Apple has reported its Q3 2025 results, and it was a very strong quarter. Revenue hit $94 billion, up 10 % year‑over‑year and above analysts’ estimates (~$89 billion). Earnings per share (EPS) came in at $1.57, up 12 %, with net income around $23.4 billion.

The main driver was iPhone, bringing in $44.6 billion, 13 % more than last year and well above expectations. Mac also performed well — $8.05 billion, +15 %. Services hit a new record at $27.4 billion (+13 %). On the downside, iPad revenue dropped 8 % to $6.6 billion, and Wearables & Accessories fell nearly 9 % to $7.4 billion.

Interestingly, China showed growth for the first time since late 2023, +4 % to $15.4 billion. Tim Cook highlighted double‑digit growth for iPhone, Mac, and Services across all regions, and pointed to WWDC25 updates — the new Apple Intelligence and system redesign.

A major focus now is artificial intelligence. Apple is shifting teams internally, considering acquisitions of AI startups like Perplexity and Anthropic, and its personalized AI‑powered Siri is now expected only in 2026, delayed due to reliability requirements.

Tariffs remain a big story. This quarter Apple paid $800 million in duties (about $100 million less than expected), but next quarter that will rise to $1.1 billion. iPhone production is moving to India, and Mac to Vietnam, to reduce tariff impact and dependence on China.

Apple shares rose 2–3 % after the report. The outlook for next quarter is optimistic: the company expects solid revenue growth, but much depends on the iPhone cycle and how quickly Apple can integrate AI into its products.

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My takeaway: A classic Apple quarter. iPhone and Services carry the business, Mac helps, iPad and accessories are struggling, but overall the numbers are strong. AI investments are a bet on the future, and moving production to India and Vietnam shows Apple is serious about rethinking its strategy. Overall, Apple proves once again it knows how to play the long game.