库克最后一次财报电话会：苹果六月季度营收 1094 亿美元创纪录

谢谢 Suhasini。大家下午好，感谢参加电话会。今天，苹果很高兴地报告营收 1094 亿美元，同比增长 16%，创六月季度纪录。尽管面临供应限制和汇率逆风，我们仍实现了这一成绩。

Thank you, Suhasini. Good afternoon, everyone, and thanks for joining the call. Today, Apple is pleased to report $109.4 billion in revenue, up 16% from a year ago and a June quarter record. We achieved this despite supply constraints and sequential foreign exchange headwinds.

我们继续看到客户对我们有史以来最受欢迎产品线的巨大热情，iPhone 营收同比增长 22%，创六月季度纪录。我们看到了史上最佳 Mac 产品线带来的极大热情，强劲增长 29%，创下六月季度营收纪录。服务业务也以 307 亿美元的营收创下六月季度纪录。

We continue to see enormous customer enthusiasm for our most popular lineup ever, with iPhone revenue growing 22% from a year ago to reach a June quarter record. We saw so much excitement around the best Mac lineup we’ve ever had, growing a strong 29% to achieve a June quarter revenue record. Services also set a June quarter record with $30.7 billion in revenue.

我们在每个地理细分市场都创下了六月季度营收纪录。我们高兴地看到，美国、拉丁美洲、西欧、印度、中国大陆、日本和东南亚均创下六月季度纪录。我们在发达市场和新兴市场也都创下了六月季度营收纪录，并且大多数新兴市场实现了两位数增长。

We achieved June quarter revenue records in every geographic segment. We were pleased to see strength across the board with June quarter records in the U.S., Latin America, Western Europe, India, China mainland, Japan, and Southeast Asia. We also achieved June quarter revenue records in both developed and emerging markets and saw double-digit growth in most emerging markets.

今年 WWDC 精彩展示了我们的最新创新。我们非常激动地推出了全新的 Siri AI，这是对 Siri 的彻底重塑，能力强大、极具个性化，并深度集成于我们的平台。开发者和公开测试版用户对 Siri AI 的反响令我们无比欣喜。早期用户给予了极佳评价，听到大家对我们所构建功能的兴奋之情，我们非常高兴。这印证了我们的理念：构建注重隐私、基于个人情境的 AI，可以改变用户查找信息和使用我们产品完成任务的方式，真正丰富他们的生活。我们对此感到无比激动，也对其将带来的影响充满热情。

This year’s WWDC was a wonderful showcase of our latest innovations. We were tremendously excited to unveil the all-new Siri AI, a completely reimagined version of Siri that is profoundly capable, deeply personal, and integrated seamlessly across our platforms. We’ve been absolutely thrilled by the response from those who’ve been using Siri AI in the developer and public betas. The reviews from early users have been phenomenal, and it’s been wonderful to hear from people who are excited about the capabilities we’ve built. It underscores our philosophy that building AI that is private and based on personal context can change how users find information and get things done with our products in a way that truly enriches their lives. We really couldn’t be more excited about it, and we are feeling incredibly enthusiastic about the impact it’s going to have.

在 WWDC 上，我们还发布了新工具，帮助家长确保孩子上网安全，我们很高兴看到几乎一致的好评。像“询问再浏览”和“时间限额”等新的儿童安全功能，将帮助家长鼓励孩子养成健康的数字习惯。这些新工具整合了领先的临床和儿童发展研究（包括美国儿科学会）的指导。我们的目标是让家长更容易管理孩子看到的内容、与谁互动，以及何时何地使用设备。除了各操作系统的一系列精彩更新外，我们期待今年秋天将这些新功能带给用户。

At WWDC we also announced new tools to help parents keep kids safe online, and we were pleased by the overwhelmingly positive reaction. New child safety features like Ask to Browse and Time Allowances will help parents encourage kids to develop healthy digital habits. These new tools integrate guidance from leading clinical and child development research, including the American Academy of Pediatrics. Our goal is to make it easier for parents to manage what their children see, who they interact with, and how and when they can use their devices. We’re looking forward to bringing these new capabilities to users this fall, in addition to amazing new updates across our operating systems.

现在来看季度业绩，首先从 iPhone 开始。iPhone 六月季度营收为 543 亿美元，同比增长 22%。我们在每个地理细分市场都创下了六月季度纪录，升级用户数也创下六月季度纪录。根据 IDC 的数据，本季度我们在全球范围内获得了份额。正如我之前所说，这是我们有史以来最强大、最受欢迎的 iPhone 产品线。越来越多的人每天依赖 iPhone 进行 AI 应用，这得益于 A19 和 A19 Pro 的卓越性能。在整个产品线中，iPhone 继续提供人们每天信赖的性能、电池续航、耐用性和相机能力。无论是 iPhone 17 Pro 和 Pro Max 的非凡相机系统、iPhone Air 的超薄设计、iPhone 17 均衡的性能和耐用性，还是 iPhone 17E 的超值之选，每款用户都能找到适合自己的 iPhone。

Now let me turn to the results for the quarter, beginning with iPhone. iPhone revenue for the June quarter was $54.3 billion, up 22% from a year ago. We achieved June quarter records in every geographic segment, and set a June quarter record for upgraders. According to IDC, we gained share globally during the quarter. As I’ve said before, this is the most powerful and most popular iPhone lineup we’ve ever had. More people are relying on iPhone every day for AI, powered by the outstanding performance of A19 and A19 Pro. Across the lineup, iPhone continues to deliver the performance, battery life, durability, and camera capabilities that people count on every day. Whether it’s the extraordinary camera system of iPhone 17 Pro and Pro Max, the remarkably thin design of iPhone Air, the balanced performance and durability of iPhone 17, or the exceptional value of iPhone 17E, there’s an iPhone for every customer.

Mac 创下史上最佳六月季度业绩，营收 104 亿美元，尽管面临严重供应限制，仍同比增长 29%。这一营收增长源于我们最新产品线的强劲表现，尤其是 MacBook Pro 和全新的 MacBook Neo。根据 IDC 的数据，我们在全球范围内获得了份额。我们在发达市场创下六月季度营收纪录，在新兴市场创下历史纪录，其中大中华区表现尤为强劲，录得历史营收纪录。此外，升级用户和新 Mac 用户数量均创下历史纪录。

Mac delivered its best June quarter yet, with $10.4 billion in revenue, growing an impressive 29% from a year ago despite significant supply constraints. This revenue growth was driven by the incredible strength of our latest lineup, with MacBook Pro and the all-new MacBook Neo. According to IDC, we gained share globally. We also set a June quarter revenue record in developed markets and an all-time record in emerging markets with particular strength in Greater China, where we had an all-time revenue record. In addition, we achieved all-time records for upgraders and customers new to Mac.

凭借 Apple Silicon 的性能，Mac 产品线提供了卓越的能效表现、巨大的内存带宽和顶级的 AI 能力。Mac 继续成为终极 AI 强机，在高吞吐量、端侧推理以及各类 AI 工作负载下的创建任务中表现出色。我们看到客户越来越多地将这些能力付诸实践，包括将 Mac Mini 用作智能体式 AI 的强大平台，以及部署 Mac Studio 集群在本地运行前沿模型。

With the power of Apple Silicon, the Mac lineup delivers outstanding power-efficient performance, massive memory bandwidth, and next-level AI capabilities. Mac continues to be the ultimate AI powerhouse, excelling at high throughput, on-device inference, and creation across a broad range of AI workloads. And we’re seeing customers increasingly put those capabilities to work, from using Mac Mini as a powerful platform for agentic AI to deploying clusters of Mac Studio systems to run frontier-class models locally.

