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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 25, 2021
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36743
Apple Inc.
(Exact name of Registrant as specified in its charter)
California 94-2404110
(State or other jurisdiction
of incorporation or organization)
(I.R.S. Employer Identification No.)
One Apple Park Way
Cupertino, California 95014
(Address of principal executive offices) (Zip Code)
(408) 996-1010
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading 
symbol(s) Name of each exchange on which registered
Common Stock, $0.00001 par value per share AAPL The Nasdaq Stock Market LLC
1.000% Notes due 2022 — The Nasdaq Stock Market LLC
1.375% Notes due 2024 — The Nasdaq Stock Market LLC
0.000% Notes due 2025 — The Nasdaq Stock Market LLC
0.875% Notes due 2025 — The Nasdaq Stock Market LLC
1.625% Notes due 2026 — The Nasdaq Stock Market LLC
2.000% Notes due 2027 — The Nasdaq Stock Market LLC
1.375% Notes due 2029 — The Nasdaq Stock Market LLC
3.050% Notes due 2029 — The Nasdaq Stock Market LLC
0.500% Notes due 2031 — The Nasdaq Stock Market LLC
3.600% Notes due 2042 — The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2)  has been 
subject to such filing requirements for the past 90 days.
Yes  ☒     No  ☐

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Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to 
submit such files).
Yes  ☒     No  ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting 
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and 
“emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with 
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.          ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐     No  ☒
16,319,441,000 shares of common stock were issued and outstanding as of January 14, 2022.

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Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended December 25, 2021 
TABLE OF CONTENTS
Page
Part I
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
Item 4. Controls and Procedures 19
Part II
Item 1. Legal Proceedings 20
Item 1A. Risk Factors 20
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21
Item 3. Defaults Upon Senior Securities 21
Item 4. Mine Safety Disclosures 21
Item 5. Other Information 21
Item 6. Exhibits 22

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PART I  —  FINANCIAL INFORMATION
Item 1. Financial Statements
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months Ended
December 25,
2021
December 26,
2020
Net sales:
   Products $ 104,429 $ 95,678 
   Services  19,516  15,761 
Total net sales  123,945  111,439 
Cost of sales:
   Products  64,309  62,130 
   Services  5,393  4,981 
Total cost of sales  69,702  67,111 
Gross margin  54,243  44,328 
Operating expenses:
Research and development  6,306  5,163 
Selling, general and administrative  6,449  5,631 
Total operating expenses  12,755  10,794 
Operating income  41,488  33,534 
Other income/(expense), net  (247)  45 
Income before provision for income taxes  41,241  33,579 
Provision for income taxes  6,611  4,824 
Net income $ 34,630 $ 28,755 
Earnings per share:
Basic $ 2.11 $ 1.70 
Diluted $ 2.10 $ 1.68 
Shares used in computing earnings per share:
Basic  16,391,724  16,935,119 
Diluted  16,519,291  17,113,688 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2022 Form 10-Q | 1

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
Three Months Ended
December 25,
2021
December 26,
2020
Net income $ 34,630 $ 28,755 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (360)  549 
Change in unrealized gains/losses on derivative instruments, net of tax:
Change in fair value of derivative instruments  362  (304) 
Adjustment for net (gains)/losses realized and included in net income  93  (183) 
Total change in unrealized gains/losses on derivative instruments  455  (487) 
Change in unrealized gains/losses on marketable debt securities, net of tax:
Change in fair value of marketable debt securities  (1,176)  628 
Adjustment for net (gains)/losses realized and included in net income  (9)  (105) 
Total change in unrealized gains/losses on marketable debt securities  (1,185)  523 
Total other comprehensive income/(loss)  (1,090)  585 
Total comprehensive income $ 33,540 $ 29,340 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2022 Form 10-Q | 2

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Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares which are reflected in thousands and par value)
December 25,
2021
September 25,
2021
ASSETS:
Current assets:
Cash and cash equivalents $ 37,119 $ 34,940 
Marketable securities  26,794  27,699 
Accounts receivable, net  30,213  26,278 
Inventories  5,876  6,580 
Vendor non-trade receivables  35,040  25,228 
Other current assets  18,112  14,111 
Total current assets  153,154  134,836 
Non-current assets:
Marketable securities  138,683  127,877 
Property, plant and equipment, net  39,245  39,440 
Other non-current assets  50,109  48,849 
Total non-current assets  228,037  216,166 
Total assets $ 381,191 $ 351,002 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 74,362 $ 54,763 
Other current liabilities  49,167  47,493 
Deferred revenue  7,876  7,612 
Commercial paper  5,000  6,000 
Term debt  11,169  9,613 
Total current liabilities  147,574  125,481 
Non-current liabilities:
Term debt  106,629  109,106 
Other non-current liabilities  55,056  53,325 
Total non-current liabilities  161,685  162,431 
Total liabilities  309,259  287,912 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 16,340,851 and 16,426,786 shares issued and outstanding, respectively  58,424  57,365 
Retained earnings  14,435  5,562 
Accumulated other comprehensive income/(loss)  (927)  163 
Total shareholders’ equity  71,932  63,090 
Total liabilities and shareholders’ equity $ 381,191 $ 351,002 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2022 Form 10-Q | 3

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)
(In millions, except per share amounts)
Three Months Ended
December 25,
2021
December 26,
2020
Total shareholders’ equity, beginning balances $ 63,090 $ 65,339 
Common stock and additional paid-in capital:
Beginning balances  57,365  50,779 
Common stock withheld related to net share settlement of equity awards  (1,263)  (1,101) 
Share-based compensation  2,322  2,066 
Ending balances  58,424  51,744 
Retained earnings:
Beginning balances  5,562  14,966 
Net income  34,630  28,755 
Dividends and dividend equivalents declared  (3,665)  (3,547) 
Common stock withheld related to net share settlement of equity awards  (1,730)  (1,873) 
Common stock repurchased  (20,362)  (24,000) 
Ending balances  14,435  14,301 
Accumulated other comprehensive income/(loss):
Beginning balances  163  (406) 
Other comprehensive income/(loss)  (1,090)  585 
Ending balances  (927)  179 
Total shareholders’ equity, ending balances $ 71,932 $ 66,224 
Dividends and dividend equivalents declared per share or RSU $ 0.22 $ 0.205 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2022 Form 10-Q | 4

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended
December 25,
2021
December 26,
2020
Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789 
Operating activities:
Net income  34,630  28,755 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  2,697  2,666 
Share-based compensation expense  2,265  2,020 
Deferred income tax expense/(benefit)  682  (58) 
Other  167  25 
Changes in operating assets and liabilities:
Accounts receivable, net  (3,934)  (10,945) 
Inventories  681  (950) 
Vendor non-trade receivables  (9,812)  (10,194) 
Other current and non-current assets  (4,921)  (3,526) 
Accounts payable  19,813  21,670 
Deferred revenue  462  1,341 
Other current and non-current liabilities  4,236  7,959 
Cash generated by operating activities  46,966  38,763 
Investing activities:
Purchases of marketable securities  (34,913)  (39,800) 
Proceeds from maturities of marketable securities  11,309  25,177 
Proceeds from sales of marketable securities  10,675  9,344 
Payments for acquisition of property, plant and equipment  (2,803)  (3,500) 
Other  (374)  195 
Cash used in investing activities  (16,106)  (8,584) 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (2,888)  (2,861) 
Payments for dividends and dividend equivalents  (3,732)  (3,613) 
Repurchases of common stock  (20,478)  (24,775) 
Repayments of term debt  —  (1,000) 
Proceeds from/(Repayments of) commercial paper, net  (1,000)  22 
Other  (61)  (22) 
Cash used in financing activities  (28,159)  (32,249) 
Increase/(Decrease) in cash, cash equivalents and restricted cash  2,701  (2,070) 
Cash, cash equivalents and restricted cash, ending balances $ 38,630 $ 37,719 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 5,235 $ 1,787 
Cash paid for interest $ 531 $ 619 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q1 2022 Form 10-Q | 5

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Apple Inc.
Notes to Condensed Consolidated Financial Statements (Unaudited)
Note 1 – Summary of Significant Accounting Policies
Basis of Presentation and Preparation
The condensed consolidated financial statements include the accounts of Apple Inc. and its wholly owned subsidiaries 
(collectively “Apple” or the “Company”). Intercompany accounts and transactions have been eliminated. In the opinion of the 
Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and 
recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated 
financial statements and accompanying notes in conformity with U.S. generally accepted accounting principles requires 
management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from 
those estimates. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have 
been reclassified to conform to the current period’s presentation. These condensed consolidated financial statements and 
accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and 
accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended  September 25, 2021 (the “2021 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. The 
Company’s fiscal years 2022 and 2021 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, 
months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of 
those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three months ended December 25, 
2021 and December 26, 2020 (net income in millions and shares in thousands):
Three Months Ended
December 25,
2021
December 26,
2020
Numerator:
Net income $ 34,630 $ 28,755 
Denominator:
Weighted-average basic shares outstanding  16,391,724  16,935,119 
Effect of dilutive securities  127,567  178,569 
Weighted-average diluted shares  16,519,291  17,113,688 
Basic earnings per share $ 2.11 $ 1.70 
Diluted earnings per share $ 2.10 $ 1.68 
Apple Inc. | Q1 2022 Form 10-Q | 6

