Antitrust attacks start to bite into Apple’s $100bn services business

Court decisions and changes to App Store rules are starting to affect the economics of Apple’s services business, according to the Financial Times. The business is described as roughly $100bn and has been an important source of profitable growth for the iPhone maker.

The regulatory pressure is centered on the App Store, linking Apple’s rules and commission structure to the broader antitrust cases. That makes the issue relevant to the services segment rather than only to Apple’s hardware sales.

Apple reported FY2025 revenue of $416.2B, up 6.4% YoY, with a 46.9% gross margin and a 26.9% net margin, according to the supplied SEC EDGAR enrichment. The next key evidence will be how future rulings and App Store changes affect services growth, monetization and consolidated margins; the story does not quantify the financial impact yet.