Apple reported record quarterly revenue of $114.5 billion on November 2, giving new CEO John Ternus a strong first earnings report. Revenue rose 12% from the same quarter a year earlier, according to The Associated Press and Apple’s results announcement.
Apple sets September records
Apple earned $30.71 billion, or $2.10 per diluted share, in the quarter ended September 26. Analysts had expected $1.99 per share on revenue of $113.4 billion, according to FactSet data cited by AP. Apple said the quarter set records for total revenue, iPhone revenue and earnings per share.
The strong quarter also capped Apple’s fiscal year. The company reported $479 billion in full-year revenue, its highest annual total. It generated $28 billion in operating cash flow during the quarter and returned $28 billion to shareholders.
iPhone and Services lead
Apple said iPhone revenue reached a September-quarter record, while Services revenue reached an all-time high. Those results show continued strength in the company’s two largest reported business areas as it enters the holiday season.
Apple’s results also stand out during a period when investors are questioning the cost and uncertain returns of large artificial intelligence investments by other major U.S. technology companies, AP reported.
Siri raises holiday questions
Apple said its gross margin was 47.9% in the September quarter, helped by about one percentage point from tariff refunds. It expects a lower margin of 45% to 46% in the December quarter because of higher memory costs and expenses connected to its Siri AI work, AP reported.
Ternus said Apple is entering the holiday season with the iPhone Duo, iPhone 18 Pro and iPhone 18 Pro Max, new home hardware and the all-new Siri AI. The lineup will carry the company into the holiday season as Apple expands its AI features.
References
Apple. (2026, November 2). Apple reports fourth quarter results. https://www.apple.com/newsroom/2026/11/apple-reports-fourth-quarter-results/
Ortutay, B. (2026, November 2). Apple posts stronger-than-expected Q4 revenue in first earnings report for new CEO John Ternus. Associated Press. https://apnews.com/article/9698be9e0226091a537611382144eb44