Exhibit 99.1

Apple Reports Fourth Quarter Results

Company revenue sets September quarter record

Services and Mac revenue reach new all-time high

CUPERTINO, California — October 29, 2020 — Apple® today announced financial results for its fiscal 2020 fourth quarter ended September 26, 2020. The Company posted record September quarter revenue of $64.7 billion and quarterly earnings per diluted share of $0.73. International sales accounted for 59 percent of the quarter’s revenue.

“Apple capped off a fiscal year defined by innovation in the face of adversity with a September quarter record, led by all-time records for Mac and Services,” said Tim Cook, Apple’s CEO. “Despite the ongoing impacts of COVID-19, Apple is in the midst of our most prolific product introduction period ever, and the early response to all our new products, led by our first 5G-enabled iPhone lineup, has been tremendously positive. From remote learning to the home office, Apple products have been a window to the world for users as the pandemic continues, and our teams have met the needs of this moment with creativity, passion, and the kinds of big ideas that only Apple can deliver.”

“Our outstanding September quarter performance concludes a remarkable fiscal year, where we established new all-time records for revenue, earnings per share, and free cash flow, in spite of an extremely volatile and challenging macro environment,” said Luca Maestri, Apple’s CFO. “Our sales results and the unmatched loyalty of our customers drove our active installed base of devices to an all-time high in all of our major product categories. We also returned nearly $22 billion to shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”

Apple’s Board of Directors has declared a cash dividend of $0.205 per share of the Company’s common stock. The dividend is payable on November 12, 2020 to shareholders of record as of the close of business on November 9, 2020.

Apple will provide live streaming of its Q4 2020 financial results conference call beginning at 2:00 p.m. PT on October 29, 2020 at apple.com/investor/earnings-call/. This webcast will also be available for replay for approximately two weeks thereafter.

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 the Company’s expectations regarding the impact of the COVID-19 pandemic; anticipated revenue, gross margin, operating expenses, other income/(expense), and tax rate; plans for return of capital; and our goal of maintaining a net cash neutral position. 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: the effect of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and stock price; the effect of global and regional economic conditions on the Company’s business, including effects on purchasing decisions by consumers and businesses; the ability of the Company to compete in markets that are highly competitive and subject to rapid technological change; the ability of the Company to manage frequent introductions and transitions of products and services, including delivering to the marketplace, and stimulating customer demand for, new products, services, and technological innovations on a timely basis; the effect that shifts in the mix of products and services and in the geographic, currency, or channel mix, component cost increases, increases in the cost of acquiring and delivering content for the Company’s services, price competition, or the introduction of new products or services, including new products or services with higher cost structures, could have on the Company’s gross margin; the dependency of the Company on the performance of distributors of the Company’s products, including cellular network carriers and other resellers; the risk of write-downs on the value of inventory and other assets and purchase commitment cancellation risk; the continued availability on acceptable terms, or at all, of certain components, services, and new technologies essential to the Company’s business, including components and technologies that may only be available from single or limited sources; the dependency of the Company on manufacturing and logistics services provided by third parties, many of which are located outside of the US and which may affect the quality, quantity, or cost of products manufactured or services rendered to the Company; the effect of product and services design and manufacturing defects on the Company’s financial performance and reputation; the dependency of the Company on third-party intellectual property and digital content, which may not be available to the Company on commercially reasonable terms or at all; the dependency of the Company on support from third-party software developers to develop and maintain software applications and services for the Company’s products; the impact of unfavorable legal proceedings or government investigations; the impact of complex and changing laws and regulations worldwide, which expose the Company to potential liabilities, increased costs, and other adverse effects on the Company’s business; the ability of the Company to manage risks associated with the Company’s retail stores; the ability of the Company to manage risks associated with the Company’s investments in new business strategies and acquisitions; the impact on the Company’s business and reputation from information technology system failures, network disruptions, or losses or unauthorized access to, or release of, confidential information; the ability of the Company to comply with laws and regulations regarding data protection; the continued service and availability of key executives and employees; political events, international trade disputes, war, terrorism, natural disasters, public health issues, and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; financial risks, including risks relating to currency fluctuations, credit risks, and fluctuations in the market value of the Company’s investment portfolio; and changes in tax rates and exposure to additional tax liabilities. More information on these risks and other potential factors that could affect the Company’s business and financial results 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 or information, which speak as of their respective dates.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

