GIFT

Apple Inc ((AAPL)) has held its Q4 earnings call. Read on for the main highlights of the call.

Apple’s earnings call carried a strongly positive message, with record quarterly and fiscal-year revenue, earnings, services sales and installed devices. Double-digit iPhone and Mac growth, broad geographic gains and a favorable December outlook outweighed weaker iPad and Wearables sales, supply constraints, foreign exchange pressure and rising memory costs.

Record Revenue and Earnings

Apple posted September-quarter revenue of $114.5 billion, up 12% from a year earlier and a quarterly record. Net income reached $30.7 billion, while diluted EPS rose 14% to $2.10; both were records even excluding a $0.05 benefit from tariff refunds, and operating cash flow totaled $28.1 billion.

Best-Ever Fiscal Year

The results completed Apple’s strongest fiscal year, with revenue of $478.8 billion, up 15%, and EPS of $8.98, up 20%. The company also achieved its best fiscal year ever for both iPhone and Mac revenue, supported by record upgraders and growing customer demand in several markets.

iPhone Remains the Main Growth Engine

IPhone revenue climbed 17% to $57.6 billion despite supply and foreign exchange headwinds. Apple set September-quarter records in the U.S. and Greater China, while the active installed base and the number of upgraders reached all-time highs worldwide and in markets including China, India and Japan.

Mac Gains Share Despite Supply Limits

Mac revenue increased 24% to $10.8 billion, with double-digit growth in most tracked markets. Apple reported a record number of customers new to Mac, global share gains and its highest-ever annual Mac sales, while emerging markets such as India and Southeast Asia delivered notable records.

Services Sets Another Record

Services revenue rose 10% to $31.6 billion, an all-time high despite more than 1.5 percentage points of sequential foreign exchange pressure. Video, cloud, payments and advertising all posted records, while music set a September-quarter record; paid subscriptions exceeded 1.5 billion and App Store visitors approached 1 billion per week.

Apple’s Ecosystem Continues to Expand

The active installed base surpassed 2.5 billion devices, reaching records across major product categories and geographic segments. Greater China revenue rose 21% for the quarter and 28% for the fiscal year, while Apple reported broad growth across the Americas, Europe and Asia Pacific, including an all-time revenue record in India.

New Products and AI Drive Future Opportunities

Apple highlighted a busy launch cycle spanning new iPhones, Macs, iPads, Apple Watches, AirPods and home products, with early customer and reviewer response to the iPhone Duo described as positive. Siri AI expanded to additional languages, while Apple pointed to private on-device AI, third-party applications, partnerships and future server-side features as opportunities across its platform.

Enterprise and Education Adoption Broadens

Apple cited growing commercial use of its devices, including American Airlines’ planned deployment of more than 37,000 iPhones and 25,000 iPads. Duke Health used Vision Pro in an FDA-authorized surgical application, while Gap, Christie’s and the Philippines Department of Education are adopting Macs for retail AI, local models and a 170,000-device education program.

iPad and Wearables Face Tough Comparisons

IPad revenue fell 10% to $6.2 billion because of supply constraints and a difficult comparison with the prior year’s A16-powered model. Wearables, Home and Accessories revenue declined 8% to $8.3 billion, although installed bases for both iPad and Apple Watch reached records and more than half of new buyers in each category were new to the products.

Supply Constraints and Memory Costs Pressure Margins

High demand and limited supply-chain flexibility constrained iPhone, Mac and iPad shipments, with the iPhone Duo still supply constrained at the time of the call. Gross margin was 47.9%, helped by tariff refunds, but higher memory costs pressured underlying margins and Apple said those costs, along with limited memory availability, would remain a challenge.

Capital Returns and U.S. Investment

Apple ended the quarter with $137 billion in cash and marketable securities against $80 billion in debt. It returned $28 billion to shareholders, including $24 billion in buybacks and $3.9 billion in dividends, while declaring a quarterly dividend of $0.27 per share; it also highlighted American suppliers, jobs and its broader manufacturing commitment.

Services Expansion Continues

Apple is broadening its services offering by adding Apple TV and Apple Arcade to iCloud+ plans in more than 100 countries and regions. The company also pointed to AppleCare One, advertising, Apple Pay’s expansion to more than 90 markets and potential paid access to expanded server-side Apple Intelligence features.

December Quarter Guidance

Apple expects December-quarter revenue to grow 7% to 10% year over year, which would make it the strongest revenue quarter in company history if supply permits. Services growth is expected at 8% to 9%, while gross margin is forecast at 45% to 46%, operating expenses at $20.4 billion to $20.8 billion, other income and expense near $300 million, and the tax rate around 17%; the outlook assumes stable tariffs and no worsening macroeconomic conditions.

Apple’s call showed a company still benefiting from a powerful hardware-and-services ecosystem, record device usage and strong iPhone momentum. Investors will nevertheless be watching supply availability, memory inflation, foreign exchange, services regulation and AI spending as Apple seeks to convert a record business backdrop into another year of growth.