Apple Inc. (NASDAQ: AAPL) reported robust fourth-quarter earnings for fiscal year 2024, setting a new September quarter revenue record of $94.9 billion, a 6% year-over-year increase. The results, announced on October 31, were fueled by strong iPhone sales and continued momentum in Services, with the latter hitting an all-time high in quarterly revenue.
iPhone Drives Top-Line Growth
CEO Tim Cook credited the new iPhone 16 lineup, Apple Watch Series 10, and AirPods 4 with helping propel the quarter’s performance. “Today Apple is reporting a new September quarter revenue record… We were excited to announce our best products yet,” Cook said, highlighting Apple’s strategic push into Apple Intelligence—a privacy-focused AI suite introduced during the quarter.
According to the FY24 Q4 Consolidated Financial Statements:
- iPhone revenue rose to $45.1 billion, up from $42.6 billion a year earlier.
- Mac revenue reached $11.4 billion, a noticeable increase from $9.9 billion.
- iPad revenue remained steady at $7.2 billion, compared to $7.1 billion in Q4 2023.
Services Revenue Hits All-Time High
Apple’s Services segment—which includes the App Store, iCloud, Apple Music, Apple TV+, and other subscription platforms—continued its upward trajectory, delivering a record $23.3 billion in revenue, up from $21.2 billion in the same quarter last year.
This surge comes amid increased user engagement and a growing global installed base of Apple devices, which reached a new all-time high across all product categories and regions, according to CFO Luca Maestri.
Bottom Line and Shareholder Returns
Apple’s quarterly diluted earnings per share (EPS) stood at $0.97. When excluding a one-time charge related to the reversal of the European General Court’s State Aid decision, EPS reached $1.64, up 12% year over year.
The company generated nearly $27 billion in operating cash flow, enabling Apple to return more than $29 billion to shareholders through dividends and share repurchases.
Apple’s Board declared a cash dividend of $0.25 per share, payable on November 14, 2024, to shareholders of record as of November 11, 2024.
Segment Performance Snapshot (Based on FY24 Q4 Consolidated Statements)
| Segment | Q4 2024 Revenue | Q4 2023 Revenue | YoY Change |
|---|---|---|---|
| iPhone | $45.1B | $42.6B | +5.9% |
| Mac | $11.4B | $9.9B | +15.2% |
| iPad | $7.2B | $7.1B | +1.4% |
| Wearables/Home/Accessories | $7.9B | $9.1B | -13.2% |
| Services | $23.3B | $21.2B | +9.9% |
(Source: Page 4, FY24 Q4 Consolidated Financial Statements)
Apple Intelligence Sets Stage for 2025
Cook emphasized the transformative role of Apple Intelligence, which launched its first features during the quarter. Designed with a focus on privacy, Apple Intelligence integrates generative AI tools into macOS, iOS, and iPadOS—an innovation Apple sees as central to its future device ecosystem.
“Apple Intelligence sets a new standard for privacy in AI,” Cook noted. New capabilities will continue to roll out across devices through 2025, likely driving software engagement and retention.
Looking Ahead
As Apple heads into the critical holiday quarter, the company appears well-positioned with a refreshed product lineup and momentum in its high-margin Services segment. Investors and analysts will be watching how Apple Intelligence adoption and macroeconomic trends impact consumer hardware and Services demand through the end of the calendar year.
A replay of Apple’s earnings call webcast is available at apple.com/investor/earnings-call.
