Apple reported QQ2 2025 revenue of $95.359 billion, up 0.45% year-over-year but down 23.28% quarter-over-quarter, reflecting typical seasonality from the prior quarter’s peak. Gross profit reached $44.867 billion with a gross margin of 47.05%, up 2.25% year-over-year, yet down 23.01% quarter-over-quarter due to mix and cost dynamics. Operating income stood at $29.589 billion, yielding an operating margin of 31.03%. Net income was $24.78 billion, delivering a net margin of 25.99% and EPS of $1.65, up 70.10% year-over-year but down 31.54% quarter-over-quarter. The company generated strong operating cash flow of $23.952 billion and free cash flow of $20.881 billion (roughly 21.9% of revenue), underscoring durable cash generation even as quarterly delivery fluctuates. Capital allocation remained aggressive, with $25.898 billion in common stock repurchases and $3.758 billion in dividends, contributing to a net debt position of $70.0 billion despite a liquid asset base of $48.5 billion in cash and short-term investments. On the balance sheet, total assets were $331.233 billion and total liabilities $264.437 billion, with equity of $66.796 billion. Key leverage metrics imply a conservative liquidity posture alongside a leveraged capital structure. Looking ahead, management did not publish explicit forward guidance in the QQ2 2025 release; investors should monitor services growth, iPhone cycle dynamics, supply chain efficiency, and currency effects as key drivers of the intermediate-term outlook.