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Apple (AAPL) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed Aug 1, 2025
Apple (AAPL) reported revenue of $94.0B for the third quarter fiscal 2025 (Q3 FY25), +10% from a year earlier and -1% from the quarter before. Operating margin was 30.0%, net earnings $23.4B (24.9% of revenue).
Apple, Q3 FY25: revenue $94.0B (+10% year over year), operating margin 30.0%, net earnings $23.4B, operating cash flow $27.9B. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $94.0B | -1% | +10% |
| Gross profit | $43.7B | -3% | +10% |
| Operating profit | $28.2B | -5% | +11% |
| Net earnings | $23.4B | -5% | +9% |
| Operating cash flow | $27.9B | +16% | -3% |
| Free cash flow | $24.4B | +17% | -9% |
What changed
Revenue was $94.0B in Q3 FY25, up 10% year over year and down 1% from the previous quarter. iPhone was the largest line at 47% of revenue. iPhone added $5.3B year over year (up 13%), 64% of the total change. Wearables, Home and Accessories declined 9%.
Gross margin was 46.5%, up 0.2 points from a year earlier. Operating profit was $28.2B, a 30.0% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 35% reached operating profit, above the 30% margin then. Operating expenses grew 8% against revenue growth of 10%. The fastest-growing cost line was Research & development (+11%). Net earnings were $23.4B, up 9% year over year. The effective tax rate was 16.4%.
Operating cash flow was $27.9B (down 3% year over year), 119% of net earnings. Non-cash charges added back $2.8B of depreciation and amortization and $3.2B of share-based compensation. Working capital and other items used $1.6B. Capital expenditures of $3.5B left free cash flow of $24.4B.
Questions
What was Apple's revenue in the third quarter fiscal 2025?
Apple (AAPL) reported revenue of $94.0B for the third quarter fiscal 2025 (Q3 FY25), +10% from a year earlier and -1% from the quarter before.
Was Apple profitable in the third quarter fiscal 2025?
Operating profit was $28.2B (30.0% of revenue) and net earnings $23.4B.
Source: Apple 10-Q on SEC EDGAR.