Common-Size Income Statement
Quarterly Data
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- Income Statement
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Apple Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-28), 10-Q (reporting date: 2025-12-27), 10-K (reporting date: 2025-09-27), 10-Q (reporting date: 2025-06-28), 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).
A strategic transition in revenue composition is evident, characterized by a steady migration from product-centric sales toward a higher proportion of services revenue. This shift coincides with a consistent expansion in overall gross profitability and an increased commitment to research and development.
- Revenue Composition
- Product sales as a percentage of net sales have decreased from 86.15% in December 2019 to 72.14% by March 2026. In contrast, services revenue has seen a significant increase, rising from 13.85% to a peak of 29.16% in June 2025, indicating a successful diversification of the revenue base toward higher-margin recurring streams.
- Gross Profitability
- Gross margins have exhibited a sustained upward trajectory, climbing from 38.35% in December 2019 to 49.27% by March 2026. This growth is largely driven by a reduction in the cost of product sales as a percentage of net sales, which improved from -56.71% to -44.23% over the period, reflecting enhanced production efficiency or a shift in product mix.
- Operating Expense Analysis
- Research and development expenditures have increased substantially as a percentage of net sales, rising from -4.85% to -10.27%. While selling, general, and administrative expenses have remained relatively stable, the overall operating expense ratio has trended upward, suggesting a prioritization of innovation and long-term product development over short-term margin maximization.
- Operating and Net Income Trends
- Operating income margins have generally trended higher, moving from 27.85% to 32.28%. Net income has remained robust, typically fluctuating between 19% and 29%. A notable outlier is observed in September 2024, where net income fell to 15.52% as a result of a significant spike in the provision for income taxes, which reached -15.67% of net sales for that specific quarter.