Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

$24.99

Common-Size Income Statement
Quarterly Data

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

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3 months ended: Mar 29, 2025 Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Sep 24, 2022 Jun 25, 2022 Mar 26, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018
Products
Services
Net sales
Products
Services
Cost of sales
Gross margin
Research and development
Selling, general and administrative
Operating expenses
Operating income
Other income (expense), net
Income before provision for income taxes
Provision for income taxes
Net income

Based on: 10-Q (reporting date: 2025-03-29), 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).


Sales Composition
The proportion of net sales attributed to products has generally ranged between approximately 71% and 87% over the periods, exhibiting cyclical fluctuations with occasional dips below 75%. Conversely, services as a percentage of net sales have shown a complementary pattern, ranging from around 13% up to nearly 29%, with a tendency to increase over time, signaling gradual growth in the services segment relative to products.
Cost of Sales
Cost of sales consistently accounted for between roughly 53% and 62% of net sales, exhibiting a mild downward trend over recent periods. The cost component specifically linked to products varied around the mid-50% range, while the services-related cost portion fluctuated between about 4% and 8%, generally moving in tandem with changes in the services sales proportion.
Gross Margin
Gross margin demonstrated a steady increase, rising from approximately 38% to around 47% of net sales. This indicates an improvement in profitability at the gross level, likely supported by more favorable product mix and cost efficiencies over time.
Operating Expenses
Operating expenses, including both research and development (R&D) and selling, general and administrative (SG&A) costs, have shown variability. R&D expenses as a percentage of net sales fluctuated between about 4.6% and 9.3%, with a tendency to rise over the longer term. SG&A expenses ranged roughly from 5% to 8.5%, with periods of increase and decrease, generally moving in line with R&D trends. Overall operating expenses ranged from approximately 9.7% to 16.7%.
Operating Income
Operating income displayed an improving trend, increasing overall from roughly 21% to mid-30% range of net sales. This upward movement reflects the combined effect of increasing gross margin and controlled operating expenses, indicating strengthening operational profitability.
Other Income (Expense), Net
Other income and expense items as a percentage of net sales remained relatively minor, fluctuating near zero with both small positive and negative values. No significant trend emerges, suggesting these items had a limited impact on overall profitability.
Income Before Provision for Income Taxes
This metric followed a trend similar to operating income, rising from low 20%s up to mid-30% of net sales over the periods observed. This underscores improved pre-tax profitability in recent quarters.
Provision for Income Taxes
The provision for income taxes generally ranged between approximately 3% and 5% of net sales, with an anomalous spike to around 15.7% observed in one of the most recent periods. This irregularity may merit further investigation to understand its cause.
Net Income
Net income as a percentage of net sales tracked the upward trend of operating and pre-tax income, increasing from about 19% in earlier periods to peaks above 28% and sustaining values typically in the 24% to 26% range. A notable dip to approximately 15.5% corresponded with the aforementioned elevated income tax provision, indicating tax impact on net profitability.