Exhibit 99.
Apple reports third quarter results
June quarter records for total company revenue, iPhone revenue and EPS
Services revenue reaches new all-time high
CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2025 third quarter ended June 28, 2025. The
Company posted quarterly revenue of $94.0 billion, up 10 percent year over year, and quarterly diluted earnings per share of $1.57, up 12
percent year over year.
“Today Apple is proud to report a June quarter revenue record with double-digit growth in iPhone, Mac and Services and growth around the
world, in every geographic segment,” said Tim Cook, Apple’s CEO. “At WWDC25, we were excited to introduce a beautiful new software
design that extends across all of our platforms, and we announced even more great Apple Intelligence features.”
“We are very pleased with our record business performance for the June quarter, which generated EPS growth of 12 percent,” said Kevan
Parekh, Apple’s CFO. “Our installed base of active devices also reached a new all-time high across all product categories and geographic
segments, thanks to our very high levels of customer satisfaction and loyalty.”
Apple’s board of directors has declared a cash dividend of $0.26 per share of the Company’s common stock. The dividend is payable on
August 14, 2025 to shareholders of record as of the close of business on August 11, 2025.
Apple will provide live streaming of its Q3 2025 financial results conference call beginning at 2:00 p.m. PT on July 31, 2025, at
apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website,
investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC,
information on corporate governance, and details related to its annual meeting of shareholders.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans.
These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by
the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions,
including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural
disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly
competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications,
support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or
unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and
changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business,
reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk
Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most
recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any
forward-looking statements, which speak only as of the date they are made.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with
iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS,
visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including
the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best
products on earth and to leaving the world better than we found it.
Press Contact:
Josh Rosenstock
Apple
[email protected]
(408) 862-1142
Investor Relations Contact:
Suhasini Chandramouli
Apple
[email protected](408) 974-3123
NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at
[email protected].
© 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their
respective owners.
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended Nine Months Ended
June 28, June 29, June 28, June 29,
2025 2024 2025 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
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
June 28, September 28,
2025 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 and 15,116,786 shares issued and outstanding, respectively 89,806 83,276
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
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Nine Months Ended
June 28, June 29,
2025 2024
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances $ 29,943 $ 30,737
Operating activities:
Net income 84,544 79,000
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization 8,571 8,534
Share-based compensation expense 9,680 8,830
Other (1,748) (1,964)
Changes in operating assets and liabilities:
Accounts receivable, net 5,685 6,697
Vendor non-trade receivables 13,555 11,100
Inventories 1,223 41
Other current and non-current assets (6,116) (5,626)
Accounts payable (18,479) (15,171)
Other current and non-current liabilities (15,161) 2
Cash generated by operating activities 81,754 91,443
Investing activities:
Purchases of marketable securities (17,591) (38,074)
Proceeds from maturities of marketable securities 35,036 39,838
Proceeds from sales of marketable securities 10,785 7,382
Payments for acquisition of property, plant and equipment (9,473) (6,539)
Other (975) (1,117)
Cash generated by investing activities 17,782 1,490
Financing activities:
Payments for taxes related to net share settlement of equity awards (5,719) (5,163)
Payments for dividends and dividend equivalents (11,559) (11,430)
Repurchases of common stock (70,579) (69,866)
Proceeds from issuance of term debt, net 4,481 —
Repayments of term debt (9,682) (7,400)
Repayments of commercial paper, net (65) (2,985)
Other (87) (191)
Cash used in financing activities (93,210) (97,035)
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents 6,326 (4,102)
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances $ 36,269 $ 26,635
Supplemental cash flow disclosure:
Cash paid for income taxes, net $ 37,332 $ 19,230
