Apple Q4 2025: Beat on revenue and EPS, record Services, iPhone slightly below, guides 10%-12% holiday growth; China softer but CEO signals strongest December quarter ever.

Winners -

iPhone and AI supply chain – Strong holiday iPhone growth outlook plus record gross margins point to healthy unit volumes and richer component mix.

$AVGO, $QCOM

Reason: Apple guided for double digit iPhone growth and 10%–12% total revenue growth for the December quarter after a slight September iPhone miss tied to timing and supply constraints, implying a robust parts ramp.

Carriers and retail – A bigger upgrade cycle tends to lift activations and footfall.

$VZ, $TMUS, $BBY

Reason: Management flagged very strong store traffic and enthusiasm for the iPhone 17 lineup heading into holidays, a setup that historically benefits carriers and big box electronics retailers.

Payments and app economy – Record Services usually comes with higher App Store and Apple Pay spend.

$V, $MA

Reason: Services revenue hit an all time high, and Apple’s services flywheel (subscriptions, App Store, payments) expanded again, supporting transaction volumes for card networks.

Losers -

Windows PC makers – Mac strength can steal premium share at year end.

$HPQ, $DELL

Reason: Commentary highlighted Mac as a bright spot into the holidays, adding competitive pressure to PC incumbents.

Streaming and connected TV rivals – Apple TV plus and broader Services growth intensify competition for attention and ad dollars.

$ROKU, $SPOT

Reason: Services is scaling rapidly and Apple continues to invest in content and subscriptions, which can crowd out rivals at the margin.

Wearables competitors – New Watch lineup sustains ecosystem lock in.

$GRMN, $FOSL

Reason: Apple launched a refreshed Watch range alongside iPhone, and ecosystem momentum typically pressures alternative wearable brands.

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