Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

Selling, General, and Administrative Expenses (SG&A) [USD, Millions]

Research and Development (R&D) [USD, Millions]

Depreciation and Amortization (D&A) [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

Earnings Per Share (EPS) - Basic [USD]

Earnings Per Share (EPS) - Diluted [USD]

a2410d7c4ef18f624eac003c9b15bb96bc8d5fecbf84f130af3504050c56e74f

d7da4439d6bab6484eb3fd6aec48ed7d94062cfba4a3d5acdcbcb66543634b3f

Adjustments for Non-Cash Items

Stock-Based Compensation

Changes in Working Capital

Capital Expenditures (CapEx)

Proceeds from / Repayments of Debt

Share Repurchases

Dividend Payments

Net Change in Cash

e97aa40bd1e694f5c23fd1557bdce6295d1ef1c192a3a54bf196ecb1318f6fba

iPhone

iPad

Wearables, Home and Accessories

Services

Other Products

- iPod

- Accessories

Total Revenue

ad3ca03d83b0724fc3f5f4be287db0debb0b28506e694b28fb9afd6198b0eeed

Americas

Europe

Greater China

Japan

Rest of Asia Pacific

Retail

f06c51e1c1a8ebc47bac9b5a0ced61e574001660bf7fd1a4c30a384df1689815

Net income (USD, millions)

Depreciation and amortization (USD, millions)

Share-based compensation expense (USD, millions)

Other, Adjustments to reconcile net income to cash generated by operating activities (USD, millions)

Accounts receivable, net, Changes in operating assets and liabilities (USD, millions)

Vendor non-trade receivables, Changes in operating assets and liabilities (USD, millions)

Inventories, Changes in operating assets and liabilities (USD, millions)

Other current and non-current assets, Changes in operating assets and liabilities (USD, millions)

Accounts payable, Changes in operating assets and liabilities (USD, millions)

Other current and non-current liabilities, Changes in operating assets and liabilities (USD, millions)

Cash generated by operating activities (USD, millions)

Purchases of marketable securities (USD, millions)

Proceeds from maturities of marketable securities (USD, millions)

Proceeds from sales of marketable securities (USD, millions)

Payments for acquisition of property, plant and equipment (USD, millions)

Other, Investing activities (USD, millions)

Cash generated by investing activities (USD, millions)

Payments for taxes related to net share settlement of equity awards (USD, millions)

Payments for dividends and dividend equivalents (USD, millions)

Repurchases of common stock (USD, millions)

Repayments of term debt (USD, millions)

Repayments of commercial paper, net (USD, millions)

Other, Financing activities (USD, millions)

Cash used in financing activities (USD, millions)

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

Cash paid for income taxes, net, Supplemental cash flow disclosure (USD, millions)

Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances (USD, millions)

Cash, cash equivalents, and restricted cash and cash equivalents, ending balances (USD, millions)

a9c058ba4aecba751d94eccdb3aee71ba98c59ad0162628d59ac3a3602561019

Net Sales - Products (USD, millions)

Net Sales - Services (USD, millions)

Total Net Sales (USD, millions)

Cost of Sales - Products (USD, millions)

Cost of Sales - Services (USD, millions)

Total Cost of Sales (USD, millions)

Gross Margin (USD, millions)

Operating Expenses - Research and Development (USD, millions)

Operating Expenses - Selling, General and Administrative (USD, millions)

Total Operating Expenses (USD, millions)

Operating Income (USD, millions)

Other Income/(Expense), Net (USD, millions)

Income Before Provision for Income Taxes (USD, millions)

Provision for Income Taxes (USD, millions)

Net Income (USD, millions)

Earnings per Share - Basic (USD)

Earnings per Share - Diluted (USD)

Shares Used in Computing Earnings per Share - Basic (Thousands)

Shares Used in Computing Earnings per Share - Diluted (Thousands)

e72e38d7a5864e005c417f78fee75efa3ba677104934553253f4c6ab7a863d7b

In **Q2 2024**, while it might seem that the cash generated by operating activities was low, the documents indicate that Apple actually reported **$62,585 million** for that quarter—virtually unchanged compared to **$62,565 million** in **Q2 2023**.  **[0000320193-24-000067_a8-kex991q2202403302024.htm:5]** **[0000320193-24-000069_aapl-20240330.htm:3]**  The stability in operating cash flow was largely due to offsetting factors. Although **Net Income** increased from **$54,158 million** in Q2 2023 to **$57,552 million** in Q2 2024, this improvement was counterbalanced by a **larger decrease in accounts payable** (a reduction of **$16,710 million** in Q2 2024 vs. **$20,764 million** in Q2 2023), a **smaller decrease in vendor non-trade receivables** (with **-$12,164 million** in Q2 2024 compared to **-$14,785 million** in Q2 2023), and a change in other liabilities, shifting from a positive impact of **$1,757 million** in Q2 2023 to a negative impact of **-$3,437 million** in Q2 2024.  **[0000320193-24-000067_a8-kex991q2202403302024.htm:5]** **[0000320193-24-000069_aapl-20240330.htm:3]**  These factors collectively kept the operating cash flow largely unchanged, despite variations in its components.

