Apple posted Q4 2025 revenue of USD 102.47 billion, up 8.96% QoQ from Q3 2025 (USD 94.04 billion) but down 17.57% YoY versus Q4 2024 (USD 124.30 billion). The quarter delivered strong gross margin of 47.18% and robust operating profitability, with gross profit of USD 48.34 billion and operating income of USD 32.43 billion, yielding an operating margin of 31.65% and a net margin of 26.80%. Net income amounted to USD 27.47 billion and earnings per diluted share of USD 1.84. These results reflect Apple’s continued pricing power and efficiency in cost structure despite a challenging year-over-year top-line backdrop.
Balance sheet strength and cash generation remain compelling. Free cash flow per share (FCF per share) was USD 1.772, cash per share USD 3.66, and operating cash flow per share USD 1.989, underscoring a highly deleveraged profile with a debt-to-capitalization of 9.76% and a debt-to-equity ratio of 0.11. The current ratio sits at 0.893 and the cash ratio at 0.217, indicating solid liquidity and the capacity to fund buybacks, dividends (payout ratio ~14.1%), and strategic investments even in a softer revenue environment.
Forward-looking considerations center on the revenue mix, Services growth, and product cycle dynamics. While there is no formal forward guidance provided in the input data, investors should monitor the ongoing evolution of Services (Cloud, App Store, Apple Music, AppleCare), wearables and accessories, and the potential impact of iPhone refresh cycles, AI-enabled features, and geographic mix on margins and cash flow. Management commentary (not provided in the data) typically emphasizes long-term service monetization and ecosystem retention as key drivers of margin resilience, alongside capital return and strategic investments in platforms and R&D.