"We are very pleased to report a new June quarter revenue record of $85.8 billion, up 5% year-over-year... Services revenue reached an all-time record of $24.2 billion, up 14% year-over-year."
— Luca Maestri
03Detailed Report
AAPL
Apple Inc
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 15, 2026
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Executive Summary
In Q3 2024, Apple Inc (AAPL) reported robust financial performance, achieving revenue of $85.8 billion, representing a 5% increase year-over-year. The continued success of the iPhone 15 lineup and an all-time record in services revenue, which totaled $24.2 billion and increased 14%, highlighted Apple’s resilient market position despite global economic challenges. Tim Cook, Apple’s CEO, emphasized the optimistic potential of Apple Intelligence, a new AI initiative, positioning it as a key driver for future growth. Overall, the results signal a healthy trajectory for Apple as it integrates innovative technologies and expands its services offerings.
Key Performance Indicators
Revenue
Increasing
85.78B
QoQ: -5.48% | YoY: 4.87%
Gross Profit
Increasing
39.68B
46.26% margin
QoQ: -6.13% | YoY: 8.97%
Operating Income
Increasing
25.35B
QoQ: -9.13% | YoY: 10.24%
Net Income
Increasing
21.45B
QoQ: -9.26% | YoY: 7.88%
EPS
Increasing
1.40
QoQ: -8.50% | YoY: 10.24%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue Performance:
- Q3 2024 revenue was $85.8 billion, up 5% YoY, with product revenue at $61.6 billion and services revenue at $24.2 billion.
- iPhone revenue totaled $39.3 billion, a slight decline of 1% YoY.
- iPad reported a remarkable 24% increase in revenue, reaching $7.2 billion, attributed to the launch of the new iPad Pro and iPad Air models.
Profitability Metrics:
- Gross profit margin stood at 46.3%.
- Operating income was $25.4 billion, with a margin of 29.6%.
- Net income reached $21.4 billion, marking a significant 11% growth in EPS to $1.40.
Balance Sheet Highlights:
- Total assets of $331.6 billion, with $66.7 billion in stockholders' equity.
- Cash and equivalents were $25.6 billion.
- Total debt of $101 billion, resulting in a net cash position of approximately $52 billion.
Cash Flow Dynamics:
- Operating cash flow recorded at $28.9 billion and free cash flow of $26.7 billion, demonstrating strong cash generation capabilities, essential for future investments and shareholder returns.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
85.78B
4.87%
-5.48%
Gross Profit
39.68B
8.97%
-6.13%
Operating Income
25.35B
10.24%
-9.13%
Net Income
21.45B
7.88%
-9.26%
EPS
1.40
10.24%
-8.50%
Key Financial Ratios
Gross Profit Margin
Good
46.30%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Excellent
29.60%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
25.00%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Fair
6.47%
Return on assets is acceptable but below top-tier companies
Return on Equity
Strong
32.20%
Return on equity demonstrates excellent capital efficiency and value creation
Current Ratio
Concern
0.95
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
1.52
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Growth
37.53x
Elevated P/E suggests growth expectations or premium valuation
Price to Book
High Premium
48.27x
Very high premium suggests asset-light business model or lofty expectations
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