Apple reported a strong fiscal third quarter for the period ended June 28, 2025, with revenue of $94.036 billion, up approximately 9.6% from a year earlier. Apple rounded that increase to 10% and its revenue to $94.0 billion in its release.
The quarter benefited from stronger iPhone, Mac and Services sales, but the result was not entirely clean. Apple said tariff-related demand pull-forward contributed about one percentage point to growth, while tariffs cost approximately $800 million during the quarter. Management expected that cost to rise to about $1.1 billion in the September quarter under the tariff assumptions in effect on July 31, 2025.
The headline result
Apple announced its fiscal Q3 2025 results on July 31, 2025. The quarter ended June 28, so it is best described as Apple’s June quarter or fiscal third quarter—not the third calendar quarter.
| Measure | Q3 FY2025 | Q3 FY2024 | Change |
|---|---|---|---|
| Revenue | $94.036 billion | $85.777 billion | Up approximately 9.6% |
| Net income | $23.434 billion | $21.448 billion | Up approximately 9% |
| Diluted EPS | $1.57 | $1.40 | Up approximately 12% |
| Total gross margin | 46.5% | 46.3% | Up 0.2 percentage points |
Apple’s exact reported revenue was $94.036 billion. The commonly used “$94.04 billion” figure is a rounded presentation of that number, while Apple’s own news release used $94.0 billion.
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Relative to estimates available immediately before the release, the result was a clear beat. Reuters reported analyst expectations of approximately $89.3 billion in revenue. Consensus figures vary by provider and timestamp, so that comparison should not be treated as a universal estimate.
Apple also declared a historical quarterly dividend of $0.26 per share, payable August 14, 2025, to shareholders of record as of August 11, 2025. It reported approximately $27.9 billion in operating cash flow during the quarter.
Apple’s official earnings release and its consolidated financial statements provide the primary figures.
iPhone and Services led the growth
Apple’s two largest businesses were also its most important growth engines.
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|---|---|---|---|
| iPhone | $44.582 billion | $39.296 billion | Up 13% |
| Mac | $8.046 billion | $7.009 billion | Up 15% |
| iPad | $6.581 billion | $7.162 billion | Down 8% |
| Wearables, Home and Accessories | $7.404 billion | $8.097 billion | Down 9% |
| Services | $27.423 billion | $24.213 billion | Up 13% |
iPhone revenue increased by roughly $5.3 billion year over year, making it the largest contributor to the quarterly increase. Apple did not disclose iPhone unit sales, so the results cannot establish how many devices it sold or whether growth came from units, pricing, product mix or a combination of factors.
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Mac revenue rose approximately 15%, while iPad and Wearables, Home and Accessories both declined. That means it would be inaccurate to describe the quarter as broad-based growth across every product category.
Why Services matters more than its revenue share
Services revenue reached a record $27.423 billion, driven primarily by higher revenue from advertising, the App Store and cloud services, according to Apple’s regulatory filing.
Services accounted for roughly 29% of total quarterly revenue, but its profitability was much higher than that of Apple’s hardware businesses. Services gross margin was 75.6%, compared with a 34.5% gross margin for Products. Services therefore contributed disproportionately to gross profit even though iPhone and other hardware categories remain larger in revenue.
The result strengthens Apple’s recurring-revenue model: a larger installed base can support App Store spending, subscriptions, advertising and cloud usage after the initial device sale. Apple said its installed base of active devices reached a new all-time high across all product categories and geographic segments. That is a company-reported operating indicator, not a separately audited subscriber count.
Services growth also carries risks. Apple’s filing identifies regulatory and legal proceedings that could affect its App Store and other Services businesses. Record revenue is therefore strategically important, but it should not be treated as risk-free or equivalent to pure profit.
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Greater China improved, but one quarter does not prove a recovery
Greater China revenue was $15.369 billion, up from $14.728 billion a year earlier—an increase of approximately 4%.
That was a notable improvement after declines in earlier periods, but it is too soon to call it a durable regional turnaround. Apple does not disclose iPhone unit sales in these results, so the revenue increase cannot by itself show whether unit demand, pricing, product mix or currency drove the improvement.
