Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Apple Inc., profitability ratios (quarterly data)
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).
- Gross Profit Margin
- The gross profit margin demonstrates a consistent upward trend over the observed periods. Starting around 37.82% in the earlier quarters, it steadily increased to reach approximately 46.63% by the most recent quarter. This indicates an improvement in the company's efficiency in managing production costs relative to revenue, reflecting enhanced profitability at the gross level.
- Operating Profit Margin
- The operating profit margin also shows a general upward trajectory, moving from about 24.57% in earlier periods to around 31.81% in the latest quarter. Despite minor fluctuations, the margin maintains steady growth, suggesting better control over operating expenses and stronger operating performance over time.
- Net Profit Margin
- The net profit margin displays an increasing trend in the initial periods, rising from roughly 21.24% to a peak near 26.58%. However, in the most recent quarters, there is a slight decline with margins hovering around 24.3%. This moderate decrease may indicate increased non-operating costs, taxes, or other expenses impacting net profitability despite improvements at gross and operating levels.
- Return on Equity (ROE)
- Return on equity experiences significant growth, rising sharply from approximately 61.06% to over 196.96% at one point. Following this peak, it fluctuates but remains relatively elevated, staying above 130% in recent quarters. Such high ROE values suggest exceptional returns generated from shareholders' equity, although the variability could point to changes in equity base or net income levels that merit further investigation.
- Return on Assets (ROA)
- Return on assets increases steadily from around 16.32% to approximately 30.75%, indicating that the company has enhanced its efficiency in utilizing assets to produce net income. Despite some minor oscillations, the overall upward movement in ROA aligns with the positive trends seen in profitability metrics, underscoring improved asset management over time.
Return on Sales
Return on Investment
Gross Profit Margin
Apple Inc., gross profit margin calculation (quarterly data)
| 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 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Gross margin | 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) | 24,313) | 20,227) | 21,821) | 32,031) | ||||||||
| Net sales | 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) | 64,040) | 53,809) | 58,015) | 84,310) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Gross profit margin1 | 46.63% | 46.52% | 46.21% | 45.96% | 45.59% | 45.03% | 44.13% | 43.45% | 43.18% | 43.06% | 43.31% | 43.31% | 43.32% | 43.02% | 41.78% | 41.01% | 39.88% | 38.78% | 38.23% | 38.19% | 38.11% | 37.95% | 37.82% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 64.09% | 64.13% | 64.41% | 64.01% | 62.94% | 61.95% | 60.76% | 60.18% | 60.27% | 61.07% | 61.82% | 62.77% | 63.64% | 63.80% | 63.95% | 63.87% | 63.72% | 63.94% | — | — | — | — | — | — | — | ||||||||
| Cisco Systems Inc. | 65.13% | 64.92% | 64.73% | 64.65% | 64.22% | 63.69% | 62.73% | 61.99% | 61.92% | 62.23% | 62.55% | 63.14% | 63.30% | 63.73% | 64.02% | 63.94% | 64.17% | 64.07% | 64.26% | 64.41% | 63.97% | 63.44% | 62.94% | — | — | — | ||||||||
| Dell Technologies Inc. | 22.41% | 23.02% | 23.60% | 23.38% | 23.36% | 22.57% | 22.18% | 21.42% | 20.92% | 21.40% | 21.63% | 24.59% | 27.13% | 29.32% | 31.22% | 31.42% | 31.49% | 31.46% | 31.40% | — | — | — | — | — | — | — | ||||||||
| Super Micro Computer Inc. | 12.44% | 13.20% | 13.75% | 15.97% | 16.39% | 17.44% | 18.01% | 18.23% | 17.80% | 16.78% | 15.40% | 14.22% | 13.68% | 14.18% | 15.03% | 15.14% | 16.03% | 15.91% | 15.76% | 16.22% | 15.72% | 15.12% | 14.16% | — | — | — | ||||||||
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).
