Cover Page
Cover Page - shares shares in Thousands | 9 Months Ended | |
Jun. 29, 2024 | Jul. 19, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 29, 2024 | |
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) | 15,204,137 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000320193 | |
Current Fiscal Year End Date | --09-28 | |
Common Stock, $0.00001 par value per share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.00001 par value per share | |
Trading Symbol | AAPL | |
Security Exchange Name | NASDAQ | |
0.000% Notes due 2025 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.000% Notes due 2025 | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
0.875% Notes due 2025 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.875% Notes due 2025 | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
1.625% Notes due 2026 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.625% Notes due 2026 | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
2.000% Notes due 2027 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 2.000% Notes due 2027 | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
1.375% Notes due 2029 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 1.375% Notes due 2029 | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
3.050% Notes due 2029 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 3.050% Notes due 2029 | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
0.500% Notes due 2031 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 0.500% Notes due 2031 | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ | |
3.600% Notes due 2042 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 3.600% Notes due 2042 | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Net sales | $ 85,777 | $ 81,797 | $ 296,105 | $ 293,787 |
Cost of sales | 46,099 | 45,384 | 159,301 | 165,066 |
Gross margin | 39,678 | 36,413 | 136,804 | 128,721 |
Operating expenses: | ||||
Research and development | 8,006 | 7,442 | 23,605 | 22,608 |
Selling, general and administrative | 6,320 | 5,973 | 19,574 | 18,781 |
Total operating expenses | 14,326 | 13,415 | 43,179 | 41,389 |
Operating income | 25,352 | 22,998 | 93,625 | 87,332 |
Other income/(expense), net | 142 | (265) | 250 | (594) |
Income before provision for income taxes | 25,494 | 22,733 | 93,875 | 86,738 |
Provision for income taxes | 4,046 | 2,852 | 14,875 | 12,699 |
Net income | $ 21,448 | $ 19,881 | $ 79,000 | $ 74,039 |
Earnings per share: | ||||
Basic (in dollars per share) | $ 1.40 | $ 1.27 | $ 5.13 | $ 4.69 |
Diluted (in dollars per share) | $ 1.40 | $ 1.26 | $ 5.11 | $ 4.67 |
Shares used in computing earnings per share: | ||||
Basic (in shares) | 15,287,521 | 15,697,614 | 15,401,047 | 15,792,497 |
Diluted (in shares) | 15,348,175 | 15,775,021 | 15,463,175 | 15,859,263 |
Products | ||||
Net sales | $ 61,564 | $ 60,584 | $ 224,908 | $ 230,901 |
Cost of sales | 39,803 | 39,136 | 140,667 | 146,696 |
Services | ||||
Net sales | 24,213 | 21,213 | 71,197 | 62,886 |
Cost of sales | $ 6,296 | $ 6,248 | $ 18,634 | $ 18,370 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 21,448 | $ 19,881 | $ 79,000 | $ 74,039 |
Other comprehensive income/(loss): | ||||
Change in foreign currency translation, net of tax | (73) | (385) | (87) | (494) |
Change in unrealized gains/losses on derivative instruments, net of tax: | ||||
Change in fair value of derivative instruments | 406 | 509 | 331 | (492) |
Adjustment for net (gains)/losses realized and included in net income | (87) | 103 | (678) | (1,854) |
Total change in unrealized gains/losses on derivative instruments | 319 | 612 | (347) | (2,346) |
Change in unrealized gains/losses on marketable debt securities, net of tax: | ||||
Change in fair value of marketable debt securities | 268 | (340) | 3,306 | 1,963 |
Adjustment for net (gains)/losses realized and included in net income | 30 | 58 | 164 | 185 |
Total change in unrealized gains/losses on marketable debt securities | 298 | (282) | 3,470 | 2,148 |
Total other comprehensive income/(loss) | 544 | (55) | 3,036 | (692) |
Total comprehensive income | $ 21,992 | $ 19,826 | $ 82,036 | $ 73,347 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) shares in Thousands, $ in Millions | Jun. 29, 2024 | Sep. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 25,565 | $ 29,965 |
Marketable securities | 36,236 | 31,590 |
Accounts receivable, net | 22,795 | 29,508 |
Vendor non-trade receivables | 20,377 | 31,477 |
Inventories | 6,165 | 6,331 |
Other current assets | 14,297 | 14,695 |
Total current assets | 125,435 | 143,566 |
Non-current assets: | ||
Marketable securities | 91,240 | 100,544 |
Property, plant and equipment, net | 44,502 | 43,715 |
Other non-current assets | 70,435 | 64,758 |
Total non-current assets | 206,177 | 209,017 |
Total assets | 331,612 | 352,583 |
Current liabilities: | ||
Accounts payable | 47,574 | 62,611 |
Other current liabilities | 60,889 | 58,829 |
Deferred revenue | 8,053 | 8,061 |
Commercial paper | 2,994 | 5,985 |
Term debt | 12,114 | 9,822 |
Total current liabilities | 131,624 | 145,308 |
Non-current liabilities: | ||
Term debt | 86,196 | 95,281 |
Other non-current liabilities | 47,084 | 49,848 |
Total non-current liabilities | 133,280 | 145,129 |
Total liabilities | 264,904 | 290,437 |
Commitments and contingencies | ||
Common stock, shares outstanding (in shares) | 15,222,259 | 15,550,061 |
Common stock, shares issued (in shares) | 15,222,259 | 15,550,061 |
Shareholders’ equity: | ||
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively | $ 79,850 | $ 73,812 |
Accumulated deficit | (4,726) | (214) |
Accumulated other comprehensive loss | (8,416) | (11,452) |
Total shareholders’ equity | 66,708 | 62,146 |
Total liabilities and shareholders’ equity | $ 331,612 | $ 352,583 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 29, 2024 | Sep. 30, 2023 |
