Why over the last five years has Apple issued new shares to make acquisitions, rather than pay for things with the cash it already has on hand? In each of the last five years, those share dilutions have been less $1 billion, and in many cases much, much less.
If you look at Apple's total cash position, purchases can be made without putting too much of a crimp in its cash position.
Apple has most of its cash held outside the USA to escape taxation. Any acquisition using that money would have to also be located outside the USA. The current FCF is basically being used to fund the current dividend and potential stock buy back, so the remaining cash held inside the USA will have to tide them over for anything else.
Apple's shares haven't been diluted for a long time. And when it did happen, it was due to employee stock grants, not acquisitions, which have been cash transactions. Going forward, even the grants won't be dilutive, because they will buy back an equivalent number of shares. This was announced months ago.