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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 30, 2024
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
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  ☐
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  ☐

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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  ☒
15,334,082,000 shares of common stock were issued and outstanding as of April 19, 2024.

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Apple Inc.
Form 10-Q
For the Fiscal Quarter Ended March 30, 2024 
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 13
Item 3. Quantitative and Qualitative Disclosures About Market Risk 18
Item 4. Controls and Procedures 18
Part II
Item 1. Legal Proceedings 19
Item 1A. Risk Factors 19
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
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Net sales:
   Products $ 66,886 $ 73,929 $ 163,344 $ 170,317 
   Services  23,867  20,907  46,984  41,673 
Total net sales  90,753  94,836  210,328  211,990 
Cost of sales:
   Products  42,424  46,795  100,864  107,560 
   Services  6,058  6,065  12,338  12,122 
Total cost of sales  48,482  52,860  113,202  119,682 
Gross margin  42,271  41,976  97,126  92,308 
Operating expenses:
Research and development  7,903  7,457  15,599  15,166 
Selling, general and administrative  6,468  6,201  13,254  12,808 
Total operating expenses  14,371  13,658  28,853  27,974 
Operating income  27,900  28,318  68,273  64,334 
Other income/(expense), net  158  64  108  (329) 
Income before provision for income taxes  28,058  28,382  68,381  64,005 
Provision for income taxes  4,422  4,222  10,829  9,847 
Net income $ 23,636 $ 24,160 $ 57,552 $ 54,158 
Earnings per share:
Basic $ 1.53 $ 1.53 $ 3.72 $ 3.42 
Diluted $ 1.53 $ 1.52 $ 3.71 $ 3.41 
Shares used in computing earnings per share:
Basic  15,405,856  15,787,154  15,457,810  15,839,939 
Diluted  15,464,709  15,847,050  15,520,675  15,901,384 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2024 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 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Net income $ 23,636 $ 24,160 $ 57,552 $ 54,158 
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax  (322)  (95)  (14)  (109) 
Change in unrealized gains/losses on derivative 
instruments, net of tax:
Change in fair value of derivative instruments  456  (13)  (75)  (1,001) 
Adjustment for net (gains)/losses realized and included 
in net income  232  (191)  (591)  (1,957) 
Total change in unrealized gains/losses on 
derivative instruments  688  (204)  (666)  (2,958) 
Change in unrealized gains/losses on marketable debt 
securities, net of tax:
Change in fair value of marketable debt securities  (7)  1,403  3,038  2,303 
Adjustment for net (gains)/losses realized and included 
in net income  59  62  134  127 
Total change in unrealized gains/losses on 
marketable debt securities  52  1,465  3,172  2,430 
Total other comprehensive income/(loss)  418  1,166  2,492  (637) 
Total comprehensive income $ 24,054 $ 25,326 $ 60,044 $ 53,521 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2024 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 30,
2024
September 30,
2023
ASSETS:
Current assets:
Cash and cash equivalents $ 32,695 $ 29,965 
Marketable securities  34,455  31,590 
Accounts receivable, net  21,837  29,508 
Vendor non-trade receivables  19,313  31,477 
Inventories  6,232  6,331 
Other current assets  13,884  14,695 
Total current assets  128,416  143,566 
Non-current assets:
Marketable securities  95,187  100,544 
Property, plant and equipment, net  43,546  43,715 
Other non-current assets  70,262  64,758 
Total non-current assets  208,995  209,017 
Total assets $ 337,411 $ 352,583 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable $ 45,753 $ 62,611 
Other current liabilities  57,298  58,829 
Deferred revenue  8,012  8,061 
Commercial paper  1,997  5,985 
Term debt  10,762  9,822 
Total current liabilities  123,822  145,308 
Non-current liabilities:
Term debt  91,831  95,281 
Other non-current liabilities  47,564  49,848 
Total non-current liabilities  139,395  145,129 
Total liabilities  263,217  290,437 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares 
authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively  78,815  73,812 
Retained earnings/(Accumulated deficit)  4,339  (214) 
Accumulated other comprehensive loss  (8,960)  (11,452) 
Total shareholders’ equity  74,194  62,146 
Total liabilities and shareholders’ equity $ 337,411 $ 352,583 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2024 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 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Total shareholders’ equity, beginning balances $ 74,100 $ 56,727 $ 62,146 $ 50,672 
Common stock and additional paid-in capital:
Beginning balances  75,236  66,399  73,812  64,849 
Common stock issued  752  690  752  690 
Common stock withheld related to net share settlement 
of equity awards  (222)  (281)  (1,882)  (1,715) 
Share-based compensation  3,049  2,760  6,133  5,744 
Ending balances  78,815  69,568  78,815  69,568 
Retained earnings/(Accumulated deficit):
Beginning balances  8,242  3,240  (214)  (3,068) 
Net income  23,636  24,160  57,552  54,158 
Dividends and dividend equivalents declared  (3,746)  (3,684)  (7,520)  (7,396) 
Common stock withheld related to net share settlement 
of equity awards  (71)  (152)  (1,089)  (1,130) 
Common stock repurchased  (23,722)  (19,228)  (44,390)  (38,228) 
Ending balances  4,339  4,336  4,339  4,336 
Accumulated other comprehensive income/(loss):
Beginning balances  (9,378)  (12,912)  (11,452)  (11,109) 
Other comprehensive income/(loss)  418  1,166  2,492  (637) 
Ending balances  (8,960)  (11,746)  (8,960)  (11,746) 
Total shareholders’ equity, ending balances $ 74,194 $ 62,158 $ 74,194 $ 62,158 
Dividends and dividend equivalents declared per share or RSU $ 0.24 $ 0.23 $ 0.48 $ 0.46 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2024 Form 10-Q | 4

