Apple reports third quarter results

July 31, 2025 at 16:30 PM EDT

June quarter records for total company revenue, iPhone revenue and EPS

Services revenue reaches new all-time high

Apple® today announced financial results for its fiscal 2025 third quarter ended June 28, 2025. The Company posted quarterly revenue of $94.0 billion, up 10 percent year over year, and quarterly diluted earnings per share of $1.57, up 12 percent year over year.

“Today Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the world, in every geographic segment,” said Tim Cook, Apple’s CEO. “At WWDC25, we were excited to introduce a beautiful new software design that extends across all of our platforms, and we announced even more great Apple Intelligence features.”

“We are very pleased with our record business performance for the June quarter, which generated EPS growth of 12 percent,” said Kevan Parekh, Apple’s CFO. “Our installed base of active devices also reached a new all-time high across all product categories and geographic segments, thanks to our very high levels of customer satisfaction and loyalty.”

Apple’s board of directors has declared a cash dividend of $0.26 per share of the Company’s common stock. The dividend is payable on August 14, 2025 to shareholders of record as of the close of business on August 11, 2025.

Apple will provide live streaming of its Q3 2025 financial results conference call beginning at 2:00 p.m. PT on July 31, 2025, at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per-share amounts)

	Three Months Ended					Nine Months Ended
	June 28, 2025			June 29, 2024		June 28, 2025			June 29, 2024
Net sales:
Products	$	66,613		$	61,564	$	233,287		$	224,908
Services		27,423			24,213		80,408			71,197
Total net sales ⁽¹⁾		94,036			85,777		313,695			296,105
Cost of sales:
Products		43,620			39,803		147,097			140,667
Services		6,698			6,296		19,738			18,634
Total cost of sales		50,318			46,099		166,835			159,301
Gross margin		43,718			39,678		146,860			136,804

Operating expenses:
Research and development		8,866			8,006		25,684			23,605
Selling, general and administrative		6,650			6,320		20,553			19,574
Total operating expenses		15,516			14,326		46,237			43,179

Operating income		28,202			25,352		100,623			93,625
Other income/(expense), net		(171	)		142		(698	)		250
Income before provision for income taxes		28,031			25,494		99,925			93,875
Provision for income taxes		4,597			4,046		15,381			14,875
Net income	$	23,434		$	21,448	$	84,544		$	79,000

Earnings per share:
Basic	$	1.57		$	1.40	$	5.64		$	5.13
Diluted	$	1.57		$	1.40	$	5.62		$	5.11
Shares used in computing earnings per share:
Basic		14,902,886			15,287,521		14,992,898			15,401,047
Diluted		14,948,179			15,348,175		15,051,726			15,463,175

⁽¹⁾ Net sales by reportable segment:
Americas	$	41,198		$	37,678	$	134,161		$	125,381
Europe		24,014			21,884		82,329			76,404
Greater China		15,369			14,728		49,884			51,919
Japan		5,782			5,097		22,067			19,126
Rest of Asia Pacific		7,673			6,390		25,254			23,275
Total net sales	$	94,036		$	85,777	$	313,695		$	296,105

⁽¹⁾ Net sales by category:
iPhone	$	44,582		$	39,296	$	160,561		$	154,961
Mac		8,046			7,009		24,982			22,240
iPad		6,581			7,162		21,071			19,744
Wearables, Home and Accessories		7,404			8,097		26,673			27,963
Services		27,423			24,213		80,408			71,197
Total net sales	$	94,036		$	85,777	$	313,695		$	296,105

Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value)

	June 28, 2025			September 28, 2024
ASSETS:
Current assets:
Cash and cash equivalents	$	36,269		$	29,943
Marketable securities		19,103			35,228
Accounts receivable, net		27,557			33,410
Vendor non-trade receivables		19,278			32,833
Inventories		5,925			7,286
Other current assets		14,359			14,287
Total current assets		122,491			152,987

Non-current assets:
Marketable securities		77,614			91,479
Property, plant and equipment, net		48,508			45,680
Other non-current assets		82,882			74,834
Total non-current assets		209,004			211,993
Total assets	$	331,495		$	364,980

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	50,374		$	68,960
Other current liabilities		62,499			78,304
Deferred revenue		8,979			8,249
Commercial paper		9,923			9,967
Term debt		9,345			10,912
Total current liabilities		141,120			176,392

Non-current liabilities:
Term debt		82,430			85,750
Other non-current liabilities		42,115			45,888
Total non-current liabilities		124,545			131,638
Total liabilities		265,665			308,030

Commitments and contingencies

Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,856,722 and 15,116,786 shares issued and outstanding, respectively		89,806			83,276
Accumulated deficit		(17,607	)		(19,154	)
Accumulated other comprehensive loss		(6,369	)		(7,172	)
Total shareholders’ equity		65,830			56,950
Total liabilities and shareholders’ equity	$	331,495		$	364,980

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Nine Months Ended
	June 28, 2025			June 29, 2024
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances	$	29,943		$	30,737

Operating activities:
Net income		84,544			79,000
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization		8,571			8,534
Share-based compensation expense		9,680			8,830
Other		(1,748	)		(1,964	)
Changes in operating assets and liabilities:
Accounts receivable, net		5,685			6,697
Vendor non-trade receivables		13,555			11,100
Inventories		1,223			41
Other current and non-current assets		(6,116	)		(5,626	)
Accounts payable		(18,479	)		(15,171	)
Other current and non-current liabilities		(15,161	)		2
Cash generated by operating activities		81,754			91,443

Investing activities:
Purchases of marketable securities		(17,591	)		(38,074	)
Proceeds from maturities of marketable securities		35,036			39,838
Proceeds from sales of marketable securities		10,785			7,382
Payments for acquisition of property, plant and equipment		(9,473	)		(6,539	)
Other		(975	)		(1,117	)
Cash generated by investing activities		17,782			1,490

Financing activities:
Payments for taxes related to net share settlement of equity awards		(5,719	)		(5,163	)
Payments for dividends and dividend equivalents		(11,559	)		(11,430	)
Repurchases of common stock		(70,579	)		(69,866	)
Proceeds from issuance of term debt, net		4,481			—
Repayments of term debt		(9,682	)		(7,400	)
Repayments of commercial paper, net		(65	)		(2,985	)
Other		(87	)		(191	)
Cash used in financing activities		(93,210	)		(97,035	)

Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents		6,326			(4,102	)
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	$	36,269		$	26,635

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	37,332		$	19,230