Apple closed its September quarter with revenue of $102.5 billion, up 8 percent year over year. That set records for total company revenue, iPhone revenue, and earnings per share. Apple said Services hit an all-time high and the results capped a record fiscal year.
Apple reported net income of $27.5 billion and EPS of $1.85, with a gross margin of 47.2 percent. The board declared a $0.26 dividend payable on November 13 to shareholders of record on November 10.
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Where the growth came from
Apple outlined the product mix that carried the quarter: iPhone $49.02B, Services $28.75B, Wearables, Home, and Accessories $9.01B, Mac $8.73B, iPad $6.95B. Apple tied its momentum to the September launches and the installed base reaching a new high.
iPhone: New lineup, record revenue
Apple said iPhone set a September-quarter revenue record at about $49 billion. The company linked demand to the iPhone 17 family, including iPhone 17 Pro and Pro Max, and to the early September launch window. Strong mix and early upgrade interest pushed the category to the top spot.
iPhone led Apple’s hardware story in Q4 and set the pace for the holiday run.
Services: All-time high on subscriptions and the ecosystem
Apple reported an all-time revenue record for Services, citing the scale of its installed base and continued growth across paid subscriptions. Services finished at $28.75 billion, making it the second-largest line and a stabilizer for margin.
Services deepened engagement and lifted profitability as hardware cycles turned over.
Wearables, Home, and Accessories: New AirPods and Apple Watch lift
Apple pointed to its all-new Apple Watch lineup and AirPods Pro 3 as the drivers inside Wearables, Home, and Accessories, which landed at $9.01 billion. New products arriving alongside the iPhone helped the category ride launch attention.
Momentum here matters heading into gifting season. The segment benefits when Apple ships fresh accessories next to flagship phones.
Mac: Fresh M5 systems set the stage
Apple highlighted the recently announced MacBook Pro with M5 as part of the product backdrop. Mac revenue reached $8.73 billion, helped by refreshed pro-class systems that arrived in time to influence back-to-school and set up the holidays.
Mac’s story is straightforward. New silicon and pro laptops kept the line competitive as buyers weighed performance upgrades.
iPad: Pro upgrades keep the line steady
Apple referenced the iPad Pro with M5 as part of the quarter’s lineup support. iPad revenue came in at $6.95 billion, reflecting a line in transition that still benefited from high-end Pro demand.
The category remains important to Apple’s workstation narrative. Pro tablets continue to anchor creative and enterprise users awaiting broader refreshes.
Profitability, cash returns, and the full year
Apple’s 47.2 percent gross margin underscored the mix of Services and premium devices. The company ended fiscal 2025 at $416.2 billion in revenue and $112.0 billion in net income, both records, while keeping its dividend unchanged at $0.26.
The capital return stance stays consistent. Apple refrained from detailed guidance for December, keeping focus on execution and product availability.
The holiday quarter
Apple said the product slate entering the holidays is its most expansive yet, calling out iPhone 17, AirPods Pro 3, the new Apple Watch family, and the latest MacBook Pro and iPad Pro with M5. That combination sets up a clean handoff from launch quarter to peak demand.
The narrative ends where it began. iPhone and Services did the heavy lifting in Q4, and Apple positioned the rest of the lineup to keep that momentum through December.
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