AAPL Q3 2025 Earnings

Call Details

• Call Title: Apple Inc. Q3 2025 Earnings Call
• Date: July 31, 2025 at 9:00 PM UTC
• Management Team:
  • Suhasini Chandramouli (Director of Investor Relations)
  • Tim Cook (Chief Executive Officer)
  • Kevan Parekh (Chief Financial Officer)

Call Summary

Financial Performance

• Company revenue was $94B, up 10% year over year and a June quarter record.
• Diluted earnings per share were $1.57, up 12% year over year, with net income of $23.4B.
• Products revenue was $66.6B, up 8% year over year, driven primarily by iPhone and Mac.
• Services revenue was $27.4B, up 13% year over year and an all-time record.
• iPhone revenue was $44.6B, up 13% year over year and set a June quarter upgrader record.
• Mac revenue was $8.0B, up 15% year over year, driven by the M4 MacBook Air and strong upgraders.
• iPad revenue was $6.6B, down 8% year over year due to a difficult compare to prior-year launches.
• Wearables, Home and Accessories revenue was $7.4B, down 9% year over year versus prior-year comparisons.
• Company gross margin was 46.5%, down 60 basis points sequentially and at the high end of guidance.
• Operating expenses were $15.5B, up 8% year over year, and operating cash flow was $27.9B.

Guidance

• September quarter revenue is expected to grow mid to high single digits year over year.
• Services revenue is expected to grow at a rate similar to the June quarter's performance of 13% year over year.
• Company gross margin is expected to be between 46% and 47% and includes the estimated $1.1B tariff impact.
• Operating expenses are expected to be between $15.6B and $15.8B for the September quarter.
• Other income and expense (OINE) is expected to be around negative $25M excluding mark-to-market of minority investments.
• The tax rate for the September quarter is expected to be approximately 17%.
• Guidance assumptions include current global tariff rates and policies remaining in effect, no macro deterioration, and the current Google revenue share agreement continuing.