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Apple’s Q3 2025 earnings: Revenue reaches $94 billion as iPhone and Services grow

Apple’s fiscal Q3 2025 ended June 28 and delivered $94.036 billion in revenue, $1.57 diluted EPS, strong iPhone and Services growth, and a 4% quarterly increase in Greater China.
From TheFinanceBase Team3 min to read
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Apple already released its fiscal third-quarter 2025 results on Thursday, July 31, 2025. The quarter ended June 28, 2025—not June 30—and produced $94.036 billion in revenue and diluted earnings per share of $1.57.

Apple announced the results in its official earnings release. The company’s Form 8-K filing confirmed the announcement date.

Apple Q3 2025 results at a glance

Apple described the quarter as a June-quarter record for total revenue, iPhone revenue and diluted earnings per share. Services revenue reached an all-time high.

Metric Fiscal Q3 2025 Year-over-year change
Revenue $94.036 billion Up 10%
Net income Approximately $23.4 billion —
Diluted EPS $1.57 Up 12%
Services revenue $27.423 billion Up 13%
Quarterly dividend $0.26 per share —

Apple’s comparable revenue a year earlier was $85.777 billion. The company’s earnings-call webcast began at 2:00 p.m. Pacific Time on July 31, 2025.

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How Apple’s product businesses performed

The Form 10-Q provides the detailed product results:

Category Q3 2025 revenue Year-over-year change
iPhone $44.582 billion Up 13%
Mac $8.046 billion Up 15%
iPad Approximately $6.6 billion Down from the prior year
Wearables, Home and Accessories $7.404 billion Down 9%
Services $27.423 billion Up 13%

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Apple also said its installed base of active devices reached a new all-time high across every product category and geographic segment. That is a company-reported operating metric, not a separately reported revenue figure.

Regional sales: China improved for the quarter, but not for the year to date

Region Q3 2025 sales Year-over-year change
Americas $41.198 billion Up 9%
Europe $24.014 billion Up 10%
Greater China $15.369 billion Up 4%
Japan $5.782 billion Up 13%
Rest of Asia Pacific $7.673 billion Up 20%

Apple reported year-over-year growth in all five geographic segments during the quarter. Greater China’s 4% increase was notable because the region had been weak in earlier periods. However, the same 10-Q shows that Greater China sales were still down 4% for the first nine months of fiscal 2025.

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That makes the quarterly improvement a sign of stabilization, not proof that Apple’s China business had fully recovered.

Tariffs and the risk of temporary demand

Tariffs were a major issue in interpreting the results. According to contemporary reporting on Apple’s earnings-call commentary, CEO Tim Cook said tariffs had an approximately $800 million impact during the June quarter and that Apple expected an approximately $1.1 billion impact in the following quarter. Those were period-specific estimates and should not be treated as confirmed permanent annual costs.

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Cook also indicated that some customers brought purchases forward because of tariff concerns. If that occurred, part of the strong iPhone performance may have reflected purchase timing rather than a lasting increase in demand.

Tariffs can affect Apple through higher component or manufacturing costs, supply-chain changes, pricing decisions and pressure on gross margin. Apple’s regulatory filing separately warned that tariffs and other trade measures could affect its supply chain, prices, margins and financial results. The filing is available through the SEC.

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What the quarter said about Apple’s outlook

The reported numbers established that Apple entered the period with broad-based momentum: iPhone, Mac and Services all grew, while every geographic segment increased year over year. They did not, by themselves, settle several forward-looking questions:

  • Demand durability: Investors needed to determine whether iPhone growth would continue after any tariff-related purchase pull-forward.
  • Services growth: Services remained a major growth engine, but its ability to keep offsetting slower hardware categories remained important.
  • China: The quarterly increase was encouraging, but the nine-month decline showed that regional weakness had not disappeared.
  • Margins: Future tariff costs, sourcing decisions and pricing could influence profitability even if revenue remained strong.
  • Artificial intelligence: Apple’s AI investment and product-integration strategy remained an important investor theme, but the earnings figures alone do not provide a complete measure of its progress.
  • September-quarter expectations: Management’s guidance and commentary were more relevant to future results than the historical headline numbers.

Contemporary Axios coverage cited pre-release expectations of approximately $89.22 billion in revenue and $1.43 in EPS. Any claim that Apple “beat expectations” should be understood in that context: estimates vary by source and methodology, while the figures Apple reported are its official GAAP results.

Dividend and share repurchases

Apple declared a quarterly dividend of $0.26 per share. It said the dividend would be paid on August 14, 2025, to shareholders of record at the close of business on August 11, 2025.

During the quarter, Apple repurchased approximately $21.0 billion of common stock and paid approximately $3.9 billion in dividends and dividend equivalents, according to its Form 10-Q.

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Primary documents

These are historical results. They describe Apple’s performance through June 28, 2025 and are not current investment advice or a forecast of future returns.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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