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Charted: Apple’s Profit of Nearly $100 Billion in 2022

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Apple's profit visualized from 2021-2022.

Charting Apple’s Profit of Nearly $100 Billion in 2022

How do Apple’s profits reach almost as high as $100 billion in a single year?

The world’s largest company, and America’s most profitable, earned a massive $394.3 billion in revenue in 2022 against expenditures of $295.5 billion. That gave it a net profit of $99.8 billion, up 5.4% from 2021 and 73% from 2020.

For a more granular look at Apple’s massive profit, Rakshit Jain has visualized Apple’s key financial metrics with data sourced from the company’s 2022 annual report (September 2022).

iPhone Sales Contribute the Most to Apple’s Profit

Out of all of Apple’s revenue streams, it’s clear the iPhone is the company’s cash cow.

From September 2021‒2022, net iPhone sales contributed 52% of the company’s total revenue, dwarfing revenue from other products including the Macbook, Apple Watch, Airpods, and services.

Apple Net Sales2021‒222020‒20212019‒2020
iPhone$205,489M$191,973M$137,781M
Mac (Macbooks and iMacs)$40,177M$35,190M$28,622M
iPad$29,292M$31,862M$23,724M
Wearables, Home, & Accessories$41,241M$38,367M$30,620M
Services (Apple Music, TV, iCloud etc.)$78,129M$68,425M$53,768M
Total$394,328M$365,817M$274,515M

And revenue from iPhone sales is still growing, by 7% from 2021 and nearly 40% compared to 2020. Mac and services such as Apple Music and Apple TV also saw higher growth in 2021-2022, both up nearly 14% year-over-year.

The iPad was the only product that saw a contraction in revenue growth compared to 2021.

Geographically, Apple’s highest net sales came from the Americas, at nearly $170 billion. In contrast, all of Europe, the Middle East, Africa, and India combined for $95 billion in annual net sales.

Apple’s Expenditure and Profitability

On the other side of the balance sheet, cost of sales (the total cost of manufacturing and selling a product or service) was the biggest expense for Apple, coming in at $223.5 billion or 76% of the company’s expenditures.

Apple Expenditures2021‒222020‒212019‒2020
Cost of Sales$223,546M$212,981M$169,559M
R&D$26,251M$21,194M$18,752M
Selling, general, and administrative$25,094M$21,973M$19,916M
Provisions for taxes$19,300M$14,527M$9,680M
Other Expenses/(Income)$334M($258M)($803M)
Total$294,525M$270,417M$217,104M

Comparatively, research and development ($26 billion) as well as other operating costs ($25 billion), though both giant figures for most companies, accounted for less than 18% of Apple’s expenditures. And because of this massive windfall, the company’s provisions for income taxes were also a massive $19 billion.

The key to Apple’s profitability is how its strong brand has allowed it to tap into an excellent gross margin percentage. The company’s total gross margin was $171 billion in 2022 or 43.3%, which means for every dollar of revenue earned, Apple made 43 cents in gross profit.

Apple's Gross Margin2021‒20222022 (%)2020‒20212021 (%)
Products$114,728M36.3%$105,126M35.3%
Services$56,054M71.7%$47,710M69.7%
Total$170,782M43.3%$152,836M41.8%

And this figure is even higher when looking at the segmental break-up of gross margins. In the services category (Apple music, TV, iCloud etc.), Apple made almost 72 cents in gross profit for every dollar earned in revenue.

Apple’s Profits in 2023?

Whether Apple will break $100 billion in profit is a question that can only be answered in their next annual statement, due in September 2023.

However, in its latest report, Apple did warn of “downward pressure” on its margins—which will impact profitability in 2023—because of currency fluctuations.

But even if that elusive $100 billion annual profit proves evasive, Apple stock remains a favorite for retail investors and shareholders alike.

Keen to know how Apple’s financials stack up against other tech giants? Check out How Big Tech Revenue and Profit Breaks Down, by Company for comparisons between Amazon, Google, Microsoft and Apple.
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This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.

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How Tech Logos Have Evolved Over Time

From complete overhauls to more subtle tweaks, these tech logos have had quite a journey. Featuring: Google, Apple, and more.

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A cropped chart with the evolution of prominent tech companies’ logos over time.

How Tech Logos Have Evolved Over Time

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

One would be hard-pressed to find a company that has never changed its logo. Granted, some brands—like Rolex, IBM, and Coca-Cola—tend to just have more minimalistic updates. But other companies undergo an entire identity change, thus necessitating a full overhaul.

In this graphic, we visualized the evolution of prominent tech companies’ logos over time. All of these brands ranked highly in a Q1 2024 YouGov study of America’s most famous tech brands. The logo changes are sourced from 1000logos.net.

How Many Times Has Google Changed Its Logo?

Google and Facebook share a 98% fame rating according to YouGov. But while Facebook’s rise was captured in The Social Network (2010), Google’s history tends to be a little less lionized in popular culture.

For example, Google was initially called “Backrub” because it analyzed “back links” to understand how important a website was. Since its founding, Google has undergone eight logo changes, finally settling on its current one in 2015.

CompanyNumber of
Logo Changes
Google8
HP8
Amazon6
Microsoft6
Samsung6
Apple5*

Note: *Includes color changes. Source: 1000Logos.net

Another fun origin story is Microsoft, which started off as Traf-O-Data, a traffic counter reading company that generated reports for traffic engineers. By 1975, the company was renamed. But it wasn’t until 2012 that Microsoft put the iconic Windows logo—still the most popular desktop operating system—alongside its name.

And then there’s Samsung, which started as a grocery trading store in 1938. Its pivot to electronics started in the 1970s with black and white television sets. For 55 years, the company kept some form of stars from its first logo, until 1993, when the iconic encircled blue Samsung logo debuted.

Finally, Apple’s first logo in 1976 featured Isaac Newton reading under a tree—moments before an apple fell on his head. Two years later, the iconic bitten apple logo would be designed at Steve Jobs’ behest, and it would take another two decades for it to go monochrome.

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