Four Year Financial Performance Review

25-Sep
24-Sep
29-Sep
28-Sep
4 Year
2010
2011
2012
2013
Trend
Revenues
65,225.00
108,249.00
156,508.00
170,910.00
TOTAL REVENUES
65,225.00
108,249.00
156,508.00
170,910.00
Cost of Goods Sold
39,541.00
64,431.00
87,846.00
106,606.00
GROSS PROFIT
25,684.00
43,818.00
68,662.00
64,304.00
Selling General & Admin

Expenses, Total
5,517.00
7,599.00
10,040.00
10,830.00
R&D Expenses
1,782.00
2,429.00
3,381.00
4,475.00
OTHER OPERATING
EXPENSES, TOTAL
7,299.00
10,028.00
13,421.00
15,305.00
OPERATING INCOME
18,385.00
33,790.00
55,241.00
48,999.00
Interest Expense
--
Currency in
Millions of
US Dollars
As of:
--
--
-136
Interest and Investment Income 311
519
1,088.00
1,616.00
NET INTEREST EXPENSE
311
519
1,088.00
1,480.00
--
--
-655
-300
-156
-104
89
-24
18,540.00
34,205.00
55,763.00
50,155.00
Currency Exchange Gains

(Loss)
Other Non-Operating Income
(Expenses)
EBT, EXCLUDING UNUSUAL
ITEMS
EBT, INCLUDING UNUSUAL
ITEMS
18,540.00
34,205.00
55,763.00
50,155.00
Income Tax Expense
4,527.00
8,283.00
14,030.00
13,118.00
Earnings from Continuing

Operations
14,013.00
25,922.00
41,733.00
37,037.00
NET INCOME
14,013.00
25,922.00
41,733.00
37,037.00
25-Sep
24-Sep
29-Sep
28-Sep
4 Year
2010
2011
2012
2013
Trend
Cash and Equivalents
11,261.00
9,815.00
10,746.00
14,259.00
Short-Term Investments
14,359.00
16,137.00
18,383.00
26,287.00
Trading Asset Securities
--
--
--
44
TOTAL CASH AND SHORT

TERM INVESTMENTS
25,620.00
25,952.00
29,129.00
40,590.00
Accounts Receivable
5,510.00
5,369.00
10,930.00
13,102.00
Other Receivables
4,414.00
6,348.00
7,762.00
7,539.00
TOTAL RECEIVABLES
9,924.00
11,717.00
18,692.00
20,641.00
Inventory
1,051.00
776
791
1,764.00
Deferred Tax Assets, Current
1,636.00
2,014.00
2,583.00
3,453.00
Restricted Cash
445
--
278
164
Other Current Assets
3,002.00
4,529.00
6,180.00
6,674.00
TOTAL CURRENT ASSETS
41,678.00
44,988.00
57,653.00
73,286.00
Gross Property Plant and

Equipment
7,234.00
11,768.00
21,887.00
28,519.00
Accumulated Depreciation
-2,466.00
-3,991.00
-6,435.00
-11,922.00
NET PROPERTY PLANT AND

EQUIPMENT
4,768.00
7,777.00
15,452.00
16,597.00
Goodwill
741
896
1,135.00
1,577.00
Long-Term Investments
25,391.00
55,618.00
92,122.00
106,215.00
Other Intangibles
342
3,536.00
4,224.00
4,179.00
Other Long-Term Assets
2,263.00
3,556.00
5,478.00
5,146.00
TOTAL ASSETS
75,183.00
116,371.00
176,064.00
207,000.00
Accounts Payable
12,015.00
14,632.00
21,175.00
22,367.00
Accrued Expenses
3,641.00
4,829.00
6,749.00
8,427.00
Current Income Taxes Payable
658
1,140.00
1,535.00
1,200.00
Other Current Liabilities, Total
761
1,240.00
1,638.00
2,967.00
Unearned Revenue, Current
3,647.00
Currency in
Millions of
US Dollars
As of:
Assets
LIABILITIES & EQUITY
6,129.00
7,445.00
8,697.00
TOTAL CURRENT LIABILITIES 20,722.00
27,970.00
38,542.00
43,658.00
Long-Term Debt
--
--
--
16,960.00
1,139.00
1,686.00
2,648.00
2,625.00
4,300.00
8,159.00
13,847.00
16,489.00
Other Non-Current Liabilities
1,231.00
1,941.00
2,817.00
3,719.00
TOTAL LIABILITIES
27,392.00
39,756.00
57,854.00
83,451.00
Common Stock
10,668.00
13,331.00
16,422.00
19,764.00
Retained Earnings
37,169.00
62,841.00
101,289.00
104,256.00
Comprehensive Income and

Other
-46
443
499
-471
TOTAL COMMON EQUITY
47,791.00
76,615.00
118,210.00
123,549.00
TOTAL EQUITY
47,791.00
76,615.00
118,210.00
123,549.00
TOTAL LIABILITIES AND

