Apple Smashes Q4 Earnings: $102.5B Revenue Record

Apple's latest Q4 FY2025 earnings tell a compelling story about a company hitting its stride at just the right time. Surpassing Wall Street expectations, the company posted quarterly revenue of $102.5 billion and earnings per share of $1.85. Tim Cook called it a "September quarter revenue record." All this while navigating trade tensions and supply constraints that would challenge any tech giant.

Supply constraints on iPhone 17 models, while creating short-term delays, are a sign of healthy demand that should convert into sales as production catches up. Apple's installed base reaching all-time highs across all product categories provides the base layer for Services growth and future hardware upgrades as users stay engaged in the ecosystem.

For investors and ecosystem participants, watch two things, execution against the ambitious holiday guide and the timing of a China rebound. Tariff-related costs estimated at $1.4 billion for the current quarter are a manageable headwind given Apple's cash generation, though shifting trade policy could still press margins.

The stage looks set for a standout holiday season. iPhone 17 momentum is building despite supply limits, Services keeps climbing, and the gradual rollout of Apple Intelligence features should get more compelling as they mature and reach more markets. China needs watching, no doubt, but the global strength of Apple's ecosystem suggests the company is navigating the bumps and positioning for sustained growth ahead.