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

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).

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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.

Apple Inc. (NASDAQ:AAPL)

Income Statement