November 03, 2026 – Record iPhone and Services sales, a 21% jump in Greater China and $479 billion in yearly revenue capped what Apple called its best year ever.
In Summary
Apple reported record September-quarter revenue of $114.5 billion, up 12%, with diluted earnings of $2.10 a share.
iPhone sales rose 17.5% to $57.6 billion, and Mac sales jumped 23.7%, while iPad and wearables declined.
Greater China revenue grew 21.0% to $17.5 billion, the fastest gain of any region.
Tariff refunds added about 1 point to gross margin and $0.05 to earnings per share.
Apple earnings set a September record
Apple earnings topped $114 billion for the first time in a September quarter. The company reported revenue of $114.5 billion for its fiscal fourth quarter ended September 26. That is up 12% from a year earlier. Diluted earnings rose 14% to $2.10 a share. Revenue also climbed from $109.4 billion in the June quarter.
Chief executive John Ternus called it the end of Apple’s best fiscal year ever. “We’re closing the year with our most ambitious lineup yet,” he said. Net income reached $30.71 billion, compared with $27.47 billion a year ago. Gross margin came in at 47.9%. That compares with 47.2% a year earlier, Catenaa calculates.
The quarter showed broad strength in Apple’s core lines. The company sold more phones, more Macs and more services than a year ago. Moreover, Apple earnings grew faster than revenue, a sign that costs stayed in check overall.
iPhone and Mac do the heavy lifting
The iPhone carried the quarter. Its sales rose 17.5% to $57.58 billion, a September quarter record. Mac revenue grew even faster, up 23.7% to $10.79 billion. Apple pointed to the new iPhone Duo and iPhone 18 Pro models as drivers for the holiday season.
Not every line grew, though. iPad sales fell 10.4% to $6.23 billion. Wearables, Home and Accessories slipped 7.9% to $8.30 billion. Meanwhile, Services reached an all-time high of $31.57 billion, up 9.8%. That line includes the App Store, iCloud, Apple Music and Apple Pay. It matters because it earns far higher margins than hardware.
Greater China leads the regions
Regionally, Greater China stood out. Sales there rose 21.0% to $17.54 billion, the fastest pace of any region. Europe grew 11.5%, and the Americas rose 10.2%. Rest of Asia Pacific added 15.0% to reach $9.71 billion. By contrast, Japan was the only region to decline, slipping 1.4%.
Margins tell a mixed story. Services kept a gross margin near 76%, Catenaa calculates. Products ran at about 37%. However, tariff refunds lifted overall gross margin by about 1 percentage point and added $0.05 to earnings per share.
A record year and rising costs
For the full fiscal year, revenue reached $478.8 billion, up 15.1% from $416.2 billion. Net income climbed to $132.2 billion, and diluted earnings rose 20.4% to $8.98 a share. Apple also generated $28 billion of operating cash flow in the quarter and returned $28 billion to shareholders.
Spending is rising fast, however. Research and development costs jumped 32.3% to $11.73 billion in the quarter. Inventories also swelled to $14.54 billion, from $5.72 billion a year ago. Apple did not explain the build in its results release. In addition, the board declared a dividend of $0.27 a share, payable on November 16.
What it means for the stock
The results land in a nervous market. Apple shares closed at $338.32 on November 2, down 1.8% before the report, Nasdaq data show. Even so, the stock is up 24.5% this year, far ahead of most big tech peers.
Next, investors will look for holiday guidance from the earnings call. They will also watch whether the new Siri AI lifts upgrades. Another question is how long tariff refunds keep helping margins. For now, Apple earnings show a business still growing at double digits while rivals wrestle with heavy AI spending.
