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Apple Inc. Q1 FY2024 results: revenue $119.6 billion, up 2.1% on the year

Apple Inc. (AAPL) reported revenue of $119.6 billion for Q1 FY2024, the quarter ended 30 December 2023, up 2.1% on the same quarter a year earlier. Net income was $33.9 billion, up 13.1% on the year, and diluted earnings per share $2.18. The figures are the company's own, from the 10-Q it filed with the SEC on 2 February 2024.

Revenue$119.6 billionup 2.1%
Net income$33.9 billionup 13.1%
Diluted EPS$2.18
QuarterQ1 FY2024ended 30 December 2023

The quarter, against the one before and a year earlier

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Revenue119,57589,498n/an/a
Cost of revenue64,72049,071n/an/a
Gross profit54,85540,427n/an/a
Gross margin45.9%45.2%n/a
Research and development7,6967,307n/an/a
Selling, general and administrative6,7866,151n/an/a
Operating income40,37326,969n/an/a
Operating margin33.8%30.1%n/a
Interest expensen/a1,002n/an/a
Pre-tax income40,32326,998n/an/a
Income tax6,4074,042n/an/a
Effective tax rate15.9%15.0%n/a
Net income33,91622,956n/an/a
Net margin28.4%25.6%n/a
Diluted EPS$2.18$1.47n/an/a

$ million except per share. Fourth 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 and capital returned

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Operating cash flow39,89521,598n/an/a
Capital expenditure2,3922,163n/an/a
Free cash flow37,50319,435n/an/a
Free cash flow margin31.4%21.7%n/a
Depreciation and amortisation2,8482,653n/an/a
Share-based compensation2,9972,625n/an/a
Buybacks20,13921,003n/an/a
Dividends paid3,8253,758n/an/a
Dividend per share$0.24n/an/an/a
Diluted shares, weighted15,577m15,813mn/an/a
Shares outstanding at period end15,460m15,550mn/an/a

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

Balance sheet at quarter end

LineQ1 FY2024Q4 FY2023A year earlierChange on the year
Total assets353,514352,583n/an/a
Cash and equivalents40,76029,965n/an/a
Receivables23,19429,508n/an/a
Inventory6,5116,331n/an/a
Long-term debt106,000105,103n/an/a
Borrowings, as the company tags themn/a106,572n/an/a
Operating lease liabilitiesn/a10,408n/an/a
Finance lease liabilitiesn/a859n/an/a
Shareholders' equity74,10062,146n/an/a

Quarterly results, the last 12 quarters

Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue89,498119,57590,75385,77794,930124,30095,35994,036102,466143,756111,184109,417
Cost of revenue49,07164,72048,48246,09951,05166,02550,49250,31854,12574,52556,40354,647
Gross profit40,42754,85542,27139,67843,87958,27544,86743,71848,34169,23154,78154,770
Gross margin45%46%47%46%46%47%47%46%47%48%49%50%
R&D7,3077,6967,9038,0067,7658,2688,5508,8668,86610,88711,41911,729
SG&A6,1516,7866,4686,3206,5237,1756,7286,6507,0487,4927,4777,346
Operating income26,96940,37327,90025,35229,59142,83229,58928,20232,42750,85235,88535,695
Operating margin30%34%31%30%31%34%31%30%32%35%32%33%
Interest expense1,002n/an/an/an/an/an/an/an/an/an/an/a
Pre-tax income26,99840,32328,05825,49429,61042,58429,31028,03132,80451,00235,83336,267
Tax rate15%16%16%16%50%15%15%16%16%17%17%18%
Net income22,95633,91623,63621,44814,73636,33024,78023,43427,46642,09729,57829,789
Net margin26%28%26%25%16%29%26%25%27%29%27%27%
Diluted EPS$1.47$2.18$1.53$1.40$0.97$2.40$1.65$1.57$1.84$2.84$2.01$2.02
Operating cash flow21,59839,89522,69028,85826,81129,93523,95227,86729,72853,92528,70234,369
Capital expenditure2,1632,3921,9962,1512,9082,9403,0713,4623,2422,3731,9712,455
Free cash flow19,43537,50320,69426,70723,90326,99520,88124,40526,48651,55226,73131,914
Buybacks21,00320,13923,20526,52225,08323,60625,89821,07520,13224,70112,28825,105
Dividends paid3,7583,8253,7103,8953,8043,8563,7583,9453,8623,9213,8224,035
Shares outstanding15,550m15,460m15,338m15,222m15,117m15,041m14,939m14,857m14,773m14,703m14,668m14,609m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q

* 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. 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.

Source

10-Q for the period ended 30 December 2023, filed 2 February 2024, accession 0000320193-24-000006: the filing on EDGAR. All of Apple Inc.'s filings: EDGAR company page.

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