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Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 30,
2024
April 1,
2023
Cash, cash equivalents and restricted cash, beginning balances $ 30,737 $ 24,977 
Operating activities:
Net income  57,552  54,158 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization  5,684  5,814 
Share-based compensation expense  5,961  5,591 
Other  (1,971)  (1,732) 
Changes in operating assets and liabilities:
Accounts receivable, net  7,727  9,596 
Vendor non-trade receivables  12,164  14,785 
Inventories  53  (2,548) 
Other current and non-current assets  (4,438)  (4,092) 
Accounts payable  (16,710)  (20,764) 
Other current and non-current liabilities  (3,437)  1,757 
Cash generated by operating activities  62,585  62,565 
Investing activities:
Purchases of marketable securities  (25,042)  (11,197) 
Proceeds from maturities of marketable securities  27,462  17,124 
Proceeds from sales of marketable securities  4,314  1,897 
Payments for acquisition of property, plant and equipment  (4,388)  (6,703) 
Other  (729)  (247) 
Cash generated by investing activities  1,617  874 
Financing activities:
Payments for taxes related to net share settlement of equity awards  (2,875)  (2,734) 
Payments for dividends and dividend equivalents  (7,535)  (7,418) 
Repurchases of common stock  (43,344)  (39,069) 
Repayments of term debt  (3,150)  (3,651) 
Repayments of commercial paper, net  (3,982)  (7,960) 
Other  (132)  (455) 
Cash used in financing activities  (61,018)  (61,287) 
Increase in cash, cash equivalents and restricted cash  3,184  2,152 
Cash, cash equivalents and restricted cash, ending balances $ 33,921 $ 27,129 
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 14,531 $ 4,894 
See accompanying Notes to Condensed Consolidated Financial Statements.
Apple Inc. | Q2 2024 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”). In the opinion of the Company’s management, the condensed consolidated financial 
statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. 
The preparation of these condensed consolidated financial statements and accompanying notes in conformity with U.S. generally 
accepted accounting principles (“GAAP”) requires the use of management estimates. These condensed consolidated financial 
statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements 
and accompanying notes included in its Annual Report on Form 10-K for the fiscal year ended  September 30, 2023 (the “2023 
Form 10-K”).
The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September. An additional week is 
included in the first fiscal quarter every five or six years to realign the Company’s fiscal quarters with calendar quarters, which 
occurred in the first fiscal quarter of 2023. The Company’s fiscal years 2024 and 2023 span 52 and 53 weeks, respectively. 
Unless otherwise stated, references to particular years, quarters, months and periods refer to the Company’s fiscal years ended 
in September and the associated quarters, months and periods of those fiscal years.
Note 2 – Revenue
Net sales disaggregated by significant products and services for the three- and six-month periods ended March 30, 2024  and 
April 1, 2023 were as follows (in millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
iPhone® $ 45,963 $ 51,334 $ 115,665 $ 117,109 
Mac®  7,451  7,168  15,231  14,903 
iPad®  5,559  6,670  12,582  16,066 
Wearables, Home and Accessories  7,913  8,757  19,866  22,239 
Services  23,867  20,907  46,984  41,673 
Total net sales $ 90,753 $ 94,836 $ 210,328 $ 211,990 
Total net sales include $3.3 billion  of revenue recognized in the three months ended March  30, 2024 that was included in 
deferred revenue as of December 30, 2023, $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 , $5.1 billion of revenue recognized in the six months ended  March 30, 
2024 that was included in deferred revenue as of September 30, 2023, and $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.
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 March 30, 2024  and April 1, 
2023, except in Greater China, where iPhone revenue represented a moderately higher proportion of net sales.
As of March  30, 2024 and September  30, 2023, the Company had total deferred revenue of $12.6 billion  and $12.1  billion, 
respectively. As of March 30, 2024, the Company expects 64% of total deferred revenue to be realized in less than a year, 26% 
within one-to-two years, 9% within two-to-three years and 1% in greater than three years.
Apple Inc. | Q2 2024 Form 10-Q | 6

