Apple (AAPL) 10-K risk factor changes: FY2024 vs FY2023

The Company’s business can be impacted by political events, trade and other international disputes, [removed: war,] [added: geopolitical tensions, conflict,] terrorism, natural disasters, public health issues, industrial accidents and other business interruptions.

Political events, trade and other international disputes, [removed: war,] [added: geopolitical tensions, conflict,] terrorism, natural disasters, public health issues, industrial accidents and other business interruptions can [removed: harm or disrupt international commerce and the global economy, and could] have a material adverse effect on the Company and its customers, [added: employees,] suppliers, contract manufacturers, logistics providers, distributors, cellular network carriers and other channel partners.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 5

Restrictions on international trade, such as tariffs and other controls on imports or exports of goods, technology or data, can materially adversely affect the Company’s [removed: operations] [added: business] and supply [removed: chain and limit the Company’s ability to offer and distribute its products and services to customers.][added: chain.]

Restrictive measures can [added: increase the cost of the Company’s products and the components and raw materials that go into them, and can] require the Company to take various actions, including changing suppliers, restructuring business [removed: relationships,] [added: relationships] and [added: operations, and] ceasing to offer [added: and distribute affected products, services and] third-party applications [removed: on] [added: to] its [removed: platforms.][added: customers.]

Changing the Company’s [removed: operations] [added: business and supply chain] in accordance with new or changed restrictions on international trade can be expensive, time-consuming and disruptive to the Company’s operations.

Such restrictions can be announced with little or no advance [removed: notice] [added: notice, which can create uncertainty,] and the Company may not be able to effectively mitigate all adverse impacts from such measures.

For example, tensions between governments, including the U.S. and China, have in the past led to tariffs and other restrictions [removed: being imposed on] [added: affecting] the Company’s business.

In addition, [removed: such] [added: the Company’s and its suppliers’] operations and facilities are subject to the risk of interruption by fire, power shortages, nuclear power plant accidents and other industrial accidents, terrorist attacks and other hostile acts, ransomware and other cybersecurity attacks, labor disputes, public health [removed: issues, including pandemics such as the COVID-19 pandemic,] [added: issues] and other events beyond the Company’s control.

Global climate change is resulting in certain types of natural [removed: disasters, such as droughts, floods, hurricanes] [added: disasters] and [removed: wildfires,] [added: extreme weather] occurring more frequently or with more intense effects.

Such events can make it difficult or impossible for the Company to manufacture and deliver products to its customers, create delays and inefficiencies in the Company’s supply and manufacturing chain, [removed: and] result in slowdowns and outages to the Company’s service offerings, [added: increase the Company’s costs,] and negatively impact consumer spending and demand in affected areas.

Following [removed: an] [added: any] interruption to its business, the Company can require substantial recovery time, experience significant expenditures to resume operations, and lose significant sales.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 6

The success of new product and service introductions depends on a number of factors, including timely and successful development, market acceptance, the Company’s ability to manage the risks associated with new technologies and production ramp-up issues, the availability of application software [added: or other third-party support] for the Company’s [removed: products,] [added: products and services,] the effective management of purchase commitments and inventory levels in line with anticipated product demand, the availability of products in appropriate quantities and at expected costs to meet anticipated demand, and the risk that new products and services may have quality or other defects or deficiencies.

Changes or additions to the Company’s supply chain require considerable time and resources and involve significant risks and [removed: uncertainties.][added: uncertainties, including exposure to additional regulatory and operational risks.]

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 7

In addition, manufacturing or logistics in these locations or transit to final destinations can be disrupted for a variety of reasons, including natural and man-made disasters, information technology system failures, commercial disputes, [removed: armed conflict,] economic, business, labor, environmental, public health or political issues, [removed: or international] trade [removed: disputes.][added: and other international disputes, geopolitical tensions, or conflict.]

While these arrangements help ensure the supply of components and finished goods, if these outsourcing partners or suppliers experience severe financial problems or other disruptions in their business, such continued supply can be [removed: reduced] [added: disrupted] or terminated, and the recoverability of manufacturing process equipment or prepayments can be negatively impacted.

For example, the global semiconductor industry has in the past experienced high demand and shortages of supply, which adversely affected the Company’s ability to obtain sufficient quantities of components and products on commercially reasonable [removed: terms] [added: terms,] or at all.

[removed: Component] [added: In addition, component] suppliers may suffer from poor financial conditions, which can lead to business failure for the supplier or consolidation within a particular industry, further limiting the Company’s ability to obtain sufficient quantities of components on commercially reasonable [removed: terms] [added: terms,] or at all.

[removed: The effects of global or regional economic conditions on the Company’s suppliers, described in “*The Company’s operations and performance depend significantly on global and regional economic conditions and adverse economic conditions can materially adversely affect the Company’s business, results of operations and financial condition,*” above, can also affect the Company’s ability to obtain components*.*] Therefore, the Company remains subject to significant risks of supply shortages and price increases that can materially adversely affect its business, results of operations and financial condition.

Quality problems can [removed: also] 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, delay in new product and service introductions and lost sales.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 8

The Company relies on access to third-party intellectual property, which may not be available to the Company on commercially reasonable [removed: terms] [added: terms,] or at all.

Failure to obtain the right to use third-party intellectual property, or to use such intellectual property on commercially reasonable terms, can [added: require the Company to modify certain products, services or features or] preclude the Company from selling certain products or services, or otherwise have a material adverse impact on the Company’s business, results of operations and financial condition.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 9

[removed: The] [added: Where applicable, the] Company retains a commission from sales of applications and sales of digital services or goods initiated within an application.

From time to time, the Company has made changes to its [removed: App Store,] [added: products and services,] including [added: taking] actions [removed: taken] in response to [added: litigation,] competition, market conditions and legal and regulatory [removed: requirements.][added: requirements, and expects to make further business changes in the future.]

[removed: Changes have included] [added: For example, in the U.S., the Company has implemented changes to] how developers communicate with consumers [removed: outside] [added: within apps on] the [added: U.S. storefront of the iOS and iPadOS] App Store regarding alternative purchasing mechanisms.

[removed: Future changes could also affect what] [added: For example, in] the [added: U.S. the] Company [removed: charges developers for access] [added: has implemented changes] to [removed: its platforms,] how [removed: it manages distribution of apps outside of the App Store, and how and to what extent it allows] developers [removed: to] communicate with consumers [removed: inside] [added: within apps on] the [added: U.S. storefront of the iOS and iPadOS] App Store regarding alternative purchasing mechanisms.

[removed: If] [added: Changes to] the [added: Company’s products and services could materially adversely affect the Company’s business, results of operations and financial condition, including if such business changes result in reduced App Store or other sales, reductions in the] rate of the commission that the Company retains on such [removed: sales is reduced,] [added: sales,] or if [removed: it] [added: the rate of the commission] is otherwise narrowed in scope or [removed: eliminated, the Company’s business, results of operations and financial condition could be materially adversely affected.][added: eliminated.]

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 10

The Company’s business requires it to use and store confidential information, including personal [removed: information,] [added: information] with respect to the Company’s customers and employees.

The Company devotes significant resources to [removed: network] [added: systems] and data security, including through the use of encryption and other security measures intended to protect its systems and data.

These attacks seek to compromise the confidentiality, integrity or availability of confidential information or disrupt normal business operations, and can, among other things, impair the Company’s ability to attract and retain customers for its products and services, impact the Company’s stock price, materially damage commercial relationships, and expose the Company to litigation or government investigations, which [removed: could] [added: can] result in penalties, fines or judgments against the Company.

In addition, attacks against the Company and its customers can escalate during periods of [removed: severe diplomatic] [added: geopolitical tensions] or [removed: armed] conflict.

As with all companies, these security measures may not be sufficient for all eventualities and [removed: may be] [added: are] vulnerable to hacking, ransomware attacks, employee error, malfeasance, system error, faulty password management or other irregularities.

For example, third parties can fraudulently induce the Company’s or its [removed: vendors’] [added: suppliers’ and other third parties’] employees or customers into disclosing usernames, passwords or other sensitive information, which can, in turn, be used for unauthorized access to the Company’s or [removed: its vendors’] [added: such suppliers’ or third parties’] systems and services.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 11

The plaintiffs in these actions frequently seek [removed: injunctions] [added: broad injunctive relief] and substantial damages.

For example, global supply chains can be highly concentrated and geopolitical tensions or conflict could result in significant disruptions.

New products, services and technologies may replace or supersede existing offerings and may produce lower revenues and lower profit margins, which can materially adversely impact the Company’s business, results of operations and financial condition.

The introduction of new and complex technologies, such as artificial intelligence features, can increase these and other safety risks, including exposing users to harmful, inaccurate or other negative content and experiences.

Errors, bugs and vulnerabilities can be exploited by third parties, compromising the safety and security of a user’s device.

The Company has also implemented changes to iOS, iPadOS, the App Store and Safari® in the European Union (“EU”) as it seeks to comply with the Digital Markets Act (the “DMA”), including new business terms and alternative fee structures for iOS and iPadOS apps, alternative methods of distribution for iOS and iPadOS apps, alternative payment processing for apps across the Company’s operating systems, and additional tools and application programming interfaces (“APIs”) for developers.

The Company expects to make further business changes in the future.

The Company has also implemented changes to iOS, iPadOS, the App Store and Safari in the EU as it seeks to comply with the DMA, including new business terms and alternative fee structures for iOS and iPadOS apps, alternative methods of distribution for iOS and iPadOS apps, alternative payment processing for apps across the Company’s operating systems, and additional tools and APIs for developers.

