Apple (AAPL) Q4 2024 earnings results beat EPS and revenue expectations

Apple (AAPL) reported its Q4 2024 earnings results today. The company posted beats on both earnings per share (EPS) and revenue expectations. Being the final quarter of Apple’s fiscal year, the company has now beat full-year expectations by analysts.

Apple posted its Q4 2024 earnings results to its investor relations website. There, the company shared a Q4 revenue of $94.9 billion against expectations of $94.6 billion. The world’s largest company (as of today) reported $1.64 EPS against expectations of $1.60 per share and a whisper of $1.63 per share. Good news all around when viewing things above the hood.

Under the hood, Apple had a one-time charge related to the European Commission’s 2016 State Aid decision, which can be found on the fourth page of the Q4 2024 earnings report.

Non-GAAP adjustments to provision for income taxes and net income to reflect the impact of the reversal of the European General Court’s State Aid decision recognized during the fourth quarter of 2024. On September 10, 2024, the European Court of Justice announced that it had set aside the 2020 judgment of the European General Court and confirmed the European Commission’s 2016 State Aid decision. As a result, during the fourth quarter of 2024 the Company recorded a one-time income tax charge of $10.2 billion, net, which represents $15.8 billion payable to Ireland via release of restricted funds held in escrow, partially offset by a U.S. foreign tax credit of $4.8 billion and a decrease in unrecognized tax benefits of $823 million. For additional information, refer to Note 7, “Income Taxes” of the Notes to Consolidated Financial Statements that will be included in Part II, Item 8 of the Company's fiscal 2024 Annual Report on Form 10-K.

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