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Note 3 – 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 30, 2024 and April 1, 2023 (net income in millions and shares in thousands):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Numerator:
Net income $ 23,636 $ 24,160 $ 57,552 $ 54,158 
Denominator:
Weighted-average basic shares outstanding  15,405,856  15,787,154  15,457,810  15,839,939 
Effect of dilutive share-based awards  58,853  59,896  62,865  61,445 
Weighted-average diluted shares  15,464,709  15,847,050  15,520,675  15,901,384 
Basic earnings per share $ 1.53 $ 1.53 $ 3.72 $ 3.42 
Diluted earnings per share $ 1.53 $ 1.52 $ 3.71 $ 3.41 
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.
Note 4 – 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 30, 2024 and September 30, 2023 (in millions):
March 30, 2024
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 28,227 $ — $ — $ 28,227 $ 28,227 $ — $ — 
Level 1: 
Money market funds  1,353  —  —  1,353  1,353  —  — 
Mutual funds  464  66  (7)  523  —  523  — 
Subtotal  1,817  66  (7)  1,876  1,353  523  — 
Level 2 (1):
U.S. Treasury securities  18,150  1  (933)  17,218  1,895  4,133  11,190 
U.S. agency securities  5,775  —  (446)  5,329  233  581  4,515 
Non-U.S. government securities  17,319  37  (666)  16,690  —  11,289  5,401 
Certificates of deposit and time deposits  976  —  —  976  656  320  — 
Commercial paper  1,482  —  —  1,482  274  1,208  — 
Corporate debt securities  71,612  90  (3,694)  68,008  57  15,096  52,855 
Municipal securities  511  —  (15)  496  —  188  308 
Mortgage- and asset-backed securities  24,044  37  (2,046)  22,035  —  1,117  20,918 
Subtotal  139,869  165  (7,800)  132,234  3,115  33,932  95,187 
Total (2) $ 169,913 $ 231 $ (7,807) $ 162,337 $ 32,695 $ 34,455 $ 95,187 
Apple Inc. | Q2 2024 Form 10-Q | 7

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September 30, 2023
Adjusted
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cash and
Cash
Equivalents
Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash $ 28,359 $ — $ — $ 28,359 $ 28,359 $ — $ — 
Level 1:
Money market funds  481  —  —  481  481  —  — 
Mutual funds and equity securities  442  12  (26)  428  —  428  — 
Subtotal  923  12  (26)  909  481  428  — 
Level 2 (1):
U.S. Treasury securities  19,406  —  (1,292)  18,114  35  5,468  12,611 
U.S. agency securities  5,736  —  (600)  5,136  36  271  4,829 
Non-U.S. government securities  17,533  6  (1,048)  16,491  —  11,332  5,159 
Certificates of deposit and time deposits  1,354  —  —  1,354  1,034  320  — 
Commercial paper  608  —  —  608  —  608  — 
Corporate debt securities  76,840  6  (5,956)  70,890  20  12,627  58,243 
Municipal securities  628  —  (26)  602  —  192  410 
Mortgage- and asset-backed securities  22,365  6  (2,735)  19,636  —  344  19,292 
Subtotal  144,470  18  (11,657)  132,831  1,125  31,162  100,544 
Total (2) $ 173,752 $ 30 $ (11,683) $ 162,099 $ 29,965 $ 31,590 $ 100,544 
(1) The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally 
have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant 
inputs derived from or corroborated by observable market data.
(2) As of March  30, 2024  and September  30, 2023 , total marketable securities included $14.0  billion and $13.8 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.
The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of 
March 30, 2024 (in millions):
Due after 1 year through 5 years $ 67,987 
Due after 5 years through 10 years  9,108 
Due after 10 years  18,092 
Total fair value $ 95,187 
Derivative Instruments and Hedging
The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. 
However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations 
or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a 
portion of the financial impact resulting from movements in foreign exchange or interest rates.
Foreign Exchange Rate Risk
To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options or other 
instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its 
forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months.
To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign 
exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these 
instruments as either cash flow or fair value hedges. As of March 30, 2024, the maximum length of time over which the Company 
is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 18 years.
The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from 
certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by 
the remeasurement of certain assets and liabilities denominated in non-functional currencies.
Apple Inc. | Q2 2024 Form 10-Q | 8

