Apple Q4 results: $114.5 billion September quarter under Ternus
Apple Q4 results showed September-quarter revenue of $114.5 billion, up 12% year over year, with diluted earnings of $2.10 a share, as new CEO John Ternus reported the company's best fiscal year on record.
John Ternus's first earnings call as chief executive came with a clean September-quarter record. Apple Q4 results for the period ended September 26 showed revenue of $114.5 billion, up 12% from a year earlier, and capped a fiscal year the company called its best ever.
What happened
Diluted earnings per share were $2.10, up 14%, Apple said in its newsroom release. Company gross margin was 47.9%, including a favorable impact of about 1 percentage point from tariff refunds; those refunds also added roughly $0.05 to EPS. Fiscal 2026 revenue reached an all-time high of $479 billion. That 12% September-quarter gain cleared the company's prior guide for roughly 9% to 11% growth, and Parekh said the quarter also set September records for net income and EPS.
Segment detail from 9to5Mac's breakdown of the release put iPhone revenue at $57.58 billion, Mac at $10.79 billion, iPad at $6.23 billion, Wearables, Home and Accessories at $8.30 billion and Services at $31.57 billion. Apple said Services hit an all-time high and that iPhone set a September-quarter record. Net profit was $30.71 billion, 9to5Mac reported.
Cash generation matched the shareholder return. CFO Kevan Parekh said the company generated $28 billion of operating cash flow in the quarter and returned $28 billion to shareholders. The board declared a cash dividend of $0.27 a share, payable November 16 to holders of record on November 12.
Why it matters
The print lands as investors are sorting AI winners from also-rans. Our Apple earnings preview framed Ternus's first report as a test of whether the hardware and services machine can keep compounding while Siri AI and the new iPhone lineup ramp into the holidays.
Hardware mix still carries the year. An iPhone September-quarter record plus a Services all-time high is the combination Apple needs when peer software names, including the Reddit record drop after a soft guide, are being punished for growth misses.
Tariff refunds flattered the margin and EPS by amounts Apple quantified, so underlying profitability will be read against those one-offs. Gross margin near 48% still leaves little room if hardware mix or China demand softens into the December quarter.
Apple Q4 results also mark a leadership transition without a growth scare: Ternus highlighted the iPhone Duo, iPhone 18 Pro models, new home hardware and Touch on Mac alongside the all-new Siri AI as the holiday lineup.
What's next
The conference call replay and upcoming holiday sell-through data will show whether the new devices convert installed-base loyalty into another Services step-up. Apple's newsroom release carries the official figures and dividend details.
Watch how Apple Q4 results feed into December-quarter commentary on China, tariffs after the refund benefit and Services attach rates on the new iPhones.
An installed base at a new high across major categories, Parekh said, is the company's main cushion if unit growth slows.
This article is for information only and is not investment advice.