Is 95% battery health normal for iPhone 16 Pro after 200 cycles?

That's not abnormal. The average tends to be about 1% per month, but the drop is usually not linear. It may hold steady for months, then drop multiple percentage points in a short time. It can then hold steady again for quite a while before dropping again. Sometimes, you will see steady drops monthly, but not always. I wouldn't worry about it.

Your iPhone is expected to drop 1% per 50 charge cycles, so after 200/50 = 4 = 96%. And I'm guessing that is a bit more than 200 and not exactly? Well your battery health rounds down any tenth of a percent, so it could be 95.9 but show as 95%. The short answer is to not worry about your battery health and it seems to be doing perfectly fine among us. Note that since you have AppleCare+, you wouldn't even pay for a battery replacement when the time came around, it would be free.

JPJCR wrote:

Of course I’m not worried I just thought it was strange how it was at 100% for 6 months then dropped by 5% within just over a month with the same usage as before as I have a friend who has a 15 Pro Max which he got 4 months before me with the same cycle count but his is still on 100% Health, I guess within the next few weeks he’ll probably see a drop I guess

Are you preventing it from charging to 100%? That is the only time recalibration will occur, so if that has previously not been allowed to occur, then you will see a larger adjustment when it does charge to 100%. Even when using the Charge Limit, it will charge to 100% on occasion for recalibration as long as it has not been removed from the charger to prevent that from happening.

Hello~ Battery health dropping is not necessarily a linear process. Your battery health is doing fine. You can take your iPhone in for a check if you want but probably unnecessary…

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When your battery health is reaches 80% or below have it replaced.

~Katana-San~

JPJCR wrote:

Of course I’m not worried I just thought it was strange how it was at 100% for 6 months then dropped by 5% within just over a month with the same usage as before as I have a friend who has a 15 Pro Max which he got 4 months before me with the same cycle count but his is still on 100% Health, I guess within the next few weeks he’ll probably see a drop I guess

As others and I have stated, battery health decline is almost never linear and no two batteries age the same. Comparing your friend's battery and yours also isn't fair game as both you guys have different usages. You will see your battery health stay steady for a few months, then drop a few points rapidly. But if you look at the long run, you will see the battery health is still healthy. I'm going to say just enjoy your brand new iPhone!