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Interest Rate Risk
To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may use interest 
rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.
The notional amounts of the Company’s outstanding derivative instruments as of March 30, 2024 and September 30, 2023 were 
as follows (in millions):
March 30,
2024
September 30,
2023
Derivative instruments designated as accounting hedges:
Foreign exchange contracts $ 60,265 $ 74,730 
Interest rate contracts $ 17,625 $ 19,375 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts $ 75,552 $ 104,777 
The carrying amounts of the Company’s hedged items in fair value hedges as of March 30, 2024 and September 30, 2023 were 
as follows (in millions):
March 30,
2024
September 30,
2023
Hedged assets/(liabilities):
Current and non-current marketable securities $ 15,045 $ 14,433 
Current and non-current term debt $ (16,817) $ (18,247) 
Accounts Receivable
Trade Receivables
The Company’s third-party cellular network carriers accounted for 34% and 41% of total trade receivables as of March 30, 2024 
and September 30, 2023 , respectively. The Company requires third-party credit support or collateral from certain customers to 
limit credit risk.
Vendor Non-Trade Receivables
The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to 
these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these 
components directly from suppliers. The Company does not reflect the sale of these components in products net sales. Rather, 
the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are 
sold by the Company. As of March 30, 2024, the Company had two vendors that individually represented 10% or more of total 
vendor non-trade receivables, which accounted f or 47% and 19%. As of September 30, 2023 , the Company had two vendors 
that individually represented 10% or more of total vendor non-trade receivables, which accounted for 48% and 23%.
Note 5 – Condensed Consolidated Financial Statement Details
The following table shows the Company’s condensed consolidated financial statement details as of March  30, 2024  and 
September 30, 2023 (in millions):
Property, Plant and Equipment, Net
March 30,
2024
September 30,
2023
Gross property, plant and equipment $ 115,243 $ 114,599 
Accumulated depreciation  (71,697)  (70,884) 
Total property, plant and equipment, net $ 43,546 $ 43,715 
Apple Inc. | Q2 2024 Form 10-Q | 9

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Note 6 – Debt
Commercial Paper
The Company issues unsecured short-term promissory notes pursuant to a commercial paper program. The Company uses net 
proceeds from the commercial paper program for general corporate purposes, including dividends and share repurchases. As of 
March  30, 2024 and September  30, 2023, the Company had $2.0 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 30, 2024 and April 1, 2023 (in millions):
Six Months Ended
March 30,
2024
April 1,
2023
Maturities 90 days or less:
Repayments of commercial paper, net $ (3,982) $ (5,315) 
Maturities greater than 90 days:
Repayments of commercial paper  —  (2,645) 
Total repayments of commercial paper, net $ (3,982) $ (7,960) 
Term Debt
As of March 30, 2024  and September 30, 2023 , the Company had outstanding fixed-rate notes with varying maturities for an 
aggregate carrying amount of $102.6 billion and $105.1 billion, respectively (collectively the “Notes”). As of March 30, 2024 and 
September  30, 2023, the fair value of the Company’s Notes, based on Level 2 inputs, was  $91.6 billion  and $90.8 billion , 
respectively.
Note 7 – Shareholders’ Equity
Share Repurchase Program
During the six months ended  March  30, 2024, the Company repurchased 248 million  shares of its common stoc k for $44.0 
billion. The Company’s share repurchase 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 (the “Exchange Act”).
Note 8 – Share-Based Compensation
Restricted Stock Units
A summary of the Company’s RSU activity and related information for the six months ended March 30, 2024 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 30, 2023  180,247 $ 135.91 
RSUs granted  75,826 $ 171.78 
RSUs vested  (47,027) $ 113.44 
RSUs canceled  (5,195) $ 126.83 
Balance as of March 30, 2024  203,851 $ 154.66 $ 34,956 
The fair value as of the respective vesting dates of RSUs was $821 million and $8.6 billion for the three- and six-month periods 
ended March 30, 2024 , respectively, and was $1.1 billion and $8.0 billion for the three- and six-month periods ended April 1, 
2023, respectively.
Apple Inc. | Q2 2024 Form 10-Q | 10

