Apple Earnings Show the iPhone Drove a Record $478.8 Billion Year
The iPhone carried Apple to a record year in John Ternus's first report as chief executive, with fiscal 2026 sales of $478.8 billion. Quarterly revenue of $114.5 billion topped the consensus compiled by LSEG. iPhone sales supplied $44.5 billion of the $62.7 billion rise in yearly sales. Greater China grew fastest of Apple's regions.
The short answer. Apple's record fiscal 2026 was mostly an iPhone year. The iPhone made up about half of Apple's sales a year earlier, yet it brought in about 71% of the increase. By region, Greater China supplied about 29% of the increase, against about 15% of sales a year earlier. These two figures overlap, since Apple sells iPhones in Greater China. So Apple's growth still rests mostly on its phone. Apple's finance chief said the number of Apple devices in active use reached a new high in every major product category and region, so what drives Apple's sales touches far more people than its shareholders. Apple's release does not say why Greater China turned after three yearly declines.
Show the data
| Category | Change |
|---|---|
| iPhone | +$44.5B |
| Services | +$14.1B |
| Mac | +$4.2B |
| iPad | -$0.1B |
| Wearables, Home and Accessories | -$0.1B |
Apple's September 2026 quarter and fiscal year in three numbers
Every company reporting the same week, with its date and time, is in StockTitan's Earnings Calendar for the Week of November 2, 2026.
On this page
Apple earnings report for the September quarter
Apple sold $114.5 billion of products and services in the quarter, more than analysts expected. Its profit came to $2.10 for each share.
The quarter ended on September 26, 2026. Revenue was up 12% from $102.5 billion a year earlier, Apple said in its results release. The consensus of analysts compiled by LSEG, the London Stock Exchange Group, was $113.39 billion, Reuters reported on November 2 before the release.
Diluted EPS was $2.10, up 14% from $1.85. Apple said that included a favorable impact of $0.05 from tariff refunds. Without the refunds, EPS would have been $2.05.
Net income was $30.71 billion, above the $29.04 billion LSEG expected. That is the profit left after every cost and tax. For the full year, net income was $132.2 billion.
| Quarter ended September 26, 2026 | This quarter | A year earlier | LSEG consensus |
|---|---|---|---|
| Revenue | $114.5 billion | $102.5 billion | $113.39 billion |
| Products | $82.9 billion | $73.7 billion | not given |
| Services | $31.6 billion | $28.8 billion | $31.56 billion |
| iPhone | $57.6 billion | $49.0 billion | $56.54 billion |
| Gross margin (dollars) | $54.8 billion | $48.3 billion | not given |
| Net income | $30.7 billion | $27.5 billion | $29.04 billion |
| Diluted EPS | $2.10 | $1.85 | not given |
Source: Apple results release, November 2, 2026; consensus compiled by LSEG, as reported by Reuters on November 2, 2026, before the release.
It was the first results report under John Ternus, who became Apple's chief executive on September 1, 2026, when Tim Cook became executive chairman (Apple's April 20 announcement).
Ternus described the iPhone lineup Apple takes into the holiday season. He called the iPhone Duo “the most transformational iPhone since the original” and the iPhone 18 Pro and iPhone 18 Pro Max “our most powerful iPhones yet.”
The quarter closed Apple's fiscal year. Sales for fiscal 2026 were $478.8 billion, the most in any year of Apple's annual reports, above fiscal 2025's $416.2 billion (fiscal 2025 annual report). That is growth of about 15%, the fastest since fiscal 2021's 33% (fiscal 2021 annual report).
Show the data
| Category | Value |
|---|---|
| Sep 2024 | $94.9B |
| Dec 2024 | $124.3B |
| Mar 2025 | $95.4B |
| Jun 2025 | $94.0B |
| Sep 2025 | $102.5B |
| Dec 2025 | $143.8B |
| Mar 2026 | $111.2B |
| Jun 2026 | $109.4B |
| Sep 2026 | $114.5B |
iPhone sales and Apple's new products
iPhone sales were $57.6 billion, above the $56.54 billion analysts expected, according to LSEG. The newest Pro models were on sale for only the last nine days of the quarter.
