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Apple Reports Fourth Quarter Results

September quarter record for Revenue and EPS

Active installed base of devices reaches all-time high for all major product categories

Apple® today announced financial results for its fiscal 2022 fourth quarter ended September 24, 2022. The Company posted a September quarter record revenue of $90.1 billion, up 8 percent year over year, and quarterly earnings per diluted share of $1.29, up 4 percent year over year. Annual revenue was $394.3 billion, up 8 percent year over year, and annual earnings per diluted share were $6.11, up 9 percent year over year.

“This quarter’s results reflect Apple’s commitment to our customers, to the pursuit of innovation, and to leaving the world better than we found it,” said Tim Cook, Apple’s CEO. “As we head into the holiday season with our most powerful lineup ever, we are leading with our values in every action we take and every decision we make. We are deeply committed to protecting the environment, to securing user privacy, to strengthening accessibility, and to creating products and services that can unlock humanity’s full creative potential.”

“Our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop,” said Luca Maestri, Apple’s CFO. “We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter. The strength of our ecosystem, unmatched customer loyalty, and record sales spurred our active installed base of devices to a new all-time high. This quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year.”

Apple’s board of directors has declared a cash dividend of $0.23 per share of the Company’s common stock. The dividend is payable on November 10, 2022 to shareholders of record as of the close of business on November 7, 2022.

Apple will provide live streaming of its Q4 2022 financial results conference call beginning at 2:00 p.m. PT on October 27, 2022 at apple.com/investor/earnings-call. This 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 the payment of the Company’s quarterly dividend, its environmental initiatives, and its plans for new features, products, and long-term growth. 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 or information, which speak as of their respective dates.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple’s Media Helpline at (408) 974-2042.

© 2022 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

 

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

 

Twelve Months Ended

 

September 24,

2022

 

September 25,

2021

 

September 24,

2022

 

September 25,

2021

Net sales:

 

 

 

 

 

 

 

Products

$

70,958

 

 

$

65,083

 

 

$

316,199

 

 

$

297,392

Services

 

19,188

 

 

 

18,277

 

 

 

78,129

 

 

 

68,425

Total net sales (1)

 

90,146

 

 

 

83,360

 

 

 

394,328

 

 

 

365,817

Cost of sales:

 

 

 

 

 

 

 

Products

 

46,387

 

 

 

42,790

 

 

 

201,471

 

 

 

192,266

Services

 

5,664

 

 

 

5,396

 

 

 

22,075

 

 

 

20,715

Total cost of sales

 

52,051

 

 

 

48,186

 

 

 

223,546

 

 

 

212,981

Gross margin

 

38,095

 

 

 

35,174

 

 

 

170,782

 

 

 

152,836

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

6,761

 

 

 

5,772

 

 

 

26,251

 

 

 

21,914

Selling, general and administrative

 

6,440

 

 

 

5,616

 

 

 

25,094

 

 

 

21,973

Total operating expenses

 

13,201

 

 

 

11,388

 

 

 

51,345

 

 

 

43,887

 

 

 

 

 

 

 

 

Operating income

 

24,894

 

 

 

23,786

 

 

 

119,437

 

 

 

108,949

Other income/(expense), net

 

(237

)

 

 

(538

)

 

 

(334

)

 

 

258

Income before provision for income taxes

 

24,657

 

 

 

23,248

 

 

 

119,103

 

 

 

109,207

Provision for income taxes

 

3,936

 

 

 

2,697

 

 

 

19,300

 

 

 

14,527

Net income

$

20,721

 

 

$

20,551

 

 

$

99,803

 

 

$

94,680

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.29

 

 

$

1.25

 

 

$

6.15

 

 

$

5.67

Diluted

$

1.29

 

 

$

1.24

 

 

$

6.11

 

 

$

5.61

Shares used in computing earnings per share:

 

 

 

 

 

 

 

Basic

 

16,030,382

 

 

 

16,487,121

 

 

 

16,215,963

 

 

 

16,701,272

Diluted

 

16,118,465

 

 

 

16,635,097

 

 

 

16,325,819

 

 

 

16,864,919

 

 

 

 

 

 

 

 

(1) Net sales by reportable segment:

 

 

 

 

 

 

 

Americas

$

39,808

 

 

$

36,820

 

 

$

169,658

 

 

$

153,306

Europe

 

22,795

 

 

 

20,794

 

 

 

95,118

 

 

 

89,307

Greater China

 

15,470

 

 

 

14,563

 

 

 

74,200

 

 

 

68,366

Japan

 

5,700

 

 

 

5,991

 

 

 

25,977

 

 

 

28,482

Rest of Asia Pacific

 

6,373

 

 

 

5,192

 

 

 

29,375

 

 

 

26,356

Total net sales

$

90,146

 

 

$

83,360

 

 

$

394,328

 

 

$

365,817

 

 

 

 

 

 

 

 

(1) Net sales by category:

 

 

 

 

 

 

 

iPhone

$

42,626

 

 

$

38,868

 

 

$

205,489

 

 

$

191,973

Mac

 

11,508

 

 

 

9,178

 

 

 

40,177

 

 

 

35,190

iPad

 

7,174

 

 

 

8,252

 

 

 

