Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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- Income Statement
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Enterprise Value to FCFF (EV/FCFF)
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Apple Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
The financial data reveals several notable trends over the six-year period under review. Net income demonstrates a mostly upward trajectory, with a significant increase from 2019 to 2021, peaking in 2022 before experiencing a gradual decline in the subsequent two years. Despite this recent decrease, net income remains substantially higher than the 2019 baseline.
Components related to foreign currency translation and derivative instruments show considerable volatility. The change in foreign currency translation, net of tax, fluctuates between negative and positive values without a clear directional trend, indicating exposure to currency risk and varying impacts across different years.
Derivative instrument valuations exhibit pronounced swings. Adjustments for net gains or losses realized and included in net income show alternating positive and negative values, suggesting active management or revaluation effects. Unrealized gains and losses on derivative instruments similarly fluctuate, with marked increases in certain years followed by substantial declines, reflecting sensitivity to market conditions and possible hedging activities.
The fair value changes of marketable debt securities reveal sharp contrasts. After positive changes in 2019 and 2020, a significant negative shift appears in 2022, followed by recovery and strong positive values in 2023 and 2024. This indicates periods of market volatility affecting debt instrument valuations, with potential implications for investment portfolio performance within those years.
Other comprehensive income exhibits a highly variable pattern, shifting from positive in the initial years to a substantial negative figure in 2022, then rebounding in 2023 and 2024 to positive territory again. This volatility is consistent with the fluctuations seen in derivative instruments and marketable securities, underscoring the influence of fair value adjustments and currency translation effects on comprehensive results.
Finally, comprehensive income broadly mirrors net income trends, rising notably through 2021, dipping in 2022, and recovering thereafter. However, the amplitude of changes in comprehensive income is influenced by the aforementioned other comprehensive income components, reflecting the broader scope of earnings beyond net income alone.
- Net Income
- Increase from 2019 to 2021, peak in 2022, followed by a slight decreasing trend through 2024.
- Foreign Currency Translation
- Highly variable with no consistent directional trend, indicating fluctuating currency effects.
- Derivative Instruments
- Significant volatility with alternating gains and losses in both realized and unrealized terms.
- Marketable Debt Securities
- Positive valuations early on, sharp decline in 2022, followed by recovery and strong positive adjustments in later years.
- Other Comprehensive Income
- Fluctuates widely, correlating with changes in currency translation and fair value adjustments.
- Comprehensive Income
- Generally follows net income patterns but reflects broader influences stemming from comprehensive income components.