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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 April 1, 2023
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
1.375% 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  ☒
15,728,702,000 shares of common stock were issued and outstanding as of April 21, 2023.

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Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended April 1, 2023 
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 20
Item 3. Defaults Upon Senior Securities 21
Item 4. Mine Safety Disclosures 21
Item 5. Other Information 21
Item 6. Exhibits 21

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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
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Net sales:
   Products $ 73,929 $ 77,457 $ 170,317 $ 181,886 
   Services  20,907  19,821  41,673  39,337 
Total net sales  94,836  97,278  211,990  221,223 
Cost of sales:
   Products  46,795  49,290  107,560  113,599 
   Services  6,065  5,429  12,122  10,822 
Total cost of sales  52,860  54,719  119,682  124,421 
Gross margin  41,976  42,559  92,308  96,802 
Operating expenses:
Research and development  7,457  6,387  15,166  12,693 
Selling, general and administrative  6,201  6,193  12,808  12,642 
Total operating expenses  13,658  12,580  27,974  25,335 
Operating income  28,318  29,979  64,334  71,467 
Other income/(expense), net  64  160  (329)  (87) 
Income before provision for income taxes  28,382  30,139  64,005  71,380 
Provision for income taxes  4,222  5,129  9,847  11,740 
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640 
Earnings per share:
Basic $ 1.53 $ 1.54 $ 3.42 $ 3.65 
Diluted $ 1.52 $ 1.52 $ 3.41 $ 3.62 
Shares used in computing earnings per share:
Basic  15,787,154  16,278,802  15,839,939  16,335,263 
Diluted  15,847,050  16,403,316  15,901,384  16,461,304 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 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
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (95)  (21)  (109)  (381) 
Change in unrealized gains/losses on derivative 
instruments, net of tax:
Change in fair value of derivative instruments  (13)  334  (1,001)  696 
Adjustment for net (gains)/losses realized and included 
in net income  (191)  (301)  (1,957)  (208) 
Total change in unrealized gains/losses on 
derivative instruments  (204)  33  (2,958)  488 
Change in unrealized gains/losses on marketable debt 
securities, net of tax:
Change in fair value of marketable debt securities  1,403  (5,633)  2,303  (6,809) 
Adjustment for net (gains)/losses realized and included 
in net income  62  54  127  45 
Total change in unrealized gains/losses on 
marketable debt securities  1,465  (5,579)  2,430  (6,764) 
Total other comprehensive income/(loss)  1,166  (5,567)  (637)  (6,657) 
Total comprehensive income $ 25,326 $ 19,443 $ 53,521 $ 52,983 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 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)
April 1,
2023
September 24,
2022
ASSETS:
Current assets:
Cash and cash equivalents $ 24,687 $ 23,646 
Marketable securities  31,185  24,658 
Accounts receivable, net  17,936  28,184 
Inventories  7,482  4,946 
Vendor non-trade receivables  17,963  32,748 
Other current assets  13,660  21,223 
Total current assets  112,913  135,405 
Non-current assets:
Marketable securities  110,461  120,805 
Property, plant and equipment, net  43,398  42,117 
Other non-current assets  65,388  54,428 
Total non-current assets  219,247  217,350 
Total assets $ 332,160 $ 352,755 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 42,945 $ 64,115 
Other current liabilities  56,425  60,845 
Deferred revenue  8,131  7,912 
Commercial paper  1,996  9,982 
Term debt  10,578  11,128 
Total current liabilities  120,075  153,982 
Non-current liabilities:
Term debt  97,041  98,959 
Other non-current liabilities  52,886  49,142 
Total non-current liabilities  149,927  148,101 
Total liabilities  270,002  302,083 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 15,723,406 and 15,943,425 shares issued and outstanding, respectively  69,568  64,849 
Retained earnings/(Accumulated deficit)  4,336  (3,068) 
Accumulated other comprehensive income/(loss)  (11,746)  (11,109) 
Total shareholders’ equity  62,158  50,672 
Total liabilities and shareholders’ equity $ 332,160 $ 352,755 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 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
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Total shareholders’ equity, beginning balances $ 56,727 $ 71,932 $ 50,672 $ 63,090 
Common stock and additional paid-in capital:
Beginning balances  66,399  58,424  64,849  57,365 
Common stock issued  690  593  690  593 
Common stock withheld related to net share settlement 
of equity awards  (281)  (149)  (1,715)  (1,412) 
Share-based compensation  2,760  2,313  5,744  4,635 
Ending balances  69,568  61,181  69,568  61,181 
Retained earnings/(Accumulated deficit):
Beginning balances  3,240  14,435  (3,068)  5,562 
Net income  24,160  25,010  54,158  59,640 
Dividends and dividend equivalents declared  (3,684)  (3,633)  (7,396)  (7,298) 
Common stock withheld related to net share settlement 
of equity awards  (152)  (190)  (1,130)  (1,920) 
Common stock repurchased  (19,228)  (22,910)  (38,228)  (43,272) 
Ending balances  4,336  12,712  4,336  12,712 
Accumulated other comprehensive income/(loss):
Beginning balances  (12,912)  (927)  (11,109)  163 
Other comprehensive income/(loss)  1,166  (5,567)  (637)  (6,657) 
Ending balances  (11,746)  (6,494)  (11,746)  (6,494) 
Total shareholders’ equity, ending balances $ 62,158 $ 67,399 $ 62,158 $ 67,399 
Dividends and dividend equivalents declared per share or RSU $ 0.23 $ 0.22 $ 0.46 $ 0.44 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 Form 10-Q | 4