在整个产品线中，客户继续拥抱 Mac 家族。MacBook Neo 尤其受欢迎，其独特的设计和卓越的价值引起全球客户共鸣，我们正在继续努力满足需求。MacBook Air 作为全球最受欢迎的笔记本电脑，继续凭借 M5 提供用户喜爱的便携性和性能。而搭载 M5 Pro 和 M5 Max 的 MacBook Pro，仍然是专业人士应对最具挑战性的 AI、开发和创意工作流程的首选。

Across the lineup, customers continue to embrace the Mac family. MacBook Neo has been especially popular, with its distinct design and excellent value resonating with customers around the world, and we’re continuing to work hard to meet demand. MacBook Air, the world’s most popular laptop, continues to deliver the portability and performance customers love with M5. And MacBook Pro, powered by M5 Pro and M5 Max, remains a go-to choice for professionals tackling the most demanding AI, development, and creative workflows.

iPad 六月季度营收为 62 亿美元。凭借其强大的性能、便携性和多功能性，iPad 继续成为学生、创业者和各类创作者随时随地都能使用的终极设备。iPad Air 加入 M4 后能力进一步提升，从个人生产力、沉浸式学习到高级创意工作流程，都带来显著性能提升。加上 iPad Pro 的卓越性能、iPad 出色的价值和多功能性，以及超便携的 iPad Mini，我们为客户带来了有史以来最强的 iPad 产品线。

In iPad, revenue was $6.2 billion for the June quarter. iPad continues to be the ultimate go-anywhere, do-anything device for students, entrepreneurs, and creators of all kinds, thanks to its incredible power, portability, and versatility. The addition of M4 to iPad Air has made it even more capable, delivering a significant performance boost for everything from personal productivity and immersive learning to advanced creative workflows. Together with the remarkable performance of iPad Pro, the amazing value and versatility of iPad, and the ultra-portable iPad Mini, we’re offering customers our strongest iPad lineup ever.

可穿戴设备、家居和配件营收为 79 亿美元，同比增长 6%。我们在每个地理细分市场都实现了增长，Apple Watch 的升级用户数创下六月季度纪录。我们的 Apple Watch 产品线汇集了有史以来最全面的健康和健身功能。我们正在提供有研究支持的有用功能，帮助用户更好地了解自己的健康和福祉。几乎每天都能收到关于 Apple 健康创新对全球用户产生深远影响的反馈——改变甚至拯救生命，这令人欣慰。

Revenue for Wearables, Home, and Accessories was $7.9 billion, up 6% from a year ago. We grew in every geographic segment and achieved a June quarter record for upgraders for Apple Watch. Our Apple Watch lineup brings together the most comprehensive set of health and fitness features we’ve ever had. We’re delivering useful features backed by research to enable users to better understand their health and wellbeing. It’s gratifying to receive almost daily reminders of the meaningful impact Apple’s health innovations are having for users all over the world—changing, even saving lives.

与此同时，我们不断提升 AirPods 产品线的水准，无论是 AirPods Pro 3 的沉浸式聆听体验，还是 AirPods Max 2 的优质聆听体验和出色的主动降噪功能。

Meanwhile, we continue raising the bar across our AirPods lineup, whether it’s the immersive listening experience of AirPods Pro 3, or the premium listening experience and exceptional active noise cancellation of AirPods Max 2.

借助 Apple Intelligence 的实时翻译，人们正在跨越语言障碍，以前所未有的方式相互连接。如我之前所述，我们对下一代 Apple Intelligence 的工作感到兴奋，包括 Siri AI 以及我们在各平台上开发的人工智能功能。这些体验直观且实用，同时以个人化和私密的方式深度集成，最新模型可在设备端和通过私有云计算在服务器上运行。我们早在 2017 年推出神经引擎时，就已为用户获得最佳 AI 体验奠定了坚实基础。自那时起，我们就有计划地在芯片、系统以及以 AI 为核心的可扩展统一内存架构上持续创新和投资。Apple 的独特之处在于，我们拥有庞大的统一内存带宽、业界领先的能效性能以及深度设备端智能，这些从一开始就完全围绕客户体验构建。正因如此，Apple 打造了世界上体验 AI 的最佳硬件，无论是使用 Apple Intelligence（包括 Siri AI）还是第三方产品。这就是为什么开发者和研究人员越来越多地使用 Apple 设备来构建更先进的工具和模型。

With live translation powered by Apple Intelligence, people are crossing language barriers and connecting like never before. As I mentioned earlier, we're excited about the work we're doing on the next generation of Apple Intelligence, including Siri AI and the AI features we're developing across our platforms. These experiences are intuitive and useful, while also deeply integrated in a way that's personal and private, with the latest models running on device and on servers using Private Cloud Compute. We began laying the groundwork for users to have the best possible experience with AI when we introduced the Neural Engine in 2017. Ever since then, we've innovated and invested deliberately in silicon, systems, and scalable unified memory architecture designed with AI at their core. What sets Apple apart is the unique combination of massive unified memory bandwidth, industry-leading power-efficient performance, and deep on-device intelligence, all built around the customer experience from the ground up. The result is that Apple has created the world's best hardware to experience AI, whether using Apple Intelligence, including Siri AI, or third-party offerings. That's why developers and researchers are increasingly using Apple devices to build ever-more advanced tools and models.

谈到服务业务，营收为 307 亿美元，创下六月季度营收纪录，同比增长 12%，尽管面临显著的环比汇率逆风。我们在发达市场也创下了历史营收纪录，在新兴市场创下了六月季度纪录。Apple TV 继续让观众着迷，推出了《Widow's Bay》和《Cape Fear》等新剧，以及《Silo》和《Sugar》等回归的热门剧集。下周，《Ted Lasso》将回归第四季，我们对此感到兴奋。很高兴看到 Apple TV 获得行业最高荣誉，在艾美奖、格莱美奖和奥斯卡奖之外，今年又赢得了托尼奖。我们实现这一里程碑的速度比历史上任何流媒体平台都快。我们还期待今年的艾美奖，Apple 获得了创纪录的 89 项提名，在主要剧情类和喜剧类剧集类别中均领先所有网络，获得三项剧情类杰出剧集提名和三项喜剧类杰出剧集提名。《Widow's Bay》还以 19 项艾美奖提名成为今年提名最多的新节目。自上线以来的六年半时间里，Apple TV 已获得超过 850 项大奖和近 3800 项提名。为迎接世界杯，我们将 Apple Sports 扩展至全球 170 多个国家和地区，让球迷比以往任何时候都更容易从开球到终场哨声关注每一个瞬间。与此同时，我们正在经历一个难忘的 F1 赛季，Apple TV 订阅用户整个赛季都在关注他们最喜欢的车手和车队。

Turning to services, revenue was $30.7 billion, a June quarter revenue record and up 12% from a year ago, despite significant sequential foreign exchange headwinds. We also set an all-time revenue record in developed markets and a June quarter record in emerging markets. Apple TV continues to leave audiences spellbound with new releases like Widow's Bay and Cape Fear alongside returning favorites like Silo and Sugar. And next week, we're excited that Ted Lasso is back for its fourth season. It was wonderful to see Apple TV earn the industry's top honors, adding Tony Awards this year to its Emmy, Grammy, and Oscar wins. We reached that milestone faster than any streamer in history. We're also looking forward to this year's Emmy Awards, where Apple has landed a record 89 nominations, leading all networks in both the major drama and comedy series categories with three outstanding drama series nominations and three outstanding comedy series nominations. Widow's Bay also stands out as the year's most nominated new program, earning 19 Emmy nominations. In the six and a half years since launch, Apple TV has earned more than 850 wins and nearly 3,800 nominations. In time for the World Cup, we expanded Apple Sports to include more than 170 countries and regions worldwide and made it easier than ever for fans to follow every moment of the tournament from the opening game to the final whistle. At the same time, we're halfway through an unforgettable year of F1, and Apple TV subscribers have been tuning in all season to follow their favorite drivers and teams.

在零售方面，我们很高兴本周向美国客户推出 Apple Upgrade。Apple Upgrade 是一项与 Klarna 合作推出的全新硬件租赁计划，让客户能够以适合自己的方案更轻松地获得 Apple 最新产品。

In retail, we were pleased to announce Apple Upgrade this week for customers in the U.S. Apple Upgrade is a new hardware leasing program launched in partnership with Klarna and makes it even easier for customers to get their hands on Apple's latest products with a plan that's right for them.

在我们所有的工作中，我们都以深思熟虑和有意的方式出现在用户和社区面前。这意味着要创新以保护用户隐私，比如下一代 Apple Intelligence，或者帮助父母保护孩子的安全，正如我之前提到的。为纪念全球无障碍意识日，我们推出了新功能，帮助用户更好地利用他们每天使用的产品。VoiceOver、放大器、语音控制和辅助功能阅读器将加入新的智能功能，使其更加实用和直观。我们还利用设备端语音识别为没有字幕的视频内容生成字幕。Apple Vision Pro 还新增了一项功能，让电动轮椅用户仅用眼睛就能控制系统。所有这些功能都源于 Apple 长期以来致力于让每个人都能分享技术益处的承诺。

In all of our work, we're thoughtful and intentional in how we show up for our users and across our communities. That means innovating to protect user privacy with the next generation of Apple Intelligence or helping parents keep kids safe, as I mentioned earlier. In honor of Global Accessibility Awareness Day, we unveiled new features to help users get more out of the products they use every day. New intelligent capabilities are coming to VoiceOver, Magnifier, Voice Control, and Accessibility Reader to make them more useful and intuitive. We're also using on-device speech recognition to generate subtitles for video content without captions. And Apple Vision Pro is adding a feature for power wheelchair users to control drive systems using just their eyes. All of these features were born out of Apple's longstanding commitment to ensuring that the benefits of technology are shared with everyone.

