Apple Q4 Revenue Hits $114.5B as iPhone and Services Set Records

Apple ended its 2026 financial year with a record September quarter, reporting $114.48 billion in revenue, up 12 per cent from a year earlier. The result was powered by a stronger iPhone business and a new high for Services, even as iPad and wearables sales declined. It gives investors the first official financial view of Apple’s autumn product cycle, but not yet a full reading of demand for the iPhone Duo.

In its results announcement on 2 November, Apple said diluted earnings per share rose 14 per cent to $2.10. Its financial statements show net income of $30.71 billion, against $27.47 billion a year ago. For the full fiscal year, revenue reached $478.83 billion, up from $416.16 billion in 2025.

iPhone and Services carry the quarter

iPhone revenue climbed to $57.58 billion from $49.03 billion, a rise of roughly 17 per cent. Apple called it a September-quarter record. Services, which includes businesses such as the App Store, subscriptions and payments, generated $31.57 billion, up about 10 per cent from $28.75 billion and a new all-time high. Together, the two categories accounted for almost $89.2 billion of quarterly sales.

Mac sales rose to $10.79 billion from $8.73 billion. The picture was weaker elsewhere. iPad revenue fell to $6.23 billion from $6.95 billion, while Wearables, Home and Accessories slipped to $8.30 billion from $9.01 billion. These category movements matter because the headline growth was not evenly spread across Apple’s hardware portfolio.

Greater China sales reached $17.54 billion, compared with $14.49 billion a year earlier. Europe rose to $32.01 billion from $28.70 billion, and the Americas increased to $48.68 billion from $44.19 billion. Japan was the exception among the reported regions, edging down to $6.54 billion from $6.64 billion.

What the numbers do not yet show

Apple’s fiscal fourth quarter ended on 26 September. That means it captures the opening period of the iPhone 18 cycle but not sales of the iPhone Duo, which went on sale in October. Strong early pre-order interest for the foldable model may shape the holiday quarter, but it cannot be credited for these September-quarter revenue figures.

There is another qualification for comparing profitability. Apple said its 47.9 per cent gross margin included a favourable impact of about one percentage point from tariff refunds. The company said the refunds also added about five cents to its $2.10 diluted earnings per share. The reported margin and earnings are real, but investors assessing the underlying trend should not treat that benefit as recurring without further evidence.

Apple generated $28 billion in operating cash flow during the quarter and returned $28 billion to shareholders, according to chief financial officer Kevan Parekh. The company declared a quarterly dividend of $0.27 per share. Research and development spending rose to $11.73 billion from $8.87 billion a year earlier, though Apple did not break out how much of that increase was spent specifically on AI.

The next test is whether the strong iPhone and Services momentum continues through the holiday period, when the iPhone Duo and Apple’s newly announced Mac and home devices will have a fuller sales window. For now, the results show a company still expanding its core businesses at considerable scale, while leaving the biggest question about its newest devices for the next quarter.