- Revenue, fiscal Q4 2026 · Quarter to 26 September 2026114.5 $bn +12% year on year
- Diluted EPS (GAAP), fiscal Q4 2026 · Quarter to 26 September 20262.10 $ +14%, incl. $0.05 tariff refunds
- Gross margin, fiscal Q4 2026 · Quarter to 26 September 202647.9 % incl. about 1 point tariff refunds
- December-quarter gross margin outlook (call, via CNBC) · Outlook issued 2 November 202645-46 %
- Apple shares, pre-market (Nasdaq.com data) · 3 November 2026, 8:25 ET (14:25 CET)325.26 $ -3.86% vs 2 November close
Chief financial officer Kevan Parekh told analysts on the 2 November earnings call that Apple expects a gross margin of 45% to 46% in the December quarter, according to CNBC. The average analyst estimate compiled by LSEG was 46.3%. Apple's fiscal fourth-quarter gross margin was 47.9%, a figure the company said was lifted by about 1 percentage point of tariff refunds. CNBC reported that the midpoint of the new range would be Apple's lowest gross margin since fiscal Q4 2023. Parekh said the outlook mainly reflects higher memory costs, along with some spending on the rollout of Siri AI.
December-quarter gross margin outlook
Source: Apple earnings call, 2 November 2026, as reported by CNBC, Outlook issued 2 November 2026.
The quarter to 26 September 2026 was ahead of forecasts. Revenue rose 12% to $114.5bn from $102.5bn a year earlier and diluted EPS to $2.10 from $1.85, including a $0.05 boost from tariff refunds, according to Apple's results release. LSEG's average estimates were $113.39bn and $1.99, CNBC reported. Net income was $30.7bn, up from $27.5bn. Fiscal 2026 revenue reached $478.8bn, against $416.2bn in fiscal 2025. Apple returned $28bn to shareholders in the quarter and declared a dividend of $0.27 a share, payable on 16 November 2026. It was the first report under John Ternus, who replaced Tim Cook as chief executive on 1 September, according to CNBC.
| Items | Fiscal Q4 2026 | Fiscal Q4 2025 | Change |
|---|---|---|---|
| iPhone | $57,583m | $49,025m | +17.5% |
| Mac | $10,792m | $8,726m | +23.7% |
| iPad | $6,229m | $6,952m | −10.4% |
| Services | $31,573m | $28,750m | +9.8% |
Source: Apple Form 8-K, Exhibit 99.1, 2 November 2026, Quarters to 26 September 2026 and 27 September 2025.
On the call, Parekh guided December-quarter revenue growth of 7% to 10% from a year earlier, above the 6.1% LSEG average, and Services growth of 8% to 9%, CNBC reported. Apple expects supply to be constrained in the holiday quarter, mainly by memory, and chief operating officer Sabih Khan said its purchase obligations rose by $33bn between the June and September quarters, according to CNBC. Ternus said Apple is now paying more for memory than earlier in 2026, CNBC reported.
“Looking beyond the December quarter, we see the pricing for memory purchases continuing to increase.”
Apple shares traded at $325.26 at 8:25 ET (14:25 CET) on 3 November in pre-market trading, 3.86% below the 2 November close of $338.32, according to Nasdaq.com data. CNBC's Morning Squawk newsletter said a margin forecast it described as disappointing outweighed revenue that beat estimates. Pre-market prices can differ from where the regular US session, which opens at 9:30 ET (15:30 CET), trades.
- Apple Inc., Form 8-K, Exhibit 99.1 (fiscal Q4 2026 results release), 2 Nov 2026, 22:30 CET
- CNBC, Apple earnings: John Ternus faces first test, 3 Nov 2026, 13:00 CET
- CNBC, Apple Q4 2026 earnings live updates, 2 Nov 2026, 16:00 CET
- CNBC, Morning Squawk newsletter, 3 November 2026, 3 Nov 2026, 12:30 CET
- Nasdaq.com, AAPL pre-market quote, 3 Nov 2026, 14:25 CET