Apple Gross profit (Q2, 2018)23.4 B

Apple Gross profit margin (Q2, 2018), %38.3%

Apple Net income (Q2, 2018)13.8 B

Apple EBIT (Q2, 2018)15.9 B

Apple Cash, 31-Mar-201845.1 B

Apple EV1 T

Apple revenue was $229.23 b in FY, 2017 which is a 6.3% year over year increase from the previous period.

Apple revenue breakdown by geographic segment: 6.6% from Rest of Asia Pacific, 7.7% from Japan, 19.5% from Greater China, 24.0% from Europe and 42.1% from Americas

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Revenue | 233.7 b | 215.6 b | 229.2 b |

| 28% | (8%) | 6% |

## Cost of goods sold | 140.1 b | 131.4 b | 141 b |

## Gross profit | 93.6 b | 84.3 b | 88.2 b |

| 40% | 39% | 38% |

## R&D expense | 8.1 b | 10 b | 11.6 b |

## General and administrative expense | 14.3 b | 14.2 b | 15.3 b |

## Operating expense total | 22.4 b | 24.2 b | 26.8 b |

## EBIT | 71.2 b | 60 b | 61.3 b |

| 30% | 28% | 27% |

## Pre tax profit | 72.5 b | 61.4 b | 64.1 b |

## Income tax expense | 19.1 b | 15.7 b | 15.7 b |

## Net Income | 53.4 b | 45.7 b | 48.4 b |

- Source: SEC Filings

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 74.6 b | 58 b | 49.6 b | 75.9 b | 50.6 b | 42.4 b | 78.4 b | 52.9 b | 45.4 b | 88.3 b | 61.1 b |

## Cost of goods sold | 44.9 b | 34.4 b | 29.9 b | 45.4 b | 30.6 b | 26.3 b | 48.2 b | 32.3 b | 27.9 b | 54.4 b | 37.7 b |

## Gross profit | 29.7 b | 23.7 b | 19.7 b | 30.4 b | 19.9 b | 16.1 b | 30.2 b | 20.6 b | 17.5 b | 33.9 b | 23.4 b |

| 40% | 41% | 40% | 40% | 39% | 38% | 39% | 39% | 39% | 38% | 38% |

## R&D expense | 1.9 b | 1.9 b | 2 b | 2.4 b | 2.5 b | 2.6 b | 2.9 b | 2.8 b | 2.9 b | 3.4 b | 3.4 b |

## General and administrative expense | 3.6 b | 3.5 b | 3.6 b | 3.8 b | 3.4 b | 3.4 b | 3.9 b | 3.7 b | 3.8 b | 4.2 b | 4.2 b |

## Operating expense total | 5.5 b | 5.4 b | 5.6 b | 6.3 b | 5.9 b | 6 b | 6.8 b | 6.5 b | 6.7 b | 7.6 b | 7.5 b |

## EBIT | 24.2 b | 18.3 b | 14.1 b | 24.2 b | 14 b | 10.1 b | 23.4 b | 14.1 b | 10.8 b | 26.3 b | 15.9 b |

| 33% | 32% | 28% | 32% | 28% | 24% | 30% | 27% | 24% | 30% | 26% |

## Pre tax profit | 24.4 b | 18.6 b | 14.5 b | 24.6 b | 14.1 b | 10.5 b | 24.2 b | 14.7 b | 11.3 b | 27 b | 16.2 b |

## Income tax expense | 6.4 b | 5 b | 3.8 b | 6.2 b | 3.6 b | 2.7 b | 821 m | 3.7 b | 2.6 b | 7 b | 2.3 b |

## Net Income | 18 b | 13.6 b | 10.7 b | 18.4 b | 10.5 b | 7.8 b | 17.9 b | 11 b | 8.7 b | 20.1 b | 13.8 b |

- Source: SEC Filings

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Cash | 21.1 b | 20.5 b | 20.3 b |

