Apple FY2024 Earnings: The $391B iPhone Machine, in One Chart
Apple's FY2024 income statement visualized as a Sankey diagram: $391B of revenue, a 46% gross margin, and the iPhone still carrying more than half the company. Every number from the 10-K.
Apple filed its FY2024 10-K with $391.0B in net sales — and buried inside the consolidated statements of operations is one of the cleanest business stories in the S&P 500. Here it is as a flow instead of a table.
📊 The headline numbers
- Revenue: $391.0B — Products $294.9B + Services $96.2B
- Gross profit: $180.7B (46.2% margin)
- Operating profit: $123.2B (31.5% margin)
- Net profit: $93.5B (23.9% margin)
Follow the chart left to right: hardware and services merge into one revenue node, costs peel off, and roughly 24 cents of every dollar reaches the bottom line.
📱 The left fan: iPhone is still the business
- iPhone: $201.2B — 51% of total revenue, on its own bigger than Microsoft's entire cloud segment
- Wearables, Home & Accessories: $37.0B
- Mac: $30.0B
- iPad: $26.7B
- Services: $96.2B — the second-largest ribbon and the one Wall Street watches
The visual makes the concentration risk instantly legible: cover the iPhone ribbon with your hand and Apple is a very different company.
💰 The margin story is a tale of two cost lines
The 10-K splits cost of sales by segment, and the flow shows why Services matters so much:
- Products cost of sales: $185.2B against $294.9B of revenue — roughly a 37% product gross margin
- Services cost of sales: $25.1B against $96.2B of revenue — roughly a 74% services gross margin
Services is a quarter of revenue but delivers margin like a software company. Every point of mix shift toward Services lifts the blended 46.2% gross margin.
🔬 Below the line: discipline
- R&D: $31.4B — 8% of revenue, mostly silicon and platforms
- SG&A: $26.1B — 6.7% of revenue, remarkably lean for a consumer brand
- Tax: $29.7B, leaving net profit of $93.5B
The bottom line
Apple FY2024 is a concentration story (iPhone), a mix story (Services margins), and an efficiency story (SG&A under 7% of revenue) — and all three are visible in about five seconds on the flow. That is the point of drawing the income statement instead of reading it.
Want to explore it yourself — hover every ribbon, check every number against the filing, switch to any quarter? Generate the interactive version on Sankify in about ten seconds.
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