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Note 2 – Revenue
Net sales disaggregated by significant products and services for the three months ended December 25, 2021 and December 26, 
2020 were as follows (in millions):
Three Months Ended
December 25,
2021
December 26,
2020
iPhone® (1) $ 71,628 $ 65,597 
Mac® (1)  10,852  8,675 
iPad® (1)  7,248  8,435 
Wearables, Home and Accessories (1)(2)  14,701  12,971 
Services (3)  19,516  15,761 
Total net sales (4) $ 123,945 $ 111,439 
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods ®, Apple TV ®, Apple Watch ®, Beats ® products, 
HomePod mini®, iPod touch® and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare ®, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
(4) Includes $3.0 billion of revenue recognized in the three months ended December 25, 2021  that was included in deferred 
revenue as of September 25, 2021  and $2.5 billion of revenue recognized in the three months ended December 26, 2020  
that was included in deferred revenue as of September 26, 2020.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 9, “Segment Information and Geographic Data” for the three months ended December 25, 2021 and December 26, 2020, 
except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of December 25, 2021 and September 25, 2021, the Company had total deferred revenue of $12.4 billion and $11.9 billion, 
respectively. As of December 25, 2021, the Company expects 64% of total deferred revenue to be realized in less than a year, 
27% within one-to-two years, 8% within two-to-three years and 1% in greater than three years.
Apple Inc. | Q1 2022 Form 10-Q | 7

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Note 3 – Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category 
as of December 25, 2021 and September 25, 2021 (in millions):
December 25, 2021
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 17,992 $ — $ — $ 17,992 $ 17,992 $ — $ — 
Level 1 (1): 
Money market funds  11,356  —  —  11,356  11,356  —  — 
Mutual funds  215  16  (2)  229  —  229  — 
Subtotal  11,571  16  (2)  11,585  11,356  229  — 
Level 2 (2):
Equity securities  1,527  —  (850)  677  —  677  — 
U.S. Treasury securities  29,221  64  (171)  29,114  3,247  5,775  20,092 
U.S. agency securities  7,934  1  (116)  7,819  1,066  1,581  5,172 
Non-U.S. government securities  18,983  160  (177)  18,966  200  3,279  15,487 
Certificates of deposit and time deposits  3,648  —  —  3,648  2,527  1,121  — 
Commercial paper  2,261  —  —  2,261  702  1,559  — 
Corporate debt securities  88,617  718  (754)  88,581  29  11,665  76,887 
Municipal securities  993  10  (1)  1,002  —  150  852 
Mortgage- and asset-backed securities  21,072  102  (223)  20,951  —  758  20,193 
Subtotal  174,256  1,055  (2,292)  173,019  7,771  26,565  138,683 
Total (3) $ 203,819 $ 1,071 $ (2,294) $ 202,596 $ 37,119 $ 26,794 $ 138,683 
September 25, 2021
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 17,305 $ — $ — $ 17,305 $ 17,305 $ — $ — 
Level 1 (1):
Money market funds  9,608  —  —  9,608  9,608  —  — 
Mutual funds  175  11  (1)  185  —  185  — 
Subtotal  9,783  11  (1)  9,793  9,608  185  — 
Level 2 (2):
Equity securities  1,527  —  (564)  963  —  963  — 
U.S. Treasury securities  22,878  102  (77)  22,903  3,596  6,625  12,682 
U.S. agency securities  8,949  2  (64)  8,887  1,775  1,930  5,182 
Non-U.S. government securities  20,201  211  (101)  20,311  390  3,091  16,830 
Certificates of deposit and time deposits  1,300  —  —  1,300  490  810  — 
Commercial paper  2,639  —  —  2,639  1,776  863  — 
Corporate debt securities  83,883  1,242  (267)  84,858  —  12,327  72,531 
Municipal securities  967  14  —  981  —  130  851 
Mortgage- and asset-backed securities  20,529  171  (124)  20,576  —  775  19,801 
Subtotal  162,873  1,742  (1,197)  163,418  8,027  27,514  127,877 
Total (3) $ 189,961 $ 1,753 $ (1,198) $ 190,516 $ 34,940 $ 27,699 $ 127,877 
(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets 
and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable 
or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3) As of December  25, 2021 and September  25, 2021, total marketable securities included $16.8  billion and $17.9 billion , 
respectively, that was restricted from general use, related to the European Commission decision finding that Ireland granted 
state aid to the Company, and other agreements.
Apple Inc. | Q1 2022 Form 10-Q | 8

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The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
December 25, 2021 (in millions):
Due after 1 year through 5 years $ 93,206 
Due after 5 years through 10 years  25,183 
Due after 10 years  20,294 
Total fair value $ 138,683 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 
However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations 
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a 
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, 
option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally 
hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 
12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency 
exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company 
designates these instruments as either cash flow or fair value hedges. As of December 25, 2021 , the Company’s hedged term 
debt– and marketable securities–related foreign currency transactions are expected to be recognized within 21 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins 
from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains 
and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into 
interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value 
hedges.
The notional amounts of the Company’s outstanding derivative instruments as of  December 25, 2021 and September 25, 2021 
were as follows (in millions):
December 25, 
2021
September 25, 
2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 77,009 $ 76,475 
Interest rate contracts $ 16,875 $ 16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 176,268 $ 126,918 
The gross fair values of the Company’s derivative assets and liabilities were not material as of December  25, 2021  and 
September 25, 2021.
The gains and losses recognized in other comprehensive income and amounts reclassified from accumulated other 
comprehensive income to net income for the Company’s derivative instruments designated as cash flow hedges were not 
material in the three months ended December 25, 2021 and December 26, 2020.
Apple Inc. | Q1 2022 Form 10-Q | 9

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The carrying amounts of the Company’s hedged items in fair value hedges as of December 25, 2021 and September 25, 2021 
were as follows (in millions):
December 25, 
2021
September 25, 
2021
Hedged assets/(liabilities):
Current and non-current marketable securities $ 15,322 $ 15,954 
Current and non-current term debt $ (17,444) $ (17,857) 
The gains and losses on the Company’s derivative instruments designated as fair value hedges and the related hedged item 
adjustments were not material in the three months ended December 25, 2021 and December 26, 2020.
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, 
resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does 
not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain 
instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit 
insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit-
financing arrangements are directly between the third-party financing company and the end customer. As such, the Company 
generally does not assume any recourse or credit risk sharing related to any of these arrangements.
The Company’s cellular network carriers accounted for 45% and 42% of total trade receivables as of December 25, 2021  and 
September 25, 2021, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. As of December  25, 2021, the Company had three vendors that individually represented 
10% or more of total vendor non-trade receivables, which accounted for 54%, 13% and 12%. As of September 25, 2021 , the 
Company had three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted 
for 52%, 11% and 11%.
Note 4 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of December  25, 2021 and 
September 25, 2021 (in millions):
Property, Plant and Equipment, Net
December 25,
2021
September 25,
2021
Gross property, plant and equipment $ 107,699 $ 109,723 
Accumulated depreciation and amortization  (68,454)  (70,283) 
Total property, plant and equipment, net $ 39,245 $ 39,440 
Other Non-Current Liabilities
December 25,
2021
September 25,
2021
Long-term taxes payable $ 24,689 $ 24,689 
Other non-current liabilities  30,367  28,636 
Total other non-current liabilities $ 55,056 $ 53,325 
Apple Inc. | Q1 2022 Form 10-Q | 10

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Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three months ended December 25, 2021  and 
December 26, 2020 (in millions):
Three Months Ended
December 25,
2021
December 26,
2020
Interest and dividend income $ 650 $ 747 
Interest expense  (694)  (638) 
Other expense, net  (203)  (64) 
Total other income/(expense), net $ (247) $ 45 
Note 5 – Debt
Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. 
The Company uses net proceeds from the commercial paper program for general corporate purposes, including dividends and 
share repurchases.  As of December  25, 2021 and September  25, 2021, the Company had $5.0 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 three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021
December 26,
2020
Maturities 90 days or less:
Proceeds from commercial paper, net $ 1,339 $ 1,439 
Maturities greater than 90 days:
Proceeds from commercial paper  1,191  780 
Repayments of commercial paper  (3,530)  (2,197) 
Repayments of commercial paper, net  (2,339)  (1,417) 
Total proceeds from/(repayments of) commercial paper, net $ (1,000) $ 22 
Term Debt
As of December 25, 2021  and September 25, 2021 , the Company had outstanding floating- and fixed-rate notes with varying 
maturities for an aggregate carrying amount of $117.8 billion  and $118.7 billion , res pectively (collectively the “Notes”). As of 
December 25, 2021 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $123.5 billion 
and $125.3 billion, respectively.
Note 6 – Shareholders’ Equity
Share Repurchase Program
As of December 25, 2021, the Company was authorized to purchase up to $315 billion of the Company’s common stock under a 
share repurchase program (the “Program”). During the three months ended December 25, 2021, the Company repurchased 124 
million shares of its common stock for $20.4 billion , including 30 million  shares initially delivered under accelerated share 
repurchase agreements (“ASRs”) entered into in November 2021, bringing the total utilization under the Program to $274.5 billion 
as of December 25, 2021 . The Program does not obligate the Company to acquire any specific number of shares. Under the 
Program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying 
with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
Apple Inc. | Q1 2022 Form 10-Q | 11

