Quick Summary
- Apple reported $114.5 billion in fiscal Q4 revenue, up 12% year over year, and earnings per share of $2.10.
- iPhone revenue reached a September-quarter record, while Services revenue set a new all-time high.
- The results were the first quarterly report under CEO John Ternus; Apple also declared a $0.27 dividend.
Apple has reported its first quarterly results under chief executive John Ternus, posting $114.5 billion in revenue for the September quarter. Sales rose 12 per cent from a year earlier, while diluted earnings per share reached $2.10, up 14 per cent. The company said iPhone revenue set a September-quarter record and Services reached an all-time high. The figures cover the three months ended September 26, 2026, and close a fiscal year in which Apple reported record full-year revenue of $479 billion.
Quarterly scorecard
| Measure | September 2026 quarter |
|---|---|
| Revenue | $114.5 billion |
| Year-on-year revenue growth | 12% |
| Gross margin | 47.9% |
| Diluted earnings per share | $2.10 |
| Operating cash flow | $28 billion |
A record quarter, with iPhone doing much of the work
Apple’s quarterly revenue was $114.477 billion, compared with $102.466 billion in the same period last year. Net income rose to about $30.7 billion, and diluted earnings per share increased from $1.85 to $2.10. The company reported a gross margin of 47.9 per cent. Apple noted that tariff refunds contributed approximately one percentage point to that margin and five cents to earnings per share, so the headline result includes a benefit that will not necessarily recur in every quarter.
iPhone revenue reached $57.6 billion, an increase of about 17 per cent year over year. The iPhone 18 Pro range and higher selling prices helped drive the result, the company says and analysts covering the release. Mac revenue also increased, reaching $10.8 billion, while Services revenue rose to $31.6 billion. That Services figure includes areSo as the App Store, subscriptions, cloud services and payments, and represents a new quarterly record for the division.
The weaker parts of the product mix
Not every category moved in the same direction. iPad revenue was $6.2 billion, down from $7 billion a year earlier. Wearables, Home and Accessories generated $8.3 billion, an 8 per cent decline. Apple attributed some of the weakness to supply constraints and difficult comparisons with products launched in the prior-year period. The figures suggest that the strength of the iPhone and Services businesses is carrying more of the growth than the smaller hardware categories at present.
Greater China revenue rose 21 per cent to $17.5 billion, according to the earnings coverage, but some analysts said the result still fell short of expectations. Supply limitations affected several product lines during the quarter. Apple’s new foldable iPhone Duo began shipping after the reported period, so its early demand does not materially explain the September-quarter totals. The company has said the new device has attracted strong interest, but it has not provided a complete shipment breakdown.
Ternus inherits a strong top line and a cost problem
The company declared a cash dividend of $0.27 per share, payable on November 16 to shareholders recorded by November 12. Apple also said it generated $28 billion in operating cash flow during the quarter and returned $28 billion to shareholders through dividends and buybacks. Those figures underline the cash generation that continues to support its product development and capital-return programme.
The next quarter may be harder on margins. Apple has warned that memory-chip costs are rising and expects gross margin of 45 to 46 per cent for the December quarter. Ternus also has to manage product launches, supply availability and the planned expansion of its software services. The results give the new CEO a strong starting point, but investors will judge the next period on whether Apple can maintain growth while absorbing higher component costs and bringing new hardware to market.
Apple’s next earnings call will be watched for more than the headline sales number. Investors will want to know whether the iPhone Duo can sustain demand after the initial launch period, how much of the Services growth comes from recurring subscriptions and whether component inflation can be offset by product pricing. The company has not provided a unit-sales figure for every model, so revenue and margin remain the clearest published indicators. For Ternus, the challenge is to preserve the operating discipline that supported the record year while managing a more complicated product and supply-chain cycle.
Investors will also compare the result with the December-quarter outlook, when component prices and product mix may move margins in different directions. Apple has not provided a model-by-model shipment breakdown, so revenue and margin remain the best public indicators. The next report will show whether the launch pipeline can offset higher memory and component costs.