Apple Q4 2026 Earnings: $114.5 Billion, a September Record

Short answer: Apple reported revenue of $114.5 billion for its fiscal fourth quarter of 2026 on November 2, up 12 percent from a year earlier. That beat both its own guidance and Wall Street's forecast. Earnings per share came in at $2.10. It was the first results report with John Ternus as CEO, and it closed out a fiscal year with record revenue of $479 billion.

The headline numbers

The quarter ended September 26, 2026. Figures come from Apple's press release, with the product split from 9to5Mac and MacStories.

Apple says growth was 12 percent for revenue and 14 percent for EPS. MacStories works it out at 11.7 and 13.5 percent, so the difference is just rounding.

One thing to note about the profit

Apple says EPS "included a favourable impact of $0.05 from tariff refunds." It also says about 1 percentage point of the 47.9 percent gross margin came from those refunds. Take that out and the beat looks smaller, though still a beat. Analysts expected $2.00 per share and $113.46 billion in revenue, according to Bloomberg figures cited by MacStories.

Revenue by product

iPhone made up just over half of all revenue. Services, which covers the App Store, iCloud, Apple Music and similar subscriptions, was 27.6 percent of revenue but 43.7 percent of gross profit. That is because Services keeps about 76 cents of gross profit on every dollar, compared with about 37 cents for hardware.

What Apple's leaders said

Ternus called it "a September quarter revenue record of $114.5 billion," with iPhone at a September record and Services at an all-time high. He pointed to the holiday lineup: the new iPhone Duo, iPhone 18 Pro and 18 Pro Max, new home hardware, touch on the Mac and the new Siri AI.

CFO Kevan Parekh said Apple returned $28 billion to shareholders in the quarter and that its base of active devices reached a new high "across all major product categories and geographic segments."

Is it really a record?

Yes, but with a qualifier. It is the best September quarter Apple has ever had. It is not Apple's biggest quarter. The holiday quarter is always larger, and Apple's highest single quarter is still the December 2021 quarter, at about $123.9 billion.

The full year

Apple says fiscal 2026 revenue reached a record $479 billion, which it called its "best fiscal year ever." The press release does not include formal guidance for the December quarter. Watch the earnings call coverage for any outlook comments.

Dividend dates

The board declared a dividend of $0.27 per share. It is payable on November 16, 2026, to shareholders of record as of November 12.

Common mistakes when reading these numbers

• Calling $114.5 billion Apple's biggest quarter ever. It is a September quarter record only.
• Ignoring the tariff refunds. They added $0.05 to EPS and about 1 point to gross margin.
• Comparing Services and iPhone on revenue alone. Services earns far more profit per dollar.
• Mixing up fiscal and calendar years. Apple's fiscal 2026 ran from late September 2025 to September 26, 2026.
• Assuming a record quarter means the stock went up. Share price reactions depend on expectations and outlook, not just the headline figure.