## Accounts Receivable | 16.8 b | 15.8 b | 17.9 b |

## Inventories | 2.3 b | 2.1 b | 4.9 b |

## Current Assets | 89.4 b | 106.9 b | 128.6 b |

## PP&E | 22.5 b | 27 b | 33.8 b |

## Goodwill | 5.1 b | 5.4 b | 5.7 b |

## Total Assets | 290.3 b | 321.7 b | 375.3 b |

## Accounts Payable | 35.5 b | 37.3 b | 49 b |

## Short-term debt | 11 b | 11.6 b | 18.5 b |

## Current Liabilities | 80.6 b | 79 b | 100.8 b |

## Long-term debt | 53.5 b | 75.4 b | 97.2 b |

## Non-Current Liabilities | 90.4 b | 114.4 b | 140.5 b |

## Total Debt | 64.5 b | 87 b | 115.7 b |

## Total Liabilities | 171 b | 193.4 b | 241.3 b |

## Common Stock | 27.4 b | 31.3 b | 35.9 b |

## Retained Earnings | 92.3 b | 96.4 b | 98.3 b |

## Total Equity | 119.4 b | 128.2 b | 134 b |

## EPS | 9.2 | 8.3 | 9.2 |

## Debt to Equity Ratio | 0.5 x | 0.7 x | 0.9 x |

## Debt to Assets Ratio | 0.2 x | 0.3 x | 0.3 x |

## Financial Leverage | 2.4 x | 2.5 x | 2.8 x |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 19.5 b | 14.5 b | 15.3 b | 16.7 b | 21.5 b | 18.2 b | 16.4 b | 15.2 b | 18.6 b | 27.5 b | 45.1 b |

## Accounts Receivable | 16.7 b | 10.9 b | 10.4 b | 13 b | 12.2 b | 11.7 b | 14.1 b | 11.6 b | 12.4 b | 23.4 b | 14.3 b |

## Inventories | 2.3 b | 2.4 b | 2 b | 2.5 b | 2.3 b | 1.8 b | 2.7 b | 2.9 b | 3.1 b | 4.4 b | 7.7 b |

## Current Assets | 83.4 b | 67.9 b | 71 b | 76.2 b | 87.6 b | 93.8 b | 103 b | 102 b | 112.9 b | 143.8 b | 130.1 b |

## PP&E | 20.4 b | 20.2 b | 21.1 b | 22.3 b | 23.2 b | 25.4 b | 26.5 b | 27.2 b | 29.3 b | 33.7 b | 35.1 b |

## Goodwill | 4.6 b | 4.7 b | 5 b | 5.2 b | 5.2 b | 5.3 b | 5.4 b | 5.5 b | 5.7 b | 5.9 b | |

## Total Assets | 262 b | 261 b | 273 b | 293 b | 305 b | 306 b | 331 b | 334.5 b | 345.2 b | 406.8 b | 367.5 b |

## Accounts Payable | 38 b | 23.2 b | 26.5 b | 33.3 b | 25.1 b | 26.3 b | 38.5 b | 28.6 b | 31.9 b | 63 b | 34.3 b |

## Short-term debt | 3.9 b | 3.8 b | 7 b | 9.8 b | 10.5 b | 16 b | 14 b | 14 b | 18.5 b | 18.5 b | 20.5 b |

## Current Liabilities | 73.6 b | 58.7 b | 65.3 b | 76.1 b | 68.3 b | 71.5 b | 84.1 b | 73.3 b | 81.3 b | 115.8 b | 89.3 b |

## Long-term debt | 32.5 b | 40.1 b | 47.4 b | 53.2 b | 69.4 b | 68.9 b | 73.6 b | 84.5 b | 89.9 b | 103.9 b | 101.4 b |

## Non-Current Liabilities | 65 b | 73.5 b | 82.2 b | 88.9 b | 106.6 b | 107.6 b | 114.6 b | 127.1 b | 131.4 b | 150.8 b | 151.3 b |

## Total Debt | 36.4 b | 43.9 b | 54.4 b | 63 b | 79.9 b | 84.9 b | 87.5 b | 98.5 b | 108.3 b | 122.4 b | 121.8 b |

## Total Liabilities | 138.6 b | 132.2 b | 147.5 b | 165 b | 174.8 b | 179.1 b | 198.8 b | 200.5 b | 212.7 b | 266.6 b | 240.6 b |

