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

Microsoft Excel
12 months ended: Sep 30, 2023 Sep 24, 2022 Sep 25, 2021 Sep 26, 2020 Sep 28, 2019 Sep 29, 2018
Products 298,085 316,199 297,392 220,747 213,883 225,847
Services 85,200 78,129 68,425 53,768 46,291 39,748
Net sales 383,285 394,328 365,817 274,515 260,174 265,595
Products (189,282) (201,471) (192,266) (151,286) (144,996) (148,164)
Services (24,855) (22,075) (20,715) (18,273) (16,786) (15,592)
Cost of sales (214,137) (223,546) (212,981) (169,559) (161,782) (163,756)
Gross margin 169,148 170,782 152,836 104,956 98,392 101,839
Research and development (29,915) (26,251) (21,914) (18,752) (16,217) (14,236)
Selling, general and administrative (24,932) (25,094) (21,973) (19,916) (18,245) (16,705)
Operating expenses (54,847) (51,345) (43,887) (38,668) (34,462) (30,941)
Operating income 114,301 119,437 108,949 66,288 63,930 70,898
Interest and dividend income 3,750 2,825 2,843 3,763 4,961 5,686
Interest expense (3,933) (2,931) (2,645) (2,873) (3,576) (3,240)
Other income (expense), net (382) (228) 60 (87) 422 (441)
Other income (expense), net (565) (334) 258 803 1,807 2,005
Income before provision for income taxes 113,736 119,103 109,207 67,091 65,737 72,903
Provision for income taxes (16,741) (19,300) (14,527) (9,680) (10,481) (13,372)
Net income 96,995 99,803 94,680 57,411 55,256 59,531

Based on: 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 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).

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 2021 to 2022 but then slightly decreased from 2022 to 2023.
Operating income The net result for the period of deducting operating expenses from operating revenues. Apple Inc. operating income increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
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 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
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 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.