Apple CEO Tim Cook highlighted: “Apple is proud to report a remarkable, record-breaking quarter, with revenue of $143.8 billion, up 16% from a year ago and well above our expectations. iPhone had its best-ever quarter driven by unprecedented demand, with all-time records across every geographic segment, and Services also achieved an all-time revenue record, up 14% from a year ago. We are also excited to announce that our installed base now has more than 2.5 billion active devices, which is a testament to incredible customer satisfaction for the very best products and services in the world.”

CFO Kevan Parekh added: “During the December quarter, our record business performance and strong margins led to EPS growth of 19%, setting a new all-time EPS record. These exceptionally strong results generated nearly $54 billion in operating cash flow, allowing us to return almost $32 billion to shareholders.”

Apple Income Statement Highlights, Q4 2023-Q4 2025

Apple Gross, Operating, Pre-Tax and Net Margins, Q4 2023-Q4 2025

• iPhone: $85.3 billion (+23% YoY, +74% QoQ), driven by the iPhone 17 family. iPhone saw strength around the world, reaching all-time revenue records in many of the markets we track, including the US, Greater China, Latin America, Western Europe, Middle East, Australia and South Asia, as well as a December quarter record in India.
• Mac: $8.4 billion ( -7% YoY, -4% QoQ). Apple faced a very difficult compare against the M4 MacBook Pro, Mac Mini and iMac launches in the year-ago quarter. Despite this difficult compare, Apple continued to see growth in several emerging markets, including Brazil, India, Malaysia, Vietnam and more.
• iPad: $8.6 billion (+6% YoY, +24% QoQ), driven by the M5-powered iPad Pro and A16-powered iPad.
• Wearables, home and accessories: $11.5 billion (-2% YoY, +28% QoQ). During the quarter, Apple experienced constraints on the AirPods Pro 3, and it believes the overall category would have grown had it not been for these constraints.
• Services: $30.0 billion (+14% YoY, +4% QoQ).

Apple Revenue by Business Segment, Q4 2023-Q4 2025

Regional Breakdown

Apple Revenue by Region, Q4 2023-Q4 2025

• Services: Expected to grow YoY at a rate similar to the December quarter
• Gross margin: 48%–49%
• Operating expenses: $18.4 billion–$18.7 billion, reflecting higher YoY R&D investment
• OI&E: ~+$100 million (excluding mark-to-market impacts)
• Tax Rate: ~17.5%.

Analyst take

Apple’s December quarter performance underscores the company’s ability to drive premium-led growth and margin expansion simultaneously. iPhone remains the primary growth engine, while Services continues to provide predictable, high-margin revenue. Despite softness in Mac and Wearables due to tough compares and supply constraints, Apple’s gross margin profile remains best-in-class. March-quarter guidance points to continued margin discipline and Services resilience, even as seasonal normalization sets in.

Bottom line

Apple exited the December quarter with record revenue, record margins, and exceptional cash generation. While growth will seasonally moderate in the March quarter, the company’s expanding installed base, Services momentum, and premium product mix position Apple to sustain strong profitability and shareholder returns in FY2026.