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

3 months ended:	Mar 28, 2026	Dec 27, 2025	Sep 27, 2025	Jun 28, 2025	Mar 29, 2025	Dec 28, 2024	Sep 28, 2024	Jun 29, 2024	Mar 30, 2024	Dec 30, 2023	Sep 30, 2023	Jul 1, 2023	Apr 1, 2023	Dec 31, 2022	Sep 24, 2022	Jun 25, 2022	Mar 26, 2022	Dec 25, 2021	Sep 25, 2021	Jun 26, 2021	Mar 27, 2021	Dec 26, 2020	Sep 26, 2020	Jun 27, 2020	Mar 28, 2020	Dec 28, 2019
Products	80,208)	113,743)	73,716)	66,613)	68,714)	97,960)	69,958)	61,564)	66,886)	96,458)	67,184)	60,584)	73,929)	96,388)	70,958)	63,355)	77,457)	104,429)	65,083)	63,948)	72,683)	95,678)	50,149)	46,529)	44,965)	79,104)
Services	30,976)	30,013)	28,750)	27,423)	26,645)	26,340)	24,972)	24,213)	23,867)	23,117)	22,314)	21,213)	20,907)	20,766)	19,188)	19,604)	19,821)	19,516)	18,277)	17,486)	16,901)	15,761)	14,549)	13,156)	13,348)	12,715)
Net sales	111,184)	143,756)	102,466)	94,036)	95,359)	124,300)	94,930)	85,777)	90,753)	119,575)	89,498)	81,797)	94,836)	117,154)	90,146)	82,959)	97,278)	123,945)	83,360)	81,434)	89,584)	111,439)	64,698)	59,685)	58,313)	91,819)
Products	(49,179)	(67,478)	(47,019)	(43,620)	(44,030)	(59,447)	(44,566)	(39,803)	(42,424)	(58,440)	(42,586)	(39,136)	(46,795)	(60,765)	(46,387)	(41,485)	(49,290)	(64,309)	(42,790)	(40,899)	(46,447)	(62,130)	(35,197)	(32,693)	(31,321)	(52,075)
Services	(7,224)	(7,047)	(7,106)	(6,698)	(6,462)	(6,578)	(6,485)	(6,296)	(6,058)	(6,280)	(6,485)	(6,248)	(6,065)	(6,057)	(5,664)	(5,589)	(5,429)	(5,393)	(5,396)	(5,280)	(5,058)	(4,981)	(4,812)	(4,312)	(4,622)	(4,527)
Cost of sales	(56,403)	(74,525)	(54,125)	(50,318)	(50,492)	(66,025)	(51,051)	(46,099)	(48,482)	(64,720)	(49,071)	(45,384)	(52,860)	(66,822)	(52,051)	(47,074)	(54,719)	(69,702)	(48,186)	(46,179)	(51,505)	(67,111)	(40,009)	(37,005)	(35,943)	(56,602)
Gross margin	54,781)	69,231)	48,341)	43,718)	44,867)	58,275)	43,879)	39,678)	42,271)	54,855)	40,427)	36,413)	41,976)	50,332)	38,095)	35,885)	42,559)	54,243)	35,174)	35,255)	38,079)	44,328)	24,689)	22,680)	22,370)	35,217)
Research and development	(11,419)	(10,887)	(8,866)	(8,866)	(8,550)	(8,268)	(7,765)	(8,006)	(7,903)	(7,696)	(7,307)	(7,442)	(7,457)	(7,709)	(6,761)	(6,797)	(6,387)	(6,306)	(5,772)	(5,717)	(5,262)	(5,163)	(4,978)	(4,758)	(4,565)	(4,451)
Selling, general and administrative	(7,477)	(7,492)	(7,048)	(6,650)	(6,728)	(7,175)	(6,523)	(6,320)	(6,468)	(6,786)	(6,151)	(5,973)	(6,201)	(6,607)	(6,440)	(6,012)	(6,193)	(6,449)	(5,616)	(5,412)	(5,314)	(5,631)	(4,936)	(4,831)	(4,952)	(5,197)
Operating expenses	(18,896)	(18,379)	(15,914)	(15,516)	(15,278)	(15,443)	(14,288)	(14,326)	(14,371)	(14,482)	(13,458)	(13,415)	(13,658)	(14,316)	(13,201)	(12,809)	(12,580)	(12,755)	(11,388)	(11,129)	(10,576)	(10,794)	(9,914)	(9,589)	(9,517)	(9,648)
Operating income	35,885)	50,852)	32,427)	28,202)	29,589)	42,832)	29,591)	25,352)	27,900)	40,373)	26,969)	22,998)	28,318)	36,016)	24,894)	23,076)	29,979)	41,488)	23,786)	24,126)	27,503)	33,534)	14,775)	13,091)	12,853)	25,569)
Other income (expense), net	(52)	150)	377)	(171)	(279)	(248)	19)	142)	158)	(50)	29)	(265)	64)	(393)	(237)	(10)	160)	(247)	(538)	243)	508)	45)	126)	46)	282)	349)
Income before provision for income taxes	35,833)	51,002)	32,804)	28,031)	29,310)	42,584)	29,610)	25,494)	28,058)	40,323)	26,998)	22,733)	28,382)	35,623)	24,657)	23,066)	30,139)	41,241)	23,248)	24,369)	28,011)	33,579)	14,901)	13,137)	13,135)	25,918)
Provision for income taxes	(6,255)	(8,905)	(5,338)	(4,597)	(4,530)	(6,254)	(14,874)	(4,046)	(4,422)	(6,407)	(4,042)	(2,852)	(4,222)	(5,625)	(3,936)	(3,624)	(5,129)	(6,611)	(2,697)	(2,625)	(4,381)	(4,824)	(2,228)	(1,884)	(1,886)	(3,682)
Net income	29,578)	42,097)	27,466)	23,434)	24,780)	36,330)	14,736)	21,448)	23,636)	33,916)	22,956)	19,881)	24,160)	29,998)	20,721)	19,442)	25,010)	34,630)	20,551)	21,744)	23,630)	28,755)	12,673)	11,253)	11,249)	22,236)

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.

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Apple Inc. (NASDAQ:AAPL)

Income Statement Quarterly Data

Income Statement
Quarterly Data