Apple’s App Store revenue grew by approximately 13% year-over-year in February, marking a slowdown from the ~18% growth recorded in January, according to UBS analysts. The deceleration—driven by tougher year-over-year comparisons in both U.S. and international markets—reflects a challenging backdrop for revenue growth.
Detailed Growth Breakdown

U.S. Market:In the United States, the App Store achieved ~12% YoY growth in February, down from ~14% in January, against a robust ~21% comparison last year.

International Performance:Internationally, the revenue expansion was stronger overall but still slowed, with growth reaching ~14% YoY—a ~600 basis point decline from January’s pace.

Foreign Exchange-Neutral Perspective:On an FX-neutral basis, February’s growth was approximately 14.7% YoY, compared to 20.8% in January.

Despite the slowdown, the quarter-to-date (QTD) App Store growth remains solid at around 15%. On an FX-neutral basis, QTD growth stands at 16.6%, buoyed by a strong performance in January.
Implications for Apple’s Services Segment
Given that the App Store contributes about 25% of Apple’s Services revenue, UBS believes that the robust QTD trend suggests potential upside for Apple’s guidance of low-double-digit growth in its Services segment for the March quarter. However, analysts remain cautious about extrapolating the data due to the relatively easy comparison provided by January’s results.
UBS maintains a $236 price target for Apple (NASDAQ:AAPL), which reflects a 32x multiple on the projected CY26 EPS of $7.49. The bank attributes this attractive valuation to lower equity risk premiums, reduced interest rates, and Apple’s ongoing share buyback program.
For Data-Driven Investors
Investors seeking to dive deeper into Apple’s performance can leverage Financial Modeling Prep’s suite of APIs. For instance:

Key Metrics (TTM) provides detailed insights into valuation multiples and earnings performance.
Historical Earnings offers a comprehensive view of Apple’s earnings trends over time.

While the App Store’s growth slowed in February compared to January, the underlying QTD trends and robust valuation support suggest that Apple’s Services segment still holds significant upside potential. As investors continue to monitor these trends, Apple’s ability to generate consistent revenue growth remains a key driver of its long-term outlook.