
Cash, Cash Equivalents and Marketable Securities by Significant Investment Category
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of July 1, 2023 and September 24, 2022 (in millions):
July 1, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$25,337 $— $— $25,337 $25,337 $— $— 
Level 1 (1):
Money market funds1,108 — — 1,108 1,108 — — 
Mutual funds366 15 (19)362 — 362 — 
Subtotal1,474 15 (19)1,470 1,108 362 — 
Level 2 (2):
U.S. Treasury securities22,274 — (1,354)20,920 — 8,076 12,844 
U.S. agency securities5,709 — (594)5,115 3 272 4,840 
Non-U.S. government securities17,588 19 (927)16,680 — 11,262 5,418 
Certificates of deposit and time deposits
2,315 — — 2,315 1,960 355 — 
Commercial paper364 — — 364 — 364 — 
Corporate debt securities79,621 22 (6,079)73,564 — 13,005 60,559 
Municipal securities713 — (23)690 — 213 477 
Mortgage- and asset-backed securities
22,383 4 (2,299)20,088 — 165 19,923 
Subtotal150,967 45 (11,276)139,736 1,963 33,712 104,061 
Total (3)
$177,778 $60 $(11,295)$166,543 $28,408 $34,074 $104,061 
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 July 1, 2023 and September 24, 2022, total marketable securities included $14.1 billion and $12.7 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 5, “Income Taxes”) and other agreements.
Non-Current Marketable Debt Securities by Contractual Maturity
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of July 1, 2023 (in millions):
Due after 1 year through 5 years$76,267 
Due after 5 years through 10 years11,148 
Due after 10 years16,646 
Total fair value$104,061 
Notional Amounts of Outstanding Derivative Instruments
The notional amounts of the Company’s outstanding derivative instruments as of July 1, 2023 and September 24, 2022 were as follows (in millions):
July 1,
2023		September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$45,425 $102,670 
Interest rate contracts$19,375 $20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$90,977 $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 July 1, 2023 and September 24, 2022 were as follows (in millions):
July 1,
2023		September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities$14,863 $13,378 
Current and non-current term debt$(17,986)$(18,739)
v3.23.2
Condensed Consolidated Financial Statement Details (Tables)
 9 Months Ended
Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Inventories
Inventories
July 1,
2023		September 24,
2022
Components$3,788 $1,637 
Finished goods3,563 3,309 
Total inventories$7,351 $4,946 
Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
July 1,
2023		September 24,
2022
Gross property, plant and equipment$114,337 $114,457 
Accumulated depreciation and amortization(70,787)(72,340)
Total property, plant and equipment, net$43,550 $42,117 
Other Income/(Expense), Net
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Interest and dividend income$980 $722 $2,766 $2,072 
Interest expense(998)(719)(2,931)(2,104)
Other expense, net(247)(13)(429)(65)
Total other income/(expense), net$(265)$(10)$(594)$(97)
v3.23.2
Debt (Tables)
 9 Months Ended
Jul. 01, 2023
Debt Disclosure [Abstract]  
Summary of Cash Flows Associated with the Issuance and Maturities of Commercial Paper The following table provides a summary of cash flows associated with the issuance and maturities of Commercial Paper for the nine months ended July 1, 2023 and June 25, 2022 (in millions):
Nine Months Ended
July 1,
2023		June 25,
2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net$(3,326)$4,383 
Maturities greater than 90 days:
Proceeds from commercial paper— 5,731 
Repayments of commercial paper(2,645)(5,144)
Proceeds from/(Repayments of) commercial paper, net(2,645)587 
Total proceeds from/(repayments of) commercial paper, net$(5,971)$4,970 
v3.23.2
Benefit Plans (Tables)
 9 Months Ended
Jul. 01, 2023
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Unit Activity
A summary of the Company’s RSU activity and related information for the nine months ended July 1, 2023 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 24, 2022201,501 $109.48 
RSUs granted86,896 $150.23 
RSUs vested(96,681)$95.97 
RSUs canceled(7,000)$126.48 
Balance as of July 1, 2023184,716 $135.08 $35,829 
Summary of Share-Based Compensation Expense and the Related Income Tax Benefit
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Share-based compensation expense$2,617 $2,243 $8,208 $6,760 
Income tax benefit related to share-based compensation expense$(993)$(1,231)$(2,791)$(3,416)
v3.23.2
Commitments and Contingencies (Tables)
 9 Months Ended
Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]  
