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.
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- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Apple Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-27), 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 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).
Revenue exhibits a pronounced quarterly seasonality, characterized by consistent peaks in the December periods across all years. While total net sales have grown over the analyzed timeframe, the composition of this revenue has shifted, showing a strategic transition toward a more balanced mix between hardware and services.
- Revenue Stream Dynamics
- Product revenue remains the primary contributor to total sales but is subject to high volatility and seasonal fluctuations. In contrast, services revenue demonstrates a consistent and linear growth trajectory, increasing from 12,715 million in December 2019 to 30,739 million by June 2026. This shift indicates a successful expansion of the recurring revenue model.
- Net Sales Growth
- Overall net sales have expanded from 91,819 million in December 2019 to a peak of 143,756 million in December 2025, reflecting a general upward trend in market reach and pricing power.
Gross profitability remains robust, although it mirrors the seasonal volatility of product sales. The cost of sales has scaled in tandem with revenue, but the margin expansion suggests an improvement in cost efficiency or a favorable shift in product mix toward higher-margin offerings.
- Margin Trends
- Gross margins have trended upward over the long term, reaching a high of 69,231 million in December 2025. The relative stability of service costs compared to the growth in service revenue suggests that the services segment contributes disproportionately to the overall margin improvement.
Operating expenses have seen a steady increase, driven primarily by an aggressive commitment to innovation. While selling and administrative costs have remained relatively controlled, investment in future technologies has scaled significantly.
- Research and Development (R&D) Escalation
- R&D expenditures have more than doubled over the period, rising from 4,451 million in December 2019 to 11,729 million by June 2026. This represents a sustained increase in the proportion of operating income reinvested into product development.
- Operating Income Performance
- Operating income generally tracks the seasonal peaks of net sales, peaking at 50,852 million in December 2025. The ability to grow operating income despite rising R&D costs indicates strong operational leverage.
Net income reflects the overall health of the business but is occasionally impacted by non-operational factors, particularly tax provisions.
- Net Income and Tax Anomalies
- Net income generally follows the seasonal pattern of operating income. However, a notable divergence occurred in September 2024, where net income fell to 14,736 million despite significant sales, driven by a sharp increase in the provision for income taxes to 14,874 million for that specific quarter.
- Long-term Profitability
- Despite periodic tax-related volatility, net income has shown a general increase in its baseline, with the December 2025 quarter reaching a peak of 42,097 million.