Apple (AAPL) FY2018 results: revenue $265.6 billion, up 15.9% on the year
Apple Inc. (AAPL) reported revenue of $265.6 billion for fiscal 2018, the year ended 29 September 2018, up 15.9% on the year before. Net income was $59.5 billion, up 23.1%, and diluted earnings per share $2.98. The figures are the company's own, from the 10-K it filed with the SEC on 31 October 2019.
Revenue
$265.6 billion
+15.9% on the year
FY2011FY2018
Operating margin
26.7%
26.8% a year earlier
FY2011FY2018
Net income
$59.5 billion
+23.1% on the year
FY2011FY2018
Diluted EPS
$2.98
+29.3% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
265,595
229,234
215,639
+15.9%
Cost of revenue
163,756
141,048
131,376
+16.1%
Gross profit
101,839
88,186
84,263
+15.5%
Gross margin
38.3%
38.5%
39.1%
Research and development
14,236
11,581
10,045
+22.9%
Selling, general and administrative
16,705
15,261
14,194
+9.5%
Operating income
70,898
61,344
60,024
+15.6%
Operating margin
26.7%
26.8%
27.8%
Interest expense
3,240
2,323
1,456
+39.5%
Pre-tax income
72,903
64,089
61,372
+13.8%
Income tax
13,372
15,738
15,685
-15.0%
Effective tax rate
18.3%
24.6%
25.6%
Net income
59,531
48,351
45,687
+23.1%
Net margin
22.4%
21.1%
21.2%
Diluted EPS
$2.98
$2.30
$2.08
+29.3%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
77,434
64,225
66,231
+20.6%
Capital expenditure
13,313
12,451
12,734
+6.9%
Free cash flow
64,121
51,774
53,497
+23.8%
Free cash flow margin
24.1%
22.6%
24.8%
Cash from investing
16,066
-46,446
-45,977
Cash from financing
-87,876
-17,974
-20,890
Depreciation and amortisation
10,903
10,157
10,505
+7.3%
Share-based compensation
5,340
4,840
4,210
+10.3%
Buybacks
72,738
32,900
29,722
+121.1%
Dividends paid
13,712
12,563
11,965
+9.1%
Dividend per share
$0.68
$0.60
$0.55
+13.3%
Diluted shares, weighted
20,000m
21,007m
22,001m
-4.8%
Shares outstanding at period end
19,020m
20,505m
21,345m
-7.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
107,147
134,047
128,249
-20.1%
Debt
114,483
115,680
87,032
-1.0%
Other liabilities
144,095
125,592
106,405
+14.7%
Total liabilities and equity
365,725
375,319
321,686
-2.6%
Fixed assets
41,304
33,783
27,010
+22.3%
Goodwill
n/a
5,717
5,414
Intangible assets
n/a
2,298
3,206
Investments
211,187
248,606
217,101
-15.1%
Cash and equivalents
25,913
20,289
20,484
+27.7%
Receivables
23,186
17,874
15,754
+29.7%
Inventory
3,956
4,855
2,132
-18.5%
Other assets
60,179
41,897
30,585
+43.6%
Total assets
365,725
375,319
321,686
-2.6%
10-K for the year ended 29 September 2018, filed 31 October 2019: the filing.