Apple has released its financial results for fiscal Q3, which ended on June 28, 2025. iPad revenue came in at approximately 6.6 billion, down from about 7.24 billion billion in the same quarter last year. That represents a roughly 8% year-over-year decline for the product category.

Unfortunately, since analysts never seem to ask about the iPad during earnings calls, we don’t get much insight into what Apple thinks about the iPad’s performance or its direction. Still, here are some choice quotes from the call, as reported by MacRumors from either Tim Cook or Apple CFO Kevan Parekh:

iPad revenue was down 8%, an expected decline based on the difficult compare against the launch of iPad Air and iPad Pro in the year-ago quarter. Customer satisfaction is 98% in the US.

From Q3 to mid-to-high single digits, keep in mind two components. First, the effect of tariff pull-ahead in demand, and the September quarter of the year ago, we had the full-quarter impact of the new iPad launches versus this year. From Q3 to Q4, I would say foreign exchange is a minor tailwind so not a major factor.

(emphasis mine)

Other Interesting Results

iPhone sales were up about 13%, with revenue of $94 billion. That’s not especially surprising, Apple mentioned on the call that the ongoing tariff threat likely pulled some demand forward into this quarter.

The “grab bag” category of Wearables, Home, and Accessories, which includes Apple Watch and Vision Pro, declined about 9%, landing at about $7.4 billion in revenue.

The Apple Watch doesn’t see much hardware action outside of its annual updates, and with no Ultra 3 released this cycle, the category essentially rides on the Series 10. I love my Series 10, but I won’t pretend it was a particularly exciting update (not that I needed it to be). I continue to wonder how Apple plans to drive Watch demand going forward, now that they seem to be past the era of reliably adding a new sensor every year to spark interest.

As for the Vision Pro… well, there’s not going to be much movement there until a hardware revision is released, likely later this year or early next. And even then, unless there’s a significant price cut, Everyone (including Apple) knows that unit sales aren’t going to jump meaningfully. Vision Pro and visionOS remain a long-term play for Apple.

My Take on iPad Sales

iPad sales had been up in each of the previous four quarters, which made sense as there were no new iPads released during calendar year 2023. So those gains were the result of pent-up demand and excitement around long overdue updates. I mentioned last time Apple reported earnings that it Q2 would be the last quarter with an easy year-over-year comparison.

In the year-ago quarter, Apple launched the M2 iPad Air and the M4 iPad Pro. In contrast, there were no iPad hardware releases in Q3. So yeah, I’m not shocked that sales are down. That said, it would be nice to see the non Pro iPads updated on a more regular schedule, if only to smooth out on the quarterly revenue side.