Apple Inc.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $416.16B | $391.04B | $383.29B | $394.33B | $365.82B | $274.52B | $260.22B | $265.32B |
| Mac | $33.71B | $29.98B | $29.36B | $40.18B | $35.19B | $28.62B | $25.74B | $25.48B |
| iPod | — | — | — | — | — | — | — | — |
| iPhone | $209.59B | $201.18B | $200.58B | $205.49B | $191.97B | $137.78B | $142.38B | $164.89B |
| iPad | $28.02B | $26.69B | $28.30B | $29.29B | $31.86B | $23.72B | $21.28B | $18.70B |
| Services | $109.16B | $96.17B | $85.20B | $78.13B | $68.43B | $53.77B | $46.29B | $39.75B |
| Other/Accessories | $35.69B | $37.01B | $39.85B | $41.24B | $38.37B | $30.62B | $24.54B | $16.46B |
| Cost of Revenue | $220.96B | $210.35B | $214.14B | $223.55B | $212.98B | $169.56B | $161.78B | $163.76B |
| Gross Profit | $195.20B | $180.68B | $169.15B | $170.78B | $152.84B | $104.96B | $98.39B | $101.84B |
| Gross Margin | 46.9% | 46.2% | 44.1% | 43.3% | 41.8% | 38.2% | 37.8% | 38.4% |
| Operating Expenses | ||||||||
| Research & Development | $34.55B | $31.37B | $29.92B | $26.25B | $21.91B | $18.75B | $16.22B | $14.24B |
| SG&A Expense | $27.60B | $26.10B | $24.93B | $25.09B | $21.97B | $19.92B | $18.25B | $16.71B |
| Operating Income | $133.05B | $123.22B | $114.30B | $119.44B | $108.95B | $66.29B | $63.93B | $70.90B |
| Operating Margin | 32.0% | 31.5% | 29.8% | 30.3% | 29.8% | 24.1% | 24.6% | 26.7% |
| Interest Expense | — | — | $3.93B | $2.93B | $2.65B | $2.87B | $3.58B | $3.24B |
| Pretax Income | $132.73B | $123.49B | $113.74B | $119.10B | $109.21B | $67.09B | $65.74B | $72.90B |
| Income Tax Expense | $20.72B | $29.75B | $16.74B | $19.30B | $14.53B | $9.68B | $10.48B | $13.37B |
| Net Income | $112.01B | $93.74B | $97.00B | $99.80B | $94.68B | $57.41B | $55.26B | $59.53B |
| Net Margin | 26.9% | 24.0% | 25.3% | 25.3% | 25.9% | 20.9% | 21.2% | 22.4% |
| EPS (Basic) | $7.49 | $6.11 | $6.16 | $6.15 | $5.67 | $3.31 | $2.99 | $3.00 |
| EPS (Diluted) | $7.46 | $6.08 | $6.13 | $6.11 | $5.61 | $3.28 | $2.97 | $2.98 |
| Shares Outstanding (Basic) | 14.95B | 15.34B | 15.74B | 16.22B | 16.70B | 17.35B | 18.47B | 19.82B |
| Shares Outstanding (Diluted) | 15.00B | 15.41B | 15.81B | 16.33B | 16.86B | 17.53B | 18.60B | 20.00B |
| Dividends Per Share | $1.02 | $0.98 | $0.94 | $0.90 | $0.85 | $0.80 | $0.75 | $0.68 |
Mimicking the herd invites regression to the mean (merely average performance).