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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 March 26, 2022
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  ☒
16,185,181,000 shares of common stock were issued and outstanding as of April 15, 2022.

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Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended March 26, 2022 
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 20
Item 4. Controls and Procedures 20
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 Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Net sales:
   Products $ 77,457 $ 72,683 $ 181,886 $ 168,361 
   Services  19,821  16,901  39,337  32,662 
Total net sales  97,278  89,584  221,223  201,023 
Cost of sales:
   Products  49,290  46,447  113,599  108,577 
   Services  5,429  5,058  10,822  10,039 
Total cost of sales  54,719  51,505  124,421  118,616 
Gross margin  42,559  38,079  96,802  82,407 
Operating expenses:
Research and development  6,387  5,262  12,693  10,425 
Selling, general and administrative  6,193  5,314  12,642  10,945 
Total operating expenses  12,580  10,576  25,335  21,370 
Operating income  29,979  27,503  71,467  61,037 
Other income/(expense), net  160  508  (87)  553 
Income before provision for income taxes  30,139  28,011  71,380  61,590 
Provision for income taxes  5,129  4,381  11,740  9,205 
Net income $ 25,010 $ 23,630 $ 59,640 $ 52,385 
Earnings per share:
Basic $ 1.54 $ 1.41 $ 3.65 $ 3.11 
Diluted $ 1.52 $ 1.40 $ 3.62 $ 3.08 
Shares used in computing earnings per share:
Basic  16,278,802  16,753,476  16,335,263  16,844,298 
Diluted  16,403,316  16,929,157  16,461,304  17,021,423 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2022 Form 10-Q | 1

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
(In millions)
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Net income $ 25,010 $ 23,630 $ 59,640 $ 52,385 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (21)  (78)  (381)  471 
Change in unrealized gains/losses on derivative 
instruments, net of tax:
Change in fair value of derivative instruments  334  332  696  28 
Adjustment for net (gains)/losses realized and included 
in net income  (301)  759  (208)  576 
Total change in unrealized gains/losses on 
derivative instruments  33  1,091  488  604 
Change in unrealized gains/losses on marketable debt 
securities, net of tax:
Change in fair value of marketable debt securities  (5,633)  (1,403)  (6,809)  (775) 
Adjustment for net (gains)/losses realized and included 
in net income  54  (75)  45  (180) 
Total change in unrealized gains/losses on 
marketable debt securities  (5,579)  (1,478)  (6,764)  (955) 
Total other comprehensive income/(loss)  (5,567)  (465)  (6,657)  120 
Total comprehensive income $ 19,443 $ 23,165 $ 52,983 $ 52,505 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 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)
March 26,
2022
September 25,
2021
ASSETS:
Current assets:
Cash and cash equivalents $ 28,098 $ 34,940 
Marketable securities  23,413  27,699 
Accounts receivable, net  20,815  26,278 
Inventories  5,460  6,580 
Vendor non-trade receivables  24,585  25,228 
Other current assets  15,809  14,111 
Total current assets  118,180  134,836 
Non-current assets:
Marketable securities  141,219  127,877 
Property, plant and equipment, net  39,304  39,440 
Other non-current assets  51,959  48,849 
Total non-current assets  232,482  216,166 
Total assets $ 350,662 $ 351,002 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 52,682 $ 54,763 
Other current liabilities  50,248  47,493 
Deferred revenue  7,920  7,612 
Commercial paper  6,999  6,000 
Term debt  9,659  9,613 
Total current liabilities  127,508  125,481 
Non-current liabilities:
Term debt  103,323  109,106 
Other non-current liabilities  52,432  53,325 
Total non-current liabilities  155,755  162,431 
Total liabilities  283,263  287,912 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 16,207,568 and 16,426,786 shares issued and outstanding, respectively  61,181  57,365 
Retained earnings  12,712  5,562 
Accumulated other comprehensive income/(loss)  (6,494)  163 
Total shareholders’ equity  67,399  63,090 
Total liabilities and shareholders’ equity $ 350,662 $ 351,002 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 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 Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Total shareholders’ equity, beginning balances $ 71,932 $ 66,224 $ 63,090 $ 65,339 
Common stock and additional paid-in capital:
Beginning balances  58,424  51,744  57,365  50,779 
Common stock issued  593  561  593  561 
Common stock withheld related to net share settlement 
of equity awards  (149)  (135)  (1,412)  (1,236) 
Share-based compensation  2,313  2,033  4,635  4,099 
Ending balances  61,181  54,203  61,181  54,203 
Retained earnings:
Beginning balances  14,435  14,301  5,562  14,966 
Net income  25,010  23,630  59,640  52,385 
Dividends and dividend equivalents declared  (3,633)  (3,495)  (7,298)  (7,042) 
Common stock withheld related to net share settlement 
of equity awards  (190)  (174)  (1,920)  (2,047) 
Common stock repurchased  (22,910)  (19,001)  (43,272)  (43,001) 
Ending balances  12,712  15,261  12,712  15,261 
Accumulated other comprehensive income/(loss):
Beginning balances  (927)  179  163  (406) 
Other comprehensive income/(loss)  (5,567)  (465)  (6,657)  120 
Ending balances  (6,494)  (286)  (6,494)  (286) 
Total shareholders’ equity, ending balances $ 67,399 $ 69,178 $ 67,399 $ 69,178 
Dividends and dividend equivalents declared per share or RSU $ 0.22 $ 0.205 $ 0.44 $ 0.41 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2022 Form 10-Q | 4

