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
June 29,2024

Nine Months Ended

July 1,
2023

June 29,2024

July 1,2023

Net sales:
Products$Services
Total net sales(1)

61,564 $60,584 $

224,908 $

230,901

24,213

21,213

71,19762,88685,777

81,797296,105

293,787

39,80339,136140,667

146,696

Cost of sales:
ProductsServices

6,296

6,248

18,634

18,370Total cost of sales

46,09945,384

159,301

165,066

Gross margin

39,67836,413

136,804

128,721

Research and development

8,006

7,442

23,60522,608Selling, general and administrative

6,320

5,973

19,574

18,781

Total operating expenses

14,326

13,41543,17941,38925,352

22,99893,62587,332

142

(265)

250

(594)

Income before provision for income taxes

25,49422,73393,87586,738Provision for income taxes

4,046

2,852

14,875

12,699$21,448 $19,881$79,000 $74,039Basic$

1.40

$

1.27

$

5.13

$

4.69

Diluted$

1.40

$

1.26

$

5.11

$

4.67Operating expenses:

Operating income
Other income/(expense), net

Net income
Earnings per share:

Shares used in computing earnings per share:

(1)

Basic

15,287,521

15,697,614

15,401,047

15,792,497

Diluted15,348,175

15,775,021

15,463,175

15,859,263

Net sales by reportable segment:
Americas37,678 $35,383 $125,381

Europe21,88420,20576,404

71,831

Greater China

14,72815,75851,91957,475

Japan

5,097

4,821

19,12618,752

Rest of Asia Pacific

6,390

5,630

23,27523,284$85,777 $81,797296,105 $293,787$

39,296 $39,669 $154,961

156,778

Mac

7,009

6,840

22,24021,743

iPad

7,162

5,791

19,744

21,857

Total net sales
(1)

$$$

122,445

Net sales by category:
iPhone$Wearables, Home and Accessories

8,097

8,284

27,96330,523Services

24,213

21,213

71,19762,88685,777 $81,797296,105 $293,787

Total net sales$$

Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(In millions, except number of shares, which are reflected in thousands, and par value)
June 29,2024

September 30,2023

ASSETS:
Current assets:
Cash and cash equivalents$

25,565 $29,965Marketable securities

36,236

31,590Accounts receivable, net

22,79529,508Vendor non-trade receivables

20,37731,477

Inventories

6,165

6,331

Other current assets

14,297

14,695

125,435

143,566

Marketable securities

91,240100,544

Property, plant and equipment, net

44,502

43,715

Total current assets
Non-current assets:

Other non-current assets
Total non-current assets
Total assets

70,43564,758206,177

209,017$331,612$352,583$

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable

47,574 $62,611Other current liabilities

60,88958,829Deferred revenue

8,053

8,061

Commercial paper

2,994

5,985

Term debt

12,114

9,822

131,624

145,308

Term debt

86,196

95,281Other non-current liabilities

47,084

49,848

Total current liabilities
Non-current liabilities:

Total non-current liabilities

133,280

145,129

264,904

290,437

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 sharesauthorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively

79,85073,812

Accumulated deficit(4,726)(214)

Accumulated other comprehensive loss

(8,416)(11,452)

Total liabilities
Commitments and contingencies
Shareholders’ equity:

Total shareholders’ equity
Total liabilities and shareholders’ equity

66,708$331,612

62,146$

352,583

Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)(In millions)
Nine Months Ended
June 29,2024

Cash, cash equivalents and restricted cash, beginning balances$July 1,2023

30,737 $24,97779,00074,039

8,534

8,866

Operating activities:
Net incomeAdjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
Share-based compensation expense

8,830

8,208

Other(1,964)(1,651)

Accounts receivable, net

6,697

7,609

Vendor non-trade receivables

11,10013,111

Changes in operating assets and liabilities:

Inventories

41(2,570)

Other current and non-current assets(5,626)(4,863)

Accounts payable(15,171)(16,790)

2

2,986

91,443

88,945Purchases of marketable securities(38,074)(20,956)

Proceeds from maturities of marketable securities39,838

27,857

Other current and non-current liabilities
Cash generated by operating activities
Investing activities:

Proceeds from sales of marketable securities

7,382

3,959

Payments for acquisition of property, plant and equipment(6,539)(8,796)

Other(1,117)

(753)

1,490

1,311

(5,163)(5,119)Cash generated by investing activities
Financing activities:
Payments for taxes related to net share settlement of equity awards
Payments for dividends and dividend equivalents(11,430)(11,267)

Repurchases of common stock(69,866)(56,547)

Proceeds from issuance of term debt, net

—

5,228

Repayments of term debt

(7,400)(11,151)

Repayments of commercial paper, net(2,985)(5,971)

(191)

(508)

(97,035)(85,335)(4,102)

4,921$

26,635 $29,898$19,230 $

7,020

Other
Cash used in financing activities
Increase/(Decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash, ending balances
Supplemental cash flow disclosure:
Cash paid for income taxes, net