# Apple Inc. (AAPL) Q3 2025 Financial Results Summary
Apple announced its financial results for the fiscal 2025 third quarter, which ended on June 28, 2025, on July 31, 2025. The company achieved notable growth across various sectors, setting new records in revenue, earnings per share (EPS), and service income.
### Key Financial Highlights:
– **Total Revenue**:
– $94.0 billion, up **10%** from $85.8 billion in the same quarter of the previous year.
– **Earnings Per Share (EPS)**:
– $1.57, up **12%** from $1.40 in Q3 2024.
– **Products Revenue**:
– $66.6 billion, representing an increase of **8.3%** compared to $61.6 billion in Q3 2024.
– **Services Revenue**:
– $27.4 billion, up **13%** from $24.2 billion in the previous year, marking an all-time high for the segment.
– **Net Income**:
– $23.4 billion, up **9.2%** from $21.4 billion in Q3 2024.
### Revenue Breakdown by Product Category:
– **iPhone**:
– $44.6 billion, an increase of **13%** from $39.3 billion.
– **Mac**:
– $8.0 billion, up **14.8%** from $7.0 billion.
– **iPad**:
– $6.6 billion, a decrease of **8.1%** from $7.2 billion.
– **Wearables, Home, and Accessories**:
– $7.4 billion, down **8.6%** from $8.1 billion.
– **Total Net Sales**:
– $94.0 billion, aligning with the total revenue reported.
### Geographic Revenue Distribution:
– **Americas**:
– $41.2 billion, up **9.8%** from $37.7 billion.
– **Europe**:
– $24.0 billion, a **9.7%** increase from $21.9 billion.
– **Greater China**:
– $15.4 billion, up **4.4%** from $14.7 billion.
– **Japan**:
– $5.8 billion, up **13.5%** from $5.1 billion.
– **Rest of Asia Pacific**:
– $7.7 billion, a **20.0%** increase from $6.4 billion.
### Key Financial Metrics:
– **Gross Margin**:
– $43.7 billion, up from $39.7 billion year over year.
– **Operating Income**:
– $28.2 billion, an increase from $25.4 billion.
– **Operating Expenses**:
– Total of $15.5 billion, up from $14.3 billion.
– R&D expenses rose to $8.9 billion from $8.0 billion.
– Selling, general, and administrative expenses increased to $6.7 billion from $6.3 billion.
### Cash Flow Highlights:
– **Cash generated by Operating Activities**:
– $81.8 billion, down from $91.4 billion in Q3 2024.
– **Cash, Cash Equivalents, and Restricted Cash at End of Period**:
– $36.3 billion vs. $26.6 billion in Q3 2024.
### Shareholder Returns:
– Apple’s board of directors declared a quarterly cash dividend of **$0.26** per share, payable on August 14, 2025, to shareholders of record as of August 11, 2025.
– **Share Repurchases**: Apple repurchased **$70.6 billion** in common stock during the nine months ended June 28, 2025, a slight increase from **$69.9 billion** in the prior year.
### Additional Notes:
– Apple’s installed base of active devices reached an all-time high, reflecting strong customer satisfaction and loyalty.
– Forward-looking statements suggest cautious optimism regarding global economic conditions and market dynamics that might affect future results.
Overall, Apple’s Q3 2025 financial results demonstrate solid growth across multiple fronts, indicating a strong performance despite global economic challenges.
