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 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | |
|---|---|---|---|---|---|---|
| Americas | 34.82% | 30.29% | 30.02% | 31.10% | 31.76% | 32.53% |
| Europe | 36.40% | 32.30% | 31.84% | 31.97% | 30.06% | 30.73% |
| Greater China | 41.69% | 37.86% | 37.16% | 38.01% | 38.05% | 38.84% |
| Japan | 44.93% | 43.32% | 43.56% | 43.71% | 45.66% | 42.33% |
| Rest of Asia Pacific | 37.25% | 34.75% | 34.04% | 35.51% | 34.90% | 35.02% |
Based on: 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Americas | Americas segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
| Europe | Europe segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. | |
| Greater China | Greater China segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. | |
| Japan | Japan segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. | |
| Rest of Asia Pacific | Rest of Asia Pacific segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Americas
Apple Inc.; Americas; segment profit margin calculation
| Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 53,382 | 37,722 | 35,099 | 34,864 | 30,684 | 28,172 |
| Net sales | 153,306 | 124,556 | 116,914 | 112,093 | 96,600 | 86,613 |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 34.82% | 30.29% | 30.02% | 31.10% | 31.76% | 32.53% |
Based on: 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).
1 2021 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 53,382 ÷ 153,306 = 34.82%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Americas | Americas segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Europe
Apple Inc.; Europe; segment profit margin calculation
| Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 32,505 | 22,170 | 19,195 | 19,955 | 16,514 | 15,348 |
| Net sales | 89,307 | 68,640 | 60,288 | 62,420 | 54,938 | 49,952 |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 36.40% | 32.30% | 31.84% | 31.97% | 30.06% | 30.73% |
Based on: 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).
1 2021 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 32,505 ÷ 89,307 = 36.40%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe | Europe segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Greater China
Apple Inc.; Greater China; segment profit margin calculation
| Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 28,504 | 15,261 | 16,232 | 19,742 | 17,032 | 18,835 |
| Net sales | 68,366 | 40,308 | 43,678 | 51,942 | 44,764 | 48,492 |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 41.69% | 37.86% | 37.16% | 38.01% | 38.05% | 38.84% |
Based on: 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).
1 2021 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 28,504 ÷ 68,366 = 41.69%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Greater China | Greater China segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Segment Profit Margin: Japan
Apple Inc.; Japan; segment profit margin calculation
| Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 12,798 | 9,279 | 9,369 | 9,500 | 8,097 | 7,165 |
| Net sales | 28,482 | 21,418 | 21,506 | 21,733 | 17,733 | 16,928 |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 44.93% | 43.32% | 43.56% | 43.71% | 45.66% | 42.33% |
Based on: 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).
1 2021 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 12,798 ÷ 28,482 = 44.93%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Japan | Japan segment profit margin ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level. |
Segment Profit Margin: Rest of Asia Pacific
Apple Inc.; Rest of Asia Pacific; segment profit margin calculation
| Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 9,817 | 6,808 | 6,055 | 6,181 | 5,304 | 4,781 |
| Net sales | 26,356 | 19,593 | 17,788 | 17,407 | 15,199 | 13,654 |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 37.25% | 34.75% | 34.04% | 35.51% | 34.90% | 35.02% |
Based on: 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).
1 2021 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 9,817 ÷ 26,356 = 37.25%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Rest of Asia Pacific | Rest of Asia Pacific segment profit margin ratio improved from 2019 to 2020 and from 2020 to 2021. |
Net sales
Apple Inc., net sales by reportable segment
US$ in millions
| Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | |
|---|---|---|---|---|---|---|
| Americas | 153,306 | 124,556 | 116,914 | 112,093 | 96,600 | 86,613 |
| Europe | 89,307 | 68,640 | 60,288 | 62,420 | 54,938 | 49,952 |
| Greater China | 68,366 | 40,308 | 43,678 | 51,942 | 44,764 | 48,492 |
| Japan | 28,482 | 21,418 | 21,506 | 21,733 | 17,733 | 16,928 |
| Rest of Asia Pacific | 26,356 | 19,593 | 17,788 | 17,407 | 15,199 | 13,654 |
| Total | 365,817 | 274,515 | 260,174 | 265,595 | 229,234 | 215,639 |
Based on: 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).
Operating income
Apple Inc., operating income by reportable segment
US$ in millions
| Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | Sep 29, 2018 | Sep 30, 2017 | Sep 24, 2016 | |
|---|---|---|---|---|---|---|
| Americas | 53,382 | 37,722 | 35,099 | 34,864 | 30,684 | 28,172 |
| Europe | 32,505 | 22,170 | 19,195 | 19,955 | 16,514 | 15,348 |
| Greater China | 28,504 | 15,261 | 16,232 | 19,742 | 17,032 | 18,835 |
| Japan | 12,798 | 9,279 | 9,369 | 9,500 | 8,097 | 7,165 |
| Rest of Asia Pacific | 9,817 | 6,808 | 6,055 | 6,181 | 5,304 | 4,781 |
| Total | 137,006 | 91,240 | 85,950 | 90,242 | 77,631 | 74,301 |
Based on: 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), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-24).