Common-Size Income Statement
Quarterly Data
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Apple Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 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).
The common-size income statement reveals several noteworthy trends over the observed period. A significant shift in the revenue mix between products and services is apparent, alongside fluctuations in profitability and expense management. Overall, the company demonstrates a degree of cyclicality, with performance varying across quarters.
- Revenue Mix
- The proportion of net sales derived from products generally decreased from 86.15% in December 2019 to a range between 70.84% and 82.27% through December 2022, before increasing to 79.12% in September 2025. Conversely, the contribution of services to net sales increased from 13.85% in December 2019, peaking at 28.23% in June 2024, before settling at 20.88% in September 2025. This indicates a strategic shift towards a greater reliance on service revenue.
- Cost of Sales
- Cost of sales as a percentage of net sales remained relatively stable, fluctuating between approximately 50% and 62% throughout the period. A slight downward trend is observed in the later quarters, suggesting potential improvements in cost management or shifts in the product mix towards higher-margin items. The lowest percentage was observed in September 2025 at 51.84%.
- Gross Margin
- Gross margin exhibited an upward trend, increasing from 38.35% in December 2019 to a peak of 47.18% in June 2025. This improvement aligns with the observed trends in cost of sales and the increasing contribution of services, which typically have higher gross margins. A slight dip is observed in the final period, falling to 46.49% in December 2025.
- Operating Expenses
- Operating expenses, encompassing research and development and selling, general, and administrative expenses, demonstrated considerable volatility. A notable increase occurred in the first half of 2020, followed by a period of relative stability. Expenses increased again in 2023 and 2024, before decreasing in September 2025. The highest percentage of net sales allocated to operating expenses was 16.70% in June 2024.
- Operating Income
- Operating income as a percentage of net sales mirrored the trends in gross margin and operating expenses. It generally increased from 27.85% in December 2019, peaking at 35.37% in September 2025, indicating improved operational efficiency. Fluctuations in operating expenses impacted operating income, with dips corresponding to periods of higher expense ratios.
- Net Income
- Net income as a percentage of net sales followed a similar pattern to operating income, ranging from 15.52% to 29.23%. The provision for income taxes exhibited variability, significantly impacting net income in certain periods, particularly in June 2024 where it reached 15.67% of net sales. Overall, net income demonstrated a positive correlation with gross margin and operating income.
In conclusion, the company experienced a dynamic period characterized by a strategic shift towards services, improvements in gross margin, and fluctuations in operating expenses. These factors collectively influenced operating and net income, demonstrating a degree of resilience and adaptability over the analyzed timeframe.