Apple reports first quarter results

CUPERTINO, Calif.--(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 media.help@apple.com. © 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners. 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

Apple reports first quarter results

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