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 26,
2022
March 27,
2021
Cash, cash equivalents and restricted cash, beginning balances $ 35,929 $ 39,789 
Operating activities:
Net income  59,640  52,385 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  5,434  5,463 
Share-based compensation expense  4,517  4,001 
Deferred income tax expense/(benefit)  1,088  (207) 
Other  (20)  (474) 
Changes in operating assets and liabilities:
Accounts receivable, net  5,542  (2,347) 
Inventories  1,065  (1,226) 
Vendor non-trade receivables  643  6,792 
Other current and non-current assets  (3,542)  (4,333) 
Accounts payable  (1,750)  (1,997) 
Deferred revenue  627  1,642 
Other current and non-current liabilities  1,888  3,045 
Cash generated by operating activities  75,132  62,744 
Investing activities:
Purchases of marketable securities  (61,987)  (74,424) 
Proceeds from maturities of marketable securities  18,000  39,605 
Proceeds from sales of marketable securities  24,668  21,645 
Payments for acquisition of property, plant and equipment  (5,317)  (5,769) 
Payments made in connection with business acquisitions, net  (167)  (9) 
Other  (568)  — 
Cash used in investing activities  (25,371)  (18,952) 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (3,218)  (3,160) 
Payments for dividends and dividend equivalents  (7,327)  (7,060) 
Repurchases of common stock  (43,109)  (43,323) 
Proceeds from issuance of term debt, net  —  13,923 
Repayments of term debt  (3,750)  (4,500) 
Proceeds from commercial paper, net  999  22 
Other  (105)  523 
Cash used in financing activities  (56,510)  (43,575) 
Increase/(Decrease) in cash, cash equivalents and restricted cash  (6,749)  217 
Cash, cash equivalents and restricted cash, ending balances $ 29,180 $ 40,006 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 9,301 $ 10,276 
Cash paid for interest $ 1,406 $ 1,327 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 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 Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters. The 
Company’s fiscal years 2022 and 2021 span 52 weeks each. Unless otherwise stated, references to particular years, quarters, 
months and periods refer to the Company’s fiscal years ended in September and the associated quarters, months and periods of 
those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and six-month periods ended 
March 26, 2022 and March 27, 2021 (net income in millions and shares in thousands):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Numerator:
Net income $ 25,010 $ 23,630 $ 59,640 $ 52,385 
Denominator:
Weighted-average basic shares outstanding  16,278,802  16,753,476  16,335,263  16,844,298 
Effect of dilutive securities  124,514  175,681  126,041  177,125 
Weighted-average diluted shares  16,403,316  16,929,157  16,461,304  17,021,423 
Basic earnings per share $ 1.54 $ 1.41 $ 3.65 $ 3.11 
Diluted earnings per share $ 1.52 $ 1.40 $ 3.62 $ 3.08 
Apple Inc. | Q2 2022 Form 10-Q | 6

