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Apple (AAPL) Q2 FY25 earnings results (second quarter fiscal 2025)
10-Q filed May 2, 2025
Apple (AAPL) reported revenue of $95.4B for the second quarter fiscal 2025 (Q2 FY25), +5% from a year earlier and -23% from the quarter before. Operating margin was 31.0%, net earnings $24.8B (26.0% of revenue).
Apple, Q2 FY25: revenue $95.4B (+5% year over year), operating margin 31.0%, net earnings $24.8B, operating cash flow $24.0B. The chart follows the revenue to costs, profit and cash.
| Q2 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $95.4B | -23% | +5% |
| Gross profit | $44.9B | -23% | +6% |
| Operating profit | $29.6B | -31% | +6% |
| Net earnings | $24.8B | -32% | +5% |
| Operating cash flow | $24.0B | -20% | +6% |
| Free cash flow | $20.9B | -23% | +0.9% |
What changed
Revenue was $95.4B in Q2 FY25, up 5% year over year and down 23% from the previous quarter. iPhone was the largest line at 49% of revenue. Services added $2.8B year over year (up 12%), 60% of the total change. Wearables, Home and Accessories declined 5%.
Gross margin was 47.1%, up 0.5 points from a year earlier. Operating profit was $29.6B, a 31.0% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 37% reached operating profit, above the 31% margin then. Operating expenses grew 6% against revenue growth of 5%. Net earnings were $24.8B, up 5% year over year. The effective tax rate was 15.5%.
Operating cash flow was $24.0B (up 6% year over year), 97% of net earnings. Non-cash charges added back $2.7B of depreciation and amortization and $3.2B of share-based compensation. Working capital and other items used $6.7B. Capital expenditures of $3.1B left free cash flow of $20.9B.
Questions
What was Apple's revenue in the second quarter fiscal 2025?
Apple (AAPL) reported revenue of $95.4B for the second quarter fiscal 2025 (Q2 FY25), +5% from a year earlier and -23% from the quarter before.
Was Apple profitable in the second quarter fiscal 2025?
Operating profit was $29.6B (31.0% of revenue) and net earnings $24.8B.
Source: Apple 10-Q on SEC EDGAR.