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Apple (AAPL) Q1 FY2022 earnings: revenue $123.9 billion, up 11.2% on the year

Apple Inc. (AAPL) reported revenue of $123.9 billion for Q1 FY2022, the quarter ended 25 December 2021, up 11.2% on the same quarter a year earlier as this quarter's filing gives it. Net income was $34.6 billion, up 20.4% on the year as this quarter's filing gives it, and diluted earnings per share $2.10. The figures are the company's own, from the 10-Q it filed with the SEC on 28 January 2022.

Revenue
$123.9 billion
+11.2% on the year · +48.7% on the quarter
Q2 FY2020Q1 FY2022
Operating margin
33.5%
30.1% a year earlier
Q2 FY2020Q1 FY2022
Net income
$34.6 billion
+20.4% on the year · +68.5% on the quarter
Q2 FY2020Q1 FY2022
Diluted EPS
$2.10
+25.0% on the year · +70.7% on the quarter
Q2 FY2020Q1 FY2022

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ millionQ1 FY2022Q4 FY2021Q1 FY2021On the quarterOn the yearLast 8 quarters
Revenue123,94583,360111,439+48.7%+11.2%
Cost of revenue69,70248,186n/a+44.7%
Gross profit54,24335,174n/a+54.2%
Gross margin43.8%42.2%n/a
Research and development6,3065,772n/a+9.3%
Selling, general and administrative6,4495,616n/a+14.8%
Operating income41,48823,78633,534+74.4%+23.7%
Operating margin33.5%28.5%30.1%
Interest expense694672n/a+3.3%
Pre-tax income41,24123,248n/a+77.4%
Income tax6,6112,697n/a+145.1%
Effective tax rate16.0%11.6%n/a
Net income34,63020,55128,755+68.5%+20.4%
Net margin27.9%24.7%n/a
Diluted EPS$2.10$1.23$1.68+70.7%+25.0%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free 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

$ millionQ1 FY2022Q4 FY2021Q1 FY2021On the quarterOn the yearLast 8 quarters
Operating cash flow46,96620,200n/a+132.5%
Capital expenditure2,8033,223n/a-13.0%
Free cash flow44,16316,977n/a+160.1%
Free cash flow margin35.6%20.4%n/a
Cash from investing-16,106835n/a
Cash from financing-28,159-20,382n/a
Depreciation and amortisation2,6972,9892,666-9.8%+1.2%
Share-based compensation2,2651,945n/a+16.5%
Buybacks20,47819,748n/a+3.7%
Dividends paid3,7323,640n/a+2.5%
Dividend per share$0.22n/an/a
Diluted shares, weighted16,519m16,865m17,114m-2.0%-3.5%
Shares outstanding at period end16,341m16,427m16,823m-0.5%-2.9%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ millionQ1 FY2022Q4 FY2021Q1 FY2021On the quarterOn the yearLast 8 quarters
Shareholders' equity71,93263,09066,224+14.0%+8.6%
Debt122,798124,719107,043-1.5%+14.7%
Operating lease liabilitiesn/a9,506n/a
Finance lease liabilitiesn/a769n/a
Other liabilities186,461152,918n/a+21.9%
Total liabilities and equity381,191351,002n/a+8.6%
Fixed assets39,24539,440n/a-0.5%
Investments165,477155,576n/a+6.4%
Cash and equivalents37,11934,94036,010+6.2%+3.1%
Receivables30,21326,278n/a+15.0%
Inventory5,8766,580n/a-10.7%
Other assets103,26188,188n/a+17.1%
Total assets381,191351,002n/a+8.6%

Questions

What was Apple's revenue in Q1 FY2022?

Apple (AAPL) reported revenue of $123.9 billion for Q1 FY2022, the quarter ended 25 December 2021, up 11.2% on the same quarter a year earlier as the company restated it.

How much did Apple earn in Q1 FY2022?

Net income for Q1 FY2022 was $34.6 billion, up 20.4% on the year, and diluted earnings per share $2.10.

When did Apple report Q1 FY2022 results?

Apple filed its 10-Q for the quarter ended 25 December 2021 with the SEC on 28 January 2022.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue83,360123,94597,27882,95990,146117,15494,83681,79789,498119,57590,75385,77794,930124,30095,35994,036102,466143,756111,184109,417
Cost of revenue48,18669,70254,71947,07452,05166,82252,86045,38449,07164,72048,48246,09951,05166,02550,49250,31854,12574,52556,40354,647
Gross profit35,17454,24342,55935,88538,09550,33241,97636,41340,42754,85542,27139,67843,87958,27544,86743,71848,34169,23154,78154,770
Gross margin42%44%44%43%42%43%44%45%45%46%47%46%46%47%47%46%47%48%49%50%
R&D5,7726,3066,3876,7976,7617,7097,4577,4427,3077,6967,9038,0067,7658,2688,5508,8668,86610,88711,41911,729
SG&A5,6166,4496,1936,0126,4406,6076,2015,9736,1516,7866,4686,3206,5237,1756,7286,6507,0487,4927,4777,346
Operating income23,78641,48829,97923,07624,89436,01628,31822,99826,96940,37327,90025,35229,59142,83229,58928,20232,42750,85235,88535,695
Operating margin29%33%31%28%28%31%30%28%30%34%31%30%31%34%31%30%32%35%32%33%
Interest expense6726946917198271,0039309981,002n/an/an/an/an/an/an/an/an/an/an/a
Pre-tax income23,24841,24130,13923,06624,65735,62328,38222,73326,99840,32328,05825,49429,61042,58429,31028,03132,80451,00235,83336,267
Tax rate12%16%17%16%16%16%15%13%15%16%16%16%50%15%15%16%16%17%17%18%
Net income20,55134,63025,01019,44220,72129,99824,16019,88122,95633,91623,63621,44814,73636,33024,78023,43427,46642,09729,57829,789
Net margin25%28%26%23%23%26%25%24%26%28%26%25%16%29%26%25%27%29%27%27%
Diluted EPS$1.23$2.10$1.52$1.20$1.29$1.88$1.52$1.26$1.46$2.18$1.53$1.40$0.97$2.40$1.65$1.57$1.85$2.84$2.01$2.02
Operating cash flow20,20046,96628,16622,89224,12734,00528,56026,38021,59839,89522,69028,85826,81129,93523,95227,86729,72853,92528,70234,369
Capital expenditure3,2232,8032,5142,1023,2893,7872,9162,0932,1632,3921,9962,1512,9082,9403,0713,4623,2422,3731,9712,455
Free cash flow16,97744,16325,65220,79020,83830,21825,64424,28719,43537,50320,69426,70723,90326,99520,88124,40526,48651,55226,73131,914
Buybacks19,74820,47822,63121,86524,42819,47519,59417,47821,00320,13923,20526,52225,08323,60625,89821,07520,13224,70112,28825,105
Dividends paid3,6403,7323,5953,8113,7033,7683,6503,8493,7583,8253,7103,8953,8043,8563,7583,9453,8623,9213,8224,035
Shares outstanding16,427m16,341m16,208m16,095m15,943m15,842m15,723m15,648m15,550m15,460m15,338m15,222m15,117m15,041m14,939m14,857m14,773m14,703m14,668m14,609m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 25 December 2021, filed 28 January 2022: the filing.