EQUITY
75,183.00
116,371.00
176,064.00
207,000.00
Unearned Revenue, NonCurrent

Deferred Tax Liability NonCurrent
Assumption/Margin
Sales 5.5% +1 Annually
Cost of Sales 60% Sales Annually
Research and development (0.01 Increase
Annualy)xSales
Selling, general and administrative (0.01
Decrease Annualy)Sales
Other Income Provision
Other Income (0.02Increase Annually)

Income Tax 25% Constant
Inventory 0.02% Increase As of Sales
Property Plant & Equipments 9% as of Sales
2011
2012
2013
2014
2015
2016
2017
2018
59.5%
30.8%
56.1%
8.4%
62.4%
5.5%
60.0%
6.5%
60.0%
7.5%
60.0%
8.5%
60.0%
9.5%
60.0%
2.2%
2.2%
2.6%
2.6%
2.7%
2.8%
2.9%
3.0%
7.0%
6.4%
6.3%
0.4%
24.2%
0.3%
25.2%
0.5%
0.68%
26.2%
1.0%
9.9%
9.7%
6.2%
0.02%
0.70%
25.0%
1.05%
0.02%
9.0%
6.1%
0.02%
0.72%
25.0%
1.07%
0.02%
9.0%
6.0%
0.02%
0.74%
25.0%
1.09%
0.02%
9.0%
5.9%
0.02%
0.76%
25.0%
1.11%
0.02%
9.0%
5.8%
0.02%
0.78%
25.0%
1.13%
0.02%
9.0%
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)
September 28, September 29, September 24,

2013
2012
2011
37,037
41,733
25,922
(112
(15
(12
522
(131
92
(458
(399
450
64
(530
542
Change in unrealized gains/losses on marketable securities:

Change in fair value of marketable securities, net of tax benefit/(expense) of
$458, $(421) and $17, respectively
Adjustment for net losses/(gains) realized and included in net income, net of
tax expense/(benefit) of $82, $68 and $(40), respectively
(791
715
29
(131
(114
(70
Total change in unrealized gains/losses on marketable securities, net of tax
(922
601
(41
(970
56
489
36,067
41,789
26,411
Net income
Other comprehensive income/(loss):
Change in foreign currency translation, net of tax effects of $35, $13 and $18,
respectively
Change in unrecognized gains/losses on derivative instruments:
Change in fair value of derivatives, net of tax benefit/(expense) of $(351),
$73 and $(50), respectively
Adjustment for net losses/(gains) realized and included in net income, net of
tax expense/(benefit) of $255, $220 and $(250), respectively
Total change in unrecognized gains/losses on derivative instruments, net of
tax
Total other comprehensive income/(loss)

Total comprehensive income
CONSOLIDATED BALANCE SHEETS

(In millions, except number of shares which are reflected in thousands)
ASSETS:
Current assets:
Cash and cash equivalents
Short-term marketable securities
Accounts receivable, less allowances of $99 and $98, respectively
Inventories
Deferred tax assets
Vendor non-trade receivables
Other current assets
September 28, 2013

September 29, 2012
14,259
26,287
13,102
1,764
3,453
7,539
6,882
10,746
18,383
10,930
791
2,583
7,762
6,458
Total current assets
73,286
57,653
Long-term marketable securities

Property, plant and equipment, net
Goodwill
Acquired intangible assets, net
Other assets
106,215
16,597
1,577
4,179
5,146
92,122
15,452
1,135
4,224
5,478
207,000
176,064
22,367
13,856
7,435
21,175
11,414
5,953
43,658
38,542
2,625
16,960
20,208
2,648
0
16,664
83,451
57,854
19,764
16,422
Total assets
LIABILITIES AND SHAREHOLDERS EQUITY:

Current liabilities:
Accounts payable
Accrued expenses
Deferred revenue
Total current liabilities
Deferred revenue non-current
Long-term debt
Other non-current liabilities
Total liabilities
Commitments and contingencies

Shareholders equity:
Common stock, no par value; 1,800,000 shares authorized; 899,213 and
939,208 shares issued and outstanding, respectively
Retained earnings
Accumulated other comprehensive income/(loss)
Total shareholders equity
Total liabilities and shareholders equity
104,256
(471
101,289
499
123,549
118,210
207,000
176,064
CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY

