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Apple Inc. reported net sales of $124.3 billion for the three months ended December 28, 2024, an increase from $119.575 billion in the same period of 2023. The company's net income rose to $36.33 billion, with earnings per share of $2.40 diluted, compared to $33.916 billion and $2.18 diluted earnings per share in the previous year. Operating income also increased to $42.832 billion from $40.373 billion year-over-year.

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aaple

Apple Inc. reported net sales of $124.3 billion for the three months ended December 28, 2024, an increase from $119.575 billion in the same period of 2023. The company's net income rose to $36.33 billion, with earnings per share of $2.40 diluted, compared to $33.916 billion and $2.18 diluted earnings per share in the previous year. Operating income also increased to $42.832 billion from $40.373 billion year-over-year.

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worot81880
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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


(In millions, except number of shares, which are reflected in thousands, and per-share amounts)

Three Months Ended


December 28, December 30,
2024 2023
Net sales:
Products $ 97,960 $ 96,458
Services 26,340 23,117
Total net sales 124,300 119,575

Cost of sales:
Products 59,447 58,440
Services 6,578 6,280
Total cost of sales 66,025 64,720
Gross margin 58,275 54,855

Operating expenses:
Research and development 8,268 7,696
Selling, general and administrative 7,175 6,786
Total operating expenses 15,443 14,482

Operating income 42,832 40,373


Other income/(expense), net (248) (50)
Income before provision for income taxes 42,584 40,323
Provision for income taxes 6,254 6,407
Net income $ 36,330 $ 33,916

Earnings per share:


Basic $ 2.41 $ 2.19
Diluted $ 2.40 $ 2.18

Shares used in computing earnings per share:


Basic 15,081,724 15,509,763
Diluted 15,150,865 15,576,641

See accompanying Notes to Condensed Consolidated Financial Statements.

Apple Inc. | Q1 2025 Form 10-Q | 1

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