Apple Q4 2025: Crossing the $100 Billion Mark
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Apple has just reported its fiscal fourth-quarter results for 2025. As usual, it’s breaking all-time records in multiple categories, but this one also represents a significant milestone for a September quarter, with $102.5 billion in overall revenue.
Since Apple’s fiscal year begins in October, its fourth quarter ended on September 27, only a week after the iPhone 17 lineup went on sale in stores. This means the earnings only capture the first wave of pre-orders and early adopter excitement, and there’s little doubt the “holiday quarter” — Q1 2026 — will show even higher iPhone sales numbers.
Our September quarter results capped off a record fiscal year, with revenue reaching $416 billion, as well as double-digit EPS growth. And thanks to our very high levels of customer satisfaction and loyalty, our installed base of active devices also reached a new all-time high across all product categories and geographic segments.
Kevan Parekh, Apple CFO
The Numbers
For Q4 2025, Apple posted quarterly revenue of $102.5 billion, an increase of 8 percent from Q4 2024. Diluted earnings per share (EPS) was $1.85, up 13 percent year over year on an adjusted basis.
As usual, the iPhone carried the day, accounting for nearly 48% of the revenue. However, the Services category continues to climb, now comprising 28.1% of the Q4 revenue. Considering that Services were at only 21.9% three years ago, if the growth continues at this rate, it’s on pace to soon represent a third of Apple’s overall revenue. Here’s the breakdown:
- iPhone: $49.03 billion (up 6.1%)
- Mac: $8.72 billion (up 12.7%)
- iPad: $6.95 billion (0% change)
- Wearables: $9.01 billion (down 0.3%)
- Services: $28.75 billion (up 15.1%)
Today, Apple is very proud to report a September quarter revenue record of $102.5 billion, including a September quarter revenue record for iPhone and an all-time revenue record for Services. In September, we were thrilled to launch our best iPhone lineup ever, including iPhone 17, iPhone 17 Pro and Pro Max, and iPhone Air. In addition, we launched the fantastic AirPods Pro 3 and the all-new Apple Watch lineup. When combined with the recently announced MacBook Pro and iPad Pro with the powerhouse M5 chip, we are excited to be sharing our most extraordinary lineup of products as we head into the holiday season.
Tim Cook, Apple CEO
The State of the iPhone
While iPhone sales came in below Wall Street expectations, they were still up over 6 percent compared to last year’s quarter, which was a greater increase than we’ve seen between previous Q4s.
In addition to the fact that the new iPhone models were only available for preorder 15 days before the end of the quarter, the iPhone Air also failed to launch in one of Apple’s biggest markets — China — until October due to regulatory delays.
Apple CEO Tim Cook also noted that several iPhone 17 models faced supply constraints. He made it clear this wasn’t a “ramp issue” of failing to meet expected demand, but rather much stronger demand than Apple expected. Cook added that Apple is working hard to fulfill all outstanding orders, and the September shortfall will undoubtedly be made up for in an even stronger-than-usual holiday quarter.
Cook reported that Apple also set a September quarter record for upgraders, but cautioned that it’s too early in the iPhone 17 cycle to make any comments about upgraders or switchers overall, and added that the same is true for which models are the best-sellers.
“It’s still too early to call the mix to be honest, and we don’t like to publicly disclose that due to competitive reasons.” However, he added that the constraints make it very difficult to know, as that affects the numbers.
There’s Much More to Come…
During today’s earnings call, which followed the announcement, Cook was asked why he thinks this year’s iPhone lineup is performing well and what specifically differentiates it from previous years. Cook naturally emphasized that this is the best iPhone lineup ever, but added more color than usual, saying “the design sings” on the iPhone 17 Pro, which is now “more pro than ever,” the iPhone Air is so thin and light it “feels like it’s going to fly away,” and the iPhone 17 is “incredible value and takes several features that were reserved for pro before and brings them down to the consumer lineup.”
In other comments, Cook confirmed that Apple’s Siri improvements remain on track for release early next year, declined to say much about whether the iPhone Air is a precursor to a future “iPhone Fold,” and confirmed that while Apple Intelligence is a factor in product purchases, consumer demand is far more complicated.
While Apple has had a very successful fourth quarter this year, we can safely expect the next quarter to reach even new heights. Apple surpassed $100 billion in holiday quarter revenue four years ago and is now courting the $125 billion mark. In addition to meeting the demand for the iPhone 17 lineup, Apple also has three new Apple Watch models, the AirPods Pro 3, and the more recently launched M5 iPad Pro and M5 MacBook Pro to round out the holiday quarter.
Nevertheless, investors appeared pleased with the Q4 results, with Apple shares rising modestly in after-hours trading as analysts highlighted stronger-than-expected growth in Mac and Services.
With new hardware still rolling out and Apple Intelligence on deck for early 2026, Apple is heading into the holiday quarter with more momentum — and investor anticipation — than it’s had in years.
