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Financial Instruments
 3 Months Ended
Dec. 27, 2025
Financial Instruments [Abstract]  
Financial Instruments Financial Instruments
Cash, Cash Equivalents and Marketable Securities
The following tables show the Company’s cash, cash equivalents and marketable securities by significant investment category as of December 27, 2025 and September 27, 2025 (in millions):
December 27, 2025
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities
Non-Current
Marketable
Securities
Cash$30,826 $— $— $30,826 $30,826 $— $— 
Level 1:
Money market funds5,959 — — 5,959 5,959 — — 
Mutual funds
792 195 (2)985 — 985 — 
Subtotal6,751 195 (2)6,944 5,959 985 — 
Level 2 (1):
U.S. Treasury securities18,715 64 (211)18,568 2,302 5,341 10,925 
U.S. agency securities8,692 1 (114)8,579 4,192 1,998 2,389 
Non-U.S. government securities6,675 117 (399)6,393 — 771 5,622 
Certificates of deposit and time deposits1,737 — — 1,737 1,723 — 14 
Commercial paper991 — — 991 297 694 — 
Corporate debt securities46,682 280 (695)46,267 18 11,568 34,681 
Municipal securities154 — (1)153 — 97 56 
Mortgage- and asset-backed securities25,296 158 (1,117)24,337 — 136 24,201 
Subtotal108,942 620 (2,537)107,025 8,532 20,605 77,888 
Total
$146,519 $815 $(2,539)$144,795 $45,317 $21,590 $77,888 
September 27, 2025
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value		Cash and
Cash
Equivalents		Current
Marketable
Securities		Non-Current
Marketable
Securities
Cash$28,267 $— $— $28,267 $28,267 $— $— 
Level 1:
Money market funds5,272 — — 5,272 5,272 — — 
Mutual funds
679 177 (2)854 — 854 — 
Subtotal5,951 177 (2)6,126 5,272 854 — 
Level 2 (1):
U.S. Treasury securities16,074 56 (282)15,848 1,190 3,712 10,946 
U.S. agency securities5,269 — (149)5,120 251 2,456 2,413 
Non-U.S. government securities6,586 111 (424)6,273 — 855 5,418 
Certificates of deposit and time deposits917 — — 917 904 — 13 
Commercial paper100 — — 100 50 50 — 
Corporate debt securities47,210 266 (916)46,560 — 10,623 35,937 
Municipal securities207 — (2)205 — 119 86 
Mortgage- and asset-backed securities24,130 126 (1,252)23,004 — 94 22,910 
Subtotal100,493 559 (3,025)98,027 2,395 17,909 77,723 
Total
$134,711 $736 $(3,027)$132,420 $35,934 $18,763 $77,723 
(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.
As of December 27, 2025, 78% of the Company’s non-current marketable debt securities other than mortgage- and asset-backed securities had maturities between 1 and 5 years, 17% between 5 and 10 years, and 5% greater than 10 years. As of December 27, 2025, 12% of the Company’s non-current mortgage- and asset-backed securities had maturities between 1 and 5 years, 18% between 5 and 10 years, and 70% greater than 10 years.
Derivative Instruments and Hedging
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.
Foreign Exchange Rate Risk
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 December 27, 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.
Interest Rate Risk
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.
The notional amounts of the Company’s outstanding derivative instruments as of December 27, 2025 and September 27, 2025, were as follows (in millions):
December 27,
2025		September 27,
2025
Derivative instruments designated as accounting hedges:
Foreign exchange contracts$46,619 $62,647 
Interest rate contracts$12,875 $12,875 
Derivative instruments not designated as accounting hedges:
Foreign exchange contracts$120,980 $109,079 
As of both December 27, 2025 and September 27, 2025, the carrying amount of the Company’s current and non-current term debt subject to fair value hedges was $12.6 billion.
Accounts Receivable
Trade Receivables
As of December 27, 2025, the Company had two customers that individually represented 10% or more of total trade receivables, which accounted for 15% and 10%. As of September 27, 2025, the Company had one customer that represented 10% or more of total trade receivables, which accounted for 12%. The Company’s third-party cellular network carriers accounted for 35% and 34% of total trade receivables as of December 27, 2025 and September 27, 2025, respectively. The Company requires third-party credit support or collateral from certain customers to limit credit risk.
Vendor Non-Trade Receivables
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 December 27, 2025, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 47% and 26%. As of September 27, 2025, the Company had two vendors that individually represented 10% or more of total vendor non-trade receivables, which accounted for 46% and 23%.