Apple Inc. · Earnings release · 8-K Exhibit 99

EX-99.1 2 a8-kex991q2202503292025.htm EX-99.1 Document Exhibit 99.1 Apple reports second quarter results Services revenue reaches new all-time high EPS sets March quarter record CUPERTINO, CALIFORNIA — Apple ® today announced financial results for its fiscal 2025 second quarter ended March 29, 2025. The Company posted quarterly revenue of $95.4 billion, up 5 percent year over year, and quarterly diluted earnings per share of $1.65, up 8 percent year over year. "T1Today Apple is reporting strong quarterly results, including double-digit growth in Services," said Tim Cook, Apple's CEO. "T2We were happy to welcome iPhone 16e to our lineup, and to introduce powerful new Macs and iPads that take advantage of the extraordinary capabilities of Apple silicon.

And T3we were proud to announce that we've cut our carbon emissions by 60 percent over the past decade." "Our March quarter business performance drove EPS growth of 8 percent and $24 billion in operating cash flow, allowing us to return $29 billion to shareholders," said Kevan Parekh, Apple's CFO. "And T4thanks to our high levels of customer loyalty and satisfaction, T5our installed base of active devices once again reached a new all-time high across all product categories and geographic segments." T6Apple's board of directors has declared a cash dividend of $0.26 per share of the Company's common stock, an increase of 4 percent. The dividend is payable on May 15, 2025 to shareholders of record as of the close of business on May 12, 2025.

T7The board of directors has also authorized an additional program to repurchase up to $100 billion of the Company's common stock. Apple will provide live streaming of its Q2 2025 financial results conference call beginning at 2:00 p.m. PT on May 1, 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 the Company's plan for return of capital, payment of its 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, trade and other international disputes, 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. Press Contact: Josh Rosenstock Apple jrosenstock@apple.com (408) 862-1142 Investor Relations Contact: Suhasini Chandramouli Apple suhasini@apple.com (408) 974-3123 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 Six Months Ended March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024 Net sales:    Products $ 68,714  $ 66,886  $ 166,674  $ 163,344     Services 26,645  23,867  52,985  46,984  Total net sales (1) 95,359  90,753  219,659  210,328  Cost of sales:    Products 44,030  42,424  103,477  100,864     Services 6,462  6,058  13,040  12,338  Total cost of sales 50,492  48,482  116,517  113,202  Gross margin 44,867  42,271  103,142  97,126  Operating expenses: Research and development 8,550  7,903  16,818  15,599  Selling, general and administrative 6,728  6,468  13,903  13,254  Total operating expenses 15,278  14,371  30,721  28,853  Operating income 29,589  27,900  72,421  68,273  Other income/(expense), net (279) 158  (527) 108  Income before provision for income taxes 29,310  28,058  71,894  68,381  Provision for income taxes 4,530  4,422  10,784  10,829  Net income $ 24,780  $ 23,636  $ 61,110  $ 57,552  Earnings per share: Basic $ 1.65  $ 1.53  $ 4.06  $ 3.72  Diluted $ 1.65  $ 1.53  $ 4.05  $ 3.71  Shares used in computing earnings per share: Basic 14,994,082  15,405,856  15,037,903  15,457,810  Diluted 15,056,133  15,464,709  15,103,499  15,520,675  (1)  Net sales by reportable segment: Americas $ 40,315  $ 37,273  $ 92,963  $ 87,703  Europe 24,454  24,123  58,315  54,520  Greater China 16,002  16,372  34,515  37,191  Japan 7,298  6,262  16,285  14,029  Rest of Asia Pacific 7,290  6,723  17,581  16,885  Total net sales $ 95,359  $ 90,753  $ 219,659  $ 210,328  (1)  Net sales by category: iPhone $ 46,841  $ 45,963  $ 115,979  $ 115,665  Mac 7,949  7,451  16,936  15,231  iPad 6,402  5,559  14,490  12,582  Wearables, Home and Accessories 7,522  7,913  19,269  19,866  Services 26,645  23,867  52,985  46,984  Total net sales $ 95,359  $ 90,753  $ 219,659  $ 210,328  Apple Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except number of shares, which are reflected in thousands, and par value) March 29, 2025 September 28, 2024 ASSETS: Current assets: Cash and cash equivalents $ 28,162  $ 29,943  Marketable securities 20,336  35,228  Accounts receivable, net 26,136  33,410  Vendor non-trade receivables 23,662  32,833  Inventories 6,269  7,286  Other current assets 14,109  14,287  Total current assets 118,674  152,987  Non-current assets: Marketable securities 84,424  91,479  Property, plant and equipment, net 46,876  45,680  Other non-current assets 81,259  74,834  Total non-current assets 212,559  211,993  Total assets $ 331,233  $ 364,980  LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable $ 54,126  $ 68,960  Other current liabilities 61,849  78,304  Deferred revenue 8,976  8,249  Commercial paper 5,982  9,967  Term debt 13,638  10,912  Total current liabilities 144,571  176,392  Non-current liabilities: Term debt 78,566  85,750  Other non-current liabilities 41,300  45,888  Total non-current liabilities 119,866  131,638  Total liabilities 264,437  308,030  Commitments and contingencies Shareholders' equity: Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,939,315 and 15,116,786 shares issued and outstanding, respectively 88,711  83,276  Accumulated deficit (15,552) (19,154) Accumulated other comprehensive loss (6,363) (7,172) Total shareholders' equity 66,796  56,950  Total liabilities and shareholders' equity $ 331,233  $ 364,980  Apple Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In millions) Six Months Ended March 29, 2025 March 30, 2024 Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances $ 29,943  $ 30,737  Operating activities: Net income 61,110  57,552  Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 5,741  5,684  Share-based compensation expense 6,512  5,961  Other (2,217) (1,971) Changes in operating assets and liabilities: Accounts receivable, net 7,266  7,727  Vendor non-trade receivables 9,171  12,164  Inventories 858  53  Other current and non-current assets (4,371) (4,438) Accounts payable (14,604) (16,710) Other current and non-current liabilities (15,579) (3,437) Cash generated by operating activities 53,887  62,585  Investing activities: Purchases of marketable securities (12,442) (25,042) Proceeds from maturities of marketable securities 26,587  27,462  Proceeds from sales of marketable securities 5,210  4,314  Payments for acquisition of property, plant and equipment (6,011) (4,388) Other (635) (729) Cash generated by investing activities 12,709  1,617  Financing activities: Payments for taxes related to net share settlement of equity awards (3,205) (2,875) Payments for dividends and dividend equivalents (7,614) (7,535) Repurchases of common stock (49,504) (43,344) Repayments of term debt (4,009) (3,150) Repayments of commercial paper, net (3,968) (3,982) Other (77) (132) Cash used in financing activities (68,377) (61,018) Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents (1,781) 3,184  Cash, cash equivalents, and restricted cash and cash equivalents, ending balances $ 28,162  $ 33,921  Supplemental cash flow disclosure: Cash paid for income taxes, net $ 31,683  $ 14,531