## Common Stock | 24.2 b | 25.4 b | 26.3 b | 28.3 b | 29.5 b | 30.1 b | 32.1 b | 33.6 b | 34.4 b | 36.4 b | 38 b |

## Retained Earnings | 97.2 b | 101 b | 98.3 b | 101 b | 102 b | 96.5 b | 100 b | 100.9 b | 98.5 b | 104.6 b | 91.9 b |

## Total Equity | 123 b | 129 b | 126 b | 128 b | 130 b | 127 b | 132 b | 134.1 b | 132.4 b | 140.2 b | 126.9 b |

## EPS | 3.1 | 2.3 | 1.9 | 3.3 | 1.9 | 1.4 | 3.4 | 2.1 | 1.7 | 3.9 | 2.7 |

## Debt to Equity Ratio | 0.3 x | 0.3 x | 0.4 x | 0.5 x | 0.6 x | 0.7 x | 0.7 x | 0.7 x | 0.8 x | 0.9 x | 1 x |

## Debt to Assets Ratio | 0.1 x | 0.2 x | 0.2 x | 0.2 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x | 0.3 x |

## Financial Leverage | 2.1 x | 2 x | 2.2 x | 2.3 x | 2.3 x | 2.4 x | 2.5 x | 2.5 x | 2.6 x | 2.9 x | 2.9 x |

USD | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|

## Net Income | 53.4 b | 45.7 b | 48.4 b |

## Depreciation and Amortization | 11.3 b | 10.5 b | 10.2 b |

## Accounts Receivable | 611 m | 1.1 b | (2.1 b) |

## Inventories | (238 m) | 217 m | (2.7 b) |

## Accounts Payable | 5.4 b | 1.8 b | 9.6 b |

## Cash From Operating Activities | 81.3 b | 65.8 b | 63.6 b |

## Purchases of PP&E | (11.2 b) | (12.7 b) | (12.5 b) |

## Cash From Investing Activities | (56.3 b) | (46 b) | (46.4 b) |

## Short-term Borrowings | 2.2 b | (397 m) | 3.9 b |

## Dividends Paid | (11.6 b) | (12.2 b) | 12.8 b |

## Cash From Financing Activities | (17.7 b) | (20.5 b) | (17.3 b) |

## Net Change in Cash | 7.3 b | (636 m) | (195 m) |

## Interest Paid | 514 m | 1.3 b | 2.1 b |

## Income Taxes Paid | 13.3 b | 10.4 b | 11.6 b |

USD | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | 18 b | 31.6 b | 42.3 b | 18.4 b | 28.9 b | 36.7 b | 17.9 b | 28.9 b | 37.6 b | 20.1 b | 33.9 b |

## Depreciation and Amortization | 2.6 b | 5.1 b | 8.1 b | 3 b | 5.4 b | 8 b | 3 b | 5.3 b | 7.7 b | 2.7 b | 5.5 b |

## Accounts Receivable | 751 m | 6.6 b | 7.1 b | 3.9 b | 4.6 b | 5.1 b | 1.7 b | 4.2 b | 3.4 b | (5.6 b) | 3.5 b |

## Inventories | (172 m) | (285 m) | 69 m | (102 m) | 68 m | 518 m | (580 m) | (778 m) | (1 b) | 434 m | (2.8 b) |

## Accounts Payable | 9 b | (5.4 b) | (3.3 b) | (852 m) | (9.4 b) | (9.6 b) | 2.5 b | (6.9 b) | (5.2 b) | 14.6 b | (13.2 b) |

## Cash From Operating Activities | 33.7 b | 52.8 b | 67.8 b | 27.5 b | 39.1 b | 49.7 b | 27.1 b | 39.6 b | 47.9 b | 28.3 b | 43.4 b |

## Purchases of PP&E | (3.2 b) | (5.6 b) | (7.6 b) | (3.6 b) | (5.9 b) | (8.8 b) | (3.3 b) | (6.3 b) | (8.6 b) | (2.8 b) | (7 b) |

## Cash From Investing Activities | (21.2 b) | (43.5 b) | (54.9 b) | (20.5 b) | (34.1 b) | (38.6 b) | (19.1 b) | (33.3 b) | (36.5 b) | (13.6 b) | 15.1 b |

## Short-term Borrowings | (2.4 b) | (2.5 b) | (1.8 b) | (1.2 b) | (503 m) | 4 b | 2.4 b | 1.9 b | 3.9 b | 2 m | 1 m |

## Long-term Borrowings | (2.5 b) | (3.5 b) | 500 m | ||||||||

## Dividends Paid | (2.8 b) | (5.5 b) | (8.6 b) | (3 b) | (5.9 b) | (9.1 b) | (3.1 b) | (6.1 b) | (9.5 b) | (3.3 b) | (6.5 b) |

## Cash From Financing Activities | (6.9 b) | (8.7 b) | (11.4 b) | (11.4 b) | (4.6 b) | (14 b) | (12 b) | (11.6 b) | (13.4 b) | (7.5 b) | (33.8 b) |

## Net Change in Cash | 5.6 b | 645 m | 1.5 b | (4.4 b) | 394 m | (2.9 b) | (4.1 b) | (5.3 b) | (1.9 b) | 7.2 b | 24.8 b |

## Interest Paid | 202 m | 220 m | 427 m | 396 m | 565 m | 892 m | 497 m | 1 b | 1.5 b | 623 m | 1.4 b |

## Income Taxes Paid | 3.9 b | 7.1 b | 10.6 b | 3.4 b | 6.6 b | 9 b | 3.5 b | 6.9 b | 9.8 b | 3.6 b | 6.3 b |

USD | Y, 2018 |
---|---|

## EV/EBIT | 63.7 x |

## EV/CFO | 23.3 x |

## Revenue/Employee | 497 k |

## Debt/Equity | 1 x |

## Debt/Assets | 0.3 x |

## Financial Leverage | 2.9 x |

## P/E Ratio | 69.7 |

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Apple's Smartphones Shipped was reported to be 52.2 m in Q2, 2018. Apple's Stores was reported to be 496 in May, 2017.

