Apple Inc. (NASDAQ:AAPL) Q3 2025 Earnings Conference Call July 31, 2025 5:00 PM ET
Company Participants
Kevan Parekh - Senior VP & CFO
Suhasini Chandramouli - Director of Investor Relations
Timothy D. Cook - CEO & Director
Conference Call Participants
Aaron Christopher Rakers - Wells Fargo Securities, LLC, Research Division
Amit Jawaharlaz Daryanani - Evercore ISI Institutional Equities, Research Division
Atif Malik - Citigroup Inc., Research Division
Benjamin Alexander Reitzes - Melius Research LLC
David Vogt - UBS Investment Bank, Research Division
Erik William Richard Woodring - Morgan Stanley, Research Division
Krish Sankar - TD Cowen, Research Division
Michael Ng - Goldman Sachs Group, Inc., Research Division
Samik Chatterjee - JPMorgan Chase & Co, Research Division
Wamsi Mohan - BofA Securities, Research Division
Suhasini Chandramouli
Good afternoon, and welcome to the Apple Q3 Fiscal Year 2025 Earnings Conference Call. My name is Suhasini Chandramouli, Director of Investor Relations. Today's call is being recorded. Speaking first today is Apple's CEO, Tim Cook, and he'll be followed by CFO, Kevan Parekh. After that, we'll open the call to questions from analysts.
大家下午好，欢迎参加Apple 2025财年第三季度财报电话会议。我是投资者关系总监Suhasini Chandramouli。本次电话会议正在录音。今天首先发言的是Apple首席执行官Tim Cook，随后是首席财务官Kevan Parekh。之后，我们将开放问答环节，回答分析师的问题。
Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes, capital allocation and future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast, including risks related to the potential impact to the company's business and results of operations from macroeconomic conditions, tariffs and other measures and legal and regulatory proceedings.
请注意，今天讨论中您将听到的一些信息包含前瞻性声明，包括但不限于收入、毛利率、运营费用、其他收支、税务、资本分配以及未来业务展望。这些声明涉及风险和不确定性，可能导致实际结果或趋势与我们的预测存在重大差异，包括来自宏观经济环境、关税及其他措施，以及法律和监管程序对公司业务和经营业绩可能产生的影响。
For more information, please refer to the risk factors discussed in Apple's most recently filed reports on Form 10-Q and Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Additional information will also be in our report on Form 10-Q for the quarter ended June 28, 2025, to be filed tomorrow and in other reports and filings we make with the SEC. Apple assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
更多信息请参阅Apple最近提交的10-Q和10-K表格报告，以及今天提交给SEC的8-K表格及相关新闻稿。关于截至2025年6月28日季度的10-Q报告将于明日提交，届时还会有其他相关报告和文件提交SEC。Apple不承担更新任何前瞻性声明的义务，这些声明仅代表其作出当日的观点。
I'd now like to turn the call over to Tim for introductory remarks.
现在我将把电话交给Tim，请他作开场发言。
Timothy D. Cook
Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, we are proud to report a June quarter revenue record of \$94 billion, up 10% from a year ago, which was better than we expected. EPS set a June quarter record of \$1.57, up 12% year-over-year. We saw an acceleration of growth around the world in the vast majority of markets we track, including Greater China and many emerging markets. And we had June quarter revenue records in more than two dozen countries and regions, including the U.S., Canada, Latin America, Western Europe, the Middle East, India and South Asia. These results were driven by double-digit growth across iPhone, Mac and Services.
谢谢你，Suhasini。大家下午好，感谢参加电话会议。今天我们很自豪地宣布，Apple在6月季度实现了创纪录的940亿美元营收，同比增长10%，超出我们预期。每股收益（EPS）也创下6月季度纪录，达到1.57美元，同比增长12%。我们在全球大多数市场看到了增长的加速，包括大中华区和多个新兴市场。我们在包括美国、加拿大、拉美、西欧、中东、印度和南亚在内的二十多个国家和地区创下了6月季度营收纪录。这些成绩得益于iPhone、Mac和服务业务的双位数增长。
We set a June quarter record for iPhone, which grew a strong 13% year-over-year. We saw iPhone growth in every geographic segment and double-digit growth in emerging markets, including India, the Middle East, South Asia and Brazil. Mac continued to see excellent results with revenue up 15% year-over-year. And we set another all-time revenue record in Services, which grew 13% with double-digit growth in both developed and emerging markets.
iPhone在6月季度创下纪录，同比增长强劲的13%。我们在所有区域市场都看到了iPhone的增长，并且在包括印度、中东、南亚和巴西等新兴市场实现了双位数增长。Mac的表现同样出色，营收同比增长15%。服务业务则创下历史最高营收纪录，同比增长13%，并且在发达市场和新兴市场均实现了双位数增长。
Last month, we hosted WWDC, an incredible event for our developer community with millions joining us online and more than 1,000 developers here in person at Apple Park. We shared some truly exciting updates, including a stunning new design crafted from a material we call Liquid Glass, it's both beautiful and expressive. And for the first time ever this design extends across all of our platforms. We can't wait for users everywhere to experience it this fall.
上个月，我们举办了WWDC，这是一场令人振奋的开发者盛会，数百万开发者在线参与，超过1,000名开发者亲临Apple Park。我们分享了一些令人激动的更新，包括一款采用我们称为“Liquid Glass”的材料打造的全新惊艳设计，它既美观又富有表现力。而且这是我们首次将这种设计扩展至所有平台。我们迫不及待地希望全球用户能在今年秋季体验到它。
And we were excited to share some updates across our AI work. We announced even more capabilities coming later this year, including live translation and Workout Buddy. In addition to those new features, we announced new support for a number of languages, and we opened up access to the on-device foundation models at the core of Apple Intelligence, enabling developers to build a whole new experience for our users. It's wonderful to see great momentum building for our platforms. iOS 26, macOS 26 and iPadOS 26 are by far the most popular developer betas we've had.
我们很高兴分享我们在AI方面的一些最新进展。今年晚些时候，我们将推出更多功能，包括实时翻译和Workout Buddy。除了这些新功能，我们还宣布支持多种新语言，并开放对Apple Intelligence核心的设备端基础模型的访问，开发者能够为用户打造全新的体验。令人振奋的是，我们的平台正在积聚强劲的势头。iOS 26、macOS 26和iPadOS 26是迄今为止最受开发者欢迎的测试版。
Taking a step back, we see AI as one of the most profound technologies of our lifetime. We are embedding it across our devices and platforms and across the company. We are also significantly growing our investments. Apple has always been about taking the most advanced technologies and making them easy to use and accessible for everyone. And that's at the heart of our AI strategy.
从更宏观的角度来看，我们认为AI是我们这一代人最深远的技术之一。我们正在将它深度嵌入我们的设备、平台和公司各个层面，同时大幅增加投资。Apple一直致力于把最先进的技术变得简单易用，让每个人都能触手可及。这正是我们AI战略的核心。
With Apple Intelligence, we're integrating AI features across our platforms in a way that is deeply personal, private and seamless, right where users need them. We've already released more than 20 Apple Intelligence features, including visual intelligence, cleanup and powerful writing tools. We're making good progress on a more personalized Siri, and as we've said before, we expect to release these features next year.
通过Apple Intelligence，我们在各个平台上整合AI功能，以高度个性化、私密且无缝的方式满足用户需求。我们已经发布了20多项Apple Intelligence功能，包括视觉智能、清理工具和强大的写作工具。我们在打造更个性化的Siri方面也取得了良好进展，并且如之前所说，我们预计将在明年推出这些功能。
Apple silicon is at the heart of all of these experiences, enabling powerful Apple Intelligence features to run directly on device. For more advanced tasks, our servers also powered by Apple silicon deliver even greater capabilities while preserving user privacy through our private cloud compute architecture. We believe our platforms offer the best way for users to experience the full potential of generative AI. Thanks to the exceptional performance of our systems, our users are able to run generative AI models right on their Mac, iPad and iPhone. We're excited about the work we're doing in this space, and it's incredibly rewarding to see the strong momentum building.
Apple silicon是所有这些体验的核心，它让强大的Apple Intelligence功能能够直接在设备上运行。对于更高级的任务，我们的服务器同样由Apple silicon驱动，在通过私有云计算架构保护用户隐私的同时，提供更强大的能力。我们相信，我们的平台为用户提供了体验生成式AI全部潜力的最佳方式。凭借系统的卓越性能，用户能够在Mac、iPad和iPhone上直接运行生成式AI模型。我们对在这一领域所做的工作感到兴奋，并为看到强劲的增长势头而倍感欣慰。
Now let me turn to more details about our results for the quarter, starting with iPhone. iPhone revenue was \$44.6 billion, up 13% from a year ago, and we set a June quarter record for upgraders. This strong broad-based performance was driven by the incredible popularity of the iPhone 16 family, which was up strong double digits year-over-year as compared to the 15 family.
