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Apple held its fiscal first-quarter 2025 earnings call on Thursday, January 30, 2025, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). The call covered the holiday quarter ended December 28, 2024. Apple reported $124.3 billion in revenue, diluted earnings per share of $2.40, and record Services revenue.
This is a historical recap. The webcast and its approximately two-week replay window are no longer current event information.
What Apple’s Q1 2025 earnings call covered
Apple’s fiscal Q1 2025 was not the January-through-March period commonly associated with the first calendar quarter. It was Apple’s fiscal quarter ended December 28, 2024, covering the company’s principal holiday selling period.
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The call was a financial-results conference call—not a product-launch keynote. Apple announced the event through its investor-relations materials and provided the webcast through its investor-relations website. Apple said the replay would remain available for approximately two weeks after the call.
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Apple Q1 2025 results at a glance
| Measure | Fiscal Q1 2025 | Year over year |
|---|---|---|
| Total revenue | $124.3 billion | Up 4% |
| Net income | $36.3 billion | Higher than the year-ago quarter |
| Diluted EPS | $2.40 | Up 10% |
| Services revenue | $26.34 billion | Up 14% |
| iPhone revenue | $69.14 billion | Down 1% |
| Mac revenue | $8.99 billion | Up 16% |
| iPad revenue | $8.09 billion | Up 15% |
| Wearables, Home and Accessories | $11.75 billion | Down 2% |
Apple’s results announcement highlighted record quarterly revenue and diluted EPS. The detailed figures appear in Apple’s consolidated financial statements and related SEC filing.
What mattered most in the quarter
Services was the clearest growth engine
Services revenue rose 14% to approximately $26.3 billion, a record for the company. Apple attributed the increase primarily to higher revenue from advertising, the App Store, and cloud services.
For investors, Services mattered not only because of its growth rate, but also because it increased the importance of Apple’s installed base and recurring customer relationships. The results made Services a major contributor to Apple’s overall revenue and earnings profile.
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- HEART RATE SENSING — Built-in heart rate sensing lets you track your heart rate and calories burned for up to 50 different workout types.* With iPhone, you will have access to the Move ring, step count, and the new Workout Buddy,* powered by Apple Intelligence.*
- LIVE TRANSLATION — Communicate across language barriers using Live Translation,* enabled by Apple Intelligence.*
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iPhone revenue was slightly weaker year over year
The iPhone remained Apple’s largest business, generating about $69.1 billion in quarterly revenue. However, revenue declined approximately 1% from the comparable quarter.
That created a mixed picture: Apple produced record total revenue and EPS, but the holiday quarter did not show accelerating overall iPhone revenue. Reported revenue should also be kept separate from third-party shipment estimates, which may use different methodologies.
Mac and iPad grew strongly
Mac revenue increased 16%, primarily because of higher laptop revenue. iPad revenue increased 15%, with Apple pointing primarily to its latest iPad Air products.
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- REBUILT FOR COMFORT — AirPods 4 have been redesigned for exceptional all-day comfort and greater stability. With a refined contour, shorter stem, and quick-press controls for music or calls.
- ACTIVE NOISE CANCELLATION — AirPods 4 with Active Noise Cancellation help reduce outside noise before it reaches your ears, so you can immerse yourself in what you’re listening to.*
- HEAR THE WORLD AROUND YOU — The powerful H2 chip comes to AirPods 4. Adaptive Audio seamlessly blends ANC and Transparency mode — which lets you comfortably hear and interact with the world around you exactly as it sounds — to provide the best listening experience in any environment.* And when you’re speaking with someone nearby, Conversation Awareness automatically lowers the volume of what’s playing.*
- IMPROVED SOUND AND CALL QUALITY — Voice Isolation improves the quality of calls in loud conditions. Using advanced computational audio, it reduces background noise while isolating and clarifying the sound of your voice for whomever you’re speaking to.*
- MAGICAL EXPERIENCE — Just say “Siri” or “Hey Siri” to play a song, make a call, or check your schedule.* And with Siri Interactions, now you can respond to Siri by simply nodding your head yes or shaking your head no.* Pair AirPods 4 by simply placing them near your device and tapping Connect on your screen.* Easily share a song or show between two sets of AirPods.* An optical in-ear sensor knows to play audio only when you’re wearing AirPods and pauses when you take them off. And you can track down your AirPods and Charging Case with the Find My app.*
Wearables, Home and Accessories declined
Revenue in Wearables, Home and Accessories fell 2% to about $11.75 billion. Apple said the decrease was driven primarily by lower Wearables revenue. This category was a counterweight to growth in Services, Mac, and iPad.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchGreater China remained a major investor concern
Greater China revenue was approximately $18.5 billion, down from about $20.8 billion in the comparable period, according to Apple’s financial statements.
The result raised questions about iPhone demand, competitive conditions, macroeconomic pressure, and channel inventory in the region. Those factors should not be collapsed into a single explanation without explicit supporting evidence from Apple or a named external source.
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China was particularly important because weakness in a major geographic market can offset otherwise healthy companywide results. Apple did not provide the same level of forward regional guidance that some analysts wanted, leaving investors to monitor subsequent reports for evidence of stabilization or further deterioration.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Apple Intelligence and the upgrade question
Apple said Apple Intelligence would become available in additional languages in April 2025. The staged rollout was an important topic because investors were assessing whether new AI features could encourage customers to upgrade compatible devices and support future iPhone demand.
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Other issues investors were watching
- Margins and foreign exchange: whether product mix, currency movements, and Services growth would affect gross-margin performance.
- Post-holiday iPhone demand: whether holiday sales represented sustained momentum or a temporary seasonal peak.
- Services monetization: whether advertising, App Store, and cloud growth could continue at a high rate.
- Supply and production: whether supply-chain conditions or production constraints could limit sales.
- Capital allocation: how much cash Apple returned through buybacks and dividends.
- March-quarter outlook: management’s expectations for the quarter following the holiday period.
Dividend and shareholder returns
Apple declared a quarterly cash dividend of $0.25 per share. The dividend was payable on February 13, 2025, to shareholders of record at the close of business on February 10, 2025. Those dates are historical and should not be used as current payment information.
Apple also said it returned more than $30 billion to shareholders during the quarter through dividends and share repurchases.
Where to find the official records
The company’s official earnings release contains the headline results, dividend announcement, and Apple’s comments on the quarter. The detailed category figures are available in the consolidated financial statements.
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Apple’s filings are also available through the SEC, including the January 30, 2025 Form 8-K and the Q1 2025 Form 10-Q filing index.
The bottom line
Apple’s fiscal Q1 2025 delivered strong headline results, but the details were uneven. Services, Mac, and iPad grew, while overall iPhone revenue slipped slightly, Wearables weakened, and Greater China revenue fell substantially. The central questions for investors were whether Apple Intelligence could support future upgrades, whether Services growth could continue, and whether China weakness would persist.
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