1 Q2 2025 Calculation
Gross profit margin = 100
× (Gross marginQ2 2025
+ Gross marginQ1 2025
+ Gross marginQ4 2024
+ Gross marginQ3 2024)
÷ (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
= 100 × (44,867 + 58,275 + 43,879 + 39,678)
÷ (95,359 + 124,300 + 94,930 + 85,777)
= 46.63%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends in key financial metrics over the observed periods.
- Net Sales
- Net sales exhibit a clear upward trajectory throughout the periods under review. Initial values show a base around 58,000 to 64,000 million US dollars in early 2019, which gradually climb to exceed 120,000 million US dollars by late 2024 and early 2025. This consistent growth indicates strong market demand and effective sales strategies. Seasonal fluctuations appear, with spikes commonly observed towards the end of calendar years, likely aligned with holiday sales periods.
- Gross Margin
- Gross margin figures closely follow the trend in net sales, exhibiting substantial growth over time. Early values near 22,000 million US dollars increase markedly to over 58,000 million US dollars by the last quarters of 2024. The margins display a seasonal pattern with higher values often coinciding with the fourth quarter of each year, reflecting increased sales volume or pricing power during peak demand periods.
- Gross Profit Margin Percentage
- The gross profit margin percentage indicates a steady improvement in profitability at the gross level. Beginning around the high 30% range in 2019, this ratio steadily climbs to the mid-to-high 40% range by 2025. This trend suggests improved operational efficiency, cost management, or favorable product mix contributing to enhanced profitability over time. The growth is consistent with the trend of increasing gross margin and net sales, reinforcing the narrative of financial strength.
- Overall Insights
- The data collectively indicate robust growth in both sales and profit metrics, reflecting effective business execution and possibly market expansion or innovation. The improving gross profit margin percentage points toward successful cost control or pricing strategies. Seasonal patterns highlight peak performance in the last quarter of many years, consistent with typical consumer behavior trends in technology sectors. The absence of significant declines or volatility suggests stable operational performance.
Operating Profit Margin
Apple Inc., operating profit margin calculation (quarterly data)
| 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 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Operating income | 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) | 15,625) | 11,544) | 13,415) | 23,346) | ||||||||
| Net sales | 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) | 64,040) | 53,809) | 58,015) | 84,310) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Operating profit margin1 | 31.81% | 31.76% | 31.51% | 31.27% | 30.98% | 30.76% | 29.82% | 29.23% | 29.16% | 29.41% | 30.29% | 30.53% | 30.93% | 30.90% | 29.78% | 28.79% | 27.32% | 25.24% | 24.15% | 24.52% | 24.48% | 24.71% | 24.57% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 42.27% | 42.05% | 42.11% | 41.23% | 40.01% | 38.52% | 37.29% | 36.12% | 35.71% | 34.86% | 33.69% | 32.55% | 31.56% | 31.37% | 30.79% | 30.76% | 30.72% | 30.19% | — | — | — | — | — | — | — | ||||||||
| Cisco Systems Inc. | 18.98% | 19.37% | 22.64% | 24.95% | 27.21% | 27.17% | 26.37% | 25.89% | 26.10% | 26.91% | 27.09% | 27.36% | 27.09% | 26.98% | 25.76% | 25.60% | 25.93% | 26.23% | 27.63% | 27.81% | 27.47% | 26.91% | 27.39% | — | — | — | ||||||||
| Dell Technologies Inc. | 5.70% | 5.64% | 5.89% | 5.39% | 5.54% | 5.45% | 5.64% | 5.88% | 5.12% | 4.99% | 4.60% | 5.26% | 5.51% | 5.72% | 5.46% | 4.00% | 3.71% | 3.01% | 2.85% | — | — | — | — | — | — | — | ||||||||
| Super Micro Computer Inc. | 7.42% | 8.23% | 8.08% | 9.72% | 9.40% | 9.65% | 10.68% | 10.64% | 10.39% | 8.75% | 6.45% | 4.52% | 3.27% | 3.20% | 3.48% | 2.79% | 2.85% | 2.52% | 2.57% | 3.23% | 3.17% | 3.05% | 2.78% | — | — | — | ||||||||
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).