Why was Operating Cash Flow so low in Q2 2024?

The reversal in Accounts Receivable in **Q3 2024** was driven by a substantial decrease of **$6,697 million** in the accounts receivable balance. This change, which positively contributed to operating cash flow, is most likely attributed to **higher collections from customers**, **a decrease in credit sales**, and/or **seasonal or operational factors**. However, the documents do not provide a definitive explanation for the exact cause of this reversal.  **[0000320193-24-000080_a8-kex991q3202406292024.htm:5]** **[0000320193-24-000081_aapl-20240629.htm:3]** 

What drove the reversal in Accounts Receivable in Q3 2024?

The dramatic increase in Accounts Payable in Q4 2024 was primarily driven by a **$6,020 million** surge compared to a **$(1,889) million** decrease in Q4 2023. This jump can be attributed to several key factors: **higher product revenue**—with a **6% year-over-year increase** that boosted procurement needs—as well as **seasonal factors** related to ramped-up production ahead of the holiday season, and **favorable payment terms** that allowed for deferred payments to suppliers.  **[0000320193-24-000123_aapl-20240928.htm:47]** **[0000320193-24-000120_a8-kex991q4202409282024.htm:5]** **[AAPL_3405238_4]** 

How did Accounts Payable increase so dramatically in Q4 2024?

The significant jump in **Investing Cash Flow** in Q1 2025 was primarily driven by **three factors**:  
- **Higher proceeds from maturities of marketable securities:** In Q1 2025, Apple received **$15,967 million**, compared to **$13,046 million** in Q1 2024.  
- **Higher proceeds from sales of marketable securities:** Apple generated **$3,492 million** in Q1 2025, versus **$1,337 million** in Q1 2024.  
- **Lower purchases of marketable securities:** The company spent **$6,124 million** in Q1 2025, which was significantly less than the **$9,780 million** spent in Q1 2024.  **[0000320193-25-000007_a8-kex991q1202512282024.htm:5]** **[0000320193-25-000008_aapl-20241228.htm:3]** 

What caused the significant jump in Investing Cash Flow in Q1 2025?

6e25139518a02662fec5dfe84fd31884310eed101b7091507ae3cedb45a80781

In Q4 2024, Apple's reported net income was notably lower at **$14,736 million** primarily due to a **one-time income tax charge of $10.2 billion**. This charge, stemming from the reversal of the European General Court's State Aid decision, significantly impacted the quarter's net income, although the adjusted net income excluding this charge was **$24,982 million**.  **[0000320193-24-000120_a8-kex991q4202409282024.htm:6]** 

Why was Net Income so low in Q4 2024?

The drop in **EPS** for **Q4 2024** was driven by a **one-time income tax charge of $10.2 billion**. This extraordinary charge was associated with the reversal of the European General Court's State Aid decision and significantly impacted the reported **EPS** figures, while the adjusted diluted **EPS** of **$1.64** (up **12%** year-over-year) reflects the company's underlying performance without this one-off charge.  **[0000320193-24-000120_a8-kex991q4202409282024.htm:1]** **[0000320193-24-000120_a8-kex991q4202409282024.htm:6]** 

What drove the drop in EPS in Q4 2024?

Apple's **EPS improvement in Q1 2025** was driven by several key factors. The company experienced **revenue growth**, with total revenue climbing by 4% to an all-time high of **$124.3 billion**. This growth was primarily supported by **products revenue** of **$98 billion**—with notable increases in Mac and iPad sales—and record **services revenue** of **$26.3 billion**. Additionally, **improved gross margins** played a significant role, with the overall margin rising to **46.9%** (including **39.3% for products** and **75% for services**) and contributing to higher profitability. Moreover, a **7% increase in net income** (from **$33.9 billion** to **$36.3 billion**) further boosted earnings. Finally, the impact of **100 million shares repurchased** during the quarter reduced the number of outstanding shares, enhancing EPS by spreading earnings over a smaller share base.  **[0000320193-25-000008_aapl-20241228.htm:1]** **[AAPL_3413908_4]** **[AAPL_3413908_1]** **[AAPL_3413908_5]** 

What contributed to the EPS improvement in Q1 2025?

