Key takeaways
- Apple reported fiscal Q4 revenue of $114.5 billion, up 12%, and diluted EPS of $2.10 on November 2.
- iPhone sales were $57.6 billion and Services $31.6 billion; Greater China grew to $17.5 billion.
- R&D spending rose to $11.7 billion in the quarter, up from $8.9 billion a year earlier.
Apple reported fiscal fourth-quarter results on November 2 with revenue of $114.5 billion, up 12% from a year ago, and diluted earnings per share of $2.10. The company's release calls it a September quarter record for revenue, iPhone and EPS, and the first earnings report under CEO John Ternus.
Apple earnings matter beyond the phone: Services hit a new high, and R&D spending jumped as Apple rebuilds Siri around AI. The quarter ended September 26, 2026. Apple's filing with the SEC has the full tables.
Revenue up 12%, with iPhone and Mac leading
Net sales were $114.477 billion, against $102.466 billion a year earlier. Net income was $30.711 billion, up from $27.466 billion. Gross margin was 47.9%, which includes about one percentage point from tariff refunds. The refunds also added $0.05 to EPS.
| Category | Q4 fiscal 2026 | Q4 fiscal 2025 |
|---|---|---|
| iPhone | $57.583B | $49.025B |
| Mac | $10.792B | $8.726B |
| iPad | $6.229B | $6.952B |
| Wearables, Home and Accessories | $8.300B | $9.013B |
| Services | $31.573B | $28.750B |
iPad and Wearables fell. iPhone grew about 17%, Mac about 24% and Services about 10%.
Greater China grew 21%
Greater China sales were $17.539 billion, up from $14.493 billion. Americas sales were $48.680 billion and Europe $32.008 billion. Japan slipped slightly to $6.540 billion. Bloomberg reported that the China figure missed analyst estimates, but the numbers above come from Apple's filing.
Research spending rose 32%
Apple spent $11.730 billion on research and development in the quarter, up from $8.866 billion. For the full year it spent $45.765 billion, up from $34.550 billion. Ternus pointed to "the all-new Siri AI" in his comments, but the release gives no AI revenue figure and does not mention Apple Intelligence by name.
Full-year revenue was $479 billion
Fiscal 2026 net sales were $478.834 billion and net income was $132.175 billion, or $8.98 per diluted share. Apple said it generated $28 billion in operating cash flow in the quarter and returned $28 billion to shareholders.
The board declared a dividend of $0.27 per share, payable on November 16 to holders of record on November 12.
What we don't know yet
Apple's release gives no forecast for the December quarter. Any outlook comes from the earnings call, which began at 2:00 p.m. PT on November 2 and will be available as a replay for about two weeks at apple.com/investor. Nasdaq's calendar listed a consensus EPS forecast of $1.98 for the quarter, so $2.10 came in above it.
Watch whether the iPhone Duo and the new Siri show up in the holiday guidance.