在我们继续为全球用户开发新功能的同时，我们也在尽自己的一份力量，投资于本土创新。去年，我们承诺未来四年在美国投资 6000 亿美元，如今，正如我们之前所说，我们计划将收到的关税退款重新投资到美国。我们对推动美国供应链取得的进展感到满意。本月早些时候，Apple 与博通宣布了一项新协议，共同设计和生产定制芯片组件和前沿无线连接技术。这项与博通的新多年期协议是 Apple 美国制造计划的一部分，预计将超过 300 亿美元。这标志着我们有史以来对美国制造计划的最大承诺，也是我们构建美国端到端芯片供应链的重要一步。我们对即将在休斯顿开设的 Apple 先进制造中心感到兴奋。该中心位于我们目前组装先进 AI 服务器的设施内。今年晚些时候，我们还将在那里生产 Mac mini。该中心将向学生、供应商员工以及各种规模的企业传授我们制造产品的创新工艺。目标是帮助美国制造商将工作提升到新水平，并加强整个先进制造生态系统。

As we continue to develop new capabilities for users around the world, we're also doing our part to invest in innovation close to home. Last year, we made a $600 billion commitment to the U.S. over four years, and now, as we said before, we plan to reinvest the tariff refunds we've received into the U.S. We're pleased with the progress we've already made advancing the American supply chain. Earlier this month, Apple announced a new agreement with Broadcom to design and produce custom silicon components and cutting-edge wireless connectivity technologies. The new, multi-year agreement with Broadcom, which is part of Apple's American Manufacturing Program, is expected to exceed $30 billion. This marks our largest-ever American Manufacturing Program commitment. It's also an important step forward in our work to build an end-to-end silicon supply chain here in the U.S. We're excited for the upcoming opening of the Apple Advanced Manufacturing Center in Houston. The center is located in a facility where we currently assemble advanced AI servers. Later this year, we'll make Mac mini there, too. The center will teach students, supplier employees, and business of all sizes, the same innovative processes we use to make our products. The goal is to empower American manufacturers to take their work to the next level and strengthen the entire advanced manufacturing ecosystem.

我们即将迎来一个激动人心的秋天，未来更是无比精彩。我们的路线图非常出色，我们对 Siri AI 将如何丰富用户的生活感到无比兴奋。自始至终，我们都将遵循我们的北极星：打造最好的产品和服务，帮助人们实现神奇的事情。能够以持久而有意义的方式成为人们生活的一部分，帮助他们创造、联系和体验周围的世界，这是一种特殊的荣幸。我无比激动地看着我们非凡的创新故事继续展开，我从未如此确信最好的还在后面。接下来，有请 Kevan。

We have an exciting fall ahead and an incredible future beyond. Our road map is phenomenal, and we are so excited about the way Siri AI will enrich our users' lives. Throughout all of it, we will remain guided by our North Star: building the best products and services to enable people to do magical things. It's a special privilege to be part of people's lives in lasting and meaningful ways, helping them to create, connect, and experience the world around them. I couldn't be more excited to watch our phenomenal story of innovation continue to unfold, and I've never been more confident that the best is yet to come. With that, I'll turn it over to Kevan.

谢谢 Tim，大家下午好。下面简要介绍我们的关键财务指标。我们的营收为 1094 亿美元，同比增长 16%，创下六月季度营收纪录。尽管面临供应限制，但我们全球各地区的营收均实现两位数增长。产品营收为 787 亿美元，同比增长 18%，主要得益于 iPhone 和 Mac 的两位数增长，两者均创下六月季度新纪录。我们的活跃设备装机量已超过 25 亿，在所有主要产品类别和地理区域中再次创下历史新高。服务业务营收为 307 亿美元，同比增长 12%。我们在每个服务类别中都创下了营收纪录，包括云服务和支付服务的全时纪录。公司毛利率为 50.1%，环比上升 80 个基点。

Thanks, Tim, and good afternoon, everyone. Here's a quick rundown of our key financial metrics. Our revenue of $109.4 billion was up 16% year over year, a June quarter revenue record. We saw strong performance around the world with double-digit growth in every geographic segment despite supply constraints. Products revenue was $78.7 billion, up 18% year over year, driven by double-digit growth on iPhone and Mac, both of which set new June quarter records. Our installed base of over two and a half billion active devices has reached another all-time high across all major product categories and geographic segments. Services revenue was $30.7 billion, up 12% year-over-year. We set revenue records in every Services category, including all-time records in cloud services and payment services. Company gross margin was 50.1%, up 80 basis points sequentially.

这其中包括关税退税带来的收益，影响约为 2 个百分点。剔除这一有利影响后，我们原本将处于上季度给出的指引区间中点。产品毛利率为 40.1%，环比上升 140 个基点。这同样包含了刚才提到的关税退税收益，其有利影响超过 2.5 个百分点。服务业务毛利率为 75.6%，环比下降 110 个基点，主要受产品组合变化影响。运营支出为 191 亿美元，同比增长 23%，主要来自研发投入。净利润为 298 亿美元。摊薄每股收益为 2.02 美元，同比增长 29%，其中包含关税退税带来的 11 美分有利影响。运营现金流非常强劲，达到 344 亿美元。即便剔除关税退税收益，这三项指标均创下六月季度纪录。

This included a benefit from tariff refunds, which had a favorable impact of approximately two percentage points. When you remove this favorable impact, we would have been at the midpoint of the guidance provided last quarter. Products gross margin was 40.1%, up 140 basis points sequentially. This also included a benefit from the tariff refunds I just mentioned, which had a favorable impact of over 2.5 percentage points. Services gross margin was 75.6%, down 110 basis points sequentially, driven by a different mix. Operating expenses came in at $19.1 billion, up 23% year-over-year, driven by investments in R&D. Net income was $29.8 billion. Diluted earnings per share was $2.02, up 29% year-over-year, and included 11 cents of favorable impact from tariff refunds. Operating cash flow was very strong at $34.4 billion. All three of these metrics set June quarter records, even when excluding the tariff refund benefit.

iPhone 营收为 543 亿美元，同比增长 22%，主要受 iPhone 17 系列推动。在我们追踪的绝大多数市场中，我们实现了两位数增长，并在发达市场和新兴市场均创下六月季度营收纪录。iPhone 活跃安装基数创下历史新高，升级用户数量也创下六月季度纪录。根据 Worldpanel 最近的一项调查，iPhone 是美国、中国城市、英国、法国、澳大利亚和日本最畅销的机型之一。iPhone 17 系列的市场反响让我们倍感振奋。451 Research 最近测得的美国客户满意度为 99%。

iPhone revenue was $54.3 billion, up 22% year-over-year, driven by the iPhone 17 family. We grew double digits in the vast majority of markets we track and reached June quarter revenue records across both developed and emerging markets. The iPhone active installed base grew to an all-time high and set a June quarter record for upgraders. According to a recent survey from Worldpanel, iPhone was a top-selling model in the U.S., urban China, the U.K., France, Australia, and Japan. We were thrilled with the response to the iPhone 17 family. Customer satisfaction in the U.S. was recently measured at 99% by 451 Research.

Mac 营收为 104 亿美元，同比增长 29%，创下六月季度新纪录，主要受 MacBook Neo 和 MacBook Pro 的强劲表现推动。我们在发达市场和新兴市场均实现增长，其中拉丁美洲、印度和东南亚等市场增长强劲，达到两位数。客户对 MacBook Neo 的反响非常热烈。我们持续在全球吸引新客户加入 Mac 生态。正如 Tim 所说，Mac 迎来了有史以来最好的一个季度，全球新 Mac 用户和升级用户数量均创下新高，包括美国、中国内地和印度。此外，美国市场对 Mac 的客户满意度最近测得为 95%。

Mac revenue was $10.4 billion, up 29% year-over-year, a new June quarter record, driven by the strength of MacBook Neo and MacBook Pro. We grew in both developed and emerging markets, with strong double-digit growth in markets like Latin America, India, and Southeast Asia. The customer reception to MacBook Neo has been incredible. We continue to attract new customers to the product around the world. As Tim mentioned, Mac had its best quarter ever for customers new to the Mac and for upgraders worldwide, including in the U.S., China mainland, and India. And in the U.S., customer satisfaction for Mac was recently measured at 95%.

iPad 营收为 62 亿美元，同比下降 6%，主要因为去年同期搭载 A16 芯片的 iPad 发布，对比基数较高。与此同时，iPad 安装基数创下历史新高，超过一半购买 iPad 的客户是新用户。451 Research 最近测得的美国客户满意度为 98%。

iPad revenue was $6.2 billion, down 6% year-over-year, driven by the continued difficult compare against the launch of the A16 powered iPad in the prior year. At the same time, the iPad installed base reached a new all-time high, and over half of the customers who purchased an iPad were new to the product. And 451 Research recently measured customer satisfaction at 98% in the U.S.