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Under the terms of the Company’s ASRs, two financial institutions committed to deliver shares of the Company’s common stock 
during the purchase periods in exchange for up-front payment s totaling  $6.0 billion . The total number of shares ultimately 
delivered under the ASRs, and therefore the average repurchase price paid per share, is determined based on the volume-
weighted average price of the Company’s common stock during the ASRs’ purchase periods, which end in the second quarter of 
2022. The shares received are retired in the periods they are delivered, and the up-front payments are  accounted for as a 
reduction to retained earnings in the Company’s Condensed Consolidated Statement of Shareholders’ Equity in the period the 
payments are made.
Note 7 – Benefit Plans
Restricted Stock Units
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the three months ended  
December 25, 2021 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 25, 2021  240,427 $ 75.16 
RSUs granted  67,645 $ 147.33 
RSUs vested  (56,649) $ 61.75 
RSUs canceled  (4,886) $ 93.21 
Balance as of December 25, 2021  246,537 $ 97.69 $ 43,460 
The fair value as of the respective vesting dates of RSUs was $8.5 billion for the three months ended both December 25, 2021 
and December 26, 2020.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed 
Consolidated Statements of Operations for the three months ended December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021
December 26,
2020
Share-based compensation expense $ 2,265 $ 2,020 
Income tax benefit related to share-based compensation expense $ (1,536) $ (1,624) 
As of December 25, 2021, the total unrecognized compensation cost related to outstanding RSUs and stock options was $20.6 
billion, which the Company expects to recognize over a weighted-average period of 3.0 years.
Note 8 – Commitments and Contingencies
Accrued Warranty
The following table shows changes in the Company’s accrued warranties and related costs for the three months ended 
December 25, 2021 and December 26, 2020 (in millions):
Three Months Ended
December 25,
2021
December 26,
2020
Beginning accrued warranty and related costs $ 3,364 $ 3,354 
Cost of warranty claims  (672)  (723) 
Accruals for product warranty  838  1,493 
Ending accrued warranty and related costs $ 3,530 $ 4,124 
Apple Inc. | Q1 2022 Form 10-Q | 12

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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.
Note 9 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three months ended December 25, 2021 and December 26, 
2020 (in millions):
Three Months Ended
December 25,
2021
December 26,
2020
Americas:
Net sales $ 51,496 $ 46,310 
Operating income $ 19,585 $ 15,785 
Europe:
Net sales $ 29,749 $ 27,306 
Operating income $ 11,545 $ 9,589 
Greater China:
Net sales $ 25,783 $ 21,313 
Operating income $ 11,183 $ 8,530 
Japan:
Net sales $ 7,107 $ 8,285 
Operating income $ 3,349 $ 3,503 
Rest of Asia Pacific:
Net sales $ 9,810 $ 8,225 
Operating income $ 3,995 $ 2,953 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three months ended December 25, 2021 and December 26, 2020 is as follows (in millions):
Three Months Ended
December 25,
2021
December 26,
2020
Segment operating income $ 49,657 $ 40,360 
Research and development expense  (6,306)  (5,163) 
Other corporate expenses, net  (1,863)  (1,663) 
Total operating income $ 41,488 $ 33,534 
Apple Inc. | Q1 2022 Form 10-Q | 13

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This section and other parts of this Quarterly Report on Form 10-Q (“Form 10-Q”) contain forward-looking statements, within 
the meaning of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Forward-looking 
statements provide current expectations of future events based on certain assumptions and include any statement that does 
not directly relate to any historical or current fact. For example, statements in this Form 10-Q regarding the potential future 
impact of the COVID-19 pandemic on the Company’s business and results of operations are forward-looking statements . 
Forward-looking statements can also be identified by words such as “future,” “anticipates,” “believes,” “estimates,” “expects,” 
“intends,” “plans,” “predicts,” “will,” “would,” “could,” “can,” “may,” and similar terms. Forward-looking statements are not 
guarantees of future performance and the Company’s actual results may differ significantly from the results discussed in the 
forward-looking statements. Factors that might cause such differences include, but are not limited to, those discussed in Part I, 
Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended September 25, 2021 (the “2021 Form 10-K”) 
under the heading “Risk Factors.” The Company assumes no obligation to revise or update any forward-looking statements for 
any reason, except as required by law.
Unless otherwise stated, all information presented herein is based on the Company’s fiscal calendar, and references to 
particular years, quarters, months or periods refer to the Company’s fiscal years ended in September and the associated 
quarters, months and periods of those fiscal years. Each of the terms the “Company” and “Apple” as used herein refers 
collectively to Apple Inc. and its wholly owned subsidiaries, unless otherwise stated.
The following discussion should be read in conjunction with the 2021 Form 10-K filed with the U.S. Securities and Exchange 
Commission (the “SEC”) and the condensed consolidated financial statements and accompanying notes included in Part I, 
Item 1 of this Form 10-Q.
Available Information
The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor 
relations website, investor.apple.com. This includes press releases and other information about financial performance, 
information on environmental, social and corporate governance matters, and details related to the Company’s annual meeting of 
shareholders. The information contained on the websites referenced in this Form 10-Q is not incorporated by reference into this 
filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.
Quarterly Highlights
Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in 
part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of 
sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect 
distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an 
older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and 
distributors anticipate a product introduction.
COVID-19 Update
The COVID-19 pandemic has had, and continues to have, a significant impact around the world, prompting governments and 
businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of 
businesses, and quarantine and shelter-in-place orders. The COVID-19 pandemic has at times significantly curtailed global 
economic activity and caused significant volatility and disruption in global financial markets. The COVID-19 pandemic and the 
measures taken by many countries in response have affected and could in the future materially impact the Company’s business, 
results of operations and financial condition, as well as the price of the Company’s stock.
During the first quarter of 2022, aspects of the Company’s business continued to be affected by the COVID-19 pandemic, with a 
significant number of the Company’s employees working remotely and certain of the Company’s retail stores operating at limited 
capacity or temporarily closing at various times. The Company has reopened substantially all of its other facilities, subject to 
operating restrictions to protect public health and the health and safety of employees, and it continues to work on safely 
reopening the remainder of its facilities, subject to local rules and regulations. At times, certain of the Company’s component 
suppliers and logistical service providers have experienced disruptions, resulting in supply shortages that affected sales 
worldwide. Similar impacts or other disruptions could occur in the future.
Apple Inc. | Q1 2022 Form 10-Q | 14

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The extent of the continuing impact of the COVID-19 pandemic on the Company’s operational and financial performance is 
uncertain and will depend on many factors outside the Company’s control, including the timing, extent, trajectory and duration of 
the pandemic, the emergence of new variants, the development, availability, distribution and effectiveness of vaccines and 
treatments, the imposition of protective public safety measures, and the impact of the pandemic on the global economy and 
demand for consumer products. Refer to Part I, Item 1A of the 2021 Form 10-K under the heading “Risk Factors” for more 
information.
First Quarter Fiscal 2022 Highlights
Total net sales increased 11% or $12.5 billion during the first quarter of 2022 compared to the same quarter in 2021, driven 
primarily by growth in iPhone, Services and Mac. 
During the first quarter of 2022, the Company released the following new products:
• MacBook Pro®, available in 14- and 16-inch models and powered by an Apple M1 Pro chip or an Apple M1 Max chip;
• Third generation of AirPods; and
• Apple Watch Series 7.
The Company repurchased $20.4 billion of its common stock and paid dividends and dividend equivalents of $3.7 billion during 
the first quarter of 2022.
Products and Services Performance
The following table shows net sales by category for the three months ended December 25, 2021  and December  26, 2020 
(dollars in millions):
Three Months Ended
December 25,
2021
December 26,
2020 Change
Net sales by category:
iPhone (1) $ 71,628 $ 65,597  9 %
Mac (1)  10,852  8,675  25 %
iPad (1)  7,248  8,435  (14) %
Wearables, Home and Accessories (1)(2)  14,701  12,971  13 %
Services (3)  19,516  15,761  24 %
Total net sales $ 123,945 $ 111,439  11 %
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods, Apple TV, Apple Watch, Beats products, HomePod 
mini, iPod touch and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
iPhone
iPhone net sales increased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to higher net 
sales from the Company’s new iPhone models launched in the fourth quarter of 2021 and a different mix of iPhone sales.
Mac
Mac net sales increased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to higher net sales 
of MacBook Pro and MacBook Air®.
iPad
iPad net sales decreased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to lower net sales 
of the 10-inch version of iPad.
Apple Inc. | Q1 2022 Form 10-Q | 15

