Common-Size Income Statement
Quarterly Data
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Apple Inc., common-size consolidated income statement (quarterly data)
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.