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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Apple Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).
- Net Sales and Product Revenue Trends
- Net sales demonstrate significant seasonal and cyclical fluctuations with an overall upward trend from December 2018 through March 2025. Notably, there are pronounced peaks during year-end quarters, reflecting higher sales in those periods. Product revenue shows a similar pattern with substantial increases in the fourth quarters, reaching the highest values in these periods, particularly from 2020 onward. Service revenue shows steady growth across all quarters, albeit at a slower and more consistent rate compared to product sales, indicating growing importance and stability of the services segment.
- Cost of Sales and Gross Margin
- The cost of sales closely follows the pattern of net sales with peaks in the corresponding periods. The increase in costs is substantial during year-end periods but generally remains proportionate to the rise in sales. Gross margin fluctuates in line with net sales but exhibits significant expansions during peak quarters. There is a marked increase in gross margin beginning in late 2020, suggesting improved profitability or better cost management during these periods.
- Operating Expenses
- Operating expenses, which combine research and development (R&D) costs with selling, general, and administrative expenses, display gradual increases over time. R&D expenses show a gradual quarterly increase with some stabilization during 2023, whereas selling and administrative expenses slightly fluctuate but maintain a general upward trend consistent with business growth and expanded operations.
- Operating Income and Profitability
- Operating income displays pronounced seasonality with higher values in the fourth quarter of each year. The overall trend of operating income is positive, peaking sharply in late 2020 and again in late 2021 and late 2023, reflecting strong operating performance during these periods. This indicates the company’s ability to leverage increased sales seasonally into higher profits, despite rising operating costs.
- Other Income and Net Income
- Other income (expense), net fluctuates considerably, occasionally taking negative values, suggesting variable non-operating gains and losses or financial activities. Income before taxes mirrors operating income patterns, with expected variability in these other income components. Net income trends align closely with operating income, showing strong seasonal peaks in the year-end quarters, particularly notable after 2020. The net income increases overall, with significant spikes during stronger sales periods, evidencing effective tax and expense management to convert elevated sales into higher net earnings.
- Provision for Income Taxes
- The provision for income taxes follows income before taxes, rising in peak profit quarters but showing some large fluctuations in the amounts, particularly notable spikes in fiscal years ending 2021 and 2024. These sharp increases in tax provisions correspond with higher pre-tax income levels and indicate effective tax management possibly influenced by changes in earnings composition or tax strategies.
- Summary Insights
- Overall, the data reveals a clear seasonal sales pattern with strong year-end performance across multiple years. The services segment continues steady growth, contributing to improved revenue diversification. Gross margin improvements and efficient cost management have supported robust increases in operating income and net income. The fluctuations in other income (expense) and tax provisions suggest varying external impacts on profitability but do not detract from the company’s general upward trajectory in financial performance. The rising operating expenses highlight ongoing investments in R&D and sales infrastructure to support growth. The financial trends point to a solid, well-managed growth pattern with emphasis on leveraging seasonal strengths and expanding service revenue streams.