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- **Record Q4 Performance**: $102.5B revenue (8% YoY), driven by iPhone (6%), Services (15%), and Mac (13%).\n- **iPhone Dominance**: iPhone 17 Pro sets new standard; AirPods Pro 3 and Apple Watch with health features drive growth.\n- **Services Surge**: $28.8B (15% YoY), with Apple TV Emmy wins and AI-driven features like Live Translation.\n- **AI and China Recovery**: $600B U.S. investment in AI; China expected to return to growth in Q1 FY26.\n- **Q1 Outlook**: Best-ever $102.5B-$105.5B, with iPhone and Services leading.\n- **Risks**: Supply constraints on iPhone 17, $1.4B tariffs, and Mac comp challenges.

**【CEO Summary Section】**
- Q4 FY25 revenue: $102.5B (8% YoY), driven by iPhone ($49B, 6% YoY), Services ($28.8B, 15% YoY), and Mac ($8.7B, 13% YoY).\n- iPhone 17 Pro sets new standard with A19 Pro chip; AirPods Pro 3 sees strong demand; Apple Watch introduces hypertension notifications.\n- Services record: $28.8B, with double-digit growth in all regions; Apple TV Emmy wins highlight content strategy.\n- AI advancements: M5 chip in iPad Pro, Vision Pro, and MacBook; Apple Intelligence features like Live Translation.\n- China recovery: September quarter down 4% YoY due to supply constraints, but Q1 FY26 expected to return to growth.\n- FY25 total revenue: $416B (record), with double-digit EPS growth.\n\n**【CFO Financial Commentary】**\n- Q4 GAAP net income: $27.5B; EPS: $1.85 (13% YoY).\n- Gross margin: 47.2% (above guidance), driven by iPhone mix and Services growth.\n- Operating expenses: $15.9B (11% YoY), up due to R&D investments.\n- Q1 FY26 outlook:\n  - Revenue: $102.5B-$105.5B (10%-12% YoY).\n  - iPhone: Double-digit growth (best ever).\n  - Gross margin: 47%-48% (tariffs: $1.4B).\n  - OpEx: $18.1B-$18.5B (AI and product R&D).\n\n**【Q&A Key Highlights】**\n- **iPhone demand**: Constraints on iPhone 17 models; supply ramping but backlogs persist.\n- **China recovery**: Subsidies and iPhone 17 Pro adoption driving Q1 growth.\n- **Services growth**: Broad-based, organic, with Apple Pay and AppleCare One expansion.\n- **AI investment**: $600B over 4 years in U.S. for silicon, AI, and manufacturing.\n- **Tariffs**: Q4 impact $1.1B; Q1 expected $1.4B (10% China tariff reduction partially offset).\n- **Mac challenges**: Difficult comp vs. M4 launches; long-term bullish on Mac ecosystem.\n- **Siri progress**: Personalized Siri on track for FY26 launch; hybrid model for LLMs.\n- **Private Cloud Compute**: Houston factory ramping server production for AI workloads.

Apple Inc. (AAPL) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

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