Record numbers of customers upgrading their gear helped push up Apple’s revenue into record territory last quarter, and that’s boosting AAPL’s stock price.
Here are the products that the company says are the most popular with upgraders in Q4 2025. Some you might be able to guess, but there’s a very conspicuous absence from the list.
iPhone gets record number of upgraders in Q4 2025
Just like every other company, Apple loves new customers. Someone buying their first Mac is probably starting a lifetime as an Apple customer, with a stream of money flowing into the company’s coffers over the decades.
But returning customers — “upgraders” as Apple calls them — are any company’s bread and butter. Without loyal customers, Apple wouldn’t exist. Still, Kevan Parekh, Apple’s CFO, highlighted some products especially strong with upgraders during a call with analysts on Thursday.
“The iPhone active install base grew to an all-time high, and we set a September quarter record for upgraders,” Parekh said.
For much of Q4 2025, they were buying the iPhone 16 series. Then the iPhone 17 series launched near the end of the quarter — and Apple fans couldn’t get enough.
“On the iPhone 17 family, the demand is very strong,” Apple CEO Tim Cook said during Thursday‘s call.
Those two things combined produced a very lucrative result: iPhone just set a new September quarter revenue record.
iPad draws in upgraders, too
While iPhone is Apple’s largest category, other products also brought in billions and were quite successful with upgraders.
“On the iPad, the install base reached an all-time high with a September quarter record for upgraders,” said Apple CFO Parekh.
But it’s not just returning customers driving tablet sales.
“Over half of the customers who purchased an iPad during the quarter were new to the product,” Parekh said.
iPad had a surprisingly strong quarter, considering the last new models were the budget iPad 11 and M3 iPad Air from spring. New products generally spur sales.
Apple Watch sets new record for upgraders … and AirPods Pro 3 are a hit
Plenty of repeat customers came in for a new smartwatch in Q4 2025, as well.
“We also set a September record for upgraders on Apple Watch,” said Parekh.
The new Apple Watch Ultra, Series 11 and Apple Watch SE 3 all launched near the end of last quarter.
Another product refresh that came during Apple’s last financial quarter was AirPods Pro 3. Unlike iPhone, iPad and Apple Watch, these apparently didn’t set a record for upgraders.
However, the upgraded earbuds are selling well enough for Apple’s CEO to say, “AirPods Pro 3 have been a huge hit.”
What’s missing?
What didn’t get a call-out from Apple executives on Thursday during the earnings call, which triggered a spike in the APPL stock price? The Mac. There was no mention of MacBooks or Mac desktops setting records with upgraders. That’s surprising, considering Mac revenue last quarter grew a whopping 13% versus the same quarter a year ago.
Parekh did say much of the Mac revenue growth was “driven by MacBook Air.” So it seems like plenty of new customers were getting their first macOS laptop … perhaps to take to university, as last quarter was the back-to-school buying season.
The base model M5 MacBook Pro that launched in October might attract more upgraders next quarter. And the variants with the M5 Pro and M5 Max processors expected in early 2026 certainly will.
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.
