Apple’s revenue rose 12% to a September-quarter record of $114.5 billion in fiscal Q4 2026, led by iPhone sales of $57.6 billion and 21% growth in Greater China. Guidance for a lower gross margin in the holiday quarter, as memory costs rise, overshadowed the beat.
Global Economy Charts Research Desk | November 3, 2026
Key indicators
| Indicator | Reading | Context |
|---|---|---|
| Revenue | $114.48bn | +12% y/y; LSEG consensus $113.39bn |
| iPhone revenue | $57.58bn | +17.5% y/y (GEC calculation) |
| Services revenue | $31.57bn | +9.8% y/y; record |
| Gross margin | 47.9% | Q4 FY25: 47.2%; about 1pt from tariff refunds |
| Diluted EPS | $2.10 | +14% y/y; consensus $1.99 |
The quarter ended on 26 September 2026 and was the first reported under chief executive John Ternus, who succeeded Tim Cook on 1 September. Full-year revenue for fiscal 2026 reached $478.8 billion, up 15.1% on the previous year. Growth rates shown here are GEC calculations from Apple’s reported figures, which Apple itself rounds to whole percentages.
1. iPhone and Mac carried the quarter
iPhone revenue rose 17.5% to $57.6 billion, about $1 billion above consensus, even though the quarter included only around eight days of sales of the new Pro models. Mac revenue rose 23.7% to $10.8 billion. The other hardware lines weakened: iPad revenue fell 10.4% to $6.2 billion and wearables, home and accessories fell 7.9% to $8.3 billion, both below expectations. Product revenue as a whole rose 12.5% to $82.9 billion.
2. Services growth dips below 10%
Services revenue reached a record $31.6 billion, in line with consensus, but its growth of 9.8% was the slowest since 2022, according to CNBC. Services matters for profitability because its margins are well above those on hardware. Apple guided for services growth of 8-9% in the December quarter, which Reuters reports was below analysts’ expectations, so the slowdown is not expected to reverse immediately.
3. China returns to strong growth
Revenue in Greater China rose 21% to $17.5 billion, the fastest growth of any region, helped by iPhone and Mac. Reuters notes that the figure was still below the Visible Alpha estimate of $18.58 billion. Europe grew 11.5% and the Americas 10.2%, while Japan declined slightly. The regional picture suggests the new product cycle was broad rather than dependent on one market.
4. Memory costs dominate the outlook
Gross margin was 47.9%, but around one point of that came from tariff refunds, which also added $0.05 to earnings per share. For the December quarter Apple guided revenue growth of 7-10%, above the 6.1% consensus, but a gross margin of 45-46%, below the 46.3% expected. The company said memory cost more than in the June quarter and expects prices to keep rising into next year, partly offset by higher iPhone prices. Purchase commitments rose by $33 billion during the quarter, according to Reuters. Shares fell about 2-3% in after-hours trading.
Scenarios to watch
If memory prices keep rising, Apple’s margins will depend on how far price increases stick without denting holiday-quarter volumes. A strong December quarter for the new iPhones, including the model that went on sale after the period closed, would support the revenue guidance; a further services slowdown would weigh on profitability. These are scenarios for monitoring, not forecasts.
Sources and methodology
Apple, Apple reports fourth quarter results, 2 November 2026; Apple, FY26 Q4 condensed consolidated financial statements; Apple, Q3 FY2026 results; CNBC, 2 November 2026; Reuters, 2 November 2026. Reported figures are distinguished from forecasts and GEC calculations. Charts use the values and units shown; scales start at zero except where negative values or index thresholds require otherwise. Interpretive sections are GEC analysis, not company or central-bank forecasts.
Thumbnail: AI-generated editorial illustration. Figures are rounded for readability; some releases may be preliminary or subject to revision.
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