Apple’s Q3 2025 earnings: iPhone, Mac, and Services drive record June quarter

Apple

Apple has posted a strong set of numbers for its fiscal Q3 2025 (ended June 28), with revenue coming in at $94.04 billion — a 10% year-on-year increase and well ahead of Wall Street expectations ($89.22 billion). Net profit stood at $23.42 billion, or $1.57 per share, marking 12% EPS growth.

The June quarter turned out to be a record-breaker for Apple in several key segments. iPhone sales hit $44.58 billion, thanks to continued demand for the iPhone 16 lineup, while the Mac saw a surprising resurgence with $8.05 billion in revenue — a rare double-digit jump. iPad revenue was more modest at $6.58 billion, and wearables, home, and accessories brought in $7.4 billion.

But the real standout was Services. With $27.42 billion in revenue, Apple’s services arm continues to show how central it has become to the company’s long-term strategy, riding high on subscription growth across iCloud+, Music, TV+, and the App Store.

CEO Tim Cook highlighted the global nature of the growth, noting that Apple saw increases in every geographic segment. He also pointed to the strong momentum from WWDC25, where Apple introduced its redesigned software platforms and new Apple Intelligence features — its take on generative AI.

CFO Kevan Parekh emphasised the strength of Apple’s ecosystem, stating that the company’s installed base of active devices reached a new all-time high across every product category. He also underscored Apple’s customer loyalty, which remains a key differentiator in an increasingly competitive tech landscape.

While Apple still trails peers like Google and Meta in AI infrastructure spending, Cook reaffirmed the company’s intention to invest significantly in AI, including potential acquisitions. Still, Apple’s capital expenditure remains conservative by Big Tech standards — $3.46 billion for the quarter.

With strong hardware performance and booming services, Apple has delivered a confident response to critics questioning its AI strategy and innovation pipeline. The September quarter, with new hardware launches and iOS 26 rollout, could push the momentum even further.