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Apple reported growth across all of its geographic segments:
- Americas: $41.198 billion
- Europe: $24.014 billion
- Greater China: $15.369 billion
- Japan: $5.782 billion
- Rest of Asia Pacific: $7.673 billion
Greater China remains strategically important, but investors need additional quarters of comparable performance before treating the Q3 increase as a confirmed recovery.
Margins looked stable, but the mix tells a more complicated story
Apple’s consolidated gross margin increased slightly to 46.5% from 46.3% a year earlier. That resilience is notable given tariff pressure, but the total number conceals a substantial difference between Apple’s businesses.
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- Products gross margin: 34.5%
- Services gross margin: 75.6%
Apple said Products margin percentage was affected by tariffs and product mix, partly offset by favorable costs. Services margin improved primarily because of higher Services sales and mix.
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The practical implication is that Services growth can help protect Apple’s overall margin even when hardware costs rise. Conversely, a quarter driven disproportionately by lower-margin Products would put more pressure on consolidated profitability. Q3 combined strong hardware demand with record Services revenue, which helped keep the overall margin broadly stable.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Tariffs made the quarter harder to interpret
Apple said tariffs cost approximately $800 million during the June quarter. Management also estimated that tariff-related demand pull-forward contributed about one percentage point of the quarter’s roughly 10% revenue growth.
That does not mean tariffs caused Apple’s growth. iPhone, Mac and Services all had underlying contributions, and Apple reported growth across its geographic segments. The more precise conclusion is that some customers may have brought purchases forward because they expected tariffs to raise prices later.
Pull-forward demand can improve the current quarter while making the following quarter harder to read. If customers who would normally have purchased in the September quarter bought earlier, future growth could soften even if Apple’s underlying demand remains healthy. Tariffs can also pressure margins directly, raise prices, alter product mix or require changes to sourcing and manufacturing.
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What Apple expected for the September quarter
Apple guided to year-over-year revenue growth in the mid- to high-single-digit range for the September quarter. It expected gross margin of approximately 46% to 47%.
Management estimated a tariff-related cost impact of about $1.1 billion for that quarter, assuming tariff rates, policies and applications remained unchanged under the assumptions stated at the time. That was an estimate, not a guaranteed cost. The outcome could change with policy, exemptions, sourcing decisions, product mix and the extent to which Apple passes costs through to customers.
The outlook implied continued growth, but at a slower rate than the reported June-quarter increase. Reuters described the outlook as above analyst expectations of approximately $98.04 billion in September-quarter revenue, while also noting Apple’s mid- to high-single-digit growth forecast.
What to watch after the June quarter
- iPhone growth after pull-forward fades. The key question is whether the iPhone’s strong revenue growth continues once tariff-related purchase timing normalizes.
- Services growth and margin. Services revenue is important, but its long-term value depends on continued growth alongside the unusually high margin profile.
- Greater China revenue. Another improvement would provide stronger evidence than one quarter that Apple is stabilizing in the region.
- Products gross margin. This will show how tariffs, component costs, pricing and product mix are affecting hardware economics.
- iPad and Wearables performance. Both declined in Q3, so investors should determine whether those were temporary product-cycle effects or signs of weaker demand.
- Tariff mitigation and pricing. Apple’s results will reveal whether it absorbs costs, changes sourcing, adjusts prices or accepts lower product margins.
- Apple Intelligence adoption and monetization. Apple’s AI strategy may influence future product upgrades and Services opportunities, but Q3 results did not quantify Apple Intelligence as a financial driver. It should be assessed separately from the reported earnings figures.
Bottom line
Apple delivered a genuinely strong June quarter: revenue reached $94.036 billion, net income and diluted EPS increased, iPhone and Mac sales grew, and Services produced a record quarter. The result was also better than the analyst revenue estimates cited by Reuters.
The main qualification is sustainability. Approximately one percentage point of reported growth reflected tariff-related pull-forward, tariff costs were already about $800 million, and management expected approximately $1.1 billion in the September quarter under its stated assumptions. The most useful reading of the results is therefore not simply that Apple beat expectations, but that it did so with a strong combination of iPhone demand, high-margin Services growth and a still-unresolved exposure to tariffs and regional uncertainty.
This article describes historical fiscal Q3 2025 results and is not investment advice.
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