--- Page 19 ---

Wearables, Home and Accessories
Wearables, Home and Accessories net sales increased during the first quarter of 2022 compared to the same quarter in 2021 
due primarily to higher net sales of AirPods, Apple Watch and accessories.
Services
Services net sales increased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to higher net 
sales from advertising, the App Store® and cloud services.
Segment Operating Performance
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the 
Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe 
includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong 
and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable 
segments. Although the reportable segments provide similar hardware and software products and similar services, each one is 
managed separately to better align with the location of the Company’s customers and distribution partners and the unique market 
dynamics of each geographic region. Further information regarding the Company’s reportable segments can be found in Part I, 
Item 1 of this Form 10-Q in the Notes to Condensed Consolidated Financial Statements in Note 9, “Segment Information and 
Geographic Data.”
The following table shows net sales by reportable segment for the three months ended December 25, 2021  and December 26, 
2020 (dollars in millions):
Three Months Ended
December 25,
2021
December 26,
2020 Change
Net sales by reportable segment:
Americas $ 51,496 $ 46,310  11 %
Europe  29,749  27,306  9 %
Greater China  25,783  21,313  21 %
Japan  7,107  8,285  (14) %
Rest of Asia Pacific  9,810  8,225  19 %
Total net sales $ 123,945 $ 111,439  11 %
Americas
Americas net sales increased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to higher net 
sales of Services, iPhone, and Wearables, Home and Accessories.
Europe
Europe net sales increased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to higher net 
sales of Services, Mac and iPhone. The movement of foreign currencies in Europe relative to the U.S. dollar had a net favorable 
impact on Europe net sales during the first quarter of 2022.
Greater China
Greater China net sales increased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to higher 
net sales of iPhone and Services. The strength of the Chinese renminbi relative to the U.S. dollar had a favorable impact on 
Greater China net sales during the first quarter of 2022.
Japan
Japan net sales decreased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to lower net sales 
of iPhone and iPad, partially offset by higher net sales of Services. The weakness of the Japanese yen relative to the U.S. dollar 
had an unfavorable impact on Japan net sales during the first quarter of 2022.
Apple Inc. | Q1 2022 Form 10-Q | 16

--- Page 20 ---

Rest of Asia Pacific
Rest of Asia Pacific net sales increased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to 
higher net sales of iPhone, Wearables, Home and Accessories and Mac.
Gross Margin
Products and Services gross margin and gross margin percentage for the three months ended December 25, 2021  and 
December 26, 2020 were as follows (dollars in millions):
Three Months Ended
December 25,
2021
December 26,
2020
Gross margin:
Products $ 40,120 $ 33,548 
Services  14,123  10,780 
Total gross margin $ 54,243 $ 44,328 
Gross margin percentage:
Products  38.4%  35.1% 
Services  72.4%  68.4% 
Total gross margin percentage  43.8%  39.8% 
Products Gross Margin
Products gross margin and Products gross margin percentage increased during the first quarter of 2022 compared to the same 
quarter in 2021 due primarily to a different Products mix and the strength in foreign currencies relative to the U.S. dollar.
Services Gross Margin
Services gross margin increased during the first quarter of 2022 compared to the same quarter in 2021 due primarily to higher 
Services net sales and a different Services mix. Services gross margin percentage increased during the first quarter of 2022 
compared to the same quarter in 2021 due primarily to a different Services mix and leverage, partially offset by higher Services 
costs.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2021 Form 
10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility 
and downward pressure.
Operating Expenses
Operating expenses for the three months ended December 25, 2021  and December  26, 2020  were as follows (dollars in 
millions):
Three Months Ended
December 25,
2021
December 26,
2020
Research and development $ 6,306 $ 5,163 
Percentage of total net sales  5%  5% 
Selling, general and administrative $ 6,449 $ 5,631 
Percentage of total net sales  5%  5% 
Total operating expenses $ 12,755 $ 10,794 
Percentage of total net sales  10%  10% 
Apple Inc. | Q1 2022 Form 10-Q | 17

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Research and Development
The growth in research and development (“R&D”) expense during the first quarter of 2022 compared to the same quarter in 2021 
was driven primarily by increases in headcount-related expenses, engineering program costs and infrastructure-related costs. 
The Company continues to believe that focused investments in R&D are critical to its future growth and competitive position in 
the marketplace, and to the development of new and updated products and services that are central to the Company’s core 
business strategy.
Selling, General and Administrative
The growth in selling, general and administrative expense during the first quarter of 2022 compared to the same quarter in 2021 
was driven primarily by increases in headcount-related expenses, variable selling expenses and professional services.
Other Income/(Expense), Net
Other income/(expense), net (“OI&E”) for the three months ended December 25, 2021  and December 26, 2020 was as follows 
(dollars in millions):
Three Months Ended
December 25,
2021
December 26,
2020 Change
Interest and dividend income $ 650 $ 747 
Interest expense  (694)  (638) 
Other expense, net  (203)  (64) 
Total other income/(expense), net $ (247) $ 45  (649) %
OI&E decreased during the first quarter of 2022 compared to the same quarter in 2021 due primaril y to higher net losses on 
marketable and non-marketable securities and lower interest income.
Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for the three months ended December 25, 
2021 and December 26, 2020 were as follows (dollars in millions):
Three Months Ended
December 25,
2021
December 26,
2020
Provision for income taxes $ 6,611 $ 4,824 
Effective tax rate  16.0%  14.4% 
Statutory federal income tax rate  21%  21% 
The Company’s effective tax rate for the first quarter of 2022 was lower than the statutory federal income tax rate due primarily to 
a lower effective tax rate on foreign earnings and tax benefits from share-based compensation.
The Company’s effective tax rate for the first quarter of 2022 was higher compared to the same quarte r in 2021 due primarily to 
lower tax benefits from share-based compensation and a change in geographic mix of earnings.
Liquidity and Capital Resources
The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, along with cash generated 
by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return 
program over the next 12 months and beyond.
The Company’s cash requirements have not changed materially since the 2021 Form 10-K, except for manufacturing purchase 
obligations.
Apple Inc. | Q1 2022 Form 10-Q | 18

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Manufacturing Purchase Obligations
The Company utilizes several outsourcing partners to manufacture subassemblies for the Company’s products and to perform 
final assembly and testing of finished products. The Company also obtains individual components for its products from a wide 
variety of individual suppliers. Outsourcing partners acquire components and build product based on demand information 
supplied by the Company, which typically covers periods up to 150 days. As of December  25, 2021 , the Company had 
manufacturing purchase obligations of $47.6 billion, with $47.5 billion payable within 12 months. The Company’s manufacturing 
purchase obligations are primarily noncancelable.
In addition to its cash requirements, the Company has a capital return program authorized by the Board of Directors. The share 
repurchase program (the “Program”)  does not obligate the Company to acquire any specific number of shares. As of 
December 25, 2021, the Company’s quarterly cash dividend was $0.22 per share. The Company intends to increase its dividend 
on an annual basis, subject to declaration by the Board of Directors.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles 
and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management 
to make judgments, assumptions and estimates that affect the amounts reported. Note 1, “Summary of Significant Accounting 
Policies” of the Notes to condensed consolidated Financial Statements in Part I, Item 1 of this Form 10-Q and in the Notes to 
Consolidated Financial Statements in Part II, Item 8 of the 2021 Form 10-K describe the significant accounting policies and 
methods used in the preparation of the Company’s condensed consolidated financial statements. There have been no material 
changes to the Company’s critical accounting estimates since the 2021 Form 10-K.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company’s market risk during the first three months of 2022. For a discussion of the 
Company’s exposure to market risk, refer to the Company’s market risk disclosures set forth in Part II, Item 7A, “Quantitative and 
Qualitative Disclosures About Market Risk” of the 2021 Form 10-K.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on an evaluation under the supervision and with the participation of the Company’s management, the Company’s principal 
executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures as defined 
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) were effective 
as of December 25, 2021 to provide reasonable assurance that information required to be disclosed by the Company in reports 
that it files or submits under the Exchange Act is (i)  recorded, processed, summarized and reported within the time periods 
specified in the SEC rules and forms and (ii)  accumulated and communicated to the Company’s management, including its 
principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting during the first quarter of 2022, which were 
identified in connection with management’s evaluation required by paragraph (d) of Rules 13a-15 and 15d-15 under the 
Exchange Act, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over 
financial reporting.
Apple Inc. | Q1 2022 Form 10-Q | 19

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PART II  —  OTHER INFORMATION
Item 1. Legal Proceedings
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “Northern California 
District Court”) against the Company alleging violations of federal and state antitrust laws and California’s unfair competition law 
based upon the Company’s operation of its App Store. The Company filed a counterclaim for breach of contract. On September 
10, 2021, the Northern California District Court ruled in favor of the Company with respect to nine out of the ten counts included 
in Epic’s claim, and in favor of the Company with respect to the Company’s claims for breach of contract. The Northern California 
District Court found that certain provisions of the Company’s App Store Review Guidelines violate California’s unfair competition 
law and issued an injunction. Epic appealed the decision. The Company filed a cross-appeal and has been granted a stay 
pending the appeal.
Other Legal Proceedings
The Company is subject to other legal proceedings and claims that have not been fully resolved and that have arisen in the 
ordinary course of business. The Company settled certain matters during the first quarter of 2022 that did not individually or in 
the aggregate have a material impact on the Company’s financial condition or operating results. The outcome of litigation is 
inherently uncertain. If one or more legal matters were resolved against the Company in a reporting period for amounts above 
management’s expectations, the Company’s financial condition and operating results for that reporting period could be materially 
adversely affected.
Item 1A. Risk Factors
The Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s stock, 
can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the 
2021 Form 10-K under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, the 
Company’s business, reputation, results of operations and financial condition, as well as the price of the Company’s stock, can 
be materially and adversely affected. There have been no material changes to the Company’s risk factors since the 2021 Form 
10-K.
Apple Inc. | Q1 2022 Form 10-Q | 20

