{"id":53749,"date":"2026-11-03T12:58:55","date_gmt":"2026-11-03T17:58:55","guid":{"rendered":"https:\/\/mjtsai.com\/blog\/?p=53749"},"modified":"2026-11-03T13:00:04","modified_gmt":"2026-11-03T18:00:04","slug":"apples-q4-2026-results","status":"publish","type":"post","link":"https:\/\/mjtsai.com\/blog\/2026\/11\/03\/apples-q4-2026-results\/","title":{"rendered":"Apple’s Q4 2026 Results"},"content":{"rendered":"

Joe Rossignol<\/a>:<\/p>\n

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John Ternus will participate in his first Apple earnings call as the company’s CEO today<\/p>\n<\/blockquote>\n\n

Apple<\/a> (transcript<\/a>, Hacker News<\/a>):<\/p>\n

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The Company posted quarterly revenue of $114.5 billion, up 12 percent year over year. Company gross margin was 47.9 percent, including a favorable impact of approximately 1 percentage point from tariff refunds.<\/p>\n

[…]<\/p>\n

“Our record September quarter capped off a strong fiscal 2026, with all-time record revenue of $479 billion and double-digit EPS growth,” said Kevan Parekh, Apple’s CFO.<\/p>\n<\/blockquote>\n\n

Jason Snell<\/a> (MacRumors<\/a>):<\/p>\n

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iPhone revenue was up 17.5%, Mac revenue was up 23.7%, and Services revenue was up 9.8%. Wearables revenue was down 7.9% and iPad revenue was down 10.4%.<\/p>\n<\/blockquote>\n\n

Jason Snell<\/a> (MacRumors<\/a>):<\/p>\n

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Apple CFO Kevan Parekh said it was the best iPhone year in every single Apple geographic segment.<\/p>\n

Meanwhile, the Mac—a 42-year-old product!—had its best year ever. Interestingly enough, it wasn’t in total revenue (2021 still holds that record), but in total units<\/em>. <\/p>\n

[…]<\/p>\n

Obviously, Apple sees iCloud+ growth as a new place to drive Services revenue.<\/p>\n

[…]<\/p>\n

This is the reality of Apple’s business right now: It has raised prices across the board, and<\/em> it’s eating margin.<\/p>\n<\/blockquote>\n\n

Newton Gitonga<\/a>:<\/p>\n

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Apple is about to feel the squeeze from rising memory prices, with the cost of RAM climbing just as the company heads into its busiest shopping season. According to Reuters<\/em><\/u><\/a>, Apple expects to pay more for memory in the December quarter, with the CEO, John Ternus, describing the current price increases as “unprecedented.”<\/p>\n

[…]<\/p>\n

But that cushion is getting thinner, and Apple expects memory purchases to become even more expensive into 2027.<\/p>\n<\/blockquote>\n\n

Stephen Nellis<\/a> (Hacker News<\/a>):<\/p>\n

Apple said it expects gross margin of 45% to 46% in the quarter ending in December, down from 47.9% in the fourth quarter. It forecast services revenue growth of 8% to 9%, below analysts’ expectations of 10.7%.<\/p><\/blockquote>\n\n

The Guardian<\/a> (Hacker News<\/a>):<\/p>\n

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While its rivals are facing investor uncertainty over huge investments in artificial intelligence, Bourne said Apple’s “tepid approach” to AI infrastructure spending had helped preserve its cashflow – while partnerships with companies such as Alphabet could help the iPhone maker strengthen its AI capabilities without taking on the same financial risks as its peers.<\/p>\n<\/blockquote>\n\n

Hartley Charlton<\/a>:<\/p>\n

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Apple’s research and development (R&D) spending increased by $11.22 billion in fiscal 2026, reaching $45.77 billion, according to the company’s financial statements<\/a>.<\/p>\n

[…]<\/p>\n

Apple previously linked its growing development budget to AI. During its April earnings call<\/a>, CFO Kevan Parekh said AI investment would come on top of spending already planned for Apple’s product roadmap.<\/p>\n<\/blockquote>\n\n

Previously:<\/p>\n