Apple’s quarterly outcomes for the third fiscal quarter of 2025 are arriving on July 31. With ever-changing tariff insurance policies affecting provide chains, here is what to anticipate from a historically quiet quarter for the corporate.
Apple’s third-quarter outcomes are normally the quietest and the bottom of the 12 months. With vacation seasonality affecting gross sales, Q3 tends to be the low level with little to sit up for, save for hypothesis on the upcoming iPhone technology.
The reference to “quietest” right here is extra one in every of relativity to the remainder of the 12 months. For an organization of Apple’s measurement, there are nonetheless quite a lot of issues occurring on this interval.
The total outcomes shall be revealed by Apple on July 31, adopted by the standard name with buyers and analysts.
With the prospect of Apple coping with tariff adjustments amongst different points, the interval shall be an attention-grabbing one for buyers and observers.
Final quarter: Q2 2025 particulars
Within the second quarter, Apple’s income of $95.4 billion was up 5% year-on-year from the $90.75 billion reported in Q2 2024. This was additionally above the Wall Avenue Consensus, which believed Apple would haul in $94.42 billion as a mean.
On a per-unit foundation, iPhone income of $46.84 billion was up from $45.96 billion within the year-ago quarter. Mac income was $7.95 billion, up marginally year-on-year from $7.45 billion.
The iPad income went from $5.56 billion in Q2 2024 to $6.4 billion, with Wearables, House, and Equipment all the way down to $7.5 billion from $7.9 billion. The ever-dependable Providers arm continued its future of development, reporting $26.6 billion for Q2 2025 versus $23.9 billion in Q2 2024.
Apple quarterly income and internet revenue, as of Q2 2025.
Apple’s board of administrators declared a money dividend of $0.26 per share of frequent inventory. The Earnings Per Share is listed at $1.65.
Apple largely continued to learn from post-holiday gross sales of fall product launches, together with the iPhone 16 vary. Nevertheless, within the quarter itself, it noticed the introduction of the iPhone 16e, Eleventh-gen iPad, M3 variations of iPad Air, the M4 MacBook Air, and an up to date Mac Studio.
Whereas product launches are helpful, they’re extra more likely to profit the next quarter, as they are going to solely apply to a part of Q2 itself.
The quarter additionally needed to deal with the continuing results of the tariff battle, the place the administration of President Donald Trump utilized tariffs towards all different international locations. It is a matter that may virtually actually apply to Apple’s financials for the approaching years.
Yr-ago quarter: Q3 2024
The Q3 2024 outcomes beat expectations by a substantial margin. Income hit $85.78 billion, up from the $81.80 billion it reported for Q3 2023, and beating Wall Avenue expectations of $84.54 billion.
The earnings per share of $1.40 was up from the Q3 2023 $1.26.
Income from iPhone was at $39.3 billion, down from $39.67 billion year-over-year, whereas iPad at $7.16 billion was up from the $5.79 billion within the year-prior quarter. Mac income moved from $6.84 billion in Q3 2023 to $7.01 billion.
Quarterly income by unit, as of Q2 2025.
Wearables, House, and Equipment noticed a shift down from $8.28 billion within the year-ago quarter to $8.09 billion. Providers continued its development, transferring to $24.2 billion from $21.21 billion in Q3 2023.
It was 1 / 4 that noticed Tim Cook dinner spotlight the inbound updates launched throughout the 2024 Worldwide Builders Convention, together with Apple Intelligence. Apple went on to battle with some implementation factors.
Tariffs and Europe: What occurred in Q3 2025
Apple did not introduce new merchandise throughout the interval, however there was one main component that may nonetheless have a serious influence on the quarter’s financials.
The White Home was making an attempt to use so-called “reciprocal tariffs” on international locations around the globe, with a substantial give attention to China. The battle inevitably led to Apple’s inventory being battered with buyers pulling funds from Wall Avenue, as President Trump threatened triple-digit tariff hikes towards China.
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President Donald Trump
Finally, the tariff struggle settled down, with Apple and different tech firms set to learn from decrease “semiconductor” tariffs. Nevertheless, regardless of a 90-day pause on implementing tariffs, what was set in place was nonetheless larger than had been utilized to imports earlier than the tariff conflict started.
