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Apple reports fourth quarter results

1. Apple reported Q4 2024 revenue of $94.9 billion, up 6% year-over-year. 2. Diluted EPS increased to $0.97, adjusting for one-time tax charges. 3. New product launches include iPhone 16, contributing to record sales. 4. Active installed base reached an all-time high, indicating strong customer loyalty.

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$225.9110/31 05:30 PM EDTEvent Start
$222.9111/01 11:53 PM EDTLatest Updated
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FAQ

Why Bullish?

Strong sales and new product launches can enhance investor confidence, similar to past quarters.

How important is it?

Significant financial results and product updates typically influence investor sentiment around AAPL.

Why Short Term?

Immediate positive market reactions likely post-earnings release, reminiscent of previous strong quarterly results.

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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.

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