Apple (AAPL) FY2020 results: revenue $274.5 billion, up 5.5% on the year
Apple Inc. (AAPL) reported revenue of $274.5 billion for fiscal 2020, the year ended 26 September 2020, up 5.5% on the year before. Net income was $57.4 billion, up 3.9%, and diluted earnings per share $3.28. The figures are the company's own, from the 10-K it filed with the SEC on 30 October 2020.
Revenue
$274.5 billion
+5.5% on the year
FY2013FY2020
Operating margin
24.1%
24.6% a year earlier
FY2013FY2020
Net income
$57.4 billion
+3.9% on the year
FY2013FY2020
Diluted EPS
$3.28
+10.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
274,515
260,174
265,595
+5.5%
Cost of revenue
169,559
161,782
163,756
+4.8%
Gross profit
104,956
98,392
101,839
+6.7%
Gross margin
38.2%
37.8%
38.3%
Research and development
18,752
16,217
14,236
+15.6%
Selling, general and administrative
19,916
18,245
16,705
+9.2%
Operating income
66,288
63,930
70,898
+3.7%
Operating margin
24.1%
24.6%
26.7%
Interest expense
2,873
3,576
3,240
-19.7%
Pre-tax income
67,091
65,737
72,903
+2.1%
Income tax
9,680
10,481
13,372
-7.6%
Effective tax rate
14.4%
15.9%
18.3%
Net income
57,411
55,256
59,531
+3.9%
Net margin
20.9%
21.2%
22.4%
Diluted EPS
$3.28
$2.97
$2.98
+10.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
80,674
69,391
77,434
+16.3%
Capital expenditure
7,309
10,495
13,313
-30.4%
Free cash flow
73,365
58,896
64,121
+24.6%
Free cash flow margin
26.7%
22.6%
24.1%
Cash from investing
-4,289
45,896
16,066
Cash from financing
-86,820
-90,976
-87,876
Depreciation and amortisation
11,056
12,547
10,903
-11.9%
Share-based compensation
6,829
6,068
5,340
+12.5%
Buybacks
72,358
66,897
72,738
+8.2%
Dividends paid
14,081
14,119
13,712
-0.3%
Dividend per share
$0.80
$0.75
$0.68
+6.0%
Diluted shares, weighted
17,528m
18,596m
20,000m
-5.7%
Shares outstanding at period end
16,977m
17,773m
19,020m
-4.5%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
65,339
90,488
107,147
-27.8%
Debt
112,436
108,047
114,483
+4.1%
Operating lease liabilities
7,745
n/a
n/a
Finance lease liabilities
637
n/a
n/a
Other liabilities
137,731
139,981
144,095
-1.6%
Total liabilities and equity
323,888
338,516
365,725
-4.3%
Fixed assets
36,766
37,378
41,304
-1.6%
Investments
153,814
157,054
211,187
-2.1%
Cash and equivalents
38,016
48,844
25,913
-22.2%
Receivables
16,120
22,926
23,186
-29.7%
Inventory
4,061
4,106
3,956
-1.1%
Other assets
75,111
68,208
60,179
+10.1%
Total assets
323,888
338,516
365,725
-4.3%
10-K for the year ended 26 September 2020, filed 30 October 2020: the filing.