Apple revenue increased 5% annually to $95.4 billion during the first three months of 2025, and profits grew 8%. Those are the top takeaways from the March-quarter financial results Apple revealed after Wall Street closed Thursday. Both numbers beat analysts’ expectations.
“Today Apple is reporting strong quarterly results, including double-digit growth in Services,” said Apple CEO Tim Cook in a statement.
Apple financial results: Growth in both revenue and profits
Wall Street analysts predicted before Thursday’s announcement that Apple’s revenue in the first three months of 2025 would hit $94.6 billion, according to figures compiled by Yahoo Finance. And the average earnings per share estimate came in at $1.62.
Apple outperformed these expectations. The Mac-maker posted quarterly revenue of $95.4 billion (.pdf), up from $90.7 billion in the March 2024 quarter. And quarterly diluted earnings per share reached $1.65, up from $1.53 a year ago.
“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 Apple CFO Kevan Parekh in the press release.
Growth … but not in China
Most Apple product categories showed year-over-year growth in the quarter. Revenue from iPhone, Mac and iPad all increased. And, as Cook noted, services revenue grew strongly.
The iPhone is Apple’s biggest product, and revenue increased 2% year over year. Mac revenue increased a solid 7%. And iPad revenue grew 15%, which the company credited to strong sales of the new M3 iPad Pro. Revenue from services climbed 12% to a new record.
Some of the growth can be credited to new products that Apple launched in the winter quarter.
“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,” Cook said.
All the news isn’t good, though. Revenue in Greater China decreased. That’s not surprising, given the trade tensions between the United States and China brought about by President Donald Trump’s administration.
Headwinds
Apple’s winter-quarter financial results might seem surprising considering the turmoil in the world economy touched off by tariffs imposed by Trump. But the White House announced those in April, while the financial results announced Thursday are for the quarter that ended the month before.
Apple CEO Tim Cook and Chief Financial Officer Kevan Parekh will hold a conference call with investors Thursday afternoon. Much of the call will consist of a question-and-answer session, and tariffs are likely to come up repeatedly.
Ed Hardy has been writing full-time about tech for 25 years, and using it for much longer than that. His intro to Apple was a Macintosh Classic II (which he still has), but now he uses a 13-inch iPad Pro as his primary computer. He’s written for NotebookReview, TabletPCReview, and Brighthand, as well as other sites.
