Apple reports fourth quarter results

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

Services revenue reaches new all-time high

CUPERTINO, Calif., October 30, 2025--(BUSINESS WIRE)--Apple® today announced financial results for its fiscal 2025 fourth quarter ended September 27, 2025. The Company posted quarterly revenue of $102.5 billion, up 8 percent year over year. Diluted earnings per share was $1.85, up 13 percent year over year on an adjusted basis.1

"Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services," said Tim Cook, Apple’s CEO. "In September, we were thrilled to launch our best iPhone lineup ever, including iPhone 17, iPhone 17 Pro and Pro Max, and iPhone Air. In addition, we launched the fantastic AirPods Pro 3 and the all-new Apple Watch lineup. When combined with the recently announced MacBook Pro and iPad Pro with the powerhouse M5 chip, we are excited to be sharing our most extraordinary lineup of products as we head into the holiday season."

"Our September quarter results capped off a record fiscal year, with revenue reaching $416 billion, as well as double-digit EPS growth," said Kevan Parekh, Apple’s CFO. "And thanks to our very high levels of customer satisfaction and loyalty, our installed base of active devices also reached a new all-time high across all product categories and geographic segments."

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 November 13, 2025, to shareholders of record as of the close of business on November 10, 2025.

Apple will provide live streaming of its Q4 2025 financial results conference call beginning at 2:00 p.m. PT on October 30, 2025, at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

_____________ 1 Non-GAAP measure excluding the one-time income tax charge recognized during the fourth quarter of 2024 related to the impact of the reversal of the European General Court’s State Aid decision. See the section titled "Reconciliation of 2024 Non-GAAP to GAAP Results of Operations" at the end of the accompanying financial statements.

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.

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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, services, 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 [email protected].

© 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

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 Twelve Months Ended September 27,
2025 September 28,
2024 September 27,
2025 September 28,
2024 Net sales: Products $ 73,716 $ 69,958 $ 307,003 $ 294,866 Services 28,750 24,972 109,158 96,169 Total net sales (1) 102,466 94,930 416,161 391,035 Cost of sales: Products 47,019 44,566 194,116 185,233 Services 7,106 6,485 26,844 25,119 Total cost of sales 54,125 51,051 220,960 210,352 Gross margin 48,341 43,879 195,201 180,683 Operating expenses: Research and development 8,866 7,765 34,550 31,370 Selling, general and administrative 7,048 6,523 27,601 26,097 Total operating expenses 15,914 14,288 62,151 57,467 Operating income 32,427 29,591 133,050 123,216 Other income/(expense), net 377 19 (321 ) 269 Income before provision for income taxes 32,804 29,610 132,729 123,485 Provision for income taxes 5,338 14,874 20,719 29,749 Net income $ 27,466 $ 14,736 $ 112,010 $ 93,736 Earnings per share: Basic $ 1.85 $ 0.97 $ 7.49 $ 6.11 Diluted $ 1.85 $ 0.97 $ 7.46 $ 6.08 Shares used in computing earnings per share: Basic 14,815,307 15,171,990 14,948,500 15,343,783 Diluted 14,863,609 15,242,853 15,004,697 15,408,095 (1) Net sales by reportable segment: Americas $ 44,192 $ 41,664 $ 178,353 $ 167,045 Europe 28,703 24,924 111,032 101,328 Greater China 14,493 15,033 64,377 66,952 Japan 6,636 5,926 28,703 25,052 Rest of Asia Pacific 8,442 7,383 33,696 30,658 Total net sales $ 102,466 $ 94,930 $ 416,161 $ 391,035 (1) Net sales by category: iPhone $ 49,025 $ 46,222 $ 209,586 $ 201,183 Mac 8,726 7,744 33,708 29,984 iPad 6,952 6,950 28,023 26,694 Wearables, Home and Accessories 9,013 9,042 35,686 37,005 Services 28,750 24,972 109,158 96,169 Total net sales $ 102,466 $ 94,930 $ 416,161 $ 391,035

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value) September 27,
2025 September 28,
2024 ASSETS: Current assets: Cash and cash equivalents $ 35,934 $ 29,943 Marketable securities 18,763 35,228 Accounts receivable, net 39,777 33,410 Vendor non-trade receivables 33,180 32,833 Inventories 5,718 7,286 Other current assets 14,585 14,287 Total current assets 147,957 152,987 Non-current assets: Marketable securities 77,723 91,479 Property, plant and equipment, net 49,834 45,680 Other non-current assets 83,727 74,834 Total non-current assets 211,284 211,993 Total assets $ 359,241 $ 364,980 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 69,860 $ 68,960 Other current liabilities 66,387 78,304 Deferred revenue 9,055 8,249 Commercial paper 7,979 9,967 Term debt 12,350 10,912 Total current liabilities 165,631 176,392 Non-current liabilities: Term debt 78,328 85,750 Other non-current liabilities 41,549 45,888 Total non-current liabilities 119,877 131,638 Total liabilities 285,508 308,030 Commitments and contingencies Shareholders’ equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,773,260 and 15,116,786 shares issued and outstanding, respectively 93,568 83,276 Accumulated deficit (14,264 ) (19,154 ) Accumulated other comprehensive loss (5,571 ) (7,172 ) Total shareholders’ equity 73,733 56,950 Total liabilities and shareholders’ equity $ 359,241 $ 364,980