Future Payments Under Unconditional Purchase Obligations Future payments under noncancelable unconditional purchase obligations with a remaining term in excess of one year as of July 1, 2023, are as follows (in millions):
2023 (remaining three months)$1,260 
20243,417 
20251,990 
20263,079 
20271,013 
Thereafter8,198 
Total$18,957 
v3.23.2
Segment Information and Geographic Data (Tables)
 9 Months Ended
Jul. 01, 2023
Segment Reporting [Abstract]  
Information by Reportable Segment
The following table shows information by reportable segment for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Americas:
Net sales$35,383 $37,472 $122,445 $129,850 
Operating income$13,117 $13,914 $44,908 $48,778 
Europe:
Net sales$20,205 $19,287 $71,831 $72,323 
Operating income$7,995 $7,124 $27,380 $27,174 
Greater China:
Net sales$15,758 $14,604 $57,475 $58,730 
Operating income$6,207 $5,760 $24,175 $25,055 
Japan:
Net sales$4,821 $5,446 $18,752 $20,277 
Operating income$2,443 $2,418 $9,073 $9,263 
Rest of Asia Pacific:
Net sales$5,630 $6,150 $23,284 $23,002 
Operating income$2,328 $2,367 $9,447 $9,185 
Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended July 1, 2023 and June 25, 2022 is as follows (in millions):
Three Months EndedNine Months Ended
July 1,
2023		June 25,
2022		July 1,
2023		June 25,
2022
Segment operating income$32,090 $31,583 $114,983 $119,455 
Research and development expense(7,442)(6,797)(22,608)(19,490)
Other corporate expenses, net(1,650)(1,710)(5,043)(5,422)
Total operating income$22,998 $23,076 $87,332 $94,543 
v3.23.2
Summary of Significant Accounting Policies - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Numerator:        
Net income $ 19,881 $ 19,442 $ 74,039 $ 79,082
Denominator:        
Weighted-average basic shares outstanding (in shares) 15,697,614 16,162,945 15,792,497 16,277,824
Effect of dilutive securities (in shares) 77,407 99,258 66,766 117,113
Weighted-average diluted shares (in shares) 15,775,021 16,262,203 15,859,263 16,394,937
Basic earnings per share (in dollars per share) $ 1.27 $ 1.20 $ 4.69 $ 4.86
Diluted earnings per share (in dollars per share) $ 1.26 $ 1.20 $ 4.67 $ 4.82
v3.23.2
Summary of Significant Accounting Policies - Additional Information (Details)
shares in Millions
 9 Months Ended
Jul. 01, 2023
shares
Restricted stock units  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Restricted stock units excluded from the computation of diluted earnings per share because their effect would have been antidilutive (in shares) 32
v3.23.2
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Disaggregation of Revenue [Line Items]        
Net sales $ 81,797 $ 82,959 $ 293,787 $ 304,182
Revenue recognized that was included in deferred revenue at the beginning of the period 3,300 3,100 7,000 6,300
iPhone        
Disaggregation of Revenue [Line Items]        
Net sales 39,669 40,665 156,778 162,863
Mac        
Disaggregation of Revenue [Line Items]        
Net sales 6,840 7,382 21,743 28,669
iPad        
Disaggregation of Revenue [Line Items]        
Net sales 5,791 7,224 21,857 22,118
Wearables, Home and Accessories        
Disaggregation of Revenue [Line Items]        
Net sales 8,284 8,084 30,523 31,591
Services        
Disaggregation of Revenue [Line Items]        
Net sales $ 21,213 $ 19,604 $ 62,886 $ 58,941
v3.23.2
Revenue - Additional Information (Details) - USD ($)
$ in Billions
Jul. 01, 2023
Sep. 24, 2022
Revenue from Contract with Customer [Abstract]    
Total deferred revenue $ 12.2 $ 12.4
v3.23.2
Revenue - Deferred Revenue, Expected Timing of Realization (Details)
Jul. 01, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-02  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 67.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 26.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-29  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 6.00%
Deferred revenue, expected timing of realization, period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-06-28  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue, expected timing of realization, percentage 1.00%
Deferred revenue, expected timing of realization, period
v3.23.2
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($)
$ in Millions
Jul. 01, 2023
Sep. 24, 2022
Marketable Securities [Line Items]    
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost $ 177,778 $ 183,061
Cash Equivalents and Marketable Securities, Unrealized Gains 60 11
Cash Equivalents and Marketable Securities, Unrealized Losses (11,295) (13,963)
Cash, Cash Equivalents and Marketable Securities, Fair Value 166,543 169,109
Cash and Cash Equivalents 28,408 23,646
Current Marketable Securities 34,074 24,658
Non-Current Marketable Securities 104,061 120,805