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the Issuer and Affiliated Purchasers
Share repurchase activity during the three months ended December  25, 2021 was as follows (in millions, except number of 
shares, which are reflected in thousands, and per share amounts):
Periods
Total Number
of Shares 
Purchased
Average 
Price
Paid Per 
Share
Total Number 
of Shares
Purchased as 
Part of Publicly
Announced 
Plans or 
Programs
Approximate 
Dollar Value of
Shares That May 
Yet Be Purchased
Under the Plans 
or Programs (1)
September 26, 2021 to October 30, 2021:
Open market and privately negotiated purchases  41,416 $ 144.87  41,416 
October 31, 2021 to November 27, 2021:
November 2021 ASRs  30,405 (2) (2)  30,405 (2)
Open market and privately negotiated purchases  27,770 $ 153.08  27,770 
November 28, 2021 to December 25, 2021:
Open market and privately negotiated purchases  24,218 $ 169.76  24,218 
Total  123,809 $ 40,489 
(1) As of December 25, 2021 , the Company was authorized to purchase up to $315 billion of the Company’s common stock 
under the Program, announced on April 28, 2021, of which $274.5 billion had been utilized. The remaining $40.5 billion in the 
table represents the amount available to repurchase shares under the Program as of December  25, 2021. The Program 
does not obligate the Company to acquire any specific number of shares. Under the Program, shares may be repurchased in 
privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange 
Act.
(2) In November 2021, the Company entered into new accelerated share repurchase agreements (“ ASRs”). Under the terms of 
the agreements, two financial institutions committed to deliver shares of the Company’s common stock during the purchase 
periods in exchange for up-front payments totaling $6.0 billion. The total number of shares ultimately delivered under the 
ASRs, and therefore the average repurchase price paid per share, is determined based on the volume-weighted average 
price of the Company’s common stock during the ASRs’ purchase periods, which end in the second quarter of 2022.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the three months ended December 25, 2021, Katherine L. Adams, Timothy D. Cook, Luca Maestri, Deirdre O’Brien and 
Jeffrey Williams, each an officer for purposes of Section 16 of the Exchange Act, had equity trading plans in place in accordance 
with Rule 10b5-1(c)(1) under the Exchange Act. An equity trading plan is a written document that preestablishes the amounts, 
prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of the Company’s stock, 
including sales of shares acquired under the Company’s employee and director equity plans.
Apple Inc. | Q1 2022 Form 10-Q | 21

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Item 6. Exhibits
Incorporated by Reference
Exhibit
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
10.1*, ** Apple Inc. Non-Employee Director Stock Plan, as amended November 9, 2021.
31.1** Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.
31.2** Rule 13a-14(a) / 15d-14(a) Certification of Chief Financial Officer.
32.1*** Section 1350 Certifications of Chief Executive Officer and Chief Financial Officer.
101** Inline XBRL Document Set for the condensed consolidated financial statements 
and accompanying notes in Part I, Item 1, “Financial Statements” of this 
Quarterly Report on Form 10-Q.
104** Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in 
the Exhibit 101 Inline XBRL Document Set.
* Indicates management contract or compensatory plan or arrangement.
** Filed herewith.
*** Furnished herewith.
Apple Inc. | Q1 2022 Form 10-Q | 22

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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on 
its behalf by the undersigned thereunto duly authorized.
January 27, 2022 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q1 2022 Form 10-Q | 23

