Apple did not raise its dividend during fiscal Q3 2025. On July 31, 2025, it declared the same $0.26-per-share quarterly dividend introduced in May. That rate was 4% higher than the $0.25 paid in Q3 2024, so the dividend was up year over year but unchanged from the prior quarter. Apple also said new U.S. tariffs were pressuring product gross-margin percentage, although revenue, earnings per share and total gross margin increased.
What happened to Apple’s Q3 2025 dividend?
Apple’s fiscal Q3 ended June 28, 2025. The company declared a $0.26-per-share dividend on July 31, payable August 14 to shareholders of record on August 11. The July declaration maintained the existing rate; it was not a new increase announced with Q3 results.
| Comparison or event | Dividend | What it means |
|---|---|---|
| January 30, 2025 declaration | $0.25 per share | Rate before the fiscal-year increase |
| May 1, 2025 declaration | $0.26 per share | Apple announced a 4% increase with its Q2 results |
| July 31, 2025 Q3 declaration | $0.26 per share | Rate was maintained, not raised again |
| August 14, 2025 payment | $0.26 per share | Cash payment for holders of record on August 11 |
Apple’s dividend history shows the relevant declaration and payment dates. Its May release explicitly described the move to $0.26 as a 4% increase, while the July Q3 release announced the same amount without describing another increase.
Is the Q3 dividend “up”?
- Versus Q2 2025: No. Q3 and Q2 were both $0.26 per share.
- Versus Q3 2024: Yes. $0.26 was 4% above the earlier $0.25 rate.
- Versus January 2025: Yes, but the increase occurred with the May 1 Q2 announcement.
Accordingly, “Apple raised its dividend in Q3 2025” is inaccurate unless it explains that the increase had already been announced in Q2. The evidence supports “Apple’s Q3 dividend was 4% higher year over year” or “Apple maintained its newly raised $0.26 rate.”
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How strong were Apple’s Q3 operating results?
Apple reported $94.0 billion of revenue for the quarter, up 10% from a year earlier, and diluted earnings per share of $1.57, up 12%. iPhone, Mac and Services each grew year over year, Services reached an all-time company revenue high, and revenue increased in every geographic segment, according to the earnings release.
Total gross margin was 46.5%, compared with 46.3% in Q3 2024. That company-wide figure does not mean every category’s margin improved: Services generally carry higher margins than products, and business mix can lift the consolidated result even when product margins face pressure.
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What did tariffs do to Apple’s margins?
Apple’s Q3 Form 10-Q gives a more precise account than a general “trade-war” description. New U.S. tariff measures began being announced in the second quarter and involved imports from or connected with China, India, Japan, South Korea, Taiwan, Vietnam and the European Union. Apple warned that tariffs on products or components could affect its supply chain, materials, component costs, pricing, gross margin, operating results and financial condition. The eventual impact remained uncertain because it depended on future announcements, retaliatory actions and how large and long-lasting the measures became.
For Q3, product gross margin increased in absolute dollars, helped by product mix and favorable costs, but tariffs were a partial offset. Apple said product gross-margin percentage declined year over year primarily because of tariffs and product mix. Thus, tariffs were a real operating headwind even though the company’s total gross-margin percentage rose.
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The filing does not establish a simple quarter-by-quarter growth rate for tariffs, nor does it prove that Apple raised a particular consumer price because of them. It identifies pricing and supply-chain effects as risks, not as evidence of a specific price increase.
Why did the tariff pressure not stop capital returns?
Apple’s filing says cash, cash equivalents, marketable securities, operating cash generation and continued access to debt markets were expected to cover its cash requirements and capital-return program for the following 12 months and beyond. That is a liquidity assessment, not a guarantee that every future dividend will be unchanged; dividends remain subject to board declaration and business conditions.
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| Fiscal Q3 2025 activity | Amount |
|---|---|
| Common-stock repurchases | $21.0 billion |
| Dividends and dividend equivalents paid | Approximately $3.9 billion |
| Manufacturing purchase obligations | $44.1 billion, of which $43.8 billion was due within 12 months |
The scale matters: Apple returned substantially more through buybacks than through dividends during the quarter, while still reporting resources it considered sufficient for its planned capital needs.
What does cash flow show?
Apple’s consolidated financial statements report operating cash flow of $81.754 billion for the first nine months of fiscal 2025, down from $91.443 billion in the comparable 2024 period. Over those nine months, Apple paid $11.559 billion in dividends versus $11.430 billion a year earlier and repurchased $70.579 billion of stock versus $69.866 billion. Cash, cash equivalents and restricted cash totaled $36.269 billion at June 28, 2025, compared with $26.635 billion a year earlier. These balances exclude Apple’s broader pool of marketable securities.
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Quarterly cash flow is affected by working-capital timing, taxes, inventories, supplier balances and other items, so higher revenue and EPS do not automatically produce higher operating cash flow. Using the statements’ nine-month and six-month totals, standalone Q3 operating cash flow calculates to approximately $27.9 billion for fiscal 2025 ($81.754 billion minus $53.887 billion) versus approximately $28.9 billion for fiscal 2024 ($91.443 billion minus $62.585 billion). This is a calculation from reported figures, not a separately reported Apple metric. The source statements are available in Apple’s Q3 2025 financial statements.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What investors should—and should not—conclude
- Supported: The Q3 per-share dividend was 4% higher than a year earlier.
- Not supported: Q3 produced a fresh dividend increase; the 4% raise was announced on May 1.
- Supported: Tariffs reduced product gross-margin percentage and partially offset product-margin gains.
- Also supported: Revenue, diluted EPS and total gross margin increased, indicating that mix, Services and other favorable factors absorbed some pressure.
- Not supported: Tariffs caused the dividend increase or directly threatened the Q3 payment.
- Important qualification: A 4% per-share increase says nothing by itself about dividend yield, which changes with Apple’s share price.
For primary documentation, investors can use Apple’s investor-relations resources and the company’s Q3 2025 Form 10-Q.
The Bottom Line
Apple’s Q3 2025 dividend was higher year over year at $0.26 per share, but Q3 did not bring a new increase—the 4% raise had already been announced in May. Tariffs were a documented drag on product-margin percentage, yet Apple’s revenue growth, Services mix, liquidity and operating cash generation supported continued dividends and buybacks.
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