现在让我来介绍本季度的具体业绩，先从iPhone开始。iPhone营收为446亿美元，同比增长13%，并创下6月季度升级用户数量纪录。这一强劲且广泛的表现得益于iPhone 16系列的巨大受欢迎度，相较于15系列，同比增长达到强劲的双位数。
We also recently marked a significant milestone. We shipped the 3 billionth iPhone since its launch in 2007. From the Pro models with the powerhouse A18 Pro and innovative Pro camera features to the iPhone 16e with breakthrough battery life and a 2-in-1 camera system, users are finding so many reasons to love the best iPhone lineup we've ever created.
我们最近还达成了一个重要里程碑：自2007年首次发布以来，我们已经出货了第30亿部iPhone。从搭载强大A18 Pro芯片和创新Pro相机功能的Pro机型，到拥有突破性电池续航和2合1相机系统的iPhone 16e，用户找到了无数理由去喜爱我们有史以来最强大的iPhone产品线。
And iOS 26 will take that experience even further. In addition to the beautiful new design and powerful Apple Intelligence features, it introduces a range of meaningful updates like real-time call screening and hold assist in the phone app, smarter messaging tools and new live translation features. It all adds up to a smarter, more personal iPhone experience that we can't wait for users everywhere to enjoy this fall.
而iOS 26将把这种体验进一步提升。除了全新的美学设计和强大的Apple Intelligence功能外，它还引入了一系列实用更新，比如电话应用中的实时来电筛选和等待辅助、更智能的消息工具以及全新的实时翻译功能。这一切共同带来一个更智能、更个性化的iPhone体验，我们迫不及待希望全球用户在今年秋季能够享受到。
In Mac, we had another strong quarter with revenue of \$8 billion, up 15% year-over-year, largely driven by the strength of the M4 MacBook Air. We set a June quarter record for upgraders on Mac, and we saw great performance in emerging markets with strong double-digit growth on revenue as well as strong double-digit growth on both upgraders and customers new to Mac.
在Mac业务方面，我们本季度再次表现强劲，实现80亿美元营收，同比增长15%，主要得益于M4 MacBook Air的强劲表现。我们在Mac升级用户数量上创下6月季度纪录，并且在新兴市场表现突出，营收实现双位数增长，同时升级用户和新Mac用户也都实现了双位数增长。
MacBook Air, the world's most popular laptop, unlocks a whole new level of performance with the power of M4. MacBook Pro customers meanwhile continue to be drawn to its incredible power and the longest battery life we've ever had on a Mac. Customers are also loving the newest Mac Studio, which is the most powerful Mac we've ever made with next-level capabilities to tackle even the most demanding AI workflows.
MacBook Air作为全球最受欢迎的笔记本电脑，凭借M4芯片释放了全新的性能水平。与此同时，MacBook Pro用户依然被其强大的性能和Mac史上最长的电池续航所吸引。客户同样钟爱最新的Mac Studio，这是我们有史以来最强大的Mac，具备应对最苛刻AI工作流程的先进能力。
At the same time, Mac mini continues to win over customers by packing so much performance into an ultracompact design. And with fantastic new updates in macOS Tahoe 26 from the phone app to live activities to our biggest ever update to Spotlight, Mac users across our entire lineup are going to find delightful new ways to stay connected and productive.
与此同时，Mac mini凭借其在超紧凑设计中融合的强大性能，继续赢得客户青睐。随着macOS Tahoe 26的精彩更新，从电话应用到实时活动，再到我们史上最大规模的Spotlight升级，Mac用户将在整个产品线中发现更多令人愉悦的新方式，保持连接和高效生产力。
For iPad, June quarter revenue was \$6.6 billion. Our incredibly versatile iPad lineup brings together power and portability like never before. And users are already excited for our biggest iPad software update ever with the upcoming release of iPadOS 26. It starts with a new windowing system that's remarkably intuitive, giving users more control than ever of their iPad experience. An enhanced files app makes it easier than ever to stay organized. And that's all on top of a beautiful new software design that brings these updates to life.
在iPad方面，6月季度营收为66亿美元。我们极具多样性的iPad产品线前所未有地结合了强大性能与便携性。用户已经对即将发布的有史以来最大规模的iPad软件更新——iPadOS 26充满期待。它首先带来一个极其直观的新窗口系统，让用户比以往任何时候都更能掌控自己的iPad体验。升级后的文件应用让整理更轻松。而这些功能都建立在全新的精美软件设计之上，使更新真正焕发生命力。
Turning to Wearables, Home and Accessories. Revenue was \$7.4 billion, and we saw a June quarter record for upgraders to Apple Watch. During the quarter, we marked the 10-year anniversary of Apple Watch, celebrating a decade of helping users navigate their health and fitness journeys. And with watchOS 26 Apple Watch will be more intelligent than ever with smart updates to the workout app and Smart Stack, along with a fresh new design that feels both dynamic and personal.
接下来是可穿戴设备、家居和配件。该业务营收为74亿美元，Apple Watch升级用户数量创下6月季度纪录。本季度我们迎来了Apple Watch十周年，庆祝它陪伴用户健康与健身旅程的十年历程。随着watchOS 26的到来，Apple Watch将比以往更智能，锻炼应用和Smart Stack迎来智能更新，全新的设计既充满活力又高度个性化。
We're also thrilled about what's coming to Apple Vision Pro with visionOS 26 introducing spatial widgets that let users customize their digital space, more life-like personas and new enterprise APIs that empower companies to build their own spatial experiences.
我们对Apple Vision Pro的未来也感到振奋。visionOS 26将引入空间小组件，让用户自定义数字空间；提供更加逼真的虚拟人像；并推出新的企业级API，使公司能够构建属于自己的空间体验。
And this fall, new features for our latest AirPods lineup will unlock even more possibilities from studio quality audio recording to using AirPods as a camera remote, giving users powerful new ways to capture content and stay connected. As we're innovating across our lineup, we're especially proud of the work we're doing to help our users live healthier lives.
今年秋季，我们最新的AirPods产品线将迎来新功能，从录制录音室级音频，到将AirPods作为相机遥控器，为用户提供更强大的内容捕捉和保持连接的方式。在整个产品线持续创新的同时，我们尤其为帮助用户过上更健康生活的努力感到自豪。
Since we first launched our hearing health features for AirPods Pro 2, I've received notes from people who are delighted to be able to connect more deeply with loved ones. Whether it's with AirPods Pro 2 or Apple Watch or iPhone, it's amazing to see the power of our health and safety features from hearing tests to fall detection alerts to irregular rhythm notifications having such a profound impact.
自从我们在AirPods Pro 2上首次推出听力健康功能以来，我收到过许多用户的来信，他们为能与亲人建立更深层次的联系而欣喜。无论是通过AirPods Pro 2、Apple Watch还是iPhone，看到我们的健康与安全功能——从听力测试到跌倒检测提醒，再到心律不齐通知——产生如此深远的影响，令人感到无比震撼。
Turning to Services. Revenue for the June quarter was \$27.4 billion, up 13% from a year ago and an all-time record. Apple TV+ scored 81 nominations, a record for the platform across nearly every eligible category for this year's Emmy Awards. Severance leads all Emmy nominees with 27 nominations and The Studio follows close behind with 23 nominations, more than any other freshman comedy series ever. It's amazing to see how these and other Apple TV shows have captured the popular imagination.
接下来是服务业务。6月季度营收达到274亿美元，同比增长13%，创下历史新高。Apple TV+获得了81项提名，这是该平台在今年艾美奖几乎所有可参选类别中的纪录。《Severance》以27项提名领跑所有艾美奖提名剧集，《The Studio》紧随其后，获得23项提名，超过历来所有首季喜剧。看到这些Apple TV剧集深深吸引大众想象，令人振奋。
To date, Apple TV+ has earned more than 2,700 award nominations and 585 wins on the strength of the highest-rated original content of any streaming network. And we continue to see very positive trends in the June quarter with TV+ viewership up strong double digits year-over-year. In June, we were also thrilled to release F1 in theaters around the world, one of the summer's most unforgettable blockbusters.
迄今为止，Apple TV+已凭借业内最高评分的原创内容获得超过2,700项提名和585个奖项。本季度，我们继续看到积极趋势，TV+观众人数同比实现强劲双位数增长。今年6月，我们还很高兴在全球影院上映《F1》，这是今夏最令人难忘的大片之一。
During the quarter, we celebrated a big anniversary with 10 years of Apple Music. To mark the occasion, we launched an all-new studio space in Los Angeles for artists to create content and connect with fans. And later this year, we're bringing Apple Music users even more to love from an enhanced listening experience with AutoMix, which mixes songs like a DJ to lyrics translation and more.
本季度，我们迎来了Apple Music十周年。为纪念这一时刻，我们在洛杉矶推出了全新工作室空间，供艺术家创作内容并与粉丝互动。今年晚些时候，我们将为Apple Music用户带来更多惊喜，包括通过AutoMix提供DJ风格的歌曲混音、歌词翻译等增强型聆听体验。
The App Store meanwhile continues to be the very best place to discover the latest apps from developers around the world in a safe and trusted way and App Store revenue grew double digits year-over-year, setting a June quarter record.