83318ce68d4bc8f9253d3fdf5a05163daa9c5fd85ab63f297f52e3087e5d86b0

Apple’s decline in cash and cash equivalents in Q2 2024 was primarily driven by **significant cash outflows for financing activities**. Despite strong cash generated from operations and modest inflows from investing activities, the company used a substantial amount of cash—approximately **$61,018 million**—on financing. This figure includes **$43,344 million** for share repurchases and **$7,535 million** for dividend payments, which largely outweighed other cash inflows, resulting in the overall decline from the previous period’s higher cash balance.  **[0000320193-24-000069_aapl-20240330.htm:2]** **[0000320193-24-000067_a8-kex991q2202403302024.htm:4]** **[0000320193-24-000067_a8-kex991q2202403302024.htm:5]** **[0000320193-24-000069_aapl-20240330.htm:3]** 

What contributed to the decline in Cash and cash equivalents in Q2 2024?

The jump in **Total assets** in **Q4 2024** was primarily due to increases in both **current assets** and **non-current assets**. Specifically, there was a significant increase in **Accounts Receivable, Net** (from **$29,508 million** to **$33,410 million**), **Vendor Non-Trade Receivables** (from **$31,477 million** to **$32,833 million**), and **Inventories** (from **$6,331 million** to **$7,286 million**). Additionally, there was an increase in **Other Non-Current Assets** (from **$64,758 million** to **$74,834 million**), all of which contributed to the overall rise in total assets from **$352,583 million** to **$364,980 million**.  **[0000320193-24-000123_aapl-20240928.htm:46]** **[0000320193-24-000120_a8-kex991q4202409282024.htm:4]** 

Why did Total assets jump in Q4 2024?

The spike in commercial paper during Q4 2024 was driven by Apple’s strategy to manage its liquidity and capital resources. Specifically, the company increased its use of commercial paper to access additional liquidity needed to support general corporate purposes, including significant dividend payments and an extensive share repurchase program.  **[0000320193-24-000123_aapl-20240928.htm:46]** **[0000320193-24-000120_a8-kex991q4202409282024.htm:4]** **[0000320193-24-000123_aapl-20240928.htm:59]** **[0000320193-24-000123_aapl-20240928.htm:41]** 

What drove the spike in Commercial paper in Q4 2024?

In Q1 2025, Apple's current marketable securities decreased primarily because **$3.3 billion of these securities were held in escrow and restricted** from general use to settle obligations related to the State Aid Decision. This factor, along with changes linked to Apple's cash management and investment strategies—including purchases, maturities, and fair value adjustments—contributed to the decline, although the documents do not provide additional specific reasons.  **[0000320193-25-000008_aapl-20241228.htm:2]** **[0000320193-25-000008_aapl-20241228.htm:6]** 

Why did Marketable securities, current fall in Q1 2025?

In Q4 2024, the surge in **Total Current Liabilities** was driven by significant increases in several components. Specifically, **Other Current Liabilities** rose from **$58,829 million** to **$78,304 million** (an increase of **$19,475 million**), **Commercial Paper** increased from **$5,985 million** to **$9,967 million** (an increase of **$3,982 million**), and **Accounts Payable** grew from **$62,611 million** to **$68,960 million** (an increase of **$6,349 million**).  **[0000320193-24-000123_aapl-20240928.htm:46]** **[0000320193-24-000120_a8-kex991q4202409282024.htm:4]** 

What caused Total current liabilities to surge in Q4 2024?

0a5a5d88c5cde75428097fbf6cbbc0d444ba8aedff548a48e3d7d9029f81110a

ab1823ef5b050a6db2751782319a03f12350dbb960172adf6ef223b7c3ea9c7a

223d4bf8af6300a2a85ee83c5a4a18626b6108683b583f6288664105bddaaecb

Cash and cash equivalents (USD, millions)

Marketable securities, current (USD, millions)

Accounts receivable, net (USD, millions)

Vendor non-trade receivables (USD, millions)

Inventories (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Marketable securities, non-current (USD, millions)

Property, plant and equipment, net (USD, millions)

Other non-current assets (USD, millions)

Total non-current assets (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Other current liabilities (USD, millions)

Deferred revenue (USD, millions)

Commercial paper (USD, millions)

Term debt, current (USD, millions)

Total current liabilities (USD, millions)

Term debt, non-current (USD, millions)

Other non-current liabilities (USD, millions)

Total non-current liabilities (USD, millions)

Total liabilities (USD, millions)

Common stock and additional paid-in capital (USD, millions)

Accumulated deficit (USD, millions)

Accumulated other comprehensive loss (USD, millions)

Total shareholders’ equity (USD, millions)

Total liabilities and shareholders’ equity (USD, millions)

1bb8b219a43a562528a5ec02d4d823914e2ecf73b83225658b7c533c993b59b1

Apple Inc (AAPL)

Financials