Apple Posts a Record $114.5 Billion Quarter as iPhone Grows 17% and China 21%
Apple made $114.5 billion from July to September, up 12%. iPhone grew 17.5%, Mac 24% and China 21%, while iPad and wearables fell. The full breakdown.
Apple made $114.5 billion in revenue in its fiscal fourth quarter, the three months to 26 September 2026. That's up 12% from $102.5 billion a year earlier and a record for a September quarter. Net income rose 12% to $30.7 billion, and diluted earnings per share rose 14% to $2.10.
The quarter closes Apple's fiscal 2026 at $478.8 billion in revenue, up 15% and the most it has ever made in a year.
None of Apple's autumn launches are in these numbers yet. The iPhone Duo, Apple's first foldable iPhone, went on sale in Apple Stores on 23 October, and the touchscreen OLED MacBook Pro and the M6 Macs were announced at the end of October, all after the quarter closed. They will show up in the holiday quarter.
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.
— John Ternus, Apple CEO
Revenue by product
- iPhone: $57.6 billion, up 17.5% from $49.0 billion. That's half of everything Apple sold in the quarter, and a September-quarter record for iPhone.
- Services: $31.6 billion, up 9.8%. Apple says it's the highest Services revenue it has ever had in a quarter. The category covers the App Store, iCloud, Apple Music, AppleCare and Apple's other subscriptions.
- Mac: $10.8 billion, up 23.7% from $8.7 billion, the fastest growth of any category.
- Wearables, Home and Accessories: $8.3 billion, down 7.9%.
- iPad: $6.2 billion, down 10.4%.
Revenue by region
- Americas: $48.7 billion, up 10.2%
- Europe: $32.0 billion, up 11.5%
- Greater China: $17.5 billion, up 21.0%
- Rest of Asia Pacific: $9.7 billion, up 15.0%
- Japan: $6.5 billion, down 1.4%
Greater China was the standout for the whole year as well: $82.4 billion in fiscal 2026, up 28%.
Margins, spending and cash
Apple's gross margin was 47.9%, and Apple says about 1 percentage point of that came from tariff refunds. The refunds also added $0.05 to earnings per share.
The gap between Apple's two businesses is still wide. By our calculation from Apple's financial statements, services kept 76 cents of gross profit per dollar of revenue in the quarter, against 37 cents for hardware.
Research and development spending was the fastest-growing cost: $11.7 billion, up 32% from $8.9 billion a year earlier.
Apple generated $28 billion in operating cash flow and returned the same amount to shareholders. Its board declared a dividend of $0.27 per share, payable on 16 November to shareholders on record at the close of business on 12 November.
Fiscal 2026 in full
- Total revenue: $478.8 billion, up 15.1%
- iPhone: $254.1 billion, up 21.2%
- Services: $123.3 billion, up 13.0%
- Mac: $37.9 billion, up 12.5%
- Wearables, Home and Accessories: $35.6 billion, roughly flat (down 0.3%)
- iPad: $27.9 billion, roughly flat (down 0.3%)
- Net income: $132.2 billion, up 18%
What's in the holiday quarter
The October to December quarter is usually Apple's biggest of the year. Ternus listed the iPhone Duo ("the most transformational iPhone since the original"), the iPhone 18 Pro and iPhone 18 Pro Max, a new generation of home hardware, Touch on the Mac and the new Siri AI.
On the Mac side, that means the touchscreen MacBook Pro with an OLED display, the M6 MacBook Pro from $1,999 and the M6 iMac from $1,499.
Apple's press release doesn't include a forecast for the holiday quarter. The company discussed the results with analysts on a call on 2 November.
