Apple Inc.: Q4 FY2026 earnings call

What management said about Q4 FY2026, from the documents filed with the SEC on 2 November 2026: press release. The quarter’s numbers.

Key takeaways

Quarterly revenue rose 12 percent: Net sales were $114.5 billion against $102.5 billion. Products were $82.9 billion and Services $31.6 billion. Full-year net sales were $478.8 billion against $416.2 billion. Source
Diluted EPS rose 14 percent: Diluted EPS was $2.10 against $1.85, including $0.05 from tariff refunds. Net income was $30.7 billion against $27.5 billion; full-year diluted EPS was $8.98 against $7.46. Source
Greater China net sales rose 21 percent: Greater China net sales were $17.5 billion against $14.5 billion, about 21 percent higher. Japan was $6.5 billion against $6.6 billion. Source
IPhone net sales rose 17 percent: iPhone net sales were $57.6 billion against $49.0 billion, about 17 percent higher. Full-year iPhone net sales were $254.1 billion against $209.6 billion. Source
Gross margin 47.9 percent with refunds: Gross margin was $54.8 billion, or 47.9 percent of net sales, against $48.3 billion. Tariff refunds added about 1 percentage point to the margin. Source
Full-year operating cash flow rose: Operating cash flow for the year was $145.1 billion against $111.5 billion. Source
Quarterly operating cash flow was $28 billion: The CFO put operating cash flow for the quarter at $28 billion, and said the same amount was returned to shareholders. Source
Buybacks fell, dividends rose slightly: Share repurchases for the year were $86.4 billion against $90.7 billion. Dividends and dividend equivalents paid were $15.7 billion against $15.4 billion. Source

“We’re closing the year with our most ambitious lineup yet.”
John Ternus, Apple’s CEO

What changed from last quarter

New: John Ternus is named as Apple’s CEO in this release; the previous release named Tim Cook. Source
New: Touch to Mac was introduced for the first time, and a new generation of home hardware was introduced. Source
New: The iPhone Duo was introduced alongside iPhone 18 Pro and iPhone 18 Pro Max, which the previous release did not list. Source

Results and growth drivers

Quarterly revenue rose 12 percent: Net sales were $114.5 billion against $102.5 billion. Products were $82.9 billion and Services $31.6 billion. Full-year net sales were $478.8 billion against $416.2 billion. Source
Diluted EPS rose 14 percent: Diluted EPS was $2.10 against $1.85, including $0.05 from tariff refunds. Net income was $30.7 billion against $27.5 billion; full-year diluted EPS was $8.98 against $7.46. Source
Operating income rose to $35.6 billion: Operating income was $35.6 billion against $32.4 billion. Other income and expense, net, was $504 million against $377 million. Source

Segments and regions

Greater China net sales rose 21 percent: Greater China net sales were $17.5 billion against $14.5 billion, about 21 percent higher. Japan was $6.5 billion against $6.6 billion. Source
Rest of Asia Pacific rose 15 percent: Rest of Asia Pacific net sales were $9.7 billion against $8.4 billion, about 15 percent higher. Source
Americas and Europe both grew: Americas net sales were $48.7 billion against $44.2 billion, and Europe was $32.0 billion against $28.7 billion. Source

“Thanks to our very high levels of customer satisfaction and loyalty, our installed base of active devices reached a new all-time high across all major product categories and geographic segments.”
Kevan Parekh, Apple’s CFO

Products and categories

IPhone net sales rose 17 percent: iPhone net sales were $57.6 billion against $49.0 billion, about 17 percent higher. Full-year iPhone net sales were $254.1 billion against $209.6 billion. Source
Mac net sales rose 24 percent: Mac net sales were $10.8 billion against $8.7 billion. Full-year Mac net sales were $37.9 billion against $33.7 billion. Source
IPad and wearables declined: iPad net sales were $6.2 billion against $7.0 billion. Wearables, Home and Accessories were $8.3 billion against $9.0 billion. Source
Holiday lineup built around Siri AI: Management said the lineup is meant to carry the company into the holiday season, including the all-new Siri AI. Source

Margins and costs

Gross margin 47.9 percent with refunds: Gross margin was $54.8 billion, or 47.9 percent of net sales, against $48.3 billion. Tariff refunds added about 1 percentage point to the margin. Source
R&D and SG&A expense increased: Research and development was $11.7 billion against $8.9 billion, and selling, general and administrative was $7.5 billion against $7.0 billion. Source
Cost of sales by category: Products cost of sales was $52.1 billion against $47.0 billion. Services cost of sales was $7.6 billion against $7.1 billion. Source

