Apple: FY 2009 & FY 2010 Results By Quarter

Apple's FY 2009 & FY 2010 Quarterly Revenue and EPS Results

In response to interest from members of the Apple Finance Board, I am posting Apple's quarterly results for the past eight quarters, comprising fiscal years 2009 & 2010.

The numbers reflect Apple's post-retrospective adjustments for FY 2009 and combined the eight quarters represent perhaps the most dynamic two-year period in Apple's history. 

From revenue of $37.491 billion in FY 2008 to $65.225 billion in revenue in FY 2010, this eight-quarter period of revenue and earnings growth encompasses the first holiday quarter of subsidized iPhone contracts through AT&T to the second quarter of sales for the Apple iPad. 

Data Relevance In Current AAPL Estimates

As an independent analyst this eight-quarter period and its associated expense ratios are benchmarks for developing revenue and earnings models for the four fiscal quarters of FY 2011 (the current fiscal year) and in developing early estimates for FY 2012 that begins in late September 2011. Quarterly data from periods pre-dating this two-year period yield little relevant information due to dramatic changes in Apple's overall revenue mix from the end of fiscal year 2008 to today.

FY 2009 & FY 2010 Data Table

The information in the table below is derived from Apple's quarterly reports. The FY 2009 data reflects the retrospective adoption of new accounting principles for the recognition of revenue for the Apple iPhone. This change in approach to iPhone revenue recognition provides for much more accurate reporting of revenue and corresponding earnings from iPhone sales activity in the quarter in which it occurs. Please note the FY 2009 information differs from the quarterly recognized revenue and earnings reports originally issued by Apple prior to the adoption of the new accounting principles beginning with the first quarter of FY 2010. The new accounting principles were applied retrospectively for fiscal years 2007 through 2009.

For a more detailed look at Apple's most recent revenue performance please see my October blog post titled Apple's FY2010: A Retrospective. 

Robert Paul Leitao

Apple: FY 2009 & FY 2010 Results By Quarter

	FQ4 2010	FQ3 2010	FQ2 2010	FQ1 2010	FQ4 2009	FQ3 2009	FQ2 2009	FQ1 2009
Net sales	20,342	15,700	13,499	15,683	12,207	9,734	9,084	11,880
Cost of sales	-12,831	-9,564	-7,874	-9,272	-7,102	-5,751	-5,457	-7,373
Gross margin	7,511	6,136	5,625	6,411	5,105	3,983	3,627	4,507
Operating expenses:
Research and development	494	464	426	398	358	341	319	315
Selling, general and administrative	1,571	1,438	1,220	1,288	1,063	1,010	985	1,091
Total operating expenses	-2,065	-1,902	-1,646	-1,686	-1,421	-1,351	-1,304	-1,406
Operating income	5,446	4,234	3,979	4,725	3,684	2,632	2,323	3,101
Other income and expense	14	58	50	33	45	60	63	158
Income before provision for income taxes	5,460	4,292	4,029	4,758	3,729	2,692	2,386	3,259
Provision for income taxes	-1,153	-1,039	-955	-1,380	-1,197	-864	-766	-1,004
Net income	4,307	3,253	3,074	3,378	2,532	1,828	1,620	2,255
Earnings per common share:
Basic	4.710	3.57	3.39	3.74	$2.82	$2.05	$1.82	$2.54
Diluted	4.640	3.51	3.33	3.67	$2.77	$2.01	$1.79	$2.50
Shares used in computing earnings per share:
Basic	914,555	912,197	907,548	903,542	898,032	893,712	891,180	889,142
Diluted	928,825	927,361	922,878	919,783	914,374	909,160	902,993	901,494

All numbers are in millions except per share data.