Total marketable securities that were restricted from general use 14,100 12,700
Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 1,474 3,203
Marketable Securities, Equity, Unrealized Gains 15 0
Marketable Securities, Equity, Unrealized Losses (19) (47)
Marketable Securities, Equity, Fair Value 1,470 3,156
Cash and Cash Equivalents 1,108 2,929
Current Marketable Securities 362 227
Non-Current Marketable Securities 0 0
Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 150,967 161,312
Marketable Securities, Debt, Unrealized Gains 45 11
Marketable Securities, Debt, Unrealized Losses (11,276) (13,916)
Marketable Securities, Debt, Fair Value 139,736 147,407
Cash and Cash Equivalents 1,963 2,171
Current Marketable Securities 33,712 24,431
Non-Current Marketable Securities 104,061 120,805
Cash    
Marketable Securities [Line Items]    
Cash 25,337 18,546
Cash and Cash Equivalents 25,337 18,546
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Money market funds | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 1,108 2,929
Marketable Securities, Equity, Unrealized Gains 0 0
Marketable Securities, Equity, Unrealized Losses 0 0
Marketable Securities, Equity, Fair Value 1,108 2,929
Cash and Cash Equivalents 1,108 2,929
Current Marketable Securities 0 0
Non-Current Marketable Securities 0 0
Mutual funds | Level 1    
Marketable Securities [Line Items]    
Marketable Securities, Equity, Adjusted Cost 366 274
Marketable Securities, Equity, Unrealized Gains 15 0
Marketable Securities, Equity, Unrealized Losses (19) (47)
Marketable Securities, Equity, Fair Value 362 227
Cash and Cash Equivalents 0 0
Current Marketable Securities 362 227
Non-Current Marketable Securities 0 0
U.S. Treasury securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 22,274 25,134
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (1,354) (1,725)
Marketable Securities, Debt, Fair Value 20,920 23,409
Cash and Cash Equivalents 0 338
Current Marketable Securities 8,076 5,091
Non-Current Marketable Securities 12,844 17,980
U.S. agency securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 5,709 5,823
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (594) (655)
Marketable Securities, Debt, Fair Value 5,115 5,168
Cash and Cash Equivalents 3 0
Current Marketable Securities 272 240
Non-Current Marketable Securities 4,840 4,928
Non-U.S. government securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 17,588 16,948
Marketable Securities, Debt, Unrealized Gains 19 2
Marketable Securities, Debt, Unrealized Losses (927) (1,201)
Marketable Securities, Debt, Fair Value 16,680 15,749
Cash and Cash Equivalents 0 0
Current Marketable Securities 11,262 8,806
Non-Current Marketable Securities 5,418 6,943
Certificates of deposit and time deposits | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 2,315 2,067
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 2,315 2,067
Cash and Cash Equivalents 1,960 1,805
Current Marketable Securities 355 262
Non-Current Marketable Securities 0 0
Commercial paper | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 364 718
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses 0 0
Marketable Securities, Debt, Fair Value 364 718
Cash and Cash Equivalents 0 28
Current Marketable Securities 364 690
Non-Current Marketable Securities 0 0
Corporate debt securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 79,621 87,148
Marketable Securities, Debt, Unrealized Gains 22 9
Marketable Securities, Debt, Unrealized Losses (6,079) (7,707)
Marketable Securities, Debt, Fair Value 73,564 79,450
Cash and Cash Equivalents 0 0
Current Marketable Securities 13,005 9,023
Non-Current Marketable Securities 60,559 70,427
Municipal securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 713 921
Marketable Securities, Debt, Unrealized Gains 0 0
Marketable Securities, Debt, Unrealized Losses (23) (35)
Marketable Securities, Debt, Fair Value 690 886
Cash and Cash Equivalents 0 0
Current Marketable Securities 213 266
Non-Current Marketable Securities 477 620
Mortgage- and asset-backed securities | Level 2    
Marketable Securities [Line Items]    
Marketable Securities, Debt, Adjusted Cost 22,383 22,553
Marketable Securities, Debt, Unrealized Gains 4 0
Marketable Securities, Debt, Unrealized Losses (2,299) (2,593)
Marketable Securities, Debt, Fair Value 20,088 19,960
Cash and Cash Equivalents 0 0
Current Marketable Securities 165 53
Non-Current Marketable Securities $ 19,923 $ 19,907
v3.23.2
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details)
$ in Millions
Jul. 01, 2023
USD ($)
Fair value of non-current marketable debt securities by contractual maturity  
Due after 1 year through 5 years $ 76,267
Due after 5 years through 10 years 11,148
