Apple reported September-quarter revenue of $102.5 billion, up 8 percent year over year. Net income reached $27.5 billion, equal to earnings of $1.85 per diluted share. Gross margin rose to 47.2 percent from 46.2 percent a year ago. Apple also declared a cash dividend of $0.26 per share, payable November 13 to shareholders of record on November 10.
The company set September-quarter records for total revenue, iPhone revenue, and earnings per share, as well as a record for Services revenue. Apple said the results cap a record fiscal year.
What Apple said and where the numbers come from
Apple detailed the results in its Newsroom and investor materials for fiscal Q4 2025, which corresponds to the third calendar quarter. The company noted that last year’s quarter included a one-time $10.2 billion EU tax charge that depressed reported profit. Adjusting for that item, last year’s EPS was $1.64.
Tim Cook, Apple’s CEO, said:
“Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services. In September, we were thrilled to launch our best iPhone lineup ever, including iPhone 17, iPhone 17 Pro and Pro Max, and iPhone Air. In addition, we launched the fantastic AirPods Pro 3 and the all-new Apple Watch lineup.”
Kevan Parekh, Apple’s CFO, added:
“Our September quarter results capped off a record fiscal year, with revenue reaching $416 billion, as well as double-digit EPS growth. And thanks to our very high levels of customer satisfaction and loyalty, our installed base of active devices also reached a new all-time high across all product categories and geographic segments.”
Segment breakdown
Apple reported the following revenue mix for the quarter:
- iPhone: $49.02 billion
- Services: $28.75 billion
- Wearables, Home, and Accessories: $9.01 billion
- Mac: $8.73 billion
- iPad: $6.95 billion
The iPhone and Services lines drove the records. Services set a new all-time high. Apple linked demand to the September launches of the iPhone 17 family and the latest AirPods Pro and Apple Watch models. Recent MacBook Pro and iPad Pro systems with the M5 chip supported the Mac and iPad lines heading into the holiday season.
Profitability, cash returns, and the full year
Apple’s gross margin improved to 47.2 percent. The company ended fiscal 2025 with $416.2 billion in revenue and $112.0 billion in net income, both all-time records. For comparison, fiscal 2024 delivered $391.0 billion in revenue and $93.7 billion in net income.
The board approved a quarterly dividend of $0.26 per share. Apple maintained its practice of not issuing detailed revenue guidance for the December quarter.
What’s next
Apple said the conference call would begin at 2:00 p.m. Pacific on October 30. Shares traded roughly flat in after-hours action following a modest gain earlier in the day.
Cook summed up the product backdrop entering the holidays:
“When combined with the recently announced MacBook Pro and iPad Pro with the powerhouse M5 chip, we are excited to be sharing our most extraordinary lineup of products as we head into the holiday season.”
Key figures
- Revenue rose 8 percent to $102.5 billion.
- EPS reached $1.85. Adjusted year-ago EPS was $1.64 after excluding a one-time EU charge.
- Services hit a new all-time high. iPhone set a September-quarter record.
- Gross margin improved to 47.2 percent.
- Full-year revenue and net income set records at $416.2 billion and $112.0 billion.
- Dividend set at $0.26 per share, payable November 13.
