January 30, 2025

Apple reports first quarter results

All-time records for total company revenue and EPS

Services revenue reaches new all-time high

CUPERTINO, Calif., January 30, 2025 --( BUSINESS WIRE )--Apple® today announced financial results for its fiscal 2025 first quarter ended December 28, 2024. The Company posted quarterly revenue of $124.3 billion, up 4 percent year over year, and quarterly diluted earnings per share of $2.40, up 10 percent year over year.

"Today Apple is reporting our best quarter ever, with revenue of $124.3 billion, up 4 percent from a year ago," said Tim Cook, Apple’s CEO. "We were thrilled to bring customers our best-ever lineup of products and services during the holiday season. Through the power of Apple silicon, we’re unlocking new possibilities for our users with Apple Intelligence, which makes apps and experiences even better and more personal. And we’re excited that Apple Intelligence will be available in even more languages this April."

"Our record revenue and strong operating margins drove EPS to a new all-time record with double-digit growth and allowed us to return over $30 billion to shareholders," said Kevan Parekh, Apple’s CFO. "We are also pleased that our installed base of active devices has reached a new all-time high across all products and geographic segments."

Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on February 13, 2025, to shareholders of record as of the close of business on February 10, 2025.

Apple will provide live streaming of its Q1 2025 financial results conference call beginning at 2:00 p.m. PT on January 30, 2025 at apple.com/investor/earnings-call . The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com , and its investor relations website, investor.apple.com . This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom ( www.apple.com/newsroom ), or email Apple’s Media Helpline at [email protected] .

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and per-share amounts)

	Three Months Ended
	December 28, 2024			December 30, 2023
Net sales:
Products	$	97,960		$	96,458
Services		26,340			23,117
Total net sales ⁽¹⁾		124,300			119,575
Cost of sales:
Products		59,447			58,440
Services		6,578			6,280
Total cost of sales		66,025			64,720
Gross margin		58,275			54,855

Operating expenses:
Research and development		8,268			7,696
Selling, general and administrative		7,175			6,786
Total operating expenses		15,443			14,482

Operating income		42,832			40,373
Other income/(expense), net		(248	)		(50	)
Income before provision for income taxes		42,584			40,323
Provision for income taxes		6,254			6,407
Net income	$	36,330		$	33,916

Earnings per share:
Basic	$	2.41		$	2.19
Diluted	$	2.40		$	2.18
Shares used in computing earnings per share:
Basic		15,081,724			15,509,763
Diluted		15,150,865			15,576,641

⁽¹⁾ Net sales by reportable segment:
Americas	$	52,648		$	50,430
Europe		33,861			30,397
Greater China		18,513			20,819
Japan		8,987			7,767
Rest of Asia Pacific		10,291			10,162
Total net sales	$	124,300		$	119,575

⁽¹⁾ Net sales by category:
iPhone	$	69,138		$	69,702
Mac		8,987			7,780
iPad		8,088			7,023
Wearables, Home and Accessories		11,747			11,953
Services		26,340			23,117
Total net sales	$	124,300		$	119,575

Apple Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value)

	December 28, 2024			September 28, 2024
ASSETS:
Current assets:
Cash and cash equivalents	$	30,299		$	29,943
Marketable securities		23,476			35,228
Accounts receivable, net		29,639			33,410
Vendor non-trade receivables		29,667			32,833
Inventories		6,911			7,286
Other current assets		13,248			14,287
Total current assets		133,240			152,987

Non-current assets:
Marketable securities		87,593			91,479
Property, plant and equipment, net		46,069			45,680
Other non-current assets		77,183			74,834
Total non-current assets		210,845			211,993
Total assets	$	344,085		$	364,980

LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$	61,910		$	68,960
Other current liabilities		61,151			78,304
Deferred revenue		8,461			8,249
Commercial paper		1,995			9,967
Term debt		10,848			10,912
Total current liabilities		144,365			176,392

Non-current liabilities:
Term debt		83,956			85,750
Other non-current liabilities		49,006			45,888
Total non-current liabilities		132,962			131,638
Total liabilities		277,327			308,030

Commitments and contingencies

Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,040,731 and 15,116,786 shares issued and outstanding, respectively		84,768			83,276
Accumulated deficit		(11,221	)		(19,154	)
Accumulated other comprehensive loss		(6,789	)		(7,172	)
Total shareholders’ equity		66,758			56,950
Total liabilities and shareholders’ equity	$	344,085		$	364,980

Apple Inc. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions)

	Three Months Ended
	December 28, 2024			December 30, 2023
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances	$	29,943		$	30,737

Operating activities:
Net income		36,330			33,916
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization		3,080			2,848
Share-based compensation expense		3,286			2,997
Other		(2,009	)		(989	)
Changes in operating assets and liabilities:
Accounts receivable, net		3,597			6,555
Vendor non-trade receivables		3,166			4,569
Inventories		215			(137	)
Other current and non-current assets		939			(1,457	)
Accounts payable		(6,671	)		(4,542	)
Other current and non-current liabilities		(11,998	)		(3,865	)
Cash generated by operating activities		29,935			39,895

Investing activities:
Purchases of marketable securities		(6,124	)		(9,780	)
Proceeds from maturities of marketable securities		15,967			13,046
Proceeds from sales of marketable securities		3,492			1,337
Payments for acquisition of property, plant and equipment		(2,940	)		(2,392	)
Other		(603	)		(284	)
Cash generated by investing activities		9,792			1,927

Financing activities:
Payments for taxes related to net share settlement of equity awards		(2,921	)		(2,591	)
Payments for dividends and dividend equivalents		(3,856	)		(3,825	)
Repurchases of common stock		(23,606	)		(20,139	)
Repayments of term debt		(1,009	)		—
Repayments of commercial paper, net		(7,944	)		(3,984	)
Other		(35	)		(46	)
Cash used in financing activities		(39,371	)		(30,585	)

Increase in cash, cash equivalents, and restricted cash and cash equivalents		356			11,237
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	$	30,299		$	41,974

Supplemental cash flow disclosure:
Cash paid for income taxes, net	$	18,651		$	7,255

View source version on businesswire.com: https://www.businesswire.com/news/home/20250130261281/en/

Contacts

Press Contact:
Josh Rosenstock
Apple
[email protected]
(408) 862-1142

Investor Relations Contact:
Suhasini Chandramouli
Apple
[email protected]
(408) 974-3123

Apple reports first quarter results

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