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.
Paying user area
Try for free
Apple Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Apple Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Apple Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
The financial results exhibit a pronounced seasonal pattern, with revenue and net income consistently peaking in the December quarters. While product sales remain the primary driver of total net sales, there is a clear strategic transition toward a more diversified revenue stream characterized by the steady and linear growth of the services sector.
- Revenue Composition and Growth
- Product revenue demonstrates significant volatility linked to seasonal cycles, reaching a peak of 113,743 million US$ in December 2025. In contrast, services revenue shows a consistent upward trajectory, growing from 12,715 million US$ in December 2019 to 30,976 million US$ by March 2026. This steady increase in services indicates a reduction in reliance on hardware cycles and an expansion of recurring revenue streams.
- Gross Margin and Cost Structure
- Gross margins fluctuate in alignment with quarterly sales volume. The cost of sales for products remains high, though the services segment maintains a significantly higher margin relative to its revenue. The overall gross margin peaked at 69,231 million US$ in December 2025, reflecting the combined effect of high-volume holiday product sales and a matured services ecosystem.
- Operating Expense Trends
- Research and development expenses show a sustained and aggressive increase, rising from 4,451 million US$ in December 2019 to 11,419 million US$ by March 2026. This trend suggests a long-term commitment to innovation and product development. Selling, general, and administrative expenses have remained relatively stable in comparison, showing more modest growth over the same period.
- Operating Income and Net Profitability
- Operating income mirrors the seasonality of net sales, with the highest quarterly performance recorded in December 2025 at 50,852 million US$. Net income generally follows this trend, although a notable anomaly occurred in September 2024, where a significant provision for income taxes of 14,874 million US$ led to a sharp decline in net income despite strong operating results.
- Long-term Profitability Trajectory
- The overall trajectory of net income reflects an expanding base of profitability. From a baseline of 22,236 million US$ in December 2019, the company achieved a peak net income of 42,097 million US$ in December 2025, driven by the scaling of high-margin services and the maintenance of premium product pricing.