Apple said new U.S. tariffs were announced beginning in 2025 Q2. The company cited tariffs and a different mix of products as factors in the decrease in products gross margin percentage during Q3 and the first 9 months, partially offset by favorable costs.

10-QQuarterly reportFiled Aug 1, 2025Period of report Jun 28, 2025Summary published (UTC) Oct 10, 2026

Key points

AI summary

Apple said new U.S. tariffs were announced beginning in 2025 Q2. The company cited tariffs and a different mix of products as factors in the decrease in products gross margin percentage during Q3 and the first 9 months, partially offset by favorable costs.
Apple said Services net sales increased during Q3 and the first 9 months, driven by higher net sales from advertising, the App Store and cloud services. The company said iPhone and Mac net sales increased and Wearables, Home and Accessories net sales decreased.
Apple said it released €14.2 billion ($15.4 billion) from escrow to Ireland during the first 9 months of fiscal 2025 in connection with the State Aid Decision, which fully settled the obligation. As of June 28, 2025, manufacturing purchase obligations were $44.1 billion, with $43.8 billion payable within 12 months.
Apple repurchased $21.0 billion of its common stock during Q3 of fiscal 2025 and paid $3.9 billion in dividends and dividend equivalents. As of June 28, 2025, the company's quarterly cash dividend was $0.26 per share, and the share repurchase programs do not obligate the company to acquire a minimum amount of shares.

Key figures

Quarter ended June 28, 2025

Revenue: $94.0B
Operating income: $28.2B
Net income: $23.4B
EPS: $1.57
Gross profit: $43.7B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Tariff Impact and Products Gross Margin

Apple said new U.S. tariffs were announced beginning in 2025 Q2. The company cited tariffs and a different mix of products as factors in the decrease in products gross margin percentage during Q3 and the first 9 months, partially offset by favorable costs.

Source · Based on the MD&A text of the filing

Services Revenue Growth and Product Performance

Apple said Services net sales increased during Q3 and the first 9 months, driven by higher net sales from advertising, the App Store and cloud services. The company said iPhone and Mac net sales increased and Wearables, Home and Accessories net sales decreased.

Source · Based on the MD&A text of the filing

Ireland Escrow Payment and Manufacturing Purchase Obligations

Apple said it released €14.2 billion ($15.4 billion) from escrow to Ireland during the first 9 months of fiscal 2025 in connection with the State Aid Decision, which fully settled the obligation. As of June 28, 2025, manufacturing purchase obligations were $44.1 billion, with $43.8 billion payable within 12 months.

Source · Based on the MD&A text of the filing

Capital Return: Share Repurchases and Dividends

Apple repurchased $21.0 billion of its common stock during Q3 of fiscal 2025 and paid $3.9 billion in dividends and dividend equivalents. As of June 28, 2025, the company's quarterly cash dividend was $0.26 per share, and the share repurchase programs do not obligate the company to acquire a minimum amount of shares.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

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