Due after 10 years 16,646
Total fair value $ 104,061
v3.23.2
Financial Instruments - Additional Information (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Jul. 01, 2023
Vendor
Sep. 24, 2022
USD ($)
Customer
Vendor
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
Trade receivables | Credit concentration risk | Customer One    
Financial Instruments [Line Items]    
Concentration risk, percentage   10.00%
Trade receivables | Credit concentration risk | Cellular network carriers    
Financial Instruments [Line Items]    
Concentration risk, percentage   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 14.00% 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    
Financial Instruments [Line Items]    
Maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for foreign currency transactions 19 years  
v3.23.2
Financial Instruments - Notional Amounts of Derivative Instruments (Details) - USD ($)
$ in Millions
Jul. 01, 2023
Sep. 24, 2022
Derivatives designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 45,425 $ 102,670
Derivatives designated as accounting hedges | Interest rate contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount 19,375 20,125
Derivatives not designated as accounting hedges | Foreign exchange contracts    
Derivatives, Fair Value [Line Items]    
Derivatives, notional amount $ 90,977 $ 185,381
v3.23.2
Financial Instruments - Gross Fair Values of Derivative Assets and Liabilities (Details) - Level 2
$ in Millions
Sep. 24, 2022
USD ($)
Other current assets and other non-current assets | Foreign exchange contracts  
Derivative assets:  
Fair value of derivative assets $ 7,136
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives designated as accounting hedges  
Derivative assets:  
Fair value of derivative assets 4,317
Other current assets and other non-current assets | Foreign exchange contracts | Derivatives not designated as accounting hedges  
Derivative assets:  
Fair value of derivative assets 2,819
Other current liabilities and other non-current liabilities | Foreign exchange contracts  
Derivative liabilities:  
Fair value of derivative liabilities 4,752
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 2,205
Other current liabilities and other non-current liabilities | Foreign exchange contracts | Derivatives not designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 2,547
Other current liabilities and other non-current liabilities | Interest rate contracts  
Derivative liabilities:  
Fair value of derivative liabilities 1,367
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities 1,367
Other current liabilities and other non-current liabilities | Interest rate contracts | Derivatives not designated as accounting hedges  
Derivative liabilities:  
Fair value of derivative liabilities $ 0
v3.23.2
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($)
$ in Millions
Jul. 01, 2023
Sep. 24, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Carrying amount of hedged marketable securities $ 14,863 $ 13,378
Hedged asset, statement of financial position [Extensible Enumeration] Marketable securities, Marketable securities Marketable securities, Marketable securities
Carrying amount of hedged term debt $ (17,986) $ (18,739)
Hedged liability, statement of financial position [Extensible Enumeration] Term debt, Term debt Term debt, Term debt
v3.23.2
Condensed Consolidated Financial Statement Details - Inventories (Details) - USD ($)
$ in Millions
Jul. 01, 2023
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Components $ 3,788 $ 1,637
Finished goods 3,563 3,309
Total inventories $ 7,351 $ 4,946
v3.23.2
Condensed Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Jul. 01, 2023
Sep. 24, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Gross property, plant and equipment $ 114,337 $ 114,457
Accumulated depreciation and amortization (70,787) (72,340)
Total property, plant and equipment, net $ 43,550 $ 42,117
v3.23.2
Condensed Consolidated Financial Statement Details - Other Income/(Expense), Net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Interest and dividend income $ 980 $ 722 $ 2,766 $ 2,072
Interest expense (998) (719) (2,931) (2,104)
Other expense, net (247) (13) (429) (65)
Total other income/(expense), net $ (265) $ (10) $ (594) $ (97)
v3.23.2
Income Taxes (Details)
Aug. 30, 2016
Subsidiary
Unfavorable investigation outcome, EU State Aid rules  
Income Tax Contingency [Line Items]  
Number of subsidiaries impacted by the European Commission tax ruling 2
v3.23.2
Debt - Additional Information (Details) - USD ($)
$ in Millions
Jul. 01, 2023
Sep. 24, 2022
Debt Instrument [Line Items]    
Commercial paper $ 3,993 $ 9,982