(In millions, except number of shares which are reflected in thousands)
Common Stock
Shares
Balances as of September 25, 2010
Amount
915,970
10,668
Net income
Other comprehensive income/(loss)
Share-based compensation
1,168
13,307
561
934
929,277
13,331
Net income
Dividends and dividend equivalent rights declared
1,740
9,931
200
1,151
939,208
16,422
Net income
Common stock issued under stock plans, net of shares

withheld for employee taxes
Tax benefit from equity awards, including transfer
pricing adjustments

pricing adjustments
Dividends and dividend equivalent rights declared

Repurchase of common stock
pricing adjustments
(46,976
2,253
6,981
(143
1,232
899,213
19,764
Retained Earnings
Other Comprehensive Income
Total Shareholders Equity
37,169
(46
47,791
25,922
25,922
489
489
1,168
(250
311
934
62,841
443
76,615
41,733
41,733
56
56
(2,523
(2,523 )
1,740
(762
1,151
101,289
499
118,210
37,037
37,037
(970
(562 )
(970 )
(10,676
(10,676 )
(22,950
(22,950 )
2,253
(444
1,232
104,256
(471
123,549
(587 )
CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)
Years ended
September 28,
September 29,
September 24,
2013
2012
2011
10,746
9,815
11,261
37,037
41,733
25,922
6,757
3,277
1,814
Share-based compensation expense
2,253
1,740
1,168
Deferred income tax expense
1,141
4,405
2,868
(2,172
(5,551
143
(973
(15
275
223
(1,414
(1,934 )
Other current and non-current assets
1,080
(3,162
(1,391 )
Accounts payable
2,340
4,467
2,515
Deferred revenue
1,459
2,824
1,654
Other current and non-current liabilities
4,521
2,552
4,495
53,666
50,856
37,529
(148,489
(151,232
20,317
13,035
20,437
104,130
99,770
49,416
(496
(350
(244 )
(8,165
(8,295
(4,260 )
Payments for acquisition of intangible assets
(911
(1,107
(3,192 )
Other
(160
(48
(259 )
(33,774
(48,227
(40,419 )
Cash and cash equivalents, beginning of the year
Operating activities:
Net income
Adjustments to reconcile net income to cash generated by
operating activities:
Depreciation and amortization
Changes in operating assets and liabilities:

Accounts receivable, net
Inventories
Vendor non-trade receivables
Cash generated by operating activities
Investing 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
Payments for acquisition of property, plant and equipment
Cash used in investing activities
(102,317 )
Financing activities:
Proceeds from issuance of common stock
530
665
831
Excess tax benefits from equity awards
701
1,351
1,133
(1,082
(1,226
Dividends and dividend equivalent rights paid
(10,564
(2,488
Repurchase of common stock
(22,860
16,896
(16,379
(1,698
1,444
3,513
931
14,259
10,746
9,815
9,128
7,682
3,338
Taxes paid related to net share settlement of equity awards
Proceeds from issuance of long-term debt, net
Cash generated by/(used in) financing activities
Increase/(decrease) in cash and cash equivalents
Cash and cash equivalents, end of the year
(520 )
(1,446 )
Supplemental cash flow disclosure:

Cash paid for income taxes, net

Four Year Financial Performance Review

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25-Sep

Cost of Goods Sold

Selling General & Admin

Interest and Investment Income 311

NET INTEREST EXPENSE

Currency Exchange Gains

Income Tax Expense

Earnings from Continuing

Cash and Equivalents

Trading Asset Securities

TOTAL CASH AND SHORT

Deferred Tax Assets, Current

Other Current Assets

TOTAL CURRENT ASSETS

Gross Property Plant and

NET PROPERTY PLANT AND

Other Long-Term Assets

Current Income Taxes Payable

Other Current Liabilities, Total

Unearned Revenue, Current

LIABILITIES & EQUITY

TOTAL CURRENT LIABILITIES 20,722.00

Other Non-Current Liabilities

Comprehensive Income and

TOTAL COMMON EQUITY

TOTAL LIABILITIES AND

Unearned Revenue, NonCurrent

Other Income (0.02Increase Annually)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

September 28, September 29, September 24,

Change in unrealized gains/losses on marketable securities:

Total change in unrealized gains/losses on marketable securities, net of tax

Total other comprehensive income/(loss)

CONSOLIDATED BALANCE SHEETS

September 28, 2013

Total current assets

Long-term marketable securities

LIABILITIES AND SHAREHOLDERS EQUITY:

Commitments and contingencies

Total liabilities and shareholders equity

CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY

Balances as of September 25, 2010

Other comprehensive income/(loss)

Other comprehensive income/(loss)

Dividends and dividend equivalent rights declared

Other comprehensive income/(loss)

Common stock issued under stock plans, net of shares

Balances as of September 24, 2011

Common stock issued under stock plans, net of shares

Balances as of September 29, 2012

Dividends and dividend equivalent rights declared

Balances as of September 28, 2013

Other Comprehensive Income

Total Shareholders Equity

CONSOLIDATED STATEMENTS OF CASH FLOWS

Share-based compensation expense

Deferred income tax expense

Other current and non-current assets

Other current and non-current liabilities

Payments for acquisition of intangible assets

Cash and cash equivalents, beginning of the year

Changes in operating assets and liabilities:

Cash generated by operating activities