Apple (AAPL) Q4 2024 earnings summary

Executive summary

• Achieved record September quarter revenue of $94.9 billion, up 6% year-over-year, driven by iPhone and all-time high Services revenue, with growth in most markets and all-time records in Americas, Europe, and Asia-Pacific.

• Launched iPhone 16, Apple Watch Series 10, AirPods 4, and new Apple Intelligence features, with rapid adoption and positive feedback.

• Active installed device base reached new all-time high across all products and regions.

• Returned over $29 billion to shareholders in Q4 via dividends and buybacks.

• Board declared a $0.25 per share dividend, payable November 14, 2024.

Financial highlights

• Gross margin was 46.2%, near the high end of guidance; product gross margin was 36.3%, services gross margin was 74%.

• Operating expenses were $14.3 billion, up 6% year-over-year.

• Excluding a one-time $10.2 billion income tax charge, net income was $25 billion and diluted EPS was $1.64, up 12% year-over-year.

• Operating cash flow reached $27 billion in Q4, a new September quarter record.

• Operating income was $29.6 billion, up 10% year-over-year.

Outlook and guidance

• December quarter revenue expected to grow low to mid-single digits year-over-year.

• Services revenue projected to grow double digits at a rate similar to fiscal 2024.

• Gross margin expected between 46% and 47%; OpEx between $15.3 and $15.5 billion.

• OI&E expected around negative $250 million; tax rate around 16%.

• Entering holiday season with new product lineup and Apple Intelligence features.