Fixed-rate notes, aggregate carrying amount 105,300 110,100
Commercial paper    
Debt Instrument [Line Items]    
Commercial paper 4,000 10,000
Level 2    
Debt Instrument [Line Items]    
Fixed-rate notes, aggregate fair value $ 95,300 $ 98,800
v3.23.2
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($)
$ in Millions
 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Maturities 90 days or less:    
Proceeds from/(Repayments of) commercial paper, net $ (3,326) $ 4,383
Maturities greater than 90 days:    
Proceeds from commercial paper 0 5,731
Repayments of commercial paper (2,645) (5,144)
Proceeds from/(Repayments of) commercial paper, net (2,645) 587
Total proceeds from/(repayments of) commercial paper, net $ (5,971) $ 4,970
v3.23.2
Shareholders' Equity - Additional Information (Details)
shares in Millions, $ in Billions
 9 Months Ended
Jul. 01, 2023
USD ($)
shares
Share Repurchase Program [Line Items]  
Number of shares repurchased (in shares) | shares 365
Amount of share repurchases, excluding excise tax | $ $ 56.1
v3.23.2
Benefit Plans - Restricted Stock Unit Activity and Related Information (Details) - Restricted stock units
$ / shares in Units, shares in Thousands, $ in Millions
 9 Months Ended
Jul. 01, 2023
USD ($)
$ / shares
shares
Number of Restricted Stock Units  
Beginning balance (in shares) | shares 201,501
RSUs granted (in shares) | shares 86,896
RSUs vested (in shares) | shares (96,681)
RSUs canceled (in shares) | shares (7,000)
Ending balance (in shares) | shares 184,716
Weighted-Average Grant Date Fair Value Per RSU  
Beginning balance (in dollars per share) | $ / shares $ 109.48
RSUs granted (in dollars per share) | $ / shares 150.23
RSUs vested (in dollars per share) | $ / shares 95.97
RSUs canceled (in dollars per share) | $ / shares 126.48
Ending balance (in dollars per share) | $ / shares $ 135.08
Aggregate Fair Value  
Aggregate fair value of RSUs | $ $ 35,829
v3.23.2
Benefit Plans - Additional Information (Details) - USD ($)
$ in Billions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total unrecognized compensation cost related to RSUs and stock options $ 20.9   $ 20.9  
Total unrecognized compensation cost related to RSUs and stock options, weighted-average recognition period     2 years 8 months 12 days  
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Fair value of RSUs as of the respective vesting dates $ 7.0 $ 7.8 $ 14.9 $ 17.3
v3.23.2
Benefit Plans - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Share-Based Payment Arrangement [Abstract]        
Share-based compensation expense $ 2,617 $ 2,243 $ 8,208 $ 6,760
Income tax benefit related to share-based compensation expense $ (993) $ (1,231) $ (2,791) $ (3,416)
v3.23.2
Commitments and Contingencies - Future Payments Under Unconditional Purchase Obligations (Details)
$ in Millions
Jul. 01, 2023
USD ($)
Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]  
2023 (remaining three months) $ 1,260
2024 3,417
2025 1,990
2026 3,079
2027 1,013
Thereafter 8,198
Total $ 18,957
v3.23.2
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Segment Reporting Information [Line Items]        
Net sales $ 81,797 $ 82,959 $ 293,787 $ 304,182
Operating income 22,998 23,076 87,332 94,543
Americas        
Segment Reporting Information [Line Items]        
Net sales 35,383 37,472 122,445 129,850
Operating income 13,117 13,914 44,908 48,778
Europe        
Segment Reporting Information [Line Items]        
Net sales 20,205 19,287 71,831 72,323
Operating income 7,995 7,124 27,380 27,174
Greater China        
Segment Reporting Information [Line Items]        
Net sales 15,758 14,604 57,475 58,730
Operating income 6,207 5,760 24,175 25,055
Japan        
Segment Reporting Information [Line Items]        
Net sales 4,821 5,446 18,752 20,277
Operating income 2,443 2,418 9,073 9,263
Rest of Asia Pacific        
Segment Reporting Information [Line Items]        
Net sales 5,630 6,150 23,284 23,002
Operating income $ 2,328 $ 2,367 $ 9,447 $ 9,185
v3.23.2
Segment Information and Geographic Data - Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Jul. 01, 2023
Jun. 25, 2022
Jul. 01, 2023
Jun. 25, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ 22,998 $ 23,076 $ 87,332 $ 94,543
Research and development expense (7,442) (6,797) (22,608) (19,490)
Operating segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income 32,090 31,583 114,983 119,455
Segment reconciling items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Research and development expense (7,442) (6,797) (22,608) (19,490)
Corporate non-segment        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Other corporate expenses, net $ (1,650) $ (1,710) $ (5,043) $ (5,422)