# Apple Inc. / 2024 Form 10-K
## CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Currency: USD ($)
Years ended: 2024-09-28 / 2023-09-30 / 2022-09-24

| Line item                                |       2024 |       2023 |       2022 |
| ---------------------------------------- | ---------: | ---------: | ---------: |
| **Net sales:** | | | |
| Products                                 |    294,866 |    298,085 |    316,199 |
| Services                                 |     96,169 |     85,200 |     78,129 |
| Total net sales                          |    391,035 |    383,285 |    394,328 |
| **Cost of sales:** | | | |
| Products                                 |    185,233 |    189,282 |    201,471 |
| Services                                 |     25,119 |     24,855 |     22,075 |
| Total cost of sales                      |    210,352 |    214,137 |    223,546 |
| Gross margin                             |    180,683 |    169,148 |    170,782 |
| **Operating expenses:** | | | |
| Research and development                 |     31,370 |     29,915 |     26,251 |
| Selling, general and administrative      |     26,097 |     24,932 |     25,094 |
| Total operating expenses                 |     57,467 |     54,847 |     51,345 |
| Operating income                         |    123,216 |    114,301 |    119,437 |
| Other income/(expense), net              |        269 |      (565) |      (334) |
| Income before provision for income taxes |    123,485 |    113,736 |    119,103 |
| Provision for income taxes               |     29,749 |     16,741 |     19,300 |
| Net income                               |     93,736 |     96,995 |     99,803 |
| **Earnings per share:** | | | |
| Basic                                    |       6.11 |       6.16 |       6.15 |
| Diluted                                  |       6.08 |       6.13 |       6.11 |
| **Shares used in computing earnings per share:** | | | |
| Basic                                    | 15,343,783 | 15,744,231 | 16,215,963 |
| Diluted                                  | 15,408,095 | 15,812,547 | 16,325,819 |

See accompanying Notes to Consolidated Financial Statements.

Apple Inc. | 2024 Form 10-K | 29
[Original PDF · printed p. 29 / PDF p. 32](https://www.annualreports.com/HostedData/AnnualReportArchive/a/NASDAQ_AAPL_2024.pdf#page=32)