CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial results for its fiscal 2024 fou...


        CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial results for its fiscal 2024 fourth quarter ended September 28, 2024. The Company posted quarterly revenue of $94.9 billion, up 6 percent year over year, and quarterly diluted earnings per share of $0.97. Diluted earnings per share was $1.64,1 up 12 percent year over year when excluding the one-time charge recognized during the fourth quarter of 2024 related to the impact of the reversal of the European General Court’s State Aid decision.

“Today Apple is reporting a new September quarter revenue record of $94.9 billion, up 6 percent from a year ago,” said Tim Cook, Apple’s CEO. “During the quarter, we were excited to announce our best products yet, with the all-new iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and remarkable features for hearing health and sleep apnea detection. And this week, we released our first set of features for Apple Intelligence, which sets a new standard for privacy in AI and supercharges our lineup heading into the holiday season.”

“Our record business performance during the September quarter drove nearly $27 billion in operating cash flow, allowing us to return over $29 billion to our shareholders,” said Luca Maestri, Apple’s CFO. “We are very pleased that our active installed base of devices reached a new all-time high across all products and all geographic segments, thanks to our high levels of customer satisfaction and loyalty.”

Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on November 14, 2024 to shareholders of record as of the close of business on November 11, 2024.

Apple will provide live streaming of its Q4 2024 financial results conference call beginning at 2:00 p.m. PT on October 31, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

1. Non-GAAP measure. See the section titled “Reconciliation of Non-GAAP to GAAP Results of Operations” at the end of the accompanying financial statements.


Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2024 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.



Apple Inc.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


(In millions, except number of shares, which are reflected in thousands, and per-share amounts)







 





Three Months Ended





Twelve Months Ended







September 28, 
2024





September 30, 
2023





September 28, 
2024





September 30, 
2023





Net sales:



















Products



$



69,958





$



67,184





$



294,866





$



298,085







Services





24,972







22,314







96,169







85,200







Total net sales (1)





94,930







89,498







391,035







383,285







Cost of sales:



















Products





44,566







42,586







185,233







189,282







Services





6,485







6,485







25,119







24,855







Total cost of sales





51,051







49,071







210,352







214,137







Gross margin





43,879







40,427







180,683







169,148

























Operating expenses:



















Research and development





7,765







7,307







31,370







29,915







Selling, general and administrative





6,523







6,151







26,097







24,932







Total operating expenses





14,288







13,458







57,467







54,847

























Operating income





29,591







26,969







123,216







114,301







Other income/(expense), net





19







29







269







(565



)





Income before provision for income taxes





29,610







26,998







123,485







113,736







Provision for income taxes





14,874







4,042







29,749







16,741







Net income



$



14,736





$



22,956





$



93,736





$



96,995

























Earnings per share:



















Basic



$



0.97





$



1.47





$



6.11





$



6.16







Diluted



$



0.97





$



1.46





$



6.08





$



6.13







Shares used in computing earnings per share:



















Basic





15,171,990







15,599,434







15,343,783







15,744,231







Diluted





15,242,853







15,672,400







15,408,095







15,812,547

























(1) Net sales by reportable segment:



















Americas



$



41,664





$



40,115





$



167,045





$



162,560







Europe





24,924







22,463







101,328







94,294







Greater China





15,033







15,084







66,952







72,559







Japan





5,926







5,505







25,052







24,257







Rest of Asia Pacific





7,383







6,331







30,658







29,615







Total net sales



$



94,930





$



89,498





$



391,035





$



383,285

























(1) Net sales by category:



















iPhone



$



46,222





$



43,805





$



201,183





$



200,583







Mac





7,744







7,614







29,984







29,357







iPad





6,950







6,443







26,694







28,300







Wearables, Home and Accessories





9,042







9,322







37,005







39,845







Services





24,972







22,314







96,169







85,200







Total net sales



$



94,930





$



89,498





$



391,035





$



383,285








Apple Inc.


CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)


(In millions, except number of shares, which are reflected in thousands, and par value)







 





September 28, 
2024





September 30, 
2023





ASSETS:





Current assets:











Cash and cash equivalents



$



29,943







$



29,965







Marketable securities





35,228









31,590







Accounts receivable, net





33,410









29,508







Vendor non-trade receivables





32,833









31,477







Inventories





7,286









6,331







Other current assets





14,287









14,695







Total current assets





152,987









143,566

















Non-current assets:











Marketable securities





91,479









100,544







Property, plant and equipment, net





45,680









43,715







Other non-current assets





74,834









64,758







Total non-current assets





211,993









209,017







Total assets



$



364,980







$



352,583

















LIABILITIES AND SHAREHOLDERS’ EQUITY:





Current liabilities:











Accounts payable



$



68,960







$



62,611







Other current liabilities





78,304









58,829







Deferred revenue





8,249









8,061







Commercial paper





9,967









5,985







Term debt





10,912









9,822







Total current liabilities





176,392









145,308

















Non-current liabilities:











Term debt





85,750









95,281







Other non-current liabilities





45,888









49,848







Total non-current liabilities





131,638









145,129







Total liabilities





308,030









290,437

















Commitments and contingencies





















Shareholders’ equity:











Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,116,786 and 15,550,061 shares issued and outstanding, respectively





83,276









73,812







Accumulated deficit





(19,154



)







(214



)





Accumulated other comprehensive loss





(7,172



)







(11,452



)





Total shareholders’ equity





56,950









62,146







Total liabilities and shareholders’ equity



$



364,980







$



352,583








Apple Inc.