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APPLE INC.
NON-EMPLOYEE DIRECTOR STOCK PLAN
(as amended November 9, 2021)
On November 13, 2017, the Board adopted this Non-Employee Director Stock Plan (formerly 
known as the 1997 Director Stock Option Plan and the 1997 Director Stock Plan, and, as renamed, the 
“Plan”), subject to approval by the Company’s shareholders at the Annual Meeting on February 13, 2018.  
The Plan was further amended by the Board as set forth herein, effective November 9, 2021.  For the 
terms and conditions of the Plan applicable to an Award, refer to the version of the Plan in effect as of the 
date such Award was granted.
1. PURPOSES.  The purposes of the Plan are to retain the services of qualified individuals who are 
not employees of the Company to serve as members of the Board and to secure for the Company the 
benefits of the incentives inherent in increased Common Stock ownership by such individuals by granting 
such individuals Awards in respect of Shares.
2. ADMINISTRATION.  The Administrator shall be responsible for administering the Plan.  Subject 
to the provisions of the Plan, the Administrator shall have the full authority, in its sole discretion, to take 
any actions it deems necessary or advisable for the administration of the Plan, including but not limited to: 
(a) determining the Fair Market Value for purposes of any Award; 
(b) approving any forms of Award Agreements to be used under the Plan;
(c) amending any outstanding Awards;
(d) construing and interpreting the Plan and any agreements defining the rights and 
obligations of the Company and Non-Employee Directors under the Plan;
(e) correcting any defect, supplying any omission or reconciling any inconsistency in 
the Plan or any Award Agreement;
(f) adopting such rules or guidelines as it deems appropriate to implement the Plan;
(g) authorizing any person to execute on behalf of the Company any instrument 
required to effect the grant of an Award previously authorized by the Administrator or the Plan;
(h) adjusting the number of shares subject to any Award, adjusting the price of any 
or all outstanding Options or otherwise changing previously imposed terms and conditions, in 
such circumstances as the Administrator may deem appropriate;  
(i) determining whether, and the extent to which, adjustments are required pursuant 
to Section 7 hereof; and
(j) making all other decisions relating to the operation of the Plan.
Each interpretation, determination, or other action made or taken by the Administrator pursuant to the 
Plan shall be final and binding on all persons, and the Administrator’s determinations under the Plan need 
not be the same for all persons.  The Administrator shall not be liable for any action or determination 
made in good faith, and shall be entitled to indemnification and reimbursement in the manner provided in 
the Company’s Articles of Incorporation and Bylaws as such documents may be amended from ti me to 
time.
Exhibit 10.1
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3. SHARES AVAILABLE; LIMITS.
(a) SHARE LIMIT.  Subject to the provisions of Section 7, the maximum number of 
Shares that may be issued under the Plan shall not exceed 11,200,000 Shares (the “ Share 
Limit”).  The stock issuable under the Plan shall be authorized and unissued Shares.
(b) SHARE COUNT.  Shares issued pursuant to Restricted Stock Unit Awards shall 
count against the Share Limit as two (2) Shares for every one (1) Share issued in connection with 
the Award.  Shares issued pursuant to the exercise of Options shall count against the Share Limit 
as one (1) Share for every one (1) Share to which such exercise relates.  If Awards are settled in 
cash, the shares that would have been delivered had there been no cash settlement shall not be 
counted against the Share Limit.  Except as provided in the next sentence, if Awards are forfeited 
or are terminated for any reason before settlement or exercise, then the Shares underlying such 
Awards shall again become available for Awards under the Plan, provided that any one (1) Share 
subject to a Restricted Stock Unit Award that is forfeited or terminated shall be credited as two (2) 
Shares when determining the number of Shares that shall again become available for Awards 
under the Plan.  Shares that are exchanged by a Non-Employee Director or withheld by the 
Company as full or partial payment in connection with any Award under the Plan, as well as any 
Shares exchanged by a Non-Employee Director or withheld by the Company or one of its 
Subsidiaries to satisfy the tax withholding obligations related to any Award, shall not be available 
for subsequent Awards under the Plan.
(c) LIMIT ON COMPENSATION.  In no event shall the compensation payable by the 
Company to a Non-Employee Director for services performed as a Non-Employee Director, 
including the grant date value (determined under U.S. generally accepted accounting principles) 
of Awards, cash retainers, and other compensation, exceed $1,500,000 in the aggregate in any 
fiscal year.
4. RESTRICTED STOCK UNITS .  Unless otherwise determined by the Administrator, each Non-
Employee Director shall receive grants of Restricted Stock Units under the Plan subject to the following 
provisions of this Section 4 and the terms of any Award Agreement approved by the Administrator:
(a) ANNUAL GRANTS.  On the date of each Annual Meeting immediately following 
which a Non-Employee Director is serving on the Board, such Non-Employee Director shall be 
automatically granted an Award of a number of Restricted Stock Units determined by dividing (i) 
$275,000 (or such other amount as determined by the Board and subject to the limitations of the 
Plan) by (ii) the Fair Market Value of the Shares on the date of grant, such number to be rounded 
to the nearest whole number of Restricted Stock Units (each, an “Annual RSU Award”).
(b) INITIAL GRANTS .  Each Non-Employee Director who first becomes a Non-
Employee Director at any time other than on the date of an Annual Meeting shall be automatically 
granted, on the date he or she first becomes a Non-Employee Director, an Award of a number of 
Restricted Stock Units determined by multiplying (i) the quotient obtained by dividing (A) the 
dollar amount applied under Section 4(a) with respect to Awards granted at the immediately 
preceding Annual Meeting by (B) the Fair Market Value of the Shares on the date of grant, by (ii) 
a fraction (A) the numerator of which shall be the number of days remaining in the 365-day period 
following the most recent Annual Meeting, and (B) the denominator of which shall be 365 (but in 
no event shall such fraction be greater than one (1)), such number to be rounded to the nearest 
whole number of Restricted Stock Units (each, an “ Initial RSU Award”); provided, however, that a 
Non-Employee Director shall not be eligible to receive an Initial RSU Award if either (x) he or she 
was an employee of the Company or any of its Subsidiaries immediately prior to first becoming a 
Non-Employee Director, or (y) he or she first becomes a Non-Employee Director at any time on or 
after the February 1 following the last preceding Annual Meeting.
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(c) VESTING; TERMINATION OF SERVICE .  Except as otherwise provided in an 
Award Agreement at the time of grant, each Annual RSU Award shall fully vest on the February 1 
that occurs in the fiscal year of the Company following the fiscal year in which the Award was 
granted.  Each Initial RSU Award shall fully vest on the Vesting Date established for the Annual 
RSU Awards granted in connection with the last Annual Meeting to occur prior to the grant date of 
such Initial RSU Award.  If the Non-Employee Director ceases to serve as a member of the Board 
for any reason other than the Non-Employee Director’s death, the Non-Employee Director’s 
Restricted Stock Units shall terminate to the extent such Restricted Stock Units have not become 
vested prior to the first date the Non-Employee Director is no longer a member of the Board, and 
the Non-Employee Director shall have no rights with respect to, or in respect of, such terminated 
Restricted Stock Units.  If the Non-Employee Director ceases to serve as a member of the Board 
due to his or her death, the Non-Employee Director’s unvested Restricted Stock Units shall fully 
vest as of the date of the Non-Employee Director’s death.
(d) SETTLEMENT OF RESTRICTED STOCK UNITS .  On or as soon as 
administratively practical following the applicable Vesting Date (and in all events not later than 
two and one-half months after the applicable Vesting Date), the Company shall deliver to the 
Non-Employee Director a number of Shares (as evidenced by an appropriate entry on the books 
of the Company or a duly authorized transfer agent of the Company) equal to the number of 
Restricted Stock Units that vested on the applicable Vesting Date.  Upon settlement of any 
Restricted Stock Units in accordance with the foregoing provision of this Section 4(d) and 
settlement of any Dividend Equivalent Right in accordance with Section 4(f), the Non-Employee 
Director shall have no further rights with respect to any Restricted Stock Units that are so paid.
(e) SHAREHOLDER RIGHTS.  A Non-Employee Director shall have no rights as a 
shareholder of the Company, no dividend rights (except as expressly set forth in Section 4(f) with 
respect to Dividend Equivalent Rights) and no voting rights with respect to the Restricted Stock 
Units or any Shares underlying or issuable in respect of such Restricted Stock Units until such 
Shares have been issued to the Non-Employee Director pursuant to Section 4(d).  Except for any 
Dividend Equivalent Rights awarded pursuant to Section 4(f) or as provided in Section 7, no 
adjustment shall be made in respect of any Restricted Stock Units for dividends or distributions or 
other rights in respect of any share for which the record date is prior to the date upon which the 
Non-Employee Director shall become the holder of record of Shares related thereto.
(f) DIVIDEND EQUIVALENT RIGHTS DISTRIBUTIONS .  As of any date that the 
Company pays an ordinary cash dividend on its Common Stock, the Company shall credit the 
Non-Employee Directors with a dollar amount equal to (i) the per Share cash dividend paid by the 
Company on its Common Stock on such date, multiplied by (ii) the total number of Restricted 
Stock Units (including as such total number may be adjusted pursuant to Section 7) subject to the 
Award that are outstanding immediately prior to the record date for that dividend (a “ Dividend 
Equivalent Right”).  Any Dividend Equivalent Rights credited pursuant to the foregoing provisions 
of this Section 4(f) shall be subject to the same vesting, settlement and other terms, conditions 
and restrictions as the Restricted Stock Units to which they relate; provided, however, that the 
amount of any vested Dividend Equivalent Rights shall be paid in cash.  No crediting of Dividend 
Equivalent Rights shall be made pursuant to this Section 4(f) with respect to any Restricted Stock 
Units which, immediately prior to the record date for that dividend, have either been paid pursuant 
to Section 4(d) or terminated pursuant to Section 4(c).
5. OPTIONS.
(a) NO ADDITIONAL GRANTS.  No Options shall be granted under the Plan unless 
and until the Board determines that the grant of Options is in the best interests of the Company 
and its shareholders.
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(b) EXERCISE PRICE.  The per share exercise price of each Option shall not be less 
than 100% of the Fair Market Value of a Share as of the date of grant of the Option determined in 
accordance with the provisions of the Plan.
(c) VESTING.  Except as otherwise provided in an Award Agreement at the time of 
grant, Options shall be fully vested and immediately exercisable on their date of grant.
(d) TERM OF OPTIONS.
i. TEN-YEAR TERM.  Each Option shall expire ten (10) years from its date of grant, 
subject to earlier termination as provided herein.
ii. TERMINATION OF SERVICE .  Upon cessation of a Non-Employee Director’s 
service as a member of the Board for any reason other than death, any of the 
Non-Employee Director’s Options (or any portion thereof) that is not then vested 
shall terminate, and the Non-Employee Director shall have no rights with respect 
to, or in respect of, such terminated Options.  If the Non-Employee Director 
ceases to serve as a member of the Board due to his or her death, the Non-
Employee Director’s Options shall fully vest as of the date of the Non-Employee 
Director’s death.
iii. EXERCISE FOLLOWING TERMINATIONS OF SERVICE .  If a Non-Employee 
Director ceases to be a member of the Board for any reason other than death, 
any Options granted to such Non-Employee Director that are exercisable at the 
time of the Non-Employee Director’s termination may be exercised by such Non-
Employee Director at any time within ninety (90) days after the date of such Non-
Employee Director’s termination of service, subject to the earlier expiration of 
such Options as provided for in Section 5(d)(i) above.  At the end of such ninety-
day period, any unexercised portion of the Option shall expire.  If a Non-
Employee Director ceases to be a member of the Board by reason of his or her 
death, all of the Options granted to the Non-Employee Director may be exercised 
by his or her Beneficiary at any time within three (3) years after the date of the 
Non-Employee Director’s death, subject to the earlier expiration of such Options 
as provided for in Section 5(d)(i) above.  At the end of such three-year period, 
any unexercised portion of the Option shall expire.
(e) TIME AND MANNER OF EXERCISE OF OPTIONS.
i. NOTICE OF EXERCISE .  Subject to the other terms and conditions hereof, a 
Non-Employee Director may exercise any Option, to the extent such Option is 
vested, by giving written notice of exercise to the Company; provided, however, 
that in no event shall an Option be exercisable for a fractional share.  The date of 
exercise of an Option shall be the later of (A) the date on which the Company 
receives such written notice and (B) the date on which the Non-Employee 
Director pays the applicable consideration pursuant to Section 5(e)(ii).
ii. METHOD OF EXERCISE .  The consideration to be paid for the Shares to be 
issued upon exercise of an Option may consist of (A) cash, (B) check, (C) other 
Shares that have a Fair Market Value on the date of surrender equal to the 
aggregate exercise price of the Shares as to which the Option shall be exercised, 
(D) delivery of a properly executed exercise notice together with irrevocable 
instructions to a broker to sell Shares and promptly deliver to the Company the 
amount of proceeds required to pay the exercise price, or (E) any combination of 
the foregoing methods of payment.  Without limiting the generality of the 
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foregoing, any vested and exercisable Options may also be Net Exercised, to the 
extent permitted by the Administrator.
iii. SHAREHOLDER RIGHTS.  A Non-Employee Director shall have no rights as a 
shareholder with respect to any Shares issuable upon exercise of an Option until 
such Shares shall have been issued to the Non-Employee Director pursuant to 
Section 5(e), and, except as provided in Section 7, no adjustment shall be made 
to an Option or Share issued upon the exercise thereof for dividends, 
distributions or other rights in respect of any Share for which the record date is 
prior to the date upon which the Non-Employee Director shall become the holder 
of record thereof.
(f) ISSUANCE OF SHARES .  Subject to the foregoing conditions, as soon as is 
reasonably practicable after its receipt of a proper notice of exercise and, if applicable, payment 
of the exercise price of the Option for the number of Shares with respect to which the Option is 
exercised, the Company shall deliver to the Non-Employee Director (or following the Non-
Employee Director’s death, the Beneficiary entitled to exercise the Option), at the principal office 
of the Company or at such other location as may be acceptable to the Company and the Non-
Employee Director (or such Beneficiary), the appropriate number of Shares to be issued in 
connection with such exercise.  Delivery of such Shares shall be evidenced by an appropriate 
entry on the books of the Company or a duly authorized transfer agent of the Company, or in 
such other manner that the Administrator shall specify from time to time.  Shares sold in 
connection with a “cashless exercise” shall be delivered to the broker referred to therein in 
accordance with procedures established by the Company from time to time.
6. RESTRICTIONS ON TRANSFER .  An Award may not be transferred, pledged, assigned, or 
otherwise disposed of, except by will or by the laws of descent and distribution; provided, however, that, 
with the approval of the Administrator, an Award may be transferred to a Non-Employee Director’s family 
members or to one or more trusts established in whole or in part for the benefit of one or more of such 
family members.  An Option shall be exercisable, during the Non-Employee Director’s lifetime, only by the 
Non-Employee Director or by the individual or entity to whom the Option has been transferred in 
accordance with the previous sentence.  No assignment or transfer of an Award, or of the rights 
represented thereby, whether voluntary or involuntary, by operation of law or otherwise, except by will or 
the laws of descent and distribution, shall vest in the assignee or transferee any interest or right in the 
Award, but immediately upon any attempt to assign or transfer the Award the same shall terminate and be 
of no force or effect.
7. ADJUSTMENTS.
(a) Upon (or, as may be necessary to effect the adjustment, immediately prior to)  
any reclassification, recapitalization, stock split (including a stock split in the form of a stock 
dividend) or reverse stock split; any merger, combination, consolidation or other reorganization; 
any spin-off, split-up, split-off or extraordinary dividend distribution in respect of the Common 
Stock; or any exchange of Common Stock or other securities of the Company, or any similar, 
unusual or extraordinary corporate transaction in respect of the Common Stock, the Administrator 
shall equitably and proportionately adjust (1) the number and type of Shares (or other securities) 
that thereafter may be made the subject of Awards (including the Share Limit, maximums and 
number of Shares set forth elsewhere in the Plan), (2) the number, amount and type of Shares (or 
other securities or property) subject to any outstanding Awards, (3) the exercise price of any 
outstanding Options, and/or (4) the securities, cash or other property deliverable upon exercise or 
settlement of any outstanding Awards, in each case to the extent necessary to preserve (but not 
increase) the level of incentives intended by the Plan and the then-outstanding Awards.  Any 
good faith determination by the Administrator as to whether an adjustment is required in the 
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circumstances pursuant to this Section 7(a), and the extent and nature of any such adjustment, 
