Apple Q4 2026 results came in at $114.5 billion in revenue, up 12% from a year ago, as per the latest update from Apple. That is above the 9% to 11% growth range in Apple’s guidance, even though the quarter held no iPhone Duo sales and about a week of iPhone 18 Pro sales.
It is the first earnings report since John Ternus took over as CEO, and Apple’s fiscal 2026 results put full-year revenue at a record $479 billion. Mac revenue rose 23.7% even as all three major PC trackers had Mac shipments down about 11%.
Ternus described the quarter and the holiday lineup in his statement:
“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,” said John Ternus, Apple’s CEO. “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.”
Apple Q4 2026 results were led by iPhone and Mac growth
The quarter ended on September 26, eight days after iPhone 18 Pro and iPhone 18 Pro Max went on sale. The iPhone Duo went on sale on October 23, so its first sales land in the December quarter.
iPhone grew 17.5%, ahead of the mid-teens growth Apple guided to, and made up slightly over half of total revenue. CFO Kevan Parekh said supply constraints held back iPhone, Mac and iPad in the quarter. Every category except iPad and Wearables, Home and Accessories grew:
- iPhone revenue was $57.6 billion, up 17.5%.
- Services revenue was $31.6 billion, up 9.8%, an all-time high.
- Mac revenue was $10.8 billion, up 23.7%.
- Wearables, Home and Accessories revenue was $8.3 billion, down 7.9%.
- iPad revenue was $6.2 billion, down 10.4%.
Parekh said iPad was held back by supply constraints and a tough comparison with last year’s A16 iPad launch. He said Wearables, Home and Accessories faced a tough comparison with last year’s launches of the Apple Watch SE 3 and AirPods Pro 3.
Mac was the fastest-growing category, which Apple credited to the MacBook Neo and MacBook Pro, even though all three trackers had Mac shipments down about 11% in the third calendar quarter:
- Counterpoint’s PC report counted 5.6 million Macs, down 11%.
- IDC’s PC tracker counted 5.9 million Macs, down 11.3%.
- Omdia’s PC research counted 6.8 million Macs, down 11%.
Counterpoint says the MacBook Neo cushioned the drop for Apple in a PC market that fell 21%. Services for the full fiscal year grew 13.0% to $123.3 billion, so the fourth quarter ran below that pace.
Tariff refunds supplied a point of the 47.9% gross margin
Gross margin was 47.9%, up from 47.2% a year earlier and at the top of the 47% to 48% range Apple guided to. It included about one percentage point from tariff refunds, so without them gross margin would have been about 46.9%.
Apple raised prices across its lineup on June 25, three days before the quarter began, so the whole quarter ran at the higher prices on most Macs and iPads. Operating income and net income both rose from a year ago:
- Operating income was $35.6 billion, up from $32.4 billion.
- Net income was $30.7 billion, up from $27.5 billion.
- Diluted earnings per share was $2.10, up 14%, including $0.05 from tariff refunds.
- Operating cash flow was $28 billion, and Apple returned $28 billion to shareholders.
- The dividend is $0.27 per share, payable on November 16 to shareholders of record on November 12.
Greater China grew 21% while Japan slipped
Greater China was the fastest-growing region at $17.5 billion, up 21%. IDC had China’s smartphone shipments down 15.4% in the third calendar quarter, while Apple’s share of that market rose to 17.8%.
Revenue grew in every other segment except Japan:
- Americas revenue was $48.7 billion, up 10.2%.
- Europe revenue was $32.0 billion, up 11.5%.
- Rest of Asia Pacific revenue was $9.7 billion, up 15.0%.
- Japan revenue was $6.5 billion, down 1.4%.
Apple guided the December quarter to revenue growth of 7% to 10%, Services growth of 8% to 9% and a gross margin of 45% to 46%.
The September numbers say little about demand for the new iPhones. iPhone 18 Pro had about a week on sale and the iPhone Duo had none, so the December quarter report will be the first to show both.
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