FY, 2013 | FY, 2014 | Q1, 2015 | Q2, 2015 | Apr, 2015 | Q3, 2015 | Aug, 2015 | Q4, 2015 | FY, 2015 | Q1, 2016 | Dec, 2015 | Mar, 2016 | Q2, 2016 | May, 2016 | Q3, 2016 | Jul, 2016 | Q4, 2016 | FY, 2016 | Sep, 2016 | Q1, 2017 | Q2, 2017 | Apr, 2017 | May, 2017 | Jun, 2017 | Q3, 2017 | Jul, 2017 | Sep, 2017 | Q4, 2017 | FY, 2017 | Q1, 2018 | Q2, 2018 | Jun, 2018 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Smartphones Shipped | 150.26 m | 169.22 m | 74.47 m | 61.17 m | 47.53 m | 48.05 m | 231.22 m | 74.78 m | 51.19 m | 40.40 m | 45.51 m | 211.88 m | 78.29 m | 50.76 m | 41.03 m | 46.68 m | 216.76 m | 77.32 m | 52.22 m | |||||||||||||

## Tablets Sold | 71.03 m | 67.98 m | 21.42 m | 12.62 m | 10.93 m | 9.88 m | 54.86 m | 16.12 m | 10.25 m | 9.95 m | 9.27 m | 45.59 m | 13.08 m | 8.92 m | 11.42 m | 10.33 m | 43.75 m | 13.17 m | 9.11 m | |||||||||||||

## Computers Sold | 16.34 m | 18.91 m | 5.52 m | 4.56 m | 4.80 m | 5.71 m | 20.59 m | 5.31 m | 4.03 m | 4.25 m | 4.89 m | 18.48 m | 5.37 m | 4.20 m | 4.29 m | 5.39 m | 19.25 m | 5.11 m | 4.08 m | |||||||||||||

## Active Mac Users | 100 m | |||||||||||||||||||||||||||||||

## Apple Watch Applications | 3 k | 14 k | 19 k | |||||||||||||||||||||||||||||

## Countries | 21 | |||||||||||||||||||||||||||||||

## Customers (Music Service) | 27 m | 30 m | ||||||||||||||||||||||||||||||

## Customers (iTunes) | 800 m | |||||||||||||||||||||||||||||||

## Mobile Applications | 1.50 m | |||||||||||||||||||||||||||||||

## Mobile Applications Downloaded | 140 b | |||||||||||||||||||||||||||||||

## Paying Subscribers (Apple Music) | 27 m | 30 m | ||||||||||||||||||||||||||||||

## Registered Devices | 1 b | |||||||||||||||||||||||||||||||

## Stores | 496 | |||||||||||||||||||||||||||||||

## Virtual Assistant Monthly Active Users | 375 m | |||||||||||||||||||||||||||||||

## Virtual Assistant Monthly Unique Users | 48.70 m | 41.40 m | ||||||||||||||||||||||||||||||

## Wearables Sold | 3.50 m | 2.80 m | ||||||||||||||||||||||||||||||

## Weekly Visitors (App Store) | 500 m | 500 m |

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Apple's employees are reported to be approximately 32% female and 68% male.

Y, 2017 | Y, 2016 | Y, 2015 | Q2, 2015 | Y, 2014 | |
---|---|---|---|---|---|

Male | 68 % | 68 % | 69 % | 70.4 % | 70 % |

Female | 32 % | 32 % | 31 % | 29.6 % | 30 % |

Y, 2016 | Q2, 2015 | Y, 2014 | |
---|---|---|---|

Asian | 19.2 % | 15 % | |

Black | 9.1 % | 7 % | |

Hispanic | 12.1 % | 11 % | |

White | 56.6 % | 6.1 % | 55 % |

Other | 3 % | 93.9 % | 12 % |

Q2, 2015 | |
---|---|

Operations | 21.5 % |

Business / Sales | 76.8 % |

Other | 1.7 % |

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