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Apple Inc. (AAPL) closed fiscal 2025 with what CEO Tim Cook called “an extraordinary year for Apple, in which we achieved an all-time revenue record of $416 billion for the fiscal year.” Fourth-quarter revenue reached $102.5 billion, up 8 % from a year ago, and Cook noted it was “a September quarter record.”

“Services achieved an all-time revenue record of $28.8 billion, growing 15 % from a year ago,” he said, highlighting double-digit growth “across advertising, App Store, cloud services, music, payment services, and video.” CFO Kevan Parekh added, “Our services revenue reached an all-time high … up 15 % year-over-year … and our total fiscal year services revenue … surpassed $100 billion, up 14 % year-over-year and our best ever.”

The iPhone business again anchored performance. “iPhone set a revenue record … at $49 billion, up 6 % from a year ago,” Cook said. “Redesigned from the inside out and powered by the outstanding A19 Pro chip, the iPhone 17 Pro is by far the most powerful iPhone we’ve ever made.”

Demand has outstripped supply: “We ended the quarter toward the low end of the targeted range … we just have very strong demand, and we’re working very hard to fulfill all the orders that we have.”

Mac revenue climbed 13 % to $8.7 billion, driven by the MacBook Air. Parekh said, “We grew in every geographic segment with strong double-digit growth in emerging markets,” while nearly half of Mac buyers were new to the product. iPad revenue held steady at $7 billion, and wearables brought in $9 billion, flat year-over-year but featuring the launch of Apple Watch Ultra 3 and AirPods Pro 3.

Apple also leaned further into AI. “As we continue to expand our investment in AI, we’re bringing intelligence to more of what people already love about our products and services,” Cook said. “With Apple Intelligence, we’ve introduced dozens of new features that are powerful, intuitive, private, and deeply integrated.” Among them: “live translation … visual intelligence … Workout Buddy … cleanup in photos and new image creation tools.”

To support those ambitions, Parekh emphasized the capital commitment: “We are increasing our investments in AI while continuing to invest in our product roadmap. The vast majority of the increase to our operating expenses are driven by R&D.” Cook added that Apple had “built a new factory in Houston for advanced AI service … and we’re leading the creation of end-to-end silicon supply chain across the country.”

Looking ahead, Parekh guided for “December quarter total company revenue to grow by 10 %–12 % year-over-year, which would be our best quarter ever,” and “iPhone revenue to grow double digits year-over-year, which would be our best iPhone quarter ever.”

Cook closed by returning to Apple’s long-term ethos: “We’re driven to empower people to do more of the things that matter most to them and enrich their lives along the way. As we head into the holiday season with our most powerful lineup ever, I couldn’t be more excited for what’s to come.

You can find a transcript of the earnings call here.

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