
	June 28, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non-Current Marketable Securities
Cash	$	26,686	$	—	$	—	$	26,686	$	26,686	$	—	$	—
Level 1:
Money market funds	3,779		—		—		3,779		3,779		—		—
Mutual funds	646		134		(3)		777		—		777		—
Subtotal	4,425		134		(3)		4,556		3,779		777		—
Level 2 (1):
U.S. Treasury securities	15,775		46		(362)		15,459		1,030		3,649		10,780
U.S. agency securities	5,383		—		(189)		5,194		647		2,030		2,517
Non-U.S. government securities	6,756		43		(567)		6,232		297		795		5,140
Certificates of deposit and time deposits	3,177		—		—		3,177		3,113		51		13
Commercial paper	710		—		—		710		710		—		—
Corporate debt securities	49,671		212		(1,251)		48,632		7		11,576		37,049
Municipal securities	263		—		(3)		260		—		157		103
Mortgage- and asset-backed securities	23,424		90		(1,434)		22,080		—		68		22,012
Subtotal	105,159		391		(3,806)		101,744		5,804		18,326		77,614
Total	$	136,270	$	525	$	(3,809)	$	132,986	$	36,269	$	19,103	$	77,614


	September 28, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Marketable Securities		Non-Current Marketable Securities
Cash	$	27,199	$	—	$	—	$	27,199	$	27,199	$	—	$	—
Level 1:
Money market funds	778		—		—		778		778		—		—
Mutual funds	515		105		(3)		617		—		617		—
Subtotal	1,293		105		(3)		1,395		778		617		—
Level 2 (1):
U.S. Treasury securities	16,150		45		(516)		15,679		212		4,087		11,380
U.S. agency securities	5,431		—		(272)		5,159		155		703		4,301
Non-U.S. government securities	17,959		93		(484)		17,568		1,158		10,810		5,600
Certificates of deposit and time deposits	873		—		—		873		387		478		8
Commercial paper	1,066		—		—		1,066		28		1,038		—
Corporate debt securities	65,622		270		(1,953)		63,939		26		16,027		47,886
Municipal securities	412		—		(7)		405		—		190		215
Mortgage- and asset-backed securities	24,595		175		(1,403)		23,367		—		1,278		22,089
Subtotal	132,108		583		(4,635)		128,056		1,966		34,611		91,479
Total (2)(3)	$	160,600	$	688	$	(4,638)	$	156,650	$	29,943	$	35,228	$	91,479

(1)The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data.

(2)As of September 28, 2024, cash and cash equivalents included $2.6 billion held in escrow and restricted from general use. These restricted cash and cash equivalents were designated to settle the Company’s obligation related to the 2016 European Commission (the “Commission”) decision that Ireland granted state aid to the Company (the “State Aid Decision”), which was confirmed during the fourth quarter of 2024 by the European Court of Justice in a reversal of the 2020 judgment of the European General Court.

(3)As of September 28, 2024, current marketable securities included $13.2 billion held in escrow and restricted from general use. These restricted marketable securities were designated to settle the Company’s obligation related to the State Aid Decision.

As of June 28, 2025, 82% of the Company’s non-current marketable debt securities other than mortgage- and asset-backed securities had maturities between 1 and 5 years, 14% between 5 and 10 years, and 4% greater than 10 years. As of June 28, 2025, 12% of the Company’s non-current mortgage- and asset-backed securities had maturities between 1 and 5 years, 11% between 5 and 10 years, and 77% greater than 10 years.

The Company may use derivative instruments to partially offset its business exposure to foreign exchange and interest rate risk. However, the Company may choose not to hedge certain exposures for a variety of reasons, including accounting considerations or the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign exchange or interest rates.

To protect gross margins from fluctuations in foreign exchange rates, the Company may use forwards, options or other instruments, and may designate these instruments as cash flow hedges. The Company generally hedges portions of its forecasted foreign currency exposure associated with revenue and inventory purchases, typically for up to 12 months.

To protect the Company’s foreign currency–denominated term debt or marketable securities from fluctuations in foreign exchange rates, the Company may use forwards, cross-currency swaps or other instruments. The Company designates these instruments as either cash flow or fair value hedges. As of June 28, 2025, the maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for term debt–related foreign currency transactions is 17 years.

The Company may also use derivative instruments that are not designated as accounting hedges to protect gross margins from certain fluctuations in foreign exchange rates, as well as to offset a portion of the foreign currency gains and losses generated by the remeasurement of certain assets and liabilities denominated in non-functional currencies.

To protect the Company’s term debt or marketable securities from fluctuations in interest rates, the Company may use interest rate swaps, options or other instruments. The Company designates these instruments as either cash flow or fair value hedges.


	June 28, 2025		September 28, 2024
Derivative instruments designated as accounting hedges:
Foreign exchange contracts	$	63,212	$	64,069
Interest rate contracts	$	12,875	$	14,575

Derivative instruments not designated as accounting hedges:
Foreign exchange contracts	$	78,649	$	91,493

As of June 28, 2025, the Company had two customers that individually represented 10% or more of total trade receivables, which accounted for 18% and 10%. The Company’s third-party cellular network carriers accounted for 31% and 38% of total trade receivables as of June 28, 2025 and September 28, 2024, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit risk.

The Company has non-trade receivables from certain of its manufacturing vendors resulting from the sale of components to these vendors who manufacture subassemblies or assemble final products for the Company. The Company purchases these components directly from suppliers. The Company does not reflect the sale of these components in products net sales. Rather, the Company recognizes any gain on these sales as a reduction of products cost of sales when the related final products are sold by the Company. As of June 28, 2025, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 48% and 14%. As of September 28, 2024, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 44% and 23%.