The Company has also continued to make changes to its compliance plan in response to feedback and engagement with the European Commission (the “Commission”).

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.

The DMA provides for significant fines and penalties for noncompliance, and 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 that the DMA poses to EU users, many risks will remain.

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.

Apple Inc. | 2024 Form 10-K | 16

Political uncertainty surrounding trade and other international disputes could also have a negative effect on consumer confidence and spending, which could adversely affect the Company’s business.

The Company expects to make further business changes in the future, including as a result of legislative initiatives impacting the App Store, such as the European Union (“EU”) Digital Markets Act, which the Company is required to comply with by March 2024.

The Company is also subject to litigation and investigations relating to the App Store, which have resulted in changes to the Company’s business practices, and may in the future result in further changes.

This could reduce the volume of sales, and the commission that the Company earns on those sales, would decrease.

Except as described in Part I, Item 3 of this Form 10-K under the heading “Legal Proceedings” and in Part II, Item 8 of this Form 10-K in the Notes to Consolidated Financial Statements in Note 12, “Commitments, Contingencies and Supply Concentrations” under the heading “Contingencies,” 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.

The Company expects to make further business changes in the future, including as a result of legislative initiatives impacting the App Store, such as the EU Digital Markets Act, which the Company is required to comply with by March 2024, or similar laws in other jurisdictions.

The Company is also subject to litigation relating to the App Store, which has resulted in changes to the Company’s business practices, and may in the future result in further changes.

This Item generally discusses [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] items and year-to-year comparisons between [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]

Discussions of [removed: 2021] [added: 2022] items and year-to-year comparisons between [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] are not included, and can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended September [removed: 24, 2022.*][added: 30, 2023.*]

The Company’s fiscal [removed: year 2023 spanned 53 weeks, whereas fiscal] years [removed: 2022] [added: 2024] and [removed: 2021] [added: 2022] spanned 52 weeks [removed: each.][added: each, whereas fiscal year 2023 spanned 53 weeks.]

Significant announcements during fiscal year [removed: 2023] [added: 2024] included the following:

First Quarter [removed: 2023:][added: 2024:]

- iPad [removed: and iPad] Pro;

Second Quarter [removed: 2023:][added: 2024:]

- MacBook Pro [removed: 14”, MacBook Pro 16” and Mac mini;] [added: 16-in.;] and

Third Quarter [removed: 2023:][added: 2024:]

- MacBook Air [removed: 15”, Mac Studio] [added: 13-in.;] and [removed: Mac Pro;]

- iOS [removed: 17,] [added: 18,] macOS [removed: Sonoma,] [added: Sequoia,] iPadOS [removed: 17, tvOS 17 and] [added: 18,] watchOS [removed: 10,] [added: 11, visionOS 2 and tvOS 18,] updates to the Company’s operating [removed: systems.][added: systems; and]

Fourth Quarter [removed: 2023:][added: 2024:]

- iPhone [removed: 15,] [added: 16,] iPhone [removed: 15] [added: 16] Plus, iPhone [removed: 15] [added: 16] Pro and iPhone [removed: 15] [added: 16] Pro Max; [removed: and]

- Apple Watch Series [removed: 9] [added: 10;] and [removed: Apple Watch Ultra 2.]

In May [removed: 2023,] [added: 2024,] the Company announced a new share repurchase program of up to [removed: $90] [added: $110] billion and raised its quarterly dividend from [removed: $0.23 to] $0.24 [added: to $0.25] per share beginning in May [removed: 2023.][added: 2024.]

During [removed: 2023,] [added: 2024,] the Company repurchased [removed: $76.6] [added: $95.0] billion of its common stock and paid dividends and dividend equivalents of [removed: $15.0] [added: $15.2] billion.

[removed: *Macroeconomic Conditions*][added: Macroeconomic Conditions]

Macroeconomic conditions, including inflation, [removed: changes in] interest [removed: rates,] [added: 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. | [removed: 2023] [added: 2024] Form 10-K | [removed: 20][added: 21]

The following table shows net sales by reportable segment for [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] (dollars in millions):

| | | | [removed: 2023] [added: 2024] | | | | | | Change | | | | | | [removed: 2022] [added: 2023] | | | | | | Change | | | | | | [removed: 2021] [added: 2022] | | |

| Americas | | | $ | [removed: 162,560] [added: 167,045] | | | | | [removed: (4)] [added: 3] | | % | | | | $ | [removed: 169,658] [added: 162,560] | | | | | [removed: 11] [added: (4)] | | % | | | | $ | [removed: 153,306] [added: 169,658] | |

| Europe | | | [removed: 94,294] [added: 101,328] | | | | | | [removed: (1)] [added: 7] | | % | | | | [removed: 95,118] [added: 94,294] | | | | | | [removed: 7] [added: (1)] | | % | | | | [removed: 89,307] [added: 95,118] | | |

| Greater China | | | [removed: 72,559] [added: 66,952] | | | | | | [removed: (2)] [added: (8)] | | % | | | | [removed: 74,200] [added: 72,559] | | | | | | [removed: 9] [added: (2)] | | % | | | | [removed: 68,366] [added: 74,200] | | |

| Japan | | | [removed: 24,257] [added: 25,052] | | | | | | [removed: (7)] [added: 3] | | % | | | | [removed: 25,977] [added: 24,257] | | | | | | [removed: (9)] [added: (7)] | | % | | | | [removed: 28,482] [added: 25,977] | | |

| Rest of Asia Pacific | | | [removed: 29,615] [added: 30,658] | | | | | | [removed: 1] [added: 4] | | % | | | | [removed: 29,375] [added: 29,615] | | | | | | [removed: 11] [added: 1] | | % | | | | [removed: 26,356] [added: 29,375] | | |

| Total net sales | | | $ | [removed: 383,285] [added: 391,035] | | | | | [removed: (3)] [added: 2] | | % | | | | $ | [removed: 394,328] [added: 383,285] | | | | | [removed: 8] [added: (3)] | | % | | | | $ | [removed: 365,817] [added: 394,328] | |

[removed: Americas] [added: iPad] net sales decreased [removed: 4% or $7.1 billion] during [removed: 2023] [added: 2024] compared to [removed: 2022] [added: 2023] due [added: primarily] to lower net sales of [removed: iPhone] [added: iPad Pro] and [removed: Mac,] [added: the entry-level iPad models,] partially offset by higher net sales of [removed: Services.][added: iPad Air.]

Greater China net sales decreased [removed: 2% or $1.6 billion] during [removed: 2023] [added: 2024] compared to [removed: 2022.][added: 2023 due primarily to lower net sales of iPhone and iPad.]

The weakness in the renminbi relative to the U.S. dollar [removed: accounted for more than the entire] [added: had an unfavorable] year-over-year [removed: decrease in] [added: impact on] Greater China net [removed: sales, which consisted primarily of lower net] sales [removed: of Mac and iPhone.][added: during 2024.]

Rest of Asia Pacific net sales increased [removed: 1% or $240 million] during [removed: 2023] [added: 2024] compared to [removed: 2022.][added: 2023 due primarily to higher net sales of Services.]

The weakness in foreign currencies relative to the U.S. dollar had a [removed: significantly] [added: net] unfavorable year-over-year impact on Rest of Asia Pacific net [removed: sales.][added: sales during 2024.]

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 21][added: 22]

The following table shows net sales by category for [removed: 2023, 2022] [added: 2024, 2023] and [removed: 2021] [added: 2022] (dollars in millions):

| [removed: Net] [added: Percentage of total net] sales [removed: by category:] | | | [added: 8] | | [added: %] | | | | | | | | | | [added: 8] | | [added: %] | | | | | | | | | | [added: 7] | | [added: %] |

| iPhone [removed: (1)] | | | $ | [removed: 200,583] [added: 201,183] | | | | | [removed: (2)] [added: —] | | % | | | | $ | [removed: 205,489] [added: 200,583] | | | | | [removed: 7] [added: (2)] | | % | | | | $ | [removed: 191,973] [added: 205,489] | |

| Mac [removed: (1)] | | | [removed: 29,357] [added: 29,984] | | | | | | [removed: (27)] [added: 2] | | % | | | | [removed: 40,177] [added: 29,357] | | | | | | [removed: 14] [added: (27)] | | % | | | | [removed: 35,190] [added: 40,177] | | |

| iPad [removed: (1)] | | | [removed: 28,300] [added: 26,694] | | | | | | [removed: (3)] [added: (6)] | | % | | | | [removed: 29,292] [added: 28,300] | | | | | | [removed: (8)] [added: (3)] | | % | | | | [removed: 31,862] [added: 29,292] | | |

| Wearables, Home and Accessories [removed: (1)] | | | [removed: 39,845] [added: 37,005] | | | | | | [removed: (3)] [added: (7)] | | % | | | | [removed: 41,241] [added: 39,845] | | | | | | [removed: 7] [added: (3)] | | % | | | | [removed: 38,367] [added: 41,241] | | |

| Services [removed: (2)] [added: (1)] | | | [removed: 85,200] [added: 96,169] | | | | | | [removed: 9] [added: 13] | | % | | | | [removed: 78,129] [added: 85,200] | | | | | | [removed: 14] [added: 9] | | % | | | | [removed: 68,425] [added: 78,129] | | |

Product, Service and Software Announcements

- MacBook Pro 14-in.;

- iMac.

- MacBook Air 15-in.

- iPad Air;

- Apple Intelligence™, a personal intelligence system that uses generative models.

- AirPods 4.

Americas net sales increased during 2024 compared to 2023 due primarily to higher net sales of Services.