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
April 1,
2023
March 26,
2022
Cash, cash equivalents and restricted cash, beginning balances $ 24,977 $ 35,929 
Operating activities:
Net income  54,158  59,640 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  5,814  5,434 
Share-based compensation expense  5,591  4,517 
Other  (1,732)  1,068 
Changes in operating assets and liabilities:
Accounts receivable, net  9,596  5,542 
Inventories  (2,548)  1,065 
Vendor non-trade receivables  14,785  643 
Other current and non-current assets  (4,092)  (3,542) 
Accounts payable  (20,764)  (1,750) 
Other current and non-current liabilities  1,757  2,515 
Cash generated by operating activities  62,565  75,132 
Investing activities:
Purchases of marketable securities  (11,197)  (61,987) 
Proceeds from maturities of marketable securities  17,124  18,000 
Proceeds from sales of marketable securities  1,897  24,668 
Payments for acquisition of property, plant and equipment  (6,703)  (5,317) 
Other  (247)  (735) 
Cash generated by/(used in) investing activities  874  (25,371) 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (2,734)  (3,218) 
Payments for dividends and dividend equivalents  (7,418)  (7,327) 
Repurchases of common stock  (39,069)  (43,109) 
Repayments of term debt  (3,651)  (3,750) 
Proceeds from/(Repayments of) commercial paper, net  (7,960)  999 
Other  (455)  (105) 
Cash used in financing activities  (61,287)  (56,510) 
Increase/(Decrease) in cash, cash equivalents and restricted cash  2,152  (6,749) 
Cash, cash equivalents and restricted cash, ending balances $ 27,129 $ 29,180 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 4,894 $ 9,301 
Cash paid for interest $ 1,873 $ 1,406 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2023 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 24, 2022.
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which 
occurred in the first fiscal quarter of 2023 . The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively. 
Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended 
in September and the associated quarters, months and periods of those fiscal years.
Earnings Per Share
The following table shows the computation of basic and diluted earnings per share for the three- and six-month periods ended 
April 1, 2023 and March 26, 2022 (net income in millions and shares in thousands):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Numerator:
Net income $ 24,160 $ 25,010 $ 54,158 $ 59,640 
Denominator:
Weighted-average basic shares outstanding  15,787,154  16,278,802  15,839,939  16,335,263 
Effect of dilutive securities  59,896  124,514  61,445  126,041 
Weighted-average diluted shares  15,847,050  16,403,316  15,901,384  16,461,304 
Basic earnings per share $ 1.53 $ 1.54 $ 3.42 $ 3.65 
Diluted earnings per share $ 1.52 $ 1.52 $ 3.41 $ 3.62 
Approximately 48 million restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share for the 
six months ended April 1, 2023 because their effect would have been antidilutive.
Apple Inc. | Q2 2023 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 April 1, 2023  and 
March 26, 2022 were as follows (in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
iPhone® $ 51,334 $ 50,570 $ 117,109 $ 122,198 
Mac®  7,168  10,435  14,903  21,287 
iPad®  6,670  7,646  16,066  14,894 
Wearables, Home and Accessories  8,757  8,806  22,239  23,507 
Services  20,907  19,821  41,673  39,337 
Total net sales $ 94,836 $ 97,278 $ 211,990 $ 221,223 
Total net sales include $3.5 billion of revenue recognized in the three months ended April 1, 2023 that was included in deferred 
revenue as of December  31, 2022, $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, $5.5 billion of revenue recognized in the six months ended April 1, 2023 
that was included in deferred revenue as of September 24, 2022, and $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.
The Company’s proportion of net sales by disaggregated revenue source was generally consistent for each reportable segment 
in Note 10, “Segment Information and Geographic Data” for the three- and six-month periods ended April 1, 2023  and March 26, 
2022, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of April  1, 2023  and September  24, 2022 , the Company had total deferred revenue of $12.5 billion  and $12.4  billion, 
respectively. As of April 1, 2023 , the Company expects 65% of total deferred revenue to be realized in less than a year, 26% 
within one-to-two years, 7% within two-to-three years and 2% in greater than three years.
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 April 1, 2023 and September 24, 2022 (in millions):
April 1, 2023
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 20,050 $ — $ — $ 20,050 $ 20,050 $ — $ — 
Level 1 (1): 
Money market funds  1,656  —  —  1,656  1,656  —  — 
Mutual funds  345  5  (26)  324  —  324  — 
Subtotal  2,001  5  (26)  1,980  1,656  324  — 
Level 2 (2):
U.S. Treasury securities  22,754  1  (1,262)  21,493  9  8,002  13,482 
U.S. agency securities  5,743  —  (538)  5,205  —  199  5,006 
Non-U.S. government securities  17,380  20  (961)  16,439  —  10,222  6,217 
Certificates of deposit and time deposits  2,999  —  —  2,999  2,881  118  — 
Commercial paper  271  —  —  271  —  271  — 
Corporate debt securities  82,802  32  (6,049)  76,785  91  11,676  65,018 
Municipal securities  790  —  (20)  770  —  257  513 
Mortgage- and asset-backed securities  22,438  9  (2,106)  20,341  —  116  20,225 
Subtotal  155,177  62  (10,936)  144,303  2,981  30,861  110,461 
Total (3) $ 177,228 $ 67 $ (10,962) $ 166,333 $ 24,687 $ 31,185 $ 110,461 
Apple Inc. | Q2 2023 Form 10-Q | 7

