Apple has reported financial results for the fourth quarter of its 2025 fiscal year, posting revenue of $91.3 billion and net income of $23.6 billion. The results reflected continued strength in Services and steady iPhone performance, as well as record revenue in several international markets.
International sales accounted for 62 percent of total revenue. Apple’s gross margin for the quarter was 45.2 percent, compared to 44.5 percent in the same quarter last year.
CEO Tim Cook said the results demonstrate “the strength and resilience of Apple’s ecosystem,” citing Services growth, customer satisfaction, and expanding global reach. CFO Luca Maestri added that Apple continued to deliver strong financial performance while investing in innovation for the year ahead.
Services Lead the Growth
Apple’s Services division — which includes the App Store, Apple Music, iCloud, and Apple TV — generated $26.9 billion in revenue, an all-time record for the company. Paid subscriptions across Apple platforms reached 1.1 billion, up from 975 million a year ago.
Maestri noted that Services have become an increasingly significant contributor to Apple’s revenue mix, benefiting from consistent growth across multiple categories.
Apple Pay, Apple Card, and iCloud continued to expand, while Apple TV+ saw renewed engagement driven by new and returning titles, including the second season of Hijack and the Formula 1 feature film from Apple Original Films.
iPhone Sales Stable Ahead of Holiday Quarter
Revenue from iPhone sales totaled $44.8 billion, remaining stable year over year despite foreign exchange headwinds and a highly competitive smartphone market. The iPhone 17 lineup, launched earlier in the quarter, performed particularly well in North America and Japan, while sales in China moderated slightly.
Apple said that demand for the iPhone 17 Pro and Pro Max remained robust through the end of the quarter, driven by consumer interest in the upgraded camera systems and efficiency improvements from the M5 chip.
Cook noted that Apple continues to see “strong customer satisfaction and loyalty across the iPhone family,” adding that early indicators for the holiday quarter point to solid demand.
Mac and iPad Reflect Timing of New Launches
Mac revenue was $8.1 billion, while iPad revenue reached $6.4 billion. Apple said both categories reflected timing related to recent product announcements. The new M5-powered MacBook Pro and iPad Pro with OLED display, introduced shortly after the quarter ended, are expected to support future performance.
Maestri reiterated that the product transitions were aligned with Apple’s broader silicon roadmap and customer upgrade cycles.
Wearables and Home Devices Gain Ground
Revenue from Wearables, Home, and Accessories totaled $9.7 billion, an increase from the same quarter last year. Apple said the segment benefited from continued Apple Watch adoption and strong AirPods performance. Vision Pro also remained part of the company’s premium product portfolio as availability expanded gradually across markets.
Cook noted that Apple Watch continues to lead the smartwatch industry and plays an important role in the company’s health and fitness initiatives.
Record Performance in Emerging Markets
Apple achieved all-time revenue records in India and several other emerging markets during the quarter, reflecting the company’s sustained focus on expanding its retail presence and local operations.
Cook said Apple is “very pleased with our results in emerging markets,” adding that growth in regions such as India, Brazil, and the Middle East remains a strategic focus.
Operating cash flow for the quarter reached $26.8 billion. Apple returned over $25 billion to shareholders through dividends and share repurchases.
The company declared a cash dividend of $0.26 per share, payable on November 15, 2025.
Looking ahead to the December quarter, Maestri said Apple expects year-over-year revenue growth driven by the launch of new M5-powered devices, seasonal demand, and continued expansion in Services.
