Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Common-Size Income Statement

Apple Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Products 77.77 80.19 81.30 80.41 82.21 85.03
Services 22.23 19.81 18.70 19.59 17.79 14.97
Net sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Products -49.38 -51.09 -52.56 -55.11 -55.73 -55.79
Services -6.48 -5.60 -5.66 -6.66 -6.45 -5.87
Cost of sales -55.87% -56.69% -58.22% -61.77% -62.18% -61.66%
Gross margin 44.13% 43.31% 41.78% 38.23% 37.82% 38.34%
Research and development -7.80 -6.66 -5.99 -6.83 -6.23 -5.36
Selling, general and administrative -6.50 -6.36 -6.01 -7.25 -7.01 -6.29
Operating expenses -14.31% -13.02% -12.00% -14.09% -13.25% -11.65%
Operating income 29.82% 30.29% 29.78% 24.15% 24.57% 26.69%
Interest and dividend income 0.98 0.72 0.78 1.37 1.91 2.14
Interest expense -1.03 -0.74 -0.72 -1.05 -1.37 -1.22
Other income (expense), net -0.10 -0.06 0.02 -0.03 0.16 -0.17
Other income (expense), net -0.15% -0.08% 0.07% 0.29% 0.69% 0.75%
Income before provision for income taxes 29.67% 30.20% 29.85% 24.44% 25.27% 27.45%
Provision for income taxes -4.37 -4.89 -3.97 -3.53 -4.03 -5.03
Net income 25.31% 25.31% 25.88% 20.91% 21.24% 22.41%

Based on: 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), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. Apple Inc. operating income as a percentage of net sales increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Income before provision for income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Apple Inc. income before provision for income taxes as a percentage of net sales increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Apple Inc. net income as a percentage of net sales decreased from 2021 to 2022 and from 2022 to 2023.