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,
|
|
March 30,
|
|
March 29,
|
|
March 30,
|
||||||
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,
|
|
September 28,
|
||||
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,
|
|
March 30,
|
||||
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/
Contacts
Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142
Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123