与此同时，App Store依旧是全球用户以安全可靠的方式发现开发者最新应用的最佳平台。App Store营收同比实现双位数增长，创下6月季度纪录。
In retail, we continue to find opportunities in emerging markets to connect with even more customers. We recently launched the Apple Store online in Saudi Arabia, and we couldn't be more excited to open new stores in the UAE and India later this year. We were also delighted to welcome customers in Japan to a new location in the heart of Osaka.
在零售业务方面，我们持续在新兴市场寻找机会，以连接更多客户。我们最近在沙特阿拉伯上线了Apple Store在线商店，并且对今年晚些时候在阿联酋和印度开设新店感到非常兴奋。同时，我们也很高兴能在日本大阪市中心迎接顾客光临我们的新店。
Across everything we do at Apple, we show up by leading with our values. We feel strongly that the benefits of technology should be shared by everyone. That's why we make technology for everyone. In May, to mark Global Accessibility Awareness Day, we announced updates to help users learn, connect and interact with their worlds, including magnifier for Mac, a new braille experience and accessibility reader, a new system-wide reading mode to make it easier to understand content.
在Apple所做的一切中，我们始终以价值观为引领。我们坚信技术的益处应该惠及所有人，这也是我们为所有人打造技术的原因。今年5月，为纪念全球无障碍意识日，我们宣布了一系列更新，帮助用户学习、交流和与世界互动，包括Mac上的放大镜、新的盲文体验和无障碍阅读器，以及新的系统级阅读模式，让用户更容易理解内容。
And we're proud to introduce accessibility nutrition labels, giving users an understanding of accessibility features before they download an app while helping developers educate people on features their app support. This month, we also announced a \$0.5 billion commitment with MP Materials to strengthen the supply of vital recycled rare earth materials in the U.S. and support American industry.
我们还自豪地推出了“无障碍营养标签”，在用户下载应用之前就让他们了解应用的无障碍功能，同时帮助开发者向用户介绍其应用所支持的功能。本月，我们还宣布与MP Materials合作投资5亿美元，以加强美国关键再生稀土材料的供应，支持美国工业。
And in August, we're opening our all-new Apple Manufacturing Academy in Detroit to train and support American manufacturers. These investments are part of Apple's largest ever spend commitment, which we announced earlier this year. Over the next 4 years, Apple is investing \$500 billion in the U.S., driving innovation and creating jobs in cutting-edge fields like advanced manufacturing, silicon engineering and artificial intelligence. We're proud of this work and all that we're doing to tap into American innovation and bring the best technology experiences to users across the globe. And we continue to look for further opportunities to do even more.
今年8月，我们将在底特律开设全新的Apple制造学院，以培训并支持美国制造业。这些投资是Apple有史以来最大规模支出承诺的一部分，我们已在今年早些时候宣布。在未来四年里，Apple将在美国投资5,000亿美元，推动创新并在先进制造、硅工程和人工智能等前沿领域创造就业机会。我们为这些工作感到自豪，并为能挖掘美国的创新潜力、为全球用户带来最佳技术体验而骄傲。同时，我们将继续寻找进一步扩大贡献的机会。
Finally, the situation around tariffs is evolving, so let me provide some color there. For the June quarter, we incurred approximately \$800 million of tariff-related costs. For the September quarter, assuming the current global tariff rates, policies and applications do not change for the balance of the quarter and no new tariffs are added, we estimate the impact to add about \$1.1 billion to our costs. This estimate should not be used to make projections for future quarters as there are many factors that could change, including tariff rates.
最后，关税形势仍在变化，我在这里补充一些说明。在6月季度，我们承担了大约8亿美元的关税相关成本。至于9月季度，如果假设当前全球关税税率、政策和适用范围在剩余季度内不发生变化，且没有新增关税，我们估计将对成本造成约11亿美元的影响。由于关税税率等多种因素可能发生变化，这一估算不应被用于预测未来季度。
We're really proud of our results for the June quarter, and I want to thank our teams and our customers. In everything we do, we're driven by transformative innovation, delivering the most exceptional products and services we've ever created, and we're especially excited about what's ahead.
我们对6月季度的业绩感到非常自豪，并要感谢我们的团队和客户。我们所做的一切都由变革性的创新驱动，致力于打造迄今为止最卓越的产品和服务，我们对未来的前景尤其充满期待。
With that, I'll turn it over to Kevan.
接下来，我把话筒交给Kevan。
Kevan Parekh
Thanks, Tim, and good afternoon, everyone. Our revenue of \$94 billion was up 10% year-over-year and is a new June quarter record. We grew in every geographic segment and in the vast majority of the markets we track. Products revenue was \$66.6 billion, up 8% year-over-year, driven by growth across iPhone and Mac. And thanks to our high levels of customer satisfaction and strong loyalty, our installed base of active devices reached another all-time high across all product categories and geographic segments.
谢谢你，Tim，大家下午好。本季度我们的营收为940亿美元，同比增长10%，创下6月季度新纪录。我们在每一个地区市场以及绝大多数跟踪的市场都实现了增长。产品营收为666亿美元，同比增长8%，主要由iPhone和Mac的增长推动。得益于极高的客户满意度和强劲的忠诚度，我们的活跃设备安装基数在所有产品类别和地域市场中都创下了历史新高。
Services revenue was \$27.4 billion, up 13% year-over-year and an all-time record. We saw strength across the world with double-digit growth in the majority of our markets. Company gross margin was 46.5% at the high end of our guidance range and down 60 basis points sequentially, primarily driven by approximately \$800 million in tariff-related costs Tim mentioned earlier.
服务业务营收为274亿美元，同比增长13%，创下历史新高。我们在全球范围内表现强劲，大多数市场实现了双位数增长。公司整体毛利率为46.5%，处于指引区间的高端，环比下降60个基点，主要原因是Tim先前提到的大约8亿美元关税相关成本。
Products gross margin was 34.5%, down 140 basis points sequentially, driven by mix and tariff-related costs, partly offset by cost savings. Services gross margin was 75.6%, down 10 basis points sequentially. Operating expenses landed at \$15.5 billion, up 8% year- over-year. This strong business performance led to June quarter records for both net income at \$23.4 billion and diluted earnings per share of \$1.57, which was up 12% year-over-year. Operating cash flow was also strong at \$27.9 billion.
产品毛利率为34.5%，环比下降140个基点，主要受产品组合和关税成本影响，部分被成本节约所抵消。服务毛利率为75.6%，环比下降10个基点。运营费用为155亿美元，同比增长8%。强劲的业务表现推动本季度净利润达到234亿美元，创下6月季度纪录；稀释后每股收益为1.57美元，同比增长12%。运营现金流同样强劲，达到279亿美元。
Now I'm going to provide some more details for each of our revenue categories. iPhone revenue was \$44.6 billion, up 13% year-over- year, driven by the iPhone 16 family. As Tim noted, we saw iPhone growth in every geographic segment and double-digit growth in many emerging markets. The iPhone active installed base grew to an all-time high in total and in every geographic segment, and we reached a June quarter record for upgraders.
接下来我将提供各业务类别的更多细节。iPhone营收为446亿美元，同比增长13%，主要由iPhone 16系列驱动。正如Tim所提到的，我们在所有地区市场都实现了iPhone的增长，并且在许多新兴市场实现了双位数增长。iPhone活跃安装基数在总体和所有地区都创下了历史新高，我们在6月季度的升级用户数量也创下纪录。
According to a recent survey from Worldpanel, formerly of Kantar, iPhone was a top-selling model in the U.S., Urban China, the U.K., Australia and Japan during the June quarter. And we continue to see very high levels of customer satisfaction in the U.S. at 98% as measured by 451 Research.
根据Worldpanel（前Kantar）的最新调查，在6月季度，iPhone在美国、中国城市地区、英国、澳大利亚和日本都是最畅销机型。在美国，451 Research的调查结果显示，客户满意度依然维持在极高水平，达到98%。
Mac revenue was \$8 billion, up 15% year-over-year, driven by continued strength across the portfolio, including MacBook Air, Mac mini and MacBook Pro. We grew in every geographic segment and saw double-digit growth in Europe, Greater China and the rest of Asia Pacific. The Mac installed base reached an all-time high, and we hit a June quarter record for upgraders. In the U.S., customer satisfaction was recently measured at 97%.
Mac营收为80亿美元，同比增长15%，主要受Mac产品组合的持续强劲表现驱动，包括MacBook Air、Mac mini和MacBook Pro。我们在所有地区市场都实现了增长，并且在欧洲、大中华区和亚太其他地区实现了双位数增长。Mac安装基数创下历史新高，我们在6月季度的升级用户数量也创下纪录。在美国，最近的客户满意度调查结果为97%。
iPad revenue was \$6.6 billion, down 8% year-over-year, which was expected given the difficult compare against the launch of the iPad Air and iPad Pro in the year ago quarter. At the same time, the iPad installed base reached another all-time high and over half of the customers who purchased an iPad during the quarter were new to the product. And based on the latest reports from 451 Research, customer satisfaction was 98% in the U.S.
iPad营收为66亿美元，同比下降8%，这是预期之内的，因为去年同期推出了iPad Air和iPad Pro，导致对比基数较高。与此同时，iPad安装基数再次创下历史新高，本季度购买iPad的客户中有超过一半是首次购买该产品。根据451 Research的最新报告，美国的客户满意度为98%。
Wearables, Home and Accessories revenue was \$7.4 billion, down 9% year-over-year. This was driven by a difficult compare on accessories due to the prior year's iPad launches that I just referred to. The Apple Watch installed base reached a new all-time high with over half of customers purchasing an Apple Watch during the quarter being new to the product. We also set a quarterly record for upgraders on Apple Watch and the latest customer satisfaction for Watch in the U.S. was reported at 97%.