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Note 2 – Revenue
Net sales disaggregated by significant products and services for the three- and six-month periods ended March 26, 2022  and 
March 27, 2021 were as follows (in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
iPhone® (1) $ 50,570 $ 47,938 $ 122,198 $ 113,535 
Mac® (1)  10,435  9,102  21,287  17,777 
iPad® (1)  7,646  7,807  14,894  16,242 
Wearables, Home and Accessories (1)(2)  8,806  7,836  23,507  20,807 
Services (3)  19,821  16,901  39,337  32,662 
Total net sales (4) $ 97,278 $ 89,584 $ 221,223 $ 201,023 
(1) Products net sales include amortization of the deferred value of unspecified software upgrade rights, which are bundled in 
the sales price of the respective product.
(2) Wearables, Home and Accessories net sales include sales of AirPods ®, Apple TV ®, Apple Watch ®, Beats ® products, 
HomePod mini®, iPod touch® and accessories.
(3) Services net sales include sales from the Company’s advertising, AppleCare ®, cloud, digital content, payment and other 
services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain 
products.
(4) Includes $3.0 billion of revenue recognized in the three months ended March 26, 2022 that was included in deferred revenue 
as of December 25, 2021, $2.7 billion of revenue recognized in the three months ended March 27, 2021 that was included in 
deferred revenue as of December 26, 2020, $4.8 billion of revenue recognized in the six months ended March 26, 2022 that 
was included in deferred revenue as of September 25, 2021, and $4.1 billion of revenue recognized in the six months ended 
March 27, 2021 that was included in deferred revenue as of September 26, 2020.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 9, “Segment Information and Geographic Data” for the three- and six-month periods ended March 26, 2022  and 
March 27, 2021, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of March  26, 2022 and September  25, 2021, the Company had total deferred revenue of $12.5 billion  and $11.9  billion, 
respectively. As of March 26, 2022, the Company expects 63% of total deferred revenue to be realized in less than a year, 27% 
within one-to-two years, 8% within two-to-three years and 2% in greater than three years.
Apple Inc. | Q2 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 March 26, 2022 and September 25, 2021 (in millions):
March 26, 2022
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 14,298 $ — $ — $ 14,298 $ 14,298 $ — $ — 
Level 1 (1): 
Money market funds  7,653  —  —  7,653  7,653  —  — 
Mutual funds  230  7  (9)  228  —  228  — 
Subtotal  7,883  7  (9)  7,881  7,653  228  — 
Level 2 (2):
Equity securities  1,527  —  (1,132)  395  —  395  — 
U.S. Treasury securities  28,711  2  (1,037)  27,676  2,306  3,554  21,816 
U.S. agency securities  6,561  —  (407)  6,154  251  683  5,220 
Non-U.S. government securities  18,868  44  (551)  18,361  25  4,526  13,810 
Certificates of deposit and time deposits  2,872  —  —  2,872  2,221  601  50 
Commercial paper  2,913  —  —  2,913  1,310  1,603  — 
Corporate debt securities  93,057  94  (4,266)  88,885  34  11,309  77,542 
Municipal securities  990  1  (22)  969  —  162  807 
Mortgage- and asset-backed securities  23,613  3  (1,290)  22,326  —  352  21,974 
Subtotal  179,112  144  (8,705)  170,551  6,147  23,185  141,219 
Total (3) $ 201,293 $ 151 $ (8,714) $ 192,730 $ 28,098 $ 23,413 $ 141,219 
September 25, 2021
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 17,305 $ — $ — $ 17,305 $ 17,305 $ — $ — 
Level 1 (1):
Money market 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 March  26, 2022  and  September  25, 2021 , total marketable securities included $15.4  billion and $17.9 billion , 
respectively, that were restricted from general use, related to the European Commission decision finding that Ireland granted 
state aid to the Company, and other agreements.
Apple Inc. | Q2 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 
March 26, 2022 (in millions):
Due after 1 year through 5 years $ 97,603 
Due after 5 years through 10 years  22,899 
Due after 10 years  20,717 
Total fair value $ 141,219 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 
However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations 
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a 
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Risk
To protect gross margins from fluctuations in foreign currency exchange rates, the Company may enter into forward contracts, 
option contracts or other instruments, and may designate these instruments as cash flow hedges. The Company generally 
hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 
12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign currency 
exchange rates, the Company may enter into forward contracts, cross-currency swaps or other instruments. The Company 
designates these instruments as either cash flow or fair value hedges. As of March 26, 2022, the Company’s hedged term debt– 
and marketable securities–related foreign currency transactions are expected to be recognized within 20 years.
The Company may also enter into derivative instruments that are not designated as accounting hedges to protect gross margins 
from certain fluctuations in foreign currency exchange rates, as well as to offset a portion of the foreign currency exchange gains 
and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may enter into 
interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value 
hedges.
The notional amounts of the Company’s outstanding derivative instruments as of March 26, 2022 and September 25, 2021 were 
as follows (in millions):
March 26,
2022
September 25,
2021
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 65,140 $ 76,475 
Interest rate contracts $ 20,775 $ 16,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 110,758 $ 126,918 
The gross fair values of the Company’s derivative assets and liabilities were not material as of March  26, 2022  and 
September 25, 2021.
The gains and losses recognized in other comprehensive income/(loss) and amounts reclassified from accumulated other 
comprehensive income/(loss) to net income for the Company’s derivative instruments designated as cash flow hedges were not 
material in the three- and six-month periods ended March 26, 2022 and March 27, 2021.
Apple Inc. | Q2 2022 Form 10-Q | 9

