Record iPhone demand and a 10%-12% December revenue outlook outweigh rising tariffs, investment spending, and ongoing supply constraints.
| Quarter | Q4 FY25 |
|---|---|
| Call date | 2025-10-30 |
| Length | 54 minutes |
| EPS | $1.85 |
| EPS consensus | $1.73 |
| Revenue | $102.5B |
| Revenue consensus | $102.2B |
Apple reported fiscal Q4 revenue of $102.5 billion, up 8% year over year, with Services revenue reaching $28.8 billion, up 15%. Management expects December-quarter revenue to grow 10% to 12% year over year, including double-digit iPhone growth. iPhone demand exceeded supply on several models, while Greater China revenue declined 4% year over year because of supply constraints. December-quarter gross margin is expected at 47% to 48%, including an estimated $1.4 billion tariff impact, while operating expenses are projected at $18.1 billion to $18.5 billion due largely to AI and product-roadmap investment.
What changed, guidance prior to now, analyst Q&A candor and the case for and against are part of Core.
Other quarters: Q3 FY26 · Q1 FY26 · Q3 FY25
Read the full Q4 FY25 earnings call transcript
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Transcript produced by Signals.AI from the company's own earnings call audio. Not personalized investment advice.