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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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Debt
- Aggregate Accruals
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Apple Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 performance presented demonstrates significant fluctuations over the analyzed period, spanning from December 2019 to December 2025. Net sales exhibit a cyclical pattern, with notable peaks in the December quarters and troughs in the March quarters, suggesting seasonality. A substantial increase in net sales is observed in December 2020, followed by a continued strong performance through December 2021 and December 2022. A slight dip in net sales occurred in the first half of 2023, followed by a recovery and a new peak in December 2023, before stabilizing in 2024 and showing growth again in 2025.
The composition of net sales reveals a growing contribution from the Services segment. While Products consistently represent the larger portion of revenue, Services have steadily increased as a percentage of total net sales throughout the period. This suggests a successful diversification strategy and increasing revenue from non-hardware sources.
- Gross Margin
- Gross margin generally follows the trend of net sales, peaking alongside sales increases. A significant rise in gross margin is evident from 2020 through 2022, indicating improved profitability. However, gross margin experienced a decline in the first half of 2023, coinciding with the dip in net sales, before recovering and continuing to grow through 2025. The increase in gross margin in 2024 and 2025 suggests improved cost management or pricing strategies.
- Operating Expenses
- Operating expenses, encompassing research and development and selling, general, and administrative costs, demonstrate a consistent upward trend. While these expenses fluctuate slightly quarter to quarter, the overall trajectory is one of increasing investment in these areas. The increase in operating expenses is particularly pronounced in 2025, potentially reflecting increased investment in future growth initiatives.
- Operating Income
- Operating income mirrors the patterns observed in net sales and gross margin. Significant increases are seen in the December quarters, and a general upward trend is apparent throughout the period. Despite the rising operating expenses, operating income generally increased, indicating that revenue growth outpaced expense growth for much of the analyzed timeframe. However, the growth rate of operating income slowed in 2024 and 2025, potentially due to the accelerated increase in operating expenses.
- Net Income
- Net income closely follows the trend of operating income, with similar cyclical patterns and overall growth. The impact of provision for income taxes is noticeable, particularly in 2024, where a significantly higher provision resulted in a lower net income despite relatively stable operating income. The overall trend in net income is positive, demonstrating increasing profitability over the period, although the rate of increase varies.
The data suggests a company that has successfully navigated fluctuating market conditions and demonstrated a capacity for revenue growth and profitability. The increasing contribution of the Services segment and the consistent investment in research and development indicate a focus on long-term growth and innovation. However, the rising operating expenses and the impact of income taxes warrant continued monitoring to ensure sustained profitability.