EX-99.1 2 a8-kex991q2202503292025.htm EX-99.1

Exhibit 99.1

Apple reports second quarter results

Services revenue reaches new all-time high

EPS sets March quarter record

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2025 second quarter ended March 29, 2025. The Company posted quarterly revenue of $95.4 billion, up 5 percent year over year, and quarterly diluted earnings per share of $1.65, up 8 percent year over year.

“Today Apple is reporting strong quarterly results, including double-digit growth in Services,” said Tim Cook, Apple’s CEO. “We were happy to welcome iPhone 16e to our lineup, and to introduce powerful new Macs and iPads that take advantage of the extraordinary capabilities of Apple silicon. And we were proud to announce that we’ve cut our carbon emissions by 60 percent over the past decade.”

“Our March quarter business performance drove EPS growth of 8 percent and $24 billion in operating cash flow, allowing us to return $29 billion to shareholders,” said Kevan Parekh, Apple’s CFO. “And thanks to our high levels of customer loyalty and satisfaction, our installed base of active devices once again reached a new all-time high across all product categories and geographic segments.”

Apple’s board of directors has declared a cash dividend of $0.26 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 15, 2025 to shareholders of record as of the close of business on May 12, 2025. The board of directors has also authorized an additional program to repurchase up to $100 billion of the Company’s common stock.

Apple will provide live streaming of its Q2 2025 financial results conference call beginning at 2:00 p.m. PT on May 1, 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.

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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 the Company’s plan for return of capital, payment of its 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, trade and other international disputes, 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.

Press Contact:

Josh Rosenstock

Apple

jrosenstock@apple.com

(408) 862-1142

Investor Relations Contact:

Suhasini Chandramouli

Apple

suhasini@apple.com

(408) 974-3123

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.

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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												Six Months Ended
			March 29, 2025						March 30, 2024						March 29, 2025						March 30, 2024
Net sales:
Products			$	68,714					$	66,886					$	166,674					$	163,344
Services			26,645						23,867						52,985						46,984
Total net sales (1)			95,359						90,753						219,659						210,328
Cost of sales:
Products			44,030						42,424						103,477						100,864
Services			6,462						6,058						13,040						12,338
Total cost of sales			50,492						48,482						116,517						113,202
Gross margin			44,867						42,271						103,142						97,126
Operating expenses:
Research and development			8,550						7,903						16,818						15,599
Selling, general and administrative			6,728						6,468						13,903						13,254
Total operating expenses			15,278						14,371						30,721						28,853
Operating income			29,589						27,900						72,421						68,273
Other income/(expense), net			(279)						158						(527)						108
Income before provision for income taxes			29,310						28,058						71,894						68,381
Provision for income taxes			4,530						4,422						10,784						10,829
Net income			$	24,780					$	23,636					$	61,110					$	57,552
Earnings per share:
Basic			$	1.65					$	1.53					$	4.06					$	3.72
Diluted			$	1.65					$	1.53					$	4.05					$	3.71
Shares used in computing earnings per share:
Basic			14,994,082						15,405,856						15,037,903						15,457,810
Diluted			15,056,133						15,464,709						15,103,499						15,520,675
(1) Net sales by reportable segment:
Americas			$	40,315					$	37,273					$	92,963					$	87,703
Europe			24,454						24,123						58,315						54,520
Greater China			16,002						16,372						34,515						37,191
Japan			7,298						6,262						16,285						14,029
Rest of Asia Pacific			7,290						6,723						17,581						16,885
Total net sales			$	95,359					$	90,753					$	219,659					$	210,328
(1) Net sales by category:
iPhone			$	46,841					$	45,963					$	115,979					$	115,665
Mac			7,949						7,451						16,936						15,231
iPad			6,402						5,559						14,490						12,582
Wearables, Home and Accessories			7,522						7,913						19,269						19,866
Services			26,645						23,867						52,985						46,984
Total net sales			$	95,359					$	90,753					$	219,659					$	210,328

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Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)

			March 29, 2025						September 28, 2024
ASSETS:
Current assets:
Cash and cash equivalents			$	28,162					$	29,943
Marketable securities			20,336						35,228
Accounts receivable, net			26,136						33,410
Vendor non-trade receivables			23,662						32,833
Inventories			6,269						7,286
Other current assets			14,109						14,287
Total current assets			118,674						152,987
Non-current assets:
Marketable securities			84,424						91,479
Property, plant and equipment, net			46,876						45,680
Other non-current assets			81,259						74,834
Total non-current assets			212,559						211,993
Total assets			$	331,233					$	364,980
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable			$	54,126					$	68,960
Other current liabilities			61,849						78,304
Deferred revenue			8,976						8,249
Commercial paper			5,982						9,967
Term debt			13,638						10,912
Total current liabilities			144,571						176,392
Non-current liabilities:
Term debt			78,566						85,750
Other non-current liabilities			41,300						45,888
Total non-current liabilities			119,866						131,638
Total liabilities			264,437						308,030
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,939,315 and 15,116,786 shares issued and outstanding, respectively			88,711						83,276
Accumulated deficit			(15,552)						(19,154)
Accumulated other comprehensive loss			(6,363)						(7,172)
Total shareholders’ equity			66,796						56,950
Total liabilities and shareholders’ equity			$	331,233					$	364,980

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Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

			Six Months Ended
			March 29, 2025						March 30, 2024
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances			$	29,943					$	30,737
Operating activities:
Net income			61,110						57,552
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization			5,741						5,684
Share-based compensation expense			6,512						5,961
Other			(2,217)						(1,971)
Changes in operating assets and liabilities:
Accounts receivable, net			7,266						7,727
Vendor non-trade receivables			9,171						12,164
Inventories			858						53
Other current and non-current assets			(4,371)						(4,438)
Accounts payable			(14,604)						(16,710)
Other current and non-current liabilities			(15,579)						(3,437)
Cash generated by operating activities			53,887						62,585
Investing activities:
Purchases of marketable securities			(12,442)						(25,042)
Proceeds from maturities of marketable securities			26,587						27,462
Proceeds from sales of marketable securities			5,210						4,314
Payments for acquisition of property, plant and equipment			(6,011)						(4,388)
Other			(635)						(729)
Cash generated by investing activities			12,709						1,617
Financing activities:
Payments for taxes related to net share settlement of equity awards			(3,205)						(2,875)
Payments for dividends and dividend equivalents			(7,614)						(7,535)
Repurchases of common stock			(49,504)						(43,344)
Repayments of term debt			(4,009)						(3,150)
Repayments of commercial paper, net			(3,968)						(3,982)
Other			(77)						(132)
Cash used in financing activities			(68,377)						(61,018)
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents			(1,781)						3,184
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances			$	28,162					$	33,921
Supplemental cash flow disclosure:
Cash paid for income taxes, net			$	31,683					$	14,531