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September 24, 2022
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 18,546 $ — $ — $ 18,546 $ 18,546 $ — $ — 
Level 1 (1):
Money market funds  2,929  —  —  2,929  2,929  —  — 
Mutual funds  274  —  (47)  227  —  227  — 
Subtotal  3,203  —  (47)  3,156  2,929  227  — 
Level 2 (2):
U.S. Treasury securities  25,134  —  (1,725)  23,409  338  5,091  17,980 
U.S. agency securities  5,823  —  (655)  5,168  —  240  4,928 
Non-U.S. government securities  16,948  2  (1,201)  15,749  —  8,806  6,943 
Certificates of deposit and time deposits  2,067  —  —  2,067  1,805  262  — 
Commercial paper  718  —  —  718  28  690  — 
Corporate debt securities  87,148  9  (7,707)  79,450  —  9,023  70,427 
Municipal securities  921  —  (35)  886  —  266  620 
Mortgage- and asset-backed securities  22,553  —  (2,593)  19,960  —  53  19,907 
Subtotal  161,312  11  (13,916)  147,407  2,171  24,431  120,805 
Total (3) $ 183,061 $ 11 $ (13,963) $ 169,109 $ 23,646 $ 24,658 $ 120,805 
(1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities.
(2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets 
and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable 
or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
(3) As of April 1, 2023 and September 24, 2022, total marketable securities included $13.1 billion and $12.7 billion, respectively, 
that were restricted from general use, related to the State Aid Decision (refer to Note 5, “ Income Taxes ”) and other 
agreements.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
April 1, 2023 (in millions):
Due after 1 year through 5 years $ 81,352 
Due after 5 years through 10 years  11,928 
Due after 10 years  17,181 
Total fair value $ 110,461 
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 April 1, 2023 , the maximum length of time over 
which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency 
transactions is 19 years.
Apple Inc. | Q2 2023 Form 10-Q | 8

