Topline growth has slowed to mid-single digits — but margins expanded and capital return remains the equity story

Operating margin 32.0% — highest in five years. Services mix shift continues to lift gross margin near 47%, the structural margin engine.

Greater China revenue declined 4% — second consecutive year of decline. Now 15% of revenue, down from 19% three years ago.

$90.7B in buybacks consumed 92% of FCF. Capital flexibility is narrowing as net cash is drawn down to fund the program.

Revenue Growth (YoY)

6.4%

▲ +440 bps vs FY23

$416.2B total · vs $391.0B prior

Operating Margin

32.0%

▲ +50 bps

+220 bps vs FY22 · 5-year high

Free Cash Flow

$98.8B

▼ –9.2% YoY

Down from $108.8B FY23 · OCF-driven

Buybacks

$90.7B

▼ –4.5% YoY

92% of FCF returned · capital discipline

Cash flow is healthy — but capital return is consuming nearly all of it

Operating cash flow vs. buybacks vs. free cash flow ($B), FY22–FY24

Revenue trajectory

$B, three-year trend with YoY growth

Where the geographic mix is shifting

Segment revenue, FY24 ($B), top regions sorted by mix

AmericasUS, Canada, Latin America · 43% of revenue

+7%

EuropeEurope, Middle East, Africa, India · 27% mix

+10%

Greater ChinaMainland China, Hong Kong, Taiwan · 15% mix

–4%

JapanStrongest geographic growth · 7% mix

+15%

Insight: Americas concentration is rising — 43% of revenue now flows from a single geography. Greater China declining for the second straight year is the largest open question on the long-term growth story.

Margins are expanding even with a slowing topline

Operating, gross, and net margin %, FY22–FY24

BOTTOM LINE

Apple is the safest name in the peer group — premium margins + buyback compounding sustain the equity story even at MSD growth. The watch metric is whether China decline accelerates, or whether Apple Intelligence drives a hardware refresh super-cycle. Either way, capital return discipline is the through-line.