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The carrying amounts of the Company’s hedged items in fair value hedges as of March 26, 2022 and September 25, 2021 were 
as follows (in millions):
March 26,
2022
September 25,
2021
Hedged assets/(liabilities):
Current and non-current marketable securities $ 14,943 $ 15,954 
Current and non-current term debt $ (19,766) $ (17,857) 
The gains and losses on the Company’s derivative instruments designated as fair value hedges and the related hedged item 
adjustments were not material in the three- and six-month periods ended March 26, 2022 and March 27, 2021.
Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, 
resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does 
not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain 
instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit 
insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit-
financing arrangements are directly between the third-party financing company and the end customer. As such, the Company 
generally does not assume any recourse or credit risk sharing related to any of these arrangements.
The Company’s cellular network carriers accounted for 36% and 42% of total trade receivables as of March  26, 2022 and 
September 25, 2021, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. As of March 26, 2022, the Company had two vendors that individually represented 10% or 
more of total vendor non-trade receivables, which accounted for 52% and 12%. As of September 25, 2021 , the Company had 
three vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 52%, 11% 
and 11%.
Note 4 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of March  26, 2022  and 
September 25, 2021 (in millions):
Property, Plant and Equipment, Net
March 26,
2022
September 25,
2021
Gross property, plant and equipment $ 109,324 $ 109,723 
Accumulated depreciation and amortization  (70,020)  (70,283) 
Total property, plant and equipment, net $ 39,304 $ 39,440 
Other Non-Current Liabilities
March 26,
2022
September 25,
2021
Long-term taxes payable $ 20,711 $ 24,689 
Other non-current liabilities  31,721  28,636 
Total other non-current liabilities $ 52,432 $ 53,325 
Apple Inc. | Q2 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- and six-month periods ended March 26, 2022  
and March 27, 2021 (in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Interest and dividend income $ 700 $ 718 $ 1,350 $ 1,465 
Interest expense  (691)  (670)  (1,385)  (1,308) 
Other income/(expense), net  151  460  (52)  396 
Total other income/(expense), net $ 160 $ 508 $ (87) $ 553 
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 March 26, 2022 and September 25, 2021, the Company had $7.0 billion and $6.0 billion of Commercial 
Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and 
maturities of Commercial Paper for the six months ended March 26, 2022 and March 27, 2021 (in millions):
Six Months Ended
March 26,
2022
March 27,
2021
Maturities 90 days or less:
Proceeds from commercial paper, net $ 4,952 $ 2,008 
Maturities greater than 90 days:
Proceeds from commercial paper  1,191  1,368 
Repayments of commercial paper  (5,144)  (3,354) 
Repayments of commercial paper, net  (3,953)  (1,986) 
Total proceeds from commercial paper, net $ 999 $ 22 
Term Debt
As of March  26, 2022  and September  25, 2021 , the Company had outstanding floating- and fixed-rate notes with varying 
maturities for an aggregate carrying amount of $113.0 billion  and $118.7 billion , respectively (collectively the “Notes”). As of 
March 26, 2022 and September 25, 2021, the fair value of the Company’s Notes, based on Level 2 inputs, was $110.5 billion and 
$125.3 billion, respectively.
Note 6 – Shareholders’ Equity
Share Repurchase Program
During the six months ended March 26, 2022, the Company repurchased 266 million shares of its common stock for $43.3 billion 
under a share repurchase program authorized by the Board of Directors (the “Program”), including 35 million shares delivered 
under accelerated share repurchase agreements totaling $6.0 billion that were entered into in November 2021 . The Program 
does not obligate the Company to acquire a minimum amount of shares. Under the Program, shares may be repurchased in 
privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Securities 
Exchange Act of 1934, as amended.
Apple Inc. | Q2 2022 Form 10-Q | 11

