Apple reported $94.930 billion in revenue for the fiscal fourth quarter ended September 28, 2024, up 6% from the year-ago quarter and a record for a September quarter. But reported profit fell sharply because Apple recognized a one-time $10.246 billion tax charge related to a European Union State Aid decision.
The results, announced October 31, 2024, show a business still powered by the iPhone while Services continues to expand faster and carry greater strategic importance.
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Apple Q4 2024 results at a glance
Apple’s fiscal Q4 is not the fourth calendar quarter. It covered the three months ended September 28, 2024.
| Metric | Q4 FY2024 | Q4 FY2023 | Year over year |
|---|---|---|---|
| Total net sales | $94.930B | $89.498B | Up 6% |
| GAAP net income | $14.736B | $22.956B | Down sharply |
| GAAP diluted EPS | $0.97 | $1.46 | Down sharply |
| Gross margin dollars | $43.879B | $40.427B | Higher |
| Adjusted diluted EPS | $1.64 | $1.46 | Up 12% |
| iPhone revenue | $46.222B | $43.805B | Up 6% |
| Services revenue | $24.972B | $22.314B | Up 12% |
Apple’s consolidated financial statements provide the exact quarterly figures.
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What drove Apple’s revenue?
Apple called the result a September-quarter revenue record. The iPhone remained the largest contributor, while Services reached a new all-time quarterly high. The quarter also included the initial sales period for the iPhone 16 family, Apple Watch Series 10 and AirPods 4. Apple’s filings do not, however, isolate iPhone 16 sales or quantify any revenue attributable to Apple Intelligence.
Product and Services revenue
- iPhone: $46.222 billion, up from $43.805 billion.
- Services: $24.972 billion, up from $22.314 billion.
- Mac: $7.744 billion, up from $7.614 billion.
- iPad: $6.950 billion, up from $6.443 billion.
- Wearables, Home and Accessories: $9.042 billion, down from $9.322 billion.
Services generated roughly 26% of quarterly revenue and grew twice as fast as total company revenue. For fiscal 2024, Apple said Services growth was driven primarily by advertising, the App Store and cloud services.
Why did Apple’s profit fall?
The sharp decline in GAAP profit was primarily an accounting effect from a one-time tax charge. Apple recognized a $10.246 billion charge connected with the reversal of the European General Court’s State Aid decision. Its total tax provision rose to $14.874 billion in the quarter, compared with $4.042 billion a year earlier.
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That charge reduced reported net income and earnings per share, but it did not reduce quarterly revenue. Apple also presented supplemental figures excluding the item:
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- GAAP net income: $14.736 billion.
- Apple-presented adjusted net income: $24.982 billion.
- GAAP diluted EPS: $0.97.
- Apple-presented adjusted diluted EPS: $1.64.
The adjusted numbers help compare underlying performance with the prior year, but they are non-GAAP measures. The $0.97 GAAP EPS and $14.736 billion GAAP net income remain the official reported results.
Margins improved
Apple generated $43.879 billion in gross margin on $94.930 billion of revenue. That implies a gross-margin percentage of approximately 46.2%, up from roughly 45.2% in the year-ago quarter.
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This distinction matters: gross margin dollars increased by about $3.452 billion, and the gross-margin rate also improved. The tax charge affected profit below the operating line; it was not the reason Apple’s gross margin declined.
Services is increasingly important
Services was not merely a fast-growing revenue category. It was also central to Apple’s profitability profile. In fiscal 2024, Products generated $109.633 billion of gross margin, while Services generated $71.050 billion. Those figures are not directly comparable as revenue totals, but they show the substantial contribution Services made to gross margin.
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Geographic performance and China’s weakness
Apple’s Q4 regional sales were:
| Region | Revenue |
|---|---|
| Americas | $41.664B |
| Europe | $24.924B |
| Greater China | $15.033B |
| Japan | $5.926B |
| Rest of Asia Pacific | $7.383B |
The full-year picture highlights an important weakness beneath the quarterly growth. Greater China revenue fell 8% in fiscal 2024 to $66.952 billion. Apple attributed that decline primarily to lower iPhone and iPad sales and unfavorable foreign-exchange effects.
That does not mean China caused a specific slowdown in Q4 revenue; Apple’s official release does not provide a detailed quarterly year-over-year regional analysis in its prose. It does mean investors should not interpret the headline growth as uniform across every market.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Cash flow and shareholder returns
Apple said it generated nearly $27 billion in operating cash flow during the quarter and returned more than $29 billion to shareholders. It also declared a quarterly cash dividend of $0.25 per share, payable November 14, 2024, to shareholders of record as of November 11.
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For the full fiscal year, Apple reported $118.254 billion in operating cash flow, repurchased $94.949 billion of its shares and paid $15.234 billion in dividends and dividend equivalents.
Fiscal 2024 in context
For the year ended September 28, 2024, Apple reported:
- Revenue: $391.035 billion, versus $383.285 billion in fiscal 2023.
- Net income: $93.736 billion, versus $96.995 billion.
- Operating cash flow: $118.254 billion.
- Share repurchases: $94.949 billion.
The annual figures reinforce the same conclusion as the quarter: revenue grew, but GAAP net income declined. In Q4, the unusual tax charge made that gap especially dramatic.
What the results show
Apple’s Q4 2024 was stronger operationally than the GAAP profit headline suggests. Revenue reached a September-quarter record, iPhone sales increased, Services grew 12%, and the implied gross-margin percentage improved.
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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problemsAt the same time, the results were not uniformly positive. Wearables, Home and Accessories revenue declined, Greater China was weak for the full year, and the company remained heavily dependent on iPhone demand. The most accurate reading is therefore not that Apple’s profit collapsed, nor that every part of the business accelerated: underlying performance was solid, but reported profit was distorted by a large one-time tax item.
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