Revenue Trend
| Metric | 2025-Q4 | 2025-Q2 | 2025-Q1 | 2024-Q4 |
|---|---|---|---|---|
| Revenue (M$) | 143,756 ↑52.9% | 94,036 ↓1.4% | 95,359 ↓23.3% | 124,300 |
| Operating Margin | 32.9% ↓0.2pp | 33.1% ↑2.5pp | 30.6% ↓6.3pp | 36.9% |
Segment Breakdown
| Segment | 2025-Q4 | 2025-Q2 | 2025-Q1 | 2024-Q4 |
|---|---|---|---|---|
Americas | 58,529 ↑ 11.0% | 41,198 ↑ 9.0% | 40,315 ↑ 8.0% | 52,648 ↑ 4.0% |
Europe | 38,146 ↑ 13.0% | 24,014 ↑ 10.0% | 24,454 ↑ 1.0% | 33,861 ↑ 11.0% |
Greater China | 25,526 ↑ 38.0% | 15,369 ↑ 4.0% | 16,002 ↓ 2.0% | 18,513 ↓ 11.0% |
Japan | 9,413 ↑ 5.0% | 5,782 ↑ 13.0% | 7,298 ↑ 17.0% | 8,987 ↑ 16.0% |
Rest of Asia Pacific | 12,142 ↑ 18.0% | 7,673 ↑ 20.0% | 7,290 ↑ 8.0% | 10,291 ↑ 1.0% |
YoY growth shown • Unit: M USD
Management Discussion (MD&A)
• Total net sales surged 16% year-over-year to $143.76 billion, driven by strong global demand.
• Greater China region led growth with a 38% increase, while iPhone sales rose 23% on Pro model strength.
• Gross margins improved to 48.2% overall, though product margins faced headwinds from tariff costs.
• R&D expenses jumped 32% to $10.89 billion due to infrastructure expansion and increased engineering headcount.
• New tariffs affecting multiple regions pose potential risks to supply chains and future pricing strategies.
Risk Updates
2025-Q4
No risk changes this quarter (Risk factors remain consistent with the 2025 Form 10-K)
2025-Q2
No risk changes this quarter
2025-Q1
New U.S. tariffs took effect in Q2 2025 on imports from China, India, Japan, South Korea, Taiwan, Vietnam, and the EU, with reciprocal measures threatened. Additionally, the U.S. Department of Commerce initiated a Section 232 investigation into semiconductor imports, increasing supply chain uncertainty.
2024-Q4
No risk changes this quarter