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Apple Inc. 8-K Report, Financial Results (Jul 31, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 31, 2025
Period End
July 31, 2025
Security
AAPL
In the record · 2016–202610-K1010-Q338-K99

AAPL filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 99 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Aug ’22Aug ’22
  2. Leadership change8-K · Sep ’26Sep ’26

01—Abstract

Summary

Summary of the 8-K filed July 31, 2025. Cited figures are marked; the original filing is the authoritative source.

Apple reported fiscal Q3 2025 (quarter ended June 28, 2025) results that beat the prior-year June quarter on the headline metrics.

Net sales rose 9.6% year over year to $94.0 billiona, and diluted EPS rose 12% to $1.57, helped by a 1.7% reduction in shares outstanding. Services revenue reached a new all-time high of $27.4 billion, up 13.3%, and iPhone revenue grew 13.4% to $44.6 billion. Gross margin widened slightly to 46.5% from 46.3%, with Services gross margin improving to roughly 75.6% from 74.0%, while product gross margin eased to about 34.5% from 35.3%.

Operating income grew 11.2% to $28.2 billionb. Management highlighted growth across all geographic segments and a record installed base of active devices. The nine-month picture is more mixed.

Revenue grew 5.9% to $313.7 billionc and net income rose 7.0% to $84.5 billion, but operating cash flow fell 10.6% to $81.8 billion. Cash taxes paid nearly doubled to $37.3 billion, and capital expenditures rose about 45% to $9.5 billion, which compressed free cash flow to roughly $72.3 billion from about $84.9 billion. Apple returned $70.6 billion through buybacks and $11.6 billion in dividends over the period.

Net cash (cash and marketable securities less total debt) declined to roughly $31 billiond from about $50 billion at fiscal year-end 2024, as Apple used cash for capital returns and reduced debt. Shareholders' equity increased to $65.8 billion from $57.0 billion, largely reflecting the net income and share-based compensation. The filing is a furnished press release under Item 2.02 and contains no formal guidance for the coming quarter.

The declared quarterly dividend of $0.26 per share is payable August 14, 2025, to holders of record on August 11, 2025. Investors should watch the July 31 earnings call for management commentary on the September quarter, tariff and supply-chain costs, and the sustainability of iPhone and Services growth, as well as the sharp shift in cash taxes and capex.

02—Key points

Key Highlights

  1. Revenue of $94.0B, up 9.6% YoY, a June-quarter record, with double-digit growth in iPhone, Mac and Services; Greater China grew only 4.4%
  2. Diluted EPS of $1.57, up 12% from $1.40, supported by a 1.7% decline in shares outstanding to 14.86 billion
  3. Services revenue hit an all-time high of $27.4B (+13.3%) with gross margin of about 75.6%, versus 74.0% a year earlier
  4. iPhone revenue rose 13.4% to $44.6B and Mac rose 14.8%, while iPad (-8.1%) and Wearables, Home and Accessories (-8.6%) declined
  5. Operating income rose 11.2% to $28.2B; overall gross margin improved to 46.5% from 46.3%, though product gross margin fell to about 34.5%
  6. Nine-month operating cash flow fell 10.6% to $81.8B as cash taxes paid rose to $37.3B, and capex rose about 45% to $9.5B
  7. Net cash fell to roughly $31B from about $50B at fiscal year-end 2024 after $70.6B of buybacks and $11.6B of dividends; quarterly dividend declared at $0.26 per share

03—Questions

Frequently Asked Questions

  1. Did Apple provide guidance for the September 2025 quarter in this filing?

    No. The 8-K furnishes a press release that reports historical results and declares the dividend. It contains no forward revenue or margin guidance. Any outlook would be discussed on the earnings call, which the company streamed starting at 2:00 p.m. PT on July 31, 2025.

  2. Is Apple's growth broad-based or concentrated in one product line?

    Growth was concentrated in iPhone, Mac and Services. iPhone (+13.4%), Mac (+14.8%) and Services (+13.3%) grew double digits, while iPad and Wearables declined about 8% to 9%. Among regions, Rest of Asia Pacific (+20.1%) and Japan (+13.5%) grew fastest, while Greater China grew only 4.4%.

  3. Why did free cash flow decline despite higher earnings?

    Nine-month operating cash flow fell to $81.8B from $91.4B, mainly due to a rise in cash taxes paid to $37.3B from $19.2B and larger outflows in other operating liabilities and accounts payable. Capital expenditures also rose to $9.5B from $6.5B. Combined, free cash flow declined to roughly $72.3B from about $84.9B. The filing does not explain the drivers of the tax increase in detail.

  4. Is the $0.26 quarterly dividend secure, and how is Apple returning capital?

    The $0.26 dividend is payable August 14, 2025 to holders of record on August 11, 2025. Over the first nine months Apple paid $11.6B in dividends and repurchased $70.6B of stock, a total of about $82B, which exceeded operating cash flow of $81.8B. Continued returns at this pace are funded in part by reducing cash and marketable securities, which fell by roughly $24B since fiscal year-end 2024.

04—Continue

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