Apple's stunning fiscal Q1 2022 in five easy charts

The ups and downs of Apple’s revenue, earnings per share, iPhone sales, services and wearables.

Apple easy charts Q12022Apple beat expectations pretty much across the board, with revenue up 11% and earnings up 25% against tough compares. The stock immediately popped to more than $165 and reached $168 shortly after the analysts call.

From the press release:

Apple today announced financial results for its fiscal 2022 first quarter ended December 25, 2021. The Company posted an all-time revenue record of $123.9 billion, up 11 percent year over year, and quarterly earnings per diluted share of $2.10.

“This quarter’s record results were made possible by our most innovative lineup of products and services ever,” said Tim Cook, Apple’s CEO. “We are gratified to see the response from customers around the world at a time when staying connected has never been more important. We are doing all we can to help build a better world — making progress toward our goal of becoming carbon neutral across our supply chain and products by 2030, and pushing forward with our work in education and racial equity and justice.”

“The very strong customer response to our recent launch of new products and services drove double-digit growth in revenue and earnings, and helped set an all-time high for our installed base of active devices,” said Luca Maestri, Apple’s CFO. “These record operating results allowed us to return nearly $27 billion to our shareholders during the quarter, as we maintain our target of reaching a net cash neutral position over time.”
Apple’s board of directors has declared a cash dividend of $0.22 per share of the Company’s common stock. The dividend is payable on February 10, 2022 to shareholders of record as of the close of business on February 7, 2022.

Below: The five charts. Click the second column to see year-over-year growth. (Not seeing the charts? Try the website.)

35 Comments

  1. Troy Thoman said:
    My math isn’t great. $34.6B in profit but only returned $27 B to shareholders. Based on my math it will take approximately 9372562838362828 years to get cash neutral at this rate.

    $7.6 B adding to their cash instead of buying $7b more stock 🙁

    3
    January 27, 2022
    • Jerry Doyle said:
      “….These record operating results allowed us to return nearly $27 billion to our shareholders during the quarter, ….”. Jeeezzzzzzz! Is that what creates the “beach ball” effect involving futile attempts to keep the Apple stock price suppressed???

      3
      January 27, 2022
  2. Chris De Armond said:
    PED, I love these charts and am amazed at how quickly they are posted. New member very pleased with your product. Thanks.

    14
    January 27, 2022
  3. Darren DMW said:
    yep great charts that really sell the story.

    have they mentioned in the call to what degree they were supply constrained?

    if the $6bn+ figure mentioned 3 months ago held true then it would have been a $130bn quarter.

    3
    January 27, 2022
  4. Troy Thoman said:
    I’d love to see a share count graph 🙂 for #6

    1
    January 27, 2022
    • Charles Keller said:
      Share count (3 mo. basic, split adjusted)

      Q2 ‘13 26.3b (peak shares)
      Q4 ‘13 25.3b
      Q4 ‘14 23.7b
      Q4 ‘15 22.6b
      Q4 ‘16 21.5b
      Q4 ‘17 20.6b
      Q4 ‘18 19.2b
      Q4 ‘19 18.0b
      Q4 ‘20 17.1b
      Q4 ‘21 16.5b
      Q1 ‘22 16.4b

      37.7% of peak shares retired.

      If net income were unchanged vs. Q2 ‘13, profits per share would be up 60.5% based on lower share count alone.

      Net Cash Q2 ‘18=$163b (Peak cash)
      Net Cash Q1 ‘22= $79.7b

      EPS FY 2021 vs FY 2013 296% increase

      4
      January 27, 2022
  5. Impressive, returned $20.4 billion to us (aka shareholders) while accumulating $203 billion in dry powder for future acquisitions. Sweet. Tomorrow is not just another day.

    5
    January 27, 2022
  6. Michael Goldfeder said:
    Great call after the earnings release. The momentum appears to be strong heading into the March quarter. Just another example of impressive leadership and execution across the board. Sacrificing iPad parts was the right move at the perfect time!

    5
    January 27, 2022
  7. Fred Stein said:
    Belaboring the belabored point about subscribers, now 785M: Extended last 12 months when 165M were added, says Apple hits 1B paid subscribers within a year. Obvious, yeah, but dang.

    That sure validates, paid vs. free-you-are-the-product, approach eh?

    11
    January 27, 2022
    • John Konopka said:
      Nit-picking, but I believe they claimed 785M subscriptions, not subscribers. To me that means they are counting multiple subscriptions which could belong to one person. Does an iCloud account count as a subscription?