Japan net sales increased during 2024 compared to 2023 due primarily to higher net sales of iPhone.

The weakness in the yen relative to the U.S. dollar had an unfavorable year-over-year impact on Japan net sales during 2024.

| | | | 2024 | | | | | | Change | | | | | | 2023 | | | | | | Change | | | | | | 2022 | | |

| Total net sales | | | $ | 391,035 | | | | | 2 | | % | | | | $ | 383,285 | | | | | (3) | | % | | | | $ | 394,328 | |

iPhone net sales were relatively flat during 2024 compared to 2023.

Services net sales increased during 2024 compared to 2023 due primarily to higher net sales from advertising, the App Store® and cloud services.

Services gross margin percentage increased during 2024 compared to 2023 due to a different Services mix.

| | | | 2024 | | | | | | Change | | | | | | 2023 | | | | | | Change | | | | | | 2022 | | |

Selling, general and administrative expense increased $1.2 billion during 2024 compared to 2023.

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

*State Aid Decision Tax Payable*

As of September 28, 2024, the Company had an obligation to pay €14.2 billion or $15.8 billion to Ireland in connection with the State Aid Decision, all of which was expected to be paid within 12 months.

The funds necessary to settle the obligation were held in escrow as of September 28, 2024, and restricted from general use.

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 using a prospective 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.

Fiscal Year Highlights

The Company’s total net sales were $383.3 billion and net income was $97.0 billion during 2023.

The Company’s total net sales decreased 3% or $11.0 billion during 2023 compared to 2022.

The weakness in foreign currencies relative to the U.S. dollar accounted for more than the entire year-over-year decrease in total net sales, which consisted primarily of lower net sales of Mac and iPhone, partially offset by higher net sales of Services.

- Next-generation Apple TV 4K; and

- MLS Season Pass, a Major League Soccer subscription streaming service.

- Second-generation HomePod.

- Apple Vision Pro™, the Company’s first spatial computer featuring its new visionOS™, expected to be available in early calendar year 2024; and

| Net sales by reportable segment: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

Europe net sales decreased 1% or $824 million during 2023 compared to 2022.

The weakness in foreign currencies relative to the U.S. dollar accounted for more than the entire year-over-year decrease in Europe net sales, which consisted primarily of lower net sales of Mac and Wearables, Home and Accessories, partially offset by higher net sales of iPhone and Services.

Japan net sales decreased 7% or $1.7 billion during 2023 compared to 2022.

The weakness in the yen relative to the U.S. dollar accounted for more than the entire year-over-year decrease in Japan net sales, which consisted primarily of lower net sales of iPhone, Wearables, Home and Accessories and Mac.

The net sales increase consisted of higher net sales of iPhone and Services, partially offset by lower net sales of Mac and iPad.

(2)Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.

iPhone net sales decreased 2% or $4.9 billion during 2023 compared to 2022 due to lower net sales of non-Pro iPhone models, partially offset by higher net sales of Pro iPhone models.

iPad net sales decreased 3% or $1.0 billion during 2023 compared to 2022 due primarily to lower net sales of iPad mini and iPad Air, partially offset by the combined net sales of iPad 9th and 10th generation.

Products gross margin percentage increased during 2023 compared to 2022 due to cost savings and a different Products mix, partially offset by the weakness in foreign currencies relative to the U.S. dollar and decreased leverage.

Services gross margin percentage decreased during 2023 compared to 2022 due to higher Services costs and the weakness in foreign currencies relative to the U.S. dollar, partially offset by a different Services mix.

| Percentage of total net sales | | | 14 | | % | | | | | | | | | | 13 | | % | | | | | | | | | | 12 | | % |

Selling, general and administrative expense was relatively flat in 2023 compared to 2022.

The Company’s manufacturing purchase obligations are primarily noncancelable.

The following table sets forth potential impacts on the Company’s investment portfolio and term debt, including the effects of any associated derivatives, that would result from a hypothetical increase in relevant interest rates as of September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022] [added: 30, 2023] (dollars in millions):

| Interest Rate Sensitive Instrument | | | | | | Hypothetical Interest Rate Increase | | | | | | Potential Impact | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |

| Investment portfolio | | | | | | 100 basis points, all tenors | | | | | | Decline in fair value | | | | | | $ | [removed: 3,089] [added: 2,755] | | | | | $ | [removed: 4,022] [added: 3,089] | |

| Term debt | | | | | | 100 basis points, all tenors | | | | | | Increase in annual interest expense | | | | | | $ | [removed: 194] [added: 139] | | | | | $ | [removed: 201] [added: 194] | |

Based on the results of the model, the Company estimates, with 95% confidence, a maximum one-day loss in fair value of [removed: $669] [added: $538] million and [removed: $1.0 billion] [added: $669 million] as of September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022,] [added: 30, 2023,] respectively.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 26][added: 27]

The iPhone line includes iPhone [removed: 15] [added: 16] Pro, iPhone [removed: 15,] [added: 16,] iPhone [removed: 14,] [added: 15,] iPhone [removed: 13] [added: 14] and iPhone SE®.

Wearables includes [removed: smartwatches and] [added: smartwatches,] wireless [removed: headphones.][added: headphones and spatial computers.]

The Company’s line of smartwatches, based on its watchOS® operating system, includes Apple Watch [removed: Ultra™] [added: Ultra®] 2, Apple Watch® Series [removed: 9] [added: 10] and Apple Watch SE®.

The Company’s line of wireless headphones includes AirPods®, AirPods Pro®, AirPods [removed: Max™] [added: Max®] and Beats® products.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 1

During [removed: 2023,] [added: 2024,] the Company’s net sales through its direct and indirect distribution channels accounted for [removed: 37%] [added: 38%] and [removed: 63%,] [added: 62%,] respectively, of total net sales.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 2

The Company currently holds a broad collection of intellectual property rights relating to certain aspects of its [removed: hardware devices,] [added: hardware,] accessories, software and services.

This includes patents, designs, copyrights, [removed: trademarks] [added: trademarks, trade secrets] and other forms of intellectual property rights in the U.S. and various foreign countries.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 3

The Company [removed: believes it has a talented, motivated and dedicated team, and] works to create an inclusive, safe and supportive environment for all of its team [removed: members.][added: members, so that its people can do the best work of their lives.]

As of September [removed: 30, 2023,] [added: 28, 2024,] the Company had approximately [removed: 161,000] [added: 164,000] full-time equivalent employees.

In support of this, the Company offers a wide variety of benefits for employees around the [removed: world and invests in tools and resources that are designed to support employees’ individual growth] [added: world, including health, wellness] and [removed: development.][added: time away.]

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | 4

Apple Vision Pro™ is the Company’s first spatial computer based on its visionOS™ operating system.

The Company believes that its people play an important role in its success, and strives to attract, develop and retain the best talent.

*Growth and Development*

The Company invests in resources to help its people develop and achieve their career goals.

The Company offers programs through Apple University on leadership, management and influence, as well as Apple culture and values.

Team members can also take advantage of online classes for business, technical and personal development, as well as learning opportunities to support their well-being.

Epic Games, Inc. (“Epic”) filed a lawsuit in the U.S. District Court for the Northern District of California (the [removed: “District] [added: “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 [added: 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 Company settled certain matters during the fourth quarter of [removed: 2023] [added: 2024] that did not individually or in the aggregate have a material impact on the Company’s financial condition or operating results.

*Digital Markets Act Investigations*

On March 25, 2024, the Commission announced that it had opened two formal noncompliance investigations against the Company under 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.

On June 24, 2024, the Commission announced its preliminary findings in the Article 5(4) investigation alleging that the Company’s App Store rules are in breach of the DMA and announced that it had opened a third formal investigation against the Company regarding whether the Company’s new contractual requirements for third-party app developers and app marketplaces may violate the DMA.

If the Commission makes a final determination 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 has continued to make changes to its compliance plan in response to feedback and engagement with the Commission.

*Department of Justice Lawsuit*

On March 21, 2024, the U.S. Department of Justice (the “DOJ”) and a number of 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.

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.

A motion by Epic disputing the Company’s compliance plan and seeking to enforce the injunction, which the Company has opposed, is pending before the California District Court.

On September 30, 2024, the Company filed a motion with the California District Court to narrow or vacate the injunction.

The Company believes it has substantial defenses and intends to vigorously defend itself.

On September 10, 2021, the District Court ruled in favor of the Company with respect to nine out of the ten counts included in Epic’s claim.

On April 24, 2023, the U.S. Court of Appeals for the Ninth Circuit (the “Circuit Court”) affirmed the District Court’s ruling.

On June 7, 2023, the Company and Epic filed petitions with the Circuit Court requesting further review of the decision.

On June 30, 2023, the Circuit Court denied both petitions.

On July 17, 2023, the Circuit Court granted Apple’s motion to stay enforcement of the injunction pending appeal to the U.S. Supreme Court.

If the U.S. Supreme Court denies Apple’s petition, the stay of the injunction will expire.

*Masimo*

Masimo Corporation and Cercacor Laboratories, Inc. (together, “Masimo”) filed a complaint before the U.S. International Trade Commission (the “ITC”) alleging infringement by the Company of five patents relating to the functionality of the blood oxygen feature in Apple Watch Series 6 and 7.

In its complaint, Masimo sought a permanent exclusion order prohibiting importation to the United States of certain Apple Watch models that include blood oxygen sensing functionality.

On October 26, 2023, the ITC entered a limited exclusion order (the “Order”) prohibiting importation and sales in the United States of Apple Watch models with blood oxygen sensing functionality, which includes Apple Watch Series 9 and Ultra 2.