可穿戴设备、家居和配件营收为74亿美元，同比下降9%。这主要是由于去年iPad发布带来的配件业务高基数影响。Apple Watch安装基数创下新的历史纪录，本季度购买Apple Watch的客户中有超过一半是新用户。我们还创下Apple Watch季度升级用户数量的新纪录，而美国的最新客户满意度为97%。
Our Services revenue reached an all-time high of \$27.4 billion, up 13% year-over-year. The performance in the June quarter was broad-based. We saw a sequential acceleration across the majority of the categories, including cloud services, where we reached an all-time revenue record, driven by the year-over-year growth of iCloud paying accounts. We saw strong momentum during the June quarter and the growth of our installed base of active devices gives us great opportunities for the future.
我们的服务业务营收创下历史新高，达到274亿美元，同比增长13%。6月季度的业绩表现广泛且均衡。我们在大多数类别中看到了环比加速增长，其中云服务创下了历史营收纪录，得益于iCloud付费账户的同比增长。我们在6月季度保持了强劲势头，而活跃设备安装基数的持续增长为未来带来了巨大机遇。
Customer engagement across our Services offerings also continued to grow. Both transacting and paid accounts reached new all-time highs with paid accounts growing double digits year-over-year. Paid subscriptions also grew double digits. We have well over 1 billion paid subscriptions across the Services on our platform. We continue to improve the quality and breadth of our Service offerings from the new Apple Games app to a continued expansion of Tap to Pay and Wallet.
用户在我们的服务产品中的参与度也持续增长。交易账户和付费账户均创下历史新高，其中付费账户同比实现双位数增长。付费订阅也实现双位数增长。我们的平台上付费订阅总数已远超10亿。我们持续提升服务的质量与广度，从全新的Apple Games应用，到Tap to Pay和Wallet的持续扩展。
Turning to enterprise. Organizations are continuing to invest in Apple products to drive employee innovation and productivity. With companies like PayPal and Roche deploying more Macs for their workforce, we had the best June quarter ever for Mac in enterprise. In Thailand, Siam Commercial Bank, one of the largest Thai banks, has deployed thousands of iPads across their branches to enhance the quality and efficiency of their banking operations from loan services to wealth management. CAE, a leader in pilot training and simulation technology is using Apple Vision Pro to enable pilots to become more familiar with aircraft procedures, leading to more productive in-person flight simulator training outcomes.
再来看企业市场。各类组织持续投资于Apple产品，以推动员工创新与生产力。像PayPal和Roche这样的公司为员工部署了更多Mac，使得Mac在企业市场迎来史上最佳的6月季度。在泰国，作为该国最大银行之一的Siam Commercial Bank已在其分行部署了数千台iPad，以提升银行业务从贷款服务到财富管理的质量和效率。CAE作为飞行员培训和仿真技术的领导者，正在使用Apple Vision Pro帮助飞行员更熟悉飞机操作流程，从而提升面对面的模拟飞行训练效果。
Let's turn to our cash position and capital return program. We ended the quarter with \$133 billion in cash and marketable securities. We had \$5.7 billion of debt maturities, issued \$4.5 billion of new debt and increased commercial paper by \$4 billion, resulting in \$102 billion in total debt. Therefore, at the end of the quarter, net cash was \$31 billion. During the quarter, we returned over \$27 billion to shareholders. This included \$3.9 billion in dividends and equivalents and \$21 billion through open market repurchases of 104 million Apple shares.
接下来看现金状况和资本回报计划。本季度末，我们持有1,330亿美元现金及有价证券。本季度偿还57亿美元债务，发行45亿美元新债，并增加了40亿美元商业票据，使总债务达到1,020亿美元。因此，截至季度末，净现金为310亿美元。本季度我们向股东回馈超过270亿美元，包括39亿美元的分红及等值支付，以及通过公开市场回购1.04亿股Apple股票投入的210亿美元。
As we move into the September quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to. Importantly, the color we're providing assumes that the global tariff rates, policies and application remain in effect as of this call, the global macroeconomic outlook does not worsen from today and the current revenue share agreement with Google continues.
随着我们进入9月季度，我想回顾一下展望，其中包含了Suhasini先前提到的前瞻性信息。重要的是，这些展望假设当前的全球关税税率、政策和适用范围在本季度内保持不变，全球宏观经济前景不会较今日恶化，并且我们与Google的现行营收分成协议继续有效。
We expect our September quarter total company revenue to grow mid- to high single digits year-over-year. We expect Services revenue to grow at a year-over-year rate similar to what we reported in the June quarter. We expect gross margin to be between 46% and 47%, which includes the estimated impact of the \$1.1 billion tariff-related costs that Tim referred to earlier. We expect operating expenses to be between \$15.6 billion and \$15.8 billion. We expect OI\&E to be around negative \$25 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 17%.
我们预计9月季度公司总营收同比增长中至高个位数百分比。服务营收预计同比增速将与6月季度报告的水平相当。预计毛利率在46%至47%之间，其中包括Tim先前提到的约11亿美元关税相关成本的影响。预计运营费用在156亿至158亿美元之间。预计其他收入与支出（OI\&E）约为负2,500万美元，不包括少数股权投资按市值计价的潜在影响。我们的税率预计约为17%。
Finally, today, our Board of Directors has declared a cash dividend of \$0.26 per share of common stock payable on August 14, 2025, to shareholders of record as of August 11, 2025.
最后，今天我们的董事会宣布派发每股0.26美元的现金股息，将于2025年8月14日支付给截至2025年8月11日登记在册的普通股股东。
With that let's open the call to questions.
接下来，我们进入问答环节。
Suhasini Chandramouli
Thank you, Kevan. \[Operator Instructions]. Operator, may we have the first question, please?
谢谢你，Kevan。\[操作员提示]。主持人，请给我们第一个问题。
Question-and-Answer Session
问答环节
Operator
Certainly, we'll go ahead and take our first question from Michael Ng with Goldman Sachs.
好的，我们将接听来自高盛的Michael Ng的第一个问题。
Michael Ng
I just have one on upgrade rates and one on CapEx. First, on the upgrade rates, it's encouraging to see the records on iPhone, Mac and Watch. I was wondering if you're seeing strength in the upgrade rates? Or is the records more a function of the growing installed base? What is your research showing that made upgrades particularly compelling this year? For example, is it product features, tariff pull forward, perhaps Apple Intelligence? And then I'll give my follow-up on CapEx.
我有两个问题，一个关于升级率，一个关于资本支出。首先是升级率，很高兴看到iPhone、Mac和Watch都创下纪录。我想知道，你们是否看到了升级率本身的强劲增长？还是这些纪录更多地来自于安装基数的增长？你们的研究显示，今年促使升级特别有吸引力的因素是什么？例如，是产品功能、关税提前消费，还是Apple Intelligence？然后我再问资本支出的问题。
Timothy D. Cook
You'll do CapEx first.
你先回答资本支出吧。
Kevan Parekh
Yes, I'll do CapEx first.
好的，我先回答资本支出的问题。
Michael Ng
Just on the CapEx, it's up notably year-to-date. Could you just comment on your capital spending plan this year and next and provide some qualitative color in terms of what's driving that growth? Is it AI-related or supply chain diversification, for instance?
关于资本支出，今年迄今为止有显著增长。能否谈一下你们今年和明年的资本支出计划，并提供一些定性的说明，是什么驱动了这种增长？例如，是与AI相关，还是供应链多元化？
Kevan Parekh
Yes, Mike, it's a combination of factors. I would say, a pretty significant driver as Tim talked about, is the fact we are increasing our investment significantly in AI. So that is certainly a component of it. As you know, we've been investing in private cloud compute, which is also in our first-party data centers. The other piece, as you know, is we do have a hybrid strategy where in cases we do use third parties to make capital investments, and we also invest in our own. So you are going to see an increase in CapEx. We also, from time to time, have other investments in facilities, in toolings, but I would say a significant portion of the driver of growth that you're seeing now is really driven by some of our AI-related investments.
