Apple’s Q2 2025 Earnings Call Takeaways

Apple held its earnings call for the second fiscal quarter of 2025 today (second calendar quarter), announcing revenue of $95.4 billion and net quarterly profit of $28.4 billion. During the call, Apple CEO Tim Cook spoke about tariffs, the App Store changes Apple is facing, device sales, and more.

We’ve rounded up the most interesting tidbits from the Q2 2025 earnings call below.

U.S. App Store Changes

Cook was asked about some of the high-profile legal cases that Apple is facing right now, including the U.S. ‌App Store‌ changes that Apple was ordered to make yesterday, and how those legal cases might impact Apple’s services business.

Cook repeated Apple’s statement about complying and appealing, and didn’t add much more beyond saying that the outcome is unclear.

The case yesterday, we strongly disagree with it. We’ve complied with the court’s order, and we’re going to appeal. In the DoJ case you referenced with Google, that case is ongoing, and I don’t really have anything to add beyond that.

We’re monitoring these closely. But as you point out, there’s risk associated with them. And the outcome is unclear.

Tariffs

Cook said that tariffs had a limited impact on the March quarter because Apple was able to optimize its supply chain and inventory. Apple is unable to entirely estimate the impact of tariffs on the June quarter because policies could change, but if everything stays as it is now, the tariffs will add $900 million to Apple’s costs.

Cook declined to speak on pricing or whether elevated costs will be passed along to consumers.

US Investment

Cook said that Apple is sourcing glass and Face ID modules from the United States, along with purchasing 19 billion chips from 12 states.

Apple Intelligence Siri Features

Cook said that Apple is “making progress” on the personal Siri features that the company announced at WWDC 2024. “We are making progress, and we look forward to getting these features into customers’ hands,” said Cook.

“It’s just taking a bit longer than we thought,” Cook added.

Apple Intelligence Impacting iPhone Sales

Cook said that during the March quarter, Apple saw year over year performance in countries with Apple Intelligence that was stronger than those countries where ‌Apple Intelligence‌ was not available.

Mac

Mac revenue grew 6.7 percent year over year, thanks to the new M4 MacBook Air and Mac Studio that came out during the quarter. The Mac install base grew to an all-time high, and Apple saw growth for upgraders and customers new to the Mac.

iPad

iPad revenue grew 15.2 percent year over year, with growth in every geographic segment. More than half of customers who purchased an ‌iPad‌ were new to the product. Apple debuted the M3 iPad Air and the ‌iPad‌ 11 during the quarter.

Wearables, Home and Accessories

Wearables revenue dropped 4.9 percent year over year due to a difficult compare against the launch of the Apple Vision Pro in the year-ago quarter.

Services

Apple’s services revenue was up 11.6 percent year over year, an all-time revenue record, with strong performance across all categories. Apple TV+ set a new record for viewership during the quarter, and paid accounts and paid subscriptions grew double digits year over year. Apple now has more than 1 billion total paid subscriptions.

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