The Order will not go into effect until the end of the administrative review period, which is currently expected to end on December 25, 2023.

The Company intends to appeal the Order and seek a stay pending the appeal.

For the fiscal year ended September [removed: 30, 2023][added: 28, 2024]

[removed: ][added: ]

The aggregate market value of the voting and non-voting stock held by non-affiliates of the Registrant, as of March [removed: 31, 2023,] [added: 29, 2024,] the last business day of the Registrant’s most recently completed second fiscal quarter, was approximately [removed: $2,591,165,000,000.][added: $2,628,553,000,000.]

[removed: 15,552,752,000] [added: 15,115,823,000] shares of common stock were issued and outstanding as of October [removed: 20, 2023.][added: 18, 2024.]

Portions of the Registrant’s definitive proxy statement relating to its [removed: 2024] [added: 2025] annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.

For the Fiscal Year Ended September [removed: 30, 2023][added: 28, 2024]

| [Item [removed: 1.](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_1499)] [added: 1.](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_13)] | | | [removed: [Business](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_1499)] [added: [Business](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_13)] | | | [removed: [1](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_1499)] [added: [1](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_13)] | | |

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| [Item [removed: 13](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_163).] [added: 13](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_268).] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_163)] [added: Independence](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_268)] | | | [removed: [53](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_163)] [added: [52](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_268)] | | |

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| [Item [removed: 15.](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_172)] [added: 15.](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_277)] | | | [Exhibit and Financial Statement [removed: Schedules](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_172)] [added: Schedules](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_277)] | | | [removed: [54](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_172)] [added: [53](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_277)] | | |

| [Item [removed: 16.](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_175)] [added: 16.](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_280)] | | | [Form 10-K [removed: Summary](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_175)] [added: Summary](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_280)] | | | [removed: [57](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_175)] [added: [56](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_280)] | | |

| [Part I](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_10) | | | | | | | | |

| [Item 1C.](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_73) | | | [Cybersecurity](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_73) | | | [17](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_73) | | |

| [Part II](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_85) | | | | | | | | |

| [Part III](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_256) | | | | | | | | |

| [Part IV](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_274) | | | | | | | | |

| 1.375% Notes due 2024 | | | — | | | The Nasdaq Stock Market LLC | | |

| [Part I](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_10) | | | | | | | | |

| [Item 1C.](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_1483) | | | [C](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_1483)[ybersecurity](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_1483) | | | [16](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_1483) | | |

| [Part II](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_31) | | | | | | | | |

| [Part III](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_151) | | | | | | | | |

| [Part IV](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_169) | | | | | | | | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 16][added: 17]

The Company’s management, led by its Head of Corporate Information Security, has overall responsibility for identifying, assessing and managing any material risks from cybersecurity threats.

The Company’s Head of Corporate Information Security leads a dedicated Information Security team of highly skilled individuals with experience across industries that, among other things, develops and distributes information security policies, standards and procedures; engages in employee cybersecurity training; implements security controls; assesses security risk and compliance posture; monitors and responds to security events; and executes security testing and assessments.

The Company’s Head of Corporate Information Security has extensive knowledge and skills gained from over 25 years of experience in the cybersecurity industry, including serving in leadership positions at other large technology companies and leading the Company’s Information Security team since 2016.

The Company’s Information Security team coordinates with teams across the Company to prevent, respond to and manage security incidents, and engages third parties, as appropriate, to assess, test or otherwise assist with aspects of its security processes and incident response.

A dedicated Supplier Trust team manages information security risks the Company is exposed to through its supplier relationships.

The Company has processes to log, track, address, and escalate for further assessment and report, as appropriate, cybersecurity incidents across the Company and its suppliers to senior management and the Audit and Finance Committee (the “Audit Committee”) of the Board.

The Company’s enterprise risk management program is designed to identify, assess, and monitor the Company’s business risks, including financial, operational, compliance and reputational risks, and reflects management’s assessment of cybersecurity risks.

The Audit Committee assists the Board in the oversight and monitoring of cybersecurity matters.

The Audit Committee regularly reviews and discusses the Company’s cybersecurity risks with management, including the Company’s Head of Corporate Information Security, its General Counsel and the Heads of Compliance and Business Conduct, Business Assurance, and Internal Audit, and receives updates, as necessary, regarding cybersecurity incidents.

The Chair of the Audit Committee regularly reports the substance of such reviews and discussions to the Board, as necessary, and recommends to the Board such actions as the Audit Committee deems appropriate.

For a discussion of the Company’s cybersecurity-related risks, see Item 1A of this Form 10-K under the heading “Risk Factors.”

Not applicable.

As of September [removed: 30, 2023,] [added: 28, 2024,] the Company owned or leased facilities and land for corporate functions, R&D, data centers, retail and other purposes at locations throughout the U.S. and in various places outside the U.S. The Company believes its existing facilities and equipment, which are used by all reportable segments, are in good operating condition and are suitable for the conduct of its business.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 17][added: 18]

As of October [removed: 20, 2023,] [added: 18, 2024,] there were [removed: 23,763] [added: 23,301] shareholders of record.

Share repurchase activity during the three months ended September [removed: 30, 2023] [added: 28, 2024] was as follows (in millions, except number of shares, which are reflected in thousands, and per-share amounts):

| Open market and privately negotiated purchases | | | | | | [removed: 33,864] [added: 35,697] | | | | | | $ | [removed: 191.62] [added: 224.11] | | | | | [removed: 33,864] [added: 35,697] | | | | | | | | |

| Open market and privately negotiated purchases | | | | | | [removed: 30,299] [added: 42,910] | | | | | | $ | [removed: 178.99] [added: 221.39] | | | | | [removed: 30,299] [added: 42,910] | | | | | | | | |

| Open market and privately negotiated purchases | | | | | | [removed: 20,347] [added: 33,653] | | | | | | $ | [removed: 176.31] [added: 222.86] | | | | | [removed: 20,347] [added: 33,653] | | | | | | | | |

(1)As of September [removed: 30, 2023,] [added: 28, 2024,] the Company was authorized by the Board [removed: of Directors] to purchase up to [removed: $90] [added: $110] billion of the Company’s common stock under a share repurchase program announced on May [removed: 4, 2023,] [added: 2, 2024,] of which [removed: $15.9] [added: $20.9] billion had been utilized.

During the fourth quarter of [removed: 2023,] [added: 2024,] the Company also utilized the final [removed: $4.6] [added: $4.1] billion under its previous repurchase program, which was [removed: most recently] authorized in [removed: April 2022.][added: May 2023.]

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 18][added: 19]

The graph assumes $100 was invested in each of the Company’s common stock, the S&P 500 Index and the Dow Jones U.S. Technology Supersector Index as of the market close on September [removed: 28, 2018.][added: 27, 2019.]

[removed: ][added: ]

| | | | | | | September [removed: 2018] [added: 2019] | | | | | | September [removed: 2019] [added: 2020] | | | | | | September [removed: 2020] [added: 2021] | | | | | | September [removed: 2021] [added: 2022] | | | | | | September [removed: 2022] [added: 2023] | | | | | | September [removed: 2023] [added: 2024] | | |

| Dow Jones U.S. Technology Supersector Index | | | | | | $ | 100 | | | | | $ | [removed: 105] [added: 146] | | | | | $ | [removed: 154] [added: 216] | | | | | $ | [removed: 227] [added: 156] | | | | | $ | [removed: 164] [added: 215] | | | | | $ | [removed: 226] [added: 322] | |

| June 30, 2024 to August 3, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| August 4, 2024 to August 31, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| September 1, 2024 to September 28, 2024: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 112,260 | | | | | | | | | | | | | | | | | | $ | 89,074 | |

| Apple Inc. | | | | | | $ | 100 | | | | | $ | 207 | | | | | $ | 273 | | | | | $ | 281 | | | | | $ | 322 | | | | | $ | 430 | |

| S&P 500 Index | | | | | | $ | 100 | | | | | $ | 113 | | | | | $ | 156 | | | | | $ | 131 | | | | | $ | 155 | | | | | $ | 210 | |

| July 2, 2023 to August 5, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| August 6, 2023 to September 2, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| August 2023 ASRs | | | | | | 22,085 | | | (2) | | | (2) | | | | | | 22,085 | | | (2) | | | | | |

| September 3, 2023 to September 30, 2023: | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Total | | | | | | 106,595 | | | | | | | | | | | | | | | | | | $ | 74,069 | |

(2)In August 2023, the Company entered into new accelerated share repurchase agreements (“ASRs”).

Under the terms of the ASRs, two financial institutions committed to deliver shares of the Company’s common stock during the purchase periods in exchange for up-front payments totaling $5.0 billion.

