Apple reports first quarter results

Rhea-AI Summary

Apple has announced its fiscal 2025 first quarter financial results, achieving all-time records for total company revenue and earnings per share. The company reported quarterly revenue of $124.3 billion, representing a 4% year-over-year increase, and quarterly diluted earnings per share of $2.40, up 10% from the previous year.

The company highlighted strong performance during the holiday season, with services revenue reaching a new all-time high. Apple's installed base of active devices has reached a new record across all products and geographic segments. The company returned over $30 billion to shareholders and declared a cash dividend of $0.25 per share, payable on February 13, 2025.

Positive

• Record quarterly revenue of $124.3 billion, up 4% YoY
• EPS growth of 10% YoY to $2.40
• Services revenue reached new all-time high
• Record installed base across all products and regions
• Returned over $30 billion to shareholders

Negative

• None.

Insights

Financial Analyst

Apple's Q1 2025 results reveal a compelling narrative of resilient growth and operational excellence. The 4% revenue growth to $124.3 billion demonstrates the company's ability to drive expansion even at its massive scale. More impressively, the 10% EPS growth to $2.40 highlights superior operating leverage and efficient cost management.

The Services segment's record performance is particularly noteworthy as it typically carries margins above 70%, contributing significantly to overall profitability. This growing high-margin revenue stream provides a important buffer against hardware cycle fluctuations and enhances ecosystem stickiness.

Three key developments warrant investor attention: First, the expansion of the installed base across all geographic segments suggests robust ecosystem health and future monetization opportunities. Second, the upcoming multilingual rollout of Apple Intelligence represents a strategic push into AI-enhanced user experiences, potentially driving increased engagement and service adoption. Third, the $30 billion shareholder return demonstrates strong cash generation capability while maintaining investment flexibility.

The $0.25 quarterly dividend, while modest relative to peers, reflects Apple's balanced capital allocation approach, prioritizing operational flexibility and strategic investments while maintaining consistent shareholder returns. The company's continued innovation in silicon and AI capabilities positions it well for sustainable competitive advantages in the evolving tech landscape.

All-time records for total company revenue and EPS

Services revenue reaches new all-time high

CUPERTINO, Calif.--(BUSINESS WIRE)-- Apple® today announced financial results for its fiscal 2025 first quarter ended December 28, 2024. The Company posted quarterly revenue of $124.3 billion, up 4 percent year over year, and quarterly diluted earnings per share of $2.40, up 10 percent year over year.

“Today Apple is reporting our best quarter ever, with revenue of $124.3 billion, up 4 percent from a year ago,” said Tim Cook, Apple’s CEO. “We were thrilled to bring customers our best-ever lineup of products and services during the holiday season. Through the power of Apple silicon, we’re unlocking new possibilities for our users with Apple Intelligence, which makes apps and experiences even better and more personal. And we’re excited that Apple Intelligence will be available in even more languages this April.”

“Our record revenue and strong operating margins drove EPS to a new all-time record with double-digit growth and allowed us to return over $30 billion to shareholders,” said Kevan Parekh, Apple’s CFO. “We are also pleased that our installed base of active devices has reached a new all-time high across all products and geographic segments.”

Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on February 13, 2025, to shareholders of record as of the close of business on February 10, 2025.

Apple will provide live streaming of its Q1 2025 financial results conference call beginning at 2:00 p.m. PT on January 30, 2025 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per-share amounts)
	Three Months Ended
	December 28, 2024				December 30, 2023
Net sales:
Products	$	97,960			$	96,458
Services		26,340				23,117
Total net sales (1)		124,300				119,575
Cost of sales:
Products		59,447				58,440
Services		6,578				6,280
Total cost of sales		66,025				64,720
Gross margin		58,275				54,855
Operating expenses:
Research and development		8,268				7,696
Selling, general and administrative		7,175				6,786
Total operating expenses		15,443				14,482
Operating income		42,832				40,373
Other income/(expense), net		(248	)			(50	)
Income before provision for income taxes		42,584				40,323
Provision for income taxes		6,254				6,407
Net income	$	36,330			$	33,916
Earnings per share:
Basic	$	2.41			$	2.19
Diluted	$	2.40			$	2.18
Shares used in computing earnings per share:
Basic		15,081,724				15,509,763
Diluted		15,150,865				15,576,641
(1) Net sales by reportable segment:
Americas	$	52,648			$	50,430
Europe		33,861				30,397
Greater China		18,513				20,819
Japan		8,987				7,767
Rest of Asia Pacific		10,291				10,162
Total net sales	$	124,300			$	119,575
(1) Net sales by category:
iPhone	$	69,138			$	69,702
Mac		8,987				7,780
iPad		8,088				7,023
Wearables, Home and Accessories		11,747				11,953
Services		26,340				23,117
Total net sales	$	124,300			$	119,575

Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value)
	December 28, 2024				September 28, 2024
ASSETS:
Current assets:
Cash and cash equivalents	$	30,299			$	29,943
Marketable securities		23,476				35,228
Accounts receivable, net		29,639				33,410
Vendor non-trade receivables		29,667				32,833
Inventories		6,911				7,286
Other current assets		13,248				14,287
Total current assets		133,240				152,987
Non-current assets:
Marketable securities		87,593				91,479
Property, plant and equipment, net		46,069				45,680
Other non-current assets		77,183				74,834
Total non-current assets		210,845				211,993
Total assets	$	344,085			$	364,980
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	61,910			$	68,960
Other current liabilities		61,151				78,304
Deferred revenue		8,461				8,249
Commercial paper		1,995				9,967
Term debt		10,848				10,912
Total current liabilities		144,365				176,392
Non-current liabilities:
Term debt		83,956				85,750
Other non-current liabilities		49,006				45,888
Total non-current liabilities		132,962				131,638
Total liabilities		277,327				308,030
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,040,731 and 15,116,786 shares issued and outstanding, respectively		84,768				83,276
Accumulated deficit		(11,221	)			(19,154	)
Accumulated other comprehensive loss		(6,789	)			(7,172	)
Total shareholders’ equity		66,758				56,950
Total liabilities and shareholders’ equity	$	344,085			$	364,980

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)
	Three Months Ended
	December 28, 2024				December 30, 2023
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances	$	29,943			$	30,737
Operating activities:
Net income		36,330				33,916
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization		3,080				2,848
Share-based compensation expense		3,286				2,997
Other		(2,009	)			(989	)
Changes in operating assets and liabilities:
Accounts receivable, net		3,597				6,555
Vendor non-trade receivables		3,166				4,569
Inventories		215				(137	)
Other current and non-current assets		939				(1,457	)
Accounts payable		(6,671	)			(4,542	)
Other current and non-current liabilities		(11,998	)			(3,865	)
Cash generated by operating activities		29,935				39,895
Investing activities:
Purchases of marketable securities		(6,124	)			(9,780	)
Proceeds from maturities of marketable securities		15,967				13,046
Proceeds from sales of marketable securities		3,492				1,337
Payments for acquisition of property, plant and equipment		(2,940	)			(2,392	)
Other		(603	)			(284	)
Cash generated by investing activities		9,792				1,927
Financing activities:
Payments for taxes related to net share settlement of equity awards		(2,921	)			(2,591	)
Payments for dividends and dividend equivalents		(3,856	)			(3,825	)
Repurchases of common stock		(23,606	)			(20,139	)
Repayments of term debt		(1,009	)			—
Repayments of commercial paper, net		(7,944	)			(3,984	)
Other		(35	)			(46	)
Cash used in financing activities		(39,371	)			(30,585	)
Increase in cash, cash equivalents, and restricted cash and cash equivalents		356				11,237
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	$	30,299			$	41,974
Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	18,651			$	7,255

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250130261281/en/

Press Contact:

Josh Rosenstock

Apple

jrosenstock@apple.com

(408) 862-1142

Investor Relations Contact:

Suhasini Chandramouli

Apple

suhasini@apple.com

(408) 974-3123

Source: Apple Inc.

FAQ

What was Apple's (AAPL) revenue in Q1 2025?

Apple reported quarterly revenue of $124.3 billion in Q1 2025, representing a 4% increase year over year.

How much did AAPL's earnings per share grow in Q1 2025?

Apple's quarterly diluted earnings per share grew 10% year over year to $2.40 in Q1 2025.

When will AAPL pay its next dividend?

Apple will pay a dividend of $0.25 per share on February 13, 2025, to shareholders of record as of February 10, 2025.

How much did Apple (AAPL) return to shareholders in Q1 2025?

Apple returned over $30 billion to shareholders during the first quarter of fiscal 2025.

What was AAPL's services revenue performance in Q1 2025?

Apple's services revenue reached a new all-time high during Q1 2025.