可穿戴设备、家居与配件营收为 79 亿美元，同比增长 6%，主要受可穿戴设备和配件业务的强劲表现推动，我们在发达市场和新兴市场均实现增长。可穿戴设备安装基数创下历史新高。Apple Watch 升级用户数量创下六月季度纪录，本季度购买 Apple Watch 的客户中，超过一半是新用户。美国市场对 Apple Watch 的客户满意度为 95%。

Wearables, Home and Accessories revenue was $7.9 billion, up 6% year-over-year, driven by strength in wearables and accessories, and we saw growth in both developed and emerging markets. The wearables installed base reached a new all-time high. We set a June quarter record for upgraders on Apple Watch, and over half the customers purchasing an Apple Watch during the quarter were new to the product. And in the U.S., customer satisfaction on Apple Watch was reported at 95%.

服务业务营收达到 307 亿美元，创六月季度纪录，同比增长 12%，尽管外汇逆风环比显著加大。就整个服务业务而言，在我们追踪的绝大多数市场中均实现两位数增长。我们每个品类都创下纪录，广告、App Store、AppleCare、音乐和视频均创下六月季度新高，云服务和支付服务则创下历史新高。我们对服务业务的长期前景感到乐观。凭借超过 25 亿台活跃设备的庞大安装基数，我们拥有非常强劲的增长基础。我们的服务持续吸引更多客户，付费订阅数已突破 15 亿。本季度交易账户和付费账户均创下历史新高，新兴市场的两者均实现两位数增长。我们还在不断改进和扩展服务产品，从 Creator Studio 的强大更新，到今年晚些时候即将推出的令人兴奋的新功能，例如使用 Visual Intelligence 通过 Apple Cash 分摊账单。

Our Services revenue reached a June quarter record of $30.7 billion, up 12% year-over-year, despite significant sequential FX headwinds. For the total services business, we saw a double-digit growth in the vast majority of markets we track. We set records in every category, with June quarter records in advertising, App Store, AppleCare, music, and video, as well as all-time records in cloud services and payment services. We are optimistic about the long-term future of our services business. With our large installed base of over two and a half billion active devices, we have an incredibly strong foundation for growth opportunities. Our services continue to attract more customers, and we have now surpassed $1.5 billion in paid subscriptions. Both transacting and paid accounts reached new all-time highs in the quarter, with double-digit growth for both in emerging markets. And we continue to improve and expand our services offerings, from powerful updates to Creator Studio to exciting new features we’re bringing to services later this year, like splitting bills with Apple Cash using Visual Intelligence.

接下来看企业和教育领域。各类组织正在使用 Apple 平台推动 AI 创新，并为下一代学生赋能。首先是企业方面，Morgan Stanley 已在全球部署超过 2 万台 iPhone 17 设备，这是从员工自有设备向公司自有设备转变的一部分，主要出于责任和安全考虑。越来越多公司选择 Mac，看中的是端侧 AI 优势，包括更低成本、更优性能以及更强的隐私和安全性。在 Disney，创意团队越来越倾向于使用 Mac 进行端侧 AI 工作流，以降低整体云端 Token 成本并保护其 IP 安全。法国领先零售银行 Credit Agricole 正在使用端侧 AI 和 MacBook Pro 简化监管合规流程，将人工处理时间缩短了 80% 以上。我们 Mac 产品线的最新成员 MacBook Neo 正在进入银行网点、零售店面等多种企业环境，触达新的企业用户。

Turning now to enterprise and education, organizations are using the Apple platform to drive AI innovation and empower the next generation of students. Starting with Enterprise, Morgan Stanley has deployed over 20,000 iPhone 17 devices globally as part of a shift from employee-owned to corporate-owned devices for liability and security. More companies are choosing Mac for on-device AI advantages, including lower costs, better performance, and enhanced privacy and security. At Disney, creative teams are increasingly turning to Mac for on-device AI workflows that reduce overall cloud token costs and keep their IP secure. And Credit Agricole, France’s leading retail bank, is using on-device AI and MacBook Pro to streamline regulatory workflows, reducing manual processing time by over 80%. Our newest addition to the Mac lineup, MacBook Neo, is reaching new enterprise users in many environments, from bank branches to retail storefronts.

在教育领域，MacBook Neo 继续加速 Apple 产品的普及，许多学区利用 Apple 金融服务进行大规模部署。佛罗里达州最大的学区之一 Pinellas County Schools 正在将 18 所高中的 2.5 万名学生从 Windows 设备迁移到 MacBook Neo。华盛顿州的 Peninsula School District 401 已将 8000 多名学生从 Chromebook 迁移到 MacBook Neo。俄克拉荷马州的 Midwest City-Dell City School District 购买了 6000 多台 MacBook Neo，成为学生全面使用 Apple 产品的学区。事实上，在上个季度，美国教育机构对 MacBook Neo 的大宗采购中，约有一半取代了 Windows 和 Chromebook 设备。

In education, MacBook Neo continued to accelerate adoption of Apple products, with many districts leveraging Apple financial services to deploy at scale. Pinellas County Schools, one of the largest districts in Florida, is transitioning 25,000 students from Windows devices to MacBook Neo across its 18 high schools. In Washington, Peninsula School District 401 moved over 8,000 students from Chromebooks to MacBook Neo. And in Oklahoma, Midwest City-Dell City School District purchased over 6,000 MacBook Neos to become an all-Apple district for students. In fact, in the last quarter, about half of the MacBook Neo large purchases by U.S. education institutions displaced Windows and Chromebook devices.

接下来看我们的现金状况和资本回报计划。本季度末，我们持有 1470 亿美元现金和有价证券，总债务为 840 亿美元。本季度我们向股东返还了 330 亿美元，其中包括 40 亿美元的股息及等价物，以及 258 亿美元的股票回购。

Let’s turn to our cash position and capital return program. We ended the quarter with $147 billion in cash and marketable securities and $84 billion in total debt. During the quarter, we returned $33 billion to shareholders. This included $4 billion in dividends and equivalents and $25.8 billion in share repurchases.

在我们进入九月季度之际，我想回顾一下我们的展望，其中包含 Suhasini 提到的前瞻性信息。重要的是，我们提供的指引假设全球关税税率、政策及其实施方式在本电话会议召开时保持有效，且全球宏观经济前景不会比现在恶化。我们还预计九月季度公司总营收将受到两个主要因素影响。第一，从六月季度到九月季度，外汇将给公司总营收的同比增速带来约 2.5 个百分点的环比逆风。第二，我们预计供应限制的影响将环比显著增加。

As we move ahead into the September quarter, I’d like to review our outlook, which includes the types of forward-looking information that Suhasini referred to. Importantly, the color we’re providing assumes that global tariff rates, policies, and their application remain in effect as of this call, and the global macroeconomic outlook does not worsen from today. We also expect our September quarter total company revenue to be impacted by two main factors. First, we expect foreign exchange to be a sequential headwind of about 2.5 percentage points to the year-over-year total company growth rate from the June quarter to the September quarter. Second, we expect the impact from supply constraints to increase significantly sequentially.