The total number of shares ultimately delivered under the ASRs, and therefore the average repurchase price paid per share, is determined based on the volume-weighted average price of the Company’s common stock during the ASRs’ purchase periods, which end in the first quarter of 2024.

| Apple Inc. | | | | | | $ | 100 | | | | | $ | 98 | | | | | $ | 204 | | | | | $ | 269 | | | | | $ | 277 | | | | | $ | 317 | |

| S&P 500 Index | | | | | | $ | 100 | | | | | $ | 104 | | | | | $ | 118 | | | | | $ | 161 | | | | | $ | 136 | | | | | $ | 160 | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 19][added: 20]

| [Consolidated Statements of Operations for the years ended September [removed: 30, 2023,] [added: 28, 2024,] September [removed: 24, 2022] [added: 30, 2023] and September [removed: 25, 2021](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_79)] [added: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_175)] | | | | | | [removed: [28](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_79)] [added: [29](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_175)] | | |

| [Consolidated Statements of Comprehensive Income for the years ended September [removed: 30, 2023,] [added: 28, 2024,] September [removed: 24, 2022] [added: 30, 2023] and September [removed: 25, 2021](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_82)] [added: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_178)] | | | | | | [removed: [29](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_82)] [added: [30](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_178)] | | |

| [Consolidated Balance Sheets as of September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_85)] [added: 30, 2023](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_181)] | | | | | | [removed: [30](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_85)] [added: [31](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_181)] | | |

| [Consolidated Statements of Shareholders’ Equity for the years ended September [removed: 30, 2023,] [added: 28, 2024,] September [removed: 24, 2022] [added: 30, 2023] and September [removed: 25, 2021](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_88)] [added: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_184)] | | | | | | [removed: [31](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_88)] [added: [32](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_184)] | | |

| [Consolidated Statements of Cash Flows for the years ended September [removed: 30, 2023,] [added: 28, 2024,] September [removed: 24, 2022] [added: 30, 2023] and September [removed: 25, 2021](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_91)] [added: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_187)] | | | | | | [removed: [32](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_91)] [added: [33](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_187)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_94)] [added: Statements](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_190)] | | | | | | [removed: [33](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_94)] [added: [34](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_190)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_136)] [added: Firm](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_235)] | | | | | | [removed: [49](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_136)] [added: [48](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_235)] | | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 27][added: 28]

| | | | September [removed: 30, 2023] [added: 28, 2024] | | | | | | September [removed: 24, 2022] [added: 30, 2023] | | | | | | September [removed: 25, 2021] [added: 24, 2022] | | |

| Products | | | $ | [removed: 298,085] [added: 294,866] | | | | | $ | [removed: 316,199] [added: 298,085] | | | | | $ | [removed: 297,392] [added: 316,199] | |

| Services | | | [removed: 85,200] [added: 96,169] | | | | | | [removed: 78,129] [added: 85,200] | | | | | | [removed: 68,425] [added: 78,129] | | |

| Total net sales | | | [removed: 383,285] [added: 391,035] | | | | | | [removed: 394,328] [added: 383,285] | | | | | | [removed: 365,817] [added: 394,328] | | |

| Products | | | [removed: 189,282] [added: 185,233] | | | | | | [removed: 201,471] [added: 189,282] | | | | | | [removed: 192,266] [added: 201,471] | | |

| Services | | | [removed: 24,855] [added: 25,119] | | | | | | [removed: 22,075] [added: 24,855] | | | | | | [removed: 20,715] [added: 22,075] | | |

| Total cost of sales | | | [removed: 214,137] [added: 210,352] | | | | | | [removed: 223,546] [added: 214,137] | | | | | | [removed: 212,981] [added: 223,546] | | |

| Gross margin | | | [removed: 169,148] [added: 180,683] | | | | | | [removed: 170,782] [added: 169,148] | | | | | | [removed: 152,836] [added: 170,782] | | |

| Research and development | | | [removed: 29,915] [added: 31,370] | | | | | | [removed: 26,251] [added: 29,915] | | | | | | [removed: 21,914] [added: 26,251] | | |

| Selling, general and administrative | | | [removed: 24,932] [added: 26,097] | | | | | | [removed: 25,094] [added: 24,932] | | | | | | [removed: 21,973] [added: 25,094] | | |

| Total operating expenses | | | [removed: 54,847] [added: 57,467] | | | | | | [removed: 51,345] [added: 54,847] | | | | | | [removed: 43,887] [added: 51,345] | | |

| Operating income | | | [removed: 114,301] [added: 123,216] | | | | | | [removed: 119,437] [added: 114,301] | | | | | | [removed: 108,949] [added: 119,437] | | |

| Other income/(expense), net | | | [removed: (565)] [added: 269] | | | | | | [removed: (334)] [added: (565)] | | | | | | [removed: 258] [added: (334)] | | |

| Income before provision for income taxes | | | [removed: 113,736] [added: 123,485] | | | | | | [removed: 119,103] [added: 113,736] | | | | | | [removed: 109,207] [added: 119,103] | | |

| Provision for income taxes | | | [removed: 16,741] [added: 29,749] | | | | | | [removed: 19,300] [added: 16,741] | | | | | | [removed: 14,527] [added: 19,300] | | |

| Net income | | | $ | [removed: 96,995] [added: 93,736] | | | | | $ | [removed: 99,803] [added: 96,995] | | | | | $ | [removed: 94,680] [added: 99,803] | |

| Basic | | | $ | [removed: 6.16] [added: 6.11] | | | | | $ | [removed: 6.15] [added: 6.16] | | | | | $ | [removed: 5.67] [added: 6.15] | |

| Diluted | | | $ | [removed: 6.13] [added: 6.08] | | | | | $ | [removed: 6.11] [added: 6.13] | | | | | $ | [removed: 5.61] [added: 6.11] | |

| Basic | | | [removed: 15,744,231] [added: 15,343,783] | | | | | | [removed: 16,215,963] [added: 15,744,231] | | | | | | [removed: 16,701,272] [added: 16,215,963] | | |

| Diluted | | | [removed: 15,812,547] [added: 15,408,095] | | | | | | [removed: 16,325,819] [added: 15,812,547] | | | | | | [removed: 16,864,919] [added: 16,325,819] | | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 28][added: 29]

| Change in foreign currency translation, net of tax | | | [removed: (765)] [added: 395] | | | | | | [removed: (1,511)] [added: (765)] | | | | | | [removed: 501] [added: (1,511)] | | |

| Change in fair value of derivative instruments | | | [removed: 323] [added: (832)] | | | | | | [removed: 3,212] [added: 323] | | | | | | [removed: 32] [added: 3,212] | | |

| Adjustment for net (gains)/losses realized and included in net income | | | [removed: (1,717)] [added: (1,337)] | | | | | | [removed: (1,074)] [added: (1,717)] | | | | | | [removed: 1,003] [added: (1,074)] | | |

| Total change in unrealized gains/losses on derivative instruments | | | [removed: (1,394)] [added: (2,169)] | | | | | | [removed: 2,138] [added: (1,394)] | | | | | | [removed: 1,035] [added: 2,138] | | |

| Change in fair value of marketable debt securities | | | [removed: 1,563] [added: 5,850] | | | | | | [removed: (12,104)] [added: 1,563] | | | | | | [removed: (694)] [added: (12,104)] | | |

| Adjustment for net (gains)/losses realized and included in net income | | | [removed: 253] [added: 204] | | | | | | [removed: 205] [added: 253] | | | | | | [removed: (273)] [added: 205] | | |

| Total change in unrealized gains/losses on marketable debt securities | | | [removed: 1,816] [added: 6,054] | | | | | | [removed: (11,899)] [added: 1,816] | | | | | | [removed: (967)] [added: (11,899)] | | |

| Total other comprehensive income/(loss) | | | [removed: (343)] [added: 4,280] | | | | | | [removed: (11,272)] [added: (343)] | | | | | | [removed: 569] [added: (11,272)] | | |

| Total comprehensive income | | | $ | [removed: 96,652] [added: 98,016] | | | | | $ | [removed: 88,531] [added: 96,652] | | | | | $ | [removed: 95,249] [added: 88,531] | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 29][added: 30]

| | | | September [added: 28, 2024 | | | | | | September] 30, 2023 | | | | | | September 24, 2022 | | |

| | | | September 28, 2024 | | | | | | September 30, 2023 | | |

| | | | September 28, 2024 | | | | | | September 30, 2023 | | | | | | September 24, 2022 | | |

| Net income | | | 93,736 | | | | | | 96,995 | | | | | | 99,803 | | |

| | | | September 28, 2024 | | | | | | September 30, 2023 | | | | | | September 24, 2022 | | |

| Net income | | | 93,736 | | | | | | 96,995 | | | | | | 99,803 | | |

| Net income | | | $ | 93,736 | | | | | $ | 96,995 | | | | | $ | 99,803 | |

| Cash | | | $ | 27,199 | | | | | $ | — | | | | | $ | — | | | | | $ | 27,199 | | | | | $ | 27,199 | | | | | $ | — | | | | | $ | — | |

| Mutual funds | | | 515 | | | | | | 105 | | | | | | (3) | | | | | | 617 | | | | | | — | | | | | | 617 | | | | | | — | | |

| Subtotal | | | 1,293 | | | | | | 105 | | | | | | (3) | | | | | | 1,395 | | | | | | 778 | | | | | | 617 | | | | | | — | | |

| U.S. Treasury securities | | | 16,150 | | | | | | 45 | | | | | | (516) | | | | | | 15,679 | | | | | | 212 | | | | | | 4,087 | | | | | | 11,380 | | |

| U.S. agency securities | | | 5,431 | | | | | | — | | | | | | (272) | | | | | | 5,159 | | | | | | 155 | | | | | | 703 | | | | | | 4,301 | | |

| Non-U.S. government securities | | | 17,959 | | | | | | 93 | | | | | | (484) | | | | | | 17,568 | | | | | | 1,158 | | | | | | 10,810 | | | | | | 5,600 | | |

| Commercial paper | | | 1,066 | | | | | | — | | | | | | — | | | | | | 1,066 | | | | | | 28 | | | | | | 1,038 | | | | | | — | | |

| Corporate debt securities | | | 65,622 | | | | | | 270 | | | | | | (1,953) | | | | | | 63,939 | | | | | | 26 | | | | | | 16,027 | | | | | | 47,886 | | |

| Municipal securities | | | 412 | | | | | | — | | | | | | (7) | | | | | | 405 | | | | | | — | | | | | | 190 | | | | | | 215 | | |

| Mortgage- and asset-backed securities | | | 24,595 | | | | | | 175 | | | | | | (1,403) | | | | | | 23,367 | | | | | | — | | | | | | 1,278 | | | | | | 22,089 | | |

| Subtotal | | | 132,108 | | | | | | 583 | | | | | | (4,635) | | | | | | 128,056 | | | | | | 1,966 | | | | | | 34,611 | | | | | | 91,479 | | |

| Total (2)(3) | | | $ | 160,600 | | | | | $ | 688 | | | | | $ | (4,638) | | | | | $ | 156,650 | | | | | $ | 29,943 | | | | | $ | 35,228 | | | | | $ | 91,479 | |

(2)As of September 28, 2024, cash and cash equivalents included $2.6 billion held in escrow and restricted from general use.

