--- title: "Apple Earnings and Financial History" description: "Apple revenue by segment through FY2024, Services gross margin history, capital return and operating cash flow. Source: SEC filings." canonical: https://www.getswoopr.com/stocks/companies/apple/earnings-financials/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Apple Earnings and Financial History ## Direct Answer > Apple reported $391.035 billion in revenue and $123.216 billion in operating income for fiscal year 2024 (ending September 28, 2024). iPhone generated $201.183 billion; Services generated $96.169 billion. GAAP gross margin was 46.2% overall, with Services gross margin at approximately 73.9% and Products gross margin at approximately 36.9%. GAAP operating margin was 31.5%. Data checkpoint: September 11, 2026; financial data through FY2024. No financial data is guaranteed current; verify against latest Apple SEC filings. ## FY2024 segment results | Segment | FY2024 Revenue | % of Total | | --- | --- | --- | | iPhone | $201.183B | 51.5% | | Mac | $29.984B | 7.7% | | iPad | $26.694B | 6.8% | | Wearables, Home & Accessories | $37.005B | 9.5% | | Services | $96.169B | 24.6% | | **Total Apple** | **$391.035B** | **100%** | Services is Apple's highest-margin segment at approximately 73.9% gross margin in FY2024. It includes the App Store, Apple Music, iCloud, Apple TV+, Apple Pay, AppleCare and advertising. iPhone drives the largest share of revenue at 51.5% of the total, but at lower product-level gross margins than Services. The shift in revenue mix toward Services is the primary driver of Apple's multi-year gross margin expansion. **Source:** [Apple Form 10-K SEC Filings (CIK 0000320193)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000320193&type=10-K&dateb=&owner=include&count=10) ## FY2024 profitability | Metric | FY2024 | FY2023 | FY2022 | | --- | --- | --- | --- | | Total Revenue | $391.035B | $383.285B | $394.328B | | GAAP Gross Profit | $180.683B | $169.148B | $170.782B | | GAAP Gross Margin | 46.2% | 44.1% | 43.3% | | GAAP Operating Income | $123.216B | $114.301B | $119.437B | | GAAP Operating Margin | 31.5% | 29.8% | 30.3% | | GAAP Net Income | $93.736B | $96.995B | $99.803B | ## Cash flow and capital return | Metric | FY2024 | FY2023 | | --- | --- | --- | | Operating Cash Flow | $118.254B | $113.737B | | Capital Expenditures | $9.447B | $10.959B | | Free Cash Flow | ~$108.8B | ~$102.8B | | Share Repurchases | $94.949B | $89.402B | | Dividends Paid | $15.234B | $14.996B | Apple maintains a "net cash neutral" balance sheet policy and returns substantially all free cash flow to shareholders through buybacks and dividends. Apple's capital-light model keeps capex well below peers: it designs its own silicon (A-series, M-series chips) but outsources manufacturing to foundries led by TSMC, rather than operating its own wafer fabrication facilities. This fabless-designer approach produces substantially lower capex intensity than vertically integrated chipmakers or device manufacturers with proprietary factories. ## Frequently Asked Questions ### What was Apple's total revenue in FY2024? Apple reported total revenue of $391.035 billion for fiscal year 2024 (ending September 28, 2024), consisting of $201.183 billion from iPhone, $96.169 billion from Services, $37.005 billion from Wearables, Home and Accessories, $29.984 billion from Mac and $26.694 billion from iPad. ### What is Apple's Services gross margin? Apple's Services segment gross margin was approximately 73.9% in FY2024, compared with approximately 36.9% for the Products segment (iPhone, Mac, iPad, Wearables). Services includes App Store, Apple Music, iCloud, Apple TV+, Apple Pay, AppleCare and advertising. The higher-margin Services mix is a primary driver of Apple's overall gross margin expansion from 43.3% in FY2022 to 46.2% in FY2024. ### How much did Apple spend on capital expenditures in FY2024? Apple spent $9.447 billion on capital expenditures in FY2024. Apple is a fabless designer: it designs its own silicon (A-series, M-series chips) but outsources manufacturing to foundries led by TSMC. This model produces substantially lower capex intensity than integrated chipmakers or device manufacturers with proprietary factories. ### How much did Apple return to shareholders in FY2024? Apple returned approximately $110.2 billion to shareholders in FY2024, consisting of $94.949 billion in share repurchases and $15.234 billion in dividends. Apple maintains a policy of targeting net cash neutral over time, returning substantially all free cash flow through buybacks and dividends rather than accumulating a large net cash position. ## References - [Apple: Form 10-K SEC Filings (CIK 0000320193)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000320193&type=10-K&dateb=&owner=include&count=10) - [Apple: Form 10-Q SEC Filings (CIK 0000320193)](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000320193&type=10-Q&dateb=&owner=include&count=10) - [Apple Investor Relations](https://investor.apple.com/) ## About the author The [Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/) writes Swoopr Investment's educational library, covering market structure, analysis methods and the mechanics behind the numbers investors read every day. Our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/) set out how this content is produced, reviewed and fixed when it is wrong.