Apple Inc. Revenue & Financials

The number that tells Apple's financial story isn't revenue. It's $94 billion in net income for FY2024 — more annual profit than all but a handful of countries generate in GDP. Apple reported $391 billion in total revenue for fiscal year 2024 (ended September 28, 2024). That's interesting but not remarkable for a company this size. What's remarkable is the margin structure. Services at 70%+ gross margins is growing faster than hardware at ~36% margins, which means Apple's profitability improves even in years when total revenue is flat. The blended gross margin has been creeping upward for five consecutive years. Free cash flow consistently exceeds net income — roughly $100-110 billion annually — because of favorable working capital dynamics (Apple gets paid by customers before it pays suppliers) and depreciation on past capital expenditures. This cash machine funds $90+ billion in annual buybacks, which have reduced the share count by roughly 40% since 2013. Earnings per share grows faster than net income grows. That's financial engineering at its most elegant. If you're researching Apple for investors tracking this company, the critical metric isn't iPhone units. It's Services as a percentage of total revenue. Every percentage point that shifts from hardware to services adds roughly 35 cents of margin per dollar. At $96 billion and climbing, Services is approaching the point where it could sustain Apple's valuation even if iPhone revenue stagnated permanently.