预计 9 月当季的供应限制将影响 iPhone、Mac 和 iPad。因此,我们预计公司 9 月当季总营收同比增长 9% 至 11%。iPhone 方面,我们预计需求依然强劲;但汇兑逆风和供应限制确实会对 iPhone 营收造成影响。因此,我们预计 9 月当季 iPhone 的财报同比增长率为中双位数。服务业务方面,在剔除我刚才提到的汇兑对环比约 2.5 个百分点的负面影响后,我们预计 9 月当季服务业务的财报同比增长率与 6 月当季基本相当。我们预计毛利率在 47% 至 48% 之间,其中包含约 1 个百分点与关税返还相关的预期收益。我们预计运营支出在 191 亿至 194 亿美元之间。我们预计 OI&E 约为 3.5 亿美元,不含少数股权投资的按市值计价可能带来的影响;实际税率约为 16.5%。最后,今天我们的董事会宣布派发每股 0.27 美元普通股现金股息,支付日为 2026 年 8 月 13 日,股权登记日为 2026 年 8 月 10 日。

The projected supply constraints in the September quarter affect iPhone, Mac, and iPad. As a result, we expect our September quarter total company revenue to grow between 9% and 11% year over year. On iPhone, we expect to continue to see high levels of demand; however, we do expect iPhone revenue to be impacted by foreign exchange headwinds and supply constraints. Therefore, we expect the September quarter reported growth rate for iPhone to be mid-teens year over year. For Services, we expect the September quarter year-over-year reported growth rate to be largely similar to what we reported in the June quarter after removing the negative sequential impact of about 2.5 percentage points from foreign exchange. We expect gross margin to be between 47% and 48%, including an expected benefit of approximately one percentage point related to tariff refunds. We expect operating expenses to be between $19.1 billion and $19.4 billion. We expect OI&E to be around $350 million, excluding any potential impact from the mark-to-market of minority investments, and our tax rate to be around 16.5%. Finally, today our Board of Directors has declared a cash dividend of $0.27 per share of common stock, payable on August 13, 2026, to shareholders of record as of August 10, 2026.

谢谢 Kevan。在进入问答环节之前,我想花点时间说声谢谢。感谢所有人——从我们的股东,尤其是多年来信任我们的长期股东,到一直密切关注公司的分析师们。如各位所知,这将是我最后一次财报电话会,今后 John 将主持这些电话会。交接工作非常顺利,我无比激动地期待 John 履新,带领 Apple 进入下一个时代。他确实是独一无二的人选,没有人比他更适合掌舵公司。如我所说,我对他的领导力、对高管团队、以及对 Apple 那些致力于丰富全球用户生活的杰出同事们充满信心。我们前景光明,我从未像现在这样乐观。谢谢大家,现在 Kevan 和我很乐意回答各位的问题。

Thanks, Kevan. Before we get into questions, I wanted to take a moment to say thank you. Thank you to all of you — from our shareholders, particularly our long-term shareholders who have put their trust in us for so many years, to the analysts who have followed our company so closely. As you know, this will be my final earnings call, and John will lead these calls going forward. The transition is going seamlessly, and I am beyond excited for John to step into his new role and lead Apple into its next era. He is truly one of a kind, and there is no better person to take the helm of the company. As I've said, I couldn't be more confident in his leadership, in our executive team, and in the extraordinary people at Apple who are determined to enrich the lives of our users all over the world. We have a bright future ahead, and I truly have never been more optimistic. Thank you all, and now Kevan and I will be happy to take your questions.

Tim,祝你一切顺利。这些年来与你共事非常愉快。我想从这一点开始:9 月当季财报给出的 9% 至 11% 增长,相比我们在 6 月当季看到的增速,大约放缓了 500 个基点,甚至放在整个年度看也是如此。你能否谈谈,这种放缓有多大程度上是供应限制,而非汇兑等其他因素?另外,能否详细说明这些供应限制是什么,是否超出你上个季度提到的先进 SoC?

Tim, best of luck. It's been a pleasure working with you over the years. Maybe to start: If I think about the 9% to 11% growth guided for September, it's about a 500 basis points deceleration versus what we're seeing in the June quarter — even through this year. Can you talk about how much of this deceleration is really supply constraint versus other factors like FX? And could you flesh out what these supply constraints are, broadening beyond the advanced SOCs you talked about last quarter?

Amit,我是 Kevan。我先谈谈环比变化,然后让 Tim 补充供应限制的更多细节。如我在开场发言中所说,我们预计 9 月当季总营收同比增长 9% 至 11%,预计将受到两个主要因素影响。第一,从 6 月当季到 9 月当季,我们预计汇兑对公司全年营收同比增长率造成约 2.5 个百分点的环比逆风。第二,我们预计供应限制的影响从 6 月到 9 月会显著加大,而 9 月当季预计的供应限制将影响 iPhone、Mac 和 iPad。把这两个因素结合起来,我们整体就接近 6 月当季的公司总营收增长率。

Amit, this is Kevan. Why don't I start by describing the sequential change, and then I'll let Tim add more color around the supply constraints. As I mentioned in my prepared remarks, we expect September quarter total revenue to grow 9% to 11% year over year, and we expect that to be affected by two main factors. First, when we go from the June quarter to the September quarter, we expect foreign exchange to be a sequential headwind of around 2.5 percentage points to the year-over-year company growth rate. Second, we expect the impact from supply constraints to increase significantly sequentially from June to September, and that projected supply constraint in the September quarter will affect iPhone, Mac, and iPad. When you combine those two factors, we get pretty close to the June overall total company growth rate.

是的,Amit,我是 Tim。首先感谢你的评论。6 月当季,我们确实主要是在 Mac 上遇到供应限制,iPhone 和 iPad 程度较轻。原因是需求非常旺盛。正如我们之前所说,供应链的灵活性低于正常水平,主要原因是我们的 SoC 所采用的先进制程节点的可用性。展望 9 月当季,我们仍然预期需求旺盛。不过,由于供应链灵活性下降,我们预计供应限制的影响环比将显著加大。正如 Kevan 所说,9 月当季预计的供应限制会影响 iPhone、Mac 和 iPad。我们目前正看到一些非常严重的限制,供应链中可用于补救的灵活性有限。

Yeah, Amit, it's Tim. First of all, thank you for your comments. During the June quarter, we did experience supply constraints primarily on the Mac and to a lesser extent on iPhone and iPad. These were driven by very high levels of demand. As we've said before, we are seeing less flexibility in the supply chain than normal, driven primarily by the availability of the advanced nodes on which our SOCs are produced. Looking forward into the September quarter, we continue to expect high levels of demand. However, with less flexibility in the supply chain, we expect the impact from supply constraints to increase significantly sequentially. As Kevan said, the projected supply constraints in the September quarter affect iPhone, Mac, and iPad. We're seeing some very significant constraints currently, with limited flexibility in the supply chain to remedy them.

明白了,这很有帮助。非常感谢。Tim,我有一个关于内存的问题。Apple 历来在向客户提供功能和价值方面做得非常出色,而不会让他们过度多花钱。持续的内存价格上涨目前似乎正在挑战这一等式,而且有报道称你们正在寻求更大的内存采购灵活性。你能否谈谈,这种采购努力究竟是为了确保供应和缓解内存价格上涨,还是为了维护对客户的价值主张?任何见解都会有帮助。谢谢。

Got it, that's really helpful. Thanks a lot. And Tim, I have a memory question for you. Apple has historically done a really excellent job delivering capability and utility to customers without making them pay disproportionately more. The stagnant memory inflation seems to challenge that equation right now, and there are reports suggesting you're seeking greater sourcing flexibility for memory. Can you talk about whether this sourcing effort is really about ensuring supply and mitigating memory inflation, or about preserving the value proposition for your customers? Any light you could shed would be helpful.

好的,让我先总体谈谈内存,因为我知道这是大家都很关心的话题。如我上次电话会上所说,我们在 3 月当季支付的内存成本高于 12 月当季。如我上季度所提到的,我们预计 6 月当季的成本将显著高于 3 月当季,事实也确实如此。其中一部分被结转库存的收益所抵消。到了 9 月当季,我们预计内存成本还会更高,不过我们能够通过几个因素部分抵消。我来逐一说明。首先,如你所料,我们在 9 月当季会受益于一部分结转库存。但我们认为,在 9 月当季之后,这一收益会逐步减少。其次,我们预计 BOM 中某些非内存组件的成本会下降。再看 9 月之后,我们看到内存市场价格继续上涨,这可能对我们的业务产生越来越大的影响,我们正在持续评估。在供应来源方面,DRAM 市场目前主要有三家供应商;显然,如果有更多供应商,那会更好,会在供应端乃至定价上对我们有所帮助。

Yeah, let me back up and talk about memory in general, because I know this is on many of your minds. As I said on the last call, we paid more for memory in the March quarter than in the December quarter. As I alluded to last quarter, we expected to pay significantly more in the June quarter than in the March quarter, and that is what happened. It was partially offset by the benefit of carry-in inventory. For September, we expect to pay even higher memory costs, and we're able to offset partly by a few factors. Let me walk through them. First, as you would expect, we have a benefit from some carry-in inventory in the September quarter. However, we believe this benefit will decrease over time beyond the September quarter. Second, we expect lower costs on certain non-memory components in our BOM. Looking beyond September, we see market pricing for memory continuing to increase, which could drive an increasing impact on our business, and we're continuing to evaluate this. In terms of sources of supply, the DRAM market primarily has three suppliers, and obviously if there were more suppliers, that would be good, and it would help us on the supply side and perhaps on the pricing side.

