Apple’s fiscal 2025 in charts
On October 30, Apple announced its fiscal fourth quarter results, setting an all-time quarterly revenue record and closing its record fiscal year off with a bang. I made some charts to illustrate the thing, as I tend to do.
Being that Apple’s fiscal 2025 has now concluded, it’s time for a second set of colorful financial charts, ones that take the longer view and show the changes in Apple’s business over an entire year.
Let’s dig into the charts, starting with the big one, overall Apple revenue for the last 27 years:
I don’t know what I’m more impressed by, the enormous leap in fiscal 2021 (probably due to a combination of sales egged on by the pandemic and the arrival of Apple silicon), or the fact that fiscal 2022 tacked on $28B in growth on top of that. The two following years gave a little bit of that growth back, but with 2025’s $416B in revenue, Apple is back on a record-setting track.
Speaking of growth: Usually, in the year or two following a major growth spurt, there’s a backslide year, and that was most definitely 2023. 2024 followed another trend: after the backslide, a stabilization. And then this year, a return to solid growth.
Of course, the driver of half of Apple’s revenue is the iPhone. As the iPhone goes, so goes Apple:
After a relatively flat year in 2024, the iPhone showed some real growth in 2025, and Apple says 2026 is primed to increase dramatically. We’ll see how that goes.
From a macro view, you can see a huge kick in iPhone revenue in 2015, pushing the iPhone to a new plateau. The same thing happened in 2021. It will be interesting to see if 2026 represents another upward kick to a new plateau as Apple begins what’s expected to be a multi-year rollout of a varied set of new iPhone designs.
Now let’s look at the Mac, which followed up its record-breaking 2022 with a couple of years of regression, but has now perked up quite a bit:
The Mac’s sales increased massively in 2021 and even further in 2022. The combination of COVID lockdowns driving sales and Apple moving to Apple silicon led to unprecedented Mac sales. But with all those sales out the door, the Mac came back to earth a bit in 2023 and 2024. 2025’s larger Mac growth suggests that the company is beginning to convert early Apple silicon converts, and there’s an opportunity for the Mac to grow even more in 2026.
Also, if you toss out those 2021 and 2022 outliers, this year’s $4B Mac increase is the biggest since 2011. What that says to me is that the Mac is doing really well, and that the effects of those two big years are largely out of the equation now. After a decade of hanging out in the $20s, the Mac is now firmly a $30 billion-plus business, and growing.
It’s been a rough comedown from pandemic highs for the iPad, but things seem to be turning around:
After three consecutive years of lowered sales, the iPad made a nice little rebound in 2025. Apple is back on a regular schedule of iPad releases, the product line is rational and solid, iPadOS has improved dramatically, and those iPads sold in 2021 will need to be upgraded at some point fairly soon. iPad revenue could easily jump to $30B in 2026. I’m not saying it will, but this product line actually looks pretty healthy to me.
Now let’s look at Apple’s best performer over the last few years, Services:
Apple has yet to run out of fuel for its growth rocket. Services cracked $100B for the first time, and Services revenue has doubled since fiscal 2020. And Services in 2020 was double it was in 2015! I don’t know if Apple’s Services business can keep that level of growth up, but if it’s a $200B business in 2030, nobody should act surprised.
Once a darling, Apple’s Wearables, Home and Accessories category has fallen on hard times:
Those eight straight years of annual growth were great, weren’t they? But since then, it’s been three straight years of decline. Rumor has it that Apple is gearing up for an onslaught of home products, which is probably a good idea given this chart. Perhaps the existence of AirPods Pro 3 will drive some real growth in 2026.
On the positive side, I will say that the Wearables category hasn’t given away most of its growth from 2021. In the mid-teens, this was a $10B a year category, and it’s now a sluggish not-grower… in the mid-$30B range. I’m sure Apple would love to see more growth, but this business tripled in about four years and has given very little of that growth back.
This brings us to the final chart, which I run here every year to properly contextualize all of Apple’s product lines. When I run the numbers as individual charts, they all seem more or less the same. They’re not.
See you back here next year for more annual charts!
If you appreciate articles like this one, support us by becoming a Six Colors subscriber. Subscribers get access to an exclusive podcast, members-only stories, and a special community.