是的，Mike，这是多方面因素的结合。我认为，一个相当重要的驱动力，如Tim所说，是我们正在显著增加对AI的投资，所以这无疑是其中一个组成部分。正如你所知，我们一直在投资于私有云计算，这同样存在于我们的自有数据中心。另一个部分是我们的混合战略，即在某些情况下我们通过第三方进行资本投资，同时也投资于自有设施。因此，你会看到资本支出的增加。我们还会不时在设施、工具方面进行其他投资，但我认为你现在看到的增长驱动因素中有相当大的一部分，确实来自与AI相关的投资。
Timothy D. Cook
On the upgrades, Michael, if you look at iPhone, the 16 family grew double digit as opposed to the 15 family from the year ago quarter. And so we did set an upgrade record. I think it directly is because of the strength of the product. Mac also set records on upgrade, and I think we continue to see a move to Apple silicon and the performance of Apple silicon is playing a very key role. And so it was an incredible quarter. In terms of -- if you're wondering about pull forward, we would estimate the pull forward of demand into April, specifically to be about 1 point of the 10 points in terms of people buying because of discussions about tariffs.
关于升级问题，Michael，如果你看iPhone，16系列相较于去年的15系列实现了双位数增长。因此我们确实创下了升级纪录。我认为这直接归因于产品本身的实力。Mac同样在升级方面创下纪录，我认为我们继续看到用户向Apple silicon转移，而Apple silicon的性能发挥了非常关键的作用。所以这是一个非常出色的季度。至于你提到的提前消费，如果你关心这一点，我们估计由于关于关税的讨论，有一部分需求被提前到4月，大约贡献了10个百分点中的1个百分点。
Operator
Our next question is from Erik Woodring with Morgan Stanley.
接下来是来自摩根士丹利的Erik Woodring提问。
Erik William Richard Woodring
I have two as well. Tim maybe starting with you, shortly after March quarter earnings, there were some reports about searches on Safari declining in April for the first time, I think, in over 2 decades. Judging by your 13% Services growth this quarter, it doesn't seem to indicate that April trends necessarily played out through the remainder of the June quarter. And so I'm really just looking for a little bit more color on really how the rest of the quarter played out. And if you believe Apple products as kind of search access points are losing their strategic value as AI platforms become more valuable, popular or increasing in strategic value. And then I have a follow-up.
我也有两个问题。Tim，第一个问题给你。在3月季度财报公布后不久，有报道称Safari在4月份的搜索量出现下降，这是20多年来的首次。从你们本季度服务业务13%的增长来看，似乎并没有显示出4月的趋势延续到整个6月季度。所以我想请你进一步说明，整个季度的表现究竟如何？此外，你是否认为，随着AI平台变得更有价值、更受欢迎，或者战略价值不断提升，Apple产品作为搜索入口的战略价值正在下降？然后我会再问一个跟进问题。
Timothy D. Cook
I think they continue to be very valuable. I think that consumers' behaviors are evolving, and we're monitoring it very closely.
我认为它们依然非常有价值。我认为消费者的行为正在演变，我们正密切关注这一点。
Erik William Richard Woodring
Okay. I appreciate that color. And then maybe second to that, I'd love if you could maybe elaborate a bit on what you're seeing in China. I think in an interview earlier this afternoon, you alluded to some of the promotions being tailwinds. But just bigger picture, if we take a step back in China, how would you characterize demand interest in the iPhone 16 and some of your other products? Is that shifting or maybe were some of the trends in the June quarter maybe a bit more onetime and unique in nature?
好的，谢谢你的解释。第二个问题，我希望你能详细谈谈你们在中国的情况。我想你今天下午早些时候在采访中提到，一些促销活动是有利因素。但从更宏观的角度看，如果我们回顾中国市场，你会如何描述对iPhone 16和其他产品的需求兴趣？这种需求是否在发生变化？还是说6月季度的一些趋势更像是一次性的、独特性质的？
Timothy D. Cook
Yes. We did grow in Greater China by 4% during the quarter versus the previous quarter, it was driven by an acceleration by iPhone, although we also had substantial growth on the Mac year-over-year. From a -- as you know, the government has placed certain subsidies that affects some of our products, not all of them, but there are some of them. And I think that had some effect. It was the first full quarter of the subsidy playing out, that cut in during a portion of the previous quarter.
是的，本季度我们在大中华区实现了4%的环比增长，主要由iPhone的加速带动，尽管Mac也实现了显著的同比增长。正如你所知，政府对部分产品提供了补贴（并非所有产品），我认为这确实产生了一定影响。本季度是这些补贴首次完整地发挥作用，而在上季度仅覆盖了部分时间。
The other things I would say are that the installed base hit a record high in Greater China, and we set an all-time record for the iPhone installed base. The iPhone upgraders in Mainland China set a record for the June quarter. And according to Worldpanel, which was formerly known as Kantar, iPhone had the top 3 models in Urban China, which is extraordinary. Also, if you look at the other products, Mac, iPad and Watch, the majority of customers that are buying in China Mainland were new to the product.
此外，我还要指出，大中华区的安装基数创下历史新高，其中iPhone安装基数也创下了历史纪录。中国大陆的iPhone升级用户在6月季度创下纪录。根据Worldpanel（前称Kantar）的数据，iPhone在中国城市市场包揽了前三大机型，这非常了不起。此外，若看其他产品——Mac、iPad和Watch——在中国大陆购买的客户大多数都是首次接触这些产品。
So lots of good things there. And the other thing I would point out, which is an interesting point, The MacBook Air was the top-selling laptop model in all of China, and the Mac mini was the top-selling desktop model in all of China. So overall, a positive -- very positive quarter.
所以有许多积极因素。我还要补充一个有趣的点：MacBook Air是全中国最畅销的笔记本电脑，而Mac mini则是全中国最畅销的台式机。总体来看，这是一个积极——非常积极的季度。
Operator
Our next question is from Ben Reitzes with Melius Research.
接下来是来自Melius Research的Ben Reitzes提问。
Benjamin Alexander Reitzes
I really appreciate it. I wanted to ask about Siri, Tim, and just overall AI investment. There's a perception that Siri is going to help drive other new products potentially that maybe where voice is quite needed. And just wondering how's your confidence towards launching that next year? Is there anything that's been done internally to increase that confidence? Is it tied to the investment? I just think folks would love to know a little bit more about your confidence in how that's going? And then I have a follow-up.
非常感谢。我想问一下关于Siri的问题，Tim，以及整体AI投资。外界认为Siri未来可能会推动其他新产品，尤其是在需要语音的场景中。我想知道，你们对明年推出的信心如何？公司内部是否有一些举措来提升这种信心？这是否与投资挂钩？我认为大家都很想知道你对这方面进展的信心。然后我还有一个跟进问题。
Timothy D. Cook
Yes. Thanks for the question. We're making good progress on a more personalized Siri, and we do expect to release the features next year, as we had said earlier, our focus from an AI point of view is on putting AI features across the platform that are deeply personal, private and seamlessly integrated. And of course, we've done that with more than 20 Apple Intelligence features so far from visual intelligence to cleanup to writing tools and all the rest. We are significantly growing our investment, we did during the June quarter, we will again in the September quarter.
好的，谢谢你的问题。我们在打造更个性化的Siri方面进展顺利，预计明年会发布相关功能，正如我们之前所说，我们在AI方面的重点是把AI功能融入整个平台，做到高度个性化、私密且无缝整合。当然，到目前为止，我们已经推出了20多项Apple Intelligence功能，从视觉智能到清理工具再到写作工具等。我们正在大幅增加投资，在6月季度已经这样做了，在9月季度也会继续。
I'm not putting specific numbers behind that at this point, but you can probably tell from the guidance that things are moving up. We are also reallocating a fair number of people to focus on AI features within the company. That are -- we have a great team, and we're putting all of our energy behind it. In terms of other products, I don't want to really comment on specific other products. But we have an exciting road map ahead and I could not be more excited about it.
目前我不会公布具体的数字，但你可能从我们的指引中能看出投入在增加。我们也在重新分配大量人员专注于公司内部的AI功能开发。我们有一支出色的团队，正在全力以赴。从其他产品的角度，我不想对具体的产品发表评论。但我们有一条令人兴奋的路线图，我对此感到非常激动。
Benjamin Alexander Reitzes
That's great, Tim. Just with regard to my second question, it's about the overall revenue guide. And I appreciate that you guide the best you can see it. But I just wanted to challenge it from a different way is, why would it decelerate if Services is staying the same at 13%. What -- is there a conservatism there? I would think even currency is just as favorable, if not more favorable. So why would it decelerate to the higher single digits from where you were in the quarter? Or is it just being conservative? And if there's something decelerating or comp, do you mind just pointing that out?
太好了，Tim。我的第二个问题是关于整体营收指引的。我理解你们尽可能提供最清晰的指引。但我想从另一个角度来质疑一下：如果服务业务维持在13%的增长，为什么整体营收会放缓？这里是不是有保守成分？我认为即便是汇率，情况也应当至少与现在一样有利，甚至更有利。那么，为什么会从本季度的水平放缓到高个位数增长？还是说只是保守？如果确实有某些环节在放缓或基数效应，你能否指出来？
Kevan Parekh
Yes, Ben, this is Kevan. Thanks for the question. I think when you look at the growth from Q3, we just reported to the mid- to high single-digit guide. I think you have to kind of keep in mind two components. The first is the effect of the tariff-related pull-ahead in demand that Tim referenced earlier, which we estimated to be about 1 point of the 10 points that we ended up doing in Q3. And then the other factor that I think you have to take into consideration is the fact that in September quarter a year ago, we had the full quarter impact of the iPad launches, which also leads to a difficult compare this year. So those two components are things you have to take into consideration as you think about the move from Q3 to Q4. I would say foreign exchange is a very minor tailwind going from Q3 to Q4, so not really a major factor.
