Today, we are proud to report a June quarter revenue record of $94 billion, up 10% from a year ago, which was better than we expected. We saw an acceleration of growth around the world in the vast majority of markets we track, including Greater China and many emerging markets. We had June quarter revenue records in more than two dozen countries and regions, including the U.S., Canada, Latin America, Western Europe, the Middle East, India, and South Asia. These results were driven by double-digit growth across iPhone, Mac, and services.
We set a June quarter record for iPhone, which grew a strong 13% YoY. We saw iPhone growth in every geographic segment and double-digit growth in emerging markets, including India, the Middle East, South Asia, and Brazil. We set another all-time revenue record in services, which grew 13%, with double-digit growth in both developed and emerging markets. iPhone revenue was $44.6 billion, up 13% from a year ago, and we set a June quarter record for upgraders.
In Mac, we had another strong quarter, with revenue of $8 billion, up 15% YoY, largely driven by the strength of the M4 MacBook Air. Users are already excited for our biggest iPad software update ever with the upcoming release of iPadOS 26. That is all on top of a beautiful new software design that brings these updates to life. Turning to wearables, home, and accessories, revenue was $7.4 billion, and we saw a June quarter record for upgraders to Apple Watch.
| Metric | Period | Current guidance |
|---|---|---|
| Total company revenue growth | Q4 FY2025 (September quarter) | mid to high single digits YoY |
| Services revenue growth | Q4 FY2025 (September quarter) | similar YoY rate to June quarter |
| Gross margin | Q4 FY2025 (September quarter) | 46%-47%, including ~$1.1B tariff-related costs |
| Operating expenses | Q4 FY2025 (September quarter) | $15.6B-$15.8B |
| OI&E | Q4 FY2025 (September quarter) | around negative $25M, excluding mark-to-market of minority investments |
| Tax rate | Q4 FY2025 (September quarter) | around 17% |
| Metric | YoY | Note |
|---|---|---|
| iPhone revenue | +13% | Popularity of the iPhone 16 family (up strong double digits vs the 15 family) and iPhone 16e; June quarter record for upgraders; growth in every geographic segment |
| Mac revenue | +15% | Strength of the M4 MacBook Air and continued move to Apple Silicon; June quarter record for upgraders |
| iPad revenue | -8% | Difficult compare against the prior-year launch of iPad Air and iPad Pro |
| Wearables, home and accessories revenue | -9% | Difficult accessories compare from prior-year iPad launches, despite an Apple Watch upgrader record |
| Services revenue | +13% | Broad-based growth across categories including a cloud services all-time record, plus double-digit growth in App Store, TV+ viewership and paid accounts |
| Greater China revenue | +4% | iPhone acceleration and Mac growth, aided by the first full quarter of government subsidies on certain products |
| Company gross margin | 46.5% (down 60bps sequentially) | Approximately $800M in tariff-related costs partly offset by cost savings |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| Tariffs | Guided ~$900M for June quarter | ~$800M actual in June quarter; guiding ~$1.1B for September quarter; bulk were IEEPA tariffs tied to China, most products under Section 232 investigation | — |
| AI / Apple Intelligence investment | More than 20 Apple Intelligence features already released | Significantly growing investment (up in June quarter, again in September); more personalized Siri expected next year; opened on-device foundation models to developers | — |
| CapEx | Running near ~$4B annualized | Expected to grow substantially (not exponentially), driven largely by AI including Private Cloud Compute in first-party data centers under a hybrid model | — |
| China demand | Weak in prior periods | Returned to +4% growth with record install base and top-three iPhone models in urban China | — |
| Tariff-related demand pull-forward | — | Estimated ~1 point of the 10 points of Q3 growth, principally iPhone and Mac, largely in the U.S. in April | — |
| U.S. investment / supply chain | — | $500B U.S. commitment over four years; chips in Arizona, semiconductors across 12 states / 24 factories; MP Materials investment; India and Vietnam sourcing for U.S. products | — |