That compares with $49.0 billion in the same quarter a year earlier. For the full year, iPhone sales were $254.1 billion, against $209.6 billion in fiscal 2025.
The iPhone's gain of $44.5 billion was about 71% of Apple's whole rise in sales for the year. The iPhone had made up about half of sales in fiscal 2025.
Mac sales were $10.8 billion, up from $8.7 billion. iPad sales went down to $6.2 billion, and wearables, home and accessories went down to $8.3 billion.
Apple put the iPhone 18 Pro and iPhone 18 Pro Max on sale on September 18 (Apple's September 9 announcement). That gave them nine days on sale, through the quarter's last day on September 26. A year earlier, the iPhone 17 also had nine days, from September 19, 2025 (Apple), through September 27.
For the rest of the 13-week quarter, Apple's newest phones were the iPhone 17 family it began selling in September 2025.
Show the data
| Date | Event |
|---|---|
| Sep 9, 2026 | Apple shows the iPhone 18 Pro and the iPhone Duo |
| Sep 18, 2026 | iPhone 18 Pro goes on sale |
| Sep 26, 2026 | Fiscal fourth quarter ends |
| Oct 23, 2026 | iPhone Duo goes on sale |
| Nov 6, 2026 | Touch screen MacBook Pro arrives |
Several of Apple's new products reach buyers after the quarter, so they count in the December quarter. The iPhone Duo, the first foldable iPhone, went on sale on October 23 from $1,999 (Apple).
Four more devices arrive on November 6. They are a MacBook Pro with a touch screen (Apple, StockTitan), a 14-inch MacBook Pro with the M6 chip (Apple), a new iMac (Apple) and a new iPad mini (Apple). A new Apple TV 4K follows on November 13 (Apple).
Apple's release gives no sales forecast for the December quarter, its holiday quarter. Ternus called the new products, together with the new Siri AI, “an incredible lineup to carry us into the holiday season.” Apple scheduled its call with analysts for 5:00 p.m. ET on November 2.
Show the data
| Sales, quarter ended September 26, 2026 | This quarter | A year earlier |
|---|---|---|
| iPhone | $57.6 billion | $49.0 billion |
| Mac | $10.8 billion | $8.7 billion |
| iPad | $6.2 billion | $7.0 billion |
| Wearables, Home and Accessories | $8.3 billion | $9.0 billion |
| Services | $31.6 billion | $28.8 billion |
| Americas (region) | $48.7 billion | $44.2 billion |
| Europe (region) | $32.0 billion | $28.7 billion |
| Greater China (region) | $17.5 billion | $14.5 billion |
| Japan (region) | $6.5 billion | $6.6 billion |
| Rest of Asia Pacific (region) | $9.7 billion | $8.4 billion |
Source: Apple results release, November 2, 2026.
Apple sales in China
Apple sold $82.4 billion in Greater China in fiscal 2026, more than in any year of its annual reports since 2013. Before this year, sales there had fallen three years in a row.
Greater China is Apple's region for mainland China, Hong Kong and Taiwan. In the September quarter alone, Apple sold $17.5 billion there, up from $14.5 billion a year earlier.
Over the year, sales in the region rose $18.0 billion, or 28%, faster than in any other Apple region.
Greater China made up about 15% of Apple's sales in fiscal 2025, yet it brought in about 29% of the rise in fiscal 2026.
The region's previous high was $74.2 billion in fiscal 2022. Sales then fell for three straight years, to $64.4 billion in fiscal 2025, according to Apple's fiscal 2023 and fiscal 2025 annual reports.
The jump showed up in the December 2025 quarter. Greater China brought in $25.5 billion then, against $18.5 billion a year before (Apple).
