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Apple (AAPL) FY2025 results: revenue $416.2 billion, up 6.4% on the year

Apple Inc. (AAPL) reported revenue of $416.2 billion for fiscal 2025, the year ended 27 September 2025, up 6.4% on the year before. Net income was $112.0 billion, up 19.5%, and diluted earnings per share $7.46. The figures are the company's own, from the 10-K it filed with the SEC on 31 October 2025.

Revenue
$416.2 billion
+6.4% on the year
FY2018FY2025
Operating margin
32.0%
31.5% a year earlier
FY2018FY2025
Net income
$112.0 billion
+19.5% on the year
FY2018FY2025
Diluted EPS
$7.46
+22.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 kept.

  • Revenue rose 8% to $102.5 billion: Total net sales were $102,466 million, against $94,930 million in the prior-year quarter. Products net sales were $73,716 million, against $69,958 million.
  • GAAP diluted EPS $1.85 versus $0.97: Diluted EPS was $1.85, against $0.97 a year earlier, a figure that included the 2024 tax charge. On an adjusted basis the prior-year figure was $1.64.
  • Services revenue set an all-time high: Services net sales were $28,750 million, against $24,972 million, and Services cost of sales was $7,106 million, against $6,485 million.
  • Greater China sales declined: Greater China net sales were $14,493 million, against $15,033 million, the only reportable segment to decline. Japan net sales rose to $6,636 million from $5,926 million.
  • IPhone was the largest category: iPhone net sales were $49,025 million, up from $46,222 million, and were the largest product category in the quarter.
Read the Q4 FY2025 earnings call summary

From this 10-K

Apple designs, makes and markets smartphones, personal computers, tablets, wearables and accessories, and sells a range of related services. It writes the operating systems its products use and designs most of what goes inside them. It sells in most major markets, both through its own stores and website and through carriers and resellers.

Apple Inc., the 10-K for 2025

Apple designs, makes and markets smartphones, personal computers, tablets, wearables and accessories, and sells a range of related services. It writes the operating systems its products use and designs most of what goes inside them. It sells in most major markets, both through its own stores and website and through carriers and resellers.

What it makes

iPhone is the smartphone line, built on the iOS operating system, and covers iPhone 17 Pro, iPhone Air, iPhone 17, iPhone 16 and iPhone 16e. Mac is the personal computer line on macOS: the MacBook Air and MacBook Pro laptops, and the iMac, Mac mini, Mac Studio and Mac Pro desktops. iPad is the tablet line on iPadOS. A fourth group holds the wearables and the home devices, and it runs on operating systems of its own: Apple Watch on watchOS, Apple Vision Pro on visionOS, Apple TV 4K on tvOS, plus AirPods and the HomePod speakers. Accessories, Apple's own and other companies', sit in the same group.

The services sold alongside them

Services are a separate part of the business and cover several distinct things. The App Store is where customers find and download applications, books, music, video, games and podcasts. Subscriptions run beside it: Apple Arcade for games, Apple Fitness+, Apple Music, Apple News+, and Apple TV for original programming and live sport. AppleCare sells service and support, including priority technical support, access to the authorised repair network, and in many cases cover for accidental damage, theft and loss, depending on the country and the type of product. Cloud services keep a customer's content current across Apple devices and Windows computers. Payment services cover Apple Pay and the co-branded Apple Card. Advertising is sold both on Apple's own platforms and through licensing arrangements with other parties.

How it reaches the buyer

Apple manages the business by geography rather than by product. The reportable segments are the Americas, Europe, Greater China, Japan, and the rest of Asia Pacific. Europe as Apple defines it also takes in India, the Middle East and Africa. Greater China covers the China mainland, Hong Kong and Taiwan. Each segment sells much the same hardware, software and services, and Apple runs them separately to sit closer to where its customers and its distribution partners are. Customers are in the consumer, small and mid-sized business, education, enterprise and government markets. Two channels carry the products: Apple's own retail stores, online store and direct sales force, and indirect channels such as cellular carriers and other resellers. In 2025 the direct channel carried 40 percent of sales and the indirect channel 60 percent.

What it builds itself and what it buys

Apple designs and develops close to the whole of a product: the hardware, the operating system, a large number of software applications, and the services attached. Components are a different matter. Most are available from more than one supplier, but some come from a single source or a small number of them, and new products often use custom parts that only one supplier makes. Where a component uses a new technology, supply can be capped until that supplier's yields and capacity catch up. Apple competes for many of the same parts with other makers of phones, computers and tablets, which leaves it exposed to industry-wide shortages and to swings in commodity prices. Restrictions on international trade can raise the cost of the products, the components inside them, and the rare earths and other raw materials those components need.

The shape of the year

Apple's fiscal year is the 52 or 53 week period ending on the last Saturday of September. The first quarter has historically been the biggest, partly because of holiday demand. Product launches move the numbers around inside the year as well: distribution channels fill with new stock after a launch, and stock of the older product falls away as its replacement approaches. As of 27 September 2025 the company had about 166,000 full-time equivalent employees.

From Apple's annual report on Form 10-K for the year ended 27 September 2025. The filing

Written from the 10-K filed 31 October 2025: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue416,161391,035383,285+6.4%
Cost of revenue220,960210,352214,137+5.0%
Gross profit195,201180,683169,148+8.0%
Gross margin46.9%46.2%44.1%
Research and development34,55031,37029,915+10.1%
Selling, general and administrative27,60126,09724,932+5.8%
Operating income133,050123,216114,301+8.0%
Operating margin32.0%31.5%29.8%
Interest expensen/an/a3,933
Pre-tax income132,729123,485113,736+7.5%
Income tax20,71929,74916,741-30.4%
Effective tax rate15.6%24.1%14.7%
Net income112,01093,73696,995+19.5%
Net margin26.9%24.0%25.3%
Diluted EPS$7.46$6.08$6.13+22.7%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow111,482118,254110,543-5.7%
Capital expenditure12,7159,44710,959+34.6%
Free cash flow98,767108,80799,584-9.2%
Free cash flow margin23.7%27.8%26.0%
Cash from investing15,1952,9353,705+417.7%
Cash from financing-120,686-121,983-108,488
Depreciation and amortisation11,69811,44511,519+2.2%
Share-based compensation12,86311,68810,833+10.1%
Buybacks90,71194,94977,550-4.5%
Dividends paid15,42115,23415,025+1.2%
Dividend per share$1.02$0.98$0.94+4.1%
Diluted shares, weighted15,005m15,408m15,813m-2.6%
Shares outstanding at period end14,773m15,117m15,550m-2.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity73,73356,95062,146+29.5%
Debt98,657106,629111,088-7.5%
Operating lease liabilities10,91110,04610,408+8.6%
Finance lease liabilities692752859-8.0%
Other liabilities175,248190,603168,082-8.1%
Total liabilities and equity359,241364,980352,583-1.6%
Fixed assets49,83445,68043,715+9.1%
Intangible assets13,301n/an/a
Investments96,486126,707132,134-23.9%
Cash and equivalents35,93429,94329,965+20.0%
Receivables39,77733,41029,508+19.1%
Inventory5,7187,2866,331-21.5%
Other assets118,191121,954110,930-3.1%
Total assets359,241364,980352,583-1.6%

10-K for the year ended 27 September 2025, filed 31 October 2025: the filing.