Apple Revenue Projected to Reach $557 Billion by 2028

Apple's revenue is projected to hit $557 billion by fiscal 2028, up from $416 billion in fiscal 2025. The company's two main business engines are expected to be the iPhone and its Services division, with the former generating an estimated $293.5 billion and the latter reaching $153.4 billion.

The iPhone will still account for around 53% of Apple's revenue by 2028, while Services will make up approximately 28%. The shift towards a two-engine company is evident in Apple's growing Services division, which has seen its revenue increase steadily alongside the dominance of the iPhone business.

Apple now has over 2.5 billion active devices and more than 1.5 billion paid subscriptions, giving Services a massive distribution base across various platforms. The latest June quarter saw record-breaking Services revenue of $30.7 billion, with overall quarterly revenue rising 16% to $109.4 billion.

Despite the growth of Apple's Services division, the company still relies heavily on its iPhone business. A prolonged slowdown in iPhone sales could pose a significant risk to Apple's revenue projections for 2028. To mitigate this risk, Apple has introduced new products like the iPhone Duo and AI upgrades, which may trigger a multi-year replacement cycle.