Apple Inc (AAPL US) - BBG Adjusted

In Millions of USD except Per Share FY 2020 FY 2021 FY 2022 FY 2023

12 Months Ending 09/26/2020 09/25/2021 09/24/2022 09/30/2023
Revenue 365817 394328 383285 391035
+ Sales & Services Revenue 365817 394328 383285 391035
- Cost of Revenue 212981 223546 214137 210352
+ Cost of Goods & Services 212981 223546 214137 210352
Gross Profit 152836 170782 169148 180683
+ Other Operating Income 0 0 0 0
- Operating Expenses 43887 51345 54847 57467
+ Selling, General & Admin 21973 25094 24932 26097
+ Research & Development 21914 26251 29915 31370
+ Other Operating Expense 0 0 0 0
Operating Income (Loss) 108949 119437 114301 123216
- Non-Operating (Income) Loss 26 334 565 -269
+ Interest Expense, Net -198 106 183 —
+ Interest Expense 2645 2931 3933 —
- Interest Income 2843 2825 3750 —
+ Foreign Exch (Gain) Loss 0 0 0 0
+ Other Non-Op (Income) Loss 224 228 382 -269
Pretax Income (Loss), Adjusted 108923 119103 113736 123485
- Abnormal Losses (Gains) -284 0 0 0
+ Legal Settlement — — — —
+ Unrealized Investments -284 — — —
+ Other Abnormal Items — — — —
Pretax Income (Loss), GAAP 109207 119103 113736 123485
- Income Tax Expense (Benefit) 14527 19300 16741 29749
+ Current Income Tax 19301 18405 19765 32780
+ Deferred Income Tax -4774 895 -3024 -3031
Income (Loss) from Cont Ops 94680 99803 96995 93736
- Net Extraordinary Losses (Gains) 0 0 0 0
+ Discontinued Operations 0 0 0 0
+ XO & Accounting Changes 0 0 0 0
Income (Loss) Incl. MI 94680 99803 96995 93736
- Minority Interest 0 0 0 0
Net Income, GAAP 94680 99803 96995 93736
- Preferred Dividends 0 0 0 0
- Other Adjustments 0 0 0 0
Net Income Avail to Common, GAAP 94680 99803 96995 93736

Net Income Avail to Common, Adj 57,346.2 94,455.6 99,803.0 96,995.0

Net Abnormal Losses (Gains) -64.8 -224.4 0.0 0.0
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
Basic Weighted Avg Shares 17,352.1 16,701.3 16,216.0 15,744.2
Basic EPS, GAAP 3.31 5.67 6.15 6.16
Basic EPS from Cont Ops, GAAP 3.31 5.67 6.15 6.16
Basic EPS from Cont Ops, Adjusted 3.30 5.66 6.15 6.16

Diluted Weighted Avg Shares 17,528.2 16,864.9 16,325.8 15,812.5

Diluted EPS, GAAP 3.28 5.61 6.11 6.13
Diluted EPS from Cont Ops, GAAP 3.28 5.61 6.11 6.13
Diluted EPS from Cont Ops, Adjusted 3.28 5.60 6.11 6.13

Reference Items
Accounting Standard US GAAP US GAAP US GAAP US GAAP
EBITDA 78,844.0 121,933.0 132,441.0 127,820.0
EBITDA Margin (T12M) 28.72 33.33 33.59 33.35
EBITA 67,788.0 110,649.0 121,337.0 116,301.0
EBIT 66,288.0 108,949.0 119,437.0 114,301.0
Gross Margin 38.23 41.78 43.31 44.13
Operating Margin 24.15 29.78 30.29 29.82
Profit Margin 20.89 25.82 25.31 25.31
Sales per Employee 1,867,448.98 2,375,435.06 2,404,439.02 2,380,652.17
Dividends per Share 0.80 0.87 0.90 0.94
Total Cash Common Dividends 13,794.9 14,446.6 14,594.4 14,799.6
Depreciation Expense 11,056.0 11,284.0 11,104.0 11,519.0
Rental Expense 10,800.0 14,600.0 16,800.0 15,900.0
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2024 Last 12M
09/28/2024 09/28/2024
391035 415431.224
391035
210352
210352
180683 193561.8702
0
57467
26097
31370
0
123216 132248.133
-269

