Apple (AAPL) FY2014 results: revenue $182.8 billion, up 7.0% on the year
Apple Inc. (AAPL) reported revenue of $182.8 billion for fiscal 2014, the year ended 27 September 2014, up 7.0% on the year before. Net income was $39.5 billion, up 6.7%, and diluted earnings per share $1.61. The figures are the company's own, from the 10-K it filed with the SEC on 27 October 2014.
Revenue
$182.8 billion
+7.0% on the year
FY2007FY2014
Operating margin
28.7%
28.7% a year earlier
FY2007FY2014
Net income
$39.5 billion
+6.7% on the year
FY2007FY2014
Diluted EPS
$1.61
+13.6% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
182,795
170,910
156,508
+7.0%
Cost of revenue
112,258
106,606
87,846
+5.3%
Gross profit
70,537
64,304
68,662
+9.7%
Gross margin
38.6%
37.6%
43.9%
Research and development
6,041
4,475
3,381
+35.0%
Selling, general and administrative
11,993
10,830
10,040
+10.7%
Operating income
52,503
48,999
55,241
+7.2%
Operating margin
28.7%
28.7%
35.3%
Interest expense
384
136
0.0
+182.4%
Pre-tax income
53,483
50,155
55,763
+6.6%
Income tax
13,973
13,118
14,030
+6.5%
Effective tax rate
26.1%
26.2%
25.2%
Net income
39,510
37,037
41,733
+6.7%
Net margin
21.6%
21.7%
26.7%
Diluted EPS
$1.61
$1.42
$1.58
+13.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
59,713
53,666
50,856
+11.3%
Capital expenditure
9,571
8,165
8,295
+17.2%
Free cash flow
50,142
45,501
42,561
+10.2%
Free cash flow margin
27.4%
26.6%
27.2%
Cash from investing
n/a
-33,774
-48,227
Cash from financing
n/a
-16,379
-1,698
Depreciation and amortisation
6,900
5,800
2,600
+19.0%
Share-based compensation
2,863
2,253
1,740
+27.1%
Buybacks
45,000
22,860
0.0
+96.9%
Dividends paid
11,031
10,528
n/a
+4.8%
Dividend per share
$0.46
$0.41
$0.09
+11.8%
Diluted shares, weighted
24,491m
26,087m
26,470m
-6.1%
Shares outstanding at period end
23,465m
25,178m
26,298m
-6.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
111,547
123,549
118,210
-9.7%
Debt
35,295
16,960
0.0
+108.1%
Other liabilities
84,997
66,491
57,854
+27.8%
Total liabilities and equity
231,839
207,000
176,064
+12.0%
Fixed assets
20,624
16,597
15,452
+24.3%
Goodwill
4,616
1,577
1,135
+192.7%
Intangible assets
4,142
4,179
4,224
-0.9%
Investments
141,395
132,502
110,505
+6.7%
Cash and equivalents
13,844
14,259
10,746
-2.9%
Receivables
17,460
13,102
10,930
+33.3%
Inventory
2,111
1,764
791
+19.7%
Other assets
27,647
23,020
22,281
+20.1%
Total assets
231,839
207,000
176,064
+12.0%
10-K for the year ended 27 September 2014, filed 27 October 2014: the filing.