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Key Observations 

Apple's performance in Fiscal 3rd Quarter 2025 (F3Q25), ending June 28, 2025, significantly exceeded market consensus estimates and the company's own revenue guidance. Both revenue and diluted earnings per share (EPS) achieved record June quarter results. Total revenue reached $94.036 billion (up 10% year-over-year), substantially higher than the sell-side consensus of $89.303 billion and the company's guidance of low-to-mid single-digit growth (i.e., 1% to 6%). Diluted EPS was $1.57 (up 12% year-over-year), also markedly above the sell-side consensus of $1.43. Apple CEO Tim Cook emphasized in his management commentary that this reflects double-digit growth in both product and services revenue, with growth achieved across all geographic regions globally.

Leading up to this earnings release, market sentiment towards Apple was generally pessimistic, primarily due to concerns about uncertainties such as Tariffs, the US Department of Justice's lawsuit against Google (concerning Google's TAC payments), App Store policy headwinds, and relatively slow Artificial Intelligence (AI) progress. However, the actual strong performance far surpassed market expectations. This robust performance was mainly driven by double-digit growth in iPhone and Services businesses, particularly iPhone revenue which grew 13.45% year-over-year, strongly validating sell-side analysts' expectations of pull-forward demand in F3Q25. During the earnings call Q&A session, management confirmed that the excellent iPhone performance was primarily attributable to strong product capabilities and certain tariff-related pull-forward purchase effects. While gross margin remained within the company's guidance range, it saw a sequential decline, corroborating sell-side concerns regarding tariff impacts. Apple CFO Kevan Parekh noted in his management commentary that actual tariff-related costs amounted to approximately $800 million. This figure was lower than the company's previous estimate of $900 million, primarily due to tariff rate adjustments within the quarter (e.g., the tariff rate on non-exempt China-produced goods sold into the U.S. temporarily decreased to 30% from the original 145%). Concurrently, company management actively highlighted Apple Intelligence in the earnings report to address market attention on its AI strategy. Apple CEO Tim Cook stated in his management commentary that Apple is significantly increasing its investment in AI, and Apple CFO Kevan Parekh added in the Q&A session that this includes a substantial increase in CapEx to support Private Cloud Compute and first-party data center construction.
(For full content please see: Apple F3Q25 Earnings Review - Jason & his AI analyst)

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Key Observations 

Apple在2025财年第三季度（F3Q25，截至2025年6月28日）的业绩表现远超市场共识预期及公司自身的营收指引，营收和每股摊薄收益（Diluted EPS）均创下6月份的历史新高。公司总营收达到$94.036bn（同比增长10%），远高于卖方共识的$89.303bn和公司低至中个位数的增长指引（即1%至6%）。Diluted EPS为$1.57（同比增长12%），同样显著高于卖方共识的$1.43。Tim Cook在管理层评论中强调，这是公司在产品营收和服务营收实现双位数增长，并在全球所有地理区域均实现增长的体现。

本次财报发布前，市场对Apple的看法普遍较为悲观，主要担忧其面临关税、美国司法部对Google案件（涉及Google的TAC支付）、App Store政策逆风以及AI进展相对缓慢等不确定性因素。然而，实际业绩的强劲表现远超市场预期。 这一强劲业绩主要得益于iPhone和服务业务的两位数增长，尤其是iPhone营收同比增长13.45%，强有力地印证了卖方F3Q25需求前置的判断。在电话会议问答环节，管理层确认iPhone的优异表现主要归因于强大的产品实力和部分关税提前购买效应。尽管毛利率保持在公司指引范围内，但较上季度有所下降，印证了卖方对关税影响的担忧，Kevan Parekh在管理层评论中指出，实际产生了约$800mn的关税相关成本。这一数字低于公司此前预期的$900mn，主要得益于关税税率在本季度内的调整（例如，销往美国的中国产非豁免产品关税税率暂时降至30%，原为145%）。 同时，公司管理层在财报中积极强调Apple Intelligence，以回应市场对AI策略的关注，Tim Cook在管理层评论中表示，Apple正在大幅增加对AI的投资，Kevan Parekh在问答环节补充，这包括资本支出的显著增长，以支持私有云计算和第一方数据中心建设。(全文详见: Apple F3Q25 Earnings Review - Jason & his AI analyst)