Narrative: Apple Watch by Model Q4 2025

Q4 2025 Apple Watch shipments dropped by 1% YoY, with the SE (gen 3) leading as the top model.

Apple Watch shipments fell slightly by 1% YoY in Q4 2025, while an ASP increase due to the first full quarter of sales of the Series 11, SE 3, and Ultra 3 drove slight revenue growth despite the volume decline. This comes after 2% volume growth in Q3, preceded by 8 consecutive quarters of volume declines, driven by a saturating smartwatch market, lengthening replacement cycle, and declining percentage of buyers new to the smartwatch category. The SE (gen 3) took the top spot by model, followed by the Series 11 and the SE Cellular (gen 3). Cellular penetration grew YoY during Q4 2025 due to the new models, and particularly the cellular-only Ultra 3, as 5G made its way into the lineup. This report details global shipments for every Apple Watch model from Q4 2016 to Q4 2025.