Apple reports fourth quarter results

iPhone revenue sets September quarter record

Services revenue reaches new all-time high

Apple® today announced financial results for its fiscal 2023 fourth quarter ended September 30, 2023. The Company posted quarterly revenue of $89.5 billion, down 1 percent year over year, and quarterly earnings per diluted share of $1.46, up 13 percent year over year.

"Today Apple is pleased to report a September quarter revenue record for iPhone and an all-time revenue record in Services," said Tim Cook, Apple's CEO. "We now have our strongest lineup of products ever heading into the holiday season, including the iPhone 15 lineup and our first carbon neutral Apple Watch models, a major milestone in our efforts to make all Apple products carbon neutral by 2030."

"Our active installed base of devices has again reached a new all-time high across all products and all geographic segments, thanks to the strength of our ecosystem and unparalleled customer loyalty," said Luca Maestri, Apple's CFO. "During the September quarter, our business performance drove double digit EPS growth and we returned nearly $25 billion to our shareholders, while continuing to invest in our long-term growth plans."

Apple's board of directors has declared a cash dividend of $0.24 per share of the Company's common stock. The dividend is payable on November 16, 2023 to shareholders of record as of the close of business on November 13, 2023.

Apple will provide live streaming of its Q4 2023 financial results conference call beginning at 2:00 p.m. PT on November 2, 2023 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

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 its environmental goals and initiatives. 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, war, 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, 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, Apple Watch, and Apple TV. Apple's five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple's more than 100,000 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 .

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 30, 2023		September 24, 2022			September 30, 2023			September 24, 2022
Net sales:
Products	$	67,184	$	70,958		$	298,085		$	316,199
Services		22,314		19,188			85,200			78,129
Total net sales ⁽¹⁾		89,498		90,146			383,285			394,328
Cost of sales:
Products		42,586		46,387			189,282			201,471
Services		6,485		5,664			24,855			22,075
Total cost of sales		49,071		52,051			214,137			223,546
Gross margin		40,427		38,095			169,148			170,782

Operating expenses:
Research and development		7,307		6,761			29,915			26,251
Selling, general and administrative		6,151		6,440			24,932			25,094
Total operating expenses		13,458		13,201			54,847			51,345

Operating income		26,969		24,894			114,301			119,437
Other income/(expense), net		29		(237	)		(565	)		(334	)
Income before provision for income taxes		26,998		24,657			113,736			119,103
Provision for income taxes		4,042		3,936			16,741			19,300
Net income	$	22,956	$	20,721		$	96,995		$	99,803

Earnings per share:
Basic	$	1.47	$	1.29		$	6.16		$	6.15
Diluted	$	1.46	$	1.29		$	6.13		$	6.11
Shares used in computing earnings per share:
Basic		15,599,434		16,030,382			15,744,231			16,215,963
Diluted		15,672,400		16,118,465			15,812,547			16,325,819

⁽¹⁾ Net sales by reportable segment:
Americas	$	40,115	$	39,808		$	162,560		$	169,658
Europe		22,463		22,795			94,294			95,118
Greater China		15,084		15,470			72,559			74,200
Japan		5,505		5,700			24,257			25,977
Rest of Asia Pacific		6,331		6,373			29,615			29,375
Total net sales	$	89,498	$	90,146		$	383,285		$	394,328

⁽¹⁾ Net sales by category:
iPhone	$	43,805	$	42,626		$	200,583		$	205,489
Mac		7,614		11,508			29,357			40,177
iPad		6,443		7,174			28,300			29,292
Wearables, Home and Accessories		9,322		9,650			39,845			41,241
Services		22,314		19,188			85,200			78,129
Total net sales	$	89,498	$	90,146		$	383,285		$	394,328

Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value)

	September 30, 2023			September 24, 2022
ASSETS:
Current assets:
Cash and cash equivalents	$	29,965		$	23,646
Marketable securities		31,590			24,658
Accounts receivable, net		29,508			28,184
Vendor non-trade receivables		31,477			32,748
Inventories		6,331			4,946
Other current assets		14,695			21,223
Total current assets		143,566			135,405

Non-current assets:
Marketable securities		100,544			120,805
Property, plant and equipment, net		43,715			42,117
Other non-current assets		64,758			54,428
Total non-current assets		209,017			217,350
Total assets	$	352,583		$	352,755

LIABILITIES AND SHAREHOLDERS' EQUITY:
Current liabilities:
Accounts payable	$	62,611		$	64,115
Other current liabilities		58,829			60,845
Deferred revenue		8,061			7,912
Commercial paper		5,985			9,982
Term debt		9,822			11,128
Total current liabilities		145,308			153,982

Non-current liabilities:
Term debt		95,281			98,959
Other non-current liabilities		49,848			49,142
Total non-current liabilities		145,129			148,101
Total liabilities		290,437			302,083

Commitments and contingencies

Shareholders' equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,550,061 and 15,943,425 shares issued and outstanding, respectively		73,812			64,849
Accumulated deficit		(214	)		(3,068	)
Accumulated other comprehensive loss		(11,452	)		(11,109	)
Total shareholders' equity		62,146			50,672
Total liabilities and shareholders' equity	$	352,583		$	352,755

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Twelve Months Ended
	September 30, 2023			September 24, 2022
Cash, cash equivalents and restricted cash, beginning balances	$	24,977		$	35,929

Operating activities:
Net income		96,995			99,803
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization		11,519			11,104
Share-based compensation expense		10,833			9,038
Other		(2,227	)		1,006
Changes in operating assets and liabilities:
Accounts receivable, net		(1,688	)		(1,823	)
Vendor non-trade receivables		1,271			(7,520	)
Inventories		(1,618	)		1,484
Other current and non-current assets		(5,684	)		(6,499	)
Accounts payable		(1,889	)		9,448
Other current and non-current liabilities		3,031			6,110
Cash generated by operating activities		110,543			122,151

