Apple has today reported its financial results for the fourth quarter of fiscal year 2026, which ran from the 28th June up until the 26th September.

The company reported a revenue of $114.5 billion, up 12% year over year. In the same quarter last year, Apple reported a revenue of $102.5 billion, which included the initial pre-order period of Apple's redesigned iPhone 17 Pro, iPhone 17 and iPhone Air models.

This year, it was just the iPhone 18 Pro that made its debut during Quarter 4 as Apple did not release a base model iPhone 18, and iPhone Duo did not release until October.

Apple CEO John Ternus said "Apple is proud to report a September quarter revenue record" and boasted that "iPhone [reached] a September quarter record and Services [reached] an all-time high".

Q3 2026 Highlights

  • Revenue: $114.5 billion (£85.40 billion)
  • Net Profit: $30.7 billion (£22.89 billion)
  • Fiscal Year Total Revenue: $479 billion (£357.38 billion)
  • Cash Dividend: $0.27 per share (£0.20 per share)
  • iPhone Revenue: $57.58 billion (£42.93 billion)
  • iPad Revenue: $6.23 billion (£4.65 billion)
  • Mac Revenue: $10.79 billion (£8.05 billion)
  • Watch, AirPods, Vision, Home & Accessories: $8.30 billion (£6.19 billion)
  • Services Revenue: $31.57 billion (£23.54 billion)

Using $1 = £0.7456 exchange rate on 2/11/26.

New CEO

During this quarter, Apple underwent a major leadership transition at the top. Long-time CEO Tim Cook stepped down on the 1st of September, with former head of hardware engineering John Ternus taking over and leading the company through the final weeks of the quarter.

Tim Cook remains at the company as Executive Chair.

Product Releases During Q4

During its fourth quarter, Apple released new products across the Mac, iPhone, Watch and AirPods lineups. All of these releases took place during September after a quieter summer period. Here's what was released:

Siri AI

Apple also debuted its revamped version of Siri during this quarter, providing Apple users with a much more intelligent assistant following two years of delays.

This includes features initially announced at WWDC24, including personal context and onscreen awareness, in addition to a visual redesign and new expressive voice options.

This brought Apple's voice assistant much more in line with chatbots and other assistants offered by competitors.

Higher Prices

Apple hiked prices across multiple product lines towards the end of Q3, with the real effects of these higher prices felt during this quarter. Following those hikes, prices have continued to rise throughout Q4, across Mac and iPhone.

  • All iPhone models went up £100
  • Mac mini is up £300 since January
  • Mac Studio is up £400 since January

Some Apple services were also hit with price hikes, with some Apple Music plans becoming more expensive in July.

Apple's individual plan went up from £10.99 to £11.99, with the family plan jumping up from £16.99 to £19.99 a month. These hikes were mirrored in the US, though American customers also saw the student plan raise from $5.99 to $6.99, in addition to higher Apple One Family and Premier tiers.

Earnings Call

John Ternus led his first earnings call in his new position as CEO. He opened promoting the company's current product lineup and software features including Siri AI, calling it the "Siri we've always wanted".

He emphasised that Mac was having its moment, promoting the Mac mini and Mac Studio for AI workflows.

Ternus also revealed Apple had secured one of the biggest education deals ever for the Mac with the Department of Education in the Philippines, deploying 170,000 MacBook Neo models for students, staff and teachers.

Apple's CEO emphasised that Mac revenue was up "despite supply constraints", and said that Apple had "never sold more Macs in a fiscal year than we did this time."

Moving on to services, John Ternus celebrated Apple TVs 78 prime time Emmy Award wins, recapped the Apple Pay launch in India and reflected on the opening of Apple Music Hall, which was inaugurated by Sir Elton John.

Apple's CFO Kevan Parekh then took to the call, where he said that gross margins were down slightly due to memory prices, when removing tariff refunds.

When you remove the tariff refunds from both the June and September quarters, both company and products gross margin would be down about one point sequentially, primarily driven by higher memory costs.

He also said that iPhone was the top-selling phone model in the US, UK, India, China, Germany, Australia and Japan.

Parekh said that iPad and Wearable revenue was down due to a "difficult compare" to Apple Watch SE 3, AirPods Pro 3 and the A16 iPad. These are highly popular products that did not receive a refresh this year.

Now to questions, Ternus was asked why the base iPhone 18 was left out this year. Ternus did not discuss future product plans, instead promoting the current iPhone 17, Air and 17e.

When asked about Siri AI and Apple's role in the agentic AI landscape, Ternus said that Siri AI was built on a modern architecture that can be expanded with new abilities over time, but that Apple wants to focus on user security and privacy.

More questions on agentic AI, Apple promotes that Siri AI has your personal context and that the iPhone is your intelligent personal hub.

John Ternus then says that current memory pricing is unprecedented, and that they face even higher memory costs in the December quarter.