定价方面尚不明朗，但它可能有助于供应端，因此我们正在评估所有选项。

It's unclear on the pricing side, but it could help on the supply side, and so, we're evaluating all options.

下午好。首先，蒂姆，祝贺你在这段非凡的历程以及这些财报电话会议上的表现。我有两个问题。首先，关于 Apple 升级计划，您能否谈谈在其 25 亿台设备装机基数上的预期采用率？您认为它会缩短 iPhone 的更换周期，还是也会对 Mac 和 iPad 产生同样的影响？后两者在美国可能并未像 iPhone 那样受益于设备补贴。

Good afternoon. First, Tim, congratulations on the extraordinary run and on these earnings calls. I have two questions. First, on the Apple Upgrade program, could you talk about the expected adoption rates across your 2.5 billion device installed base? Do you see it shortening the replacement cycle for iPhone, or also having an equal impact on Mac and iPad, which may not have benefited from device subsidies in the U.S. like iPhone has historically?

迈克尔，首先感谢你的评论，我非常感激。如果你看看升级计划，它的核心就是通过适合客户的租赁方案，让他们更容易拿到我们的最新产品。当然，如你所知，Apple 产品的残值通常远高于我们几家竞争对手的产品，因此这是一种以相当实惠的方式入手产品的方式，尤其是对于那些希望按某种节奏升级的客户。所以我们对此非常兴奋。该计划在我们的零售店提供，因此并未在所有渠道广泛推出，我们会看看客户的接受度，但早期反馈相当积极。

Michael, first of all, thank you for your comments. I really appreciate that. If you look at the upgrade program, it's all about making it easier for customers to get their hands on our latest products with a leasing plan that's right for them. And of course, as you know, the residual values on Apple products are generally much higher than the residual values on several of our competitors, so it's a way to get into a product on a fairly affordable basis, particularly for those customers who want to upgrade on some kind of schedule. So we're very excited about it. It is offered in our retail stores, so it's not widely offered in all channels, so we'll see what the customer uptake is, but the early feedback is quite positive.

是的，迈克尔，我刚才也提到，目前该计划仅在美国提供。

Yeah, Michael, I just mentioned that it's only available in the U.S. right now as well.

太好了，谢谢你，这非常有帮助。我的第二个问题是关于 iOS 27 和 Apple Intelligence。它于本月早些时候进入公开测试阶段。您能否谈谈从公开测试中得到的经验？新的 Siri AI 会成为这个假期 iPhone 的需求驱动力吗？迄今为止，Apple Intelligence 在公开测试版中的使用情况如何影响您对算力成本以及通过 iCloud Plus 回收部分成本的考量？

Great. Thank you, that's very helpful. My second question is on iOS 27 and Apple Intelligence. It went into public beta earlier this month. Could you talk about learnings from the public beta? Will the new Siri AI be a demand driver for iPhones this holiday? How does Apple Intelligence usage to date in the open beta inform how you're thinking about compute costs and the ability to recover some of those costs through iCloud Plus?

是的，谢谢你。首先，我们对 Siri AI 感到无比兴奋。我们在 WWDC 上获得了热烈反响。我们在主题演讲后立即发布了开发者测试版。开发者反馈极为正面。评测者等的反馈也极为正面。几周前我们向公众发布了公开测试版，持续的反馈真的非常非常好。我认为，拥有一种私密的、基于个人情境的、并集成在整个操作系统中的 AI，是一个非常重要的理念，所以我们再满意不过了。至于算力成本方面，显然我们仍处于早期，所以我不想说我们已有一个完整的计划。我们确实相信会有人想要大量使用它，因此我们会在 iCloud Plus 上提供某种升级方案，让用户可以购买更高一档的 iCloud Plus 服务，我们会看看用户接受度如何。但我们对该产品现在的状态无比兴奋。

Yeah, thank you for that. First of all, we are off the charts excited about Siri AI. We had a great reception from WWDC. We released the developer beta immediately after the keynote. The developer feedback has been overwhelmingly positive. The feedback from reviewers and so forth has been overwhelmingly positive. We released it to the public for a public beta a few weeks ago, and the continued feedback is really, really great. I think it's a very big idea to have AI that's private, that's based on your personal context, and that's integrated across the operating system, so we couldn't be happier with how things are going. In terms of what it means for compute cost, it's obviously early going for us, so I don't want to say that we have a complete plan for that. We do believe there will be people that want to use it a lot, so we will have some kind of upgrade possibilities on iCloud Plus where people can buy up the stack on iCloud Plus, and we'll see how the pickup is. But we could not be more excited about where the product is.

嘿，各位。非常感谢你们接受我的提问。显然，蒂姆，我认识你很久了，我真的会想念你。我想再次问一下供应限制的问题，我觉得人们都在试图这样理解：华尔街预计你们 9 月当季增长 12%，所以你可以说你们指引的 10% 只是汇率影响。然后在 12 月当季，市场的预期增速已大幅回落，至 8% 到 9% 左右。所以我认为我们在盘后纠结的是，这些供应限制到底在多大程度上影响了你们 12 月当季，并产生多大影响，因为华尔街已经很好地将该数字下调至较高个位数。蒂姆，你能否给我们一些指引？非常感谢。

Hey, guys. Thanks a lot for taking my question. And obviously, Tim, I've known you a long time, I'll really miss you. I wanted to ask about the supply constraints again, and I think people are just trying to make sense of it this way: the Street had you at 12% growth for the September quarter, and so you could argue that to get to the 10% you guided, that's just FX. Then in the December quarter, the Street has been decelerating quite a bit, to like 8% to 9%. So I think what we're struggling with after hours here is how much these supply constraints really hit you in December and impact that, because the Street did a pretty good job of taking that number into the higher single digits. Is there any guidance you can give us there as you see it, Tim? We'd really appreciate it.

让我进一步谈谈这些限制，然后凯文可以补充关于营收指引的看法。正如我之前提到的，主要问题是我们 SOC 所使用的先进制程节点。这是目前主要的供应限制，其根本原因并非普通的供应问题。坦率地说，这是一个需求预测问题，iPhone 和 Mac 的表现都远好于我们的预期。我们本已抱有很高的期望，所以并不是我们预期过低，但从 iPhone 增长 22%、Mac 增长 29%、以及 iPhone 年初至今也增长 22% 可以看出，这些都是非凡的数字，而供应链的灵活性比正常情况下更低。因此我们一直在提前调配供应，但总有一个限度。所以这个季度我们基本上将在供应端手忙脚乱。凯文，你想补充一下营收指引吗？

Let me talk about the constraints a little more, and then Kevan can weigh in on the guidance for revenue. As I mentioned before, the primary issue is advanced nodes that we run our SOCs on. That's the primary supply constraint now, and the root cause is not a regular supply issue. It's a demand forecast issue, to be candid, where the iPhone and the Mac are both doing remarkably better than we thought they would do. And we had high expectations, so it wasn't that our expectations were low, but as you can see from iPhone's growth being 22% and Mac's growth at 29%, and iPhone growth being 22% year to date as well, these are extraordinary numbers, and the supply chain just has less flexibility in it than normal. So we've been pulling supply ahead, and at some point there's a limit to that. So we've got a quarter where we're going to be scrambling on the supply side essentially. Kevan, do you want to add on the revenue guidance?

是的，谢谢蒂姆。本，让我在这里插一句。蒂姆提到的动态，加上我之前提到的外汇影响，实际上构成了我们给出的 9 月当季总营收同比增长 9% 至 11% 指引的基础。9 月之后，我们不会提供任何细节。我想你提到了 12 月，所以我们不会提供 9 月季度之后的任何细节或指引。

Yeah, thanks, Tim. Ben, let me jump in here. The dynamics Tim mentioned, combined with the foreign exchange impact I mentioned earlier, is really what's built into the 9 to 11 percent guidance we're giving for the September total company revenue year-over-year growth rate. Beyond September, we're not providing any color. I think you mentioned December, so we're not providing any kind of color or guidance beyond the September quarter.

