Apple’s revenues in Q4 2025 (Q1 2026 of its financial year) grew 16% YoY, reaching $144 billion; the highest ever. This was primarily driven by a strong iPhone upgrade cycle as revenues for iPhone also reached the highest ever growing 23% YoY. Both hardware and services set an all-time record with hardware growing by 16% YoY and services 14% YoY. For full calendar year 2025, Apple’s revenues crossed US$435 Billion, reaching a new high. 

Commenting on the results, Tarun Pathak, Director at Counterpoint Research noted, "Apple entered 2025 under a cloud of skepticism regarding perceived AI inertia, hardware stagnation, and intensifying geopolitical and tariff pressures. However, the year’s conclusion tells a story of remarkable resilience. Apple strategically pivoted its supply chain toward India and increased US investments to mitigate trade headwinds. Later, it refreshed its portfolio with the impressive iPhone 17 series and the innovative iPhone Air. Additionally, Apple staged a significant growth resurgence in China by Q4 2025. All this was anchored by record services revenue and the recent Gemini partnership in AI. Apple has once again validated its status as the world’s most resilient tech company, proving its ecosystem and supply chain prowess is as much a fortress as it is a growth engine."

Apple Revenues by Product Category, Q1 2007-Q4 2025

iPhone revenues reached an all-time global high, exceeding $85B in a single quarter for the first time. This was the fourth consecutive quarter of iPhone revenue growth. Apple also became the #1 smartphone brand overall in both 2025 and in Q4 2025. Commenting on the results Senior Analyst Varun Mishra noted, “Apple’s revenue growth this quarter is an iPhone story. iPhone 17 series is having a spectacular run across geographies while 16 series continues to perform well. It’s a strong upgrade cycle. A lot of users that purchased iPhones during the post-COVID super cycle in 2021 are now driving upgrades. At the same time, there is a fast-growing base of new users - especially in emerging markets. This has led to a new iPhone super cycle. The growth in iPhone also means a growing premium market.” 

In terms of regions, emerging markets and the key US and Japan markets grew. However, China has been the highlight of the iPhone performance during the quarter. iPhone shipments in China grew 30% YoY, which is a huge turnaround for a market where growth rates have been in the low single digits. This will help Apple gain market share in China’s premium segment. 

Mac revenues declined 7% YoY. This was mainly due to a difficult compare from 2024, when Apple included a significant Mac refresh (M4 models). For iPads, revenues grew driven by new launches and the ASP uplift due to the launch of the iPad Pro. Services continued their double-digit growth trajectory. Apple is the only smartphone brand which has been able to consistently extract high-margin revenues from its installed base. 

Wearables, Home and Accessories revenues declined. However, watch revenues grew. According to Counterpoint Research preliminary estimates, watch shipments grew 15% YoY. This was a second consecutive quarter of growth. Commenting on Apple Watch growth, Senior Analyst Anshika Jain noted, “2025 marked three years since the launch of – Watch SE, Watch Ultra and Watch 11, so early buyers of these key models had a high likelihood of upgrading to one of the refreshed Watch portfolio. 2024 was also weak for Watch, helping the YoY comparison. With rising consumer demand for advanced health features, we expect this renewed momentum to carry forward into the first half of 2026. Furthermore, the growing iOS user base in emerging markets also presents new market expansion opportunities”

Entering 2026, the significant rise in memory prices has created significant headwinds for the smartphone industry. Commenting on the industry’s outlook, Senior Analyst Yang Wang noted, “Apple is the least affected smartphone OEM in securing memory components. It should be able to ride out the storm in the next couple of years with the majority if not all their memory procurement fulfilled; However, the price increases are not trivial, and even Apple might face substantial BoM cost increases. These could lead to higher wholesale and retail prices. Apple is somewhat insulated in that most of its clients are relatively affluent, however affordability could yet be a concern for key growth regions such as India, SE Asia and Middle East.”

About Counterpoint Research

Counterpoint Research is a global market research firm specializing in products across the technology ecosystem. We advise a diverse range of clients – from smartphone OEMs to chipmakers and channel players to Big Tech – through our offices located in the world's major innovation hubs, manufacturing clusters and commercial centers. Our analyst team, led by seasoned experts, engages with stakeholders across the enterprise – from the C-suite to professionals in strategy, analyst relations (AR), market intelligence (MI), business intelligence (BI), product and marketing – to deliver services spanning market data, industry thought leadership and consulting. Our core areas of coverage include AI, Automotive, Consumer Electronics, Displays, eSIM, IoT, Location Platforms, Macroeconomics, Manufacturing, Networks and Infrastructure, Semiconductors, Smartphones and Wearables. Visit our Insights page to explore our publicly available market data, insights and thought leadership, and to understand our focus, meet our analysts and start a conversation.