是的，Ben，我是Kevan，谢谢你的问题。我认为，当你把刚刚公布的Q3增长与指引的中到高个位数相比时，需要考虑两个因素。第一个是Tim之前提到的关税相关提前需求，我们估计约占Q3实现的10个百分点中的1个百分点。另一个因素是去年9月季度有完整的iPad新品发布效应，因此今年在对比上存在较高基数压力。这两个因素是你在从Q3到Q4变化中必须考虑的。至于外汇因素，从Q3到Q4只是一个非常轻微的顺风因素，并不是主要驱动。
Operator
Our next question is from Wamsi Mohan with Bank of America.
接下来是来自美国银行的Wamsi Mohan提问。
Wamsi Mohan
Tim, I know you said similar growth in Services, and that's predicated with Google payments continuing. Is there any way for us to dimensionalize sort of -- or maybe just conceptually talk about maybe options if, if the counter were to happen, if the payments were not allowed in some way, what are some of the things that Apple could do given that it is a significant chunk of profitability? And I have a follow-up.
Tim，我知道你提到服务业务的增长与之前类似，这是假设Google的支付继续进行。如果出现相反情况，比如这些支付在某种程度上不被允许，我们能否从某个维度或者至少从概念上探讨一下Apple可能会有哪些选择？毕竟这对盈利是一个重要部分。我之后还有一个跟进问题。
Timothy D. Cook
Yes, Wamsi, I don't really want to speculate on the court ruling and how they would rule and what we would do as a consequence of it.
是的，Wamsi，我不想对法院裁决的结果、他们会如何判决，以及我们将如何应对进行推测。
Wamsi Mohan
Okay. Okay. I guess we'll wait for that ruling to come out. I guess, separately, Tim, at a high level, when you look at some of what is perceived fears of new form factors and ways to interact with devices. There was some worry that given some of the developments in AI that there could be a world where dependence on screen-based devices significantly diminishes. And I'm kind of curious to get your thoughts on if do you think that would happen and rate and pace in which? And how do you think Apple is preparing in that case?
好的，那我们就等裁决结果出来。另一个问题，Tim，从宏观层面来看，人们对新形态设备和交互方式存在一些担忧。有观点认为，随着AI的发展，未来可能出现一个世界，人们对基于屏幕的设备的依赖大幅降低。我很好奇你对这种情况是否会发生的看法，以及可能发生的速度与节奏？在这种情况下，你认为Apple会如何应对？
Timothy D. Cook
When you think about all the things an iPhone can do from connecting people to bringing app and game experiences to life to taking photos and videos to helping users explore the world and conduct their financial lives and pay for things and so much more. It's difficult to see a world where iPhone is not living in it. And that doesn't mean that we are not thinking about other things as well. But I think that, that the devices are likely to be complementary devices, not substitution.
当你想到iPhone能做的所有事情——从连接人与人、呈现应用和游戏体验，到拍摄照片和视频，再到帮助用户探索世界、管理财务生活、完成支付以及更多功能——很难想象一个没有iPhone的世界。当然，这并不意味着我们没有考虑其他方向。但我认为，这些新形态设备更可能是互补性的，而不是替代性的。
Operator
Our next question is from Amit Daryanani with Evercore.
接下来是来自Evercore的Amit Daryanani提问。
Amit Jawaharlaz Daryanani
I guess just to start with -- Tim, the tariff assumption of \$1.1 billion in the September quarter, I kind of -- I understand the uptick you folks are talking about. But can you just talk about assuming tariffs remain at these levels or even they evolve under Section 232, how do you eventually think about offsetting this headwind to your P\&L? And when do you decide to execute on the levers to offset this headwind versus just flowing into your bottom line?
我先从这个问题开始——Tim，关于你们在9月季度假设的11亿美元关税成本，我理解你们提到的环比增加。但能否谈一下，如果关税保持在这个水平，甚至按照232条款有所演变，你们最终会如何考虑抵消这对损益表带来的逆风？你们什么时候会决定采取措施来抵消，而不是让它直接流入利润表？
Timothy D. Cook
Right now, we're just estimating the cost of it, and it's up quarter-over-quarter, because our volume is up quarter-over-quarter. And there was some build ahead in the previous quarter. And so that's the primary reason that it's up. In terms of what we do to mitigate, we obviously try to optimize our supply chain and ultimately, we're -- we will do more in the United States. We've committed \$500 billion investment in the U.S. over the next 4 years. And we're already building chips in Arizona. And in fact, we're building semiconductors across 12 states in 24 factories, and have a lot of other things in the work. You probably saw the investment in MP Materials last week. And so we continue to explore these things and look for more that we can do, which I think ultimately is the objective.
目前我们只是对成本进行估算，环比增加的原因是我们的出货量环比增长，而且上季度有部分提前备货，这是主要原因。至于缓解措施，我们显然会优化供应链，并且最终会在美国投入更多。我们已承诺未来四年在美国投资5,000亿美元。目前我们已经在亚利桑那州建设芯片工厂，实际上，我们正在全美12个州的24家工厂生产半导体，并且还有许多其他项目在推进。你可能看到我们上周在MP Materials的投资。所以我们会持续探索并寻找更多可以做的事情，我认为这才是最终目标。
Amit Jawaharlaz Daryanani
Got it. Super helpful. And then your Services growth, I think, was extremely impressive at 13%, especially given all the fears folks had. Can you just touch on, did you see any impact that was notable from the Epic case and the steering dynamics that came after that? And maybe just touch on what does that appeal process looks like for you as you go forward?
明白了，这非常有帮助。关于你们的服务业务增长，我认为在各种担忧的背景下，13%的增速令人印象深刻。能否谈一下，你们是否看到Epic案及其引发的引流规则对业务产生了明显影响？同时能否简单说明一下未来上诉流程对你们而言是什么样的？
Kevan Parekh
Yes, this is Kevan. Let me take that one. In general, I think just reminding, I think you just said, we had a very strong Services quarter, we had an all-time record at the \$27.4 billion, up 13%. The one thing I would also say is our services performance was broad-based. So we also saw strength in developed and emerging markets, both parts of the world had double-digit growth. We also saw a sequential acceleration across the majority of our categories, including cloud services, where I mentioned in the prepared remarks that we had an all-time revenue record.
是的，我来回答这个问题。总体来说，正如你刚才提到的，我们的服务业务本季度表现非常强劲，实现了274亿美元的历史纪录，同比增长13%。我要补充的一点是，我们的服务业务表现是广泛的，发达市场和新兴市场都实现了双位数增长。我们还在大多数类别中看到了环比加速，包括我在开场发言中提到的创下历史新高的云服务收入。
As it relates to the EPIC decision, we -- keep in mind, we only just introduced the change required by the court in the June quarter. And as you know, we don't provide the level of detail. But in general, I would say it was a very, very -- in the U.S., we had a double-digit growth for the U.S. App Store, and we set an all-time record. And so we'll continue to monitor the effects on our business, but we'll continue to innovate and ensure that the App Store delivers the best experience for users and remains a great business opportunity for developers.
关于Epic案，请注意，我们仅在6月季度才刚刚引入法院要求的变更。如你所知，我们不会披露那么详细的数据。但总体而言，我可以说，在美国，我们的App Store实现了双位数增长，并创下历史新高。因此我们将继续监测其对业务的影响，但我们会持续创新，确保App Store为用户提供最佳体验，并继续成为开发者的优秀商业机会。
Operator
Our next question is from David Vogt with UBS.
我们下一个问题来自UBS的David Vogt。
David Vogt
And I have two questions as well. Maybe Tim, just on the supply chain strategy. I know last quarter, you talked about focusing production or assembly to India. And I just want to get an update on how you're thinking about the strategy holistically, given sort of the tariff rates, I think, in India potentially are higher than I think anyone had expected. So I know you mentioned some U.S. investments, would love to kind of get your thoughts on how you're thinking about China versus the rest of Southeast Asia and India going forward?
我也有两个问题。也许先问Tim，关于供应链战略。上个季度你谈到过将生产或组装重点转向印度。我想听听你对整体战略的最新思考，因为我认为印度的关税水平可能比预期要高。我知道你提到过一些在美国的投资，也想听听你对未来中国与东南亚其他地区以及印度之间的战略考量。
And then I'll give you my second question also. So Kevan, I'm just trying to understand a little bit more about the demand drivers of iPhone in the quarter because obviously, the 16 has been in the market for some time. I know there was some promotional activity. But seasonally, you generally don't see this kind of strength in the June quarter. Maybe you can help us understand outside of maybe the promotional activity, what else were some of the drivers that led to what was -- looks like a pretty significant above seasonal strength in the June quarter stats?
