Apple Inc.'s financial performance for the fiscal year ending September 28, 2024, shows a robust increase in segment operating income, reaching $162,044 million, up from $150,888 million in 2023. This growth is despite a significant rise in research and development expenses, which totaled $31,370 million, compared to $29,915 million in the previous year. The total operating income also increased to $123,216 million from $114,301 million in 2023, indicating strong operational efficiency and profitability.

The company's balance sheet as of September 28, 2024, reflects a solid financial position with total assets amounting to $364,980 million, an increase from $352,583 million in 2023. Current assets rose to $152,987 million, driven by higher accounts receivable and inventories. However, non-current assets slightly decreased due to a reduction in marketable securities. Total liabilities increased to $308,030 million, primarily due to higher current liabilities, including accounts payable and commercial paper. Shareholders’ equity decreased to $56,950 million from $62,146 million, largely due to significant stock repurchases and dividends declared.

Apple's net income for the year was $93,736 million, a slight decrease from $96,995 million in 2023. This decline is attributed to increased expenses and competitive pressures. The company declared dividends of $0.98 per share, up from $0.94 in the previous year, reflecting a commitment to returning value to shareholders despite the challenges.

Apple continues to face intense competition across its product lines, particularly in the smartphone, personal computer, and tablet markets. The company emphasizes innovation and the introduction of new products as key strategies to maintain its competitive edge. However, it acknowledges the challenges posed by competitors with aggressive pricing and broader product lines.

The company is also focused on expanding its market opportunities in wearables, accessories, and services, which are becoming increasingly important revenue streams. Despite the competitive landscape, Apple remains committed to investing in research and development to drive future growth and innovation.

Apple's financial strategy includes the use of derivative instruments to hedge against foreign exchange and interest rate risks, aiming to protect its gross margins. The company has a significant portion of its marketable securities held in escrow, designated to settle obligations related to the State Aid Decision, indicating a cautious approach to managing financial risks.