-269
123485 131890.837
0

123485 131890.837
29749

93736 110766.133
0
0
0
93736
0
93736 110766.133
0
0
93736 110766.133

93,736.0 93,736.0
0.0 0.0
0.0 0.0
 15,343.8 15,172.0
6.11 6.09
6.11 6.09
6.11 6.09

15,408.1 15,242.9
6.08 6.08
6.08 6.08
6.08 6.08

US GAAP
136,661.0 134,661.0
34.95 34.44
125,216.0 123,216.0
123,216.0 123,216.0
46.21 46.21
31.51 31.51
23.97 23.97
2,384,359.76 578,841.46
0.98 0.98
15,036.9 15,034.6
11,445.0 11,445.0
15,800.0
orted for all values)
Apple Inc (AAPL US) - Standardized
In Millions of USD except Per Share FY 2020 FY 2021 FY 2022 FY 2023
12 Months Ending 09/26/2020 09/25/2021 09/24/2022 09/30/2023
Cash from Operating Activities
+ Net Income 57,411.0 94,680.0 99,803.0 96,995.0
+ Depreciation & Amortization 11,056.0 11,284.0 11,104.0 11,519.0
+ Non-Cash Items 5,845.0 742.0 9,177.0 5,953.0
+ Stock-Based Compensation 6,829.0 7,906.0 9,038.0 10,833.0
+ Deferred Income Taxes -215.0 -4,774.0 895.0 —
+ Other Non-Cash Adj -769.0 -2,390.0 -756.0 -4,880.0
+ Chg in Non-Cash Work Cap 6,362.0 -2,668.0 2,067.0 -3,924.0
+ (Inc) Dec in Accts Receiv 6,917.0 -10,125.0 -1,823.0 -1,688.0
+ (Inc) Dec in Inventories -127.0 -2,642.0 1,484.0 -1,618.0
+ Inc (Dec) in Accts Payable -4,062.0 12,326.0 9,448.0 -1,889.0
+ Inc (Dec) in Other 3,634.0 -2,227.0 -7,042.0 1,271.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Operating Activities 80,674.0 104,038.0 122,151.0 110,543.0

Cash from Investing Activities

+ Change in Fixed & Intang -7,309.0 -11,085.0 -10,708.0 -10,959.0
+ Disp in Fixed & Intang 0.0 0.0 0.0 0.0
+ Disp of Fixed Prod Assets 0.0 0.0 0.0 0.0
+ Disp of Intangible Assets 0.0 0.0 0.0 0.0
+ Acq of Fixed & Intang -7,309.0 -11,085.0 -10,708.0 -10,959.0
+ Acq of Fixed Prod Assets -7,309.0 -11,085.0 -10,708.0 -10,959.0
+ Acq of Intangible Assets 0.0 0.0 0.0 0.0
+ Net Change in LT Investment 0.0 0.0 0.0 0.0
+ Dec in LT Investment 0.0 0.0 0.0 0.0
+ Inc in LT Investment 0.0 0.0 0.0 0.0
+ Net Cash From Acq & Div -1,524.0 -33.0 -306.0 0.0
+ Cash from Divestitures 0.0 0.0 0.0 0.0
+ Cash for Acq of Subs -1,524.0 -33.0 -306.0 0.0
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities 4,544.0 -3,427.0 -11,340.0 14,664.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Investing Activities -4,289.0 -14,545.0 -22,354.0 3,705.0

Cash from Financing Activities

+ Dividends Paid -14,081.0 -14,467.0 -14,841.0 -15,025.0
+ Cash From (Repayment) Debt 2,499.0 12,665.0 -123.0 -9,901.0
+ Cash From (Repay) ST Debt -963.0 1,022.0 3,955.0 -3,978.0
+ Cash From LT Debt 16,091.0 20,393.0 5,465.0 5,228.0
+ Repayments of LT Debt -12,629.0 -8,750.0 -9,543.0 -11,151.0
 + Cash (Repurchase) of Equity -72,358.0 -85,971.0 -89,402.0 -77,550.0
+ Increase in Capital Stock 0.0 0.0 0.0 0.0
+ Decrease in Capital Stock -72,358.0 -85,971.0 -89,402.0 -77,550.0
+ Other Financing Activities -2,880.0 -5,580.0 -6,383.0 -6,012.0
+ Net Cash From Disc Ops 0.0 0.0 0.0 0.0
Cash from Financing Activities -86,820.0 -93,353.0 -110,749.0 -108,488.0