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Note 7 – Benefit Plans
Restricted Stock Units
A summary of the Company’s restricted stock unit (“RSU”) activity and related information for the six months ended  March 26, 
2022 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 25, 2021  240,427 $ 75.16 
RSUs granted  76,920 $ 149.72 
RSUs vested  (62,476) $ 62.86 
RSUs canceled  (8,407) $ 95.86 
Balance as of March 26, 2022  246,464 $ 100.84 $ 43,062 
The fair value as of the respective vesting dates of RSUs was $1.0 billion and $9.5 billion for the three- and six-month periods 
ended March 26, 2022, respectively, and was $867 million and $9.4 billion for the three- and six-month periods ended March 27, 
2021, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed 
Consolidated Statements of Operations for the three- and six-month periods ended March 26, 2022 and March 27, 2021  (in 
millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Share-based compensation expense $ 2,252 $ 1,981 $ 4,517 $ 4,001 
Income tax benefit related to share-based compensation 
expense $ (649) $ (575) $ (2,185) $ (2,199) 
As of March  26, 2022, the total unrecognized compensation cost related to outstanding RSUs and stock options was $19.3 
billion, which the Company expects to recognize over a weighted-average period of 2.8 years.
Note 8 – Commitments and Contingencies
Accrued Warranty
The following table shows changes in the Company’s accrued warranties and related costs for the three- and six-month periods 
ended March 26, 2022 and March 27, 2021 (in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Beginning accrued warranty and related costs $ 3,530 $ 4,124 $ 3,364 $ 3,354 
Cost of warranty claims  (581)  (649)  (1,253)  (1,372) 
Accruals for product warranty  257  309  1,095  1,802 
Ending accrued warranty and related costs $ 3,206 $ 3,784 $ 3,206 $ 3,784 
Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that 
have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at 
least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, 
concerning loss contingencies for asserted legal and other claims.
Apple Inc. | Q2 2022 Form 10-Q | 12

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Note 9 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and six-month periods ended March 26, 2022 and 
March 27, 2021 (in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Americas:
Net sales $ 40,882 $ 34,306 $ 92,378 $ 80,616 
Operating income $ 15,279 $ 12,050 $ 34,864 $ 27,835 
Europe:
Net sales $ 23,287 $ 22,264 $ 53,036 $ 49,570 
Operating income $ 8,505 $ 8,265 $ 20,050 $ 17,854 
Greater China:
Net sales $ 18,343 $ 17,728 $ 44,126 $ 39,041 
Operating income $ 8,112 $ 7,758 $ 19,295 $ 16,288 
Japan:
Net sales $ 7,724 $ 7,742 $ 14,831 $ 16,027 
Operating income $ 3,496 $ 3,428 $ 6,845 $ 6,931 
Rest of Asia Pacific:
Net sales $ 7,042 $ 7,544 $ 16,852 $ 15,769 
Operating income $ 2,823 $ 2,736 $ 6,818 $ 5,689 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three- and six-month periods ended March 26, 2022 and March 27, 2021 is as follows (in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Segment operating income $ 38,215 $ 34,237 $ 87,872 $ 74,597 
Research and development expense  (6,387)  (5,262)  (12,693)  (10,425) 
Other corporate expenses, net  (1,849)  (1,472)  (3,712)  (3,135) 
Total operating income $ 29,979 $ 27,503 $ 71,467 $ 61,037 
Apple Inc. | Q2 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.
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.
Quarterly Highlights
Total net sales increased 9% or $7.7 billion during the second quarter of 2022 compared to the same quarter in 2021, driven 
primarily by growth in Services, iPhone and Mac.
During the second quarter of 2022, the Company released the following products:
• iPhone SE® with 5G technology;
• iPad Air®, powered by the Apple M1 chip;
• All-new Mac Studio™, powered by the Apple M1 Max or the new Apple M1 Ultra chip; and
• All-new Apple Studio Display™ .
The Company repurchased $22.9 billion of its common stock and paid dividends and dividend equivalents of $3.6 billion during 
the second quarter of 2022.
Apple Inc. | Q2 2022 Form 10-Q | 14