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) | 15,222,259,000 | 15,550,061,000 |
Common stock, shares outstanding (in shares) | 15,222,259,000 | 15,550,061,000 |
CONDENSED CONSOLIDATED STATEM_3
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. 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 | (56,368) | |||
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 | |||
Beginning balances at Sep. 30, 2023 | $ 62,146 | 73,812 | (214) | (11,452) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issued | 752 | |||
Common stock withheld related to net share settlement of equity awards | (3,802) | (1,517) | ||
Share-based compensation | 9,088 | |||
Net income | 79,000 | 79,000 | ||
Dividends and dividend equivalents declared | (11,384) | |||
Common stock repurchased | (70,000) | (70,611) | ||
Other comprehensive income/(loss) | 3,036 | 3,036 | ||
Ending balances at Jun. 29, 2024 | $ 66,708 | 79,850 | (4,726) | (8,416) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) | $ 0.73 | |||
Beginning balances at Mar. 30, 2024 | $ 74,194 | 78,815 | 4,339 | (8,960) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common stock issued | 0 | |||
Common stock withheld related to net share settlement of equity awards | (1,920) | (428) | ||
Share-based compensation | 2,955 | |||
Net income | 21,448 | 21,448 | ||
Dividends and dividend equivalents declared | (3,864) | |||
Common stock repurchased | (26,221) | |||
Other comprehensive income/(loss) | 544 | 544 | ||
Ending balances at Jun. 29, 2024 | $ 66,708 | $ 79,850 | $ (4,726) | $ (8,416) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends and dividend equivalents declared per share or RSU (in dollars per share or RSU) | $ 0.25 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Statement of Cash Flows [Abstract] | ||
Cash, cash equivalents and restricted cash, beginning balances | $ 30,737 | $ 24,977 |
Operating activities: | ||
Net income | 79,000 | 74,039 |
Adjustments to reconcile net income to cash generated by operating activities: | ||
Depreciation and amortization | 8,534 | 8,866 |
Share-based compensation expense | 8,830 | 8,208 |
Other | (1,964) | (1,651) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 6,697 | 7,609 |
Vendor non-trade receivables | 11,100 | 13,111 |
Inventories | 41 | (2,570) |
Other current and non-current assets | (5,626) | (4,863) |
Accounts payable | (15,171) | (16,790) |
Other current and non-current liabilities | 2 | 2,986 |
Cash generated by operating activities | 91,443 | 88,945 |
Investing activities: | ||
Purchases of marketable securities | (38,074) | (20,956) |
Proceeds from maturities of marketable securities | 39,838 | 27,857 |
Proceeds from sales of marketable securities | 7,382 | 3,959 |
Payments for acquisition of property, plant and equipment | (6,539) | (8,796) |
Other | (1,117) | (753) |
Cash generated by investing activities | 1,490 | 1,311 |
Financing activities: | ||
Payments for taxes related to net share settlement of equity awards | (5,163) | (5,119) |
Payments for dividends and dividend equivalents | (11,430) | (11,267) |
Repurchases of common stock | (69,866) | (56,547) |
Proceeds from issuance of term debt, net | 0 | 5,228 |
Repayments of term debt | (7,400) | (11,151) |
Repayments of commercial paper, net | (2,985) | (5,971) |
Other | (191) | (508) |
Cash used in financing activities | (97,035) | (85,335) |
Increase/(Decrease) in cash, cash equivalents and restricted cash | (4,102) | 4,921 |
Cash, cash equivalents and restricted cash, ending balances | 26,635 | 29,898 |
Supplemental cash flow disclosure: | ||
Cash paid for income taxes, net | $ 19,230 | $ 7,020 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 29, 2024 | |
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”). 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 (“GAAP”) requires the use of management estimates. 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 30, 2023 (the “2023 Form 10-K”). 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 2024 and 2023 span 52 and 53 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. |
Revenue
Revenue | 9 Months Ended |
Jun. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (in millions): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, iPhone ® $ 39,296 $ 39,669 $ 154,961 $ 156,778 Mac ® 7,009 6,840 22,240 21,743 iPad ® 7,162 5,791 19,744 21,857 Wearables, Home and Accessories 8,097 8,284 27,963 30,523 Services 24,213 21,213 71,197 62,886 Total net sales $ 85,777 $ 81,797 $ 296,105 $ 293,787 Total net sales include $3.4 billion of revenue recognized in the three months ended June 29, 2024 that was included in deferred revenue as of March 30, 2024, $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 , $6.5 billion of revenue recognized in the nine months ended June 29, 2024 that was included in deferred revenue as of September 30, 2023, and $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. The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment in Note 11, “Segment Information and Geographic Data” for the three- and nine-month periods ended June 29, 2024 and July 1, 2023, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales. As of June 29, 2024 and September 30, 2023, the Company had total deferred revenue of $12.5 billion and $12.1 billion, respectively. As of June 29, 2024, the Company expects 64% of total deferred revenue to be realized in less than a year, 25% within one-to-two years, 9% within two-to-three years and 2% in greater than three years. