United states securities and exchange commission

Item 6. 
[Reserved]
Apple Inc. | 2022 Form 10-K | 19

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Item 7. 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
The following discussion should be read in conjunction with the consolidated financial statements and accompanying notes 
included in Part II, Item 8 of this Form 10-K. This section of this Form 10-K generally discusses 2022 and 2021 items and year-
to-year comparisons between 2022 and 2021. Discussions of 2020 items and year-to-year comparisons between 2021 and 
2020 are not included in this Form 10-K, 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 25, 2021.
Fiscal Year Highlights
Fiscal 2022 Highlights
Total net sales increased 8% or $28.5 billion during 2022 compared to 2021, driven primarily by higher net sales of iPhone, 
Services and Mac. The weakness in foreign currencies relative to the U.S. dollar had an unfavorable year-over-year impact on all 
Products and Services net sales during 2022.
The Company announces new product, service and software offerings at various times during the year. Significant 
announcements during fiscal 2022 included the following:
First Quarter 2022:
•
Updated MacBook Pro 14” and MacBook Pro 16”, powered by the Apple M1 Pro or M1 Max chip; and
•
Third generation of AirPods.
Second Quarter 2022:
•
Updated iPhone SE with 5G technology;
•
All-new Mac Studio, powered by the Apple M1 Max or M1 Ultra chip;
•
All-new Studio Display™; and
•
Updated iPad Air with 5G technology, powered by the Apple M1 chip.
Third Quarter 2022:
•
Updated MacBook Air and MacBook Pro 13”, both powered by the Apple M2 chip;
•
iOS 16, macOS Ventura, iPadOS 16 and watchOS 9, updates to the Company’s operating systems; and
•
Apple Pay Later, a buy now, pay later service.
Fourth Quarter 2022:
•
iPhone 14, iPhone 14 Plus, iPhone 14 Pro and iPhone 14 Pro Max;
•
Second generation of AirPods Pro; and
•
Apple Watch Series 8, updated Apple Watch SE and all-new Apple Watch Ultra.
In April 2022, the Company announced an increase to its Program authorization from $315 billion to $405 billion and raised its 
quarterly dividend from $0.22 to $0.23 per share beginning in May 2022. During 2022, the Company repurchased $90.2 billion of 
its common stock and paid dividends and dividend equivalents of $14.8 billion.
COVID-19
The COVID-19 pandemic has had, and continues to have, a significant impact around the world, prompting governments and 
businesses to take unprecedented measures, such as restrictions on travel and business operations, temporary closures of 
businesses, and quarantine and shelter-in-place orders. The COVID-19 pandemic has at times significantly curtailed global 
economic activity and caused significant volatility and disruption in global financial markets. The COVID-19 pandemic and the 
measures taken by many countries in response have affected and could in the future materially impact the Company’s business, 
results of operations and financial condition.
Certain of the Company’s outsourcing partners, component suppliers and logistical service providers have experienced 
disruptions during the COVID-19 pandemic, resulting in supply shortages. Similar disruptions could occur in the future.
Apple Inc. | 2022 Form 10-K | 20

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