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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 April 1, 2023 and September 24, 2022 were as 
follows (in millions):
April 1,
2023
September 24,
2022
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 51,119 $ 102,670 
Interest rate contracts $ 19,375 $ 20,125 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 111,696 $ 185,381 
The gross fair values of the Company’s derivative assets and liabilities as of September 24, 2022 were as follows (in millions):
September 24, 2022
Fair Value of
Derivatives Designated
as Accounting Hedges
Fair Value of
Derivatives Not Designated
as Accounting Hedges
Total
Fair Value
Derivative assets (1):
Foreign exchange contracts $ 4,317 $ 2,819 $ 7,136 
Derivative liabilities (2):
Foreign exchange contracts $ 2,205 $ 2,547 $ 4,752 
Interest rate contracts $ 1,367 $ — $ 1,367 
(1) Derivative assets are measured using Level 2 fair value inputs and are included in other current assets and other non-
current assets in the Condensed Consolidated Balance Sheet.
(2) Derivative liabilities are measured using Level 2 fair value inputs and are included in other current liabilities and other non-
current liabilities in the Condensed Consolidated Balance Sheet.
The derivative assets above represent the Company’s gross credit exposure if all counterparties failed to perform. To mitigate 
credit risk, the Company generally enters into collateral security arrangements that provide for collateral to be received or posted 
when the net fair values of certain derivatives fluctuate from contractually established thresholds. To further limit credit risk, the 
Company generally enters into master netting arrangements with the respective counterparties to the Company’s derivative 
contracts, under which the Company is allowed to settle transactions with a single net amount payable by one party to the other. 
As of September 24, 2022 , the potential effects of these rights of set-off associated with the Company’s derivative contracts, 
including the effects of collateral, would be a reduction to both derivative assets and derivative liabilities of $7.8 billion, resulting 
in a net derivative asset of $412 million.
The carrying amounts of the Company’s hedged items in fair value hedges as of April 1, 2023 and September 24, 2022 were as 
follows (in millions):
April 1,
2023
September 24,
2022
Hedged assets/(liabilities):
Current and non-current marketable securities $ 14,651 $ 13,378 
Current and non-current term debt $ (18,249) $ (18,739) 
Apple Inc. | Q2 2023 Form 10-Q | 9

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Accounts Receivable
Trade Receivables
The Company has considerable trade receivables outstanding with its third-party cellular network carriers, wholesalers, retailers, 
resellers, small and mid-sized businesses and education, enterprise and government customers. The Company generally does 
not require collateral from its customers; however, the Company will require collateral or third-party credit support in certain 
instances to limit credit risk. In addition, when possible, the Company attempts to limit credit risk on trade receivables with credit 
insurance for certain customers or by requiring third-party financing, loans or leases to support credit exposure. These credit-
financing arrangements are directly between the third-party financing company and the end customer. As such, the Company 
generally does not assume any recourse or credit risk sharing related to any of these arrangements.
As of both April 1, 2023 and September 24, 2022, the Company had one customer that represented 10% or more of total trade 
receivables, which accounted for  10%. The Company’s cellular network carriers accounted for 32% and 44% of total trade 
receivables as of April 1, 2023 and September 24, 2022, respectively.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. As of April 1, 2023 , the Company had  three vendors that individually represented 10% or 
more of total vendor non-trade receivables, which accounted for 43%, 19% and 13%. As of September 24, 2022, the Company 
had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 54% and 
13%.
Note 4 – Condensed Consolidated Financial Statement Details
The following tables show the Company’s condensed consolidated financial statement details as of April  1, 2023  and 
September 24, 2022 (in millions):
Inventories
April 1,
2023
September 24,
2022
Components $ 3,379 $ 1,637 
Finished goods  4,103  3,309 
Total inventories $ 7,482 $ 4,946 
Property, Plant and Equipment, Net
April 1,
2023
September 24,
2022
Gross property, plant and equipment $ 113,066 $ 114,457 
Accumulated depreciation and amortization  (69,668)  (72,340) 
Total property, plant and equipment, net $ 43,398 $ 42,117 
Other Income/(Expense), Net
The following table shows the detail of other income/(expense), net for the three- and six-month periods ended April 1, 2023 and 
March 26, 2022 (in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Interest and dividend income $ 918 $ 700 $ 1,786 $ 1,350 
Interest expense  (930)  (691)  (1,933)  (1,385) 
Other income/(expense), net  76  151  (182)  (52) 
Total other income/(expense), net $ 64 $ 160 $ (329) $ (87) 
Apple Inc. | Q2 2023 Form 10-Q | 10