1 Q2 2025 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
= 100 × (29,589 + 42,832 + 29,591 + 25,352)
÷ (95,359 + 124,300 + 94,930 + 85,777)
= 31.81%
2 Click competitor name to see calculations.
The data reveals several significant trends in operating income, net sales, and operating profit margin over the analyzed periods.
- Operating Income
- The operating income demonstrates notable fluctuations. Initially, there is a decrease from December 2018 (23,346 million USD) to March 2019 (13,415 million USD), followed by relative stability and moderate increases until December 2019 (25,569 million USD). A similar pattern repeats in 2020, with income falling in early quarters before rising sharply to 33,534 million USD in December 2020. Entering 2021, results peak at 41,488 million USD in December, followed by declines and subsequent recoveries in later quarters. Overall, the data reflect seasonal peaks typically in the final quarter of each year, with operating income reaching new highs in recent years.
- Net Sales
- Net sales exhibit a generally upward trajectory with pronounced seasonality. Sales dip in the first quarters of each year but rise considerably toward the end of each year, with December quarters consistently recording the highest values. For example, sales increased from 84,310 million USD in December 2018 to 123,945 million USD in December 2021, indicating sustained growth. Similarly, the trend continues into 2023 and 2024, with December sales surpassing 124,000 million USD in December 2024. This pattern suggests a strong end-of-year sales performance, likely influenced by product launches and holiday season demand.
- Operating Profit Margin
- The operating profit margin data, available from December 2019 onward, demonstrates a steady and consistent increase over time. Beginning at approximately 24.57% in December 2019, the margin improves to above 31% by the end of 2024. This positive trend indicates improvements in operational efficiency, cost management, or product mix, contributing to enhanced profitability relative to sales. The margin growth is gradual but persistent, reflecting sustained operational leverage.
In summary, the company's financial performance shows a strong seasonality with peaks in the December quarters. Both operating income and net sales have generally increased over the examined period, with the operating profit margin reflecting continuous improvement. These trends suggest effective management strategies in maximizing revenue and profitability over time despite quarter-to-quarter fluctuations.
Net Profit Margin
Apple Inc., net profit margin calculation (quarterly data)
| 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 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net income | 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) | 13,686) | 10,044) | 11,561) | 19,965) | ||||||||
| Net sales | 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) | 64,040) | 53,809) | 58,015) | 84,310) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| Net profit margin1 | 24.30% | 24.30% | 23.97% | 26.44% | 26.31% | 26.16% | 25.31% | 24.68% | 24.49% | 24.56% | 25.31% | 25.71% | 26.41% | 26.58% | 25.88% | 25.00% | 23.45% | 21.73% | 20.91% | 21.33% | 21.35% | 21.49% | 21.24% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 40.72% | 40.73% | 40.29% | 39.01% | 37.64% | 35.62% | 33.97% | 32.48% | 31.24% | 30.87% | 29.63% | 29.55% | 29.54% | 28.52% | 28.30% | 27.72% | 27.48% | 27.38% | — | — | — | — | — | — | — | ||||||||
| Cisco Systems Inc. | 16.96% | 17.73% | 19.18% | 21.88% | 23.49% | 23.40% | 22.13% | 20.89% | 21.26% | 22.00% | 22.91% | 23.28% | 22.94% | 22.44% | 21.26% | 20.92% | 21.09% | 21.76% | 22.75% | 21.32% | 21.44% | 21.15% | 22.39% | — | — | — | ||||||||
| Dell Technologies Inc. | 4.32% | 4.00% | 3.63% | 2.92% | 2.03% | 2.01% | 2.39% | 1.74% | 5.07% | 5.49% | 5.50% | 6.83% | 3.92% | 4.21% | 3.45% | 2.64% | 2.29% | 4.85% | 5.01% | — | — | — | — | — | — | — | ||||||||
| Super Micro Computer Inc. | 6.94% | 7.55% | 7.69% | 8.88% | 7.92% | 8.29% | 8.98% | 8.93% | 8.70% | 7.38% | 5.49% | 3.96% | 3.00% | 2.89% | 3.14% | 2.69% | 2.71% | 2.56% | 2.52% | 2.72% | 2.58% | 2.37% | 2.05% | — | — | — | ||||||||
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).