Press Contact:
Kristin Huguet Quayle
(408) 974-2414

Investor Relations Contact:
Tejas Gala
(669) 227-2402

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple’s Media Helpline at (408) 974-2042.
© 2020 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.
(In millions, except number of shares which are reflected in thousands and per share amounts)
Three Months EndedTwelve Months Ended
September 26,
September 28,
September 26,
September 28,
Net sales:
   Products$50,149 $51,529 $220,747 $213,883 
   Services14,549 12,511 53,768 46,291 
Total net sales (1)
64,698 64,040 274,515 260,174 
Cost of sales:
   Products35,197 35,238 151,286 144,996 
   Services4,812 4,489 18,273 16,786 
Total cost of sales40,009 39,727 169,559 161,782 
Gross margin
24,689 24,313 104,956 98,392 
Operating expenses:
Research and development
4,978 4,110 18,752 16,217 
Selling, general and administrative
4,936 4,578 19,916 18,245 
Total operating expenses
9,914 8,688 38,668 34,462 
Operating income
14,775 15,625 66,288 63,930 
Other income/(expense), net
126 502 803 1,807 
Income before provision for income taxes
14,901 16,127 67,091 65,737 
Provision for income taxes
2,228 2,441 9,680 10,481 
Net income
$12,673 $13,686 $57,411 $55,256 
Earnings per share:
$0.74 $0.76 $3.31 $2.99 
$0.73 $0.76 $3.28 $2.97 
Shares used in computing earnings per share:
17,057,622 17,963,249 17,352,119 18,471,336 
17,256,521 18,081,493 17,528,214 18,595,651 
(1) Net sales by reportable segment:
$30,698 $29,322 $124,556 $116,914 
16,900 14,946 68,640 60,288 
Greater China
7,946 11,134 40,308 43,678 
5,023 4,982 21,418 21,506 
Rest of Asia Pacific
4,131 3,656 19,593 17,788 
Total net sales
$64,698 $64,040 $274,515 $260,174 
(1) Net sales by category:
$26,444 $33,362 $137,781 $142,381 
9,032 6,991 28,622 25,740 
6,797 4,656 23,724 21,280 
Wearables, Home and Accessories
7,876 6,520 30,620 24,482 
14,549 12,511 53,768 46,291 
Total net sales
$64,698 $64,040 $274,515 $260,174 

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

September 26,
September 28,
Current assets:
Cash and cash equivalents
$38,016 $48,844 
Marketable securities
52,927 51,713 
Accounts receivable, net
16,120 22,926 
4,061 4,106 
Vendor non-trade receivables
21,325 22,878 
Other current assets
11,264 12,352 
Total current assets
143,713 162,819 
Non-current assets:
Marketable securities
100,887 105,341 
Property, plant and equipment, net
36,766 37,378 
Other non-current assets
42,522 32,978 
Total non-current assets
180,175 175,697 
Total assets
$323,888 $338,516 
Current liabilities:
Accounts payable
$42,296 $46,236 
Other current liabilities
42,684 37,720 
Deferred revenue
6,643 5,522 
Commercial paper
4,996 5,980 
Term debt
8,773 10,260 
Total current liabilities
105,392 105,718 
Non-current liabilities:
Term debt
98,667 91,807 
Other non-current liabilities
54,490 50,503 
Total non-current liabilities
153,157 142,310 
Total liabilities
258,549 248,028 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 16,976,763 and 17,772,945 shares issued and outstanding, respectively
50,779 45,174 
Retained earnings
14,966 45,898 
Accumulated other comprehensive income/(loss)
Total shareholders’ equity
65,339 90,488 
Total liabilities and shareholders’ equity
$323,888 $338,516 

Apple Inc.
(In millions)
Twelve Months Ended
September 26,
September 28,
Cash, cash equivalents and restricted cash, beginning balances
$50,224 $25,913 
Operating activities:
Net income57,411 55,256 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization11,056 12,547 
Share-based compensation expense6,829 6,068 
Deferred income tax benefit(215)(340)
Changes in operating assets and liabilities:
Accounts receivable, net6,917 245 
Vendor non-trade receivables1,553 2,931 
Other current and non-current assets(9,588)873 
Accounts payable(4,062)(1,923)
Deferred revenue2,081 (625)
Other current and non-current liabilities8,916 (4,700)
Cash generated by operating activities80,674 69,391 
Investing activities:
Purchases of marketable securities(114,938)(39,630)
Proceeds from maturities of marketable securities69,918 40,102 
Proceeds from sales of marketable securities50,473 56,988 
Payments for acquisition of property, plant and equipment(7,309)(10,495)
Payments made in connection with business acquisitions, net(1,524)(624)
Purchases of non-marketable securities
Proceeds from non-marketable securities92 1,634 
Cash generated by/(used in) investing activities(4,289)45,896 
Financing activities:
Proceeds from issuance of common stock880 781 
Payments for taxes related to net share settlement of equity awards(3,634)(2,817)
Payments for dividends and dividend equivalents(14,081)(14,119)
Repurchases of common stock(72,358)(66,897)
Proceeds from issuance of term debt, net16,091 6,963 
Repayments of term debt(12,629)(8,805)
Repayments of commercial paper, net(963)(5,977)
Cash used in financing activities(86,820)(90,976)
Increase/(Decrease) in cash, cash equivalents and restricted cash(10,435)24,311 
Cash, cash equivalents and restricted cash, ending balances$39,789 $50,224 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$9,501 $15,263 
Cash paid for interest$3,002 $3,423 

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