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, this is what to anticipate from a historically quiet quarter for the corporate.
Apple’s third-quarter outcomes are often the quietest and the bottom of the yr. With vacation seasonality affecting gross sales, Q3 tends to be the low level with little to stay up for, save for hypothesis on the upcoming iPhone era.
The reference to “quietest” right here is extra one in every of relativity to the remainder of the yr. For a corporation of Apple’s measurement, there are nonetheless plenty of issues taking place on this interval.
The complete outcomes will probably be revealed by Apple on July 31, adopted by the everyday name with traders and analysts.
With the prospect of Apple coping with tariff adjustments amongst different points, the interval will probably be an attention-grabbing one for traders 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 Road Consensus, which believed Apple would haul in $94.42 billion as a median.
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, Residence, and Equipment right down to $7.5 billion from $7.9 billion. The ever-dependable Companies arm continued its future of progress, 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 widespread 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 useful, they’re extra more likely to profit the next quarter, as they’ll solely apply to a part of Q2 itself.
The quarter additionally needed to cope with the continuing results of the tariff battle, the place the administration of President Donald Trump utilized tariffs towards all different nations. It is a subject that can nearly definitely apply to Apple’s financials for the approaching years.
12 months-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 Road 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, Residence, and Equipment noticed a shift down from $8.28 billion within the year-ago quarter to $8.09 billion. Companies continued its progress, 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 wrestle 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 significant affect on the quarter’s financials.
The White Home was making an attempt to use so-called “reciprocal tariffs” on nations world wide, with a substantial concentrate on China. The battle inevitably led to Apple’s inventory being battered with traders pulling funds from Wall Road, as President Trump threatened triple-digit tariff hikes towards China.
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President Donald Trump
Finally, the tariff battle settled down, with Apple and different tech corporations set to learn from decrease “semiconductor” tariffs. Nevertheless, regardless of a 90-day pause on implementing tariffs, what was set in place was nonetheless increased than had been utilized to imports earlier than the tariff warfare started.
Throughout the Q2 2025 name with traders, Tim Cook dinner stated 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 had been made to the U.S. tariff scenario.
The tariffs are the principle situation affecting Apple’s monetary standing, however there’s additionally regulatory exercise in Europe to take care of.
The EU has repeatedly threatened an anti-competition nice over non-compliance with the Digital Markets Act, with a comparativelymodest $570 million utilized towards the corporate. Whereas the nice was seemingly low to try to keep away from retaliation from Trump, the White Home nonetheless complained about it.
Apple has since appealed the nice, although the corporate can also take some steps to appease the EU sooner or later. These steps at the moment are anticipated to be accepted by the EU, and forestall the threatened every day nice towards the corporate.
In the meantime, the EU has additionally seemingly dropped plans for a Massive Tech tax, presumably to assist grease the wheels on a positive U.S. commerce deal.
Wall Road consensus
The Wall Road consensus refers to a survey of analysts. The outcomes are averaged out to present a normal opinion of the place traders and analysts are leaning of their quarterly forecasts for Apple.
Yahoo Finance
Within the estimates revealed by Yahoo Finance as of July 1828 analysts provided a median 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 bunch of 29 forecasts a median 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 spread from $86.92 billion to $92.82 billion. The earnings per share is anticipated to be $1.42, with a spread from $1.32 to $1.54.
Analyst expectations
Forward of the outcomes and name, analysts supply their very own forecasts of what they suppose Apple will probably be declaring in its financials. Relying on the agency and the analyst, these sizzling takes embody each optimistic and adverse opinions about Apple.
Morgan Stanley
Shared with AppleInsider on July 21, Morgan Stanley expects Apple to have a strong 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 present anticipated to be 2% above Wall Road expectations, because of cargo and common promoting value (ASP) enhancements. iPad and Mac estimates have risen by 9% and 1% respectively, once more through stronger than anticipated demand.
After a scarcity of Companies steering from the March quarter name, there are apparently investor considerations over Companies progress deceleration. Nevertheless, Morgan Stanley is elevating its Companies forecast by 11.6% year-over-year, with comparable progress for the App Retailer itself.
Waiting for the September quarter, progress is anticipated to “trough” with implications that iPhone 17 costs in September will go up.
Morgan Stanley charges Apple as Chubby with a value goal of $235.
Goldman Sachs
On July 24, Goldman Sachs believed that Apple could have some shocking outcomes for traders. It should beat income and progress expectations, the agency says, with Companies being an enormous driver.
Companies 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 progress is offsetting slower {hardware} gross sales cycles, partially because of the sometimes increased revenue margins concerned.
That stated, there are nonetheless expectations of robust progress 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 could have shocking outcomes, and total is optimistic concerning the firm’s medium-term future. That optimistic outlook is tempered by many considerations over iPhone 17 demand, although, and no expectation that Apple Intelligence will drive gross sales.
But JP Morgan is wanting additional forward than most different analysts. Regardless of short-term considerations, the corporate expects Apple to do sufficiently properly that JP Morgan will elevate its inventory value goal — if solely ultimately.
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