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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 30, 2024 and April 1, 2023  (in 
millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Share-based compensation expense $ 2,964 $ 2,686 $ 5,961 $ 5,591 
Income tax benefit related to share-based compensation 
expense $ (663) $ (620) $ (1,898) $ (1,798) 
As of March  30, 2024, the total unrecognized compensation cost related to outstanding RSUs was $24.7 billion , which the 
Company expects to recognize over a weighted-average period of 2.7 years.
Note 9 – Contingencies
The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and that 
have not been fully resolved. The outcome of litigation is inherently uncertain. In the opinion of management, there was not at 
least a reasonable possibility the Company may have incurred a material loss, or a material loss greater than a recorded accrual, 
concerning loss contingencies for asserted legal and other claims.
Note 10 – Segment Information and Geographic Data
The following table shows information by reportable segment for the three- and six-month periods ended March 30, 2024 and 
April 1, 2023 (in millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Americas:
Net sales $ 37,273 $ 37,784 $ 87,703 $ 87,062 
Operating income $ 15,074 $ 13,927 $ 35,431 $ 31,791 
Europe:
Net sales $ 24,123 $ 23,945 $ 54,520 $ 51,626 
Operating income $ 9,991 $ 9,368 $ 22,702 $ 19,385 
Greater China:
Net sales $ 16,372 $ 17,812 $ 37,191 $ 41,717 
Operating income $ 6,700 $ 7,531 $ 15,322 $ 17,968 
Japan:
Net sales $ 6,262 $ 7,176 $ 14,029 $ 13,931 
Operating income $ 3,135 $ 3,394 $ 6,954 $ 6,630 
Rest of Asia Pacific:
Net sales $ 6,723 $ 8,119 $ 16,885 $ 17,654 
Operating income $ 2,806 $ 3,268 $ 7,385 $ 7,119 
Apple Inc. | Q2 2024 Form 10-Q | 11

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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 30, 2024 and April 1, 2023 is as follows (in millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Segment operating income $ 37,706 $ 37,488 $ 87,794 $ 82,893 
Research and development expense  (7,903)  (7,457)  (15,599)  (15,166) 
Other corporate expenses, net  (1,903)  (1,713)  (3,922)  (3,393) 
Total operating income $ 27,900 $ 28,318 $ 68,273 $ 64,334 
Apple Inc. | Q2 2024 Form 10-Q | 12

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Item and other sections 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 2023 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, a ll 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.
The following discussion should be read in conjunction with the 2023 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.
During the second quarter of 2024, the Company announced an updated MacBook Air® 13-in. and MacBook Air 15-in.
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 2024 and 2023 span 52 and 53 weeks, respectively.
Macroeconomic Conditions
Macroeconomic conditions, including inflation, 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.
Apple Inc. | Q2 2024 Form 10-Q | 13

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Segment Operating Performance
The following table shows net sales by reportable segment for the three- and six-month periods ended March 30, 2024  and 
April 1, 2023 (dollars in millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023 Change
March 30,
2024
April 1,
2023 Change
Net sales by reportable segment:
Americas $ 37,273 $ 37,784  (1) % $ 87,703 $ 87,062  1 %
Europe  24,123  23,945  1 %  54,520  51,626  6 %
Greater China  16,372  17,812  (8) %  37,191  41,717  (11) %
Japan  6,262  7,176  (13) %  14,029  13,931  1 %
Rest of Asia Pacific  6,723  8,119  (17) %  16,885  17,654  (4) %
Total net sales $ 90,753 $ 94,836  (4) % $ 210,328 $ 211,990  (1) %
Americas
Americas net sales were relatively flat during the second quarter of 2024 compared to the second quarter of 2023, with lower net 
sales of iPhone and iPad offset by higher net sales of Services. Year-over-year Americas net sales were relatively flat during the 
first six months of 2024, with higher net sales of Services offset by lower net sales of iPhone and iPad. The strength in foreign 
currencies relative to the U.S. dollar had a net favorable year-over-year impact on Americas net sales during the second quarter 
and first six months of 2024.
Europe
Europe net sales were relatively flat during the second quarter of 2024 compared to the second quarter of 2023, with higher net 
sales of Services offset by lower net sales of iPhone. 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 of 2024. Year-over-year Europe net sales 
increased during the first six months of 2024 due primarily to higher net sales of iPhone and Services, partially offset by lower net 
sales of iPad.
Greater China
Greater China net sales decreased during the second quarter and first six months of 2024 compared to the same periods in 2023 
due primarily to lower net sales of iPhone and iPad. 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 2024.
Japan
Japan net sales decreased during the second quarter of 2024 compared to the second quarter of 2023 due primarily to lower net 
sales of iPhone. Year-over-year Japan net sales during the first six months of 2024 were relatively flat. 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 2024.
Rest of Asia Pacific
Rest of Asia Pacific net sales decreased during the second quarter of 2024 compared to the second quarter of 2023 due 
primarily to lower net sales of iPhone. Year-over-year Rest of Asia Pacific net sales decreased during the first six months of 2024 
due primarily to lower net sales of Wearables, Home and Accessories and iPad.
Apple Inc. | Q2 2024 Form 10-Q | 14

