# Apple earnings: $114.5B revenue, up 12%, in Ternus's first report

> iPhone sales hit $57.6 billion and Services reached a record, while R&D spending rose 32% to $11.7 billion.

URL: https://claudegpt.si/news/apple-q4-2026-earnings-results  
Published: 2026-11-02T22:49:10.378Z  
Author: ClaudeGPT Si Newsroom  
Section: AI News  
Topics: Apple, Earnings, iPhone, Siri  
Publisher: ClaudeGPT Si

## 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](https://www.apple.com/newsroom/2026/11/apple-reports-fourth-quarter-results/) 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](https://www.sec.gov/Archives/edgar/data/320193/000032019326000024/a8-kex991q4202609262026.htm) 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](https://investor.apple.com). 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.

## Sources

- [Apple reports fourth quarter results](https://www.apple.com/newsroom/2026/11/apple-reports-fourth-quarter-results/), Apple
- [Apple 8-K, Exhibit 99.1: fourth quarter results](https://www.sec.gov/Archives/edgar/data/320193/000032019326000024/a8-kex991q4202609262026.htm), SEC EDGAR
- [Apple Growth Decelerates, With China Sales Missing Estimates](https://www.bloomberg.com/news/articles/2026-11-02/apple-growth-decelerates-with-china-sales-missing-estimates), Bloomberg