What changed
Apple reported fiscal fourth-quarter revenue of $114.5 billion for the quarter ended September 26, 2026, up 12 percent from a year earlier. Diluted earnings per share rose 14 percent to $2.10, while Services revenue reached an all-time high. Apple also said fiscal-year revenue hit a record $479 billion and its active installed base reached a new high across major product categories and geographic segments.
Why it matters
The numbers show a company entering the holiday season with unusual financial momentum. Apple generated $28 billion in operating cash flow during the quarter and returned the same amount to shareholders, including a newly declared dividend of $0.27 per share payable November 16.
There is one important wrinkle beneath the headline margins. Gross margin was 47.9 percent, but tariff refunds added about one percentage point to it; the refunds also lifted earnings per share by five cents. That makes the quarter strong, though not every part of the result represents a repeatable operating gain.
Apple’s next test is turning its large installed base into another upgrade cycle. CEO John Ternus pointed to the iPhone Duo, iPhone 18 Pro and iPhone 18 Pro Max, new home hardware, Touch to Mac and all-new Siri AI as the lineup for the holiday season. The company did not quantify how much of the quarter’s revenue came separately from iPhone, Services or other categories, so the broader product story remains easier to announce than to measure.
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