Apple Q4 2026 earnings: record revenue, China miss
Q4 FY2026 revenue by segment in USD billions
Q4 revenue
$114.5B (up 12% YoY)
Net profit
$30.7B
EPS
$2.10 (beat est. $2.00)
Full-year FY2026 revenue
$478.8B (record)
Greater China revenue
$17.54B (missed est. $18.75B)
Gross margin
47.9%
"September quarter revenue record of $114.5 billion, up 12 percent from a year ago, with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever.
"John Ternus
China miss and what it means
Apple beat Wall Street on every major line except one: Greater China. Revenue there came in at $17.54B against an estimate of $18.75B, a gap of roughly $1.2B. China has been under pressure from Huawei competition and subdued consumer spending. Every other geography beat. The miss matters for the December quarter, when the new iPhone Duo goes on sale outside the US and China demand will be watched closely.
Q4 FY2026 vs Q4 FY2025 by segment
| Segment | Q4 FY2026 | Q4 FY2025 | Change |
|---|---|---|---|
| iPhone | $57.58B | $54.25B | +6.1% |
| Services | $31.57B | $30.73B | +2.7% |
| Mac | $10.79B | $10.35B | +4.3% |
| Wearables | $8.30B | $7.88B | +5.3% |
| iPad | $6.23B | $6.19B | +0.6% |
What happens next
Q4 FY2026 results reported -- 2 Nov 2026
Q1 FY2027 guidance: 9-11% revenue growth, gross margin 47-48%
iPhone Duo full quarter of sales reflected in Q1 FY2027 (Dec quarter)
Q1 FY2027 results call -- expected late Jan 2027
This is Ternus's first call as CEO
Tim Cook became Apple CEO in 2011. He stepped down on 1 September 2026, moving to executive chairman. John Ternus, formerly head of hardware engineering, took over the same day. November 2 was his first earnings call as chief executive. Cook's last quarterly call was in July 2026. Analysts and investors were listening for Ternus's tone on memory costs, AI investment, and the holiday outlook.
Sources: Apple SEC 8-K filing (primary), 9to5Mac (21:32Z), MacRumors (21:38Z), Yahoo Finance/Reuters (22:02Z). Revenue figures are from Apple's official press release. Estimates from LSEG consensus. Cover: Apple Store Fifth Avenue, photo by Zach Dischner (CC BY 2.0, Wikimedia Commons).