接下来我问第二个问题。Kevan，我想更深入地了解一下本季度iPhone的需求驱动因素，因为显然16已经在市场上有一段时间了。我知道有一些促销活动。但从季节性来看，通常在6月季度不会看到这么强劲的表现。或许你可以帮我们理解一下，除了促销活动之外，还有哪些因素推动了6月季度数据中看起来相当显著的超季节性强劲表现？
Timothy D. Cook
Yes. In terms of the tariff situation and country of origin and so forth. One thing I would say, just to remind everyone is keep in mind that the vast majority of our products are covered under the Section 232 investigation. And so the -- today or I should say, last quarter,
是的。关于关税情况和原产国等问题，我想提醒大家注意，大多数我们的产品都在232条款调查范围之内。所以，到目前为止，或者说在上个季度，
the bulk of the tariffs that we paid were the IEEPA tariffs that hit early in the year related to China. And so that's just a reminder of where things are and what we assumed as we calculated the projection of \$1.1 billion that's in our outlook color.
我们缴纳的大部分关税是年初针对中国实施的IEEPA关税。这一点只是提醒大家当前的实际情况，以及我们在计算展望中提到的11亿美元预测时所做的假设。
In terms of the country of origin, it's the same as I referenced last quarter. There hasn't been a change to that, which is the vast majority of the iPhone sold in the U.S. or the majority, I should say, have a country of origin of India and the vast majority of the products, other products, the Mac and the iPad and the Watch have a country of origin of Vietnam that are sold in the United States.
至于原产国，与我上季度提到的情况相同，没有发生变化。也就是说，美国市场销售的大多数iPhone的原产国是印度，而其他大多数产品，比如Mac、iPad和Watch，在美国销售时的原产国是越南。
Still, the products for other international countries, the vast majority of them are coming from China. And so that hopefully gives you a flavor of the of where things are. But I would stress again that we do a lot in this country in the United States. And we've committed \$500 billion, and we're always looking to do more. And you could kind of see that in the most recent announcements, whether it's MP Materials or our manufacturing academy that we're standing up in Detroit in a couple of weeks or so.
不过，对于其他国际市场的产品，大多数仍然来自中国。这希望能让你们对现状有个整体的认识。但我想再次强调的是，我们在美国本土也做了很多投入。我们已经承诺投资5000亿美元，并且一直在寻求更多机会。你可以从我们最近的一些公告中看到，比如与MP Materials的合作，或者我们即将在底特律建立的制造学院，大约几周后就会启动。
And so we're going to be doing -- we're doing more in this country, and that's on top of having roughly 19 billion chips coming out of the U.S. now, and we will do more, and of course, glass from iPhone and the Face ID module. And so there's loads of different things that are done in the United States.
因此，我们会在美国继续加大投入。目前美国已经生产了大约190亿颗芯片，这只是其中一部分，我们还会做得更多。当然，还有iPhone的玻璃和Face ID模组等众多部件，都是在美国完成的。
Kevan Parekh
And then, David, as...
然后，David，正如……
David Vogt
And then on the iPhone activity?
那么关于iPhone的情况呢？
Kevan Parekh
Yes. So I was going to mention the iPhone activity. You asked if there's any kind of unique characteristics this quarter? I would just say, as Tim outlined, we really believe that the strong upgrade performance, which was a June quarter record was really driven by the strength of the product lineup. The iPhone 16 family has done incredibly well compared to the iPhone 15 family. And we also, as you recall, recently introduced the 16e as well, which also continued to impact the success of the overall iPhone 16 lineup.
是的，我正打算谈到iPhone的情况。你问到本季度是否有一些特别的特征？我想说，正如Tim所强调的，我们确实认为强劲的升级表现——创下了6月季度的纪录——主要得益于产品阵容的强大。iPhone 16系列相比iPhone 15系列表现极为出色。而且，正如你们记得的，我们最近还推出了16e，这也进一步推动了整个iPhone 16系列的成功。
Operator
Our next question is from Krish Sankar with TD Cowen.
我们下一个问题来自TD Cowen的Krish Sankar。
Krish Sankar
I have two of them. The first one is for Kevan, this was a previous question, do you think there was any pull-in of iPhones in the June quarter that led to some of the upside? And how to think about channel inventory in June quarter? And how it looks in September relative to seasonal trends? And then I had a longer-term follow-up for Tim.
我有两个问题。第一个是给Kevan的，这是之前有人提到过的问题：你认为在6月季度是否有iPhone提前购买的情况，从而带来了一些超预期表现？另外，6月季度的渠道库存情况如何？9月相较于季节性趋势会是什么样子？然后我有一个长期问题是想问Tim的。
Timothy D. Cook
Let me see if I can answer the channel inventory question or what I think is the channel inventory question. If you look at iPhone channel inventory from the beginning of the quarter to the end of the quarter, we reduced it, and it ended toward the low end of our targeted range. And so that's the answer on the inventory piece of it.
让我来回答一下关于渠道库存的问题，或者说我理解的渠道库存问题。如果你看从季度初到季度末的iPhone渠道库存，我们是有所减少的，并且最终降到了目标区间的低端。所以这就是关于库存部分的回答。
Kevan Parekh
And then I think you also asked about the pull-ahead impact. I think we referenced that earlier. Just to be clear on what we believe we saw in the June quarter, we did see some obvious signs of pull-ahead really in the April time frame around the tariff-related discussions that were out in the marketplace. And so we felt that, that was from what we saw about a 1 point impact of the 10 points at a total company level of growth. And so that was the limited impact that we believe we saw for the quarter.
然后我认为你还问到了提前购买的影响。我想我们之前已经提到过。为了更明确地说明，我们在6月季度确实在4月份时看到了比较明显的提前购买迹象，主要与市场上流传的关税相关讨论有关。根据我们的观察，这对公司整体增长10个百分点中的大约1个百分点有影响。因此，我们认为这是本季度所看到的有限影响。
Krish Sankar
Got it. Very helpful. And then I just have like a long-term follow-up for Tim. Tim, I'm kind of curious about your thoughts on AI for edge devices. There's like some people who think that LLM could be a commodity in the future. Do you think -- do you see a scenario where the LLMs become a core part of your iOS or is the SLM the way to go and how to think about evolution of edge devices in a futuristic AI world and if smartphone going to be the choice of device. Just curious your thoughts on it, broadly speaking.
明白了，非常有帮助。接下来我有一个长期问题想问Tim。Tim，我想听听你对边缘设备AI的看法。有些人认为LLM未来可能会商品化。你认为LLM会成为iOS的核心组成部分吗？还是SLM才是正确的方向？在一个未来化的AI世界里，应该如何看待边缘设备的演进，以及智能手机是否仍将是首选设备？我只是广泛地想听听你的看法。
Timothy D. Cook
The way that we look at AI is that it's one of the most profound technologies of our lifetime. And I think it will affect all devices in a significant way. What pieces of the chain are commoditized and not commoditized, I wouldn't want to really talk about today because that gives away some things on our strategy. But I think it's a good question.
我们对AI的看法是，这是我们这一生中最深远的技术之一。我认为它将以重要的方式影响所有设备。至于哪些环节会商品化，哪些不会，我今天不想多谈，因为那会透露出我们战略的一些内容。但我认为这是一个很好的问题。
Operator
Our next question is from Samik Chatterjee with JPMorgan.
我们下一个问题来自JPMorgan的Samik Chatterjee。
Samik Chatterjee
Tim, maybe if I can start with your remarks about the pull-ahead being about a 1 percentage point benefit here. Anything to share in terms of how -- what's underlying that estimate in terms of what you're seeing for -- is it a pull-ahead largely on iPhones? Or is it across the board? And is it primarily in the U.S. or again, sort of across multiple regions? Any color there would be helpful in terms of how you're sort of getting to that assumption there. And I have a follow-up.
Tim，也许我可以从你提到的提前购买带来了大约1个百分点的收益开始。能否分享一下你们在这个估计背后的依据？这种提前购买主要是集中在iPhone上吗？还是在所有产品上都有？主要发生在美国吗？还是遍布多个地区？任何细节信息都有助于我们理解你们形成这个假设的过程。我之后还有一个跟进问题。
Timothy D. Cook
It was principally on iPhone and Mac. And it was pretty -- it was obvious evidence of it. It was an unusual buying pattern there and that largely occurred in April towards the beginning of the quarter. And it was really -- we believe it was largely the United States.
这主要出现在iPhone和Mac上，而且证据相当明显。那是一个不寻常的购买模式，主要发生在4月，也就是季度初期。我们认为主要是在美国。
Samik Chatterjee
Okay. Okay. Got it. And maybe on the tariff front, when you gave the estimate of \$900 million last quarter, which came in at \$800 million, you did highlight it was -- there were some unique factors in the quarter. When I take the \$1.1 billion that you're now sort of expecting for the September quarter and as we start to think about December, would -- is there anything unique in the December quarter in terms of sourcing from regions, et cetera, that would uniquely impact December, just given sort of that you had highlighted that quarter-to-quarter, so there would be unique things. Just curious if December looks very different from September because of any unique factors.