These restricted cash and cash equivalents were designated to settle the Company’s obligation related to the State Aid Decision (refer to Note 7, “Income Taxes”).

(3)As of September 28, 2024 and September 30, 2023, total marketable securities included $13.2 billion and $13.8 billion, respectively, held in escrow and restricted from general use.

As of September 28, 2024, 86% of the Company’s non-current marketable debt securities other than mortgage- and asset-backed securities had maturities between 1 and 5 years, 10% between 5 and 10 years, and 4% greater than 10 years.

As of September 28, 2024, 14% of the Company’s non-current mortgage- and asset-backed securities had maturities between 1 and 5 years, 9% between 5 and 10 years, and 77% greater than 10 years.

| | | | 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | |

| | | | 2024 | | | | | | 2023 | | |

| Income taxes payable | | | $ | 9,254 | | | | | $ | 15,457 | |

As of September 28, 2024, the adjusted recovery amount of €12.7 billion plus interest of €1.2 billion was held in escrow and restricted from general use.

The total balance of the escrow, including net unrealized investment gains, was €14.2 billion or $15.8 billion as of September 28, 2024, of which $2.6 billion was classified as cash and cash equivalents and $13.2 billion was classified as current marketable securities in the Consolidated Balance Sheet.

On September 10, 2024, the ECJ announced that it had set aside the 2020 judgment of the General Court and confirmed the Commission’s 2016 State Aid Decision.

As a result, during the fourth quarter of 2024 the Company recorded a one-time income tax charge of $10.2 billion, net, which represents $15.8 billion payable to Ireland via release of the escrow, partially offset by a U.S. foreign tax credit of $4.8 billion and a decrease in unrecognized tax benefits of $823 million.

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| Deferred | | | (298) | | | | | | (49) | | | | | | 84 | | |

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| Impact of the State Aid Decision | | | 10,246 | | | | | | — | | | | | | — | | |

| Provision for income taxes | | | $ | 29,749 | | | | | $ | 16,741 | | | | | $ | 19,300 | |

| | | | 2024 | | | | | | 2023 | | |

| | | | | | | | | | | | | | | | | | |

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

| Cash paid for interest | | | $ | 3,803 | | | | | $ | 2,865 | | | | | $ | 2,687 | |

The third performance obligation is the right to receive, on a when-and-if-available basis, future unspecified software upgrades relating to the software bundled with each device.

(2)Services net sales include amortization of the deferred value of services bundled in the sales price of certain products.

| | | | 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Cash | | | $ | 18,546 | | | | | $ | — | | | | | $ | — | | | | | $ | 18,546 | | | | | $ | 18,546 | | | | | $ | — | | | | | $ | — | |

| Mutual funds | | | 274 | | | | | | — | | | | | | (47) | | | | | | 227 | | | | | | — | | | | | | 227 | | | | | | — | | |

| Subtotal | | | 3,203 | | | | | | — | | | | | | (47) | | | | | | 3,156 | | | | | | 2,929 | | | | | | 227 | | | | | | — | | |

| 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 | | |

| 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 (2) | | | $ | 183,061 | | | | | $ | 11 | | | | | $ | (13,963) | | | | | $ | 169,109 | | | | | $ | 23,646 | | | | | $ | 24,658 | | | | | $ | 120,805 | |

The following table shows the fair value of the Company’s non-current marketable debt securities, by contractual maturity, as of September 30, 2023 (in millions):

| | | | | | |

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

| Due after 1 year through 5 years | | | $ | 74,427 | |

| Due after 5 years through 10 years | | | 9,964 | | |

| Due after 10 years | | | 16,153 | | |

| Total fair value | | | $ | 100,544 | |

| | | | 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 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 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 uses 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 uses 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.

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%.

| Long-term taxes payable | | | $ | 15,457 | | | | | $ | 16,657 | |

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 September [removed: 30, 2023] [added: 28, 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.

Based on the Company’s assessment, management has concluded that its internal control over financial reporting was effective as of September [removed: 30, 2023] [added: 28, 2024] to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements in accordance with GAAP.

There were no changes in the Company’s internal control over financial reporting during the fourth quarter of [removed: 2023,] [added: 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. | [removed: 2023] [added: 2024] Form 10-K | [removed: 52][added: 51]

On August [removed: 30, 2023,] [added: 27, 2024,] Deirdre O’Brien, the Company’s Senior Vice President, Retail, [removed: and Jeff Williams, the Company’s Chief Operating Officer, each] entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

The [removed: plans provide] [added: plan provides] for the [removed: sale] [added: sale, subject to certain price limits,] of [removed: all] shares [removed: vested during the duration of the plans] [added: vesting between April 1, 2025 and October 1, 2026,] pursuant to certain equity awards granted to Ms. [removed: O’Brien and Mr. Williams, respectively,] [added: O’Brien,] excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations.

Ms. O’Brien’s plan will expire on December 31, 2026, subject to early termination in accordance with the terms of the plan.

On August 29, 2024, Jeff Williams, the Company’s Chief Operating Officer, entered into a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

The plan provides for the sale, subject to certain price limits, of up to 100,000 shares of common stock, as well as shares vesting between April 1, 2025 and October 1, 2025, pursuant to certain equity awards granted to Mr. Williams, excluding any shares withheld by the Company to satisfy income tax withholding and remittance obligations.

Mr. Williams’ plan will expire on December 15, 2025, subject to early termination in accordance with the terms of the plan.

Ms. O’Brien’s plan will expire on October 15, 2024, and Mr. Williams’ plan will expire on December 15, 2024, subject to early termination for certain specified events set forth in the plans.

The [added: remaining] information required by this Item will be included in the Company’s definitive proxy statement to be filed with the SEC within 120 days after September [removed: 30, 2023,] [added: 28, 2024,] in connection with the solicitation of proxies for the Company’s [removed: 2024] [added: 2025] annual meeting of shareholders (the [removed: “2024] [added: “2025] Proxy Statement”), and is incorporated herein by reference.

The Company has an insider trading policy governing the purchase, sale and other dispositions of the Company’s securities that applies to all Company personnel, including directors, officers, employees, and other covered persons.

The Company also follows procedures for the repurchase of its securities.

The Company believes that its insider trading policy and repurchase procedures are reasonably designed to promote compliance with insider trading laws, rules and regulations, and listing standards applicable to the Company.

A copy of the Company’s insider trading policy is filed as Exhibit 19.1 to this Form 10-K.

The information required by this Item will be included in the [removed: 2024] [added: 2025] Proxy Statement, and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2024] [added: 2025] Proxy Statement, and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2024] [added: 2025] Proxy Statement, and is incorporated herein by reference.

The information required by this Item will be included in the [removed: 2024] [added: 2025] Proxy Statement, and is incorporated herein by reference.

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 53][added: 52]

| [Consolidated Statements of Operations for the years ended September [removed: 30, 2023,] [added: 28, 2024,] September [removed: 24, 2022] [added: 30, 2023] and September [removed: 25, 2021](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_79)] [added: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_175)] | | | | | | [removed: [28](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_79)] [added: [29](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_175)] | | |

| [Consolidated Statements of Comprehensive Income for the years ended September [removed: 30, 2023,] [added: 28, 2024,] September [removed: 24, 2022] [added: 30, 2023] and September [removed: 25, 2021](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_82)] [added: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_178)] | | | | | | [removed: [29](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_82)] [added: [30](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_178)] | | |

| [Consolidated Balance Sheets as of September [removed: 30, 2023] [added: 28, 2024] and September [removed: 24, 2022](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_85)] [added: 30, 2023](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_181)] | | | | | | [removed: [30](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_85)] [added: [31](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_181)] | | |

| [Consolidated Statements of Shareholders’ Equity for the years ended September [removed: 30, 2023,] [added: 28, 2024,] September [removed: 24, 2022] [added: 30, 2023] and September [removed: 25, 2021](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_88)] [added: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_184)] | | | | | | [removed: [31](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_88)] [added: [32](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_184)] | | |

| [Consolidated Statements of Cash Flows for the years ended September [removed: 30, 2023,] [added: 28, 2024,] September [removed: 24, 2022] [added: 30, 2023] and September [removed: 25, 2021](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_91)] [added: 24, 2022](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_187)] | | | | | | [removed: [32](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_91)] [added: [33](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_187)] | | |

| [Notes to Consolidated Financial [removed: Statements](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_94)] [added: Statements](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_190)] | | | | | | [removed: [33](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_94)] [added: [34](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_190)] | | |

| [Reports of Independent Registered Public Accounting [removed: Firm*](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_136)] [added: Firm*](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_235)] | | | | | | [removed: [49](#i1cb1ba018cb1455aa66bd3f9ab0c5b1a_136)] [added: [48](#i7bfbfbe54b9647b1b4ba4ff4e0aba09d_235)] | | |