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Products and Services Performance
The following table shows net sales by category for the three- and six-month periods ended March 30, 2024  and April 1, 2023  
(dollars in millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023 Change
March 30,
2024
April 1,
2023 Change
Net sales by category:
iPhone $ 45,963 $ 51,334  (10) % $ 115,665 $ 117,109  (1) %
Mac  7,451  7,168  4 %  15,231  14,903  2 %
iPad  5,559  6,670  (17) %  12,582  16,066  (22) %
Wearables, Home and Accessories  7,913  8,757  (10) %  19,866  22,239  (11) %
Services  23,867  20,907  14 %  46,984  41,673  13 %
Total net sales $ 90,753 $ 94,836  (4) % $ 210,328 $ 211,990  (1) %
iPhone
iPhone net sales decreased during the second quarter of 2024 compared to the second quarter of 2023 due to lower net sales of 
Pro models. Year-over-year iPhone net sales were relatively flat during the first six months of 2024.
Mac
Mac net sales increased during the second quarter and first six months of 2024 compared to the same periods in 2023 due to 
higher net sales of laptops.
iPad
iPad net sales decreased during the second quarter and first six months of 2024 compared to the same periods in 2023 due 
primarily to lower net sales of iPad Pro® and iPad 9th generation.
Wearables, Home and Accessories
Wearables, Home and Accessories net sales decreased during the second quarter and first six months of 2024 compared to the 
same periods in 2023 due primarily to lower net sales of Wearables and Accessories.
Services
Services net sales increased during the second quarter and first six months of 2024 compared to the same periods in 2023 due 
primarily to higher net sales from advertising, the App Store® and cloud services.
Apple Inc. | Q2 2024 Form 10-Q | 15

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Gross Margin
Products and Services gross margin and gross margin percentage for the three- and six-month periods ended March 30, 2024  
and April 1, 2023 were as follows (dollars in millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Gross margin:
Products $ 24,462 $ 27,134 $ 62,480 $ 62,757 
Services  17,809  14,842  34,646  29,551 
Total gross margin $ 42,271 $ 41,976 $ 97,126 $ 92,308 
Gross margin percentage:
Products  36.6%  36.7%  38.3%  36.8% 
Services  74.6%  71.0%  73.7%  70.9% 
Total gross margin percentage  46.6%  44.3%  46.2%  43.5% 
Products Gross Margin
Products gross margin decreased during the second quarter of 2024 compared to the second quarter of 2023 due primarily to 
lower Products volume and the weakness in foreign currencies relative to the U.S. dollar. Year-over-year Products gross margin 
was relatively flat during the first six months of 2024.
Products gross margin percentage was relatively flat during the second quarter of 2024 compared to the second quarter of 2023. 
Year-over-year Products gross margin percentage increased during the first six months of 2024 due primarily to cost savings, 
partially offset by the weakness in foreign currencies relative to the U.S. dollar.
Services Gross Margin
Services gross margin and Services gross margin percentage increased during the second quarter and first six months of 2024 
compared to the same periods in 2023 due primarily to a different Services mix.
The Company’s future gross margins can be impacted by a variety of factors, as discussed in Part I, Item 1A of the 2023 Form 
10-K under the heading “Risk Factors.” As a result, the Company believes, in general, gross margins will be subject to volatility 
and downward pressure.
Operating Expenses
Operating expenses for the three- and six-month periods ended March 30, 2024  and April 1, 2023  were as follows (dollars in 
millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Research and development $ 7,903 $ 7,457 $ 15,599 $ 15,166 
Percentage of total net sales  9%  8%  7%  7% 
Selling, general and administrative $ 6,468 $ 6,201 $ 13,254 $ 12,808 
Percentage of total net sales  7%  7%  6%  6% 
Total operating expenses $ 14,371 $ 13,658 $ 28,853 $ 27,974 
Percentage of total net sales  16%  14%  14%  13% 
Research and Development
The growth in research and development (“R&D”) expense during the second quarter and first six months of 2024 compared to 
the same periods in 2023 was driven primarily by increases in headcount-related expenses.
Apple Inc. | Q2 2024 Form 10-Q | 16

