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Apple Inc. 8-K Report, Financial Results (Oct 31, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed October 31, 2024
Period End
October 31, 2024
Security
AAPL
In the record · 2016–202610-K1010-Q338-K99

AAPL filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 99 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’22Aug ’22
  2. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed October 31, 2024. Cited figures are marked; the original filing is the authoritative source.

Apple reported fiscal Q4 2024 (quarter ended September 28, 2024) revenue of $94.9 billiona, up 6% year over year, with a September-quarter record for iPhone and an all-time high for Services revenue of $25.0 billion, up 12%.

Gross margin expanded to roughly 46.2% from 45.2% a year earlier, and operating income rose about 10% to $29.6 billionb. Management cited nearly $27 billion in quarterly operating cash flow and over $29 billion returned to shareholders. GAAP diluted EPS fell to $0.97 from $1.46, driven by a one-time net income tax charge of $10.2 billion tied to the European Court of Justice's reversal of the General Court's 2020 judgment on the EU State Aid decision, which reinstated the 2016 Commission ruling against Ireland.

Excluding that charge, non-GAAP diluted EPS was $1.64c, up 12% year over year. Investors should treat the non-GAAP figure as the better gauge of underlying operating performance, while recognizing that the $15.8 billion payable to Ireland was largely funded from escrowed restricted funds and that the net charge reflects partial offsets from a $4.8 billion U.S. foreign tax credit and an $823 million reduction in unrecognized tax benefits. For the full fiscal year 2024, revenue was $391.0 billion, up 2%, and non-GAAP diluted EPS was $6.75 versus $6.13 in fiscal 2023.

The board declared a quarterly dividend of $0.25d per share, payable November 14, 2024 to holders of record on November 11, 2024. Greater China revenue was essentially flat year over year at $15.0 billion, a region to monitor. Management also highlighted the initial rollout of Apple Intelligence features and the iPhone 16 lineup as drivers heading into the holiday quarter.

02—Key points

Key Highlights

  1. Q4 FY2024 revenue of $94.9B, up 6% YoY; iPhone revenue of $46.2B, up 5%, a September-quarter record.
  2. Services revenue reached an all-time high of $25.0B, up 12% YoY, and now represents about 26% of quarterly sales.
  3. GAAP diluted EPS of $0.97 was down from $1.46 due to a $10.2B net one-time tax charge tied to the EU State Aid reversal; non-GAAP diluted EPS of $1.64 rose 12% YoY.
  4. Gross margin improved to about 46.2% from 45.2%, and operating income rose about 10% to $29.6B.
  5. Quarterly operating cash flow was nearly $27B, and over $29B was returned to shareholders.
  6. Greater China net sales were essentially flat at $15.0B, while Americas grew about 4% and Europe about 11%.
  7. Quarterly dividend of $0.25 per share declared, payable November 14, 2024 to holders of record on November 11, 2024.

03—Questions

Frequently Asked Questions

  1. Why did GAAP earnings fall so sharply if revenue grew?

    GAAP net income dropped to $14.7B from $23.0B mainly because of a one-time $10.2B net income tax charge. It stems from the European Court of Justice's September 10, 2024 decision to set aside the General Court's 2020 judgment and confirm the European Commission's 2016 State Aid ruling. The charge includes $15.8B payable to Ireland, partly offset by a $4.8B U.S. foreign tax credit and an $823M reduction in unrecognized tax benefits. Excluding it, non-GAAP net income was $25.0B.

  2. How strong was Services growth, and why does it matter?

    Services revenue grew 12% to $25.0B in the quarter and 13% for the full year to $96.2B. Services carries higher margins than hardware, so its growth supports gross margin expansion and reduces dependence on iPhone cycles. Its share of total revenue continues to rise.

  3. Is iPhone demand healthy after the iPhone 16 launch?

    iPhone revenue rose about 5% to $46.2B, a September-quarter record, following the launch of the iPhone 16 lineup. Management also said the active installed base reached an all-time high across all products and geographic segments, which supports future Services monetization. Full-year iPhone revenue was $201.2B, up slightly from $200.6B.

  4. What are the capital return and cash generation trends?

    Apple generated about $118.3B in operating cash flow for fiscal 2024, up from $110.5B. It repurchased $94.9B of common stock and paid $15.2B in dividends during the year. Share count fell to about 15.1 billion shares outstanding from 15.6 billion a year earlier, which lifts per-share metrics. Cash and marketable securities remain large, though total term debt and commercial paper rose modestly.

  5. What risks should investors watch going forward?

    Key risks include Greater China demand, which was flat this quarter; competitive pressure in smartphones and AI; the cash outflow from the EU tax settlement; and ongoing regulatory and legal scrutiny of the App Store and Services economics. The filing also cites geopolitical tensions, supply-chain dependence on third parties, and information technology and data security risks.

04—Continue

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