好的，明白了。那也许再谈谈关税问题。上个季度你们给出的估计是9亿美元，实际为8亿美元，你们当时提到季度里有一些特殊因素。现在你们预计9月季度会有11亿美元的关税支出，当我们开始思考12月季度时，是否会有一些独特的因素，比如采购来源地区等，会对12月季度产生特别的影响？因为你们之前强调过季度与季度之间会有一些独特情况。所以我想知道12月季度是否会因为某些特殊因素而和9月季度有显著不同？
Timothy D. Cook
I would be careful about projecting based on the numbers from Q2 and Q3 because, one, we're uncertain of what the rates will be. And so the rates may change. Two, in -- particularly in last quarter, we had some build ahead inventory that we were -- that we had within the company and within our supplier -- within our supply chain. And so those two are a little unique. Also, as you know, from following us for so long, Q1 is generally a higher volume quarter. And the tariffs are currently are pretty linear with volume.
我会提醒大家在根据第二季度和第三季度的数据进行预测时要谨慎。原因有两个：第一，我们不确定税率会是多少，所以税率可能会发生变化。第二，尤其是在上个季度，我们公司内部和供应链中都有一些提前建立的库存，这是比较特殊的情况。这两点都具有一定的独特性。另外，正如你们长期关注我们所知道的，第一季度通常是一个高销量季度。而当前的关税与销量基本呈线性关系。
Operator
Our next question is from Aaron Rakers from Wells Fargo.
我们下一个问题来自Wells Fargo的Aaron Rakers。
Aaron Christopher Rakers
I've got two as well, and I'll just ask them together. I guess the first one is just more housekeeping. Kevan, when we think about currency impact, how much of a benefit was currency this quarter, and I guess across the business and in particular, maybe on the Services segment, and on a year-on-year basis, how much currency benefit should we be thinking about embedded in the guidance into the September quarter?
我也有两个问题，会一起问。第一个算是基本性问题。Kevan，当我们考虑汇率影响时，本季度汇率带来了多少好处？我想知道在整个业务中，尤其是服务板块上情况如何？按年度同比来看，在9月季度的指引中，我们应该考虑多少汇率方面的利好因素？
And then the second quick question is CapEx is clearly moving higher. I know you guys don't guide specifically to that number. But just kind of qualitatively, should we -- as you lean in more on AI, should we really start to see that CapEx, which is running close to about \$4 billion annualized today, really start to move appreciably higher? Any color on that would be helpful.
第二个简短问题是资本开支明显在增加。我知道你们不会对这个数字提供具体指引。但从定性角度来看，随着你们在AI上的投入越来越多，我们是否应该预期资本开支会从目前年化约40亿美元的水平显著增加？能否分享一些相关的细节？
Kevan Parekh
Great, Aaron. Thanks for the questions. Let me answer the first one, first around foreign exchange. For Q3, we really had no impact from a foreign exchange standpoint on the year-on-year results. And so -- when we look at both the revenue growth as well as the gross margin, there was virtually no impact from foreign exchange. As we look at going from Q3 to June quarter to the September quarter, again, very, very, as I mentioned earlier, a very small tailwind going from Q3 to Q4 from a foreign exchange standpoint on both revenue as well as gross margin.
好的，Aaron。谢谢你的提问。让我先回答第一个关于外汇的问题。在第三季度，从同比的角度看，外汇几乎没有对结果产生影响。所以无论是营收增长还是毛利率，外汇几乎没有影响。当我们从第三季度（6月季度）看向9月季度时，正如我之前提到的，从外汇角度看，无论是营收还是毛利率，都仅有非常微小的顺风效应。
And then on the second question, sure, on the CapEx side, I think we talked about the fact that we are, and Tim mentioned the fact that we are increasing our investment significantly in AI. You are going to continue to see our CapEx grow. It's not going to be exponential growth, but it is going to grow substantially. And a lot of that's a function of the investments we're making in AI. As we mentioned, we also have other items that fall under that category, facilities and some of our retail store investments. But I would say a lot of the growth is really being driven by AI. I would remind you that we do have a hybrid model though, where we also leverage third-party infrastructure in addition to investing in our own first-party infrastructure.
至于第二个问题，当然，在资本开支方面，我们之前已经谈到过，而Tim也提到过，我们正在大幅增加在AI上的投资。你们会继续看到我们的资本开支增长。虽然不是指数级的增长，但会有显著的增加。其中很大一部分是由我们在AI方面的投资推动的。正如我们提到的，这一类别中也包括其他项目，比如设施建设和部分零售门店的投资。但我会说，增长的大部分确实来自AI。我还想提醒大家，我们采用的是混合模式，除了投资自有的一方基础设施外，我们也会利用第三方基础设施。
Operator
Our next question is from Atif Malik with Citi.
我们下一个问题来自Citi的Atif Malik。
Atif Malik
Tim, at the WWDC earlier in the quarter, you showed impressive updates on Vision Pro with the use of widget, spatial scenes, persona and new ways to create content. Appears like Meta and Xiaomi are seeing strong momentum on their AI glasses. So is the focus still around enterprises on Vision Pro? Or are you thinking of broadening the use cases and maybe tying it to more of your devices? Any thoughts on Vision Pro as they did not get enough airtime in the prepared remarks.
Tim，本季度早些时候的WWDC上，你们展示了Vision Pro的令人印象深刻的更新，包括widget、空间场景、persona以及新的内容创作方式。看起来Meta和小米的AI眼镜势头很强。那么Vision Pro的重点仍然在企业市场吗？还是你们考虑扩大应用场景，并与更多的设备结合？关于Vision Pro，你有没有什么额外的看法，因为在你们准备好的发言中涉及得不多。
Timothy D. Cook
Yes. Thanks for bringing it up. I was thrilled with the release from the team on visionOS 26. It includes many things in it like spatial widgets to enable users to customize their digital space. The personas took a huge increase. They're much more lifelike. And of course, there's new enterprise APIs for companies as well. And we're seeing, as Kevan talked about in his opening remarks, we're seeing those things resonate out with CAE and other customers. And so we continue to be very focused on it. And I don't want to get into the road map on it, but this is an area that we really believe in.
是的，谢谢你提到这个。我对团队发布的visionOS 26感到非常激动。它包括了许多新功能，比如空间widget，让用户能够自定义他们的数字空间。persona有了巨大的提升，现在更加逼真。当然，还为企业提供了新的API。正如Kevan在开场发言中提到的，我们看到这些功能在CAE和其他客户中产生了共鸣。所以我们会继续高度专注于这一领域。我不想详细讨论未来路线图，但这是我们真正相信的一个领域。
Atif Malik
Great. And Kevan, historically, you guys have not done much big M\&A. Do you feel like you need to accelerate your AI road map or just keep the organic focus?
很好。Kevan，从历史上看，你们并没有进行太多大型并购。你们是否觉得需要加速AI路线图，还是保持有机发展的重点？
Timothy D. Cook
Let me take that one as well. We've acquired around seven companies this year. And that's companies from all walks of life, not all AI oriented. And so we're doing one, think of it as one every several weeks. We're very open to M\&A that accelerates our road map. We are not stuck on a certain size company, although the ones that we have acquired thus far this year are small in nature. But we basically ask ourselves whether a company can help us accelerate a road map. If they do, then we're interested, but we don't have anything to share specifically today.
让我来回答这个问题。今年我们已经收购了大约七家公司，涉及各个领域，并非全部与AI相关。所以你可以理解为，我们大约每隔几周就会收购一家。我们对能够加速我们路线图的并购非常开放，并不拘泥于公司的规模，尽管到目前为止我们收购的公司都比较小。但我们的基本标准是：一家公司是否能够帮助我们加速路线图？如果答案是肯定的，我们就会感兴趣。不过今天没有具体的案例可以分享。
Suhasini Chandramouli
All right. Thank you, Atif. A replay of today's call will be available for 2 weeks on Apple Podcasts, as a webcast on apple.com/investor and via telephone. The number for the telephone replay is (866) 583-1035. Please enter confirmation code 6287473 followed by the pound sign. These replays will be available by approximately 5 p.m. Pacific Time today. Members of the press with additional questions can contact Josh Rosenstock at (408) 862-1142. And financial analysts can contact me, Suhasini Chandramouli with additional questions at (408) 974-3123. Thanks again for joining us today.
好的，谢谢你，Atif。今天电话会议的重播将在接下来的两周内通过Apple Podcasts、apple.com/investor上的网络直播，以及电话方式提供。电话重播的号码是(866) 583-1035，请输入确认代码6287473并按井号。重播将在今天太平洋时间下午5点左右上线。新闻媒体如有其他问题，可以联系Josh Rosenstock，电话是(408) 862-1142。金融分析师如有其他问题，可以联系我Suhasini Chandramouli，电话是(408) 974-3123。再次感谢大家今天的参与。
Operator
Once again, this does conclude today's conference. We do appreciate your participation.
今天的会议再次到此结束。非常感谢各位的参与。