Products → Revenue: $96BiPhone → Products: $70BRevenue → Cost of revenue: $65BCost of revenue → Product costs: $58BRevenue → Gross profit: $55BGross profit → Operating profit: $40BOperating profit → Net profit: $34BServices → Revenue: $23BGross profit → Operating expenses: $14BWatch & AirPods → Products: $12BMac → Products: $8BOperating expenses → R&D: $8BiPad → Products: $7BOperating expenses → SG&A: $7BOperating profit → Tax: $6BCost of revenue → Service costs: $6BOperating profit → Other: $0BiPhone: $70BProducts: $96BMac: $8BiPad: $7BWatch & AirPods: $12BRevenue: $120BServices: $23BGross profit: $55BCost of revenue: $65BOperating profit: $40BOperating expenses: $14BProduct costs: $58BService costs: $6BNet profit: $34BTax: $6BOther: $0BR&D: $8BSG&A: $7Bcreated with SankeyArt.comiPhone$70B6% Y/YProducts$96B0% Y/YMac$8B1% Y/YiPad$7B-25% Y/YWatch & AirPods$12B-11% Y/YRevenue$120B2% Y/YServices$23B11% Y/YGross profit$55B9% Y/YCost of revenue$65B-3% Y/YOperating profit$40B12% Y/YOperating expenses$14B1% Y/YProduct costs$58B-4% Y/YService costs$6B4% Y/YNet profit$34B13% Y/YTax$6B14% Y/YOther$50M-87% Y/YR&D$8B-0% Y/YSG&A$7B3% Y/YApple Q1 FY24 Income Statement