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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 second 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 many of the Company’s retail stores operating at 
limited capacity or temporarily closing at various times. Substantially all of the Company’s other facilities are open, subject to 
operating restrictions to protect public health and the health and safety of employees. The Company continues to work on safely 
reopening the remainder of its facilities, subject to local rules and regulations.
At times, certain of the Company’s outsourcing partners, component suppliers and logistical service providers have experienced 
disruptions, resulting in supply shortages that could affect sales worldwide. Similar disruptions could occur in the future.
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.
Products and Services Performance
The following table shows net sales by category for the three- and six-month periods ended March 26, 2022 and March 27, 2021 
(dollars in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021 Change
March 26,
2022
March 27,
2021 Change
Net sales by category:
iPhone (1) $ 50,570 $ 47,938  5 % $ 122,198 $ 113,535  8 %
Mac (1)  10,435  9,102  15 %  21,287  17,777  20 %
iPad (1)  7,646  7,807  (2) %  14,894  16,242  (8) %
Wearables, Home and Accessories (1)(2)  8,806  7,836  12 %  23,507  20,807  13 %
Services (3)  19,821  16,901  17 %  39,337  32,662  20 %
Total net sales $ 97,278 $ 89,584  9 % $ 221,223 $ 201,023  10 %
(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 second quarter and first six months of 2022 compared to th e same periods in 2021 due 
primarily to higher net sales from the Company’s new iPhone models.
Mac
Mac net sales increased during the second quarter and first six months of 2022 compared to the same periods in 2021 due 
primarily to higher net sales of MacBook Pro®, partially offset by lower net sales of MacBook Air®.
Apple Inc. | Q2 2022 Form 10-Q | 15

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iPad
iPad net sales decreased during the second quarter of 2022 compared to the second quarter of 2021 due primarily to lower net 
sales of the 10-inch version of iPad, offset by higher net sales of iPad Pro ® and iPad mini ®. Year-over-year iPad net sales 
decreased during the first six months of 2022 due primarily to lower net sales of the 10-inch version of iPad, partially offset by 
higher net sales of iPad mini.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales increased during the second quarter and first six months of 2022 compared to the 
same periods in 2021 due primarily to higher net sales of Apple Watch, AirPods and accessories.
Services
Services net sales increased during the second quarter and first six months of 2022 compared to the same periods 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- and six-month periods ended March 26, 2022  and 
March 27, 2021 (dollars in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021 Change
March 26,
2022
March 27,
2021 Change
Net sales by reportable segment:
Americas $ 40,882 $ 34,306  19 % $ 92,378 $ 80,616  15 %
Europe  23,287  22,264  5 %  53,036  49,570  7 %
Greater China  18,343  17,728  3 %  44,126  39,041  13 %
Japan  7,724  7,742  — %  14,831  16,027  (7) %
Rest of Asia Pacific  7,042  7,544  (7) %  16,852  15,769  7 %
Total net sales $ 97,278 $ 89,584  9 % $ 221,223 $ 201,023  10 %
Americas
Americas net sales increased during the second quarter of 2022 compared to the second quarter of 2021 due primarily to higher 
net sales of iPhone, Services and Mac. Year-over-year Americas net sales increased during the first six months of 2022 due 
primarily to higher net sales of iPhone, Services and Wearables, Home and Accessories.
Europe
Europe net sales increased during the second quarter and first six months of 2022 compared to the same periods in 2021 due 
primarily to higher net sales of Services and Mac. The movement of foreign currencies in Europe relative to the U.S. dollar had a 
net unfavorable impact on Europe net sales during the second quarter and first six months of 2022.
Greater China
Greater China net sales increased during the second quarter and first six months of 2022 compared to the same periods 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 second quarter and first six months of 2022.
Apple Inc. | Q2 2022 Form 10-Q | 16

