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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 June 29, 2024

- ☐ 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

6614

Apple Inc. (Exact name of Registrant as specified in its charter)

California 94-2404110 (State or other jurisdiction of incorporation or organization)

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 ☐

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.

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|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 ☒

15,204,137,000 shares of common stock were issued and outstanding as of July 19, 2024.

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# Apple Inc.

# Form 10-Q

For the Fiscal Quarter Ended June 29, 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|20|

|Item 4. Mine Safety Disclosures|20|

|Item 5. Other Information|20|

|Item 6. Exhibits|21|

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# PART I — FINANCIAL INFORMATION

# Item 1. Financial Statements

| | |Three Months Ended| |Nine Months Ended| |

|---|---|---|---|---|---|

| |June 29, 2024|July 1, 2023|June 29, 2024|July 1, 2023| |

|Net sales:| | | | | |

|Products|$61,564|$60,584|$224,908|$230,901| |

|Services|$24,213|$21,213|$71,197|$62,886| |

|Total net sales|$85,777|$81,797|$296,105|$293,787| |

|Cost of sales:| | | | | |

|Products|$39,803|$39,136|$140,667|$146,696| |

|Services|$6,296|$6,248|$18,634|$18,370| |

|Total cost of sales|$46,099|$45,384|$159,301|$165,066| |

|Gross margin|$39,678|$36,413|$136,804|$128,721| |

|Operating expenses:| | | | | |

|Research and development|$8,006|$7,442|$23,605|$22,608| |

|Selling, general and administrative|$6,320|$5,973|$19,574|$18,781| |

|Total operating expenses|$14,326|$13,415|$43,179|$41,389| |