1 Q2 2025 Calculation
Net profit margin = 100
× (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ (Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024)
= 100 × (24,780 + 36,330 + 14,736 + 21,448)
÷ (95,359 + 124,300 + 94,930 + 85,777)
= 24.30%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several important trends relating to net income, net sales, and net profit margin over the reported periods.
- Net Income
- Net income demonstrates considerable variability across the quarters, with a general upward trend observed in certain intervals. Starting from 19,965 million USD in December 2018, the figure exhibits fluctuations, including notable decreases in early 2019 and mid-2020. However, subsequent quarters, particularly from late 2020 to early 2023, show periods of recovery and peak values, such as 34,630 million USD in December 2021 and 33,916 million USD in December 2023. The latter quarters also show a marked spike in net income, reaching 36,330 million USD in December 2024, indicating potential growth in profitability or operational efficiency.
- Net Sales
- Net sales follow a broadly similar pattern to net income, albeit with some differences in the magnitude and timing of changes. Beginning at 84,310 million USD in December 2018, net sales declined through mid-2019 but then surged to a high of 123,945 million USD in December 2021. This upward momentum continues with sales peaking at 124,300 million USD in December 2024. Despite occasional dips, net sales have demonstrated an overall increase over the periods, suggesting sustained revenue growth. The increases in sales appear to correspond with the increases in net income, supporting the profitability gains indicated.
- Net Profit Margin
- Net profit margin exhibits a relatively stable and improving trend beginning with an initial margin of approximately 21.24% in late 2019, increasing steadily to around 26.58% by December 2021. This higher margin level is maintained with slight fluctuations near 25-26% through to December 2024. The improvement in net profit margin alongside growing net sales and net income suggests enhanced cost control, operational efficiency, or pricing power contributing to stronger profitability over time.
Overall, the financial data indicates a positive trajectory in both revenue generation and profitability metrics. The company's ability to increase sales while simultaneously enhancing profit margins points towards effective management strategies and a potentially favorable market position during the assessed periods. The variations over quarters reflect typical business cycle effects, but the underlying long-term trend is one of growth and increasing financial strength.
Return on Equity (ROE)
Apple Inc., ROE calculation (quarterly data)
| 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 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net income | 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) | 13,686) | 10,044) | 11,561) | 19,965) | ||||||||
| Shareholders’ equity | 66,796) | 66,758) | 56,950) | 66,708) | 74,194) | 74,100) | 62,146) | 60,274) | 62,158) | 56,727) | 50,672) | 58,107) | 67,399) | 71,932) | 63,090) | 64,280) | 69,178) | 66,224) | 65,339) | 72,282) | 78,425) | 89,531) | 90,488) | 96,456) | 105,860) | 117,892) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| ROE1 | 145.66% | 144.03% | 164.59% | 152.84% | 135.31% | 136.18% | 156.08% | 157.22% | 151.74% | 167.77% | 196.96% | 171.46% | 151.24% | 139.79% | 150.07% | 135.04% | 110.31% | 96.54% | 87.87% | 80.83% | 72.96% | 64.25% | 61.06% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 29.93% | 28.54% | 28.82% | 29.20% | 29.11% | 28.91% | 29.22% | 29.18% | 28.46% | 27.68% | 26.56% | 25.84% | 22.46% | 21.13% | 20.30% | 19.70% | 19.60% | 19.11% | — | — | — | — | — | — | — | ||||||||
| Cisco Systems Inc. | 20.18% | 20.75% | 22.70% | 26.47% | 29.06% | 30.04% | 28.44% | 27.12% | 27.25% | 28.56% | 29.70% | 29.72% | 29.94% | 26.69% | 25.66% | 25.41% | 25.89% | 27.42% | 29.57% | 30.20% | 31.11% | 31.95% | 34.62% | — | — | — | ||||||||
| Dell Technologies Inc. | — | — | — | — | — | — | — | — | — | — | — | 75.81% | 78.28% | 114.54% | 131.10% | 275.31% | — | — | — | — | — | — | — | — | — | — | ||||||||
| Super Micro Computer Inc. | 23.16% | 24.16% | 21.28% | 20.59% | 23.80% | 28.29% | 32.45% | 33.21% | 31.80% | 27.33% | 20.00% | 14.41% | 10.53% | 9.77% | 10.20% | 8.65% | 8.32% | 7.88% | 7.91% | 8.63% | 8.43% | 8.12% | 7.64% | — | — | — | ||||||||
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).