Effect of Foreign Exchange Rates 0.0 0.0 0.0 0.0

Net Changes in Cash -10,435.0 -3,860.0 -10,952.0 5,760.0

Cash Paid for Taxes 9,501.0 25,385.0 19,573.0 18,679.0

Cash Paid for Interest 3,002.0 2,687.0 2,865.0 3,803.0

Reference Items
EBITDA 78,844.0 121,933.0 132,441.0 127,820.0
Trailing 12M EBITDA Margin 28.72 33.33 33.59 33.35
Net Cash Paid for Acquisitions 1,524.0 33.0 306.0 —
Free Cash Flow 73,365.0 92,953.0 111,443.0 99,584.0
Free Cash Flow to Firm 75,823.5 95,246.2 113,899.0 102,938.1
Free Cash Flow to Equity 75,864.0 105,618.0 111,320.0 89,683.0
Free Cash Flow per Basic Share 4.23 5.57 6.87 6.33
Price to Free Cash Flow 26.56 26.40 21.89 27.07
Cash Flow to Net Income 1.41 1.10 1.22 1.14
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2024 Last 12M
09/28/2024 09/28/2024

93,736.0 93,736.0
11,445.0 11,445.0
13,243.0 13,243.0
11,688.0 11,688.0
—
1,555.0 1,555.0
-170.0 -170.0
-3,788.0 -3,788.0
-1,046.0 -1,046.0
6,020.0 6,020.0
-1,356.0 -1,356.0
0.0 0.0
118,254.0 118,254.0

-9,447.0 -9,447.0
0.0 0.0
0.0 0.0
0.0 0.0
-9,447.0 -9,447.0
-9,447.0 -9,447.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
12,382.0 12,382.0
0.0 0.0
2,935.0 2,935.0

-15,234.0 -15,234.0
-5,998.0 -5,998.0
3,960.0 3,960.0
0.0 0.0
-9,958.0 -9,958.0
 -94,949.0 -94,949.0
0.0 0.0
-94,949.0 -94,949.0
-5,802.0 -5,802.0
0.0 0.0
-121,983.0 -121,983.0

0.0 0.0

-794.0 -794.0

26,102.0 26,102.0
—

136,661.0 134,661.0
34.95 34.44
—
108,807.0 108,807.0
—
102,809.0 102,809.0
7.09 7.08
32.12 31.65
1.26 1.82
orted for all values)
Apple Inc (AAPL US) - Standardized
In Millions of USD except Per Share FY 2020 FY 2021 FY 2022
12 Months Ending 09/26/2020 09/25/2021 09/24/2022
Total Assets
+ Cash, Cash Equivalents & STI 90943 62639 48304
+ Cash & Cash Equivalents 38016 34940 23646
+ ST Investments 52927 27699 24658
+ Accounts & Notes Receiv 16120 26278 28184
+ Accounts Receivable, Net 16120 26278 28184
+ Notes Receivable, Net 0 0 0
+ Inventories 4061 6580 4946
+ Other ST Assets 32589 39339 53971
+ Derivative & Hedging Assets 2609 — —
+ Misc ST Assets 29980 39339 53971
Total Current Assets 143713 134836 135405
+ Property, Plant & Equip, Net 45336 49527 52534
+ Property, Plant & Equip 112096 119810 124874
- Accumulated Depreciation 66760 70283 72340
+ LT Investments & Receivables 100887 127877 120805
+ LT Marketable Securities 100887 127877 120805
+ Other LT Assets 33952 38762 44011
+ Total Intangible Assets 0 0 0
+ Goodwill 0 0 0
+ Other Intangible Assets 0 0 0
+ Derivative & Hedging Assets 0 0—
+ Misc LT Assets 33952 38762 44011
Total Noncurrent Assets 180175 216166 217350
Total Assets 323888 351002 352755