shall be conclusive and binding on all persons.
(b) It is intended that, unless otherwise determined by the Administrator, any 
adjustments contemplated by Section 7(a) be made in a manner that satisfies applicable legal, 
tax (including, without limitation and as applicable in the circumstances, Code Section 409A) and 
accounting (so as to not  trigger any charge to earnings with respect to such adjustment) 
requirements.
(c) Any adjustment under this Section 7 need not be the same for all persons or 
Awards.
8. CHANGE OF CONTROL.  Upon the occurrence of any Change of Control, any then outstanding 
Award automatically shall become vested or exercisable, as the case may be, with respect to a prorated 
portion of the number of Shares subject to such Award, determined as follows:
(a) CLIFF-VESTING AWARDS.  If the Award has one scheduled Vesting Date, the 
portion of the Award with respect to the following number of Shares shall vest upon the Change 
of Control:  (i) the number of Shares subject to such Award, multiplied by (ii) a fraction (A) the 
numerator of which is the number of days elapsed from and including the date the Award was 
granted to the date of the Change of Control, and (B) the denominator is the number of days from 
and including the date of grant to and including the scheduled Vesting Date.
(b) INSTALLMENT-VESTING AWARDS .  If the Award has multiple scheduled 
Vesting Dates, the portion of the Award with respect to the following number of Shares shall vest 
upon the Change of Control:  (i) the number of Shares subject to the portion of such Award that is 
scheduled to vest on the first Vesting Date that is scheduled to occur following the Change of 
Control, multiplied by (ii) a fraction (A) the numerator of which is the number of days elapsed 
following and excluding the most recent Vesting Date prior to the Change of Control, and (B) the 
denominator is the number of days from and excluding such most recent Vesting Date to and 
including the first Vesting Date that is scheduled to occur following the Change of Control.
9. DESIGNATION OF BENEFICIARY.
(a) BENEFICIARY DESIGNATIONS.  Each Non-Employee Director may designate a 
Beneficiary to exercise an Option or receive settlement of an Award upon the Non-Employee 
Director’s death by executing a Beneficiary Designation Form and delivering it to the 
Administrator.
(b) CHANGE OF BENEFICIARY DESIGNATION .  A Non-Employee Director may 
change an earlier Beneficiary designation by executing a later Beneficiary Designation Form and 
delivering it to the Administrator.  The execution of a Beneficiary Designation Form and its receipt 
by the Administrator shall revoke and rescind any prior Beneficiary Designation Form.
10. TERMINATION AND AMENDMENT OF THE PLAN.
(a) TERMINATION.  Unless earlier terminated by the Board, the Plan shall terminate 
on November 12, 2027.  Following such date, no further grants of Awards shall be made pursuant 
to the Plan.
(b) GENERAL POWER OF BOARD .  Notwithstanding anything herein to the 
contrary, the Board may at any time and from time to time terminate, modify, suspend or amend 
the Plan in whole or in part (including amend the Plan at any time and from time to time, without 
shareholder approval, to prospectively change the value and relative mixture of Restricted Stock 
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Units and Options subject to Awards granted to Non-Employee Directors on the date of each 
Annual Meeting or upon becoming a Non-Employee Director and the methodology for 
determining the number of Shares to be subject to such Awards, each within the Share Limit and 
the individual limit set forth in Section 3, and the other terms and conditions applicable to such 
Awards) or, subject to Sections 10(c) and 10(d), amend the terms of any outstanding Award; 
provided, however, that no such termination, modification, suspension or amendment shall be 
effective without shareholder approval if such approval is required to comply with any applicable 
law or stock exchange rule; and provided further that the Board may not, without shareholder 
approval, increase the maximum number of Shares issuable under the Plan except as provided in 
Section 7.  For avoidance of doubt, the Board may, without shareholder approval, provide on a 
prospective basis for grants under the Plan to consist of Options only, Restricted Stock Units 
only, or a combination of Options and Restricted Stock Units on such terms and conditions, 
subject to the Share Limit and the other express limits of the Plan, as may be established by the 
Board.
(c) WHEN NON-EMPLOYEE DIRECTORS’ CONSENTS REQUIRED .  The Board 
may not alter, amend, suspend or terminate the Plan, or amend the terms of any outstanding 
Award, without the consent of any Non-Employee Director to the extent that such action would 
adversely affect his or her rights with respect to Awards that have previously been granted, 
except to the extent such action is necessary to comply with applicable law or stock exchange 
listing rules or accounting rules.
(d) NO REPRICING .  In no case (except due to an adjustment contemplated by 
Section 7 or any repricing that may be approved by shareholders) shall any action be taken with 
respect to the Plan or any Option hereunder that would constitute a repricing (by amendment, 
substitution, cancellation and regrant, exchange or other means, including any action that is 
treated as a repricing under U.S. generally accepted accounting principles) of the per Share 
exercise price of any Option.
11. MISCELLANEOUS.
(a) NO RIGHT TO NOMINATION .  Nothing in the Plan shall be deemed to create 
any obligation on the part of the Board to nominate any of its members for reelection by the 
Company’s shareholders, nor confer upon any Non-Employee Director the right to remain a 
member of the Board for any period of time, or at any particular rate of compensation.
(b) REGULATORY REQUIREMENTS .  The Administrator may require each Non-
Employee Director or any other person purchasing or acquiring Shares pursuant to the Plan to 
agree with the Company in writing that such Non-Employee Director is acquiring the Shares for 
investment and not with a view to the distribution thereof or provide such other assurances and 
representations to the Company as the Administrator may deem necessary or desirable to assure 
compliance with all applicable legal and accounting requirements.  Shares delivered under the 
Plan shall be subject to such stock-transfer orders and other restrictions as the Administrator may 
deem advisable under the rules, regulations and other requirements of the Securities and 
Exchange Commission or any exchange upon which the Common Stock is then listed, and any 
applicable federal or state securities law.  No Shares shall be issued hereunder unless the 
Company shall have determined that such issuance is in compliance with, or pursuant to an 
exemption from, all applicable federal and state securities laws.
(c) EXPENSES.  The costs and expenses of administering the Plan shall be borne 
by the Company.
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(d) APPLICABLE LAW.  Except as to matters of federal law, the Plan and all actions 
taken thereunder shall be governed by and construed in accordance with the laws of the State of 
California without giving effect to conflicts of law principles.
(e) SEVERABILITY.  If a court of competent jurisdiction holds any provision invalid 
and unenforceable, the remaining provisions of the Plan shall continue in effect.
(f) SECTION HEADINGS; INTERPRETATION .  Captions and headings are given to 
the sections and subsections of the Plan solely as a convenience to facilitate reference.  Such 
headings shall not be deemed in any way material or relevant to the construction or interpretation 
of the Plan or any provision thereof.
(g) AUTHORITY OF THE COMPANY AND SHAREHOLDERS .  The existence of the 
Plan shall not affect or restrict in any way the right or power of the Company or the shareholders 
of the Company to make or authorize (i) any adjustment, recapitalization, reorganization or other 
change in the Company’s capital structure or business of the Company or any Subsidiary, (ii) any 
merger, amalgamation, consolidation or change in the ownership of the Company or any 
Subsidiary, (iii) any issue of bonds, debentures, capital, preferred or prior preference stock ahead 
of or affecting the capital stock (or the rights thereof) of the Company or any Subsidiary, (iv) any 
dissolution or liquidation of the Company or any Subsidiary, (v) any sale or transfer of all or any 
part of the assets or business of the Company or any Subsidiary, (vi) the payment at the 
discretion of the Board of any type or form of compensation to Non-Employee Directors that may 
be made at law and without contravention of any requirement of the principal exchange upon 
which the Shares are traded, or (vii) any other corporate act or proceeding by the Company or 
any Subsidiary, whether of a similar character or otherwise.  No Non-Employee Director, 
beneficiary or other person shall have any claim under any Award or Award Agreement against 
any member of the Board or the Company, or any employees, officers or agents of the Company 
or any Subsidiary, as a result of any such action.
12. DEFINITIONS.  Capitalized words not otherwise defined in the Plan have the meanings set forth 
below:
“ADMINISTRATOR” means the Board.  The Board may delegate ministerial, non-discretionary 
functions to individuals who are officers or employees of the Company or any of its Subsidiaries or to third 
parties.
“ANNUAL MEETING” means the first annual meeting of the Company’s shareholders at which 
members of the Board are elected following the applicable fiscal year of the Company or the applicable 
date, as the context may require.  By way of example, the Annual Meeting following the Company’s 2016 
fiscal year occurred on February 28, 2017.
“AWARD” means an award of Options or Restricted Stock Units under the Plan.
“AWARD AGREEMENT” means any agreement that evidences an Award granted under the Plan.  
Award Agreements shall consist of either (1) a written award agreement in a form approved by the 
Administrator, or (2) an electronic notice of award grant in a form approved by the Administrator and 
recorded by the Company (or its designee) in an electronic recordkeeping system used for the purpose of 
tracking award grants under the Plan generally, as the Administrator may provide and, in each case and if 
required by the Administrator, executed or otherwise electronically accepted by the recipient of the Award 
in such form and manner as the Administrator may require.
“BENEFICIARY” means an individual or entity designated by a Non-Employee Director on a 
Beneficiary Designation Form to exercise Options or receive settlement of Awards in the event of the 
Non-Employee Director’s death; provided, however, that, if no such individual or entity is designated or if 
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no such designated individual is alive at the time of the Non-Employee Director’s death, Beneficiary shall 
mean the Non-Employee Director’s estate.
“BENEFICIARY DESIGNATION FORM” means a document, in a form approved by the 
Administrator to be used by Non-Employee Directors to name their respective Beneficiaries. No 
Beneficiary Designation Form shall be effective unless it is signed by the Non-Employee Director and 
received by the Administrator prior to the date of death of the Non-Employee Director.
“BOARD” means the Board of Directors of the Company.
“CHANGE OF CONTROL” means the occurrence of any one or more of the following events: 
(i) An acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 
14(d)(2) of the Exchange Act) (an “ Acquirer”) of beneficial ownership (within the meaning of Rule 13d-3 
promulgated under the Exchange Act) of 50% or more of either (1) the then outstanding Shares (the 
“Outstanding Company Common Stock”) or (2) the combined voting power of the then outstanding voting 
securities of the Company entitled to vote generally in the election of directors (the “ Outstanding 
Company Voting Securities ”); provided, however, that for purposes of this subsection (i), the following 
acquisitions shall not constitute a Change of Control:  (1) any acquisition directly from the Company, (2) 
any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related trust) 
sponsored or maintained by the Company or any entity controlled by the Company, or (4) any acquisition 
by any entity pursuant to a transaction that complies with clauses (1), (2) and (3) of subsection (iii) of this 
definition; 
(ii) A change in the composition of the Board such that the individuals who, as of February 
13, 2018, constitute the Board (the “ Incumbent Board ”) cease for any reason to constitute at least a 
majority of the Board; provided, however, that, for purposes of this subsection (ii), any individual who 
becomes a member of the Board subsequent to February 13, 2018 whose election, or nomination for 
election by the Company’s shareholders, was approved by a vote of at least a majority of those 
individuals who are members of the Board and who were also members of the Incumbent Board (or 
deemed to be such pursuant to this proviso) shall be considered members of the Incumbent Board; 
provided further, that any such individual whose initial assumption of office occurs as a result of either an 
actual or threatened election contest with respect to the election or removal of directors or other actual or 
threatened solicitation of proxies or consents by or on behalf of an Acquirer other than the Board shall not 
be considered a member of the Incumbent Board;
(iii) The consummation of a reorganization, merger, statutory share exchange or 
consolidation or similar transaction involving the Company or any of its Subsidiaries or sale or other 
disposition of all or substantially all of the assets of the Company, or the acquisition of assets or securities 
of another entity by the Company or any of its Subsidiaries (a “ Business Combination”), in each case, 
unless, following such Business Combination (1) all or substantially all of the individuals and entities who 
were the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding 
Company Voting Securities immediately prior to such Business Combination beneficially own, directly or 
indirectly, more than 50% of, respectively, the then outstanding shares of common stock (or, for a 
noncorporate entity, equivalent securities) and the combined voting power of the then outstanding voting 
securities entitled to vote generally in the election of directors (or, for a noncorporate entity, equivalent 
securities), as the case may be, of the entity resulting from such Business Combination (including an 
entity that, as a result of such transaction, owns the Company or all or substantially all of the Company’s 
assets either directly or through one or more subsidiaries) in substantially the same proportions as their 
ownership, immediately prior to such Business Combination of the Outstanding Company Common Stock 
and Outstanding Company Voting Securities, as the case may be, (2) no Acquirer (excluding any entity 
resulting from such Business Combination or any employee benefit plan (or related trust) of the Company 
or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 50% or 
more of, respectively, the then outstanding shares of common stock (or, for a noncorporate entity, 
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equivalent securities) of the entity resulting from such Business Combination or the combined voting 
power of the then outstanding voting securities of such entity except to the extent that such ownership 
existed prior to the Business Combination, and (3) at least a majority of the members of the board of 
directors (or, for a noncorporate entity, equivalent body or committee) of the entity resulting from such 
Business Combination were members of the Incumbent Board at the time of the execution of the initial 
agreement, or of the action of the Board, providing for such Business Combination; or 
(iv) The approval by the shareholders of the Company of a complete liquidation or dissolution 
of the Company.
“CODE” means the Internal Revenue Code of 1986, as amended, and the applicable rules and 
regulations promulgated thereunder.
“COMMON STOCK” means the common stock of the Company or any other class of securities of 
the Company or any successor in interest thereto to which any award under the Plan relates by reason of 
an adjustment under Section 7.
“COMPANY” means Apple Inc., a California corporation, or any successor to substantially all of 
its business.
“EXCHANGE ACT” means the Securities Exchange Act of 1934, as amended, and the applicable 
rules and regulations promulgated thereunder.
“FAIR MARKET VALUE” means, unless otherwise determined or provided by the Administrator in 
the circumstances, the last price (in regular trading) for a Share on the Nasdaq Stock Market (the 
“Market”) for the date in question or, if no sales of Shares were reported on the Market on that date, the 
last price (in regular trading) for a Share on the Market for the next preceding day on which sales of 
Shares were reported on the Market.  The Administrator may, however, provide with respect to one or 
more Awards that the Fair Market Value shall equal the last price for a Share on the Market on the last 
trading day preceding the date in question or the average of the high and low trading prices of a Share on 
the Market for the date in question or the most recent trading day.  If Shares are no longer listed or are no 
longer actively traded on the Market as of the applicable date, the Fair Market Value of a Share shall be 
the value as reasonably determined by the Administrator for purposes of the Award in the circumstances.  
The Administrator also may adopt a different methodology for determining Fair Market Value with respect 
to one or more Awards if a different methodology is necessary or advisable to secure any intended 
favorable tax, legal or other treatment for the particular Awards (for example, and without limitation, the 
Administrator may provide that Fair Market Value for purposes of one or more Awards shall be based on 
an average of closing prices (or the average of high and low daily trading prices) for a specified period 
preceding the relevant date).
“NET EXERCISED” shall mean the exercise of an Option or any portion thereof by the delivery to 
the person exercising such Option of the greatest number of whole Shares having a Fair Market Value on 
the date of exercise not in excess of the difference between the aggregate Fair Market Value of the 
Shares subject to the Option (or the portion of such Option then being exercised) and the aggregate 
exercise price for all such Shares under the Option (or the portion thereof then being exercised), with any 
fractional share that would result from such equation to be payable in cash.
“NON-EMPLOYEE DIRECTOR” means a member of the Board who is not an employee of the 
Company or any of its Subsidiaries.
“OPTION” means an option to purchase Shares awarded to a Non-Employee Director under the 
Plan.
10

