Key figures from the chart
- Apple’s revenue for the quarter was $119.6 billion, of which the iPhone brought in $69.7 billion, about 58% (our arithmetic) [1][2].
- The chart estimates the cost of goods for those iPhones at $42.2 billion: $31.6 billion of components, $6.3 billion of assembly and $4.2 billion of logistics and other costs.
- The A17 Bionic chip is the largest component cost at $9.5 billion, followed by the display ($7.3 billion) and the 5x telephoto camera system ($5.1 billion).
- Apple’s net profit for the quarter was $33.9 billion [2].
- The iPhone cost split is the creator’s estimate, based on TechInsights, iFixit and Counterpoint Research. Apple does not publish it.
iPhone cost breakdown and Apple income in text
The chart is a Sankey diagram titled “How Apple made money in Q1 2024 + iPhone cost breakdown”, with all values in billions of dollars. Green flows are revenue and profit and grey flows are costs. We have checked the revenue and profit figures against Apple’s published statements; the third column shows Apple’s own figures in millions [2].
Revenue by product
| Product | Chart | Apple statement |
|---|---|---|
| iPhone | $69.7B | $69,702M |
| Services | $23.1B | $23,117M |
| Wearables (Wearables, Home and Accessories) | $12.0B | $11,953M |
| Mac | $7.8B | $7,780M |
| iPad | $7.0B | $7,023M |
iPad, Mac, Wearables and Services flow together into “Other Revenue” of $49.9 billion, which splits into a $22.5 billion cost of revenue and about $27.4 billion of gross profit.
iPhone cost of goods, $42.2 billion (estimate)
The iPhone’s $69.7 billion splits into iPhone COGS of $42.2 billion and iPhone profit of $27.5 billion. COGS splits into components ($31.6 billion), assembly ($6.3 billion) and logistics and other ($4.2 billion). The components break down as follows.
| Component | Estimated cost in the quarter |
|---|---|
| A17 Bionic Chip | $9.5B |
| Display | $7.3B |
| 5x Telephoto Camera System | $5.1B |
| Titanium Frame | $3.7B |
| Memory | $1.8B |
| Modem and Connectivity | $1.5B |
| Other Sensors (Face ID, etc.) | $1.1B |
| Battery | $0.9B |
| Misc (Speakers, Taptic Engine) | $0.7B |
From gross profit to net profit
| Line on the chart | Chart | Apple statement ($M) |
|---|---|---|
| Gross Profit (iPhone Profit $27.5 plus margin on other revenue) | $54.9B | Gross margin 54,855 |
| Operating Expenses | $14.5B | 14,482 |
| Research and Development | $7.7B | 7,696 |
| Selling, General and Admin | $6.8B | 6,786 |
| Operating Profit | $40.4B | Operating income 40,373 |
| Tax | $6.4B | 6,407 |
| Other | $0.1B | Other income/(expense), net (50) |
| Net Profit | $33.9B | Net income 33,916 |
What the iPhone cost breakdown means
On the creator’s estimate, the iPhone kept about 39% of its revenue as gross profit in the quarter ($27.5 billion of $69.7 billion, our arithmetic). Apple’s gross margin across all products and services was about 46% ($54.9 billion of $119.6 billion) [2].
Apple reports cost of sales only in two lines, $58.44 billion for products and $6.28 billion for services, a total of $64.72 billion [2]. The chart’s $42.2 billion for the iPhone and $22.5 billion for everything else add up to the same $64.7 billion, so the creator has divided Apple’s reported total using outside teardown and research estimates. The split between iPhone and other products, and the cost of each component, cannot be checked against Apple’s figures.
Apple’s quarter in context
Apple’s fiscal 2024 first quarter ended on 30 December 2023, so “Q1 2024” covers the 2023 holiday season. Apple reported revenue up 2% year on year and an all time record for Services revenue [1]. The quarter had 13 weeks, against 14 weeks a year earlier [1].
Notes on this infographic
- Label error. The iPhone revenue is labelled “$69.7M”. It should read $69.7 billion; Apple reported $69,702 million [2].
- Estimates. Every figure in the iPhone COGS branch is an estimate by the chart’s creator, as the chart says. Only the revenue, cost of sales total and profit lines come from Apple.
- Rounding. Components, assembly and logistics add up to $42.1 billion against $42.2 billion shown. “Other” ($0.1 billion) is Apple’s other income and expense line, a net expense of $50 million [2].
- Fiscal year. Q1 2024 is Apple’s fiscal quarter, October to December 2023 [1].
Questions about the iPhone cost breakdown
How much does it cost to make an iPhone?
The chart does not give a cost per phone. It estimates the total cost of goods for all iPhones Apple sold in the quarter at $42.2 billion, about 61% of iPhone revenue (our arithmetic). Apple does not publish unit sales or per-phone costs [2].
How much did Apple make in 2024?
This chart covers only Apple’s first fiscal quarter of 2024, in which it made $119.6 billion in revenue and $33.9 billion in net profit [1][2].
How much of Apple's revenue comes from the iPhone?
About 58% in Apple's first fiscal quarter of 2024, when the iPhone brought in $69.7 billion of $119.6 billion in total revenue (our arithmetic) [1][2]. Services was second at $23.1 billion, followed by wearables, home and accessories at $12.0 billion, Mac at $7.8 billion and iPad at $7.0 billion [2]. The quarter ran from October to December 2023 [1].
What is the most expensive part of an iPhone?
The A17 Bionic chip, at an estimated $9.5 billion across all iPhones sold in Apple's first fiscal quarter of 2024. The display comes next at $7.3 billion and the 5x telephoto camera system at $5.1 billion. These component costs are the chart creator's estimates, based on TechInsights, iFixit and Counterpoint Research, and Apple does not publish them.
Sources
- Apple Newsroom, Apple reports first quarter results, 1 February 2024.
- Apple, Q1 FY24 condensed consolidated financial statements (PDF).
Last reviewed 29 October 2026
