Key Highlights

  • AAPL reported fiscal fourth-quarter 2026 Revenue of $114.5 billion, up 12% from $102.5 billion a year earlier.
  • Diluted earnings per share were $2.10, up 14% from $1.85, including a $0.05 benefit from Tariff refunds.
  • iPhone revenue reached $57.6 billion, up 17%, while Services set a record at $31.6 billion, up 10%.
  • Fiscal 2026 revenue totaled a record $478.8 billion, up 15%, with diluted EPS of $8.98.
  • December quarter revenue is guided to grow 7% to 10%, with gross Margin of 45% to 46%.

September Quarter Records Across Revenue, iPhone and Net Income

Apple (NASDAQ:AAPL) reported results for its fiscal fourth quarter ended Sep 26, 2026 on Nov 2, 2026. Revenue of $114.5 billion rose 12% from $102.5 billion a year earlier, a September quarter record, despite Supply constraints on iPhone, Mac and iPad and foreign exchange headwinds of nearly 2 percentage points sequentially.

Net income was $30.7 billion, up from $27.5 billion, and Diluted Earnings per Share of $2.10 compared with $1.85 a year ago. Management said Net Income and EPS set September quarter records even without the tariff refund benefit.

Company gross margin was 47.9%, including roughly 1 percentage point from tariff refunds, and operating expenses rose 21% to $19.2 billion.

iPhone Up 17% and Mac Up 24% Offset Softer iPad and Wearables

iPhone revenue climbed 17% to $57.6 billion, and management said the active installed base reached a new high. Mac revenue rose 24% to $10.8 billion, helped by the MacBook Neo and MacBook Pro, with records in markets such as India and Southeast Asia.

iPad revenue fell 10% to $6.2 billion on supply limits and a tough comparison with last year's launch. Wearables, Home and Accessories declined 8% to $8.3 billion against a strong prior-year launch period.

Services revenue set an all-time record of $31.6 billion, up 10%, with records in video, cloud services, payments and advertising. Services gross margin was 76%, up 40 basis points sequentially, and paid subscriptions exceeded 1.5 billion.

Greater China Revenue Jumps 21% as Full-Year Sales Reach $478.8 Billion

Greater China revenue rose 21% to $17.5 billion, a quarterly record. Management said the region grew 28% over the full fiscal year, led by iPhone and Mac.

For fiscal 2026, revenue reached a record $478.8 billion, up 15% from $416.2 billion, and net income was $132.2 billion. Diluted EPS was $8.98, up 20% from $7.46.

Operating cash flow was $145.1 billion for the year and $28.1 billion in the quarter. Apple ended the period with $137 billion in cash and marketable securities against $80 billion of debt, and it returned $28 billion in the quarter, including $24 billion of share repurchases and $3.9 billion of dividends.

Memory Costs Pull December Quarter Gross Margin Guide to 45% to 46%

For the December quarter, the company expects revenue growth of 7% to 10%, which it described as its best view given constrained supply and as the best revenue quarter in its history. Services growth is expected at 8% to 9%, with sequential headwinds from third-party licensing and currency.

Gross margin is guided to 45% to 46%, reflecting mainly higher memory costs, which management called unprecedented, plus costs tied to the rollout of Siri AI. Operating expenses are expected between $20.4 billion and $20.8 billion, up 11% to 13%, with a tax rate near 17%. The outlook assumes current tariff policies stay in place.

The board declared a cash Dividend of $0.27 per share, payable on Nov 16, 2026 to holders of record on Nov 12, 2026. The next report will show supply conditions and the margin effect of memory pricing.