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Note 5 – Income Taxes
European Commission State Aid Decision
On August 30, 2016, the European Commission announced its decision that Ireland granted state aid to the Company by 
providing tax opinions in 1991 and 2007 concerning the tax allocation of profits of the Irish branches of two subsidiaries of the 
Company (the “State Aid Decision”). The State Aid Decision ordered Ireland to calculate and recover additional taxes from the 
Company for the period June 2003 through December 2014. Irish legislative changes, effective as of January 2015, eliminated 
the application of the tax opinions from that date forward. The Company and Ireland appealed the State Aid Decision to the 
General Court of the Court of Justice of the European Union (the “General Court”). On July 15, 2020, the General Court annulled 
the State Aid Decision. On September 25, 2020, the European Commission appealed the General Court’s decision to the 
European Court of Justice and a hearing has been scheduled for May 23, 2023. The Company believes it would be eligible to 
claim a U.S. foreign tax credit for a portion of any incremental Irish corporate income taxes potentially due related to the State 
Aid Decision.
Note 6 – 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 April 1, 2023 and September 24, 2022, the Company had $2.0 billion and $10.0 billion of Commercial 
Paper outstanding, respectively. The following table provides a summary of cash flows associated with the issuance and 
maturities of Commercial Paper for the six months ended April 1, 2023 and March 26, 2022 (in millions):
Six Months Ended
April 1,
2023
March 26,
2022
Maturities 90 days or less:
Proceeds from/(Repayments of) commercial paper, net $ (5,315) $ 4,952 
Maturities greater than 90 days:
Proceeds from commercial paper  —  1,191 
Repayments of commercial paper  (2,645)  (5,144) 
Repayments of commercial paper, net  (2,645)  (3,953) 
Total proceeds from/(repayments of) commercial paper, net $ (7,960) $ 999 
Term Debt
As of April  1, 2023 and September  24, 2022, the Company had outstanding fixed-rate notes with varying maturities for an 
aggregate carrying amount of  $107.6 billion and $110.1 billion, respectively (collectively the “Notes”). As of April 1, 2023  and 
September  24, 2022, the fair value of the Company’s Notes, based on Level 2 inputs, was  $98.4 billion  and $98.8 billion , 
respectively.
Note 7 – Shareholders’ Equity
Share Repurchase Program
During the six months ended  April  1, 2023 , the Company repurchased 262 million  shares of its common stock under an 
authorized share repurchase program for $38.1 billion, excluding excise tax due under the Inflation Reduction Act of 2022.  The 
program does not obligate the Company to acquire a minimum amount of shares. Under the program, shares may be 
repurchased in privately negotiated or open market transactions, including under plans complying with Rule 10b5-1 under the 
Securities Exchange Act of 1934, as amended.
Apple Inc. | Q2 2023 Form 10-Q | 11

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Note 8 – Benefit Plans
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the six months ended April 1, 2023 is as follows:
Number of
RSUs
(in thousands)
Weighted-Average
Grant Date Fair
Value Per RSU
Aggregate
Fair Value
(in millions)
Balance as of September 24, 2022  201,501 $ 109.48 
RSUs granted  84,902 $ 149.73 
RSUs vested  (54,795) $ 86.72 
RSUs canceled  (4,671) $ 122.79 
Balance as of April 1, 2023  226,937 $ 129.76 $ 37,422 
The fair value as of the respective vesting dates of RSUs was $1.1 billion and $8.0 billion for the three- and six-month periods 
ended April 1, 2023 , respectively, and was $1.0 billion and $9.5 billion for the three- and six-month periods ended March 26, 
2022, respectively.
Share-Based Compensation
The following table shows share-based compensation expense and the related income tax benefit included in the Condensed 
Consolidated Statements of Operations for the three- and six-month periods ended April 1, 2023 and March 26, 2022  (in 
millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Share-based compensation expense $ 2,686 $ 2,252 $ 5,591 $ 4,517 
Income tax benefit related to share-based compensation 
expense $ (620) $ (649) $ (1,798) $ (2,185) 
As of April 1, 2023, the total unrecognized compensation cost related to outstanding RSUs and stock options was $23.2 billion, 
which the Company expects to recognize over a weighted-average period of 2.8 years.
Note 9 – Commitments and Contingencies
Unconditional Purchase Obligations
The Company has entered into certain off–balance sheet commitments that require the future purchase of goods or services 
(“unconditional purchase obligations”). The Company’s unconditional purchase obligations primarily consist of supplier 
arrangements, licensed content and distribution rights. Future payments under noncancelable unconditional purchase obligations 
with a remaining term in excess of one year as of April 1, 2023, are as follows (in millions):
2023 (remaining six months) $ 2,263 
2024  2,716 
2025  2,028 
2026  2,602 
2027  571 
Thereafter  5,897 
Total $ 16,077 
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 2023 Form 10-Q | 12

