Apple Inc. 10-K form for the fiscal year ended 2023-09-30, page 28: 
Apple Inc.


CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
|    |                                              |                   |         |                   |            |                   |         |            |    |         |
|---:|:---------------------------------------------|:------------------|:--------|:------------------|:-----------|:------------------|:--------|:-----------|:---|:--------|
|  1 |                                              | Years ended       |         |                   |            |                   |         |            |    |         |
|  2 |                                              | September 30,2023 |         | September 24,2022 |            | September 25,2021 |         |            |    |         |
|  3 | Net sales:                                   |                   |         |                   |            |                   |         |            |    |         |
|  4 | Products                                     | $                 | 298,085 |                   |            | $                 | 316,199 |            | $  | 297,392 |
|  5 | Services                                     | 85,200            |         |                   | 78,129     |                   |         | 68,425     |    |         |
|  6 | Total net sales                              | 383,285           |         |                   | 394,328    |                   |         | 365,817    |    |         |
|  8 | Cost of sales:                               |                   |         |                   |            |                   |         |            |    |         |
|  9 | Products                                     | 189,282           |         |                   | 201,471    |                   |         | 192,266    |    |         |
| 10 | Services                                     | 24,855            |         |                   | 22,075     |                   |         | 20,715     |    |         |
| 11 | Total cost of sales                          | 214,137           |         |                   | 223,546    |                   |         | 212,981    |    |         |
| 12 | Gross margin                                 | 169,148           |         |                   | 170,782    |                   |         | 152,836    |    |         |
| 14 | Operating expenses:                          |                   |         |                   |            |                   |         |            |    |         |
| 15 | Research and development                     | 29,915            |         |                   | 26,251     |                   |         | 21,914     |    |         |
| 16 | Selling, general and administrative          | 24,932            |         |                   | 25,094     |                   |         | 21,973     |    |         |
| 17 | Total operating expenses                     | 54,847            |         |                   | 51,345     |                   |         | 43,887     |    |         |
| 19 | Operating income                             | 114,301           |         |                   | 119,437    |                   |         | 108,949    |    |         |
| 20 | Other income/(expense), net                  | (565)             |         |                   | (334)      |                   |         | 258        |    |         |
| 21 | Income before provision for income taxes     | 113,736           |         |                   | 119,103    |                   |         | 109,207    |    |         |
| 22 | Provision for income taxes                   | 16,741            |         |                   | 19,300     |                   |         | 14,527     |    |         |
| 23 | Net income                                   | $                 | 96,995  |                   |            | $                 | 99,803  |            | $  | 94,680  |
| 25 | Earnings per share:                          |                   |         |                   |            |                   |         |            |    |         |
| 26 | Basic                                        | $                 | 6.16    |                   |            | $                 | 6.15    |            | $  | 5.67    |
| 27 | Diluted                                      | $                 | 6.13    |                   |            | $                 | 6.11    |            | $  | 5.61    |
| 29 | Shares used in computing earnings per share: |                   |         |                   |            |                   |         |            |    |         |
| 30 | Basic                                        | 15,744,231        |         |                   | 16,215,963 |                   |         | 16,701,272 |    |         |
| 31 | Diluted                                      | 15,812,547        |         |                   | 16,325,819 |                   |         | 16,864,919 |    |         |

See accompanying Notes to Consolidated Financial Statements.


Apple Inc. | 2023 Form 10-K | 28







Question: How did Apple Inc.'s Gross Profit Margin evolve between 2021 and 2023?
Answer: Gross Profit Margin is calculated using the formula: Gross Profit Margin = (Gross Margin / Total Net Sales) * 100.

For 2021:
Gross Margin = $152,836 million
Total Net Sales = $365,817 million
Gross Profit Margin = ($152,836 million / $365,817 million) * 100 = 41.8%

For 2022:
Gross Margin = $170,782 million
Total Net Sales = $394,328 million
Gross Profit Margin = ($170,782 million / $394,328 million) * 100 = 43.3%

For 2023:
Gross Margin = $169,148 million
Total Net Sales = $383,285 million
Gross Profit Margin = ($169,148 million / $383,285 million) * 100 = 44.1%