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Japan
Japan net sales were flat during the second quarter of 2022 compared to the second quarter of 2021 due primarily to the 
weakness of the Japanese yen relative to the U.S. dollar, offset by higher net sales of iPhone and Services. Year-over-year 
Japan net sales decreased during the first six months of 2022 due primarily to the weakness of the Japanese yen relative to the 
U.S. dollar.
Rest of Asia Pacific
Rest of Asia Pacific net sales decreased during the second quarter of 2022 compared to the second quarter of 2021 due 
primarily to lower net sales of iPhone, partially offset by higher net sales of Services and Mac. Year-over-year Rest of Asia 
Pacific net sales increased during the first six months of 2022 due primarily to higher net sales of Services, Mac and Wearables, 
Home and Accessories. The movement of foreign currencies in Rest of Asia Pacific relative to the U.S. dollar had a net 
unfavorable impact on Rest of Asia Pacific net sales during the second quarter and first six months of 2022.
Gross Margin
Products and Services gross margin and gross margin percentage for the three- and six-month periods ended March 26, 2022  
and March 27, 2021 were as follows (dollars in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Gross margin:
Products $ 28,167 $ 26,236 $ 68,287 $ 59,784 
Services  14,392  11,843  28,515  22,623 
Total gross margin $ 42,559 $ 38,079 $ 96,802 $ 82,407 
Gross margin percentage:
Products  36.4%  36.1%  37.5%  35.5% 
Services  72.6%  70.1%  72.5%  69.3% 
Total gross margin percentage  43.7%  42.5%  43.8%  41.0% 
Products Gross Margin
Products gross margin increased during the second quarter of 2022 compared to the second quarter of 2021 due primarily to 
higher Products volume. Year-over-year Products gross margin increased during the first six months of 2022 due primarily to a 
different Products mix and higher Products volume.
Products gross margin percentage increased during the second quarter of 2022 compared to the second quarter of 2021 due 
primarily to improved leverage. Year-over-year Products gross margin percentage increased during the first six months of 2022 
due primarily to a different Products mix.
Services Gross Margin
Services gross margin increased during the second quarter and first six months of 2022 compared to the same periods in 2021 
due primarily to higher Services net sales and a different Services mix, partially offset by the weakness in foreign currencies 
relative to the U.S. dollar.
Services gross margin percentage increased during the second quarter and first six months of 2022 compared to the same 
periods in 2021 due primarily to a different Services mix and improved leverage, partially offset by the weakness in foreign 
currencies relative to the U.S. dollar.
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.
Apple Inc. | Q2 2022 Form 10-Q | 17

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Operating Expenses
Operating expenses for the three- and six-month periods ended March 26, 2022  and March 27, 2021 were as follows (dollars in 
millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Research and development $ 6,387 $ 5,262 $ 12,693 $ 10,425 
Percentage of total net sales  7%  6%  6%  5% 
Selling, general and administrative $ 6,193 $ 5,314 $ 12,642 $ 10,945 
Percentage of total net sales  6%  6%  6%  5% 
Total operating expenses $ 12,580 $ 10,576 $ 25,335 $ 21,370 
Percentage of total net sales  13%  12%  11%  11% 
Research and Development
The growth in research an d development (“R&D”) expense during the second quarter and first six months of 2022 compared to 
the same periods in 2021 was driven primarily by increases in headcount-related expenses, engineering program costs and 
professional services. 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 second quarter of 2022 compared to the second quarter of 
2021 was driven primarily by increases in advertising, headcount-related expenses and professional services. Year-over-year 
selling, general and administrative expense increased during the first six months of 2022 due primarily to increases in 
headcount-related expenses, advertising and variable selling expenses.
Other Income/(Expense), Net
Other income/(expense), net (“OI&E”) for the three- and six-month periods ended March 26, 2022  and March 27, 2021  was as 
follows (dollars in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021 Change
March 26,
2022
March 27,
2021 Change
Interest and dividend income $ 700 $ 718 $ 1,350 $ 1,465 
Interest expense  (691)  (670)  (1,385)  (1,308) 
Other income/(expense), net  151  460  (52)  396 
Total other income/(expense), net $ 160 $ 508  (69) % $ (87) $ 553  (116) %
OI&E decreased during the second quarter and first six months of 2022 compared to the same periods in 2021 due primarily to 
fair value adjustments on marketable securities, partially offset by foreign exchange gains.
Apple Inc. | Q2 2022 Form 10-Q | 18