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Note 10 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and six-month periods ended April 1, 2023 and March 
26, 2022 (in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Americas:
Net sales $ 37,784 $ 40,882 $ 87,062 $ 92,378 
Operating income $ 13,927 $ 15,279 $ 31,791 $ 34,864 
Europe:
Net sales $ 23,945 $ 23,287 $ 51,626 $ 53,036 
Operating income $ 9,368 $ 8,505 $ 19,385 $ 20,050 
Greater China:
Net sales $ 17,812 $ 18,343 $ 41,717 $ 44,126 
Operating income $ 7,531 $ 8,112 $ 17,968 $ 19,295 
Japan:
Net sales $ 7,176 $ 7,724 $ 13,931 $ 14,831 
Operating income $ 3,394 $ 3,496 $ 6,630 $ 6,845 
Rest of Asia Pacific:
Net sales $ 8,119 $ 7,042 $ 17,654 $ 16,852 
Operating income $ 3,268 $ 2,823 $ 7,119 $ 6,818 
A reconciliation of the Company’s segment operating income to the Condensed Consolidated Statements of Operations for the 
three- and six-month periods ended April 1, 2023 and March 26, 2022 is as follows (in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Segment operating income $ 37,488 $ 38,215 $ 82,893 $ 87,872 
Research and development expense  (7,457)  (6,387)  (15,166)  (12,693) 
Other corporate expenses, net  (1,713)  (1,849)  (3,393)  (3,712) 
Total operating income $ 28,318 $ 29,979 $ 64,334 $ 71,467 
Apple Inc. | Q2 2023 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 macroeconomic conditions 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 24, 2022 (the “2022 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 2022 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 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.
Fiscal Period
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which 
occurred in the first quarter of 2023. The Company’s fiscal years 2023 and 2022 span 53 and 52 weeks, respectively.
Quarterly Highlights
Weakness in foreign currencies relative to the U.S. dollar had an unfavorable impact on the Company’s t otal net sales, which 
decreased 3% or $2.4 billion during the second quarter of 2023 compared to the same quarter in 2022. The year-over-year net 
sales decrease consisted primarily of lower net sales of Mac, partially offset by higher net sales of Services.
During the second quarter of 2023, the Company announced the following new products:
• MacBook Pro® 14” and MacBook Pro 16”, powered by the Apple M2 Pro and M2 Max chip;
• Mac mini®, powered by the Apple M2 and M2 Pro chip; and
• Second-generation HomePod®.
The Company repurchased $19.1 billion of its common stock and paid dividends and dividend equivalents of $3.7 billion during 
the second quarter of 2023.
Apple Inc. | Q2 2023 Form 10-Q | 14

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Macroeconomic Conditions
Macroeconomic conditions, including inflation, changes in interest rates, and currency fluctuations, have directly and indirectly 
impacted, and could in the future materially impact, the Company’s results of operations and financial condition.
Segment Operating Performance
The following table shows net sales by reportable segment for the three- and six-month periods ended April 1, 2023  and 
March 26, 2022 (dollars in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022 Change
April 1,
2023
March 26,
2022 Change
Net sales by reportable segment:
Americas $ 37,784 $ 40,882  (8) % $ 87,062 $ 92,378  (6) %
Europe  23,945  23,287  3 %  51,626  53,036  (3) %
Greater China  17,812  18,343  (3) %  41,717  44,126  (5) %
Japan  7,176  7,724  (7) %  13,931  14,831  (6) %
Rest of Asia Pacific  8,119  7,042  15 %  17,654  16,852  5 %
Total net sales $ 94,836 $ 97,278  (3) % $ 211,990 $ 221,223  (4) %
Americas
Americas net sales decreased during the second quarter and first six months of 2023 compared to the same periods in 2022 due 
primarily to lower net sales of iPhone and Mac, partially offset by higher net sales of Services.
Europe
The weakness in foreign currencies relative to the U.S. dollar had a net unfavorable year-over-year impact on Europe net sales 
during the second quarter and first six months of 2023. During the second quarter of 2023, the Europe net sales increase 
consisted primarily of higher net sales of iPhone, partially offset by lower net sales of Mac. During the first six months of 2023, 
the Europe net sales decrease consisted primarily of lower net sales of Mac, partially offset by higher net sales of iPhone.
Greater China
The weakness in the renminbi relative to the U.S. dollar had an unfavorable year-over-year impact on Greater China net sales 
during the second quarter and first six months of 2023. During the second quarter and first six months of 2023, the Greater China 
net sales decrease consisted primarily of lower net sales of iPhone and Mac.
Japan
The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during the 
second quarter and first six months of 2023. During the second quarter of 2023, the Japan net sales decrease consisted 
primarily of lower net sales of iPad, Services and iPhone. During the first six months of 2023, the Japan net sales decrease 
consisted primarily of lower net sales of Services, Wearables, Home and Accessories and Mac.
Rest of Asia Pacific
The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on Rest of Asia Pacific 
net sales during the second quarter and first six months of 2023. During the second quarter and first six months of 2023, the 
Rest of Asia Pacific net sales increase consisted primarily of higher net sales of iPhone, partially offset by lower net sales of Mac.
Apple Inc. | Q2 2023 Form 10-Q | 15

