Apple capped what CEO Tim Cook called “an extraordinary year” with record-breaking results, posting an all-time high revenue of $416 billion for fiscal 2025, fuelled in part by surging iPhone demand and an all-time revenue record in India.

The tech giant wrapped up FY25 with a net profit of $112 billion, up 19.5% YoY.

“We are heading into our busiest time of year with our best ever lineup. In the last few months, we have opened new stores in emerging markets like India,” Cook noted. 

The iPhone maker expanded its retail presence in India, opening two new stores in Bengaluru and Pune last month. 

The ongoing quarter is Apple’s best and most important quarter in terms of business performance, driven by strong sales during the holiday shopping season and the annual release of new iPhone models in the preceding September quarter.

Last month, Apple introduced its lightest and thinnest smartphone to date, iPhone Air, alongside iPhone 17 and the high-performance iPhone 17 Pro models. It also launched the latest generations of Apple Watch and AirPods.

The growth in the September-ended quarter was driven by the iPhone 16 family. The ongoing quarter will see the newly launched iPhone 17 lineup entering the mix to boost Apple’s business. 

However, the company is facing supply constraints on several iPhone 16 and iPhone 17 models due to strong demand, said Cook.

“If you look at the supply constraints, today, we are constrained on several 17 models. We are not predicting when the supply/demand will balance. We are obviously working very hard to achieve that,” he noted.

Addressing the impact of tariffs, Apple’s chief said the expense has risen from $1.1 billion to a projected $1.4 billion. He explained that the new estimate reflects current tariff rates and policies, assuming a stable trade environment through the quarter.