Apple's record September quarter hits $114.5B as Mac revenue jumps 24%
Apple's fiscal Q4 revenue rose 12% to $114.5 billion, with Mac up 24%, iPad down 10%, and EPS of $2.10.
Apple · Macfolio · 3 November 2026
Apple reported results for its fiscal 2026 fourth quarter, which ended September 26, 2026, after the US market close on November 2. Revenue was $114.5 billion, up 12 percent year over year and a September-quarter record. Net income was $30.7 billion and diluted earnings per share were $2.10, up 14 percent. Apple says EPS included a favorable $0.05 from tariff refunds, and that the 47.9 percent gross margin included roughly 1 percentage point from the same refunds.
Where the money came from
Figures below come from Apple's condensed consolidated statements, compared with the same quarter a year earlier:
- iPhone: $57.6 billion, up about 17 percent
- Mac: $10.8 billion, up about 24 percent
- iPad: $6.2 billion, down about 10 percent
- Wearables, Home and Accessories: $8.3 billion, down about 8 percent
- Services: $31.6 billion, up about 10 percent and an all-time high
- Greater China: $17.5 billion, up about 21 percent
For the full fiscal year, revenue was $478.8 billion, up 15 percent, with diluted EPS of $8.98. Mac revenue for the year was $37.9 billion. Research and development spending reached $11.7 billion in the quarter and $45.8 billion for the year, both up about 32 percent.
Leadership, dividend and what it means for buyers
This was John Ternus's first quarter reporting as CEO. In the release he called it "our best fiscal year ever," and CFO Kevan Parekh said Apple generated $28 billion in operating cash flow and returned $28 billion to shareholders. The board declared a dividend of $0.27 per share, payable November 16 to shareholders of record on November 12.
For people who buy Macs for work, the numbers mostly confirm that demand for Macs was strong before the M6 and OLED MacBook Pro launches, which only ship on November 6 and are not in these results. This does not tell you anything about future prices or delivery times, and Apple's release gives no guidance on either.
Our take: the Mac line is the quiet standout here, growing faster than iPhone in percentage terms, while iPad and wearables slipped. Inventory also rose to $14.5 billion from $5.7 billion a year ago, which is worth watching as the holiday quarter begins.
Caveats: percentages above are our calculations from Apple's dollar figures, rounded. Commentary from the earnings call on supply constraints, memory costs and the holiday quarter was widely reported but does not appear in Apple's release, so we have left it out.