Apple closed fiscal Q4 2025 on a high note, delivering $102.47 billion in revenue and $27.47 billion in net income as strong services momentum and steady iPhone demand powered a broad-based beat. The company also exceeded earnings expectations with EPS of $1.85, ahead of the $1.77 consensus.
Quarterly highlights
– Total revenue: $102.47 billion, up 7.9% year-over-year (vs. $94.93 billion in Q4 2024)
– iPhone: $49.03 billion, up 6.1% YoY
– Mac: $8.73 billion, up 12.8% YoY
– iPad: $6.95 billion, flat YoY
– Wearables, Home and Accessories: $9.01 billion, down 0.3% YoY
– Services: $28.75 billion, up 15.1% YoY
– Gross margin: $48.34 billion
– R&D expenses: $8.87 billion
– Net income: $27.47 billion
– Cash and cash equivalents: $35.93 billion
How results stacked up against expectations
– Revenue beat: $102.47 billion vs. $102.24 billion expected
– EPS beat: $1.85 vs. $1.77 expected
– iPhone slightly missed: $49.03 billion vs. $50.19 billion expected
– iPad slightly missed: $6.95 billion vs. $6.98 billion expected
– Mac beat: $8.73 billion vs. $8.59 billion expected
– Wearables, Home and Accessories beat: $9.01 billion vs. $8.49 billion expected
– Services beat: $28.75 billion vs. $28.17 billion expected
Full-year fiscal 2025 performance
– Total revenue: $416.16 billion, up 6.42% from $391.04 billion last year
– Products revenue: $307.0 billion, up 4.11% YoY
– Services revenue: $109.2 billion, up 13.55% YoY
What stands out in these results is the continued outperformance of services, which notched double-digit growth and helped offset mixed device trends. iPhone and Mac posted healthy gains, iPad was flat, and wearables dipped slightly year over year but still topped forecasts. With robust profitability, solid cash reserves, and rising services contribution, Apple exits fiscal 2025 with clear momentum heading into its next product cycles.
