Income Statement
Quarterly Data
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 (quarterly data)
US$ in millions
Based on: 10-K (reporting date: 2025-09-27), 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).
The financial data reflects a dynamic pattern across multiple quarters, demonstrating variations in sales, costs, and profitability.
- Net Sales
- There is a marked seasonality and overall growth trend. Net sales exhibit strong peaks in the fourth quarter of each year, reaching highs such as US$123,945 million in Dec 2021 and US$124,300 million in Dec 2024. Periods such as Mar and Jun 2020 show lower sales, likely influenced by external factors. Over time, net sales generally increase in the later periods compared to the initial quarters.
- Products and Services Revenue
- Products revenue follows the general seasonality pattern with sharp increases during year-end quarters (e.g., nearly doubling from mid-year lows). The highest recorded product sales occur in Dec quarters (e.g., US$104,429 million in Dec 2021). Service revenues demonstrate a consistent upward trajectory with less pronounced fluctuation, showing steady growth from approximately US$12,715 million in Dec 2019 up to US$28,750 million projected in Dec 2025.
- Cost of Sales
- Cost of sales for products and services closely track the sales trends, rising significantly in peak sales quarters and displaying growth over the dataset timeline. Product costs show large absolute increases corresponding with product sales, with costs reaching approximately US$69,702 million in Dec 2021. Service costs rise steadily but remain a smaller portion of the total cost base.
- Gross Margin
- Gross margins fluctuate in line with sales patterns, generally peaking in December quarters with values such as US$54,243 million in Dec 2021 and US$58,275 million in Dec 2024. This suggests improved profitability during peak sales periods. The gross margin growth aligns with increased sales volumes and consistent management of costs.
- Operating Expenses
- Research and development expenses increase steadily from approximately US$4,451 million to US$8,866 million between Dec 2019 and projected Sep 2025, signaling a consistent investment in innovation. Selling, general, and administrative expenses also increase but at a more moderate pace, indicating controlled overhead expansion. Total operating expenses rise correspondingly over time, reflecting expansion and possibly inflationary pressures.
- Operating Income
- Operating income shows pronounced seasonality with significantly higher values in year-end quarters (e.g., US$41,488 million in Dec 2020 and US$42,832 million in Dec 2024). While the variability exists, a general upward trend is evident, reflecting the company's ability to capitalize on peak sales seasons and control costs effectively. However, some dips appear in intermediary quarters, suggesting sensitivity to temporal sales fluctuations.
- Other Income (Expense), Net
- This category fluctuates noticeably, with both positive and negative values across the quarters. There are occasional substantial negative values such as -US$538 million in Sep 2021 and positive spikes such as US$508 million in Mar 2021. These variations suggest the impact of non-operational factors like currency effects or investment income.
- Income Before Provision for Income Taxes
- The pattern for income before taxes mirrors operating income trends, with peaks in year-end quarters and general growth. The alignment indicates stable operating leverage and a direct linkage of profitability with operational performance.
- Provision for Income Taxes
- Tax provisions increase in magnitude over time, correlating with rising income levels. Notably, some quarters show significant spikes, such as -US$14,874 million in Sep 2024, suggesting potential discrete tax events or adjustments. The tax expense is generally a consistent percentage of income before taxes but with some volatility.
- Net Income
- Net income follows the seasonal pattern strongly evident in previous profitability measures. The highest profits occur in fourth quarters with figures like US$34,630 million in Dec 2021 and a peak of US$36,330 million in Dec 2024. Despite fluctuations in taxes and other items, net income demonstrates robust growth over the periods analyzed.
In summary, the data indicates strong seasonal effects with highest sales and profitability during the last quarter each year. Product sales and costs dominate revenue and expenses, with services contributing a steadily growing share. Operating costs increase consistently, in particular R&D spend, underscoring a continuous commitment to innovation. Profitability measures, including gross margin and operating income, reflect effective cost management relative to sales growth, albeit with volatility influenced by external and non-operational items. Overall, the financial trajectory suggests stable expansion and improved earnings capacity over the analyzed timeline.