Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Apple Inc., consolidated income statement

US$ in millions

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12 months ended: Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018 Sep 30, 2017 Sep 24, 2016
Products 297,392  220,747  213,883  225,847  196,534  — 
Services 68,425  53,768  46,291  39,748  32,700  — 
Net sales (legacy) —  —  —  —  —  215,639 
Net sales 365,817  274,515  260,174  265,595  229,234  215,639 
Products (192,266) (151,286) (144,996) (148,164) (126,337) — 
Services (20,715) (18,273) (16,786) (15,592) (14,711) — 
Cost of sales (legacy) —  —  —  —  —  (131,376)
Cost of sales (212,981) (169,559) (161,782) (163,756) (141,048) (131,376)
Gross margin 152,836  104,956  98,392  101,839  88,186  84,263 
Research and development (21,914) (18,752) (16,217) (14,236) (11,581) (10,045)
Selling, general and administrative (21,973) (19,916) (18,245) (16,705) (15,261) (14,194)
Operating expenses (43,887) (38,668) (34,462) (30,941) (26,842) (24,239)
Operating income 108,949  66,288  63,930  70,898  61,344  60,024 
Interest and dividend income 2,843  3,763  4,961  5,686  5,201  3,999 
Interest expense (2,645) (2,873) (3,576) (3,240) (2,323) (1,456)
Other income (expense), net 60  (87) 422  (441) (133) (1,195)
Other income (expense), net 258  803  1,807  2,005  2,745  1,348 
Income before provision for income taxes 109,207  67,091  65,737  72,903  64,089  61,372 
Provision for income taxes (14,527) (9,680) (10,481) (13,372) (15,738) (15,685)
Net income 94,680  57,411  55,256  59,531  48,351  45,687 

Based on: 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28), 10-K (reporting date: 2018-09-29), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).

Income statement item Description The company
Net sales Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Apple Inc. net sales increased from 2019 to 2020 and from 2020 to 2021.
Operating income The net result for the period of deducting operating expenses from operating revenues. Apple Inc. operating income increased from 2019 to 2020 and from 2020 to 2021.
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 increased from 2019 to 2020 and from 2020 to 2021.
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 increased from 2019 to 2020 and from 2020 to 2021.