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jun. 29, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (net income in millions and shares in thousands): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Numerator: Net income $ 21,448 $ 19,881 $ 79,000 $ 74,039 Denominator: Weighted-average basic shares outstanding 15,287,521 15,697,614 15,401,047 15,792,497 Effect of dilutive share-based awards 60,654 77,407 62,128 66,766 Weighted-average diluted shares 15,348,175 15,775,021 15,463,175 15,859,263 Basic earnings per share $ 1.40 $ 1.27 $ 5.13 $ 4.69 Diluted earnings per share $ 1.40 $ 1.26 $ 5.11 $ 4.67 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. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 and September 30, 2023 (in millions): June 29, 2024 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Marketable Cash $ 22,866 $ — $ — $ 22,866 $ 22,866 $ — $ — Level 1: Money market funds 1,648 — — 1,648 1,648 — — Mutual funds 493 76 (7) 562 — 562 — Subtotal 2,141 76 (7) 2,210 1,648 562 — Level 2 (1) : U.S. Treasury securities 16,298 3 (855) 15,446 138 4,649 10,659 U.S. agency securities 5,500 — (418) 5,082 73 518 4,491 Non-U.S. government securities 17,560 31 (680) 16,911 — 11,592 5,319 Certificates of deposit and time deposits 1,337 — — 1,337 838 492 7 Commercial paper 1,346 — — 1,346 2 1,344 — Corporate debt securities 68,194 83 (3,350) 64,927 — 15,489 49,438 Municipal securities 480 — (13) 467 — 197 270 Mortgage- and asset-backed securities 24,508 27 (2,086) 22,449 — 1,393 21,056 Subtotal 135,223 144 (7,402) 127,965 1,051 35,674 91,240 Total (2) $ 160,230 $ 220 $ (7,409) $ 153,041 $ 25,565 $ 36,236 $ 91,240 September 30, 2023 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 28,359 $ — $ — $ 28,359 $ 28,359 $ — $ — Level 1: Money market funds 481 — — 481 481 — — Mutual funds and equity securities 442 12 (26) 428 — 428 — Subtotal 923 12 (26) 909 481 428 — Level 2 (1) : U.S. Treasury securities 19,406 — (1,292) 18,114 35 5,468 12,611 U.S. agency securities 5,736 — (600) 5,136 36 271 4,829 Non-U.S. government securities 17,533 6 (1,048) 16,491 — 11,332 5,159 Certificates of deposit and time deposits 1,354 — — 1,354 1,034 320 — Commercial paper 608 — — 608 — 608 — Corporate debt securities 76,840 6 (5,956) 70,890 20 12,627 58,243 Municipal securities 628 — (26) 602 — 192 410 Mortgage- and asset-backed securities 22,365 6 (2,735) 19,636 — 344 19,292 Subtotal 144,470 18 (11,657) 132,831 1,125 31,162 100,544 Total (2) $ 173,752 $ 30 $ (11,683) $ 162,099 $ 29,965 $ 31,590 $ 100,544 (1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data. (2) As of June 29, 2024 and September 30, 2023, total marketable securities included $14.1 billion and $13.8 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 6, “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 June 29, 2024 (in millions): Due after 1 year through 5 years $ 64,209 Due after 5 years through 10 years 8,660 Due after 10 years 18,371 Total fair value $ 91,240 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 Rate Risk To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options 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 exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of June 29, 2024, 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 18 years. The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency 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 use interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges. The notional amounts of the Company’s outstanding derivative instruments as of June 29, 2024 and September 30, 2023 were as follows (in millions): June 29, September 30, Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 65,542 $ 74,730 Interest rate contracts $ 13,875 $ 19,375 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 97,136 $ 104,777 The carrying amounts of the Company’s hedged items in fair value hedges as of June 29, 2024 and September 30, 2023 were as follows (in millions): June 29, September 30, Hedged assets/(liabilities): Current and non-current marketable securities $ 15,007 $ 14,433 Current and non-current term debt $ (13,096) $ (18,247) Accounts Receivable Trade Receivables The Company’s third-party cellular network carriers accounted for 32% and 41% of total trade receivables as of June 29, 2024 and September 30, 2023, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit risk. 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. The Company does not reflect the sale of these components in products net sales. Rather, the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company. As of June 29, 2024, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted f or 46% and 18% . A s of September 30, 2023, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 48% and 23%. |
Condensed Consolidated Financia
Condensed Consolidated Financial Statement Details | 9 Months Ended |
Jun. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Consolidated Financial Statement Details | Condensed Consolidated Financial Statement Details The following table shows the Company’s condensed consolidated financial statement details as of June 29, 2024 and September 30, 2023 (in millions): Property, Plant and Equipment, Net June 29, September 30, Gross property, plant and equipment $ 117,129 $ 114,599 Accumulated depreciation (72,627) (70,884) Total property, plant and equipment, net $ 44,502 $ 43,715 |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 29, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes European Commission State Aid Decision On August 30, 2016, the European Commission (the “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 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 the fourth quarter of 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. |
Debt
Debt | 9 Months Ended |
