iPhone, Mac, and Apple Watch Unit Sales Data
Hello everyone. We will continue our Apple 3Q25 earnings review. Leveraging the latest Apple financial data, we take a closer look at iPhone, Apple Watch, and Mac unit sales. In some ways, the three product categories are each telling a different story. Let's discuss.
iPhone, Mac, and Apple Watch Unit Sales Data
After spending more time with Apple’s 3Q25 earnings and my Apple earnings model, the most intriguing takeaways from Apple’s quarter were found with something that the company doesn’t actually disclose themselves: HW unit sales. Specifically, iPhone, Mac, and Apple Watch unit sales. Apple stopped disclosing unit sales data in 2018. My earnings model derives unit sales data from Apple HW revenue disclosures, management commentary, and my installed base models that track upgrading behavior.
We will circle back to talk more about the latest Apple margin trends tomorrow when going over Apple's 3Q25 earnings call with analysts. While there are fresh headwinds for margins in terms of tariffs and greater investments in AI, FX has flipped to being neutral to even slightly positive. In addition, Apple’s overall gross profit found with HW is moving higher despite margin percentages coming down a tad.
iPhone Unit Sales
Based on headlines and articles in recent years, one may think iPhone sales peaked a while ago and have been flat or even trending down since. This would be a misread of the situation.
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