| 3.1 | | | | | | [Restated Articles of Incorporation of the Registrant filed on August 3, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/320193/000119312520213158/d49399dex31.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/320193/000119312520213158/d49399dex31.htm)] | | | | | | 8-K | | | | | | 3.1 | | | | | | 8/7/20 | | |

| 3.2 | | | | | | [Amended and Restated Bylaws of the Registrant effective as of August [removed: 17, 2022.](http://www.sec.gov/Archives/edgar/data/320193/000119312522225365/d366128dex32.htm)] [added: 20, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000114036124038403/ny20033611x2_ex3-2.htm)] | | | | | | 8-K | | | | | | 3.2 | | | | | | [removed: 8/19/22] [added: 8/23/24] | | |

| 4.1 | | | | | | [Description of Securities of the [removed: Registrant.](https://www.sec.gov/Archives/edgar/data/320193/000032019323000106/a10-kexhibit4109302023.htm)] [added: Registrant.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit4109282024.htm)] | | | | | | | | | | | | | | | | | | | | |

| 4.2 | | | | | | [Indenture, dated as of April 29, 2013, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/320193/000119312513179942/d527270dex41.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/320193/000119312513179942/d527270dex41.htm)] | | | | | | S-3 | | | | | | 4.1 | | | | | | 4/29/13 | | |

| 4.3 | | | | | | [Officer’s Certificate of the Registrant, dated as of May 3, 2013, including forms of global notes representing the Floating Rate Notes due 2016, Floating Rate Notes due 2018, 0.45% Notes due 2016, 1.00% Notes due 2018, 2.40% Notes due 2023 and 3.85% Notes due [removed: 2043.](http://www.sec.gov/Archives/edgar/data/320193/000119312513199324/d529124dex41.htm)] [added: 2043.](https://www.sec.gov/Archives/edgar/data/320193/000119312513199324/d529124dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 5/3/13 | | |

| 4.4 | | | | | | [Officer’s Certificate of the Registrant, dated as of May 6, 2014, including forms of global notes representing the Floating Rate Notes due 2017, Floating Rate Notes due 2019, 1.05% Notes due 2017, 2.10% Notes due 2019, 2.85% Notes due 2021, 3.45% Notes due 2024 and 4.45% Notes due [removed: 2044.](http://www.sec.gov/Archives/edgar/data/320193/000119312514184969/d721207dex41.htm)] [added: 2044.](https://www.sec.gov/Archives/edgar/data/320193/000119312514184969/d721207dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 5/6/14 | | |

| 4.5 | | | | | | [Officer’s Certificate of the Registrant, dated as of November 10, 2014, including forms of global notes representing the 1.000% Notes due 2022 and 1.625% Notes due [removed: 2026.](http://www.sec.gov/Archives/edgar/data/320193/000119312514406296/d816414dex41.htm)] [added: 2026.](https://www.sec.gov/Archives/edgar/data/320193/000119312514406296/d816414dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 11/10/14 | | |

| 4.6 | | | | | | [Officer’s Certificate of the Registrant, dated as of February 9, 2015, including forms of global notes representing the Floating Rate Notes due 2020, 1.55% Notes due 2020, 2.15% Notes due 2022, 2.50% Notes due 2025 and 3.45% Notes due [removed: 2045.](http://www.sec.gov/Archives/edgar/data/320193/000119312515039270/d868302dex41.htm)] [added: 2045.](https://www.sec.gov/Archives/edgar/data/320193/000119312515039270/d868302dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 2/9/15 | | |

| 4.7 | | | | | | [Officer’s Certificate of the Registrant, dated as of May 13, 2015, including forms of global notes representing the Floating Rate Notes due 2017, Floating Rate Notes due 2020, 0.900% Notes due 2017, 2.000% Notes due 2020, 2.700% Notes due 2022, 3.200% Notes due 2025, and 4.375% Notes due [removed: 2045.](http://www.sec.gov/Archives/edgar/data/320193/000119312515186064/d923398dex41.htm)] [added: 2045.](https://www.sec.gov/Archives/edgar/data/320193/000119312515186064/d923398dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 5/13/15 | | |

| 4.8 | | | | | | [Officer’s Certificate of the Registrant, dated as of July 31, 2015, including forms of global notes representing the 3.05% Notes due 2029 and 3.60% Notes due [removed: 2042.](http://www.sec.gov/Archives/edgar/data/320193/000119312515273023/d12789dex41.htm)] [added: 2042.](https://www.sec.gov/Archives/edgar/data/320193/000119312515273023/d12789dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 7/31/15 | | |

| 4.9 | | | | | | [Officer’s Certificate of the Registrant, dated as of September 17, 2015, including forms of global notes representing the 1.375% Notes due 2024 and 2.000% Notes due [removed: 2027.](http://www.sec.gov/Archives/edgar/data/320193/000119312515322466/d31615dex41.htm)] [added: 2027.](https://www.sec.gov/Archives/edgar/data/320193/000119312515322466/d31615dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 9/17/15 | | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 54][added: 53]

| 4.10 | | | | | | [Officer’s Certificate of the Registrant, dated as of February 23, 2016, including forms of global notes representing the Floating Rate Notes due 2019, Floating Rate Notes due 2021, 1.300% Notes due 2018, 1.700% Notes due 2019, 2.250% Notes due 2021, 2.850% Notes due 2023, 3.250% Notes due 2026, 4.500% Notes due 2036 and 4.650% Notes due [removed: 2046.](http://www.sec.gov/Archives/edgar/data/320193/000119312516473562/d143184dex41.htm)] [added: 2046.](https://www.sec.gov/Archives/edgar/data/320193/000119312516473562/d143184dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 2/23/16 | | |

| 4.11 | | | | | | [Supplement No. 1 to the Officer’s Certificate of the Registrant, dated as of March 24, [removed: 2016.](http://www.sec.gov/Archives/edgar/data/320193/000119312516516891/d161597dex41.htm)] [added: 2016.](https://www.sec.gov/Archives/edgar/data/320193/000119312516516891/d161597dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 3/24/16 | | |

| 4.12 | | | | | | [Officer’s Certificate of the Registrant, dated as of August 4, 2016, including forms of global notes representing the Floating Rate Notes due 2019, 1.100% Notes due 2019, 1.550% Notes due 2021, 2.450% Notes due 2026 and 3.850% Notes due [removed: 2046.](http://www.sec.gov/Archives/edgar/data/320193/000119312516672044/d234980dex41.htm)] [added: 2046.](https://www.sec.gov/Archives/edgar/data/320193/000119312516672044/d234980dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 8/4/16 | | |

| 4.13 | | | | | | [Officer’s Certificate of the Registrant, dated as of February 9, 2017, including forms of global notes representing the Floating Rate Notes due 2019, Floating Rate Notes due 2020, Floating Rate Notes due 2022, 1.550% Notes due 2019, 1.900% Notes due 2020, 2.500% Notes due 2022, 3.000% Notes due 2024, 3.350% Notes due 2027 and 4.250% Notes due [removed: 2047.](http://www.sec.gov/Archives/edgar/data/320193/000119312517036283/d340350dex41.htm)] [added: 2047.](https://www.sec.gov/Archives/edgar/data/320193/000119312517036283/d340350dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 2/9/17 | | |

| 4.14 | | | | | | [Officer’s Certificate of the Registrant, dated as of May 11, 2017, including forms of global notes representing the Floating Rate Notes due 2020, Floating Rate Notes due 2022, 1.800% Notes due 2020, 2.300% Notes due 2022, 2.850% Notes due 2024 and 3.200% Notes due [removed: 2027.](http://www.sec.gov/Archives/edgar/data/320193/000119312517167400/d388721dex41.htm)] [added: 2027.](https://www.sec.gov/Archives/edgar/data/320193/000119312517167400/d388721dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 5/11/17 | | |

| 4.15 | | | | | | [Officer’s Certificate of the Registrant, dated as of May 24, 2017, including forms of global notes representing the 0.875% Notes due 2025 and 1.375% Notes due [removed: 2029.](http://www.sec.gov/Archives/edgar/data/320193/000119312517181867/d583637dex41.htm)] [added: 2029.](https://www.sec.gov/Archives/edgar/data/320193/000119312517181867/d583637dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 5/24/17 | | |

| 4.16 | | | | | | [Officer’s Certificate of the Registrant, dated as of June 20, 2017, including form of global note representing the 3.000% Notes due [removed: 2027.](http://www.sec.gov/Archives/edgar/data/320193/000119312517208226/d413980dex41.htm)] [added: 2027.](https://www.sec.gov/Archives/edgar/data/320193/000119312517208226/d413980dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 6/20/17 | | |

| 4.17 | | | | | | [Officer’s Certificate of the Registrant, dated as of [removed: August 18,] [added: September 12,] 2017, including [removed: form] [added: forms] of global [removed: note] [added: notes] representing the [removed: 2.513%] [added: 1.500%] Notes due [removed: 2024.](http://www.sec.gov/Archives/edgar/data/320193/000119312517262261/d593893dex41.htm)] [added: 2019, 2.100% Notes due 2022, 2.900% Notes due 2027 and 3.750% Notes due 2047.](https://www.sec.gov/Archives/edgar/data/320193/000119312517282809/d434478dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | [removed: 8/18/17] [added: 9/12/17] | | |

