Apple (AAPL) FY2019 results: revenue $260.2 billion, down 2.0% on the year
Apple Inc. (AAPL) reported revenue of $260.2 billion for fiscal 2019, the year ended 28 September 2019, down 2.0% on the year before. Net income was $55.3 billion, down 7.2%, and diluted earnings per share $2.97. The figures are the company's own, from the 10-K it filed with the SEC on 31 October 2019.
Revenue
$260.2 billion
-2.0% on the year
FY2012FY2019
Operating margin
24.6%
26.7% a year earlier
FY2012FY2019
Net income
$55.3 billion
-7.2% on the year
FY2012FY2019
Diluted EPS
$2.97
-0.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
260,174
265,595
229,234
-2.0%
Cost of revenue
161,782
163,756
141,048
-1.2%
Gross profit
98,392
101,839
88,186
-3.4%
Gross margin
37.8%
38.3%
38.5%
Research and development
16,217
14,236
11,581
+13.9%
Selling, general and administrative
18,245
16,705
15,261
+9.2%
Operating income
63,930
70,898
61,344
-9.8%
Operating margin
24.6%
26.7%
26.8%
Interest expense
3,576
3,240
2,323
+10.4%
Pre-tax income
65,737
72,903
64,089
-9.8%
Income tax
10,481
13,372
15,738
-21.6%
Effective tax rate
15.9%
18.3%
24.6%
Net income
55,256
59,531
48,351
-7.2%
Net margin
21.2%
22.4%
21.1%
Diluted EPS
$2.97
$2.98
$2.30
-0.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
69,391
77,434
64,225
-10.4%
Capital expenditure
10,495
13,313
12,451
-21.2%
Free cash flow
58,896
64,121
51,774
-8.1%
Free cash flow margin
22.6%
24.1%
22.6%
Cash from investing
45,896
16,066
-46,446
+185.7%
Cash from financing
-90,976
-87,876
-17,974
Depreciation and amortisation
12,547
10,903
10,157
+15.1%
Share-based compensation
6,068
5,340
4,840
+13.6%
Buybacks
66,897
72,738
32,900
-8.0%
Dividends paid
14,119
13,712
12,563
+3.0%
Dividend per share
$0.75
$0.68
$0.60
+10.3%
Diluted shares, weighted
18,596m
20,000m
21,007m
-7.0%
Shares outstanding at period end
17,773m
19,020m
20,505m
-6.6%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
90,488
107,147
134,047
-15.5%
Debt
108,047
114,483
115,680
-5.6%
Other liabilities
139,981
144,095
125,592
-2.9%
Total liabilities and equity
338,516
365,725
375,319
-7.4%
Fixed assets
37,378
41,304
33,783
-9.5%
Goodwill
n/a
n/a
5,717
Intangible assets
n/a
n/a
2,298
Investments
157,054
211,187
248,606
-25.6%
Cash and equivalents
48,844
25,913
20,289
+88.5%
Receivables
22,926
23,186
17,874
-1.1%
Inventory
4,106
3,956
4,855
+3.8%
Other assets
68,208
60,179
41,897
+13.3%
Total assets
338,516
365,725
375,319
-7.4%
10-K for the year ended 28 September 2019, filed 31 October 2019: the filing.