June quarter records for total company revenue, iPhone revenue and EPS
Services revenue reaches new all-time high
CUPERTINO, CALIFORNIA — 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.
Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142
Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123
NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.
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