Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Common-Size Income Statement
Quarterly Data

Beginner level

Apple Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017 Sep 30, 2017 Jul 1, 2017 Apr 1, 2017 Dec 31, 2016 Sep 24, 2016 Jun 25, 2016 Mar 26, 2016 Dec 26, 2015 Sep 26, 2015 Jun 27, 2015 Mar 28, 2015 Dec 27, 2014
Products 77.51 77.96 77.11 86.15 80.46 78.71 80.26 87.10 83.15 80.91 83.89 89.66 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Services 22.49 22.04 22.89 13.85 19.54 21.29 19.74 12.90 16.85 19.09 16.11 10.34 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net sales (legacy) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Net sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Products -54.40 -54.78 -53.71 -56.71 -55.02 -54.77 -55.24 -57.22 -55.16 -54.36 -55.51 -57.28 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Services -7.44 -7.22 -7.93 -4.93 -7.01 -7.64 -7.15 -4.79 -6.55 -7.30 -6.18 -4.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cost of sales (legacy) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -62.09 -61.49 -61.07 -61.49 -61.98 -61.98 -60.60 -59.90 -60.10 -60.32 -59.22 -60.13
Cost of sales -61.84% -62.00% -61.64% -61.65% -62.03% -62.41% -62.39% -62.01% -61.71% -61.66% -61.69% -61.59% -62.09% -61.49% -61.07% -61.49% -61.98% -61.98% -60.60% -59.90% -60.10% -60.32% -59.22% -60.13%
Gross margin 38.16% 38.00% 38.36% 38.35% 37.97% 37.59% 37.61% 37.99% 38.29% 38.34% 38.31% 38.41% 37.91% 38.51% 38.93% 38.51% 38.02% 38.02% 39.40% 40.10% 39.90% 39.68% 40.78% 39.87%
Research and development -7.69 -7.97 -7.83 -4.85 -6.42 -7.91 -6.81 -4.63 -5.96 -6.95 -5.53 -3.86 -5.70 -6.47 -5.25 -3.66 -5.49 -6.04 -4.97 -3.17 -4.31 -4.10 -3.31 -2.54
Selling, general and administrative -7.63 -8.09 -8.49 -5.66 -7.15 -8.23 -7.68 -5.67 -6.70 -7.71 -6.79 -4.79 -7.25 -8.33 -7.03 -5.04 -7.43 -8.12 -6.77 -5.07 -7.19 -7.18 -5.96 -4.83
Operating expenses -15.32% -16.07% -16.32% -10.51% -13.57% -16.14% -14.49% -10.30% -12.66% -14.66% -12.31% -8.65% -12.95% -14.80% -12.28% -8.70% -12.92% -14.17% -11.74% -8.24% -11.50% -11.29% -9.27% -7.37%
Operating income 22.84% 21.93% 22.04% 27.85% 24.40% 21.45% 23.12% 27.69% 25.62% 23.68% 26.00% 29.76% 24.95% 23.71% 26.65% 29.81% 25.10% 23.86% 27.67% 31.86% 28.39% 28.39% 31.51% 32.50%
Other income (expense), net 0.19 0.08 0.48 0.38 0.78 0.68 0.65 0.66 0.48 1.26 0.45 0.86 1.52 1.19 1.11 1.05 0.91 0.86 0.31 0.53 0.85 0.79 0.49 0.23
Income before provision for income taxes 23.03% 22.01% 22.52% 28.23% 25.18% 22.14% 23.77% 28.35% 26.11% 24.94% 26.45% 30.61% 26.47% 24.90% 27.76% 30.86% 26.01% 24.72% 27.97% 32.39% 29.25% 29.18% 32.00% 32.73%
Provision for income taxes -3.44 -3.16 -3.23 -4.01 -3.81 -3.47 -3.85 -4.67 -3.65 -3.31 -3.84 -7.89 -6.09 -5.71 -6.91 -8.03 -6.77 -6.31 -7.17 -8.19 -7.65 -7.65 -8.61 -8.57
Net income 19.59% 18.85% 19.29% 24.22% 21.37% 18.67% 19.93% 23.68% 22.46% 21.63% 22.61% 22.73% 20.38% 19.20% 20.85% 22.83% 19.24% 18.41% 20.80% 24.20% 21.60% 21.52% 23.39% 24.16%

Based on: 10-K (filing date: 2020-10-30), 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-01), 10-Q (filing date: 2020-01-29), 10-K (filing date: 2019-10-31), 10-Q (filing date: 2019-07-31), 10-Q (filing date: 2019-05-01), 10-Q (filing date: 2019-01-30), 10-K (filing date: 2018-11-05), 10-Q (filing date: 2018-08-01), 10-Q (filing date: 2018-05-02), 10-Q (filing date: 2018-02-02), 10-K (filing date: 2017-11-03), 10-Q (filing date: 2017-08-02), 10-Q (filing date: 2017-05-03), 10-Q (filing date: 2017-02-01), 10-K (filing date: 2016-10-26), 10-Q (filing date: 2016-07-27), 10-Q (filing date: 2016-04-27), 10-Q (filing date: 2016-01-27), 10-K (filing date: 2015-10-28), 10-Q (filing date: 2015-07-22), 10-Q (filing date: 2015-04-28), 10-Q (filing date: 2015-01-28).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. Apple Inc.’s operating income as a percentage of net sales decreased from Q2 2020 to Q3 2020 but then increased from Q3 2020 to Q4 2020 exceeding Q2 2020 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.’s income before provision for income taxes as a percentage of net sales decreased from Q2 2020 to Q3 2020 but then increased from Q3 2020 to Q4 2020 exceeding Q2 2020 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Apple Inc.’s net income as a percentage of net sales decreased from Q2 2020 to Q3 2020 but then increased from Q3 2020 to Q4 2020 exceeding Q2 2020 level.