Apple reports fourth quarter results

Rhea-AI Summary

Apple reported record Q4 2024 financial results with quarterly revenue of $94.9 billion, up 6% year over year. The company achieved quarterly diluted EPS of $0.97, or $1.64 excluding a one-time European charge. Operating cash flow reached $27 billion, enabling $29 billion in shareholder returns. The company declared a cash dividend of $0.25 per share, payable November 14, 2024. Notable announcements included the iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and new AI features. The active installed base reached all-time highs across all products and geographic segments.

Positive

• Revenue increased 6% YoY to $94.9 billion, setting a September quarter record
• Adjusted EPS grew 12% YoY to $1.64
• Generated $27 billion in operating cash flow
• Returned $29 billion to shareholders
• Active installed base reached new all-time high across all products and regions

Negative

• Unadjusted EPS of $0.97 impacted by European General Court's State Aid decision reversal

Insights

Financial Analyst

Apple delivers a strong Q4 with $94.9 billion revenue, marking a 6% YoY growth and setting a new September quarter record. The $1.64 adjusted EPS, excluding one-time charges, shows a robust 12% YoY increase. Key highlights include:

• Record Services revenue achievement
• Strong iPhone performance driving growth
• Healthy cash flow of $27 billion
• Shareholder returns exceeding $29 billion

The expanding active device base across all regions indicates strong ecosystem growth and customer retention. The $0.25 per share dividend maintains steady shareholder returns. New product launches and AI features position Apple well for the important holiday season, though investors should monitor macro headwinds and supply chain dynamics.

Tech Industry Analyst

The introduction of Apple Intelligence marks a strategic pivot into AI while maintaining the company's privacy-first approach. The expanded product ecosystem with iPhone 16, Watch Series 10 and AirPods 4 showcases continued innovation in health features, particularly sleep apnea detection and hearing health. These advancements strengthen Apple's competitive position in wearable health tech and AI integration. The growing installed base across all geographic segments validates the ecosystem strategy and suggests strong upgrade potential for the new product cycle.

iPhone drives record September quarter revenue

Services revenue reaches new all-time high

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.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031454158/en/

Press Contact:

Josh Rosenstock

Apple

jrosenstock@apple.com

(408) 862-1142

Investor Relations Contact:

Suhasini Chandramouli

Apple

suhasini@apple.com

(408) 974-3123

Source: Apple Inc.

FAQ

What was Apple's (AAPL) revenue in Q4 2024?

Apple reported Q4 2024 revenue of $94.9 billion, representing a 6% increase year over year.

How much did Apple (AAPL) return to shareholders in Q4 2024?

Apple returned over $29 billion to shareholders during Q4 2024.

What is Apple's (AAPL) dividend payment for Q4 2024?

Apple declared a cash dividend of $0.25 per share, payable on November 14, 2024.

What new products did Apple (AAPL) announce in Q4 2024?

Apple announced the iPhone 16 lineup, Apple Watch Series 10, AirPods 4, and new AI features called Apple Intelligence.