Apple CEO Tim Cook signaled that Apple underestimated demand for the iPhone 17. On the Q4 2025 earnings call, he said supply remains tight and confirmed that Apple is “constrained on several models of the iPhone 17.” He formulated it as a demand story, not a ramp problem.
Cook avoided model-by-model detail but gave clear hints about where the heat is. “We’re constrained at the top and the entry,” he said, pointing to strong interest in both the Pro tier and the base iPhone 17. He also acknowledged Apple misjudged the final stretch of the previous generation. “We could have sold more” iPhone 16 units during the quarter.
During the same call, Cook noted Apple posted $102.5 billion in revenue for the September quarter, up 8 percent year over year, with iPhone revenue at $49 billion. When pressed by analysts from firms including Bank of America and Wells Fargo, Cook said Apple is not predicting when supply and demand will balance. “We’re working very hard to fulfill all the orders that we have,” he said.
iPhone Air looks softer as Apple boosts 17 and Pro
Analysts have reported that Apple lifted orders for iPhone 17 and 17 Pro while the iPhone Air shifted to end-of-cycle volumes. Cook did not highlight the Air on the call. He reiterated Apple does not break out sales by model and admitted he was “dodging the question intentionally.”
Cook also mentioned China several times. He described store traffic as up year over year and said iPhone reception there has been “very well received,” adding that subsidies in the region help demand within eligible price bands.
The quarter captured only the first few days of iPhone 17 availability since it ended on September 27. Even so, Cook’s comments point to a simple conclusion: Apple read demand too low, then got hit on both ends of the lineup. As he put it, “There’s not a ramp issue. It’s just we have very strong demand.”
