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.
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.