“Apple delivered September quarter records for net income and EPS.”
Kevan Parekh, Apple’s CFO

Cash flow and balance sheet

Full-year operating cash flow rose: Operating cash flow for the year was $145.1 billion against $111.5 billion. Source
Quarterly operating cash flow was $28 billion: The CFO put operating cash flow for the quarter at $28 billion, and said the same amount was returned to shareholders. Source
Inventories and payables increased: Inventories were $14.5 billion against $5.7 billion at September 27, 2025. Accounts payable were $82.3 billion against $69.9 billion. Source

Shareholder returns and debt

Buybacks fell, dividends rose slightly: Share repurchases for the year were $86.4 billion against $90.7 billion. Dividends and dividend equivalents paid were $15.7 billion against $15.4 billion. Source
Term debt and commercial paper repaid: Term debt repayments were $12.4 billion and net commercial paper repayments were $5.9 billion. Total term debt, current and non-current, was $78.1 billion against $90.7 billion. Source
Cash and marketable securities held: Cash and cash equivalents were $36.3 billion, and non-current marketable securities were $80.2 billion. Source

Coming up, as management said on 2 November 2026

Dividend payable November 16: The $0.27 per share dividend is payable November 16, 2026, to holders of record at the close of business on November 12, 2026. Source

Figures management reported

Figure	Reported
Gross margin Source	47.9 percent
IPhone net sales Source	$57.6 billion
Greater China segment revenue Source	$17.5 billion
Americas segment revenue Source	$48.7 billion

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Apple reports fourth quarter results

September quarter records for total company revenue, iPhone revenue, and EPS

Services revenue reaches new all-time high

CUPERTINO, CALIFORNIA - Apple® today announced financial results for its fiscal 2026 fourth quarter ended September 26, 2026. The Company posted quarterly revenue of $114.5 billion, up 12 percent year over year. Company gross margin was 47.9 percent, including a favorable impact of approximately 1 percentage point from tariff refunds. Diluted earnings per share was $2.10, up 14 percent year over year, and included a favorable impact of $0.05 from tariff refunds.

“Today, Apple is proud to report a September quarter revenue record of $114.5 billion, up 12 percent from a year ago, with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever,” said John Ternus, Apple’s CEO. “We’re closing the year with our most ambitious lineup yet. That includes the iPhone Duo, the most transformational iPhone since the original, alongside iPhone 18 Pro and iPhone 18 Pro Max, our most powerful iPhones yet. We also just introduced a whole new generation of hardware for the home and brought Touch to Mac for the first time. Together with the all-new Siri AI, it’s an incredible lineup to carry us into the holiday season.”

“Apple delivered September quarter records for net income and EPS. Our record September quarter capped off a strong fiscal 2026, with all-time record revenue of $479 billion and double-digit EPS growth,” said Kevan Parekh, Apple’s CFO. “We generated $28 billion in operating cash flow during the quarter, allowing us to return $28 billion to shareholders. Thanks to our very high levels of customer satisfaction and loyalty, our installed base of active devices reached a new all-time high across all major product categories and geographic segments.”

Apple’s board of directors has declared a cash dividend of $0.27 per share of the Company’s common stock. The dividend is payable on November 16, 2026, to shareholders of record as of the close of business on November 12, 2026.

Apple will provide live streaming of its Q4 2026 financial results conference call beginning at 2:00 p.m. PT on November 2, 2026, at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.

Forward-looking statements notice

This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products, services and technologies in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, services, support, compute, storage, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms - iOS, iPadOS, macOS, watchOS, visionOS, and tvOS - provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and per-share amounts)

