AAPL — Q2 2025 Earnings Call

Technology

Apple Inc. • Reported: 2025-05-01

EPS Actual

$1.65

Est. $1.62 ▲ Beat

Revenue Actual

$95.4B

Est. $94.7B ▲ Beat

Overall Result

Double Beat

EPS + Revenue vs. estimates

Period

Q2 2025

FY2025 • Reported 2025-05-01

Executive Summary

Apple reported Q2 FY2025 revenue of $95.4 billion, up 5% year-over-year, beating expectations across most segments. Services revenue reached a new March quarter record of $26.7 billion. iPhone revenue grew modestly as the company highlighted strong upgrade rates in markets with Apple Intelligence availability. Apple continued diversifying its supply chain with expanded manufacturing in India and Vietnam.

Key Highlights

Revenue positive

Revenue beats estimates

Q2 revenue of $95.4B beat the $94.7B consensus, growing 5% YoY across most segments.

Services positive

Services record continues

Services revenue of $26.7B set a new March quarter record, growing 12% YoY.

Supply Chain neutral

India manufacturing expansion

Apple shifted a substantial portion of US-bound iPhone production to India and other products to Vietnam to mitigate tariff impacts.

iPhone positive

iPhone upgrade momentum

iPhone upgraders grew double-digits YoY, driven by Apple Intelligence features and iPhone 16 lineup.

iPad positive

iPad growth accelerates

iPad revenue grew 15% with M3 iPad Air driving strong adoption, with over half of buyers new to iPad.

Guidance neutral

No specific guidance given

Apple declined to provide forward guidance due to macroeconomic and regulatory uncertainties.

Direct Quotes

Tim Cook

CEO • Overall Results

"We delivered a great quarter with revenue growth across each of our product categories and an all-time revenue record in Services. The iPhone 16 lineup continues to see strong demand."

Tim Cook

CEO • Supply Chain

"We have shifted a substantial amount of our production for iPhones sold in the US to India, and production for other products to Vietnam, to reduce geographic risk."

Kevan Parekh

CFO • Services Growth

"Services revenue reached a new March quarter record, growing 12% year over year. We now have more than 1.1 billion paid subscriptions across our services."

All AAPL Quarters

← Q1 2025 Q3 2025 →