Liabilities & Shareholders' Equity

+ Payables & Accruals 42296 54763 64115
+ Accounts Payable 42296 54763 64115
+ ST Debt 15229 17141 22773
+ ST Borrowings 4996 6000 9982
+ ST Lease Liabilities 1460 1528 1663
+ ST Finance Leases 24 79 129
+ ST Operating Leases 1436 1449 1534
+ Current Portion of LT Debt 8773 9613 11128
+ Other ST Liabilities 47867 53577 67094
+ Deferred Revenue 6643 7612 7912
+ Derivatives & Hedging 2046 0—
+ Misc ST Liabilities 39178 45965 59182
Total Current Liabilities 105392 125481 153982
 + LT Debt 107049 119381 109707
+ LT Borrowings 98667 109106 98959
+ LT Lease Liabilities 8382 10275 10748
+ LT Finance Leases 637 769 812
+ LT Operating Leases 7745 9506 9936
+ Other LT Liabilities 46108 43050 38394
+ Accrued Liabilities 0 0 0
+ Pension Liabilities 0 0 0
+ Pensions 0 0 0
+ Other Post-Ret Benefits 0 0 0
+ Deferred Revenue 3557 4288 4488
+ Deferred Tax Liabilities 7045 4318 1983
+ Derivatives & Hedging 0 0—
+ Misc LT Liabilities 35506 34444 31923
Total Noncurrent Liabilities 153157 162431 148101
Total Liabilities 258549 287912 302083
+ Preferred Equity and Hybrid Capital 0 0 0
+ Share Capital & APIC 50779 57365 64849
+ Common Stock 0.1698 0.1643 0.1594
+ Additional Paid in Capital 50778.8302 57364.8357 64848.8406
- Treasury Stock 0 0 0
+ Retained Earnings 14966 5562 -3068
+ Other Equity -406 163 -11109
Equity Before Minority Interest 65339 63090 50672
+ Minority/Non Controlling Interest 0 0 0
Total Equity 65339 63090 50672
Total Liabilities & Equity 323888 351002 352755

Reference Items
Accounting Standard US GAAP US GAAP US GAAP
Shares Outstanding 16976.763 16426.786 15943.425
Number of Treasury Shares 0 0 0
Pension Obligations 0 0 0
Future Minimum Operating Lease Obligations 10144 12187 12782
Capital Leases - Total 661 848 941
Net Debt -69552 -53994 -36629
Net Debt to Equity -106.4479 -85.5825 -72.2865
Tangible Common Equity Ratio 20.1733 17.9743 14.3646
Current Ratio 1.3636 1.0746 0.8794
Cash Conversion Cycle -60.3998 -51.7841 -62.9766
Cash Held Overseas 18600 17900 12700
Number of Employees 147000 154000 164000
Source: Bloomberg Right click to show data transparency (not supported for all
 FY 2023 FY 2024
09/30/2023 09/28/2024

61555 65171
29965 29943
31590 35228
29508 33410
29508 33410
0 0
6331 7286
46172 47120
— —
46172 47120
143566 152987
54376 55914
125260 129362
70884 73448
100544 91479
100544 91479
54097 64600
0 0
0 0
0 0
— —
54097 64600
209017 211993
352583 364980

62611 68960
62611 68960
17382 22511
5985 9967
1575 1632
165 144
1410 1488
9822 10912
65315 84921
8061 8249
— —
57254 76672
145308 176392
 106548 96548
95281 85750
11267 10798
859 752
10408 10046
38581 35090
0 0
0 0
0 0
0 0
4039 4551
1940 1674
— —
32602 28865
145129 131638
290437 308030
0 0
73812 83276
0.1555 0.1512
73811.8445 83275.8488
0 0
-214 -19154
-11452 -7172
62146 56950
0 0
62146 56950
352583 364980

US GAAP US GAAP
15550.061 15116.786
0 0
0 0
13841 13518
1024 896
-38169 -37591
-61.4183 -66.007
17.6259 15.6036
0.988 0.8673
-71.3829 -72.2572
13800 13200
161000 164000
nsparency (not supported for all values)