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“RESTRICTED STOCK UNIT” means a bookkeeping entry representing the equivalent of one 
Share, subject to the terms and conditions hereof, and represents an unfunded and unsecured obligation 
of the Company.
“SHARE” means one share of Common Stock.
“SUBSIDIARY” means any corporation or other entity a majority of whose outstanding voting 
stock or voting power is beneficially owned directly or indirectly by the Company.  An entity that attains 
the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary 
commencing as of such date.
“VESTING DATE” means, with respect to a particular Award, the date on which the Award vests 
in whole or in part.
“VOTING SECURITIES” means, with respect to any corporation, securities of such corporation 
that are entitled to vote generally in the election of directors of such corporation.
11

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Exhibit 31.1
CERTIFICATION
I, Timothy D. Cook, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: January 27, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

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Exhibit 31.2
CERTIFICATION
I, Luca Maestri, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Apple Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact 
necessary to make the statements made, in light of the circumstances under which such statements were made, not 
misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all 
material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods 
presented in this report;
4. The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and 
procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as 
defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the Registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in 
which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting 
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial 
reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles;
(c) Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report 
our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period 
covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred 
during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual 
report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control 
over financial reporting; and
5. The Registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over 
financial reporting, to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons 
performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial 
reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize 
and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role 
in the Registrant’s internal control over financial reporting.
Date: January 27, 2022
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer

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Exhibit 32.1
CERTIFICATIONS OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Timothy D. Cook, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended December 25, 2021 fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: January 27, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer
I, Luca Maestri, certify, as of the date hereof, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the 
Sarbanes-Oxley Act of 2002, that the Quarterly Report of Apple Inc. on Form 10-Q for the period ended December 25, 2021 fully 
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained 
in such Form 10-Q fairly presents in all material respects the financial condition and results of operations of Apple Inc. at the 
dates and for the periods indicated.
Date: January 27, 2022
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
A signed original of this written statement required by Section 906 has been provided to Apple Inc. and will be retained by Apple 
Inc. and furnished to the Securities and Exchange Commission or its staff upon request.