EARNINGS REVIEW
Apple FY22 Q1 — Record holiday revenue masks an iPad decline
Historical earnings report · Management guidance reflects expectations at the time of the release, not subsequent outcomes. The financial comparison uses the site’s normalized dataset, including comparative figures restated in later filings.
iPhone revenue was 71.628 B$, changing +9.2% year over year; Services was 19.516 B$, changing +23.8%. Greater China was 25.783 B$, changing +21.0%. Products and geographies classify the same revenue in different ways and must not be added together.
Assessment · Extrapolating holiday revenue into the following quarter ignores seasonality. iPhone and Mac growth coexisted with an iPad decline, so assess replacement cycles and services mix rather than treating total revenue as a uniform hardware-demand signal.
01 Business growth and drivers
iPhone revenue was 71.628 B$, changing +9.2% year over year; Services was 19.516 B$, changing +23.8%. Greater China was 25.783 B$, changing +21.0%. Products and geographies classify the same revenue in different ways and must not be added together.
02 Earnings quality and comparability
Original revenue and cost-of-sales figures imply gross margins of 38.4% for Products and 72.4% for Services. Services’ higher margin makes revenue mix important to earnings. These are before R&D and selling and administrative expenses, not Services operating margins or AI returns.
03 Cash flow, investment and financial position
The existing audited series shows quarterly OCF of 46.966 B$, cash CapEx of 2.803 B$ and resulting FCF of 44.163 B$. Cash and equivalents of 37.119 B$ differ from total liquidity including marketable securities. Fiscal-year-to-date cash flow in the attached statement is not mixed with quarterly amounts; FCF is before repurchases and dividends.
04 Management commentary and outlook
Maestri said customer response to new products and services drove double-digit revenue and earnings growth and a record active-device base. That base creates service opportunities but is not equivalent to paid subscriptions or immediately recognizable revenue. This report is limited to the contemporaneous official release; unreviewed quantitative conference-call guidance has not been inserted.
05 Investment interpretation and next checks
Extrapolating holiday revenue into the following quarter ignores seasonality. iPhone and Mac growth coexisted with an iPad decline, so assess replacement cycles and services mix rather than treating total revenue as a uniform hardware-demand signal.
Quarterly results · CY-aligned presentation
| Metric · B$ | 2021 total of 2 included quarters | 3Q FY21 Q4 2021-09-25 | 4Q FY22 Q1 2021-12-25 | QoQ Δ | YoY Δ |
|---|---|---|---|---|---|
| Revenue | 207.305 | 83.360 | 123.945 | 40.585 | — |
| Operating income | 65.274 | 23.786 | 41.488 | 17.702 | — |
| Operating margin (%) | 31.487 | 28.534 | 33.473 | 4.939 pp | — |
| Net income | 55.181 | 20.551 | 34.630 | 14.079 | — |
| FCF · calculated | 61.140 | 16.977 | 44.163 | 27.186 | — |
| Operating cash flow · total | 67.166 | 20.200 | 46.966 | 26.766 | — |
| Net cash CapEx · common | 6.026 | 3.223 | 2.803 | −0.420 | — |
| Cash CapEx · Chinese company definition | — | — | — | — | — |
| FCF · total calculation | 61.140 | 16.977 | 44.163 | 27.186 | — |
| Net cash · liquid assets less borrowings | −58.885 | −62.080 | −58.885 | 3.195 | — |
| Liquid assets · including short-term investments | 63.913 | 62.639 | 63.913 | 1.274 | — |
| Borrowings · interest-bearing debt | 122.798 | 124.719 | 122.798 | −1.921 | — |
| Cash and cash equivalents | 37.119 | 34.940 | 37.119 | 2.179 | — |
| Total liabilities · accounting liabilities | 309.259 | 287.912 | 309.259 | 21.347 | — |
CY denotes the calendar quarter with the greatest overlap with the fiscal period. If the first period has no start date, 89 days before its end is used only for calendar mapping. Financial values are not recalculated into calendar quarters. Incomplete years show totals of included quarters; cash, liabilities, borrowings and net cash use the last period-end balance. QoQ and YoY show absolute changes; margin changes are percentage points. Dashes indicate missing evidence or incomparable periods or definitions. Total liabilities never substitute for borrowings.
Definitions and evidence coverage
A dash means unavailable or undisclosed, not zero. Company-defined FCF may differ from total operating cash flow less common-basis CapEx. Total liabilities are accounting liabilities, not interest-bearing debt.
Management commentary is based on the original release; it does not imply completed conference-call Q&A review. Financial tables use the existing audited InveDeck dataset and may include comparative figures from subsequent filings.