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Selling, General and Administrative
The growth in selling, general and administrative expense during the second quarter and first six months of 2024 compared to 
the same periods in 2023 was driven in part by higher infrastructure-related costs.
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 30, 2024 and April 1, 2023 were as follows (dollars in millions):
Three Months Ended Six Months Ended
March 30,
2024
April 1,
2023
March 30,
2024
April 1,
2023
Provision for income taxes $ 4,422 $ 4,222 $ 10,829 $ 9,847 
Effective tax rate  15.8%  14.9%  15.8%  15.4% 
Statutory federal income tax rate  21%  21%  21%  21% 
The Company’s effective tax rate for the second quarter and first six months of 2024 was lower than the statutory federal income 
tax rate due primarily to a lower effective tax rate on foreign earnings, the impact of 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 and first six months of 2024 was higher compared to the same periods 
in 2023 due primarily to a higher effective tax rate on foreign earnings and a lower tax benefit from the U.S. federal R&D credit.
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 2023 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. As of March 30, 2024, the Company had manufacturing purchase obligations of $34.2 billion, with 
$34.1 billion payable within 12 months.
Capital Return Program
In addition to its contractual cash requirements, the Company has an authorized share repurchase program, under which the 
remaining availability was $30.1 billion as of March 30, 2024. On May 2, 2024, the Company announced the Board of Directors 
had authorized an additional program to repurchase up to $110 billion of the Company’s common stock. The programs do not 
obligate the Company to acquire a minimum amount of shares.
On May 2, 2024, the Company also announced the Board of Directors raised the Company’s quarterly cash dividend from $0.24 
to $0.25 per share, beginning with the dividend to be paid during the third quarter of 2024. The Company intends to increase its 
dividend on an annual basis, subject to declaration by the Board of Directors.
During the second quarter of 2024, the Company repurchased $23.5 billion of its common stock and paid dividends and dividend 
equivalents of $3.7 billion.
Apple Inc. | Q2 2024 Form 10-Q | 17

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Recent Accounting Pronouncements
Income Taxes
In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 
2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which will require the Company 
to disclose specified additional information in its income tax rate reconciliation and provide additional information for reconciling 
items that meet a quantitative threshold. ASU 2023-09 will also require the Company to disaggregate its income taxes paid 
disclosure by federal, state and foreign taxes, with further disaggregation required for significant individual jurisdictions. The 
Company will adopt ASU 2023-09 in its fourth quarter of 2026. ASU 2023-09 allows for adoption using either a prospective or 
retrospective transition method.
Segment Reporting
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment 
Disclosures (“ASU 2023-07”), which will require the Company to disclose segment expenses that are significant and regularly 
provided to the Company’s chief operating decision maker (“CODM”). In addition, ASU 2023-07 will require the Company to 
disclose the title and position of its CODM and how the CODM uses segment profit or loss information in assessing segment 
performance and deciding how to allocate resources. The Company will adopt ASU 2023-07 in its fourth quarter of 2025 using a 
retrospective transition method.
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with GAAP 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 2023 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 2023 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 2024. 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 2023 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 Exchange Act were effective as of March 30, 2024 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 2024, 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 2024 Form 10-Q | 18

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PART II  —  OTHER INFORMATION
Item 1. Legal Proceedings
Digital Markets Act Investigations
On March 25, 2024, the European Commission (the “Commission”) announced that it had opened two formal noncompliance 
investigations against the Company under the European Union (“EU”) Digital Markets Act (the “DMA”). The Commission’s 
investigations concern (1) Article 5(4) of the DMA, which relates to how developers may communicate and promote offers to end 
users for apps distributed through the App Store as well as how developers may conclude contracts with those end users; and 
(2) Article 6(3) of the DMA, which relates to default settings, uninstallation of apps, and a web browser choice screen on iOS. If 
the Commission concludes that there has been a violation, it can issue a cease and desist order and may impose fines up to 
10% of the Company’s annual worldwide net sales. Although any decision by the Commission can be appealed to the General 
Court of the EU, the effectiveness of the Commission’s order would apply immediately while the appeal is pending, unless a stay 
of the order is granted. The Company believes that it complies with the DMA and will continue to engage with the Commission as 
it conducts its investigations.
Department of Justice Lawsuit
On March 21, 2024, the U.S. Department of Justice (the “DOJ”) and 16 state and district attorneys general filed a civil antitrust 
lawsuit in the U.S. District Court for the District of New Jersey against the Company alleging monopolization or attempted 
monopolization in the markets for “performance smartphones” and “smartphones” in violation of U.S. antitrust laws. The DOJ is 
seeking equitable relief to redress the alleged anticompetitive behavior. In addition, various civil litigation matters have been filed 
in state and federal courts in the U.S.  alleging similar violations of U.S. antitrust laws and seeking monetary damages and other 
nonmonetary relief. The Company believes it has substantial defenses and intends to vigorously defend itself.
Epic Games
Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the “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 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 enjoining the Company from 
prohibiting developers from including in their apps external links that direct customers to purchasing mechanisms other than 
Apple in-app purchasing. The injunction applies to apps on the U.S. storefront of the iOS and iPadOS ® App Store. On January 
16, 2024, the Company implemented a plan to comply with the injunction and filed a statement of compliance with the California 
District Court. On March 13, 2024, Epic filed a motion with the California District Court disputing the Company’s compliance plan 
and seeking to enforce the injunction. The Company has filed an opposition to Epic’s motion. The Company believes it has 
substantial defenses and intends to vigorously defend itself.
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 2024 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 2023 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. Except as set forth below, 
there have been no material changes to the Company’s risk factors since the 2023 Form 10-K.
The technology industry, including, in some instances, the Company, is subject to intense media, political and regulatory 
scrutiny, which exposes the Company to increasing regulation, government investigations, legal actions and penalties.
From time to time, the Company has made changes to its App Store, including actions taken in response to litigation, 
competition, market conditions and legal and regulatory requirements. The Company expects to make further business changes 
in the future. For example, in the U.S. the Company has implemented changes to how developers communicate with consumers 
within apps on the U.S. storefront of the iOS and iPadOS App Store regarding alternative purchasing mechanisms.
Apple Inc. | Q2 2024 Form 10-Q | 19

