Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Common-Size Income Statement 
Quarterly Data

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

Microsoft Excel
3 months ended: 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 Sep 29, 2018 Jun 30, 2018 Mar 31, 2018 Dec 30, 2017
Products 80.67 75.07 74.07 77.95 82.27 78.71 76.37 79.62 84.25 78.07 78.53 81.13 85.86 77.51 77.96 77.11 86.15 80.46 78.71 80.26 87.10 83.15 80.91 83.89 89.66
Services 19.33 24.93 25.93 22.05 17.73 21.29 23.63 20.38 15.75 21.93 21.47 18.87 14.14 22.49 22.04 22.89 13.85 19.54 21.29 19.74 12.90 16.85 19.09 16.11 10.34
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% 100.00%
Products -48.87 -47.58 -47.85 -49.34 -51.87 -51.46 -50.01 -50.67 -51.89 -51.33 -50.22 -51.85 -55.75 -54.40 -54.78 -53.71 -56.71 -55.02 -54.77 -55.24 -57.22 -55.16 -54.36 -55.51 -57.28
Services -5.25 -7.25 -7.64 -6.40 -5.17 -6.28 -6.74 -5.58 -4.35 -6.47 -6.48 -5.65 -4.47 -7.44 -7.22 -7.93 -4.93 -7.01 -7.64 -7.15 -4.79 -6.55 -7.30 -6.18 -4.31
Cost of sales -54.13% -54.83% -55.48% -55.74% -57.04% -57.74% -56.74% -56.25% -56.24% -57.80% -56.71% -57.49% -60.22% -61.84% -62.00% -61.64% -61.65% -62.03% -62.41% -62.39% -62.01% -61.71% -61.66% -61.69% -61.59%
Gross margin 45.87% 45.17% 44.52% 44.26% 42.96% 42.26% 43.26% 43.75% 43.76% 42.20% 43.29% 42.51% 39.78% 38.16% 38.00% 38.36% 38.35% 37.97% 37.59% 37.61% 37.99% 38.29% 38.34% 38.31% 38.41%
Research and development -6.44 -8.16 -9.10 -7.86 -6.58 -7.50 -8.19 -6.57 -5.09 -6.92 -7.02 -5.87 -4.63 -7.69 -7.97 -7.83 -4.85 -6.42 -7.91 -6.81 -4.63 -5.96 -6.95 -5.53 -3.86
Selling, general and administrative -5.68 -6.87 -7.30 -6.54 -5.64 -7.14 -7.25 -6.37 -5.20 -6.74 -6.65 -5.93 -5.05 -7.63 -8.09 -8.49 -5.66 -7.15 -8.23 -7.68 -5.67 -6.70 -7.71 -6.79 -4.79
Operating expenses -12.11% -15.04% -16.40% -14.40% -12.22% -14.64% -15.44% -12.93% -10.29% -13.66% -13.67% -11.81% -9.69% -15.32% -16.07% -16.32% -10.51% -13.57% -16.14% -14.49% -10.30% -12.66% -14.66% -12.31% -8.65%
Operating income 33.76% 30.13% 28.12% 29.86% 30.74% 27.62% 27.82% 30.82% 33.47% 28.53% 29.63% 30.70% 30.09% 22.84% 21.93% 22.04% 27.85% 24.40% 21.45% 23.12% 27.69% 25.62% 23.68% 26.00% 29.76%
Other income (expense), net -0.04 0.03 -0.32 0.07 -0.34 -0.26 -0.01 0.16 -0.20 -0.65 0.30 0.57 0.04 0.19 0.08 0.48 0.38 0.78 0.68 0.65 0.66 0.48 1.26 0.45 0.86
Income before provision for income taxes 33.72% 30.17% 27.79% 29.93% 30.41% 27.35% 27.80% 30.98% 33.27% 27.89% 29.92% 31.27% 30.13% 23.03% 22.01% 22.52% 28.23% 25.18% 22.14% 23.77% 28.35% 26.11% 24.94% 26.45% 30.61%
Provision for income taxes -5.36 -4.52 -3.49 -4.45 -4.80 -4.37 -4.37 -5.27 -5.33 -3.24 -3.22 -4.89 -4.33 -3.44 -3.16 -3.23 -4.01 -3.81 -3.47 -3.85 -4.67 -3.65 -3.31 -3.84 -7.89
Net income 28.36% 25.65% 24.31% 25.48% 25.61% 22.99% 23.44% 25.71% 27.94% 24.65% 26.70% 26.38% 25.80% 19.59% 18.85% 19.29% 24.22% 21.37% 18.67% 19.93% 23.68% 22.46% 21.63% 22.61% 22.73%

Based on: 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), 10-K (reporting date: 2018-09-29), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-30).

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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
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 Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.
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 increased from Q3 2023 to Q4 2023 and from Q4 2023 to Q1 2024.