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Provision for Income Taxes
Provision for income taxes, effective tax rate and statutory federal income tax rate for the three- and six-month periods ended 
March 26, 2022 and March 27, 2021 were as follows (dollars in millions):
Three Months Ended Six Months Ended
March 26,
2022
March 27,
2021
March 26,
2022
March 27,
2021
Provision for income taxes $ 5,129 $ 4,381 $ 11,740 $ 9,205 
Effective tax rate  17.0%  15.6%  16.4%  14.9% 
Statutory federal income tax rate  21%  21%  21%  21% 
The Company’s effective tax rate for the second quarter of 2022 was lower than the statutory federal income tax rate due 
primarily to a lower effective tax rate on foreign earnings, including the favorable impact of changes in unrecognized tax benefits, 
partially offset by the impact to U.S. foreign tax credits as a result of regulations issued by the U.S. Department of the Treasury in 
January 2022 (the “Regulations”). The Company’s effective tax rate for the first six months of 2022 was lower than the statutory 
federal income tax rate due primarily to a lower effective tax rate on foreign earnings, including the favorable impact of changes 
in unrecognized tax benefits.
The Company’s effective tax rate for the second quarter of 2022 was higher compared to the second quarter of 2021 due 
primarily to the impact to U.S. foreign tax credits as a result of the Regulations, partially offset by a lower effective tax rate on 
foreign earnings, including the favorable impact of changes in unrecognized tax benefits. The Company’s effective tax rate for 
the first six months of 2022 was higher compared to the same period in 2021 due primarily to the impact to U.S. foreign tax 
credits as a result of the Regulations and lower tax benefits from share-based compensation.
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 contractual cash requirements have not changed materially since the 2021 Form 10-K, except for manufacturing 
purchase obligations.
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 March 26, 2022, the Company had manufacturing 
purchase obligations of $40.6 billion, with $40.5 billion payable within 12 months. The Company’s manufacturing purchase 
obligations are primarily noncancelable.
In addition to its contractual cash requirements, the Company has a share repurchase program authorized by the Board of 
Directors (the “Program”).  As of March 26, 2022 , the remaining availability under the Program was $17.6 billion. On April 28, 
2022, the Company announced the Board of Directors increased the Program authorization by $90 billion. The Program does not 
obligate the Company to acquire a minimum amount of shares.
On April  28, 2022, the Compan y also announced the Board of Directors raised the Company’s quarterly cash dividend from 
$0.22 to $0.23 per share, beginning with the dividend to be paid during the third quarter of 2022. 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.
Apple Inc. | Q2 2022 Form 10-Q | 19

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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes to the Company’s market risk during the first six 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 March 26, 2022 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 second 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.
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 second 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. | Q2 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 March 26, 2022 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)
December 26, 2021 to January 29, 2022:
November 2021 ASRs  4,887 (2)  4,887 
Open market and privately negotiated purchases  43,330 $ 170.99  43,330 
January 30, 2022 to February 26, 2022:
Open market and privately negotiated purchases  42,895 $ 169.71  42,895 
February 27, 2022 to March 26, 2022:
Open market and privately negotiated purchases  50,822 $ 161.75  50,822 
Total  141,934 $ 17,579 
(1) On April 28, 2021, the Board of Directors authorized the purchase of an additional $90 billion of the Company’s common 
stock under the Program. As of March 26, 2022 , total utilization under the April 2021 authorization was $72.4 billion. On 
April  28, 2022, the Company announced the Board of Directors increased the Program authorization by $90  billion. The 
Program does not obligate the Company to acquire a minimum amount of shares. Under the Program, shares may be 
repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 
under the Exchange Act.
(2) In November 2021, the Company entered int o accelerated share repurchase agreements (“ASRs”) to purchase up t o a total 
of $6.0 billion  of the Company’s common stoc k. In January 2022 , the purchase perio ds for these ASRs ended and an 
additional 5 million shares were delivered and retired. In total, 35 million shares were delivered under these ASRs at an 
average repurchase price of $170.01 per share.
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 March  26, 2022, 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. | Q2 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* 2022 Employee Stock Plan. 8-K 10.1 3/4/22
10.2* Form of Restricted Stock Unit Award Agreement under 2022 Employee Stock 
Plan effective as of March 4, 2022.
8-K 10.2 3/4/22
10.3* Form of Performance Award Agreement under 2022 Employee Stock Plan 
effective as of March 4, 2022.
8-K 10.3 3/4/22
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. | Q2 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.
Date: April 28, 2022 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q2 2022 Form 10-Q | 23

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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: April 28, 2022
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

--- Page 28 ---

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: April 28, 2022
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer

--- Page 29 ---

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 March 26, 2022  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: April 28, 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 March 26, 2022  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: April 28, 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.