CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2024 third quarter ended June 29, 2024. The Company posted quarterly revenue of $85.8 billion, up 5 percent year over year, and quarterly earnings per diluted share of $1.40, up 11 percent year over year.
“Today Apple is reporting a new June quarter revenue record of $85.8 billion, up 5 percent from a year ago,” said Tim Cook, Apple’s CEO. “During the quarter, we were excited to announce incredible updates to our software platforms at our Worldwide Developers Conference, including Apple Intelligence, a breakthrough personal intelligence system that puts powerful, private generative AI models at the core of iPhone, iPad, and Mac. We very much look forward to sharing these tools with our users, and we continue to invest significantly in the innovations that will enrich our customers’ lives, while leading with the values that drive our work.”
“During the quarter, our record business performance generated EPS growth of 11 percent and nearly $29 billion in operating cash flow, allowing us to return over $32 billion to shareholders,” said Luca Maestri, Apple’s CFO. “We are also very pleased that our installed base of active devices reached a new all-time high in all geographic segments, thanks to very high levels of customer satisfaction and loyalty.”
Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on August 15, 2024 to shareholders of record as of the close of business on August 12, 2024.
Apple will provide live streaming of its Q3 2024 financial results conference call beginning at 2:00 p.m. PT on August 1, 2024 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, war, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142
Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123
NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended
Nine Months Ended
June 29, 2024
July 1, 2023
June 29, 2024
July 1, 2023
Net sales:
Products
$
61,564
$
60,584
$
224,908
$
230,901
Services
24,213
21,213
71,197
62,886
Total net sales (1)
85,777
81,797
296,105
293,787
Cost of sales:
Products
39,803
39,136
140,667
146,696
Services
6,296
6,248
18,634
18,370
Total cost of sales
46,099
45,384
159,301
165,066
Gross margin
39,678
36,413
136,804
128,721
Operating expenses:
Research and development
8,006
7,442
23,605
22,608
Selling, general and administrative
6,320
5,973
19,574
18,781
Total operating expenses
14,326
13,415
43,179
41,389
Operating income
25,352
22,998
93,625
87,332
Other income/(expense), net
142
(265)
250
(594)
Income before provision for income taxes
25,494
22,733
93,875
86,738
Provision for income taxes
4,046
2,852
14,875
12,699
Net income
$
21,448
$
19,881
$
79,000
$
74,039
Earnings per share:
Basic
$
1.40
$
1.27
$
5.13
$
4.69
Diluted
$
1.40
$
1.26
$
5.11
$
4.67
Shares used in computing earnings per share:
Basic
15,287,521
15,697,614
15,401,047
15,792,497
Diluted
15,348,175
15,775,021
15,463,175
15,859,263
(1) Net sales by reportable segment:
Americas
$
37,678
$
35,383
$
125,381
$
122,445
Europe
21,884
20,205
76,404
71,831
Greater China
14,728
15,758
51,919
57,475
Japan
5,097
4,821
19,126
18,752
Rest of Asia Pacific
6,390
5,630
23,275
23,284
Total net sales
$
85,777
$
81,797
$
296,105
$
293,787
(1) Net sales by category:
iPhone
$
39,296
$
39,669
$
154,961
$
156,778
Mac
7,009
6,840
22,240
21,743
iPad
7,162
5,791
19,744
21,857
Wearables, Home and Accessories
8,097
8,284
27,963
30,523
Services
24,213
21,213
71,197
62,886
Total net sales
$
85,777
$
81,797
$
296,105
$
293,787
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
June 29, 2024
September 30, 2023
ASSETS:
Current assets:
Cash and cash equivalents
$
25,565
$
29,965
Marketable securities
36,236
31,590
Accounts receivable, net
22,795
29,508
Vendor non-trade receivables
20,377
31,477
Inventories
6,165
6,331
Other current assets
14,297
14,695
Total current assets
125,435
143,566
Non-current assets:
Marketable securities
91,240
100,544
Property, plant and equipment, net
44,502
43,715
Other non-current assets
70,435
64,758
Total non-current assets
206,177
209,017
Total assets
$
331,612
$
352,583
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$
47,574
$
62,611
Other current liabilities
60,889
58,829
Deferred revenue
8,053
8,061
Commercial paper
2,994
5,985
Term debt
12,114
9,822
Total current liabilities
131,624
145,308
Non-current liabilities:
Term debt
86,196
95,281
Other non-current liabilities
47,084
49,848
Total non-current liabilities
133,280
145,129
Total liabilities
264,904
290,437
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,222,259 and 15,550,061 shares issued and outstanding, respectively
79,850
73,812
Accumulated deficit
(4,726)
(214)
Accumulated other comprehensive loss
(8,416)
(11,452)
Total shareholders’ equity
66,708
62,146
Total liabilities and shareholders’ equity
$
331,612
$
352,583
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
June 29, 2024
July 1, 2023
Cash, cash equivalents and restricted cash, beginning balances
$
30,737
$
24,977
Operating activities:
Net income
79,000
74,039
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
8,534
8,866
Share-based compensation expense
8,830
8,208
Other
(1,964)
(1,651)
Changes in operating assets and liabilities:
Accounts receivable, net
6,697
7,609
Vendor non-trade receivables
11,100
13,111
Inventories
41
(2,570)
Other current and non-current assets
(5,626)
(4,863)
Accounts payable
(15,171)
(16,790)
Other current and non-current liabilities
2
2,986
Cash generated by operating activities
91,443
88,945
Investing activities:
Purchases of marketable securities
(38,074)
(20,956)
Proceeds from maturities of marketable securities
39,838
27,857
Proceeds from sales of marketable securities
7,382
3,959
Payments for acquisition of property, plant and equipment
(6,539)
(8,796)
Other
(1,117)
(753)
Cash generated by investing activities
1,490
1,311
Financing activities:
Payments for taxes related to net share settlement of equity awards
(5,163)
(5,119)
Payments for dividends and dividend equivalents
(11,430)
(11,267)
Repurchases of common stock
(69,866)
(56,547)
Proceeds from issuance of term debt, net
—
5,228
Repayments of term debt
(7,400)
(11,151)
Repayments of commercial paper, net
(2,985)
(5,971)
Other
(191)
(508)
Cash used in financing activities
(97,035)
(85,335)
Increase/(Decrease) in cash, cash equivalents and restricted cash
(4,102)
4,921
Cash, cash equivalents and restricted cash, ending balances