Show the data
| Category | Value |
|---|---|
| Sep 2024 | $15.0B |
| Dec 2024 | $18.5B |
| Mar 2025 | $16.0B |
| Jun 2025 | $15.4B |
| Sep 2025 | $14.5B |
| Dec 2025 | $25.5B |
| Mar 2026 | $20.5B |
| Jun 2026 | $18.8B |
| Sep 2026 | $17.5B |
Show the data
| Category | Value |
|---|---|
| 2013 | $27.0B |
| 2014 | $31.9B |
| 2015 | $58.7B |
| 2016 | $48.5B |
| 2017 | $44.8B |
| 2018 | $51.9B |
| 2019 | $43.7B |
| 2020 | $40.3B |
| 2021 | $68.4B |
| 2022 | $74.2B |
| 2023 | $72.6B |
| 2024 | $67.0B |
| 2025 | $64.4B |
| 2026 | $82.4B |
Apple services revenue
Services, such as the App Store, Apple Music, Apple Pay, iCloud and Apple TV, brought in $31.6 billion, above the $31.56 billion analysts expected, according to LSEG.
That was up from $28.8 billion a year earlier. For the year, services sales were $123.3 billion, against $109.2 billion in fiscal 2025.
Services made up about 28% of Apple's sales in the quarter, and products the other 72%.
Apple gross margin and profit
Apple's gross margin was 47.9% of sales, the part left after the cost of making its products and providing its services. It was 47.2% a year earlier.
Apple said its 47.9% included a favorable impact of approximately 1 percentage point from tariff refunds. Taking out the refunds leaves about 47%, close to the year-earlier level.
Refunds also lifted the June quarter's 50.1% margin, by about 2 points, Apple said (June quarter release).
Show the data
| Category | Gross margin, % of sales |
|---|---|
| Dec 2024 | 46.9% |
| Mar 2025 | 47.1% |
| Jun 2025 | 46.5% |
| Sep 2025 | 47.2% |
| Dec 2025 | 48.2% |
| Mar 2026 | 49.3% |
| Jun 2026 | 50.1% |
| Sep 2026 | 47.9% |
Services cost far less to provide than devices cost to make. In the quarter, gross margin was about 76% of services sales and about 37% of product sales. That is why the mix of sales matters for profit.
Gross margin comes before research, marketing and taxes. Research and development took $11.7 billion in the quarter, against $8.9 billion a year earlier. After every cost, net income was $30.71 billion.
Apple dividend, buybacks and debt
Apple declared a dividend of $0.27 a share, payable on November 16, 2026. Over fiscal 2026 it spent $86.4 billion buying back its own shares.
The dividend goes to shareholders who own the stock at the close on November 12, 2026. Apple paid $15.7 billion in dividends during the year.
Apple carries both debt and a large store of cash and investments. It owed $68.2 billion in bonds and notes due after more than a year. The table lists the rest.
| At the end of fiscal 2026 | Amount |
|---|---|
| Term debt (bonds and notes) due within a year | $9.9 billion |
| Term debt due later | $68.2 billion |
| Commercial paper (short loans Apple sells to investors) | $2.0 billion |
| Cash and cash equivalents | $36.3 billion |
| Marketable securities (investments Apple holds), due within a year | $20.4 billion |
| Marketable securities, due later | $80.2 billion |
Source: Apple results release, November 2, 2026, balance sheet.
The buybacks shrink the share count, so each remaining share holds a slightly larger part of the company. Apple had 14.53 billion shares outstanding at the end of fiscal 2026, against 14.77 billion a year earlier.
What to watch
- Why did Greater China sales change? Apple's fiscal 2026 annual report on Form 10-K explains each region's results. Apple filed last year's report the day after its results.
- How do iPhone sales change with a full quarter of the iPhone 18 Pro and the arrival of the iPhone Duo? Apple's December quarter results release will show it. Apple has not yet announced its date.
Our numbers
These figures are our calculations from the sources linked in this article.
