Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12% year over year, with net income of $30.7 billion, or $2.10 per diluted share, compared with $1.85 a year earlier. The results landed above the approximately $113.4 billion analyst estimate cited by CNBC, though shares were little changed in extended trading after declining during regular hours.
iPhone and Services Carry the Load
Two categories generated roughly 78% of quarterly revenue between them.
iPhone iPhone revenue reached approximately $57.6 billion, up 17% year over year and a September-quarter record. Services followed at approximately $31.6 billion, up 10% and an all-time record, spanning the App Store, iCloud, Apple Music, Apple TV, AppleCare, Apple Pay, and advertising.
Mac Breaks Through Supply Constraints
Despite acknowledged supply constraints, Mac was one of the quarter’s clearest standouts.
Mac posted approximately $10.8 billion, up 24% year over year. Apple said it gained global share and recorded its strongest fiscal-year Mac sales on record.
iPad and Wearables Miss the Mark
Two segments fell short of analyst estimates, and Greater China added another soft note.
iPad came in at approximately $6.2 billion, below the $6.7 billion analyst estimate cited by CNBC. Wearables, Home, and Accessories reached approximately $8.3 billion, also below expectations. Greater China added another soft note, with revenue falling short of analyst forecasts despite the strong overall print.
The Margin Number Needs a Footnote
Tariff refunds accounted for roughly one percentage point of the reported improvement.
Gross margin came in at 47.9%, up from 47.2% a year earlier. Apple attributed approximately one percentage point of that gain to tariff refunds, which also added roughly $0.05 to diluted EPS, making the underlying margin improvement more modest than the headline figure suggests.
Cash Generation and Shareholder Returns
Apple matched its operating cash flow dollar-for-dollar with capital returned to shareholders.
The company generated $28 billion in operating cash flow and returned $28 billion to shareholders during the quarter. Apple declared a quarterly dividend of $0.27 per share, payable November 16 to shareholders of record November 12.
A Record Fiscal Year Behind, a Crucial Holiday Quarter Ahead
Full-year results set new highs; the next quarter will test whether launch momentum holds.
Fiscal 2026 revenue reached approximately $478.8 billion; net income came in at $132.2 billion. Both figures surpassed the prior fiscal-year records of $416.2 billion and $112.0 billion respectively.
John Ternus, who became CEO on September 1 succeeding Tim Cook, described the quarter as capping off Apple’s best fiscal year ever. Apple also positioned a redesigned Siri AI as more personal, private, and context-aware, though those are product statements rather than separately reported revenue figures. Whether the new hardware cycle can sustain demand through the holiday quarter, and whether supply holds up across categories, remains the immediate test for Ternus and the leadership team.
