Apple's September quarter revenue rose 12% to $114.5 billion, with iPhone and Services at records, tariff refunds lifting margin by about a point, and Wearables, Home and Accessories down 8%.
Apple reported record September-quarter revenue of $114.5 billion on November 2, up 12% from a year ago. If you buy Apple hardware for work, the numbers that matter are Mac up 24%, iPhone up 17% and Wearables, Home and Accessories down 8%. A one-point margin lift from tariff refunds also means the quarter says little about future prices.
What Apple reported
These figures come from Apple’s own results release for the fiscal fourth quarter ended September 26, 2026.
- Revenue: $114.5 billion, up 12% year over year.
- Gross margin: 47.9%, including a favorable effect of about 1 percentage point from tariff refunds.
- Diluted earnings per share: $2.10, up 14%, including $0.05 from tariff refunds.
- Fiscal 2026 revenue: $479 billion, an all-time record.
- Operating cash flow: $28 billion for the quarter. Apple returned $28 billion to shareholders.
- Dividend: $0.27 per share, payable November 16 to holders of record on November 12.
CEO John Ternus called it a September-quarter revenue record, with iPhone at a September-quarter record and Services at an all-time high. He named the iPhone Duo, iPhone 18 Pro and iPhone 18 Pro Max, the new home hardware and the first Mac with a touchscreen as the holiday lineup.
Segment numbers, as reported
Apple’s release does not break out segments. The figures below come from the company’s financial statements as reported by outlets, and we have not checked them against the filing.
- iPhone: $57.58 billion, up 17%, against $56.54 billion expected, according to 9to5Mac.
- Mac: $10.8 billion, up 24%, according to 9to5Mac.
- iPad: $6.2 billion, down 10%, according to 9to5Mac.
- Wearables, Home and Accessories: $8.3 billion, down 8%, according to 9to5Mac.
- Services: $31.57 billion, up 10%, against $31.58 billion expected, according to The Wrap.
What to do with it
- Buying a Mac: demand is strong, but Apple has not announced price changes in this release. Check current pricing before you order. Our look at the touchscreen MacBook Pro pricing covers what is known.
- Buying an iPhone Duo: the quarter shows demand, and supply is a separate question. See iPhone Duo prices and repair costs.
- Buying an Apple Watch or AirPods: the segment decline is not a price cut. Nothing in the release says the category is getting cheaper.
Why the margin matters less than it looks
Gross margin of 47.9% includes roughly a point of benefit from tariff refunds. That is a one-time kind of gain, and Apple’s release does not say it repeats. It reflects refunds already received and tells you nothing about what Apple will charge next quarter.
The weak spot is wearables. A drop of 8% in Wearables, Home and Accessories in a quarter with a record iPhone run may mean buyers are keeping watches and earbuds longer. That is our inference, not something Apple said. For readers who track sleep and health gear, that points to more room for competitors on features and price, though Apple has said nothing about its plans here. The company’s new CEO now owns that call.
Apple’s earnings call began at 2:00 p.m. PT on November 2. We will update this piece if guidance changes what you should buy.