好的。然后，如果我可以再问一句，你们知道媒体上一直在报道什么。有一家公司在亚利桑那州建厂，据推测你们可能会与其合作，这至少可能缓解你们在芯片方面的一些限制。你们有没有可能在合理的时间范围内扩大芯片供应商，以缓解这些限制，从而让我们对供应更有信心？

OK. And then, if I could just ask, and you guys know what's in the press all the time. But there's this company building a fab in Arizona that you've been speculated to potentially work with, which could potentially alleviate at least some of your silicon constraints. Is there any possibility that you broaden your silicon providers in a reasonable time frame to alleviate these, so we feel better about supply?

是的，我要再次强调，这不是合作伙伴或供应商的问题。这是一个极其强劲的——在某种程度上这是个好问题——极其强劲的 iPhone 和 Mac 产品周期，它带来的需求超出了我们的预期。在亚利桑那州，我们今年确实从该州采购了超过 1 亿个组件。因此这是我们向美国承诺的 6000 亿美元投资的一部分，我们对那座工厂的产能爬坡和为我们生产产品的情况感到无比满意。

Yeah, let me stress again, this isn't a partner or supplier issue. This is an incredibly strong — and it's a great issue in some ways — an incredibly strong iPhone and Mac product cycle that has really yielded demand beyond our expectations. In Arizona, we do source over 100 million components this year out of Arizona. And so it is part of our $600 billion commitment to the U.S., and we could not be more pleased with how that fab has ramped and is producing for us.

非常感谢各位接受我的提问，蒂姆，正如大家所说，与你共事非常愉快。希望将来还能与你交流。我想把重点放在定价上，蒂姆，你以这种方式调整定价，某种程度上是前所未有的。

Thanks so much for taking my questions, guys, and Tim, just echo what everyone is saying, it's been a pleasure working with you. Hope to still talk to you in the future. I want to maybe focus on pricing here, Tim, and kind of unprecedented for you to take pricing in the ways that you have.

我有两个相关问题。贵公司是否打算与供应商签订多年期长期协议，以确保以预先商定的价格获得供应？在当前环境下制定产品定价时，贵公司是打算保护产品毛利金额还是产品毛利率？我们希望了解定价背后的考量。

I have two related questions. Is it your intention to pursue multi-year long-term agreements (LTAs) with suppliers to ensure access to supply at pre-agreed prices? And when approaching product pricing in this environment, is it your intention to protect product gross profit dollars or product gross margins? We’d love to understand the thought process behind the pricing.

在定价方面，我们是不情愿地提了价。我们这么做是因为内存定价正经历我所说的百年一遇的上涨，内存价格呈指数级上涨。这就是原因。在美元金额与百分比的问题上，我们综合考虑销量、营收和利润率，然后做出商业判断。这不是一个数学公式得出特定结果，也不是只看单一维度。我们会从三个维度出发，着眼长期而非 90 天周期。希望这能回答你的问题。

On the pricing front, we reluctantly raised prices. We did so because we are in what I would characterize as a hundred-year flood on memory pricing, with exponential increases in memory prices. That was the rationale. In terms of our philosophy on dollars versus percentages, we look at units, revenue, and margin, and then make a business judgment. It’s not a mathematical formula that gets to a specific result or only looks at one dimension. We consider all three dimensions and think long-term rather than on a 90-day clock. Hopefully that helps.

这很有帮助。谢谢 Tim。我快速追问一下。服务业务 12% 的增长略低于你们的指引。我想外汇可能起了作用。第四财季指引假设再次减速，按报表计算同比增速会低于 10%。能否帮我们理解减速背后的因素？如果问题出在 App Store（一些第三方数据源也这么认为），是不是 AI 让用户时间从 App Store 的某些部分转移了？我们想了解服务业务的各种影响因素。非常感谢。

That helps. Thank you, Tim. A quick follow-up. The 12% services growth was a bit below your guidance. I imagine FX played a role. The fiscal fourth-quarter guidance assumes another deceleration, and the math implies below 10% year-over-year as reported. Can you help us understand the factors behind that deceleration? If it’s the App Store, as some third-party data sources suggest, is AI reprioritizing time away from parts of the App Store? We want to understand the moving pieces on services. Thank you.

Eric，我来回答。让我们从第二财季的 16% 增长看到你提到的六月季度的 12%。与三月季度相比，外汇是同比增速环比变化的主要驱动因素。还有其他几个因素：一是我们上映了《F1》，这是历史上票房最高的体育电影之一；今年我们没有院线电影，这对去年六月和九月季度都有利。App Store 也受到一些影响：移动游戏面临逆风，我们在某些国家改变了 App Store 商业模式，而在美国，法院裁定继续影响链接出去交易。我们很高兴最高法院将审理我们的上诉。尽管如此，App Store 仍然创下了六月季度收入纪录。从更广的角度看，服务业务有多个积极趋势：六月季度云计算、视频、支付服务和广告都实现强劲的双位数增长。广告、App Store、AppleCare、Music 和 Video 都创下六月季度纪录，Apple TV 观看量在该季度达到历史新高。云计算和支付服务也创下历史纪录，Apple Pay 在发达市场和新兴市场的用户数量都创下新高。服务业务在新兴市场也创下六月季度纪录。如先前发言所述，服务业务持续吸引更多客户，付费订阅数已超过 15 亿，交易账户和付费账户均创历史新高，两者以及新兴市场都实现双位数增长。总体来看，六月季度基本符合我们三月季度设定的预期，但 App Store 上的移动游戏确实有所疲软。进入九月季度，我们预计外汇将继续构成逆风——这个因素对服务业务的影响大于整个公司。我们预计外汇将从三月到九月季度对同比增速造成约 5 个百分点的逆风。从六月季度报告的 12% 服务增长到九月季度的指引，我们预计还会出现 2.5 个百分点的环比逆风。

Eric, I’ll take that. Let’s walk from the 16% in our fiscal second quarter to the 12% in the June quarter. Relative to the March quarter, foreign exchange was the main driver of the sequential change in year-over-year growth. There were also a couple of other factors. One, we had the theatrical release of F1, one of the highest-grossing sports films in history; this year we had no theatrical release, which favorably impacted both the June and September quarters a year ago. We also had factors affecting the App Store: headwinds in mobile gaming, changes to the App Store business model in certain countries, and in the U.S., we continue to operate under a court ruling impacting link-out transactions. We’re pleased the Supreme Court will hear our appeal. Despite that, the App Store set a June quarter revenue record. Looking at the broader services business, we saw strong double-digit growth in cloud services, video, payment services, and advertising. We set June quarter records in advertising, the App Store, AppleCare, Music, and Video, with Apple TV viewership at an all-time high. We also set all-time records in cloud services and payment services, where Apple Pay reached record users in developed and emerging markets. Services also posted a June quarter record in emerging markets. As outlined in prepared remarks, services continue to attract customers; paid subscriptions surpassed 1.5 billion, and transacting and paid accounts hit all-time highs with double-digit growth in both, including emerging markets. Stepping back, we roughly met our expectations for the June quarter, though we saw some softness in mobile gaming on the App Store. Going into the September quarter, we expect foreign exchange to remain a headwind—this theme impacts services more than the total company. We expect FX to drive about a 5 percentage point headwind to year-over-year growth from the March to September quarter. Sequentially, from the 12% services growth reported in June to our September guidance, we expect another 2.5 point headwind.

谢谢回答问题，也送上祝福，Tim。这可能与内存定价动态有关，但就当前需求而言，您如何评估是否看到消费者或企业和教育市场出现需求提前释放？您是否将此纳入展望？

Thanks for taking the questions, and best wishes, Tim. This may relate to memory pricing dynamics, but as you look at current demand, how do you assess whether you’ve seen any pull-forward of demand from consumers or enterprise and education markets? Are you factoring that into your outlook?

我假设你是在说 iPhone。我们在这个周期一直保持 22% 的增长率，年初至今增长 22%。数据并不明显显示你所说的提前购买。显然，我们不得不提高 iPad 和 Mac 的价格。现在对价格弹性下结论还为时过早，因为渠道需要时间调整库存，消费者也需要时间反应。未来几周我们会更清楚。

You’re talking about iPhone, I assume, generally. We’ve been running at a 22% growth rate for this cycle, up 22% year to date. The data doesn’t clearly show the pull-forward you’re asking about. Obviously, we’ve had to raise prices on iPad and Mac. It’s too early to draw conclusions on price elasticity there. Channels need time to adjust because of inventory, and consumers need time to respond. We’ll understand more in the weeks ahead.

