Apple reported record fiscal first-quarter revenue of $124.30 billion, up 4% year over year, for the quarter ended December 28, 2024. Net income reached $36.33 billion and diluted earnings per share hit a quarterly record of $2.40. But the result was mixed: Services, Mac and iPad grew strongly, while iPhone revenue was roughly flat and Greater China revenue fell 11%.
Apple announced the results on January 30, 2025. Its fiscal Q1 2025 was the December quarter—not January through March 2025.
Apple fiscal Q1 2025: the key numbers
Apple described the period as its best quarter ever by revenue. Management also said net income and diluted EPS reached all-time quarterly records. The official financial statements show the following year-over-year comparison:
| Metric | Fiscal Q1 2025 | Fiscal Q1 2024 | Year-over-year change |
|---|---|---|---|
| Total revenue | $124.300 billion | $119.575 billion | +4% |
| Net income | $36.330 billion | $33.916 billion | +7% |
| Diluted EPS | $2.40 | $2.18 | +10% |
| Gross margin dollars | $58.275 billion | $54.855 billion | Up |
| Operating income | $42.832 billion | $40.373 billion | Up |
| Share repurchases | $23.3 billion | — | — |
| Dividends and equivalents | $3.9 billion | — | — |
Revenue measures sales, while net income measures profit after expenses, taxes and other items. They should not be treated as interchangeable. EPS also reflects the number of shares outstanding, so share repurchases can help lift EPS even though buybacks do not increase revenue.
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Apple’s earnings announcement and its consolidated financial statements provide the primary figures.
What drove the record quarter?
The headline result came from several businesses rather than a major increase in iPhone revenue.
| Business | Fiscal Q1 2025 revenue | Fiscal Q1 2024 revenue | Change |
|---|---|---|---|
| iPhone | $69.138 billion | $69.702 billion | Approximately flat |
| Services | $26.340 billion | — | +14% |
| Mac | $8.987 billion | $7.780 billion | +16% |
| iPad | $8.088 billion | $7.023 billion | +15% |
| Wearables, Home and Accessories | $11.747 billion | $11.953 billion | -2% |
Services growth
Services revenue rose 14% to $26.34 billion, an all-time December-quarter record. The category includes businesses such as the App Store, advertising, cloud services, subscriptions and payment-related services.
Services is strategically important because it generally has a different margin profile from hardware. However, Apple does not report Services as a standalone operating-profit figure. The $26.34 billion figure is revenue, not Services profit.
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Mac and iPad gains
Mac revenue increased 16% to $8.99 billion. Management pointed to Apple silicon and the Mac product lineup as sources of momentum.
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iPad revenue rose 15% to $8.09 billion. On the earnings call, management attributed growth to the iPad mini and the latest iPad Air.
iPhone revenue was essentially unchanged
iPhone revenue was $69.14 billion, compared with $69.70 billion a year earlier. That is a slight decline, not a collapse—and it is an important qualification to the record-quarter headline.
Apple produced a company-wide revenue record without significant year-over-year iPhone revenue growth. Services, Mac and iPad growth did much of the work, while the Wearables, Home and Accessories category declined about 2%.
Greater China was the main weakness
Apple reported $18.51 billion in Greater China revenue, down 11% from $20.82 billion in the year-ago quarter. Apple’s Greater China reporting region includes mainland China, Hong Kong and Taiwan; it should not automatically be read as mainland-China revenue alone.
| Region | Fiscal Q1 2025 | Fiscal Q1 2024 | Change |
|---|---|---|---|
| Americas | $52.648 billion | $50.430 billion | +4% |
| Europe | $33.861 billion | $30.397 billion | +11% |
| Greater China | $18.513 billion | $20.819 billion | -11% |
| Japan | $8.987 billion | $7.767 billion | +16% |
| Rest of Asia Pacific | $10.291 billion | $10.162 billion | +1% |
Apple said the Greater China decline was primarily related to lower iPhone sales. The broader market context included competition from Chinese smartphone makers and pressure on Apple’s position in the region.
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- This product will have a battery which exceeds 90% capacity relative to new.
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Tim Cook also said that roughly half of the China revenue decline related to changes in reseller inventory levels. That is management’s explanation, not an independently isolated measurement of causation. Channel inventory can affect the timing of reported sales, but it does not remove the underlying competitive and demand questions.
Independent reporting also linked the region’s weakness to the availability and rollout timing of Apple Intelligence. Those factors should be viewed as possible contributors rather than a complete explanation.
What Apple Intelligence meant for the quarter
Management said iPhone 16 performance was stronger in markets where Apple Intelligence features were available. Apple Intelligence did not launch globally at the same time, and availability varied by language, region, operating system and compatible device.
That makes Apple Intelligence an important strategic theme, but the results do not prove that it caused Apple’s record revenue. They also do not establish that it solved the company’s weakness in Greater China. The quarter showed an association in management’s market comparisons, not a separately reported financial contribution from the AI features.
Did Apple beat analyst expectations?
Yes on the company-wide figures cited in contemporary coverage, although key businesses fell short of expectations. LSEG estimates available on January 30, 2025, were approximately $124.12 billion for revenue and $2.35 for diluted EPS. Apple reported $124.30 billion and $2.40, respectively.
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- This product is eligible for a replacement or refund within 365 days of receipt if you are not satisfied.
At the same time, reported iPhone and Greater China revenue were weaker than analyst expectations, and Wearables revenue also reportedly missed estimates. These statements are not contradictory: Apple can beat estimates for total revenue and EPS while a major product category misses its own estimate.
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Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Apple’s guidance for the next quarter
On January 30, 2025, Apple guided for the following March quarter—not for the company’s current results as of 2026:
- Year-over-year revenue growth in the low- to mid-single digits.
- Gross margin of approximately 46.5% to 47.5%.
- Operating expenses of approximately $15.1 billion to $15.3 billion.
- Services growth in the low double digits, according to contemporaneous earnings-call reporting.
This guidance was the outlook issued at the time. It should not be confused with a current Apple forecast or with subsequently reported results.
How much did Apple return to shareholders?
Apple said it returned more than $30 billion to shareholders during the quarter. Its SEC filing breaks that down into approximately $23.3 billion in common-stock repurchases and $3.9 billion in dividends and dividend equivalents.
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Buybacks can increase earnings per share by reducing the number of shares outstanding. They are part of the explanation for the shareholder-return and EPS story, but they are not operating growth and do not directly increase sales.
What the quarter says about Apple
Apple’s fiscal Q1 2025 was genuinely strong at the company level: revenue, net income and diluted EPS all reached records, while Services, Mac and iPad delivered double-digit growth. But the composition matters.
The iPhone—the company’s largest business by revenue—was roughly flat, and Greater China declined 11%. The result therefore points to an ecosystem that can continue expanding beyond the iPhone, while also showing that Apple remains exposed to iPhone replacement cycles, regional competition, China demand, channel conditions and the execution of its Apple Intelligence rollout.
In short, Apple’s record $124.30 billion quarter was not an across-the-board surge. It was a record company-wide performance built on Services and strong Mac and iPad growth, offsetting a stagnant iPhone business and a significant Greater China setback.
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