Apple reports second quarter results

Published: 2025-05-01 16:55:03 ET AAPL

Published on 05/01/2025 at 16:55

Services revenue reaches new all-time high EPS sets March quarter record

Apple® today announced financial results for its fiscal 2025 second quarter ended March 29, 2025. The Company posted quarterly revenue of $95.4 billion, up 5 percent year over year, and quarterly diluted earnings per share of $1.65, up 8 percent year over year.

“Today Apple is reporting strong quarterly results, including double-digit growth in Services,” said Tim Cook, Apple’s CEO. “We were happy to welcome iPhone 16e to our lineup, and to introduce powerful new Macs and iPads that take advantage of the extraordinary capabilities of Apple silicon. And we were proud to announce that we’ve cut our carbon emissions by 60 percent over the past decade.”

“Our March quarter business performance drove EPS growth of 8 percent and $24 billion in operating cash flow, allowing us to return $29 billion to shareholders,” said Kevan Parekh, Apple’s CFO. “And thanks to our high levels of customer loyalty and satisfaction, our installed base of active devices once again reached a new all-time high across all product categories and geographic segments.”

Apple’s board of directors has declared a cash dividend of $0.26 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 15, 2025 to shareholders of record as of the close of business on May 12, 2025. The board of directors has also authorized an additional program to repurchase up to $100 billion of the Company’s common stock.

Apple will provide live streaming of its Q2 2025 financial results conference call beginning at 2:00 p.m. PT on May 1, 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 the Company’s plan for return of capital, payment of its 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.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at [email protected].

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

Six Months Ended

March 29, 2025

March 30, 2024

March 29, 2025

March 30, 2024

Net sales:

Products

68,714

66,886

166,674

163,344

Services

26,645

23,867

52,985

46,984

Total net sales (1)

95,359

90,753

219,659

210,328

Cost of sales:

Products

44,030

42,424

103,477

100,864

Services

6,462

6,058

13,040

12,338

Total cost of sales

50,492

48,482

116,517

113,202

Gross margin

44,867

42,271

103,142

97,126

Operating expenses:

Research and development

8,550

7,903

16,818

15,599

Selling, general and administrative

6,728

6,468

13,903

13,254

Total operating expenses

15,278

14,371

30,721

28,853

Operating income

29,589

27,900

72,421

68,273

Other income/(expense), net

(279

)

158

(527

)

108

Income before provision for income taxes

29,310

28,058

71,894

68,381

Provision for income taxes

4,530

4,422

10,784

10,829

Net income

24,780

23,636

61,110

57,552

Earnings per share:

Basic

1.65

1.53

4.06

3.72

Diluted

1.65

1.53

4.05

3.71

Shares used in computing earnings per share:

Basic

14,994,082

15,405,856

15,037,903

15,457,810

Diluted

15,056,133

15,464,709

15,103,499

15,520,675

(1) Net sales by reportable segment:

Americas

40,315

37,273

92,963

87,703

Europe

24,454

24,123

58,315

54,520

Greater China

16,002

16,372

34,515

37,191

Japan

7,298

6,262

16,285

14,029

Rest of Asia Pacific

7,290

6,723

17,581

16,885

Total net sales

95,359

90,753

219,659

210,328

(1) Net sales by category:

iPhone

46,841

45,963

115,979

115,665

Mac

7,949

7,451

16,936

15,231

iPad

6,402

5,559

14,490

12,582

Wearables, Home and Accessories

7,522

7,913

19,269

19,866

Services

26,645

23,867

52,985

46,984

Total net sales

95,359

90,753

219,659

210,328

Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)

March 29, 2025

September 28, 2024

ASSETS:

Current assets:

Cash and cash equivalents

28,162

29,943

Marketable securities

20,336

35,228

Accounts receivable, net

26,136

33,410

Vendor non-trade receivables

23,662

32,833

Inventories

6,269

7,286

Other current assets

14,109

14,287

Total current assets

118,674

152,987

Non-current assets:

Marketable securities

84,424

91,479

Property, plant and equipment, net

46,876

45,680

Other non-current assets

81,259

74,834

Total non-current assets

212,559

211,993

Total assets

331,233

364,980

LIABILITIES AND SHAREHOLDERS’ EQUITY:

Current liabilities:

Accounts payable

54,126

68,960

Other current liabilities

61,849

78,304

Deferred revenue

8,976

8,249

Commercial paper

5,982

9,967

Term debt

13,638

10,912

Total current liabilities

144,571

176,392

Non-current liabilities:

Term debt

78,566

85,750

Other non-current liabilities

41,300

45,888

Total non-current liabilities

119,866

131,638

Total liabilities

264,437

308,030

Commitments and contingencies

Shareholders’ equity:

Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,939,315 and 15,116,786 shares issued and outstanding, respectively

88,711

83,276

Accumulated deficit

(15,552

)

(19,154

)

Accumulated other comprehensive loss

(6,363

)

(7,172

)

Total shareholders’ equity

66,796

56,950

Total liabilities and shareholders’ equity

331,233

364,980

Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

Six Months Ended

March 29, 2025

March 30, 2024

Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances

29,943

30,737

Operating activities:

Net income

61,110

57,552

Adjustments to reconcile net income to cash generated by operating activities:

Depreciation and amortization

5,741

5,684

Share-based compensation expense

6,512

5,961

Other

(2,217

)

(1,971

)

Changes in operating assets and liabilities:

Accounts receivable, net

7,266

7,727

Vendor non-trade receivables

9,171

12,164

Inventories

858

Other current and non-current assets

(4,371

)

(4,438

)

Accounts payable

(14,604

)

(16,710

)

Other current and non-current liabilities

(15,579

)

(3,437

)

Cash generated by operating activities

53,887

62,585

Investing activities:

Purchases of marketable securities

(12,442

)

(25,042

)

Proceeds from maturities of marketable securities

26,587

27,462

Proceeds from sales of marketable securities

5,210

4,314

Payments for acquisition of property, plant and equipment

(6,011

)

(4,388

)

Other

(635

)

(729

)

Cash generated by investing activities

12,709

1,617

Financing activities:

Payments for taxes related to net share settlement of equity awards

(3,205

)

(2,875

)

Payments for dividends and dividend equivalents

(7,614

)

(7,535

)

Repurchases of common stock

(49,504

)

(43,344

)

Repayments of term debt

(4,009

)

(3,150

)

Repayments of commercial paper, net

(3,968

)

(3,982

)

Other

(77

)

(132

)

Cash used in financing activities

(68,377

)

(61,018

)

Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents

(1,781

)

3,184

Cash, cash equivalents, and restricted cash and cash equivalents, ending balances

28,162

33,921

Supplemental cash flow disclosure:

Cash paid for income taxes, net

31,683

14,531

View source version on businesswire.com: https://www.businesswire.com/news/home/20250501689914/en/