AAPL Apple Inc

Services revenue reaches new all-time high

EPS sets March quarter record

Apple® today announced financial results for its fiscal 2025 second quarter ended March 29, 2025. The Company posted quarterly revenue of $95.4 billion, up 5 percent year over year, and quarterly diluted earnings per share of $1.65, up 8 percent year over year.

“Today Apple is reporting strong quarterly results, including double-digit growth in Services,” said Tim Cook, Apple’s CEO. “We were happy to welcome iPhone 16e to our lineup, and to introduce powerful new Macs and iPads that take advantage of the extraordinary capabilities of Apple silicon. And we were proud to announce that we’ve cut our carbon emissions by 60 percent over the past decade.”

“Our March quarter business performance drove EPS growth of 8 percent and $24 billion in operating cash flow, allowing us to return $29 billion to shareholders,” said Kevan Parekh, Apple’s CFO. “And thanks to our high levels of customer loyalty and satisfaction, our installed base of active devices once again 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, an increase of 4 percent. The dividend is payable on May 15, 2025 to shareholders of record as of the close of business on May 12, 2025. The board of directors has also authorized an additional program to repurchase up to $100 billion of the Company’s common stock.

Apple will provide live streaming of its Q2 2025 financial results conference call beginning at 2:00 p.m. PT on May 1, 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 the Company’s plan for return of capital, payment of its 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.

© 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

 

Six Months Ended

 

March 29, 2025

 

March 30, 2024

 

March 29, 2025

 

March 30, 2024

Net sales:

 

 

 

 

 

 

 

Products

$

68,714

 

 

$

66,886

 

$

166,674

 

 

$

163,344

Services

 

26,645

 

 

 

23,867

 

 

52,985

 

 

 

46,984

Total net sales (1)

 

95,359

 

 

 

90,753

 

 

219,659

 

 

 

210,328

Cost of sales:

 

 

 

 

 

 

 

Products

 

44,030

 

 

 

42,424

 

 

103,477

 

 

 

100,864

Services

 

6,462

 

 

 

6,058

 

 

13,040

 

 

 

12,338

Total cost of sales

 

50,492

 

 

 

48,482

 

 

116,517

 

 

 

113,202

Gross margin

 

44,867

 

 

 

42,271

 

 

103,142

 

 

 

97,126

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

8,550

 

 

 

7,903

 

 

16,818

 

 

 

15,599

Selling, general and administrative

 

6,728

 

 

 

6,468

 

 

13,903

 

 

 

13,254

Total operating expenses

 

15,278

 

 

 

14,371

 

 

30,721

 

 

 

28,853

 

 

 

 

 

 

 

 

Operating income

 

29,589

 

 

 

27,900

 

 

72,421

 

 

 

68,273

Other income/(expense), net

 

(279

)

 

 

158

 

 

(527

)

 

 

108

Income before provision for income taxes

 

29,310

 

 

 

28,058

 

 

71,894

 

 

 

68,381

Provision for income taxes

 

4,530

 

 

 

4,422

 

 

10,784

 

 

 

10,829

Net income

$

24,780

 

 

$

23,636

 

$

61,110

 

 

$

57,552

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.65

 

 

$

1.53

 

$

4.06

 

 

$

3.72

Diluted

$

1.65

 

 

$

1.53

 

$

4.05

 

 

$

3.71

Shares used in computing earnings per share:

 

 

 

 

 

 

 

Basic

 

14,994,082

 

 

 

15,405,856

 

 

15,037,903

 

 

 

15,457,810

Diluted

 

15,056,133

 

 

 

15,464,709

 

 

15,103,499

 

 

 

15,520,675

 

 

 

 

 

 

 

 

(1) Net sales by reportable segment:

 

 

 

 

 

 

 

Americas

$

40,315

 

 

$

37,273

 

$

92,963

 

 

$

87,703

Europe

 

24,454

 

 

 

24,123

 

 

58,315

 

 

 

54,520

Greater China

 

16,002

 

 

 

16,372

 

 

34,515

 

 

 

37,191

Japan

 

7,298

 

 

 

6,262

 

 

16,285

 

 

 

14,029

Rest of Asia Pacific

 

7,290

 

 

 

6,723

 

 

17,581

 

 

 

16,885

Total net sales

$

95,359

 

 

$

90,753

 

$

219,659

 

 

$

210,328

 

 

 

 

 

 

 

 

(1) Net sales by category:

 

 

 

 

 

 

 

iPhone

$

46,841

 

 

$

45,963

 

$

115,979

 

 

$

115,665

Mac

 

7,949

 

 

 

7,451

 

 

16,936

 

 

 

15,231

iPad

 

6,402

 

 

 

5,559

 

 

14,490

 

 

 

12,582

Wearables, Home and Accessories

 

7,522

 

 

 

7,913

 

 

19,269

 

 

 

