Apple delivered broad-based revenue and profit growth in fiscal 2025, driven by new product cycles across iPhone, Apple Watch, and services, while meaningfully accelerating capital investment.
Revenue grew approximately 16% year-over-year to $265.6B and net income expanded to $112.0B (+19.5%), demonstrating that Apple continues to convert top-line growth into expanding profitability at scale. The introduction of the iPhone 17 lineup, iPhone Air, and third-generation Apple Watch models signals sustained product cycle momentum heading into fiscal 2026. The share count declined from roughly 15.1B to 14.8B, indicating continued buyback activity that incrementally supports per-share earnings accretion.
Apple's fiscal 2025 financial profile reflects broad-based strength: revenue rose 15.9% to $265.6B and net income grew 19.5% to $112.0B, with net margin expanding modestly, suggesting improving operating leverage. Capital expenditure grew notably from $9.4B to $12.7B (+34.6%), pointing to intensified infrastructure and possibly AI-related investment that bears monitoring for returns over time, while R&D spending rose a measured 10.1% to $34.5B. On the balance sheet, stockholders' equity expanded 29.5% to $73.7B, cash and equivalents increased 20% to $35.9B, and accounts receivable grew 19.1% to $39.8B broadly in line with revenue — though inventory declined 21.5% to $5.7B, suggesting tighter supply-chain management or improved demand forecasting; interest expense rose 34.2% to $3.9B, worth watching relative to the debt structure, but overall the picture is one of a financially healthy, cash-generative business accelerating investment while growing earnings.
Capital expenditure jumped 34.6% — major investment cycle underway; assess returns on deployment.
Interest expense surged 34.2% — significant debt increase or rising rates materially impacting earnings.
Equity base grew 29.5% — retained earnings accumulation or equity issuance strengthening the balance sheet.
Inventory reduced 21.5% — lean inventory management or demand outpacing supply.
Cash grew 20% — improving liquidity position supports investment and shareholder returns.
Net income grew 19.5% — bottom-line growth signals improving overall business health.
Receivables grew 19.1% — monitor days sales outstanding for collection efficiency.
Revenue growing 15.9% — solid top-line momentum, watch margins for quality of growth.
R&D investment increased 10.1% — signals commitment to future product development, though near-term margin impact.
See what changed in your portfolio's filings
500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.
Try Tracenotes free →