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In January 2024, the Company announced changes to iOS, the App Store and Safari ® in the EU to comply with the DMA, 
including new business terms and alternative fee structures for iOS apps, alternative methods of distribution for iOS apps, 
alternative payment processing for apps across the Company’s operating systems, and additional tools and application 
programming interfaces (“APIs”) for developers. Although the Company’s compliance plan is intended to address the DMA’s 
obligations, it has been challenged by the Commission and may be challenged further by private litigants. In addition, other 
jurisdictions may seek to require the Company to make changes to its business. While the changes introduced by the Company 
in the EU are intended to reduce new privacy and security risks the DMA poses to EU users, many risks will remain.
The Company is also currently subject to antitrust investigations and litigation in various jurisdictions around the world, which can 
result in legal proceedings and claims against the Company that could, individually or in the aggregate, have a materially 
adverse impact on the Company’s business, results of operations and financial condition. For example, the Company is subject 
to civil antitrust lawsuits in the U.S. alleging monopolization or attempted monopolization in the markets for “performance 
smartphones” and “smartphones” generally in violation of U.S. antitrust laws. In addition, the Company is the subject of 
investigations in Europe and other jurisdictions relating to App Store terms and conditions. If such investigations or litigation are 
resolved against the Company, the Company can be exposed to significant fines and may be required to make further changes 
to its business practices, all of which could materially adversely affect the Company’s business, reputation, results of operations 
and financial condition.
Further, the Company has commercial relationships with other companies in the technology industry that are or may become 
subject to investigations and litigation that, if resolved against those other companies, could materially adversely affect the 
Company’s commercial relationships with those business partners and materially adversely affect the Company’s business, 
results of operations and financial condition. For example, the Company earns revenue from licensing arrangements with other 
companies to offer their search services on the Company’s platforms and applications, and certain of these arrangements are 
currently subject to government investigations and legal proceedings.
There can be no assurance the Company’s business will not be materially adversely affected, individually or in the aggregate, by 
the outcomes of such investigations, litigation or changes to laws and regulations in the future. Changes to the Company’s 
business practices to comply with new laws and regulations or in connection with other legal proceedings can negatively impact 
the reputation of the Company’s products for privacy and security and otherwise adversely affect the experience for users of the 
Company’s products and services, and result in harm to the Company’s reputation, loss of competitive advantage, poor market 
acceptance, reduced demand for products and services, and lost sales.
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 30, 2024 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 31, 2023 to February 3, 2024:
Open market and privately negotiated purchases  40,119 $ 186.95  40,119 
February 4, 2024 to March 2, 2024:
Open market and privately negotiated purchases  40,120 $ 183.88  40,120 
March 3, 2024 to March 30, 2024:
Open market and privately negotiated purchases  50,053 $ 172.27  50,053 
Total  130,292 $ 30,069 
(1) As of March 30, 2024, the Company was authorized by the Board of Directors to purchase up to $90 billion of the Company’s 
common stock under a share repurchase program announced on May 4, 2023, of which $59.9 billion had been utilized. On 
May 2, 2024 , the Company announced the Board of Directors had authorized an additional program to repurchase up to 
$110 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 2024 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
Insider Trading Arrangements
None.
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 2024 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 2, 2024 Apple Inc.
By: /s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer
Apple Inc. | Q2 2024 Form 10-Q | 22

--- Page 26 ---

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 2, 2024
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 2, 2024
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 March 30, 2024  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 2, 2024
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 30, 2024  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 2, 2024
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.