Apple is set to detail earnings for the third fiscal quarter of 2025 on July 31 in an investor call, though all eyes will be on how unstable tariff policies have impacted the company.
Apple to reveal earnings for Q3 in July. Image source: Apple
Apple's Q3 tends to be quieter than the rest since holiday sales are long over and spring releases don't always drive the market, but 2025 has something the others didn't -- Trump tariffs. Apple shared that it expected to take at least a $900 million hit to its bottom line if nothing changed from March.
Things did change, however, as the Trump administration agreed to back off its seemingly random "reciprocal" tariffs for 90 days as deals were worked out. However, the tariffs left in place were still magnitudes higher than what was in place before Trump took office in January.
The results and earnings call will be on July 31.
Apple will reveal exactly how much impact these tariffs have had since they were in effect, to some extent, from April through June. The company has used a lot of tactics to try and mitigate the impact of tariffs, and the "pause" also helps, so the overall hit to the bottom line will likely be less than $900 million.
In spite of the global trade issues caused by uncertain conditions in the United States, Apple still had a busy quarter that should benefit the results. iPhone 16e, iPad Air with M3, the M3 Ultra Mac Studio, and M4 MacBook Air have all been on sale for the entire quarter, so those categories will see a boost.
There were no new hardware products revealed in Q3.
Q2 will be hard to follow
The second quarter results revealed on May 1 were strong with growth across all categories and $95.4 billion in revenue. The focus of the earnings call was on tariffs, to Apple's relief, as it drew the conversation away from delayed Apple Intelligence features.
With WWDC done and no new hardware to discuss, analysts are expected to continue to pester Apple for details about tariff impacts and risk. Apple will likely reiterate its plan to rely on India for imports to the United States and use China for the rest of the world.
There's still a lot of uncertainty around tariffs going into Q4 and Apple's forward-looking statements will likely reflect that. Since very few deals have been made during the 90-day pause, Trump is expected to announce a return to the sweeping, astronomical tariffs that affect every country, island nation, and penguin habitat on July 8.