EX-99.1 2 a8-kex991q1202512282024.htm EX-99.1 Document

Exhibit 99.1


Apple reports first quarter results

All-time records for total company revenue and EPS

Services revenue reaches new all-time high

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2025 first quarter ended December 28, 2024. The Company posted quarterly revenue of $124.3 billion, up 4 percent year over year, and quarterly diluted earnings per share of $2.40, up 10 percent year over year.

“Today Apple is reporting our best quarter ever, with revenue of $124.3 billion, up 4 percent from a year ago,” said Tim Cook, Apple’s CEO. “We were thrilled to bring customers our best-ever lineup of products and services during the holiday season. Through the power of Apple silicon, we’re unlocking new possibilities for our users with Apple Intelligence, which makes apps and experiences even better and more personal. And we’re excited that Apple Intelligence will be available in even more languages this April.”

“Our record revenue and strong operating margins drove EPS to a new all-time record with double-digit growth and allowed us to return over $30 billion to shareholders,” said Kevan Parekh, Apple’s CFO. “We are also pleased that our installed base of active devices has reached a new all-time high across all products and geographic segments.”

Apple’s board of directors has declared a cash dividend of $0.25 per share of the Company’s common stock. The dividend is payable on February 13, 2025, to shareholders of record as of the close of business on February 10, 2025.

Apple will provide live streaming of its Q1 2025 financial results conference call beginning at 2:00 p.m. PT on January 30, 2025 at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.


This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142

Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123


NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2025 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended
December 28,
2024		December 30,
2023
Net sales:
   Products$97,960 $96,458 
   Services26,340 23,117 
Total net sales (1)
124,300 119,575 
Cost of sales:
   Products59,447 58,440 
   Services6,578 6,280 
Total cost of sales66,025 64,720 
Gross margin58,275 54,855 
Operating expenses:
Research and development
8,268 7,696 
Selling, general and administrative
7,175 6,786 
Total operating expenses
15,443 14,482 
Operating income
42,832 40,373 
Other income/(expense), net
(248)(50)
Income before provision for income taxes
42,584 40,323 
Provision for income taxes
6,254 6,407 
Net income
$36,330 $33,916 
Earnings per share:
Basic
$2.41 $2.19 
Diluted
$2.40 $2.18 
Shares used in computing earnings per share:
Basic
15,081,724 15,509,763 
Diluted
15,150,865 15,576,641 
(1) Net sales by reportable segment:
Americas
$52,648 $50,430 
Europe
33,861 30,397 
Greater China
18,513 20,819 
Japan
8,987 7,767 
Rest of Asia Pacific
10,291 10,162 
Total net sales
$124,300 $119,575 
(1) Net sales by category:
iPhone
$69,138 $69,702 
Mac
8,987 7,780 
iPad
8,088 7,023 
Wearables, Home and Accessories
11,747 11,953 
Services
26,340 23,117 
Total net sales
$124,300 $119,575 



Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)

December 28,
2024		September 28,
2024
ASSETS:
Current assets:
Cash and cash equivalents
$30,299 $29,943 
Marketable securities
23,476 35,228 
Accounts receivable, net
29,639 33,410 
Vendor non-trade receivables
29,667 32,833 
Inventories
6,911 7,286 
Other current assets
13,248 14,287 
Total current assets
133,240 152,987 
Non-current assets:
Marketable securities
87,593 91,479 
Property, plant and equipment, net
46,069 45,680 
Other non-current assets
77,183 74,834 
Total non-current assets
210,845 211,993 
Total assets
$344,085 $364,980 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$61,910 $68,960 
Other current liabilities
61,151 78,304 
Deferred revenue
8,461 8,249 
Commercial paper
1,995 9,967 
Term debt
10,848 10,912 
Total current liabilities
144,365 176,392 
Non-current liabilities:
Term debt
83,956 85,750 
Other non-current liabilities
49,006 45,888 
Total non-current liabilities
132,962 131,638 
Total liabilities
277,327 308,030 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 15,040,731 and 15,116,786 shares issued and outstanding, respectively
84,768 83,276 
Accumulated deficit(11,221)(19,154)
Accumulated other comprehensive loss(6,789)(7,172)
Total shareholders’ equity
66,758 56,950 
Total liabilities and shareholders’ equity
$344,085 $364,980 



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)

Three Months Ended
December 28,
2024		December 30,
2023
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances$29,943 $30,737 
Operating activities:
Net income36,330 33,916 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization3,080 2,848 
Share-based compensation expense3,286 2,997 
Other(2,009)(989)
Changes in operating assets and liabilities:
Accounts receivable, net3,597 6,555 
Vendor non-trade receivables3,166 4,569 
Inventories215 (137)
Other current and non-current assets939 (1,457)
Accounts payable(6,671)(4,542)
Other current and non-current liabilities(11,998)(3,865)
Cash generated by operating activities29,935 39,895 
Investing activities:
Purchases of marketable securities(6,124)(9,780)
Proceeds from maturities of marketable securities15,967 13,046 
Proceeds from sales of marketable securities3,492 1,337 
Payments for acquisition of property, plant and equipment(2,940)(2,392)
Other(603)(284)
Cash generated by investing activities9,792 1,927 
Financing activities:
Payments for taxes related to net share settlement of equity awards(2,921)(2,591)
Payments for dividends and dividend equivalents(3,856)(3,825)
Repurchases of common stock(23,606)(20,139)
Repayments of term debt(1,009)— 
Repayments of commercial paper, net(7,944)(3,984)
Other(35)(46)
Cash used in financing activities(39,371)(30,585)
Increase in cash, cash equivalents, and restricted cash and cash equivalents356 11,237 
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances$30,299 $41,974 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$18,651 $7,255