Jun. 29, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Commercial Paper The Company issues unsecured short-term promissory notes pursuant to a commercial paper program. The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of June 29, 2024 and September 30, 2023, the Company had $3.0 billion and $6.0 billion of commercial paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for the nine months ended June 29, 2024 and July 1, 2023 (in millions): Nine Months Ended June 29, July 1, Maturities 90 days or less: Repayments of commercial paper, net $ (2,985) $ (3,326) Maturities greater than 90 days: Repayments of commercial paper — (2,645) Total repayments of commercial paper, net $ (2,985) $ (5,971) Term Debt As of June 29, 2024 and September 30, 2023, the Company had outstanding fixed-rate notes with varying maturities for an aggregate carrying amount of $98.3 billion and $105.1 billion, respectively (collectively the “Notes”). As of June 29, 2024 and September 30, 2023, the fair value of the Company’s Notes, based on Level 2 inputs, was $86.2 billion and $90.8 billion, respectively. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Jun. 29, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Share Repurchase Program During the nine months ended June 29, 2024, the Company repurchased 387 million shares of its common stock for $70.0 billion. 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 (the “Exchange Act”). |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Jun. 29, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Restricted Stock Units A summary of the Company’s RSU activity and related information for the nine months ended June 29, 2024 is as follows: Number of RSUs (in thousands) Weighted-Average Aggregate Fair Value (in millions) Balance as of September 30, 2023 180,247 $ 135.91 RSUs granted 78,276 $ 172.26 RSUs vested (83,842) $ 126.47 RSUs canceled (8,258) $ 137.85 Balance as of June 29, 2024 166,423 $ 157.66 $ 35,052 The fair value as of the respective vesting dates of RSUs was $6.4 billion an d $15.0 billion for the three- and nine-month periods ended June 29, 2024, respectively, and was $7.0 billion and $14.9 billion for the three- and nine-month periods ended July 1, 2023, respectively. Share-Based Compensation The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (in millions): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Share-based compensation expense $ 2,869 $ 2,617 $ 8,830 $ 8,208 Income tax benefit related to share-based compensation expense $ (764) $ (993) $ (2,662) $ (2,791) As of June 29, 2024, the total unrecognized compensation cost related to outstanding RSUs was $21.9 billion, which the Company expects to recognize over a weighted-average period of 2.6 years. |
Contingencies
Contingencies | 9 Months Ended |
Jun. 29, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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. |
Segment Information and Geograp
Segment Information and Geographic Data | 9 Months Ended |
Jun. 29, 2024 | |
Segment Reporting [Abstract] | |
Segment Information and Geographic Data | Segment Information and Geographic Data The following table shows information by reportable segment for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (in millions): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Americas: Net sales $ 37,678 $ 35,383 $ 125,381 $ 122,445 Operating income $ 15,209 $ 13,117 $ 50,640 $ 44,908 Europe: Net sales $ 21,884 $ 20,205 $ 76,404 $ 71,831 Operating income $ 9,170 $ 7,995 $ 31,872 $ 27,380 Greater China: Net sales $ 14,728 $ 15,758 $ 51,919 $ 57,475 Operating income $ 5,562 $ 6,207 $ 20,884 $ 24,175 Japan: Net sales $ 5,097 $ 4,821 $ 19,126 $ 18,752 Operating income $ 2,544 $ 2,443 $ 9,498 $ 9,073 Rest of Asia Pacific: Net sales $ 6,390 $ 5,630 $ 23,275 $ 23,284 Operating income $ 2,610 $ 2,328 $ 9,995 $ 9,447 A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 is as follows (in millions): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Segment operating income $ 35,095 $ 32,090 $ 122,889 $ 114,983 Research and development expense (8,006) (7,442) (23,605) (22,608) Other corporate expenses, net (1,737) (1,650) (5,659) (5,043) Total operating income $ 25,352 $ 22,998 $ 93,625 $ 87,332 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 21,448 | $ 19,881 | $ 79,000 | $ 74,039 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 29, 2024 | |
Trading Arrangements, by Individual | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Tim Cook [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On May 24, 2024, Tim Cook, the Company’s Chief Executive Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. The plan provides for the sale, subject to certain price limits, of shares vesting during the duration of the plan pursuant to certain equity awards granted to Mr. Cook, excluding shares withheld by the Company to satisfy income tax withholding and remittance obligations. Mr. Cook’s plan will expire on May 24, 2026, subject to early termination in accordance with the terms of the plan. |
Name | Tim Cook |
Title | Chief Executive Officer |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | May 24, 2024 |
Arrangement Duration | 730 days |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 29, 2024 | |
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”). 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 (“GAAP”) requires the use of management estimates. 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 30, 2023 (the “2023 Form 10-K”). |