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Products and Services Performance
The following table shows net sales by category for the three- and six-month periods ended April 1, 2023  and March 26, 2022  
(dollars in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022 Change
April 1,
2023
March 26,
2022 Change
Net sales by category:
iPhone $ 51,334 $ 50,570  2 % $ 117,109 $ 122,198  (4) %
Mac  7,168  10,435  (31) %  14,903  21,287  (30) %
iPad  6,670  7,646  (13) %  16,066  14,894  8 %
Wearables, Home and Accessories  8,757  8,806  (1) %  22,239  23,507  (5) %
Services  20,907  19,821  5 %  41,673  39,337  6 %
Total net sales $ 94,836 $ 97,278  (3) % $ 211,990 $ 221,223  (4) %
iPhone
iPhone net sales were relatively flat during the second quarter of 2023 compared to the second quarter of 2022. Year-over-year 
iPhone net sales decreased during the first six months of 2023 due primarily to lower net sales from the Company’s new iPhone 
models launched in the fourth quarter of 2022.
Mac
Mac net sales decreased during the second quarter and first six months of 2023 compared to the same periods in 2022 due 
primarily to lower net sales of MacBook Pro.
iPad
iPad net sales decreased during the second quarter of 2023 compared to the second quarter of 2022 due primarily to lower net 
sales of iPad Pro ® and iPad Air ®. Year-over-year iPad net sales increased during the first six months of 2023 due primarily to 
higher net sales of iPad, partially offset by lower net sales of iPad mini®.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales were relatively flat during the second quarter of 2023 compared to the second 
quarter of 2022. Year-over-year Wearables, Home and Accessories net sales decreased during the first six months of 2023 due 
primarily to lower net sales of AirPods®.
Services
Services net sales increased during the second quarter and first six months of 2023 compared to the same periods in 2022 due 
primarily to higher net sales from cloud services, music and advertising.
Apple Inc. | Q2 2023 Form 10-Q | 16

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Gross Margin
Products and Services gross margin and gross margin percentage for the three- and six-month periods ended April 1, 2023  and 
March 26, 2022 were as follows (dollars in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Gross margin:
Products $ 27,134 $ 28,167 $ 62,757 $ 68,287 
Services  14,842  14,392  29,551  28,515 
Total gross margin $ 41,976 $ 42,559 $ 92,308 $ 96,802 
Gross margin percentage:
Products  36.7%  36.4%  36.8%  37.5% 
Services  71.0%  72.6%  70.9%  72.5% 
Total gross margin percentage  44.3%  43.7%  43.5%  43.8% 
Products Gross Margin
Products gross margin decreased during the second quarter and first six months of 2023 compared to the same periods in 2022 
due primarily to lower Products volume and the weakness in foreign currencies relative to the U.S. dollar, partially offset by a 
different Products mix.
Products gross margin percentage increased during the second quarter of 2023 compared to the second quarter of 2022 due 
primarily to a different Products mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar. Year-over-
year Products gross margin percentage decreased during the first six months of 2023 due primarily to the weakness in foreign 
currencies relative to the U.S. dollar, partially offset by a different Products mix.
Services Gross Margin
Services gross margin increased during the second quarter and first six months of 2023 compared to the same periods in 2022 
due primarily to higher Services net sales, partially offset by the weakness in foreign currencies relative to the U.S. dollar and 
higher Services costs.
Services gross margin percentage decreased during the second quarter and first six months of 2023 compared to the same 
periods in 2022 due primarily to the weakness in foreign currencies relative to the U.S. dollar and higher Services costs, partially 
offset by improved leverage.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2022 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 2023 Form 10-Q | 17