29,292

 

 

 

31,862

Wearables, Home and Accessories

 

9,650

 

 

 

8,785

 

 

 

41,241

 

 

 

38,367

Services

 

19,188

 

 

 

18,277

 

 

 

78,129

 

 

 

68,425

Total net sales

$

90,146

 

 

$

83,360

 

 

$

394,328

 

 

$

365,817

 

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares which are reflected in thousands and par value)

 

 

September 24,

2022

 

September 25,

2021

ASSETS:

Current assets:

 

 

 

Cash and cash equivalents

$

23,646

 

 

$

34,940

Marketable securities

 

24,658

 

 

 

27,699

Accounts receivable, net

 

28,184

 

 

 

26,278

Inventories

 

4,946

 

 

 

6,580

Vendor non-trade receivables

 

32,748

 

 

 

25,228

Other current assets

 

21,223

 

 

 

14,111

Total current assets

 

135,405

 

 

 

134,836

 

 

 

 

Non-current assets:

 

 

 

Marketable securities

 

120,805

 

 

 

127,877

Property, plant and equipment, net

 

42,117

 

 

 

39,440

Other non-current assets

 

54,428

 

 

 

48,849

Total non-current assets

 

217,350

 

 

 

216,166

Total assets

$

352,755

 

 

$

351,002

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

 

 

 

Accounts payable

$

64,115

 

 

$

54,763

Other current liabilities

 

60,845

 

 

 

47,493

Deferred revenue

 

7,912

 

 

 

7,612

Commercial paper

 

9,982

 

 

 

6,000

Term debt

 

11,128

 

 

 

9,613

Total current liabilities

 

153,982

 

 

 

125,481

 

 

 

 

Non-current liabilities:

 

 

 

Term debt

 

98,959

 

 

 

109,106

Other non-current liabilities

 

49,142

 

 

 

53,325

Total non-current liabilities

 

148,101

 

 

 

162,431

Total liabilities

 

302,083

 

 

 

287,912

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,943,425 and 16,426,786 shares issued and outstanding, respectively

 

64,849

 

 

 

57,365

Retained earnings/(Accumulated deficit)

 

(3,068

)

 

 

5,562

Accumulated other comprehensive income/(loss)

 

(11,109

)

 

 

163

Total shareholders’ equity

 

50,672

 

 

 

63,090

Total liabilities and shareholders’ equity

$

352,755

 

 

$

351,002

 

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

 

 

Twelve Months Ended

 

September 24,

2022

 

September 25,

2021

Cash, cash equivalents and restricted cash, beginning balances

$

35,929

 

 

$

39,789

 

Operating activities:

 

 

 

Net income

 

99,803

 

 

 

94,680

 

Adjustments to reconcile net income to cash generated by operating activities:

 

 

 

Depreciation and amortization

 

11,104

 

 

 

11,284

 

Share-based compensation expense

 

9,038

 

 

 

7,906

 

Deferred income tax expense/(benefit)

 

895

 

 

 

(4,774

)

Other

 

111

 

 

 

(147

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

(1,823

)

 

 

(10,125

)

Inventories

 

1,484

 

 

 

(2,642

)

Vendor non-trade receivables

 

(7,520

)

 

 

(3,903

)

Other current and non-current assets

 

(6,499

)

 

 

(8,042

)

Accounts payable

 

9,448

 

 

 

12,326

 

Deferred revenue

 

478

 

 

 

1,676

 

Other current and non-current liabilities

 

5,632

 

 

 

5,799

 

Cash generated by operating activities

 

122,151

 

 

 

104,038

 

Investing activities:

 

 

 

Purchases of marketable securities

 

(76,923

)

 

 

(109,558

)

Proceeds from maturities of marketable securities

 

29,917

 

 

 

59,023

 

Proceeds from sales of marketable securities

 

37,446

 

 

 

47,460

 

Payments for acquisition of property, plant and equipment

 

(10,708

)

 

 

(11,085

)

Payments made in connection with business acquisitions, net

 

(306

)

 

 

(33

)

Other

 

(1,780

)

 

 

(352

)

Cash used in investing activities

 

(22,354

)

 

 

(14,545

)

Financing activities:

 

 

 

Payments for taxes related to net share settlement of equity awards

 

(6,223

)

 

 

(6,556

)

Payments for dividends and dividend equivalents

 

(14,841

)

 

 

(14,467

)

Repurchases of common stock

 

(89,402

)

 

 

(85,971

)

Proceeds from issuance of term debt, net

 

5,465

 

 

 

20,393

 

Repayments of term debt

 

(9,543

)

 

 

(8,750

)

Proceeds from commercial paper, net

 

3,955

 

 

 

1,022

 

Other

 

(160

)

 

 

976

 

Cash used in financing activities

 

(110,749

)

 

 

(93,353

)

Decrease in cash, cash equivalents and restricted cash

 

(10,952

)

 

 

(3,860

)

Cash, cash equivalents and restricted cash, ending balances

$

24,977

 

 

$

35,929

 

Supplemental cash flow disclosure:

 

 

 

Cash paid for income taxes, net

$

19,573

 

 

$

25,385

 

Cash paid for interest

$

2,865

 

 

$

2,687

 

 

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