Ing. Calogero Bono
On November 2, Apple presented its fiscal fourth-quarter 2026 results, closed on September 26. Revenue came in at $114.5 billion, up 12% from a year earlier. It is the first quarterly report with John Ternus as CEO. The picture is one of records, but holiday forecasts and rising memory costs pushed the stock lower after the market closed.
A few terms before we get into the facts. Fiscal quarter is the accounting period the company chooses, for Apple the fourth quarter ends at the end of September. EPS stands for earnings per share, here $2.10 diluted. Gross margin is the share of revenue left after the direct costs of the products. After-hours refers to trading after the official market close. Installed base is the number of active devices worldwide.
What are Apple's quarterly numbers?
According to the official press release, the gross margin was 47.9%, with a favorable effect of about one percentage point from tariff refunds. Diluted earnings per share are $2.10, up 14%, and include $0.05 from those same refunds.
According to MacRumors, net income is $30.7 billion against $27.5 billion a year earlier. For the full fiscal year, revenue reached $478.8 billion and net income $132.2 billion, against previous records of $416.2 and $112.0 billion.
Which products drove revenue?
According to the figures reported by MacRumors, iPhone grew 17.5% and Mac 23.7%. Services rose 9.8% and hit an all-time high of $31.6 billion. iPhone brought in $57.6 billion, Mac $10.8 billion.
Wearables, Home and Accessories, by contrast, fell 7.9% to $8.3 billion, and iPad dropped 10.4% to $6.2 billion. For the first, Apple points to a tough comparison with the launch of Watch SE 3 and AirPods Pro 3 last year. For iPad it cites supply constraints and a similar comparison, as 9to5Mac reports.
Where did Apple grow around the world?
Greater China rose 21.0%, the rest of Asia Pacific 15.0%, Europe 11.5% and the Americas 10.2%. Japan was the only region in decline, at -1.4%. Ternus also cited an all-time record in India.
On the call, the CEO recalled an agreement with the Philippines Department of Education, which will distribute 170,000 MacBook Neo units to teachers and staff. He then presented Siri AI as a completely reimagined assistant. We covered the new iPads in this article.
Why did Apple's stock fall after the results?
After closing down 1.83%, the stock had risen 0.5% to $340 when the figures were published. During the call it fell to $323.33, 4.43% below the close, before finishing evening trading at $328.81, down 2.81%.
Analysts asked about rising memory costs, price increases and supply shortages, including for the iPhone Duo. For the holidays Apple expects record revenue but slower growth, lower margins and scarcity of some Mac and iPad models. The memory theme also comes up in the summit between Samsung and Sam Altman. We had previewed Ternus's first outing in our preview.
Limits to know
The figures are either declared by Apple or reported by the outlets cited. Evening trading does not tell us how the stock will react in the next session, as 9to5Mac notes. We do not have the full text of the call, and the source cuts off at Services. Precise figures on margins and expected holiday growth are missing, as is the size of the hardware price increases.
What changes for those working in digital
For those working in digital, the strength of the Apple ecosystem confirms that iPhone and Mac remain platforms worth investing in. With an active base of over 2.5 billion devices, developers should think about a carefully curated iOS app. Hardware price increases and shortages of Mac and iPad, however, can lengthen purchasing and replacement cycles for business devices. It is worth planning year-end purchases early.
Our take
The numbers are genuinely strong, but the market looked ahead. Slowing growth and thinner margins matter more than a record already in the books. What stands out is the reliance on Services and on tariff refunds, which inflated margin and profit in a way that cannot be repeated. We think the market's cautious skepticism is justified. Siri AI is the real bet, but so far only Apple and its executives are telling that story.
Frequently asked questions
How much revenue did Apple bring in during the fourth quarter of 2026?
Apple reported $114.5 billion in revenue, up 12% on the previous year. It is a record for a September quarter. Net income was $30.7 billion, according to MacRumors.
Who is Apple's CEO?
It is John Ternus. He took over from Tim Cook on September 1, as MacRumors reports. This is his first quarterly report as chief executive.
Which product grew the most?
The Mac, up 23.7%. The iPhone follows with 17.5%. Apple also reports a record number of new Mac customers.
How much is the dividend?
The board approved $0.27 per share. It will be paid on November 16, 2026, to shareholders of record as of November 12.
Why did the shares fall?
The stock lost 2.81% at the close of evening trading. Holiday expectations weigh on it, with slower growth and lower margins, along with memory costs.
What to watch in Apple's holiday quarter
The next test is the holiday quarter, with record revenue expected but margins under pressure. Supply and pricing matter most.
- Watch how the stock reacts in the next session after the results, which will say more than evening trading.
- Check the availability of Mac and iPad before planning business purchases, because Apple expects shortages.
- Keep an eye on Services data and the rollout of Siri AI, the two pillars on which future growth rests.
