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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
October 31, 2024
Date of Report (Date of earliest event reported)
g325078g0426062022046a24.jpg
Apple Inc.
(Exact name of Registrant as specified in its charter)

California 001-36743 94-2404110
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
One Apple Park Way
Cupertino, California 95014
(Address of principal executive offices) (Zip Code)
(408) 996-1010
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)Name of each exchange on which registered
Common Stock, $0.00001 par value per shareAAPLThe Nasdaq Stock Market LLC
0.000% Notes due 2025—The Nasdaq Stock Market LLC
0.875% Notes due 2025—The Nasdaq Stock Market LLC
1.625% Notes due 2026—The Nasdaq Stock Market LLC
2.000% Notes due 2027—The Nasdaq Stock Market LLC
1.375% Notes due 2029—The Nasdaq Stock Market LLC
3.050% Notes due 2029—The Nasdaq Stock Market LLC
0.500% Notes due 2031—The Nasdaq Stock Market LLC
3.600% Notes due 2042—The Nasdaq Stock Market LLC
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02    Results of Operations and Financial Condition.
On October 31, 2024, Apple Inc. (“Apple”) issued a press release regarding Apple’s financial results for its fourth fiscal quarter ended September 28, 2024. A copy of Apple’s press release is attached hereto as Exhibit 99.1.
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
 
Item 9.01    Financial Statements and Exhibits.
(d)Exhibits.
Exhibit
Number		Exhibit Description
99.1
104Inline XBRL for the cover page of this Current Report on Form 8-K.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:October 31, 2024Apple Inc.
By:/s/ Luca Maestri
Luca Maestri
Senior Vice President,
Chief Financial Officer


Exhibit 99.1


Apple reports fourth quarter results

iPhone drives record September quarter revenue

Services revenue reaches new all-time high

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2024 fourth quarter ended September 28, 2024. The Company posted quarterly revenue of $94.9 billion, up 6 percent year over year, and quarterly diluted earnings per share of $0.97. Diluted earnings per share was $1.64,1 up 12 percent year over year when excluding the one-time charge recognized during the fourth quarter of 2024 related to the impact of the reversal of the European General Court’s State Aid decision.

“Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago,” said Tim Cook, Apple’s CEO. “During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection. And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season.”

“Our record business performance during the September quarter drove nearly $27 billion in operating cash flow, allowing us to return over $29 billion to our shareholders,” said Luca Maestri, Apple’s CFO. “We are very pleased that our active installed base of devices reached a new all-time high across all products and all geographic segments, thanks to our high levels of customer satisfaction and loyalty.”

Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on November 14, 2024 to shareholders of record as of the close of business on November 11, 2024.

Apple will provide live streaming of its Q4 2024 financial results conference call beginning at 2:00 p.m. PT on October 31, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

1. Non-GAAP measure. See the section titled “Reconciliation of Non-GAAP to GAAP Results of Operations” at the end of the accompanying financial statements.


Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142

Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123


NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months EndedTwelve Months Ended
September 28,
2024		September 30,
2023		September 28,
2024		September 30,
2023
Net sales:
   Products$69,958 $67,184 $294,866 $298,085 
   Services24,972 22,314 96,169 85,200 
Total net sales (1)
94,930 89,498 391,035 383,285 
Cost of sales:
   Products44,566 42,586 185,233 189,282 
   Services6,485 6,485 25,119 24,855 
Total cost of sales51,051 49,071 210,352 214,137 
Gross margin43,879 40,427 180,683 169,148 
Operating expenses:
Research and development
7,765 7,307 31,370 29,915 
Selling, general and administrative
6,523 6,151 26,097 24,932 
Total operating expenses
14,288 13,458 57,467 54,847 
Operating income
29,591 26,969 123,216 114,301 
Other income/(expense), net
19 29 269 (565)
Income before provision for income taxes
29,610 26,998 123,485 113,736 
Provision for income taxes
14,874 4,042 29,749 16,741 
Net income
$14,736 $22,956 $93,736 $96,995 
Earnings per share:
Basic
$0.97 $1.47 $6.11 $6.16 
Diluted
$0.97 $1.46 $6.08 $6.13 
Shares used in computing earnings per share:
Basic
15,171,990 15,599,434 15,343,783 15,744,231 
Diluted
15,242,853 15,672,400 15,408,095 15,812,547 
(1) Net sales by reportable segment:
Americas
$41,664 $40,115 $167,045 $162,560 
Europe
24,924 22,463 101,328 94,294 
Greater China
15,033 15,084 66,952 72,559 
Japan
5,926 5,505 25,052 24,257 
Rest of Asia Pacific
7,383 6,331 30,658 29,615 
Total net sales
$94,930 $89,498 $391,035 $383,285 
(1) Net sales by category:
iPhone
$46,222 $43,805 $201,183 $200,583 
Mac
7,744 7,614 29,984 29,357 
iPad
6,950 6,443 26,694 28,300 
Wearables, Home and Accessories
9,042 9,322 37,005 39,845 
Services
24,972 22,314 96,169 85,200 
Total net sales
$94,930 $89,498 $391,035 $383,285 



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

September 28,
2024		September 30,
2023
ASSETS:
Current assets:
Cash and cash equivalents
$29,943 $29,965 
Marketable securities
35,228 31,590 
Accounts receivable, net
33,410 29,508 
Vendor non-trade receivables
32,833 31,477 
Inventories
7,286 6,331 
Other current assets
14,287 14,695 
Total current assets
152,987 143,566 
Non-current assets:
Marketable securities
91,479 100,544 
Property, plant and equipment, net
45,680 43,715 
Other non-current assets
74,834 64,758 
Total non-current assets
211,993 209,017 
Total assets
$364,980 $352,583 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$68,960 $62,611 
Other current liabilities
78,304 58,829 
Deferred revenue
8,249 8,061 
Commercial paper
9,967 5,985 
Term debt
10,912 9,822 
Total current liabilities
176,392 145,308 
Non-current liabilities:
Term debt
85,750 95,281 
Other non-current liabilities
45,888 49,848 
Total non-current liabilities
131,638 145,129 
Total liabilities
308,030 290,437 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,116,786 and 15,550,061 shares issued and outstanding, respectively
83,276 73,812 
Accumulated deficit(19,154)(214)
Accumulated other comprehensive loss(7,172)(11,452)
Total shareholders’ equity
56,950 62,146 
Total liabilities and shareholders’ equity
$364,980 $352,583 



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)

Twelve Months Ended
September 28,
2024		September 30,
2023
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances$30,737 $24,977 
Operating activities:
Net income93,736 96,995 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization11,445 11,519 
Share-based compensation expense11,688 10,833 
Other(2,266)(2,227)
Changes in operating assets and liabilities:
Accounts receivable, net(3,788)(1,688)
Vendor non-trade receivables(1,356)1,271 
Inventories(1,046)(1,618)
Other current and non-current assets(11,731)(5,684)
Accounts payable6,020 (1,889)
Other current and non-current liabilities15,552 3,031 
Cash generated by operating activities118,254 110,543 
Investing activities:
Purchases of marketable securities(48,656)(29,513)
Proceeds from maturities of marketable securities51,211 39,686 
Proceeds from sales of marketable securities11,135 5,828 
Payments for acquisition of property, plant and equipment(9,447)(10,959)
Other(1,308)(1,337)
Cash generated by investing activities2,935 3,705 
Financing activities:
Payments for taxes related to net share settlement of equity awards(5,441)(5,431)
Payments for dividends and dividend equivalents(15,234)(15,025)
Repurchases of common stock(94,949)(77,550)
Proceeds from issuance of term debt, net— 5,228 
Repayments of term debt(9,958)(11,151)
Proceeds from/(Repayments of) commercial paper, net3,960 (3,978)
Other(361)(581)
Cash used in financing activities(121,983)(108,488)
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents(794)5,760 
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances$29,943 $30,737 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$26,102 $18,679 