Here are the extracted tables based on the press release provided:
### CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
*Note: Amounts are in millions, except number of shares, which are reflected in thousands, and per-share amounts.*
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| June 28, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |
| Net sales: | ||||
| Products | $66,613 | $61,564 | $233,287 | $224,908 |
| Services | $27,423 | $24,213 | $80,408 | $71,197 |
| Total net sales(1) | $94,036 | $85,777 | $313,695 | $296,105 |
| Cost of sales: | ||||
| Products | $43,620 | $39,803 | $147,097 | $140,667 |
| Services | $6,698 | $6,296 | $19,738 | $18,634 |
| Total cost of sales | $50,318 | $46,099 | $166,835 | $159,301 |
| Gross margin | $43,718 | $39,678 | $146,860 | $136,804 |
| Operating expenses: | ||||
| Research and development | $8,866 | $8,006 | $25,684 | $23,605 |
| Selling, general and administrative | $6,650 | $6,320 | $20,553 | $19,574 |
| Total operating expenses | $15,516 | $14,326 | $46,237 | $43,179 |
| Operating income | $28,202 | $25,352 | $100,623 | $93,625 |
| Other income/(expense), net | -$171 | $142 | -$698 | $250 |
| Income before provision for income taxes | $28,031 | $25,494 | $99,925 | $93,875 |
| Provision for income taxes | $4,597 | $4,046 | $15,381 | $14,875 |
| Net income | $23,434 | $21,448 | $84,544 | $79,000 |
| Earnings per share: | ||||
| Basic | $1.57 | $1.40 | $5.64 | $5.13 |
| Diluted | $1.57 | $1.40 | $5.62 | $5.11 |
| Shares used in computing earnings per | ||||
| share: | ||||
| Basic | 14,902,886 | 15,287,521 | 14,992,898 | 15,401,047 |
| Diluted | 14,948,179 | 15,348,175 | 15,051,726 | 15,463,175 |
| (1)Net sales by reportable segment: | ||||
| Americas | $41,198 | $37,678 | $134,161 | $125,381 |
| Europe | $24,014 | $21,884 | $82,329 | $76,404 |
| Greater China | $15,369 | $14,728 | $49,884 | $51,919 |
| Japan | $5,782 | $5,097 | $22,067 | $19,126 |
| Rest of Asia Pacific | $7,673 | $6,390 | $25,254 | $23,275 |
| Total net sales | $94,036 | $85,777 | $313,695 | $296,105 |
| (1)Net sales by category: | ||||
| iPhone | $44,582 | $39,296 | $160,561 | $154,961 |
| Mac | $8,046 | $7,009 | $24,982 | $22,240 |
| iPad | $6,581 | $7,162 | $21,071 | $19,744 |
| Wearables, Home and Accessories | $7,404 | $8,097 | $26,673 | $27,963 |
| Services | $27,423 | $24,213 | $80,408 | $71,197 |
| Total net sales | $94,036 | $85,777 | $313,695 | $296,105 |
—
### CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
*Note: Amounts are in millions, except number of shares, which are reflected in thousands, and par value.*
| June 28, 2025 | September 28, 2024 | |
|---|---|---|
| ASSETS: | ||
| Current assets: | ||
| Cash and cash equivalents | $36,269 | $29,943 |
| Marketable securities | $19,103 | $35,228 |
| Accounts receivable, net | $27,557 | $33,410 |
| Vendor non-trade receivables | $19,278 | $32,833 |
| Inventories | $5,925 | $7,286 |
| Other current assets | $14,359 | $14,287 |
| Total current assets | $122,491 | $152,987 |
| Non-current assets: | ||
| Marketable securities | $77,614 | $91,479 |
| Property, plant and equipment, net | $48,508 | $45,680 |
| Other non-current assets | $82,882 | $74,834 |
| Total non-current assets | $209,004 | $211,993 |
| Total assets | $331,495 | $364,980 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | ||
| Current liabilities: | ||
| Accounts payable | $50,374 | $68,960 |
| Other current liabilities | $62,499 | $78,304 |
| Deferred revenue | $8,979 | $8,249 |
| Commercial paper | $9,923 | $9,967 |
| Term debt | $9,345 | $10,912 |
| Total current liabilities | $141,120 | $176,392 |
| Non-current liabilities: | ||
| Term debt | $82,430 | $85,750 |
| Other non-current liabilities | $42,115 | $45,888 |
| Total non-current liabilities | $124,545 | $131,638 |
| Total liabilities | $265,665 | $308,030 |
| Commitments and contingencies | ||
| Shareholders’ equity: | ||
| Common stock and additional paid-in | ||
| capital, $0.00001 par value: | ||
| 50,400,000 shares authorized; 14,856,722 | $89,806 | $83,276 |
| and 15,116,786 shares issued and | ||
| outstanding, respectively | ||
| Accumulated deficit | -$17,607 | -$19,154 |
| Accumulated other comprehensive loss | -$6,369 | -$7,172 |
| Total shareholders’ equity | $65,830 | $56,950 |
| Total liabilities and shareholders’ | ||
| equity | $331,495 | $364,980 |
