Quarterly earnings are never something I lose sleep over, but the numbers, at least for the products I care about, are always interesting to see. Mostly, I just want to know whether iPad revenue is declining, and the good news is: it did not.

These comments are in reference to Apple’s recently reported Q1 FY26 results, covering the fourth calendar quarter of 2025 (the ever-important holiday season). Six Colors has some great coverage of this stuff if you want to read about Apple earnings from someone who cares a lot more about them than I do.

iPad Revenue Is Up Slightly

iPad revenue was 8.088 billion in Q1 FY25, a roughly 6.3% year-over-year increase. I think that’s pretty respectable. In its remarks, Apple specifically called out the M5 iPad Pro and the A16 iPad as drivers of iPad growth. That’s interesting, as the M5 iPad Pro wasn’t a huge upgrade over the M4, and the general consensus in the tech press is that the iPad Pro doesn’t sell particularly well because it’s so expensive.

The A16 iPad, on the other hand, is an incredible value at full price, and it was on sale for much of the holiday season. It’s not especially surprising to hear that this model continues to be a growth driver.

The iPhone Killed It, and I Wonder If Apple Knows Why

iPhone revenue was up an amazing 23% year over year, reaching $85.3 billion in sales. That’s just insane. I think it’s safe to say the success of the iPhone 17 lineup has exceeded pretty much everyone’s expectations.

Sometimes I wonder why that is. It’s not that they aren’t great phones, they certainly are. Apple doesn’t make bad phones. But what is it about this particular lineup that’s encouraging so many people to buy now? Do more people than I think really care about features like Always-On Display and ProMotion coming to the standard iPhone? Did people just really want an orange phone? Or are we simply hitting a natural upgrade point for pandemic-era buyers?

I wonder if, internally, Apple knows exactly why this iPhone cycle turned out to be so much bigger than analysts were projecting.

Wearables Were Down Ever So Slightly

The catch-all Wearables, Home, and Accessories category was down 2% year over year, with $11.5 billion in revenue. Tim Cook mentioned in his comments that AirPods Pro 3 were supply-constrained during the quarter, and that he believes the category would have grown if Apple had been able to meet demand.

That’s an interesting data point, because from the outside it felt like AirPods Pro 3 got lost in the hype around the iPhone 17 lineup, and the consternation over the iPhone Air. It’s interesting to see that demand was more robust than I thought.

There was no commentary on the M5 Vision Pro….

I didn’t really expect any, but I can always hope.