Apple Services Revenue Hits Record High Amid Slowing Hardware Sales
Apple's fiscal third-quarter revenue reached $94 billion for the period ended June 28, 2025. The company's services revenue hit a record high of $27.4 billion, up 13% year-over-year. This growth in services revenue helped offset slower hardware sales and kept Apple's overall top-line near its recent highs.
The iPhone remained Apple's largest single business line, generating $44.6 billion in revenue during the quarter. However, the company's growing reliance on recurring services revenue is shifting its earnings mix. Mac and iPad revenues were also notable, at $8 billion and $6.6 billion respectively, showing that Apple is not relying solely on iPhone sales.
Apple's installed base of active devices reached an all-time high across every geographic segment, supporting the company's services growth and future upgrade demand. The company returned $27 billion to shareholders during the quarter, including $3.9 billion in dividends and equivalents.