- The iPhone's 71% and Greater China's 29% of the $62.7 billion rise in sales: each one's fiscal 2026 sales less its fiscal 2025 sales, divided by the rise in total sales, from the twelve-month columns of the results release in millions of dollars, so the rounded figures can differ by $0.1 billion.
- The iPhone's half and Greater China's 15% of fiscal 2025 sales, and the regional growth rates (Greater China 28%, Rest of Asia Pacific 18%, Europe 15%, Americas 11%, Japan 8%): from the same columns.
- Sales growth of about 15% in fiscal 2026, the fastest since fiscal 2021: $478.8 billion against $416.2 billion, set against the growth rates in Apple's annual reports.
- Greater China's $82.4 billion as the highest fiscal year since 2013: fiscal 2026 set against each fiscal year's Greater China sales in Apple's annual reports from 2013 to 2025.
- Gross margin as a share of sales, December 2024 to June 2026, including 47.2% in the September 2025 quarter: gross margin divided by total net sales in each quarterly release. Apple stated the June 2026 and September 2026 figures itself. About 47% without tariff refunds and EPS of $2.05 without them: Apple's 47.9% less its approximately 1 point, and $2.10 less its $0.05.
- Services at about 28% of the quarter's sales, and gross margins of about 76% on services and 37% on products: sales less cost of sales for each, divided by its sales, from the release's quarterly table.
Frequently asked questions
When is Apple earnings?
Apple reported its fiscal fourth quarter results on November 2, 2026, after the US market closed. Apple scheduled its call with analysts for 5:00 p.m. ET on November 2, 2026.
Did Apple beat earnings?
On revenue, yes. Revenue of $114.5 billion was above the $113.39 billion consensus compiled by LSEG. Net income was $30.71 billion, above the $29.04 billion LSEG expected. Diluted EPS was $2.10, up 14%. Reuters' report of the LSEG estimates before the release gave no figure for EPS.
What were Apple's sales for fiscal 2026?
Apple's sales for fiscal 2026 were $478.8 billion, against $416.2 billion in fiscal 2025, the most in any year of its annual reports. The iPhone brought in about 71% of the rise.
What is Apple's profit margin?
Apple said its gross margin was 47.9% of sales in the quarter. Net income was $30.71 billion on $114.5 billion of sales.
Is Apple paying a dividend?
Yes. Apple declared a dividend of $0.27 a share, payable on November 16, 2026 to shareholders on record on November 12, 2026.
Sources
- Apple: fourth quarter fiscal 2026 results, November 2, 2026
- Apple Form 8-K, exhibit 99.1, November 2, 2026
- Apple: fourth quarter fiscal 2025 results
- Apple: third quarter fiscal 2026 results, July 30, 2026
- Apple: second quarter fiscal 2026 results, April 30, 2026
- Apple: first quarter fiscal 2026 results, January 29, 2026
- Apple: Tim Cook to become executive chairman, John Ternus to become CEO, April 20, 2026
- Apple: iPhone 18 Pro and iPhone 18 Pro Max, September 9, 2026
- Apple: iPhone Duo, September 9, 2026
- Apple: iPhone 17, September 9, 2025
- Apple: MacBook Pro with touch, October 28, 2026
- Apple: 14-inch MacBook Pro with M6, October 27, 2026
- Apple: iMac with M6, October 27, 2026
- Apple: iPad mini, October 26, 2026
- Apple: Apple TV 4K, October 13, 2026
- StockTitan: Touchscreen MacBook Pro starts at $2,899 and arrives November 6
- StockTitan: Apple overview
- StockTitan: Apple financials
- Apple annual report on Form 10-K, fiscal 2025
- Apple annual report on Form 10-K, fiscal 2023
- Apple annual report on Form 10-K, fiscal 2021
- Apple annual report on Form 10-K, fiscal 2020
- Apple annual report on Form 10-K, fiscal 2017
- Apple annual report on Form 10-K, fiscal 2015
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.