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 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Americas | 40.50% | 37.22% | 36.95% | 34.82% | 30.29% | 30.02% |
| Europe | 41.24% | 38.28% | 37.04% | 36.40% | 32.30% | 31.84% |
| Greater China | 40.45% | 41.80% | 41.99% | 41.69% | 37.86% | 37.16% |
| Japan | 49.71% | 49.01% | 47.18% | 44.93% | 43.32% | 43.56% |
| Rest of Asia Pacific | 42.61% | 40.74% | 39.38% | 37.25% | 34.75% | 34.04% |
Based on: 10-K (reporting date: 2024-09-28), 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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Americas | Americas segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
| Europe | Europe segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. | |
| Greater China | Greater China segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. | |
| Japan | Japan segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. | |
| Rest of Asia Pacific | Rest of Asia Pacific segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Americas
Apple Inc.; Americas; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 67,656) | 60,508) | 62,683) | 53,382) | 37,722) | 35,099) |
| Net sales | 167,045) | 162,560) | 169,658) | 153,306) | 124,556) | 116,914) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 40.50% | 37.22% | 36.95% | 34.82% | 30.29% | 30.02% |
Based on: 10-K (reporting date: 2024-09-28), 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).
1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 67,656 ÷ 167,045 = 40.50%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Americas | Americas segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Europe
Apple Inc.; Europe; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 41,790) | 36,098) | 35,233) | 32,505) | 22,170) | 19,195) |
| Net sales | 101,328) | 94,294) | 95,118) | 89,307) | 68,640) | 60,288) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 41.24% | 38.28% | 37.04% | 36.40% | 32.30% | 31.84% |
Based on: 10-K (reporting date: 2024-09-28), 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).
1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 41,790 ÷ 101,328 = 41.24%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Europe | Europe segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Greater China
Apple Inc.; Greater China; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 27,082) | 30,328) | 31,153) | 28,504) | 15,261) | 16,232) |
| Net sales | 66,952) | 72,559) | 74,200) | 68,366) | 40,308) | 43,678) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 40.45% | 41.80% | 41.99% | 41.69% | 37.86% | 37.16% |
Based on: 10-K (reporting date: 2024-09-28), 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).
1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 27,082 ÷ 66,952 = 40.45%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Greater China | Greater China segment profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Japan
Apple Inc.; Japan; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 12,454) | 11,888) | 12,257) | 12,798) | 9,279) | 9,369) |
| Net sales | 25,052) | 24,257) | 25,977) | 28,482) | 21,418) | 21,506) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 49.71% | 49.01% | 47.18% | 44.93% | 43.32% | 43.56% |
Based on: 10-K (reporting date: 2024-09-28), 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).
1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 12,454 ÷ 25,052 = 49.71%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Japan | Japan segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Rest of Asia Pacific
Apple Inc.; Rest of Asia Pacific; segment profit margin calculation
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Operating income | 13,062) | 12,066) | 11,569) | 9,817) | 6,808) | 6,055) |
| Net sales | 30,658) | 29,615) | 29,375) | 26,356) | 19,593) | 17,788) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 42.61% | 40.74% | 39.38% | 37.25% | 34.75% | 34.04% |
Based on: 10-K (reporting date: 2024-09-28), 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).
1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Net sales
= 100 × 13,062 ÷ 30,658 = 42.61%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Rest of Asia Pacific | Rest of Asia Pacific segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Net sales
Apple Inc., net sales by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Americas | 167,045) | 162,560) | 169,658) | 153,306) | 124,556) | 116,914) |
| Europe | 101,328) | 94,294) | 95,118) | 89,307) | 68,640) | 60,288) |
| Greater China | 66,952) | 72,559) | 74,200) | 68,366) | 40,308) | 43,678) |
| Japan | 25,052) | 24,257) | 25,977) | 28,482) | 21,418) | 21,506) |
| Rest of Asia Pacific | 30,658) | 29,615) | 29,375) | 26,356) | 19,593) | 17,788) |
| Total | 391,035) | 383,285) | 394,328) | 365,817) | 274,515) | 260,174) |
Based on: 10-K (reporting date: 2024-09-28), 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).
Operating income
Apple Inc., operating income by reportable segment
US$ in millions
| Sep 28, 2024 | Sep 30, 2023 | Sep 24, 2022 | Sep 25, 2021 | Sep 26, 2020 | Sep 28, 2019 | |
|---|---|---|---|---|---|---|
| Americas | 67,656) | 60,508) | 62,683) | 53,382) | 37,722) | 35,099) |
| Europe | 41,790) | 36,098) | 35,233) | 32,505) | 22,170) | 19,195) |
| Greater China | 27,082) | 30,328) | 31,153) | 28,504) | 15,261) | 16,232) |
| Japan | 12,454) | 11,888) | 12,257) | 12,798) | 9,279) | 9,369) |
| Rest of Asia Pacific | 13,062) | 12,066) | 11,569) | 9,817) | 6,808) | 6,055) |
| Total | 162,044) | 150,888) | 152,895) | 137,006) | 91,240) | 85,950) |
Based on: 10-K (reporting date: 2024-09-28), 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).