In the course of the Q2 2025 name with buyers, Tim Cook dinner mentioned that the tariffs might add $900 million to Apple’s prices for the Q3 fiscal quarter. It was an uncommon admission, and an estimate that was made lengthy earlier than different adjustments have been made to the U.S. tariff scenario.
The tariffs are the primary problem affecting Apple’s monetary standing, however there’s additionally regulatory exercise in Europe to cope with.
The EU has repeatedly threatened an anti-competition superb over non-compliance with the Digital Markets Act, with a relativelymodest $570 million utilized towards the corporate. Whereas the superb was seemingly low to try to keep away from retaliation from Trump, the White Home nonetheless complained about it.
Apple has since appealed the superb, although the corporate can also take some steps to appease the EU sooner or later. These steps are now anticipated to be accepted by the EU, and stop the threatened each day superb towards the corporate.
In the meantime, the EU has additionally seemingly dropped plans for a Huge Tech tax, presumably to assist grease the wheels on a positive U.S. commerce deal.
Wall Avenue consensus
The Wall Avenue consensus refers to a survey of analysts. The outcomes are averaged out to offer a common opinion of the place buyers and analysts are leaning of their quarterly forecasts for Apple.
Yahoo Finance
Within the estimates revealed by Yahoo Finance as of July 18, 28 analysts provided a mean income estimate of $88.64 billion. The estimated vary goes from a excessive of $90.1 billion to a low of $86.92 billion.
For the earnings per share, a gaggle of 29 forecasts a mean of $1.42, with a excessive of $1.47 and a low of $1.32.
TipRanks
On July 18, TipRanks provided its personal consensus figures. The income forecast is at $90.025 billion, with a variety from $86.92 billion to $92.82 billion. The earnings per share is predicted to be $1.42, with a variety from $1.32 to $1.54.
Analyst expectations
Forward of the outcomes and name, analysts supply their very own forecasts of what they assume Apple shall be declaring in its financials. Relying on the agency and the analyst, these scorching takes embody each constructive and destructive opinions about Apple.
Morgan Stanley
Shared with AppleInsider on July 21, Morgan Stanley expects Apple to have a stable quarter, elevating its estimates and anticipating wholesome upside throughout most product classes. Income is anticipated to be $90.7 billion.
The iPhone income is at the moment anticipated to be 2% above Wall Avenue expectations, because of cargo and common promoting worth (ASP) enhancements. iPad and Mac estimates have risen by 9% and 1% respectively, once more by way of stronger than anticipated demand.
After an absence of Providers steerage from the March quarter name, there are apparently investor issues over Providers development deceleration. Nevertheless, Morgan Stanley is elevating its Providers forecast by 11.6% year-over-year, with comparable development for the App Retailer itself.
Looking forward to the September quarter, development is predicted to “trough” with implications that iPhone 17 costs in September will go up.
Morgan Stanley charges Apple as Chubby with a worth goal of $235.
Goldman Sachs
On July 24, Goldman Sachs believed that Apple can have some stunning outcomes for buyers. It is going to beat income and development expectations, the agency says, with Providers being a giant driver.
Providers will develop 11% year-over-year in Q3, one of many few hard-number predictions states, because of sturdy spending within the App Retailer. The sustained development is offsetting slower {hardware} gross sales cycles, partially because of the usually larger revenue margins concerned.
That mentioned, there are nonetheless expectations of sturdy development for iPhone iPad, Mac, and wearables. Higher gross margins are anticipated too, because of easing tariff-related prices.
As for the quarter forward, there’s optimism from U.S. provider promotions to drive iPhone gross sales, with the iPhone 17 Air a possible highpoint.
JP Morgan
Funding agency JP Morgan additionally predicts that Apple can have stunning outcomes, and total is constructive concerning the firm’s medium-term future. That constructive outlook is tempered by many issues over iPhone 17 demand, although, and no expectation that Apple Intelligence will drive gross sales.
But JP Morgan is trying additional forward than most different analysts. Regardless of short-term issues, the corporate expects Apple to do sufficiently effectively that JP Morgan will elevate its inventory worth goal — if solely ultimately.
