Stock Analysis on Net
Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Common-Size Income Statement 
Quarterly Data

Apple Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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
Products 73.69 71.77 73.70 80.67 75.07 74.07 77.95 82.27 78.71 76.37 79.62 84.25 78.07 78.53 81.13 85.86 77.51 77.96 77.11 86.15 80.46 78.71 80.26 87.10
Services 26.31 28.23 26.30 19.33 24.93 25.93 22.05 17.73 21.29 23.63 20.38 15.75 21.93 21.47 18.87 14.14 22.49 22.04 22.89 13.85 19.54 21.29 19.74 12.90
Net sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Products -46.95 -46.40 -46.75 -48.87 -47.58 -47.85 -49.34 -51.87 -51.46 -50.01 -50.67 -51.89 -51.33 -50.22 -51.85 -55.75 -54.40 -54.78 -53.71 -56.71 -55.02 -54.77 -55.24 -57.22
Services -6.83 -7.34 -6.68 -5.25 -7.25 -7.64 -6.40 -5.17 -6.28 -6.74 -5.58 -4.35 -6.47 -6.48 -5.65 -4.47 -7.44 -7.22 -7.93 -4.93 -7.01 -7.64 -7.15 -4.79
Cost of sales -53.78% -53.74% -53.42% -54.13% -54.83% -55.48% -55.74% -57.04% -57.74% -56.74% -56.25% -56.24% -57.80% -56.71% -57.49% -60.22% -61.84% -62.00% -61.64% -61.65% -62.03% -62.41% -62.39% -62.01%
Gross margin 46.22% 46.26% 46.58% 45.87% 45.17% 44.52% 44.26% 42.96% 42.26% 43.26% 43.75% 43.76% 42.20% 43.29% 42.51% 39.78% 38.16% 38.00% 38.36% 38.35% 37.97% 37.59% 37.61% 37.99%
Research and development -8.18 -9.33 -8.71 -6.44 -8.16 -9.10 -7.86 -6.58 -7.50 -8.19 -6.57 -5.09 -6.92 -7.02 -5.87 -4.63 -7.69 -7.97 -7.83 -4.85 -6.42 -7.91 -6.81 -4.63
Selling, general and administrative -6.87 -7.37 -7.13 -5.68 -6.87 -7.30 -6.54 -5.64 -7.14 -7.25 -6.37 -5.20 -6.74 -6.65 -5.93 -5.05 -7.63 -8.09 -8.49 -5.66 -7.15 -8.23 -7.68 -5.67
Operating expenses -15.05% -16.70% -15.84% -12.11% -15.04% -16.40% -14.40% -12.22% -14.64% -15.44% -12.93% -10.29% -13.66% -13.67% -11.81% -9.69% -15.32% -16.07% -16.32% -10.51% -13.57% -16.14% -14.49% -10.30%
Operating income 31.17% 29.56% 30.74% 33.76% 30.13% 28.12% 29.86% 30.74% 27.62% 27.82% 30.82% 33.47% 28.53% 29.63% 30.70% 30.09% 22.84% 21.93% 22.04% 27.85% 24.40% 21.45% 23.12% 27.69%
Other income (expense), net 0.02 0.17 0.17 -0.04 0.03 -0.32 0.07 -0.34 -0.26 -0.01 0.16 -0.20 -0.65 0.30 0.57 0.04 0.19 0.08 0.48 0.38 0.78 0.68 0.65 0.66
Income before provision for income taxes 31.19% 29.72% 30.92% 33.72% 30.17% 27.79% 29.93% 30.41% 27.35% 27.80% 30.98% 33.27% 27.89% 29.92% 31.27% 30.13% 23.03% 22.01% 22.52% 28.23% 25.18% 22.14% 23.77% 28.35%
Provision for income taxes -15.67 -4.72 -4.87 -5.36 -4.52 -3.49 -4.45 -4.80 -4.37 -4.37 -5.27 -5.33 -3.24 -3.22 -4.89 -4.33 -3.44 -3.16 -3.23 -4.01 -3.81 -3.47 -3.85 -4.67
Net income 15.52% 25.00% 26.04% 28.36% 25.65% 24.31% 25.48% 25.61% 22.99% 23.44% 25.71% 27.94% 24.65% 26.70% 26.38% 25.80% 19.59% 18.85% 19.29% 24.22% 21.37% 18.67% 19.93% 23.68%

Based on: 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).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. Apple Inc. operating income as a percentage of net sales decreased from Q2 2024 to Q3 2024 but then increased from Q3 2024 to Q4 2024 exceeding Q2 2024 level.
Income before provision for income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Apple Inc. income before provision for income taxes as a percentage of net sales decreased from Q2 2024 to Q3 2024 but then increased from Q3 2024 to Q4 2024 exceeding Q2 2024 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Apple Inc. net income as a percentage of net sales decreased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.