Investing activities:
Purchases of marketable securities		(29,513	)		(76,923	)
Proceeds from maturities of marketable securities		39,686			29,917
Proceeds from sales of marketable securities		5,828			37,446
Payments for acquisition of property, plant and equipment		(10,959	)		(10,708	)
Other		(1,337	)		(2,086	)
Cash generated by/(used in) investing activities		3,705			(22,354	)

Financing activities:
Payments for taxes related to net share settlement of equity awards		(5,431	)		(6,223	)
Payments for dividends and dividend equivalents		(15,025	)		(14,841	)
Repurchases of common stock		(77,550	)		(89,402	)
Proceeds from issuance of term debt, net		5,228			5,465
Repayments of term debt		(11,151	)		(9,543	)
Proceeds from/(Repayments of) commercial paper, net		(3,978	)		3,955
Other		(581	)		(160	)
Cash used in financing activities		(108,488	)		(110,749	)

Increase/(Decrease) in cash, cash equivalents and restricted cash		5,760			(10,952	)
Cash, cash equivalents and restricted cash, ending balances	$	30,737		$	24,977

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	18,679		$	19,573
Cash paid for interest	$	3,803		$	2,865

View source version on businesswire.com: https://www.businesswire.com/news/home/20231102622200/en/

Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142

Investor Relations Contact:
Investor Relations
Apple
investor_relations@apple.com
(408) 974-3123

News Provided by Business Wire via QuoteMedia

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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					Nine Months Ended
	June 29, 2024		July 1, 2023			June 29, 2024		July 1, 2023
Net sales:
Products	$	61,564	$	60,584		$	224,908	$	230,901
Services		24,213		21,213			71,197		62,886
Total net sales ⁽¹⁾		85,777		81,797			296,105		293,787
Cost of sales:
Products		39,803		39,136			140,667		146,696
Services		6,296		6,248			18,634		18,370
Total cost of sales		46,099		45,384			159,301		165,066
Gross margin		39,678		36,413			136,804		128,721

Operating expenses:
Research and development		8,006		7,442			23,605		22,608
Selling, general and administrative		6,320		5,973			19,574		18,781
Total operating expenses		14,326		13,415			43,179		41,389

Operating income		25,352		22,998			93,625		87,332
Other income/(expense), net		142		(265	)		250		(594	)
Income before provision for income taxes		25,494		22,733			93,875		86,738
Provision for income taxes		4,046		2,852			14,875		12,699
Net income	$	21,448	$	19,881		$	79,000	$	74,039

Earnings per share:
Basic	$	1.40	$	1.27		$	5.13	$	4.69
Diluted	$	1.40	$	1.26		$	5.11	$	4.67
Shares used in computing earnings per share:
Basic		15,287,521		15,697,614			15,401,047		15,792,497
Diluted		15,348,175		15,775,021			15,463,175		15,859,263

⁽¹⁾ Net sales by reportable segment:
Americas	$	37,678	$	35,383		$	125,381	$	122,445
Europe		21,884		20,205			76,404		71,831
Greater China		14,728		15,758			51,919		57,475
Japan		5,097		4,821			19,126		18,752
Rest of Asia Pacific		6,390		5,630			23,275		23,284
Total net sales	$	85,777	$	81,797		$	296,105	$	293,787

⁽¹⁾ Net sales by category:
iPhone	$	39,296	$	39,669		$	154,961	$	156,778
Mac		7,009		6,840			22,240		21,743
iPad		7,162		5,791			19,744		21,857
Wearables, Home and Accessories		8,097		8,284			27,963		30,523
Services		24,213		21,213			71,197		62,886
Total net sales	$	85,777	$	81,797		$	296,105	$	293,787

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Nine Months Ended
	June 29, 2024			July 1, 2023
Cash, cash equivalents and restricted cash, beginning balances	$	30,737		$	24,977

Operating activities:
Net income		79,000			74,039
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization		8,534			8,866
Share-based compensation expense		8,830			8,208
Other		(1,964	)		(1,651	)
Changes in operating assets and liabilities:
Accounts receivable, net		6,697			7,609
Vendor non-trade receivables		11,100			13,111
Inventories		41			(2,570	)
Other current and non-current assets		(5,626	)		(4,863	)
Accounts payable		(15,171	)		(16,790	)
Other current and non-current liabilities		2			2,986
Cash generated by operating activities		91,443			88,945

Investing activities:
Purchases of marketable securities		(38,074	)		(20,956	)
Proceeds from maturities of marketable securities		39,838			27,857
Proceeds from sales of marketable securities		7,382			3,959
Payments for acquisition of property, plant and equipment		(6,539	)		(8,796	)
Other		(1,117	)		(753	)
Cash generated by investing activities		1,490			1,311

Financing activities:
Payments for taxes related to net share settlement of equity awards		(5,163	)		(5,119	)
Payments for dividends and dividend equivalents		(11,430	)		(11,267	)
Repurchases of common stock		(69,866	)		(56,547	)
Proceeds from issuance of term debt, net		—			5,228
Repayments of term debt		(7,400	)		(11,151	)
Repayments of commercial paper, net		(2,985	)		(5,971	)
Other		(191	)		(508	)
Cash used in financing activities		(97,035	)		(85,335	)

Increase/(Decrease) in cash, cash equivalents and restricted cash		(4,102	)		4,921
Cash, cash equivalents and restricted cash, ending balances	$	26,635		$	29,898

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	19,230		$	7,020

Apple reports fourth quarter results

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