--- Page 1 --- Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per-share amounts) Three Months Ended Six Months Ended March 30, 2024 April 1, 2023 March 30, 2024 April 1, 2023 Net sales: Products /dollarsign 66,886 /dollarsign 73,929 /dollarsign 163,344 /dollarsign 170,317 Services 23,867 20,907 46,984 41,673 Total net sal es (1) 90,753 94,836 210,328 211,990 Cost of sales: Products 42,424 46,795 100,864 107,560 Services 6,058 6,065 12,338 12,122 Total cost of sal es 48,482 52,860 113,202 119,682 Gross margin 42,271 41,976 97,126 92,308 Operating expenses: Research and development 7,903 7,457 15,599 15,166 Selling, general and administrative 6,468 6,201 13,254 12,808 Total operat i ng expenses 14,371 13,658 28,853 27,974 Operating income 27,900 28,318 68,273 64,334 Other income/(expense), net 158 64 108 (329) Income before provision for income taxes 28,058 28,382 68,381 64,005 Provision for income taxes 4,422 4,222 10,829 9,847 Net income /dollarsign 23,636 /dollarsign 24,160 /dollarsign 57,552 /dollarsign 54,158 Earnings per share: Basic /dollarsign 1.53 /dollarsign 1.53 /dollarsign 3.72 /dollarsign 3.42 Diluted /dollarsign 1.53 /dollarsign 1.52 /dollarsign 3.71 /dollarsign 3.41 Shares used in computing earnings per share: Basic 15,405,856 15,787,154 15,457,810 15,839,939 Diluted 15,464,709 15,847,050 15,520,675 15,901,384 (1) Net sales by reportable segment: Americas /dollarsign 37,273 /dollarsign 37,784 /dollarsign 87,703 /dollarsign 87,062 Europe 24,123 23,945 54,520 51,626 Greater China 16,372 17,812 37,191 41,717 Japan 6,262 7,176 14,029 13,931 Rest of Asia Pacific 6,723 8,119 16,885 17,654 Total net sal es /dollarsign 90,753 /dollarsign 94,836 /dollarsign 210,328 /dollarsign 211,990 (1) Net sales by category: iPhone /dollarsign 45,963 /dollarsign 51,334 /dollarsign 115,665 /dollarsign 117,109 Mac 7,451 7,168 15,231 14,903 iPad 5,559 6,670 12,582 16,066 Wearables, Home and Accessories 7,913 8,757 19,866 22,239 Services 23,867 20,907 46,984 41,673 Total net sal es /dollarsign 90,753 /dollarsign 94,836 /dollarsign 210,328 /dollarsign 211,990 --- Page 2 --- Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) March 30, 2024 September 30, 2023 ASSETS: Current assets: Cash and cash equivalents /dollarsign 32,695 /dollarsign 29,965 Marketable securities 34,455 31,590 Accounts receivable, net 21,837 29,508 Vendor non-trade receivables 19,313 31,477 Inventories 6,232 6,331 Other current assets 13,884 14,695 Total cur rent assets 128,416 143,566 Non-current assets: Marketable securities 95,187 100,544 Property, plant and equipment, net 43,546 43,715 Other non-current assets 70,262 64,758 Total non-current assets 208,995 209,017 Total assets /dollarsign 337,411 /dollarsign 352,583 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable /dollarsign 45,753 /dollarsign 62,611 Other current liabilities 57,298 58,829 Deferred revenue 8,012 8,061 Commercial paper 1,997 5,985 Ter m debt 10,762 9,822 Total cur rent l i abi l i t i es 123,822 145,308 Non-current liabilities: Ter m debt 91,831 95,281 Other non-current liabilities 47,564 49,848 Total non-current liabilities 139,395 145,129 Total l i abi l i t i es 263,217 290,437 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, /dollarsign0.00001 par value: 50,400,000 shares authorized; 15,337,686 and 15,550,061 shares issued and outstanding, respectively 78,815 73,812 Retained earnings/(Accumulated deficit) 4,339 (214) Accumulated other comprehensive loss (8,960) (11,452) Total sharehol ders’ equi t y 74,194 62,146 Total l i abi l i t i es and sharehol ders’ equi t y /dollarsign 337,411 /dollarsign 352,583 --- Page 3 --- Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended March 30, 2024 April 1, 2023 Cash, cash equivalents and restricted cash, beginning balances /dollarsign 30,737 /dollarsign 24,977 Operating activities: Net income 57,552 54,158 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 5,684 5,814 Share-based compensation expense 5,961 5,591 Other (1,971) (1,732) Changes in operating assets and liabilities: Accounts receivable, net 7,727 9,596 Vendor non-trade receivables 12,164 14,785 Inventories 53 (2,548) Other current and non-current assets (4,438) (4,092) Accounts payable (16,710) (20,764) Other current and non-current liabilities (3,437) 1,757 Cash generated by operating activities 62,585 62,565 Investing activities: Purchases of marketable securities (25,042) (11,197) Proceeds from maturities of marketable securities 27,462 17,124 Proceeds from sales of marketable securities 4,314 1,897 Payments for acquisition of property, plant and equipment (4,388) (6,703) Other (729) (247) Cash generated by investing activities 1,617 874 Financing activities: Payments for taxes related to net share settlement of equity awards (2,875) (2,734) Payments for dividends and dividend equivalents (7,535) (7,418) Repurchases of common stock (43,344) (39,069) Repayments of term debt (3,150) (3,651) Repayments of commercial paper, net (3,982) (7,960) Other (132) (455) Cash used in financing activities (61,018) (61,287) Increase in cash, cash equivalents and restricted cash 3,184 2,152 Cash, cash equivalents and restricted cash, ending balances /dollarsign 33,921 /dollarsign 27,129 Supplemental cash flow disclosure: Cash paid for income taxes, net /dollarsign 14,531 /dollarsign 4,894