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 2024 and 2023 span 52 and 53 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 | The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Jun. 29, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales Disaggregated by Significant Products and Services | Net sales disaggregated by significant products and services for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 were as follows (in millions): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, iPhone ® $ 39,296 $ 39,669 $ 154,961 $ 156,778 Mac ® 7,009 6,840 22,240 21,743 iPad ® 7,162 5,791 19,744 21,857 Wearables, Home and Accessories 8,097 8,284 27,963 30,523 Services 24,213 21,213 71,197 62,886 Total net sales $ 85,777 $ 81,797 $ 296,105 $ 293,787 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jun. 29, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table shows the computation of basic and diluted earnings per share for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (net income in millions and shares in thousands): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Numerator: Net income $ 21,448 $ 19,881 $ 79,000 $ 74,039 Denominator: Weighted-average basic shares outstanding 15,287,521 15,697,614 15,401,047 15,792,497 Effect of dilutive share-based awards 60,654 77,407 62,128 66,766 Weighted-average diluted shares 15,348,175 15,775,021 15,463,175 15,859,263 Basic earnings per share $ 1.40 $ 1.27 $ 5.13 $ 4.69 Diluted earnings per share $ 1.40 $ 1.26 $ 5.11 $ 4.67 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 and September 30, 2023 (in millions): June 29, 2024 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Marketable Cash $ 22,866 $ — $ — $ 22,866 $ 22,866 $ — $ — Level 1: Money market funds 1,648 — — 1,648 1,648 — — Mutual funds 493 76 (7) 562 — 562 — Subtotal 2,141 76 (7) 2,210 1,648 562 — Level 2 (1) : U.S. Treasury securities 16,298 3 (855) 15,446 138 4,649 10,659 U.S. agency securities 5,500 — (418) 5,082 73 518 4,491 Non-U.S. government securities 17,560 31 (680) 16,911 — 11,592 5,319 Certificates of deposit and time deposits 1,337 — — 1,337 838 492 7 Commercial paper 1,346 — — 1,346 2 1,344 — Corporate debt securities 68,194 83 (3,350) 64,927 — 15,489 49,438 Municipal securities 480 — (13) 467 — 197 270 Mortgage- and asset-backed securities 24,508 27 (2,086) 22,449 — 1,393 21,056 Subtotal 135,223 144 (7,402) 127,965 1,051 35,674 91,240 Total (2) $ 160,230 $ 220 $ (7,409) $ 153,041 $ 25,565 $ 36,236 $ 91,240 September 30, 2023 Adjusted Unrealized Unrealized Fair Cash and Current Non-Current Cash $ 28,359 $ — $ — $ 28,359 $ 28,359 $ — $ — Level 1: Money market funds 481 — — 481 481 — — Mutual funds and equity securities 442 12 (26) 428 — 428 — Subtotal 923 12 (26) 909 481 428 — Level 2 (1) : U.S. Treasury securities 19,406 — (1,292) 18,114 35 5,468 12,611 U.S. agency securities 5,736 — (600) 5,136 36 271 4,829 Non-U.S. government securities 17,533 6 (1,048) 16,491 — 11,332 5,159 Certificates of deposit and time deposits 1,354 — — 1,354 1,034 320 — Commercial paper 608 — — 608 — 608 — Corporate debt securities 76,840 6 (5,956) 70,890 20 12,627 58,243 Municipal securities 628 — (26) 602 — 192 410 Mortgage- and asset-backed securities 22,365 6 (2,735) 19,636 — 344 19,292 Subtotal 144,470 18 (11,657) 132,831 1,125 31,162 100,544 Total (2) $ 173,752 $ 30 $ (11,683) $ 162,099 $ 29,965 $ 31,590 $ 100,544 (1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data. (2) As of June 29, 2024 and September 30, 2023, total marketable securities included $14.1 billion and $13.8 billion, respectively, that were restricted from general use, related to the State Aid Decision (refer to Note 6, “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 June 29, 2024 (in millions): Due after 1 year through 5 years $ 64,209 Due after 5 years through 10 years 8,660 Due after 10 years 18,371 Total fair value $ 91,240 |
Notional Amounts of Outstanding Derivative Instruments | The notional amounts of the Company’s outstanding derivative instruments as of June 29, 2024 and September 30, 2023 were as follows (in millions): June 29, September 30, Derivative instruments designated as accounting hedges: Foreign exchange contracts $ 65,542 $ 74,730 Interest rate contracts $ 13,875 $ 19,375 Derivative instruments not designated as accounting hedges: Foreign exchange contracts $ 97,136 $ 104,777 |
Carrying Amounts of Hedged Items in Fair Value Hedges | The carrying amounts of the Company’s hedged items in fair value hedges as of June 29, 2024 and September 30, 2023 were as follows (in millions): June 29, September 30, Hedged assets/(liabilities): Current and non-current marketable securities $ 15,007 $ 14,433 Current and non-current term debt $ (13,096) $ (18,247) |
Condensed Consolidated Financ_2
Condensed Consolidated Financial Statement Details (Tables) | 9 Months Ended |
Jun. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment, Net | The following table shows the Company’s condensed consolidated financial statement details as of June 29, 2024 and September 30, 2023 (in millions): Property, Plant and Equipment, Net June 29, September 30, Gross property, plant and equipment $ 117,129 $ 114,599 Accumulated depreciation (72,627) (70,884) Total property, plant and equipment, net $ 44,502 $ 43,715 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Jun. 29, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Cash Flows Associated with the Issuance and Maturities of Commercial Paper | The following table provides a summary of cash flows associated with the issuance and maturities of commercial paper for the nine months ended June 29, 2024 and July 1, 2023 (in millions): Nine Months Ended June 29, July 1, Maturities 90 days or less: Repayments of commercial paper, net $ (2,985) $ (3,326) Maturities greater than 90 days: Repayments of commercial paper — (2,645) Total repayments of commercial paper, net $ (2,985) $ (5,971) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Jun. 29, 2024 | |
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 June 29, 2024 is as follows: Number of RSUs (in thousands) Weighted-Average Aggregate Fair Value (in millions) Balance as of September 30, 2023 180,247 $ 135.91 RSUs granted 78,276 $ 172.26 RSUs vested (83,842) $ 126.47 RSUs canceled (8,258) $ 137.85 Balance as of June 29, 2024 166,423 $ 157.66 $ 35,052 |