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)


(In millions)





 





Twelve Months Ended







September 28, 
2024





September 30, 
2023





Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances



$



30,737







$



24,977

















Operating activities:











Net income





93,736









96,995







Adjustments to reconcile net income to cash generated by operating activities:











Depreciation and amortization





11,445









11,519







Share-based compensation expense





11,688









10,833







Other





(2,266



)







(2,227



)





Changes in operating assets and liabilities:











Accounts receivable, net





(3,788



)







(1,688



)





Vendor non-trade receivables





(1,356



)







1,271







Inventories





(1,046



)







(1,618



)





Other current and non-current assets





(11,731



)







(5,684



)





Accounts payable





6,020









(1,889



)





Other current and non-current liabilities





15,552









3,031







Cash generated by operating activities





118,254









110,543

















Investing activities:











Purchases of marketable securities





(48,656



)







(29,513



)





Proceeds from maturities of marketable securities





51,211









39,686







Proceeds from sales of marketable securities





11,135









5,828







Payments for acquisition of property, plant and equipment





(9,447



)







(10,959



)





Other





(1,308



)







(1,337



)





Cash generated by investing activities





2,935









3,705

















Financing activities:











Payments for taxes related to net share settlement of equity awards





(5,441



)







(5,431



)





Payments for dividends and dividend equivalents





(15,234



)







(15,025



)





Repurchases of common stock





(94,949



)







(77,550



)





Proceeds from issuance of term debt, net





—









5,228







Repayments of term debt





(9,958



)







(11,151



)





Proceeds from/(Repayments of) commercial paper, net





3,960









(3,978



)





Other





(361



)







(581



)





Cash used in financing activities





(121,983



)







(108,488



)















Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents





(794



)







5,760







Cash, cash equivalents, and restricted cash and cash equivalents, ending balances



$



29,943







$



30,737

















Supplemental cash flow disclosure:











Cash paid for income taxes, net



$



26,102







$



18,679








Apple Inc.


RECONCILIATION OF NON-GAAP TO GAAP RESULTS OF OPERATIONS (Unaudited)


(In millions, except number of shares, which are reflected in thousands, and per-share amounts)







 





Three Months Ended





Twelve Months Ended







September 28, 2024





September 28, 2024







As Reported
(GAAP)





Non-GAAP
Adjustments



(a)





As Adjusted
(Non-GAAP)





As Reported
(GAAP)





Non-GAAP
Adjustments



(a)





As Adjusted
(Non-GAAP)





Income before provision for income taxes



$



29,610





$



—









$



29,610





$



123,485





$



—









$



123,485





Provision for income taxes





14,874







(10,246



)



(b)







4,628







29,749







(10,246



)



(b)







19,503





Net income



$



14,736





$



10,246





(b)





$



24,982





$



93,736





$



10,246





(b)





$



103,982



































Diluted earnings per share



$



0.97





$



0.67





(c)





$



1.64





$



6.08





$



0.67





(c)





$



6.75





Shares used in computing diluted earnings per share





15,242,853







—











15,242,853







15,408,095







—











15,408,095





(a)


These adjustments reconcile certain of the Company’s GAAP results of operations to its non-GAAP results of operations. The Company believes that the presentation of results excluding the impact of the reversal of the European General Court’s State Aid decision provides meaningful supplemental information to both management and investors that is indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company’s GAAP results.






 


(b)


Non-GAAP adjustments to provision for income taxes and net income to reflect the impact of the reversal of the European General Court’s State Aid decision recognized during the fourth quarter of 2024. On September 10, 2024, the European Court of Justice announced that it had set aside the 2020 judgment of the European General Court and confirmed the European Commission’s 2016 State Aid decision. As a result, during the fourth quarter of 2024 the Company recorded a one-time income tax charge of $10.2 billion, net, which represents $15.8 billion payable to Ireland via release of restricted funds held in escrow, partially offset by a U.S. foreign tax credit of $4.8 billion and a decrease in unrecognized tax benefits of $823 million. For additional information, refer to Note 7, “Income Taxes” of the Notes to Consolidated Financial Statements that will be included in Part II, Item 8 of the Company's fiscal 2024 Annual Report on Form 10-K.






 


(c)


Represents the per-share impact of the non-GAAP adjustments to net income.




        
      

AAPL

Apple reports fourth quarter results

Apple reported Q4 2024 revenue of $94.9 billion, up 6% year-over-year.
Diluted EPS increased to $0.97, adjusting for one-time tax charges.
New product launches include iPhone 16, contributing to record sales.
Active installed base reached an all-time high, indicating strong customer loyalty.

News insight

Apple reports fourth quarter results

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