Insight: iPhone Exceeded Expectations by both Shipments and Revenue and Outperformed the Global Smartphone Market in Q2 2025

iPhone shipments rose 15% YoY to 51.7M in Q2 2025, driven by iPhone 16 demand and strong growth in China, India, and other key markets.

Apple iPhone shipments grew 15% YoY to reach 51.7 million units and 17% market share in Q2 2025, capturing the second spot in the global smartphone market after Samsung. All key regions and markets in Q2 2025 posted annual growth. Overstocking in the USA continued, but according to our channel checks, it slowed down in June. Western Europe, China, Southeast Asia, and Brazil beat expectations and largely delivered the growth. India's double-digit growth was broadly aligned with what we expected. The demand for the iPhone 16 series (16, 16 Pro Max, 16 Pro, etc.) exceeded expectations, driven by the solid channel promotions and price discounts in selective markets (China, India).