Analysis of Reportable Segments
Apple Inc. operates in 5 segments: Americas; Europe; Greater China; Japan; and Rest of Asia Pacific.
Segment Profit Margin
Apple Inc., profit margin by reportable segment
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | |
|---|---|---|---|---|---|---|
| Americas | 37.22% | 36.95% | 34.82% | 30.29% | 30.02% | 31.10% |
| Europe | 38.28% | 37.04% | 36.40% | 32.30% | 31.84% | 31.97% |
| Greater China | 41.80% | 41.99% | 41.69% | 37.86% | 37.16% | 38.01% |
| Japan | 49.01% | 47.18% | 44.93% | 43.32% | 43.56% | 43.71% |
| Rest of Asia Pacific | 40.74% | 39.38% | 37.25% | 34.75% | 34.04% | 35.51% |
Based on: 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), 10-K (reporting date: 2018-09-29).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Americas | Americas segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
| Europe | Europe segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Greater China | Greater China segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. | |
| Japan | Japan segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. | |
| Rest of Asia Pacific | Rest of Asia Pacific segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Americas
Apple Inc.; Americas; segment profit margin calculation
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 60,508) | 62,683) | 53,382) | 37,722) | 35,099) | 34,864) |
| Net sales | 162,560) | 169,658) | 153,306) | 124,556) | 116,914) | 112,093) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 37.22% | 36.95% | 34.82% | 30.29% | 30.02% | 31.10% |
Based on: 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), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 60,508 ÷ 162,560 = 37.22%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Americas | Americas segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Europe
Apple Inc.; Europe; segment profit margin calculation
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 36,098) | 35,233) | 32,505) | 22,170) | 19,195) | 19,955) |
| Net sales | 94,294) | 95,118) | 89,307) | 68,640) | 60,288) | 62,420) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 38.28% | 37.04% | 36.40% | 32.30% | 31.84% | 31.97% |
Based on: 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), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 36,098 ÷ 94,294 = 38.28%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe | Europe segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Greater China
Apple Inc.; Greater China; segment profit margin calculation
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 30,328) | 31,153) | 28,504) | 15,261) | 16,232) | 19,742) |
| Net sales | 72,559) | 74,200) | 68,366) | 40,308) | 43,678) | 51,942) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 41.80% | 41.99% | 41.69% | 37.86% | 37.16% | 38.01% |
Based on: 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), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 30,328 ÷ 72,559 = 41.80%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Greater China | Greater China segment profit margin ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level. |
Segment Profit Margin: Japan
Apple Inc.; Japan; segment profit margin calculation
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 11,888) | 12,257) | 12,798) | 9,279) | 9,369) | 9,500) |
| Net sales | 24,257) | 25,977) | 28,482) | 21,418) | 21,506) | 21,733) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 49.01% | 47.18% | 44.93% | 43.32% | 43.56% | 43.71% |
Based on: 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), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 11,888 ÷ 24,257 = 49.01%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Japan | Japan segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Rest of Asia Pacific
Apple Inc.; Rest of Asia Pacific; segment profit margin calculation
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 12,066) | 11,569) | 9,817) | 6,808) | 6,055) | 6,181) |
| Net sales | 29,615) | 29,375) | 26,356) | 19,593) | 17,788) | 17,407) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 40.74% | 39.38% | 37.25% | 34.75% | 34.04% | 35.51% |
Based on: 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), 10-K (reporting date: 2018-09-29).
1 2023 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 12,066 ÷ 29,615 = 40.74%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Rest of Asia Pacific | Rest of Asia Pacific segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Net sales
Apple Inc., net sales by reportable segment
US$ in millions
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | |
|---|---|---|---|---|---|---|
| Americas | 162,560) | 169,658) | 153,306) | 124,556) | 116,914) | 112,093) |
| Europe | 94,294) | 95,118) | 89,307) | 68,640) | 60,288) | 62,420) |
| Greater China | 72,559) | 74,200) | 68,366) | 40,308) | 43,678) | 51,942) |
| Japan | 24,257) | 25,977) | 28,482) | 21,418) | 21,506) | 21,733) |
| Rest of Asia Pacific | 29,615) | 29,375) | 26,356) | 19,593) | 17,788) | 17,407) |
| Total | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) | 265,595) |
Based on: 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), 10-K (reporting date: 2018-09-29).
Operating income
Apple Inc., operating income by reportable segment
US$ in millions
| Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | |
|---|---|---|---|---|---|---|
| Americas | 60,508) | 62,683) | 53,382) | 37,722) | 35,099) | 34,864) |
| Europe | 36,098) | 35,233) | 32,505) | 22,170) | 19,195) | 19,955) |
| Greater China | 30,328) | 31,153) | 28,504) | 15,261) | 16,232) | 19,742) |
| Japan | 11,888) | 12,257) | 12,798) | 9,279) | 9,369) | 9,500) |
| Rest of Asia Pacific | 12,066) | 11,569) | 9,817) | 6,808) | 6,055) | 6,181) |
| Total | 150,888) | 152,895) | 137,006) | 91,240) | 85,950) | 90,242) |
Based on: 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), 10-K (reporting date: 2018-09-29).