Today, Apple reported its 2026 Q4 earnings, posting quarterly revenue of $114.5 billion. Here are the highlights:
- Revenue was $114.5B, up 11.7% from Q4 FY25.
- iPhone revenue was $57.6B, up 17.5%, and represented 50.3% of Apple’s total revenue.
- Services revenue was $31.6B, up 9.8%, and represented 27.6% of Apple’s total revenue.
- Gross margin was $54.8B, up 13.4%, with an overall gross margin rate of 47.9%.
- Net income was $30.7B, up 11.8%.
- Operating cash flow was $28.1B, down 5.5%.
- Diluted EPS was $2.10, up 13.5%.
Apple CEO John Ternus had this to say about the results:
Today, Apple is proud to report a September quarter revenue record of $114.5 billion, up 12 percent from a year ago, with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever. We’re closing the year with our most ambitious lineup yet. That includes the iPhone Duo, the most transformational iPhone since the original, alongside iPhone 18 Pro and iPhone 18 Pro Max, our most powerful iPhones yet. We also just introduced a whole new generation of hardware for the home and brought Touch to Mac for the first time. Together with the all-new Siri AI, it’s an incredible lineup to carry us into the holiday season.
For additional context, here’s how the results break down:
In Apple’s latest quarter: four of five regions grew, Services reached $31.6B, and gross margin was 47.9%.
iPhone remained Apple’s largest business at $57.6B, and three of five categories grew year over year. Together, iPhone and Services accounted for 77.9% of Apple’s $114.5B in net sales.
iPhone revenue reached $57.6B, or 50.3% of Apple’s total revenue, keeping it the company’s largest consumer business.
Services reached $31.6B at a 76.0% gross margin, accounting for 27.6% of revenue but 43.7% of gross margin.
Products carried most of the revenue at $82.9B, but Services kept 76.0% of every dollar against Products’ 37.2%.
Four of five regions grew, and the Americas contributed the most new revenue at $4.5B, or 37.4% of Apple’s $12.0B in growth.
This was also the first earnings report with John Ternus as Apple’s CEO. Going into today’s call, Apple’s guidance from July called for September-quarter revenue growth of 9–11% over last year’s $102.5 billion, or roughly $111.7–113.8 billion. Analysts expected revenue of $113.46 billion and diluted earnings per share of $2.00, according to Bloomberg’s analyst consensus estimates. Apple’s results came in above that range and exceeded expectations for earnings per share.
Standout numbers include the Mac’s strength, which I expect is attributable to the MacBook Neo, the continued growth of Services revenue, and the broad-based gains worldwide.