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions) Twelve Months Ended September 27,
2025 September 28,
2024 Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances $ 29,943 $ 30,737 Operating activities: Net income 112,010 93,736 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 11,698 11,445 Share-based compensation expense 12,863 11,688 Other (89 ) (2,266 ) Changes in operating assets and liabilities: Accounts receivable, net (6,682 ) (3,788 ) Vendor non-trade receivables (347 ) (1,356 ) Inventories 1,400 (1,046 ) Other current and non-current assets (9,197 ) (11,731 ) Accounts payable 902 6,020 Other current and non-current liabilities (11,076 ) 15,552 Cash generated by operating activities 111,482 118,254 Investing activities: Purchases of marketable securities (24,407 ) (48,656 ) Proceeds from maturities of marketable securities 40,907 51,211 Proceeds from sales of marketable securities 12,890 11,135 Payments for acquisition of property, plant and equipment (12,715 ) (9,447 ) Other (1,480 ) (1,308 ) Cash generated by investing activities 15,195 2,935 Financing activities: Payments for taxes related to net share settlement of equity awards (5,960 ) (5,441 ) Payments for dividends and dividend equivalents (15,421 ) (15,234 ) Repurchases of common stock (90,711 ) (94,949 ) Proceeds from issuance of term debt, net 4,481 — Repayments of term debt (10,932 ) (9,958 ) Proceeds from/(Repayments of) commercial paper, net (2,032 ) 3,960 Other (111 ) (361 ) Cash used in financing activities (120,686 ) (121,983 ) Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents 5,991 (794 ) Cash, cash equivalents, and restricted cash and cash equivalents, ending balances $ 35,934 $ 29,943 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 43,369 $ 26,102

Apple Inc.

RECONCILIATION OF 2024 NON-GAAP TO GAAP RESULTS OF OPERATIONS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per-share amounts) Three Months Ended Twelve Months Ended September 28, 2024 September 28, 2024 As Reported
(GAAP) Non-GAAP
Adjustments (a) As Adjusted
(Non-GAAP) As Reported
(GAAP) Non-GAAP
Adjustments (a) As Adjusted
(Non-GAAP) Income before provision for income taxes $ 29,610 $ — $ 29,610 $ 123,485 $ — $ 123,485 Provision for income taxes 14,874 (10,246 ) (b) 4,628 29,749 (10,246 ) (b) 19,503 Net income $ 14,736 $ 10,246 (b) $ 24,982 $ 93,736 $ 10,246 (b) $ 103,982 Diluted earnings per share $ 0.97 $ 0.67 (c) $ 1.64 $ 6.08 $ 0.67 (c) $ 6.75 Shares used in computing diluted earnings per share 15,242,853 — 15,242,853 15,408,095 — 15,408,095

(a) These adjustments reconcile certain of the Company’s GAAP results of operations to its non-GAAP results of operations. The Company believes that the presentation of results excluding the impact of the reversal of the European General Court’s State Aid decision provides meaningful supplemental information to both management and investors that is indicative of the Company’s core operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and forecasting purposes. These non-GAAP measures should not be viewed as a substitute for the Company’s GAAP results. (b) Non-GAAP adjustments to provision for income taxes and net income to reflect the impact of the reversal of the European General Court’s State Aid decision recognized during the fourth quarter of 2024. On September 10, 2024, the European Court of Justice announced that it had set aside the 2020 judgment of the European General Court and confirmed the European Commission’s 2016 State Aid decision. As a result, during the fourth quarter of 2024 the Company recorded a one-time income tax charge of $10.2 billion, net, which represented $15.8 billion payable to Ireland via release of restricted funds held in escrow, partially offset by a U.S. foreign tax credit of $4.8 billion and a decrease in unrecognized tax benefits of $823 million. For additional information, refer to Note 7, "Income Taxes" of the Notes to Consolidated Financial Statements in Part II, Item 8 of the Company's fiscal 2024 Annual Report on Form 10-K. (c) Represents the per-share impact of the non-GAAP adjustments to net income.

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Contacts

Press Contact:
Josh Rosenstock
Apple
[email protected]
(408) 862-1142

Investor Relations Contact:
Suhasini Chandramouli
Apple
[email protected]
(408) 974-3123

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