Apple reported revenue of $114.5 billion for its fiscal fourth quarter, the three months to 26 September, up 12% from $102.5 billion a year earlier and a record for a September quarter. Earnings per share were $2.10, up 14%. It is the first quarter with John Ternus as chief executive; he took over from Tim Cook, now executive chairman, on 1 September.
Wall Street had expected revenue of $113.39 billion and earnings of $1.99 a share, according to LSEG estimates quoted by CNBC. Part of the beat came from tariff refunds: Apple says they added about one percentage point to its 47.9% gross margin and $0.05 to earnings per share. CNBC notes that without that help the margin would have come in below the 47.5% analysts forecast.
Where the money came from
- iPhone: $57.58 billion, up from $49.03 billion, ahead of the $56.54 billion analysts expected. The quarter included only the first weeks of iPhone 18 Pro sales; the iPhone Duo reached shops after it ended.
- Services (App Store, iCloud, Apple Music, Apple Pay and more): $31.57 billion, up 9.8% and an all-time high.
- Mac: $10.79 billion, up 24%.
- iPad: $6.23 billion, down 10%. Wearables, Home and Accessories: $8.30 billion, down 8%.
- Greater China: $17.54 billion, up 21%, the fastest growth of Apple's regions. Europe rose 12% and the Americas 10%, while Japan slipped about 1%.
Net income was $30.7 billion, up 12%. Chief financial officer Kevan Parekh said Apple generated $28 billion in operating cash in the quarter and returned $28 billion to shareholders. The board declared a dividend of $0.27 a share, payable on 16 November.
Related · AI and Tech StakApple Brings Its AI to China, With Alibaba's Qwen in SiriApple Intelligence reaches China in December with iOS 27.3, using Alibaba's Qwen in Siri, Writing Tools and Visual Intelligence. Beta from 4 November.A record year for Ternus to build on
For the full fiscal year Apple made $478.8 billion in revenue, up 15% and its best year ever, with iPhone revenue up 21% to $254.1 billion. "It's an incredible lineup to carry us into the holiday season," Ternus said, pointing to the iPhone Duo, the iPhone 18 Pro models, new home hardware, touchscreen Macs and the new Siri. The December quarter will be the first full one with the iPhone Duo on sale, and the first test of the Alibaba-powered Apple Intelligence in China.
