Products revenue reached a September-quarter record of $73.72 billion, up just over 5 percent but below market expectations. Within that category, iPhone sales increased 6 percent to $49.03 billion, a figure Cook attributed to limited supply rather than weak demand. Mac revenue climbed 12.7 percent to $8.73 billion, helped by strong uptake of the MacBook Air. Sales of iPad devices were flat at $6.95 billion, while the Wearables, Home & Accessories segment slipped slightly to $9.01 billion, though both Apple Watch and AirPods achieved record installed bases.
The services business delivered an all-time high of $28.75 billion, up 15 percent, with records across advertising, App Store, cloud services, music, payment services and video. Gross margin for the group continued to exceed that of the hardware segment, contributing to an overall company gross margin that widened by 70 basis points sequentially and nearly 100 basis points year over year, despite a $1.1 billion headwind from tariffs.
Guidance for the holiday period
Although Apple no longer provides detailed numerical guidance, Chief Financial Officer Kevan Parekh outlined expectations for the fiscal first quarter ending in December. Management projects revenue growth between 10 percent and 12 percent from the same period last year, a range well above the 6 percent increase analysts had anticipated. If achieved, the December quarter would mark Apple’s highest sales ever.
iPhone revenue is expected to expand at a double-digit pace, pointing to what could become the company’s best quarter for the product. Services revenue is forecast to grow at roughly 13.5 percent, in line with its full-year 2025 rate and ahead of market expectations. Gross margin is seen between 47 percent and 48 percent, including an estimated $1.4 billion tariff expense, while operating costs are projected at $18.1 billion to $18.5 billion as Apple accelerates investment in artificial-intelligence initiatives.
Installed base and product adoption
Apple’s installed base of active devices reached a new all-time high, providing a larger audience for both hardware upgrades and subscription services. The iPhone set September-quarter records in Latin America, the Middle East and South Asia, and logged an all-time revenue high in India. Nearly half of Mac buyers during the quarter were new to the platform, and over half of iPad buyers were first-time purchasers of the tablet.
Imagem: Internet
Capital position and shareholder returns
Apple closed the quarter with $132 billion in cash and marketable securities and $34 billion in net cash after debt. The company returned $24 billion to shareholders through $3.9 billion in dividends and $20 billion in share repurchases, consistent with its strategy to remain roughly cash-neutral over time.
Independent analysts noted that the combination of expanding services revenue and sustained hardware demand continues to reinforce Apple’s competitive position against manufacturers such as Samsung, Xiaomi, Oppo, Dell and HP.
The company reiterated plans to introduce an enhanced, AI-enabled version of its Siri voice assistant in 2026. Management said the initiative is part of a broader effort to integrate machine-learning features across the product line, though specific launch details were not provided.
Apple’s robust earnings and optimistic outlook prompted some market observers to raise their price targets. However, executives on the earnings call emphasized that the forecast assumes no significant changes to global tariff policies or to macroeconomic conditions, which have shown signs of weakening.
With strong cash generation, a growing services portfolio and continued hardware demand, Apple remains positioned to sustain shareholder returns while funding research and development in emerging technologies.
Crédito da imagem: Apple Inc.
