Analysis of Revenues
Revenues as Reported
Apple Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-09-27), 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26).
The annual revenue data reveals distinct trends across the different product and service categories over the periods analyzed.
- iPhone
- The revenue generated from iPhone sales shows a strong upward trend from the initial period through 2025. There is a significant increase from 137,781 million US dollars in 2020 to over 209,000 million US dollars in 2025, with a slight dip observed in 2023, followed by recovery and continued growth in subsequent years.
- Mac
- Mac sales exhibit a positive growth trajectory overall, increasing from 28,622 million to approximately 33,708 million US dollars. However, there is a noticeable decrease in 2023, where revenue dropped back to near 2020 levels, before rising again in the following years.
- iPad
- iPad revenue trends show volatility, rising from 23,724 million US dollars in 2020 to a peak in 2021, then gradually declining over the next periods before stabilizing around 28,000 million US dollars by 2025. This indicates a weakening demand or market saturation in the middle years, followed by slight recovery.
- Wearables, Home and Accessories
- This category experiences consistent growth initially, peaking in 2022. Thereafter, it declines each year through 2025, indicating potential market challenges or shifts in consumer preferences within these segments.
- Services
- Services show the most robust and consistent growth pattern of all categories. Starting from 53,768 million US dollars in 2020, revenue steadily climbs to exceed 109,000 million US dollars by 2025, highlighting the increasing importance and expansion of the service segment.
- Net Sales
- Overall net sales mirror the growth seen in individual categories, rising notably from 274,515 million US dollars in 2020 to over 416,000 million US dollars in 2025. The periods reflect growth with a minor decline in 2023, consistent with some product segment trends, followed by recovery and continued upward movement.
In summary, the data indicates strong growth in key product lines such as iPhone and Services, with some volatility and declines observed in Mac, iPad, and Wearables segments during certain periods. The service segment particularly stands out as a growing contributor to total revenue, suggesting a strategic area of focus and resilience.