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Operating Expenses
Operating expenses for the three- and six-month periods ended April 1, 2023  and March 26, 2022  were as follows (dollars in 
millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Research and development $ 7,457 $ 6,387 $ 15,166 $ 12,693 
Percentage of total net sales  8%  7%  7%  6% 
Selling, general and administrative $ 6,201 $ 6,193 $ 12,808 $ 12,642 
Percentage of total net sales  7%  6%  6%  6% 
Total operating expenses $ 13,658 $ 12,580 $ 27,974 $ 25,335 
Percentage of total net sales  14%  13%  13%  11% 
Research and Development
The growth in research and development (“R&D”) expense during the second quarter and first six months of 2023 compared to 
the same periods in 2022 was driven primarily by increases in headcount-related expenses.
Selling, General and Administrative
Selling, general and administrative expense was relatively flat during the second quarter and first six months of 2023 compared 
to the same periods in 2022.
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 
April 1, 2023 and March 26, 2022 were as follows (dollars in millions):
Three Months Ended Six Months Ended
April 1,
2023
March 26,
2022
April 1,
2023
March 26,
2022
Provision for income taxes $ 4,222 $ 5,129 $ 9,847 $ 11,740 
Effective tax rate  14.9%  17.0%  15.4%  16.4% 
Statutory federal income tax rate  21%  21%  21%  21% 
The Compa ny’s effective tax rate for the second quarter of 2023 was lower than the statutory federal income tax rate due 
primarily to a lower effective tax rate on foreign earnings and the U.S. federal R&D credit, partially offset by state income taxes. 
The Company’s effective tax rate for the first six months of 2023 was lower than the statutory federal income tax rate due 
primarily to a lower effective tax rate on foreign earnings, the U.S. federal R&D credit and tax benefits from share-based 
compensation, partially offset by state income taxes.
The Company’s effective tax rate for the second quarter of 2023 was lower compared to the second quarter of 2022 due 
primarily to the impact of U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 2022 and a higher 
U.S. federal R&D credit. The Company’s effective tax rate for the first six months of 2023 was lower compared to the same 
period in 2022 due primarily to the impact of U.S. foreign tax credit regulations issued by the U.S. Department of the Treasury in 
2022 and a higher U.S. federal R&D credit, partially offset by 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 2022 Form 10-K, except for commercial 
paper and manufacturing purchase obligations.
Apple Inc. | Q2 2023 Form 10-Q | 18

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Commercial Paper
The Company issues unsecured short-term promissory notes (“Commercial Paper”) pursuant to a commercial paper program. As 
of April 1, 2023, the Company had $2.0 billion of Commercial Paper outstanding, all of which was payable within 12 months.
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 April 1, 2023, the Company had manufacturing 
purchase obligations of $40.5 billion, with $40.1 billion payable within 12 months. The Company’s manufacturing purchase 
obligations are primarily noncancelable.
Capital Return Program
In addition to its contractual cash requirements, the Company has an authorized share repurchase program, under which the 
remaining availability was $22.6 billion as of April 1, 2023. On May 4, 2023, the Company announced the Board of Directors had 
authorized an additional program to repurchase up to $90 billion of the Company’s common stock. The programs do not obligate 
the Company to acquire a minimum amount of shares.
On May 4, 2023, the Company also announced the Board of Directors raised the Company’s quarterly cash dividend from $0.23 
to $0.24 per share, beginning with the dividend to be paid during the third quarter of 2023. 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 2022 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 2022 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 six months of 2023. 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 2022 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 April 1, 2023 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 2023, 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. | Q2 2023 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. On April 24, 2023, the U.S. Court of Appeals for the Ninth Circuit affirmed the Northern California 
District Court’s ruling. The Company is considering further review of the decision.
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 2023 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, financial condition and stock price can be affected by a number of 
factors, whether currently known or unknown, including those described in Part I, Item 1A of the 2022 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, financial condition and stock price can be materially and adversely affected. There have been no material 
changes to the Company’s risk factors since the 2022 Form 10-K.
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 April 1, 2023  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)
January 1, 2023 to February 4, 2023:
Open market and privately negotiated purchases  36,980 $ 135.21  36,980 
February 5, 2023 to March 4, 2023:
Open market and privately negotiated purchases  49,168 $ 150.33  49,168 
March 5, 2023 to April 1, 2023:
Open market and privately negotiated purchases  43,164 $ 155.32  43,164 
Total  129,312 $ 22,570 
(1) On April 28, 2022, the Board of Directors authorized the purchase of an additional $90 billion of the Company’s common 
stock under a share repurchase program. As of April 1, 2023, total utilization under the April 2022 authorization was $67.4 
billion. On May 4, 2023, the Company announced the Board of Directors had authorized an additional program to repurchase 
up to $90 billion of the Company’s common stock. The programs do not obligate the Company to acquire a minimum amount 
of shares. Under the programs, shares may be repurchased in privately negotiated or open market transactions, including 
under plans complying with Rule 10b5-1 under the Exchange Act.
Apple Inc. | Q2 2023 Form 10-Q | 20

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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 April 1, 2023, 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.
Item 6. Exhibits
Incorporated by Reference
Exhibit
Number Exhibit Description Form Exhibit
Filing Date/
Period End 
Date
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.
* Filed herewith.
** Furnished herewith.
Apple Inc. | Q2 2023 Form 10-Q | 21

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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: May 4, 2023 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q2 2023 Form 10-Q | 22

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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: May 4, 2023
By: /s/ Timothy D. Cook
Timothy D. Cook
Chief Executive Officer

--- Page 27 ---

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: May 4, 2023
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer

--- Page 28 ---

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 April  1, 2023 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: May 4, 2023
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 April  1, 2023 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: May 4, 2023
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.