Apple Inc.
RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)

Three Months EndedTwelve Months Ended
September 28, 2024September 28, 2024
As Reported (GAAP)Non-GAAP Adjustments(a)As Adjusted (Non-GAAP)As Reported (GAAP)Non-GAAP Adjustments(a)As Adjusted (Non-GAAP)
Income before provision for income taxes
$29,610 $— $29,610 $123,485 $— $123,485 
Provision for income taxes
14,874 (10,246)(b)4,628 29,749 (10,246)(b)19,503 
Net income
$14,736 $10,246 (b)$24,982 $93,736 $10,246 (b)$103,982 
Diluted earnings per share$0.97 $0.67 (c)$1.64 $6.08 $0.67 (c)$6.75 
Shares used in computing diluted earnings per share15,242,853 — 15,242,853 15,408,095 — 15,408,095 
(a)These adjustments reconcile certain of the Company’s GAAP results of operations to its non-GAAP results of operations. The Company believes that the presentation of results excluding the impact of the reversal of the European General Court’s State Aid decision provides meaningful supplemental information to both management and investors that is indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company’s GAAP results.
(b)Non-GAAP adjustments to provision for income taxes and net income to reflect the impact of the reversal of the European General Court’s State Aid decision recognized during the fourth quarter of 2024. On September 10, 2024, the European Court of Justice announced that it had set aside the 2020 judgment of the European General Court and confirmed the European 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 restricted funds held in escrow, partially offset by a U.S. foreign tax credit of $4.8 billion and a decrease in unrecognized tax benefits of $823 million. For additional information, refer to Note 7, “Income Taxes” of the Notes to Consolidated Financial Statements that will be included in Part II, Item 8 of the Company's fiscal 2024 Annual Report on Form 10-K.
(c)Represents the per-share impact of the non-GAAP adjustments to net income.

v3.24.3
Cover Page
Oct. 31, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Oct. 31, 2024
Entity Registrant Name Apple Inc.
Entity Incorporation, State or Country Code CA
Entity File Number 001-36743
Entity Tax Identification Number 94-2404110
Entity Address, Address Line One One Apple Park Way
Entity Address, City or Town Cupertino
Entity Address, State or Province CA
Entity Address, Postal Zip Code 95014
City Area Code 408
Local Phone Number 996-1010
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0000320193
Common Stock, $0.00001 par value per share  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, $0.00001 par value per share
Trading Symbol AAPL
Security Exchange Name NASDAQ
0.000% Notes due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 0.000% Notes due 2025
No Trading Symbol Flag true
Security Exchange Name NASDAQ
0.875% Notes due 2025  
Entity Information [Line Items]  
Title of 12(b) Security 0.875% Notes due 2025
No Trading Symbol Flag true
Security Exchange Name NASDAQ
1.625% Notes due 2026  
Entity Information [Line Items]  
Title of 12(b) Security 1.625% Notes due 2026
No Trading Symbol Flag true
Security Exchange Name NASDAQ
2.000% Notes due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 2.000% Notes due 2027
No Trading Symbol Flag true
Security Exchange Name NASDAQ
1.375% Notes due 2029  
Entity Information [Line Items]  
Title of 12(b) Security 1.375% Notes due 2029
No Trading Symbol Flag true
Security Exchange Name NASDAQ
3.050% Notes due 2029  
Entity Information [Line Items]  
Title of 12(b) Security 3.050% Notes due 2029
No Trading Symbol Flag true
Security Exchange Name NASDAQ
0.500% Notes due 2031  
Entity Information [Line Items]  
Title of 12(b) Security 0.500% Notes due 2031
No Trading Symbol Flag true
Security Exchange Name NASDAQ
3.600% Notes due 2042  
Entity Information [Line Items]  
Title of 12(b) Security 3.600% Notes due 2042
No Trading Symbol Flag true
Security Exchange Name NASDAQ
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