Summary of Share-Based Compensation Expense and the Related Income Tax Benefit | The following table shows share-based compensation expense and the related income tax benefit included in the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (in millions): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Share-based compensation expense $ 2,869 $ 2,617 $ 8,830 $ 8,208 Income tax benefit related to share-based compensation expense $ (764) $ (993) $ (2,662) $ (2,791) |
Segment Information and Geogr_2
Segment Information and Geographic Data (Tables) | 9 Months Ended |
Jun. 29, 2024 | |
Segment Reporting [Abstract] | |
Information by Reportable Segment | The following table shows information by reportable segment for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 (in millions): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Americas: Net sales $ 37,678 $ 35,383 $ 125,381 $ 122,445 Operating income $ 15,209 $ 13,117 $ 50,640 $ 44,908 Europe: Net sales $ 21,884 $ 20,205 $ 76,404 $ 71,831 Operating income $ 9,170 $ 7,995 $ 31,872 $ 27,380 Greater China: Net sales $ 14,728 $ 15,758 $ 51,919 $ 57,475 Operating income $ 5,562 $ 6,207 $ 20,884 $ 24,175 Japan: Net sales $ 5,097 $ 4,821 $ 19,126 $ 18,752 Operating income $ 2,544 $ 2,443 $ 9,498 $ 9,073 Rest of Asia Pacific: Net sales $ 6,390 $ 5,630 $ 23,275 $ 23,284 Operating income $ 2,610 $ 2,328 $ 9,995 $ 9,447 |
Reconciliation of Segment Operating Income to the Condensed Consolidated Statements of Operations | A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the three- and nine-month periods ended June 29, 2024 and July 1, 2023 is as follows (in millions): Three Months Ended Nine Months Ended June 29, July 1, June 29, July 1, Segment operating income $ 35,095 $ 32,090 $ 122,889 $ 114,983 Research and development expense (8,006) (7,442) (23,605) (22,608) Other corporate expenses, net (1,737) (1,650) (5,659) (5,043) Total operating income $ 25,352 $ 22,998 $ 93,625 $ 87,332 |
Revenue - Net Sales Disaggregat
Revenue - Net Sales Disaggregated by Significant Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 85,777 | $ 81,797 | $ 296,105 | $ 293,787 |
iPhone | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 39,296 | 39,669 | 154,961 | 156,778 |
Mac | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 7,009 | 6,840 | 22,240 | 21,743 |
iPad | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 7,162 | 5,791 | 19,744 | 21,857 |
Wearables, Home and Accessories | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 8,097 | 8,284 | 27,963 | 30,523 |
Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 24,213 | $ 21,213 | $ 71,197 | $ 62,886 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | |||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |||||
Revenue recognized that was included in deferred revenue at the beginning of the period | $ 3.4 | $ 3.3 | $ 6.5 | $ 7 | |
Total deferred revenue | $ 12.5 | $ 12.5 | $ 12.1 |
Revenue - Deferred Revenue, Exp
Revenue - Deferred Revenue, Expected Timing of Realization (Details) | Jun. 29, 2024 |
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 | 64% |
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 | 25% |
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 | 9% |
Deferred revenue, expected timing of realization, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-06-27 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Deferred revenue, expected timing of realization, percentage | 2% |
Deferred revenue, expected timing of realization, period | 1 year |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Numerator: | ||||
Net income | $ 21,448 | $ 19,881 | $ 79,000 | $ 74,039 |
Denominator: | ||||
Weighted-average basic shares outstanding (in shares) | 15,287,521 | 15,697,614 | 15,401,047 | 15,792,497 |
Effect of dilutive share-based awards (in shares) | 60,654 | 77,407 | 62,128 | 66,766 |
Weighted-average diluted shares (in shares) | 15,348,175 | 15,775,021 | 15,463,175 | 15,859,263 |
Basic earnings per share (in dollars per share) | $ 1.40 | $ 1.27 | $ 5.13 | $ 4.69 |
Diluted earnings per share (in dollars per share) | $ 1.40 | $ 1.26 | $ 5.11 | $ 4.67 |
Earnings Per Share - Additional
Earnings Per Share - 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 |
Financial Instruments - Cash, C
Financial Instruments - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Sep. 30, 2023 |
Marketable Securities [Line Items] | ||
Cash, Cash Equivalents and Marketable Securities, Adjusted Cost | $ 160,230 | $ 173,752 |
Cash Equivalents and Marketable Securities, Unrealized Gains | 220 | 30 |
Cash Equivalents and Marketable Securities, Unrealized Losses | (7,409) | (11,683) |
Cash, Cash Equivalents and Marketable Securities, Fair Value | 153,041 | 162,099 |
Cash and Cash Equivalents | 25,565 | 29,965 |
Current Marketable Securities | 36,236 | 31,590 |
Non-Current Marketable Securities | 91,240 | 100,544 |
Total marketable securities that were restricted from general use | 14,100 | 13,800 |
Level 1 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 2,141 | 923 |
Marketable Securities, Equity, Unrealized Gains | 76 | 12 |
Marketable Securities, Equity, Unrealized Losses | (7) | (26) |
Marketable Securities, Equity, Fair Value | 2,210 | 909 |
Cash and Cash Equivalents | 1,648 | 481 |
Current Marketable Securities | 562 | 428 |
Non-Current Marketable Securities | 0 | 0 |
Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 135,223 | 144,470 |
Marketable Securities, Debt, Unrealized Gains | 144 | 18 |
Marketable Securities, Debt, Unrealized Losses | (7,402) | (11,657) |
Marketable Securities, Debt, Fair Value | 127,965 | 132,831 |
Cash and Cash Equivalents | 1,051 | 1,125 |
Current Marketable Securities | 35,674 | 31,162 |
Non-Current Marketable Securities | 91,240 | 100,544 |
Cash | ||
Marketable Securities [Line Items] | ||
Cash | 22,866 | 28,359 |
Cash and Cash Equivalents | 22,866 | 28,359 |
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 | 1,648 | 481 |
