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Apple reported fiscal fourth-quarter 2026 results on November 2, with revenue up 12% year over year to $114.5 billion. On the earnings call, CFO Kevan Parekh said Apple expects December-quarter revenue to grow 7% to 10%, which the company expects to be the best quarter for revenue in its history, even with constrained supply.
Key facts
- Total revenue was $114.5 billion, up 12%, with net profit of $30.71 billion, according to 9to5Mac.
- iPhone revenue reached $57.58 billion, up 17%, according to The Verge.
- Mac revenue grew about 24% to $10.79 billion, while iPad fell about 10% to $6.23 billion, per The Verge.
- Services revenue reached $31.57 billion, per The Verge.
- December-quarter guidance: gross margin of 45% to 46%, Services growth of 8% to 9%, and operating expenses of $20.4 billion to $20.8 billion.
What drove the quarter
The iPhone result came from the iPhone 18 Pro and Pro Max, since Apple did not release a standard model in this refresh. Macworld notes that the quarter includes roughly two weeks of iPhone 18 Pro sales. The Verge adds that Apple raised prices on older models at the same time.
The Mac business was the strongest hardware segment. Macworld credits the M6 Mac mini and M5 Ultra Mac Studio, and quotes CEO John Ternus saying Apple has never sold more Macs in a fiscal year. The sources differ slightly on rounding: The Verge reports 24% growth and Macworld 25%.
The weak spots were iPad and wearables. The Verge reports a 10% iPad decline, while Macworld puts it at 11%. Macworld also says the Wearables, Home and Accessories category fell about 8%, despite new Apple Watch Series 12 and Ultra 4 models.
Constraints and costs
Apple said higher memory costs are pressuring margins. According to 9to5Mac, the company also pointed to limited supply-chain flexibility, stronger-than-expected Mac and iPad demand, and ongoing shortages of the new iPhone Duo. Parekh said Siri AI ramp costs will weigh further on gross margin, and that third-party licensing and foreign exchange are the main Services headwinds.
The iPhone Duo contributed no revenue to the quarter. MacRumors says it was announced during the quarter but pre-orders began on October 16. The Verge reports limited in-store stock at launch, with some estimated shipping dates running into 2027.
What to watch next
The December quarter will be the first to include iPhone Duo sales, along with the products Macworld lists for the holiday period: the M6 iMac, a new MacBook Pro and a new MacBook. The Verge also notes recent smart home launches and a touchscreen MacBook Pro.
The forecast carries conditions. Apple said its outlook assumes current global tariff rates and policies stay in effect and that the macroeconomic outlook does not worsen. The 9to5Mac math puts implied revenue between $153.82 billion and $158.13 billion. Whether supply, rather than demand, caps that figure is the main variable, along with how far memory costs push gross margin within the 45% to 46% range.