| 4.18 | | | | | | [Officer’s Certificate of the Registrant, dated as of [removed: September 12,] [added: November 13,] 2017, including forms of global notes representing the [removed: 1.500%] [added: 1.800%] Notes due 2019, [removed: 2.100%] [added: 2.000%] Notes due [removed: 2022, 2.900%] [added: 2020, 2.400%] Notes due [added: 2023, 2.750% Notes due 2025, 3.000% Notes due] 2027 and 3.750% Notes due [removed: 2047.](http://www.sec.gov/Archives/edgar/data/320193/000119312517282809/d434478dex41.htm)] [added: 2047.](https://www.sec.gov/Archives/edgar/data/320193/000119312517341015/d478060dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | [removed: 9/12/17] [added: 11/13/17] | | |

| [removed: 4.19] [added: 4.21] | | | | | | [Officer’s Certificate of the Registrant, dated as of November [removed: 13, 2017,] [added: 15, 2019,] including forms of global notes representing the [removed: 1.800% Notes due 2019, 2.000% Notes due 2020, 2.400% Notes due 2023, 2.750% Notes due 2025, 3.000%] [added: 0.000%] Notes due [removed: 2027] [added: 2025] and [removed: 3.750%] [added: 0.500%] Notes due [removed: 2047.](http://www.sec.gov/Archives/edgar/data/320193/000119312517341015/d478060dex41.htm)] [added: 2031.](https://www.sec.gov/Archives/edgar/data/320193/000119312519292676/d828969dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | [removed: 11/13/17] [added: 11/15/19] | | |

| [removed: 4.20] [added: 4.19] | | | | | | [Indenture, dated as of November 5, 2018, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/320193/000119312518317844/d644900dex41.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/320193/000119312518317844/d644900dex41.htm)] | | | | | | S-3 | | | | | | 4.1 | | | | | | 11/5/18 | | |

| [removed: 4.21] [added: 4.20] | | | | | | [Officer’s Certificate of the Registrant, dated as of September 11, 2019, including forms of global notes representing the 1.700% Notes due 2022, 1.800% Notes due 2024, 2.050% Notes due 2026, 2.200% Notes due 2029 and 2.950% Notes due [removed: 2049.](http://www.sec.gov/Archives/edgar/data/320193/000119312519242975/d777124dex41.htm)] [added: 2049.](https://www.sec.gov/Archives/edgar/data/320193/000119312519242975/d777124dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 9/11/19 | | |

| 4.22 | | | | | | [Officer’s Certificate of the Registrant, dated as of [removed: November 15, 2019,] [added: May 11, 2020,] including forms of global notes representing the [removed: 0.000%] [added: 0.750%] Notes due [removed: 2025] [added: 2023, 1.125% Notes due 2025, 1.650% Notes due 2030] and [removed: 0.500%] [added: 2.650%] Notes due [removed: 2031.](http://www.sec.gov/Archives/edgar/data/320193/000119312519292676/d828969dex41.htm)] [added: 2050.](https://www.sec.gov/Archives/edgar/data/320193/000119312520139112/d926511dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | [removed: 11/15/19] [added: 5/11/20] | | |

| 4.23 | | | | | | [Officer’s Certificate of the Registrant, dated as of [removed: May 11,] [added: August 20,] 2020, including forms of global notes representing the [removed: 0.750%] [added: 0.550%] Notes due [removed: 2023, 1.125%] [added: 2025, 1.25%] Notes due [removed: 2025, 1.650%] [added: 2030, 2.400%] Notes due [removed: 2030] [added: 2050] and [removed: 2.650%] [added: 2.550%] Notes due [removed: 2050.](http://www.sec.gov/Archives/edgar/data/320193/000119312520139112/d926511dex41.htm)] [added: 2060.](https://www.sec.gov/Archives/edgar/data/320193/000119312520225672/d937363dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | [removed: 5/11/20] [added: 8/20/20] | | |

| [removed: 4.24] [added: 4.25] | | | | | | [Officer’s Certificate of the Registrant, dated as of August [removed: 20, 2020,] [added: 5, 2021,] including forms of global notes representing the [removed: 0.550%] [added: 1.400%] Notes due [removed: 2025, 1.25%] [added: 2028, 1.700%] Notes due [removed: 2030, 2.400%] [added: 2031, 2.700%] Notes due [removed: 2050] [added: 2051] and [removed: 2.550%] [added: 2.850%] Notes due [removed: 2060.](http://www.sec.gov/Archives/edgar/data/320193/000119312520225672/d937363dex41.htm)] [added: 2061.](https://www.sec.gov/Archives/edgar/data/320193/000119312521237787/d199884dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | [removed: 8/20/20] [added: 8/5/21] | | |

| [removed: 4.25] [added: 4.24] | | | | | | [Officer’s Certificate of the Registrant, dated as of February 8, 2021, including forms of global notes representing the 0.700% Notes due 2026, 1.200% Notes due 2028, 1.650% Notes due 2031, 2.375% Notes due 2041, 2.650% Notes due 2051 and 2.800% Notes due [removed: 2061.](http://www.sec.gov/Archives/edgar/data/320193/000119312521032394/d70217dex41.htm)] [added: 2061.](https://www.sec.gov/Archives/edgar/data/320193/000119312521032394/d70217dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 2/8/21 | | |

| [removed: 4.27] [added: 4.26] | | | | | | [Indenture, dated as of October 28, 2021, between the Registrant and The Bank of New York Mellon Trust Company, N.A., as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/0000320193/000119312521312274/d192862ds3asr.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/0000320193/000119312521312274/d192862ds3asr.htm)] | | | | | | S-3 | | | | | | 4.1 | | | | | | 10/29/21 | | |

| [removed: 4.28] [added: 4.27] | | | | | | [Officer’s Certificate of the Registrant, dated as of August 8, 2022, including forms of global notes representing the 3.250% Notes due 2029, 3.350% Notes due 2032, 3.950% Notes due 2052 and 4.100% Notes due [removed: 2062.](http://www.sec.gov/Archives/edgar/data/0000320193/000119312522214914/d297151dex41.htm)] [added: 2062.](https://www.sec.gov/Archives/edgar/data/0000320193/000119312522214914/d297151dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | 8/8/22 | | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 55][added: 54]

| [removed: 4.29] [added: 4.28] | | | | | | [Officer’s Certificate of the Registrant, dated as of May 10, 2023, including forms of global notes representing the 4.421% Notes due 2026, 4.000% Notes due 2028, 4.150% Notes due 2030, 4.300% Notes due 2033 and 4.850% Notes due 2053.](https://www.sec.gov/Archives/edgar/data/320193/000114036123023909/ny20007635x4_ex4-1.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | 5/10/23 | | |

| [removed: 4.30*] [added: 4.29*] | | | | | | [Apple Inc. Deferred Compensation [removed: Plan.](http://www.sec.gov/Archives/edgar/data/320193/000119312518256354/d609898dex41.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/320193/000119312518256354/d609898dex41.htm)] | | | | | | S-8 | | | | | | 4.1 | | | | | | 8/23/18 | | |

| 10.21*, | | | | | | [Form of CEO Restricted Stock Unit Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10219282024.htm) | | | | | | | | | | | | | | | | | | | | |

| 10.22*, | | | | | | [Form of CEO Performance Award Agreement under 2022 Employee Stock Plan effective as of September 29, 2024.](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit10229282024.htm) | | | | | | | | | | | | | | | | | | | | |

| 19.1 | | | | | | [I](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit1919282024.htm)[nsider Trading](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit1919282024.htm) [Policy](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit1919282024.htm) | | | | | | | | | | | | | | | | | | | | |

| 97.1*, | | | | | | [Rule 10D-1 Reco](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit97109282024.htm)[very Pol](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit97109282024.htm)[icy](https://www.sec.gov/Archives/edgar/data/320193/000032019324000123/a10-kexhibit97109282024.htm) | | | | | | | | | | | | | | | | | | | | |

| 4.26 | | | | | | [Officer’s Certificate of the Registrant, dated as of August 5, 2021, including forms of global notes representing the 1.400% Notes due 2028, 1.700% Notes due 2031, 2.700% Notes due 2051 and 2.850% Notes due 2061.](http://www.sec.gov/Archives/edgar/data/320193/000119312521237787/d199884dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | 8/5/21 | | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 57][added: 56]

| Date: November [removed: 2, 2023] [added: 1, 2024] | | | Apple Inc. | | | | | | | | |

| /s/ Timothy D. Cook | | | | | | Chief Executive Officer and Director (Principal Executive Officer) | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

| /s/ Luca Maestri | | | | | | Senior Vice President, Chief Financial Officer (Principal Financial Officer) | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

| /s/ Chris Kondo | | | | | | Senior Director of Corporate Accounting (Principal Accounting Officer) | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

| /s/ Alex Gorsky | | | | | | Director | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

| /s/ Andrea Jung | | | | | | Director | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

| /s/ Arthur D. Levinson | | | | | | Director and Chair of the Board | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

| /s/ Monica Lozano | | | | | | Director | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

| /s/ Ronald D. Sugar | | | | | | Director | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

| /s/ Susan L. Wagner | | | | | | Director | | | | | | November [removed: 2, 2023] [added: 1, 2024] | | |

Apple Inc. | [removed: 2023] [added: 2024] Form 10-K | [removed: 58][added: 57]

| /s/ Wanda Austin | | | | | | Director | | | | | | November 1, 2024 | | |

| WANDA AUSTIN | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | |

| /s/ James A. Bell | | | | | | Director | | | | | | November 2, 2023 | | |

| JAMES A. BELL | | | | | | | | | | | | | | |

| /s/ Al Gore | | | | | | Director | | | | | | November 2, 2023 | | |

| AL GORE | | | | | | | | | | | | | | |