Catch up on the essentials
- Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12% year over year and above the Wall Street target of $113.4 billion.
- That implies revenue of $153.8 billion to $158.2 billion, compared with the $153.2 billion analysts expected.
- To help offset what Ternus described on the analyst call as an “unprecedented” situation in the memory market, Apple raised prices across its product line.
Selected from this article · 2026-11-03
Read on for the full pictureApple reports higher quarterly revenue
Apple reported fiscal fourth-quarter revenue of $114.5 billion, up 12% year over year and above the Wall Street target of $113.4 billion. Profit was $30.7 billion, or $2.10 per share. The results marked Chief Executive John Ternus’s first earnings report since he took over from Tim Cook in September.
iPhone revenue rose 17% to $57.58 billion in the three months ending Sept. 26. Services revenue reached an all-time high, while Apple said iPhone revenue set a September-quarter record.
Memory costs cloud the holiday outlook
Apple said it expects overall revenue to grow 7% to 10% year over year in the current holiday quarter. That implies revenue of $153.8 billion to $158.2 billion, compared with the $153.2 billion analysts expected.
The company forecast a gross margin of 45% to 46% for the holiday quarter, down from 47.9% in the recently ended quarter. Apple attributed the expected decline to rising memory costs and costs associated with ramping up its Siri AI service.
Price increases offset part of the pressure
To help offset what Ternus described on the analyst call as an “unprecedented” situation in the memory market, Apple raised prices across its product line. The reviewed reporting did not specify which products received price increases or the size of the adjustments.
Apple’s fiscal fourth-quarter gross margin was 47.9%, near the high end of its forecast range and above the 47.2% recorded a year earlier. Chief financial officer Kevan Parekh said tariff refunds added roughly one percentage point to the margin.
Product expansion accompanies the financial results
Ternus’s first months in charge included the September launch of the foldable iPhone Duo, additional home products and last week’s unveiling of Apple’s first touchscreen MacBook Pro. These releases are separate from the financial results and do not establish additional procurement or demand beyond the reported iPhone sales and company outlook.
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