Apple (AAPL) 10-K Summary — Year Ended Sep 28, 2024
Apple Inc. designs and sells consumer electronics, software, and services worldwide. The company reported a slight annual revenue increase and generated strong operating cash flow.
Key takeaway
Year ended Sep 28, 2024 · FY2025 10-K
Apple Inc. designs and sells consumer electronics, software, and services worldwide. The company reported a slight annual revenue increase and generated strong operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$391B
Revenue reported for the fiscal year.
Operating income
$123.2B
Income from operations reported for the year.
Net income
$93.7B
Net income reported for the year.
Operating cash flow
$118.3B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Sep 25, 2021 | $365.8B | n/a |
| Sep 24, 2022 | $394.3B | +7.8% |
| Sep 30, 2023 | $383.3B | -2.8% |
| Sep 28, 2024 | $391B | +2.0% |
Business overview
The company focuses on designing and marketing smartphones, personal computers, tablets, wearables, and accessories, along with related software and services. It also sells digital content and applications through various platforms. The company's business is subject to risks from global economic conditions, competition, and supply chain disruptions.
Financial performance
Revenue was essentially flat compared to the prior year, following a prior decline. Operating income and net income remained substantial, while operating cash flow was strong.
Material risks
Risks include global economic and geopolitical conditions that could affect demand for products. The company also faces intense competition and potential supply chain or component availability issues. Cybersecurity threats and reliance on third-party intellectual property are also highlighted.
Liquidity and capital
The company believes its cash, cash equivalents, and marketable securities, along with ongoing cash generation and access to debt markets, are sufficient to meet cash requirements and capital return plans for the next year and beyond.
What to watch
Monitor any change in the company's revenue trend following the recent period of near-flat growth.