1 Q2 2025 Calculation
ROE = 100
× (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ Shareholders’ equity
= 100 × (24,780 + 36,330 + 14,736 + 21,448)
÷ 66,796 = 145.66%
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals notable fluctuations and trends in net income, shareholders’ equity, and return on equity (ROE) over the covered periods.
- Net Income
- Net income shows a pattern of volatility with significant highs and lows. Initially, it dipped from 19,965 million US dollars at the end of 2018 to a lower range between 10,000 and 13,000 million in early to mid-2019 and 2020. This was followed by a considerable recovery and peak at 34,630 million by the end of 2021. Thereafter, net income decreased again, showing oscillations with other notable peaks around the end of 2023 and early 2025, reaching values above 33,000 million US dollars. This suggests that profitability is influenced by dynamic operating conditions or external factors affecting earnings quarter by quarter.
- Shareholders’ Equity
- Shareholders’ equity has generally trended downward from approximately 117,892 million US dollars at the end of 2018 to a lower base near 50,672 million by late 2022. However, after this period, it shows a modest recovery and stabilization, fluctuating around the 60,000 to 74,000 million range in subsequent quarters through early 2025. The initial decline may indicate share repurchases, dividend distributions, or losses not fully offset by net income in prior periods. The more recent stability reflects an improved equity position or controlled capital management.
- Return on Equity (ROE)
- ROE exhibits a strong upward trend starting from mid-2019 with values rising sharply above 60%, reaching over 170% by late 2022 and remaining robustly high in the subsequent quarters. This indicates an increasingly efficient use of shareholder equity to generate profits. The extremely elevated ROE values, significantly above typical benchmarks, may be influenced by the declining equity base combined with fluctuating net income, amplifying the ratio. The pattern highlights a high level of profitability relative to equity, though it also suggests potential volatility related to equity changes.
Overall, the data suggest that while net income is subject to considerable quarterly variance, the company has managed to maintain strong earnings levels in multiple periods. The shareholders’ equity experienced a decline over the earlier years but appears to stabilize in the later periods. The resulting ROE is exceptionally high, reflecting both operational profitability and the impact of changing equity. These trends may impact investor perception of financial performance and leverage considerations.