	Three Months Ended		Twelve Months Ended
	September 26, 2026	September 27, 2025	September 26, 2026	September 27, 2025
Net sales:
Products	$82,904	$73,716	$355,533	$307,003
Services	31,573	28,750	123,301	109,158
Total net sales	114,477	102,466	478,834	416,161
Cost of sales:
Products	52,064	47,019	215,874	194,116
Services	7,593	7,106	29,358	26,844
Total cost of sales	59,657	54,125	245,232	220,960
Gross margin	54,820	48,341	233,602	195,201
Operating expenses:
Research and development	11,730	8,866	45,765	34,550
Selling, general and administrative	7,459	7,048	29,774	27,601
Total operating expenses	19,189	15,914	75,539	62,151
Operating income	35,631	32,427	158,063	133,050
Other income/(expense), net	504	377	1,174	(321)
Income before provision for income taxes	36,135	32,804	159,237	132,729
Provision for income taxes	5,424	5,338	27,062	20,719
Net income	$30,711	$27,466	$132,175	$112,010
Earnings per share:
Basic	$2.11	$1.85	$9.01	$7.49
Diluted	$2.10	$1.85	$8.98	$7.46
Shares used in computing earnings per share:
Basic	14,570,195	14,815,307	14,661,935	14,948,500
Diluted	14,630,318	14,863,609	14,720,306	15,004,697
Net sales by reportable segment:
Americas	$48,680	$44,192	$198,083	$178,353
Europe	32,008	28,703	127,604	111,032
Greater China	17,539	14,493	82,378	64,377
Japan	6,540	6,636	30,908	28,703
Rest of Asia Pacific	9,710	8,442	39,861	33,696
Total net sales	$114,477	$102,466	$478,834	$416,161
Net sales by category:
iPhone	$57,583	$49,025	$254,098	$209,586
Mac	10,792	8,726	37,929	33,708
iPad	6,229	6,952	27,929	28,023
Wearables, Home and Accessories	8,300	9,013	35,577	35,686
Services	31,573	28,750	123,301	109,158
Total net sales	$114,477	$102,466	$478,834	$416,161

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In millions, except number of shares, which are reflected in thousands, and par value)

	September 26, 2026	September 27, 2025
ASSETS:
Current assets:
Cash and cash equivalents	$36,305	$35,934
Marketable securities	20,417	18,763
Accounts receivable, net	43,817	39,777
Vendor non-trade receivables	39,896	33,180
Inventories	14,541	5,718
Other current assets	18,881	14,585
Total current assets	173,857	147,957
Non-current assets:
Marketable securities	80,213	77,723
Property, plant and equipment, net	52,084	49,834
Intangible assets, net	20,278	11,093
Other non-current assets	78,116	72,634
Total non-current assets	230,691	211,284
Total assets	$404,548	$359,241
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable	$82,252	$69,860
Other current liabilities	66,124	66,387
Deferred revenue	9,636	9,055
Commercial paper	1,997	7,979
Term debt	9,906	12,350
Total current liabilities	169,915	165,631
Non-current liabilities:
Term debt	68,208	78,328
Other non-current liabilities	54,332	41,549
Total non-current liabilities	122,540	119,877
Total liabilities	292,455	285,508
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,532,259 and 14,773,260 shares issued and outstanding, respectively	104,815	93,568
Retained earnings/(Accumulated deficit)	13,700	(14,264)
Accumulated other comprehensive loss	(6,422)	(5,571)
Total shareholders’ equity	112,093	73,733
Total liabilities and shareholders’ equity	$404,548	$359,241

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In millions)

	Twelve Months Ended
	September 26, 2026	September 27, 2025
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances	$35,934	$29,943
Operating activities:
Net income	132,175	112,010
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization	13,423	11,698
Share-based compensation expense	13,789	12,863
Other	568	(89)
Changes in operating assets and liabilities:
Accounts receivable, net	(3,994)	(6,682)
Vendor non-trade receivables	(6,716)	(347)
Inventories	(8,905)	1,400
Other current and non-current assets	(21,117)	(9,197)
Accounts payable	12,171	902
Other current and non-current liabilities	13,703	(11,076)
Cash generated by operating activities	145,097	111,482
Investing activities:
Purchases of marketable securities	(54,945)	(24,407)
Proceeds from maturities of marketable securities	34,815	40,907
Proceeds from sales of marketable securities	14,280	12,890
Payments for acquisition of property, plant and equipment	(9,041)	(12,715)
Other	(2,389)	(1,480)
Cash generated by/(used in) investing activities	(17,280)	15,195
Financing activities:
Payments for taxes related to net share settlement of equity awards	(6,793)	(5,960)
Payments for dividends and dividend equivalents	(15,721)	(15,421)
Repurchases of common stock	(86,390)	(90,711)
Proceeds from issuance of term debt, net	-	4,481
Repayments of term debt	(12,396)	(10,932)
Repayments of commercial paper, net	(5,911)	(2,032)
Other	(235)	(111)
Cash used in financing activities	(127,446)	(120,686)
Increase in cash, cash equivalents, and restricted cash and cash equivalents	371	5,991
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances	$36,305	$35,934

Contacts
Nick Leahy
Apple nleahy@apple.com
(408) 862-5012
Suhasini Chandramouli
Apple suhasini@apple.com
(408) 974-3123
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