Common-Size Income Statement
Quarterly Data
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- Cash Flow Statement
- Analysis of Solvency Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Apple Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 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).
- Products as Percentage of Net Sales
- The contribution of products to net sales shows a fluctuating trend, ranging from about 70.84% to 87.1% over the observed periods. A general decline is noticeable starting from the end of 2018 through mid-2025, with occasional short-term rebounds. The lowest values tend to occur in mid to late 2024 and 2025.
- Services as Percentage of Net Sales
- The proportion attributed to services exhibits a generally increasing pattern, moving from roughly 12.9% at the end of 2018 to peaks above 29% during the 2024 and 2025 periods. This indicates a growing emphasis or success in the services segment relative to products over time, especially marked by notable increases in early to mid-2024.
- Cost of Sales as Percentage of Net Sales
- Cost of sales relative to net sales has gradually decreased from around 62% to just under 54% toward 2025. This reduction in cost proportion suggests improvements in cost efficiency or changes in product/service mix impacting the overall cost base.
- Gross Margin Percentage
- Gross margin percentage shows a consistent upward trend, improving from approximately 38% to nearly 47%. This aligns with the decreasing cost of sales percentage, reflecting enhanced profitability in core operations over the reported timeline.
- Research and Development Expenses
- Research and development (R&D) spending as a percentage of net sales fluctuates between about 4.63% and 9.43%. Higher R&D intensity is seen in some quarters especially from 2021 onwards, with peaks occurring in mid-2022 and mid-2024, indicating sustained or increased investment in innovation despite other cost pressures.
- Selling, General and Administrative Expenses
- Selling, general, and administrative (SG&A) expenses vary between roughly 5% and 8.5% of net sales. The data reveals periods of higher expenditure in early 2020 and throughout 2022 to 2024, reflecting potentially greater sales, marketing, and administrative activity or inflationary effects on costs.
- Operating Expenses
- Operating expenses combine R&D and SG&A and show a range between approximately 9.7% and 16.7% of net sales. There is a noticeable increase during 2019 to 2020 and again in parts of 2022 to 2024, pointing to strategic investment phases or operational scaling efforts before moderate reduction in late 2024 and early 2025.
- Operating Income Percentage
- Operating income as a share of net sales demonstrates a generally positive trajectory, fluctuating between about 21.4% and 34.5%. After a dip during 2019 to 2020, operating income strengthened significantly starting 2020 and maintained relatively high levels through 2023 to 2025, reflecting improved operational leverage and margin expansion.
- Other Income (Expense), Net
- Other income or expense items remain relatively minor in magnitude, typically close to zero with slight positive or negative values ranging from -0.65% to 0.78%. The variability does not appear to significantly impact income trends.
- Income Before Provision for Income Taxes
- This metric closely follows operating income trends, moving from about 22% to around 34% of net sales over time. Peaks coincide with periods of strong operational performance, confirming core profitability improvements.
- Provision for Income Taxes
- Tax provision percentages generally range from about 3% to 5% of net sales, with one notable outlier period in late 2024 showing a spike to approximately 15.67%. Otherwise, the provision remains fairly stable and in line with income before taxes changes, suggesting consistent tax rates and policies except for the anomalous quarter.
- Net Income as Percentage of Net Sales
- Net income margins exhibit an upward trend from nearly 19% to approximately 29%, reflecting solid bottom-line growth and effective cost management. Despite some fluctuations, such as a dip in late 2024, overall profitability improves steadily, highlighting strong financial health in the reported periods.