非常有帮助。快速追问一下，更多是长期主题。随着 AI 向边缘设备普及，更多消费者使用 AI，您是否看到 AI 带来更多机会？我理解您不会给具体信息，但您是否认为 AI 会逐步开拓其他可服务市场？

Very helpful. A quick follow-up, more long-term. As AI proliferates to the edge and more consumers use AI, do you see AI opening up additional opportunities? I appreciate you won’t give specifics, but do you see other addressable markets evolving from AI over time?

是的。AI 为苹果带来了巨大的机遇。我对 Siri AI 的现状和未来感到兴奋，也对得到的反馈感到兴奋。能够在设备上运行一部分请求的能力也极具战略性，可以说是一种竞争优势。我对这些机遇无比兴奋。

Yes. There are enormous opportunities for Apple in AI. I’m excited about Siri AI, where it is and where it’s going, and the feedback we’re getting. The ability to run a percentage of requests on device is also very strategic—a competitive weapon, if you will. I could not be more excited about the opportunities.

谢谢，Tim。首先祝贺您担任 CEO 的任期。您在 2011 年加入时，苹果营收为 1080 亿美元，而您刚刚交出了单季 1090 亿美元的成绩。这是一段了不起的旅程。

Thank you, Tim. First, congratulations on your tenure as CEO. You joined in 2011 when Apple reported $108 billion in revenue, and you just delivered a quarter of $109 billion. An amazing journey.

谢谢，我真的很感激。

Thank you, I really appreciate it.

首先关于 Siri AI：您是否预计 Siri AI 会改变苹果的资本密集度，尽管苹果有能力在设备端和分布式算力上处理大量差异化工作负载？有些请求确实会进入后端，包括苹果自有的第一方云以及第三方云。那么，认为 Siri AI 未来会改变苹果的资本密集度，这种想法是否正确？

First, on Siri AI: Do you expect Siri AI to change Apple's capital intensity, despite the ability to handle so many differentiated workloads on-device and via distributed compute? Some requests do go into the backend, both in your own first-party cloud and third-party clouds. So is it correct to think that Apple's capital intensity will change in the future because of Siri AI?

我们采用的是混合模式，正如 Kevan 之前向大家介绍的那样，我们既使用第三方云，也自建数据中心，所以会是混合结构。但总体而言，如你所知，我们一直在增加运营支出（OPEX），并在 AI 上投入更多，而且增幅相当大。除了运营支出，损益表上还有其他科目，比如销售成本（OCOGS），也包含 AI 支出。因此，Siri AI 在成本端会产生什么影响，我们还要观察。另外，用户如果大量使用，也有可能升级到更高的 iCloud 套餐。目前这些因素之间的平衡还不太确定。

We use a hybrid model—as Kevan has reviewed with you earlier—so we use some third-party cloud and our own data centers; there will be a mix. Generally, as you know, we've been growing our OPEX and spending more on AI overall, quite a bit more. There are also other lines on the P&L besides OPEX, such as cost of goods sold, that include AI expenditures. So we'll see what Siri AI does on the cost side. But there's also the potential for users who use it heavily to move up to a higher iCloud plan. The balance of all that is a bit uncertain right now.

John，既然你也在电话会上，恭喜你履新。我想听你从宏观层面谈谈：你是否认为竞争格局正在发生变化，尤其是听说 OpenAI 等公司可能在打造 AI 驱动的竞争性设备，或者 SpaceX AI 可能推出能绕开传统运营商费用手机？你如何看待竞争格局的演变以及苹果在其中的位置？

John, since you're on the call, congratulations on the new role. I'd love a high-level take: do you think the competitive landscape is changing, especially with reports of companies like OpenAI building an AI-enabled device, or SpaceX AI potentially having a phone that bypasses the typical carrier tax? What are your high-level thoughts on how the competitive landscape is evolving and where Apple stands?

谢谢提问。我想重申 Tim 刚才说的：这个领域正在发生的所有事情都给我们带来了巨大的机遇。我们非常专注于自己的计划，也对此感到非常兴奋。

Thank you for asking. I'd just reiterate what Tim said: there is enormous opportunity for us with everything happening in this space. We're very focused on our plans and excited about it.

你好，谢谢把我安排进来。Tim，也向你送上祝福。我的第一个问题是：回到 WWDC 发布会上，你宣布 Siri AI 时也提到，最初不会在中国和欧洲推出。你对此怎么看？能否进一步说明在这些地区上线需要跨越哪些障碍？

Hi, thanks for fitting me in. Tim, best wishes from me as well. For my first question: going back to WWDC when you announced Siri AI, you also mentioned that the initial rollout wouldn't include China and Europe. What are your thoughts on that, and can you provide more color on the hurdles to launching it in those regions?

谢谢你。我分别来回答。在欧盟，我们正与欧盟委员会密切合作。显然，我们非常希望能在全球同时推出所有功能，这一直是我们的理念。但在欧盟，我们暂时还无法做到这一点。我们正在与对方紧密沟通，试图找到允许我们在那里提供 Siri AI 的方案。Siri AI 在 Mac 上已经或将可以提供，因为 Mac 不受与 iPhone 和 iPad 相同的监管约束。总之，我们正在与欧盟合作，希望达成某种解决方案。至于中国，上周我们获得了 Apple Intelligence 最初功能的批准，比如 Clean Up 等。我们目前正在推进这些功能的发布。未来要让 Siri AI 在中国上线，还需要做更多工作，但现在还处于早期阶段。

Thank you. Let me address these individually. In the EU, we're working closely with the Commission. Obviously, our strong desire is to launch everything everywhere at the same time—that's always been our philosophy. We haven't been able to do that in the EU, but we're working closely with them to try to find a path to offer Siri AI there. It is offered, or will be offered, for the Mac there, because the Mac isn't subject to the same regulations as iPhone and iPad. So, net-net, we're working with them and hope to reach a solution. As for China, last week we received approval to ship the initial Apple Intelligence features, like Clean Up and so on. We're now working through the rollout of those. More work will be needed for Siri AI down the road, but we're at the beginning of that process.

追问一下 Kevan，不想老纠结汇率问题。看一下毛利率，你在本季度交付了 48%（不含关税退税优惠），而指引为 46.5% 左右。能否帮我们拆解一下环比驱动因素？其中多少来自汇率影响，多少来自大宗商品成本上升？这种环比回落似乎比正常年份更不寻常。

Follow-up, Kevan—not to beat the FX issue to death—but looking at gross margin, you delivered 48% in the quarter excluding the tariff refund benefit, and you're guiding to about 46.5%. Can you walk us through the sequential drivers? How much is FX versus increased commodity costs? The moderation seems a bit more atypical than normal for this time of year.

好的，这个问题很好。我来拆解一下影响毛利率的因素。从公司整体来看，3 月当季毛利率为 49.3%。如你所说，剔除关税退税影响后，6 月当季为 48.1%。从驱动因素看，这 120 个基点的变化中，超过 100% 可以归因于 Tim 之前提到的内存成本变化。汇率虽然是一个因素，但真正的驱动因素还是内存成本。正如 Tim 在讨论内存成本动态时所说，我们确实看到了一些部分抵消，包括结转库存带来的收益、非内存组件成本下降以及有利的产品组合。从我们 6 月当季实际达到的 48.1% 到你在指引区间中提到的 46.5%（不含关税退税影响），同样存在这种动态。这 160 个基点的变化也主要由内存成本变化解释，同时有部分抵消——同样来自结转库存收益、非内存组件成本下降和有利的产品组合。与内存因素相比，汇率影响非常小。总体来看，从 3 月当季到你所指的 46.5%，环比下降确实主要由内存驱动。

Yes, good question. Let me walk through what's impacting gross margins. At the total company level, we were at 49.3% in the March quarter. As you mentioned, adjusted for the tariff refund, we were at 48.1% in the June quarter. Looking at the drivers of that 120-basis-point change, more than 100% is explained by the memory cost change Tim outlined. While FX was a factor, the main driver was really memory cost. As Tim mentioned when we discussed memory-cost dynamics, we did see partial offsets from the benefit of carry-in inventory, lower non-memory component costs, and favorable mix. We're seeing the same dynamics going from the 48.1% we reported in June to the 46.5% midpoint of our guidance range, excluding the tariff refund impact. That 160-basis-point change is also more than explained by the change in memory costs, with partial offsets again from carry-in inventory benefits, lower non-memory component costs, and favorable mix. FX had a minimal impact relative to memory. Overall, the sequential decline from March to the 46.5% you referenced is really driven by memory.

太好了。感谢两位回答我的问题。再次恭喜你，Tim。

Great. Thank you both for taking my questions. And congratulations again, Tim.

非常感谢你的祝福，我很感激。

Thank you so much for saying that. I appreciate it.