Marketable Securities, Equity, Unrealized Gains | 0 | 0 |
Marketable Securities, Equity, Unrealized Losses | 0 | 0 |
Marketable Securities, Equity, Fair Value | 1,648 | 481 |
Cash and Cash Equivalents | 1,648 | 481 |
Current Marketable Securities | 0 | 0 |
Non-Current Marketable Securities | 0 | 0 |
Mutual funds | Level 1 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 493 | |
Marketable Securities, Equity, Unrealized Gains | 76 | |
Marketable Securities, Equity, Unrealized Losses | (7) | |
Marketable Securities, Equity, Fair Value | 562 | |
Cash and Cash Equivalents | 0 | |
Current Marketable Securities | 562 | |
Non-Current Marketable Securities | 0 | |
Mutual funds and equity securities | Level 1 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Equity, Adjusted Cost | 442 | |
Marketable Securities, Equity, Unrealized Gains | 12 | |
Marketable Securities, Equity, Unrealized Losses | (26) | |
Marketable Securities, Equity, Fair Value | 428 | |
Cash and Cash Equivalents | 0 | |
Current Marketable Securities | 428 | |
Non-Current Marketable Securities | 0 | |
U.S. Treasury securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 16,298 | 19,406 |
Marketable Securities, Debt, Unrealized Gains | 3 | 0 |
Marketable Securities, Debt, Unrealized Losses | (855) | (1,292) |
Marketable Securities, Debt, Fair Value | 15,446 | 18,114 |
Cash and Cash Equivalents | 138 | 35 |
Current Marketable Securities | 4,649 | 5,468 |
Non-Current Marketable Securities | 10,659 | 12,611 |
U.S. agency securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 5,500 | 5,736 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | (418) | (600) |
Marketable Securities, Debt, Fair Value | 5,082 | 5,136 |
Cash and Cash Equivalents | 73 | 36 |
Current Marketable Securities | 518 | 271 |
Non-Current Marketable Securities | 4,491 | 4,829 |
Non-U.S. government securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 17,560 | 17,533 |
Marketable Securities, Debt, Unrealized Gains | 31 | 6 |
Marketable Securities, Debt, Unrealized Losses | (680) | (1,048) |
Marketable Securities, Debt, Fair Value | 16,911 | 16,491 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 11,592 | 11,332 |
Non-Current Marketable Securities | 5,319 | 5,159 |
Certificates of deposit and time deposits | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 1,337 | 1,354 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | 0 | 0 |
Marketable Securities, Debt, Fair Value | 1,337 | 1,354 |
Cash and Cash Equivalents | 838 | 1,034 |
Current Marketable Securities | 492 | 320 |
Non-Current Marketable Securities | 7 | 0 |
Commercial paper | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 1,346 | 608 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | 0 | 0 |
Marketable Securities, Debt, Fair Value | 1,346 | 608 |
Cash and Cash Equivalents | 2 | 0 |
Current Marketable Securities | 1,344 | 608 |
Non-Current Marketable Securities | 0 | 0 |
Corporate debt securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 68,194 | 76,840 |
Marketable Securities, Debt, Unrealized Gains | 83 | 6 |
Marketable Securities, Debt, Unrealized Losses | (3,350) | (5,956) |
Marketable Securities, Debt, Fair Value | 64,927 | 70,890 |
Cash and Cash Equivalents | 0 | 20 |
Current Marketable Securities | 15,489 | 12,627 |
Non-Current Marketable Securities | 49,438 | 58,243 |
Municipal securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 480 | 628 |
Marketable Securities, Debt, Unrealized Gains | 0 | 0 |
Marketable Securities, Debt, Unrealized Losses | (13) | (26) |
Marketable Securities, Debt, Fair Value | 467 | 602 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 197 | 192 |
Non-Current Marketable Securities | 270 | 410 |
Mortgage- and asset-backed securities | Level 2 | ||
Marketable Securities [Line Items] | ||
Marketable Securities, Debt, Adjusted Cost | 24,508 | 22,365 |
Marketable Securities, Debt, Unrealized Gains | 27 | 6 |
Marketable Securities, Debt, Unrealized Losses | (2,086) | (2,735) |
Marketable Securities, Debt, Fair Value | 22,449 | 19,636 |
Cash and Cash Equivalents | 0 | 0 |
Current Marketable Securities | 1,393 | 344 |
Non-Current Marketable Securities | $ 21,056 | $ 19,292 |
Financial Instruments - Non-Cur
Financial Instruments - Non-Current Marketable Debt Securities by Contractual Maturity (Details) $ in Millions | Jun. 29, 2024 USD ($) |
Fair value of non-current marketable debt securities by contractual maturity | |
Due after 1 year through 5 years | $ 64,209 |
Due after 5 years through 10 years | 8,660 |
Due after 10 years | 18,371 |
Total fair value | $ 91,240 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) - Vendor | 9 Months Ended | 12 Months Ended |
Jun. 29, 2024 | Sep. 30, 2023 | |
Trade receivables | Credit concentration risk | Cellular network carriers | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 32% | 41% |
Non-trade receivables | Credit concentration risk | ||
Financial Instruments [Line Items] | ||
Number of vendors that individually represented 10% or more of total vendor non-trade receivables | 2 | 2 |
Non-trade receivables | Credit concentration risk | Vendor one | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 46% | 48% |
Non-trade receivables | Credit concentration risk | Vendor two | ||
Financial Instruments [Line Items] | ||
Concentration risk, percentage | 18% | 23% |
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 | 18 years |
Financial Instruments - Notiona
Financial Instruments - Notional Amounts of Derivative Instruments (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Sep. 30, 2023 |
Derivatives designated as accounting hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, notional amount | $ 65,542 | $ 74,730 |
Derivatives designated as accounting hedges | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, notional amount | 13,875 | 19,375 |