Return on Assets (ROA)
Apple Inc., ROA calculation (quarterly data)
| 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 | Sep 28, 2019 | Jun 29, 2019 | Mar 30, 2019 | Dec 29, 2018 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||||||||||||
| Net income | 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) | 13,686) | 10,044) | 11,561) | 19,965) | ||||||||
| Total assets | 331,233) | 344,085) | 364,980) | 331,612) | 337,411) | 353,514) | 352,583) | 335,038) | 332,160) | 346,747) | 352,755) | 336,309) | 350,662) | 381,191) | 351,002) | 329,840) | 337,158) | 354,054) | 323,888) | 317,344) | 320,400) | 340,618) | 338,516) | 322,239) | 341,998) | 373,719) | ||||||||
| Profitability Ratio | ||||||||||||||||||||||||||||||||||
| ROA1 | 29.37% | 27.94% | 25.68% | 30.75% | 29.75% | 28.55% | 27.51% | 28.28% | 28.40% | 27.45% | 28.29% | 29.63% | 29.07% | 26.38% | 26.97% | 26.32% | 22.63% | 18.06% | 17.73% | 18.41% | 17.86% | 16.89% | 16.32% | — | — | — | ||||||||
| Benchmarks | ||||||||||||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||||||||||||
| Arista Networks Inc. | — | 20.86% | 20.31% | 20.74% | 21.18% | 21.69% | 20.98% | 20.96% | 20.88% | 20.11% | 19.96% | 18.90% | 17.77% | 15.27% | 14.66% | 14.43% | 13.99% | 13.82% | 13.39% | — | — | — | — | — | — | — | ||||||||
| Cisco Systems Inc. | 7.57% | 7.62% | 8.29% | 9.85% | 13.29% | 13.75% | 12.38% | 11.76% | 11.79% | 12.36% | 12.57% | 12.94% | 12.54% | 11.87% | 10.86% | 10.88% | 10.60% | 11.01% | 11.82% | 11.80% | 12.22% | 11.89% | 11.88% | — | — | — | ||||||||
| Dell Technologies Inc. | 4.80% | 4.47% | 3.91% | 3.20% | 2.22% | 2.32% | 2.73% | 2.15% | 6.11% | 6.50% | 6.00% | 5.00% | 3.08% | 3.28% | 2.63% | 2.04% | 1.73% | 3.71% | 3.88% | — | — | — | — | — | — | — | ||||||||
| Super Micro Computer Inc. | 14.85% | 13.09% | 11.73% | 11.84% | 13.55% | 14.96% | 17.42% | 18.39% | 18.81% | 13.45% | 8.90% | 5.98% | 4.67% | 4.56% | 4.99% | 4.56% | 4.67% | 4.65% | 4.39% | 4.57% | 4.67% | 4.64% | 4.27% | — | — | — | ||||||||
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).
1 Q2 2025 Calculation
ROA = 100
× (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ Total assets
= 100 × (24,780 + 36,330 + 14,736 + 21,448)
÷ 331,233 = 29.37%
2 Click competitor name to see calculations.
- Net Income Trends
- Net income demonstrates a notable degree of volatility across the observed quarters. Initial figures show an increase from $19,965 million in December 2018 to a peak of $34,630 million by December 2021. However, following this peak, net income exhibits fluctuations with periods of decline and recovery, most prominently dropping to $14,736 million in December 2024 before surging again to $36,330 million in March 2025. This pattern suggests variability in profitability influenced by possibly cyclical market factors or operational changes.
- Total Assets Trends
- Total assets display a declining trend initially, decreasing from $373,719 million in December 2018 to a low near $317,344 million by June 2020. After this trough, total assets recover and show a gradual upward movement, reaching $364,980 million in December 2024. This trend indicates an initial contraction possibly due to asset sales or revaluations, followed by asset accumulation or acquisitions contributing to growth.
- Return on Assets (ROA) Trends
- Return on assets presents a consistently upward trajectory through the periods with available data, starting at 16.32% and increasing to a peak around 30.75% in December 2024. Despite some minor fluctuations post-peak, ROA remains strong above 25%, reflecting improving efficiency in utilizing assets to generate net income over time.
- Relationship Between Metrics
- The combination of increasing ROA alongside fluctuating net income and total assets suggests heightened asset efficiency and improved profitability per asset unit. Although total assets experienced periods of decline, the firm managed to enhance its return metrics, indicating effective operational management or favorable market conditions influencing profitability.
- Summary Insights
- Overall, the financial metrics reveal a pattern characterized by initial asset contraction, subsequently recovering towards the end of the period. Profitability as measured by net income is volatile but peaks in the later quarters, while asset utilization efficiency, as indicated by ROA, steadily improves. These trends collectively reflect a strengthening capacity to generate profits relative to assets despite fluctuations in absolute net income values.