Principles of Finance

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Apple Inc (NMS: AAPL)

Company Financials

Income Statement Exchange rate used is that of the Year End reported date

As Reported Annual Income Statement Report Date 09/25/2021 09/26/2020 09/28/2019 Currency USD USD USD Audit Status Not Qualified Not Qualified Not Qualified Consolidated Yes Yes Yes Scale Thousands Thousands Thousands Products Services Net sales 100.00% 100.00% 100.00% Cost of sales - products 52.56% 55.11% 55.73% Cost of sales - services 5.66% 6.66% 6.45% Cost of sales 58.22% 61.77% 62.18% Gross margin 41.78% 38.23% 37.82% Research & development expense 5.99% 6.83% 6.23% Selling, general & administrative expense 6.01% 7.25% 7.01% Total operating expenses 12.00% 14.09% 13.25% Operating income (loss) 29.78% 24.15% 24.57% Interest & dividend income 0.78% 1.37% 1.91% Interest expense 0.72% 1.05% 1.37% Other income (expense), net 0.02% -0.03% 0.16% Other income/(expense), net 0.07% 0.29% 0.69% Income (loss) before provision for income taxes 29.85% 24.44% 25.27% Current federal income tax expense (benefit) 2.26% 2.30% 2.45% Deferred federal income tax expense (benefit) -1.96% -1.32% -1.13% Total federal income tax expense (benefit) 0.30% 0.98% 1.32% Current state income tax expense (benefit) 0.44% 0.17% 0.18% Deferred state income tax expense (benefit) -0.09% 0.01% -0.03% Total state income tax expense (benefit) 0.35% 0.17% 0.16% Current foreign income tax expense (benefit) 2.58% 1.14% 1.52% Deferred foreign income tax expense (benefit) 0.75% 1.23% 1.02% Total foreign income tax expense (benefit) 3.33% 2.37% 2.55% Provision for (benefit from) income taxes 3.97% 3.53% 4.03% Net income (loss) 25.88% 20.91% 21.24% Weighted average shares outstanding - basic 4.57% 6.32% 7.10% Weighted average shares outstanding - diluted 4.61% 6.39% 7.15% Year end shares outstanding 4.49% 6.18% 6.83% Net earnings (loss) per share - basic 0.00% 0.00% 0.00% Net earnings (loss) per share - diluted 0.00% 0.00% 0.00% Cash dividends declared per share NM 0.00% 0.00% Number of full time employees 0.04% 0.05% 0.05% Number of common stockholders 0.01% 0.01% 0.01% Foreign currency translation adjustments NM 0.03% -0.16%

Balance Sheet Exchange rate used is that of the Year End reported date

As Reported Annual Balance Sheet Report Date 09/25/2021 09/26/2020 09/28/2019 Currency USD USD USD Audit Status Not Qualified Not Qualified Not Qualified Consolidated Yes Yes Yes Scale Thousands Thousands Thousands Cash & cash equivalents 9.95% 11.74% 14.43% Marketable securities 7.89% 16.34% 15.28% Accounts receivable, net 7.49% 4.98% 6.77%

Inventories 1.87% 1.25% 1.21% Vendor non-trade receivables 7.19% 6.58% 6.76% Other current assets 4.02% 3.48% 3.65% Total current assets 38.41% 44.37% 48.10% Marketable securities 36.43% 31.15% 31.12% Land & buildings 5.71% 5.54% 5.05% Machinery, equipment, & internal-use software 22.41% 23.25% 20.62% Leasehold improvements 3.14% 3.17% 2.68% Gross property, plant & equipment 31.26% 31.96% 28.35% Accumulated depreciation & amortization 20.02% 20.61% 17.30% Property, plant & equipment, net 11.24% 11.35% 11.04% Other non-current assets 13.92% 13.13% 9.74% Total non-current assets 61.59% 55.63% 51.90% Total assets 100.00% 100.00% 100.00% Accounts payable 15.60% 13.06% 13.66% Deferred revenue 2.17% 2.05% 1.63% Other current liabilities 13.53% 13.18% 11.14% Commercial paper 1.71% 1.54% 1.77% Term debt 2.74% 2.71% 3.03% Total current liabilities 35.75% 32.54% 31.23% Floating & fixed-rate notes 33.64% 32.75% 30.04% Total debt 33.64% 32.75% 30.04% Unamortized discount -0.11% -0.10% -0.07% Hedge accounting fair value adjustments 0.30% 0.52% 0.18% Less: current portion of long-term debt 2.74% 2.71% 3.03% Term debt 31.08% 30.46% 27.12% Long-term taxes payable 7.03% 8.70% 8.73% Other non-current liabilities 8.16% 8.13% 6.19% Other non-current liabilities 15.19% 16.82% 14.92% Total non-current liabilities 46.28% 47.29% 42.04% Total liabilities 82.03% 79.83% 73.27% Common stock 16.34% 15.68% 13.34% Retained earnings 1.58% 4.62% 13.56% Cumulative foreign currency translation NM -0.42% -0.43% Unrecognized gains (losses) on derivative instruments NM -0.27% 0.05% Unrealized gains (losses) on marketable securities NM 0.57% 0.21% Accumulated other comprehensive income (loss) 0.05% -0.13% -0.17% Total shareholders' equity 17.97% 20.17% 26.73%

Cash Flows Exchange rate used is that of the Year End reported date

As Reported Annual Cash Flow Report Date Currency Audit Status Consolidated Scale Net income (loss) Depreciation & amortization Share-based compensation expense Deferred income tax expense (benefit) Other adjustments Accounts receivable, net Inventories Vendor non-trade receivables Other current & non-current assets Accounts payable Deferred revenue Other current & non-current liabilities Net cash flows from operating activities Purchases of marketable securities Proceeds from maturities of marketable securities Proceeds from sales of marketable securities Payments made in connection with business acquisitions, net Purchases of non-marketable securities Proceeds from non-marketable securities Payments for acquisition of property, plant & equipment Other cash flow from investing activities

Net cash flows from investing activities Proceeds from issuance of common stock Payments for taxes related to net share settlement of equity awards Payments for dividends & dividend equivalents Repurchases of common stock Proceeds from issuance of term debt, net Repayments of term debt Proceeds from/(repayments of) commercial paper, net Other cash flows from financing activities Net cash flows from financing activities Net increase (decrease) in cash, cash equivalents & restricted cash Cash, cash equivalents & restricted cash, beginning balances Cash, cash equivalents & restricted cash, ending balances Cash paid (received) for income taxes, net Cash paid for interest