      2
      January 27, 2022
      • Troy Thoman said:
        Subscriptions include iCloud, Apple TV +, (all Apple One bundle) as well as app subscriptions and I believe also includes Apple care.

        0
        January 27, 2022
        • Timothy Smith said:
          So, I have a family subscription to Apple One for wife and me. How many subscribers? If I personally had just Apple Music and Apple TV+, how many subscriptions?

          0
          January 28, 2022
      • Fred Stein said:
        Thanks John for catching that. I’d rather get the facts right than ‘be right’.

        So the cup is half empty. And the Cook himself comes out to pour more fine wine.

        My compliments to the Chef.

        1
        January 27, 2022
  8. Fred Stein said:
    At the end, Tim talked about growth potential. Outside of North America and northern Europe, Apple has massive room to grow, and not just in device sales.

    Outside these markets, iPhones and all other Apple products are in the minority. Hence WeChat and WhatsApp and non-Apple payment systems etc. are the norm. But just as Apple devices went from pariah status to preferred in the enterprise, over a two decade time, Apple can become more integrated. It may take decades… decades of steady growth that no analysts will see for years to come.

    3
    January 27, 2022
    • Arthur Cheng said:
      Here in Singapore and HK, two places where I have been lately, Apple Pay is getting widely accepted. I hardly have to pull out my cash or credit card these days.
      Plenty of room to grow in other places also. However, just like mobile, it is being adopted much faster than in the US.

      6
      January 27, 2022
    • Darren DMW said:
      Here in australia I am sure I am seeing less android phones and definitely more apple watches and AirPods.

      6
      January 27, 2022
      • Fred Stein said:
        Thanks Darren. The big numbers we saw today come from all those smaller victories in nearly every category in nearly every geography.

        2
        January 27, 2022
  9. Robert Paul Leitao said:
    PED: Thank you for the charts! Thank you to all of the Apple 3.0 subscribers who joined us in our Slack group for the play-by-play during the conference call! I’m looking forward to the great quarter being reflected in the opening price tomorrow!

    6
    January 27, 2022
  10. John Butt said:
    That’s nice, 13th on Estimize with my forecasts of $2.05 and $125.5B 🙂

    1
    January 27, 2022
  11. Rick Povich said:
    But iPad sales were a huge miss. Sell AAPL! I must admit I was shocked watching Colin Gills speak rationally (for the first time) about AAPL on CNBC after the results were released.

    4
    January 27, 2022
  12. Jeff Galanti said:
    This quarter is a masterpiece. No other company could dream of sticking the landing this well with the supply chain dumpster fires that the whole world is seeing. I have no idea what will happen in the next weeks or months with the stock but the underlying thesis is as strong as it’s ever been.

    It is just so fun to watch.

    5
    January 27, 2022
  13. David Drinkwater said:
    So a roughly $0.40 increase in EPS YoY. At today’s P/E ratio (28.38), that “should” represent a $3.35 increase in price per share. Plus today’s close, that gets us to $162.5.

    Great, but what if continued success earned APPL a P/E ratio of 30? That would take us to $171.7.

    But what if it really earned us a progressive P/E ratio of 35 (like, for a company that is leading the bleeding edge and has huge financial resources and an already huge installed user base).

    That would get us to the $200/share that AAPL truly deserves today, with room to grow into and beyond the bullish prognostication.

    Bring it! Let’s go!

    2
    January 27, 2022
  14. Dan Scropos said:
    A couple of comments from the earnings call:

    -Tim did NOT like Katy’s question about about “rethinking the broader supply chain chain strategy.” At least that was my interpretation. With TC’s supply chain expertise, that was a poorly posed question.

    -“ Our business continues to generate very strong cash flow, and we’re also able to return nearly $27 billion to shareholders during the December quarter. This included $3.7 billion in dividends and equivalents and $14.4 billion through open market repurchases of 93 million Apple shares. We also began $6 billion accelerated share repurchase program in November, resulting in the initial delivery and retirement of 30 million shares.”

    The above is about $24 billion. Am I correct to assume the balance went to employee stock options?

    2
    January 27, 2022
    • Fred Stein said:
      Agree Dan, Katy was off her game. Maybe because she missed her elite first spot, her questions had already been asked and answered.

      1
      January 27, 2022
    • David Drinkwater said:
      I saw that, too, in the MacRumors transcript. Math doesn’t add up.

      Lots to unpack this week, though.

      1
      January 28, 2022

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