Apple Reports Record $114.5 Billion Q4 Revenue Led by iPhone Growth

Apple (AAPL) announced record fiscal fourth-quarter revenue of $114.5 billion on November 2, 2026, an increase of 12% from a year earlier, driven by strong demand for iPhones and all-time high Services revenue.

What happened

The Cupertino-based technology company reported quarterly net profit of $30.7 billion, or $2.10 per diluted share, compared with $27.5 billion, or $1.85 per share, in the year-ago period. Gross margin reached 47.9%, up from 47.2% a year earlier, benefiting from approximately 1 percentage point from tariff refunds. For the full fiscal year 2026, Apple achieved record revenue of $478.8 billion and net income of $132.2 billion.

Revenue was led by iPhone sales, which generated a September quarter record of $57.6 billion, up 17% year over year. Mac revenue reached $10.8 billion, expanding 24% over the prior-year quarter, while iPad revenue was $6.2 billion. Operating cash flow totaled $28 billion for the quarter, all of which was returned to shareholders. Apple's board of directors declared a cash dividend of $0.27 per share, payable on November 16, 2026, to shareholders of record as of November 12, 2026.

Chief Executive Officer John Ternus, hosting his first quarterly earnings call since taking leadership on September 1, said the company closed its fiscal year with an ambitious hardware lineup, including the iPhone Duo and touch-enabled Mac computers, alongside the rollout of Siri AI. Chief Financial Officer Kevan Parekh noted that Apple's active installed device base reached a new all-time high across all geographic segments.

Why it matters

The double-digit revenue expansion indicates durable consumer demand for Apple's high-end smartphones and computing platforms ahead of the critical holiday shopping season. Accelerating hardware upgrade cycles and steady growth in Services demonstrate high ecosystem retention even as consumer electronics face broader memory pricing headwinds.

In regular trading on November 2, Apple shares fell 1.8%, before edging slightly lower in after-hours trading. The measured market reaction reflects investor focus on supply constraints for newly introduced hardware lines and the sustainability of gross margins into the December quarter.

What to watch

Investors will monitor early holiday sales for the iPhone Duo and Mac lineup, as well as management's margin execution heading into the fiscal first quarter of 2027. The declared $0.27 per share dividend will be paid on November 16, 2026.