19,866

Services

 

26,645

 

 

 

23,867

 

 

52,985

 

 

 

46,984

Total net sales

$

95,359

 

 

$

90,753

 

$

219,659

 

 

$

210,328

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)

 

 

March 29, 2025

 

September 28, 2024

ASSETS:

Current assets:

 

 

 

Cash and cash equivalents

$

28,162

 

 

$

29,943

 

Marketable securities

 

20,336

 

 

 

35,228

 

Accounts receivable, net

 

26,136

 

 

 

33,410

 

Vendor non-trade receivables

 

23,662

 

 

 

32,833

 

Inventories

 

6,269

 

 

 

7,286

 

Other current assets

 

14,109

 

 

 

14,287

 

Total current assets

 

118,674

 

 

 

152,987

 

 

 

 

 

Non-current assets:

 

 

 

Marketable securities

 

84,424

 

 

 

91,479

 

Property, plant and equipment, net

 

46,876

 

 

 

45,680

 

Other non-current assets

 

81,259

 

 

 

74,834

 

Total non-current assets

 

212,559

 

 

 

211,993

 

Total assets

$

331,233

 

 

$

364,980

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

 

 

 

Accounts payable

$

54,126

 

 

$

68,960

 

Other current liabilities

 

61,849

 

 

 

78,304

 

Deferred revenue

 

8,976

 

 

 

8,249

 

Commercial paper

 

5,982

 

 

 

9,967

 

Term debt

 

13,638

 

 

 

10,912

 

Total current liabilities

 

144,571

 

 

 

176,392

 

 

 

 

 

Non-current liabilities:

 

 

 

Term debt

 

78,566

 

 

 

85,750

 

Other non-current liabilities

 

41,300

 

 

 

45,888

 

Total non-current liabilities

 

119,866

 

 

 

131,638

 

Total liabilities

 

264,437

 

 

 

308,030

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

Shareholders’ equity:

 

 

 

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,939,315 and 15,116,786 shares issued and outstanding, respectively

 

88,711

 

 

 

83,276

 

Accumulated deficit

 

(15,552

)

 

 

(19,154

)

Accumulated other comprehensive loss

 

(6,363

)

 

 

(7,172

)

Total shareholders’ equity

 

66,796

 

 

 

56,950

 

Total liabilities and shareholders’ equity

$

331,233

 

 

$

364,980

 

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

 

 

Six Months Ended

 

March 29, 2025

 

March 30, 2024

Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances

$

29,943

 

 

$

30,737

 

 

 

 

 

Operating activities:

 

 

 

Net income

 

61,110

 

 

 

57,552

 

Adjustments to reconcile net income to cash generated by operating activities:

 

 

 

Depreciation and amortization

 

5,741

 

 

 

5,684

 

Share-based compensation expense

 

6,512

 

 

 

5,961

 

Other

 

(2,217

)

 

 

(1,971

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable, net

 

7,266

 

 

 

7,727

 

Vendor non-trade receivables

 

9,171

 

 

 

12,164

 

Inventories

 

858

 

 

 

53

 

Other current and non-current assets

 

(4,371

)

 

 

(4,438

)

Accounts payable

 

(14,604

)

 

 

(16,710

)

Other current and non-current liabilities

 

(15,579

)

 

 

(3,437

)

Cash generated by operating activities

 

53,887

 

 

 

62,585

 

 

 

 

 

Investing activities:

 

 

 

Purchases of marketable securities

 

(12,442

)

 

 

(25,042

)

Proceeds from maturities of marketable securities

 

26,587

 

 

 

27,462

 

Proceeds from sales of marketable securities

 

5,210

 

 

 

4,314

 

Payments for acquisition of property, plant and equipment

 

(6,011

)

 

 

(4,388

)

Other

 

(635

)

 

 

(729

)

Cash generated by investing activities

 

12,709

 

 

 

1,617

 

 

 

 

 

Financing activities:

 

 

 

Payments for taxes related to net share settlement of equity awards

 

(3,205

)

 

 

(2,875

)

Payments for dividends and dividend equivalents

 

(7,614

)

 

 

(7,535

)

Repurchases of common stock

 

(49,504

)

 

 

(43,344

)

Repayments of term debt

 

(4,009

)

 

 

(3,150

)

Repayments of commercial paper, net

 

(3,968

)

 

 

(3,982

)

Other

 

(77

)

 

 

(132

)

Cash used in financing activities

 

(68,377

)

 

 

(61,018

)

 

 

 

 

Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents

 

(1,781

)

 

 

3,184

 

Cash, cash equivalents, and restricted cash and cash equivalents, ending balances

$

28,162

 

 

$

33,921

 

 

 

 

 

Supplemental cash flow disclosure:

 

 

 

Cash paid for income taxes, net

$

31,683

 

 

$

14,531

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250501689914/en/

Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142

Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123