What analysts expect from Apple’s Q2 2025 earnings report

Apple is set to announce its Q2 2025 financial results on Thursday, May 1st, with analysts projecting modest growth despite challenges like U.S.-China tensions and AI rollout delays. The LSEG consensus estimates revenue at approximately $94.68 billion, a 3.8% year-over-year increase, and earnings per share at $1.63, up 6% from last year.
Product revenue expectations are mixed. iPhone sales, comprising over 50% of revenue, are forecasted at $46-$48 billion, reflecting slight growth driven by iPhone 16 demand but tempered by market weakness in China. Mac revenue is projected at $7.5-$8 billion, flat to slightly up, supported by M4 MacBook Air updates. iPad sales are expected to rebound to $6.5-$7 billion, bolstered by new iPad Air and Pro models. Services, a key growth driver, are anticipated to reach $24.5-$25 billion, up 12%-14%, fueled by subscriptions and Apple Intelligence features. Wearables, including Apple Watch and AirPods, are estimated at $8-$8.5 billion, down slightly due to softer demand.
Analysts remain cautiously optimistic, eyeing Services and the Apple Intelligence rollout as long-term catalysts despite tariff, supply chain, and software/AI execution concerns.
MacDailyNews Note: As always, we’ll have Apple’s results for you as soon as they are available, right around 1:30pm PDT / 4:30pm EDT and follow closely thereafter with live notes from Apple’s conference call with analysts starting at 2:00pm PDT / 5:00pm EDT. Just check our homepage at those times for both.

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