Derivatives not designated as accounting hedges | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives, notional amount | $ 97,136 | $ 104,777 |
Financial Instruments - Derivat
Financial Instruments - Derivative Instruments Designated as Fair Value Hedges and Related Hedged Items (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying amount of hedged marketable securities | $ 15,007 | $ 14,433 |
Hedged asset, statement of financial position [Extensible Enumeration] | Marketable securities, Marketable securities | Marketable securities, Marketable securities |
Carrying amount of hedged term debt | $ (13,096) | $ (18,247) |
Hedged liability, statement of financial position [Extensible Enumeration] | Term debt, Term debt | Term debt, Term debt |
Condensed Consolidated Financ_3
Condensed Consolidated Financial Statement Details - Property, Plant and Equipment, Net (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Gross property, plant and equipment | $ 117,129 | $ 114,599 |
Accumulated depreciation | (72,627) | (70,884) |
Total property, plant and equipment, net | $ 44,502 | $ 43,715 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (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 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Millions | Jun. 29, 2024 | Sep. 30, 2023 |
Debt Instrument [Line Items] | ||
Commercial paper | $ 2,994 | $ 5,985 |
Fixed-rate notes, aggregate carrying amount | 98,300 | 105,100 |
Commercial paper | ||
Debt Instrument [Line Items] | ||
Commercial paper | 3,000 | 6,000 |
Level 2 | ||
Debt Instrument [Line Items] | ||
Fixed-rate notes, aggregate fair value | $ 86,200 | $ 90,800 |
Debt - Summary of Cash Flows As
Debt - Summary of Cash Flows Associated with Commercial Paper (Details) - USD ($) $ in Millions | 9 Months Ended | |
Jun. 29, 2024 | Jul. 01, 2023 | |
Maturities 90 days or less: | ||
Repayments of commercial paper, net | $ (2,985) | $ (3,326) |
Maturities greater than 90 days: | ||
Repayments of commercial paper | 0 | (2,645) |
Total repayments of commercial paper, net | $ (2,985) | $ (5,971) |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) shares in Millions, $ in Billions | 9 Months Ended |
Jun. 29, 2024 USD ($) shares | |
Stockholders' Equity Note [Abstract] | |
Number of shares repurchased (in shares) | shares | 387 |
Amount of share repurchases | $ | $ 70 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Unit Activity and Related Information (Details) - Restricted stock units $ / shares in Units, shares in Thousands, $ in Millions | 9 Months Ended |
Jun. 29, 2024 USD ($) $ / shares shares | |
Number of Restricted Stock Units | |
Beginning balance (in shares) | shares | 180,247 |
RSUs granted (in shares) | shares | 78,276 |
RSUs vested (in shares) | shares | (83,842) |
RSUs canceled (in shares) | shares | (8,258) |
Ending balance (in shares) | shares | 166,423 |
Weighted-Average Grant Date Fair Value Per RSU | |
Beginning balance (in dollars per share) | $ / shares | $ 135.91 |
RSUs granted (in dollars per share) | $ / shares | 172.26 |
RSUs vested (in dollars per share) | $ / shares | 126.47 |
RSUs canceled (in dollars per share) | $ / shares | 137.85 |
Ending balance (in dollars per share) | $ / shares | $ 157.66 |
Aggregate Fair Value | |
Aggregate fair value of RSUs | $ | $ 35,052 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - Restricted stock units - USD ($) $ in Billions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of RSUs as of the respective vesting dates | $ 6.4 | $ 7 | $ 15 | $ 14.9 |
Total unrecognized compensation cost related to RSUs | $ 21.9 | $ 21.9 | ||
Total unrecognized compensation cost related to RSUs, weighted-average recognition period | 2 years 7 months 6 days |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Share-Based Compensation Expense and the Related Income Tax Benefit (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||||
Share-based compensation expense | $ 2,869 | $ 2,617 | $ 8,830 | $ 8,208 |
Income tax benefit related to share-based compensation expense | $ (764) | $ (993) | $ (2,662) | $ (2,791) |
Segment Information and Geogr_3
Segment Information and Geographic Data - Information by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 85,777 | $ 81,797 | $ 296,105 | $ 293,787 |
Operating income | 25,352 | 22,998 | 93,625 | 87,332 |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 37,678 | 35,383 | 125,381 | 122,445 |
Operating income | 15,209 | 13,117 | 50,640 | 44,908 |
Europe | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 21,884 | 20,205 | 76,404 | 71,831 |
Operating income | 9,170 | 7,995 | 31,872 | 27,380 |
Greater China | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 14,728 | 15,758 | 51,919 | 57,475 |
Operating income | 5,562 | 6,207 | 20,884 | 24,175 |
Japan | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 5,097 | 4,821 | 19,126 | 18,752 |
Operating income | 2,544 | 2,443 | 9,498 | 9,073 |
Rest of Asia Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 6,390 | 5,630 | 23,275 | 23,284 |
Operating income | $ 2,610 | $ 2,328 | $ 9,995 | $ 9,447 |
Segment Information and Geogr_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 | 9 Months Ended | ||
Jun. 29, 2024 | Jul. 01, 2023 | Jun. 29, 2024 | Jul. 01, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | $ 25,352 | $ 22,998 | $ 93,625 | $ 87,332 |
Research and development expense | (8,006) | (7,442) | (23,605) | (22,608) |
Operating segments | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | 35,095 | 32,090 | 122,889 | 114,983 |
Segment reconciling items | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Research and development expense | (8,006) | (7,442) | (23,605) | (22,608) |
Corporate non-segment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Other corporate expenses, net | $ (1,737) | $ (1,650) | $ (5,659) | $ (5,043) |