Q4 FY2026 results
| Metric | Result | Change |
|---|---|---|
| Revenue | $114.5 billion | Up 12% |
| iPhone Revenue | $57.6 billion | Up 17% |
| Mac Revenue | $10.8 billion | Up 24% |
| iPad Revenue | $6.2 billion | Down 10% |
| Services Revenue | $31.6 billion | Up 10% |
| Wearables, Home and Accessories Revenue | $8.3 billion | Down 8% |
Guidance and outlook
- December quarter total company revenue growth: 7% to 10% year-over-year.
- Services revenue growth: 8% to 9% year-over-year.
- Gross margin: 45% to 46%.
- Operating expenses: $20.4 billion to $20.8 billion.
- Tax rate: Around 17%.
How management sounded
Positive (+6 on our -10 to +10 scale). Management delivered record fiscal year and quarterly results while navigating supply constraints and unprecedented memory cost inflation. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
iPhone Lineup
Asked: Why was the standard iPhone model left out of the September lineup?
Answer: Management declined to comment on the future roadmap but highlighted the strength of the current lineup including the iPhone 17 and iPhone Air.
iCloud and AI
Asked: Is iCloud becoming more strategic with the integration of AI?
Answer: Yes, iCloud Plus plans are expanding, and management expects AI features to drive demand for expanded storage capacity.
Services Growth
Asked: Can services growth accelerate from current levels?
Answer: Management remains bullish due to the 2.5 billion active device installed base and new features like Apple Intelligence.
Memory Costs
Asked: How is Apple managing rising memory inflation?
Answer: Apple is offsetting costs by using inventory carry benefits, reducing costs on non-memory components, and adjusting product pricing.
Supply Constraints
Asked: Are supply constraints easing for the company?
Answer: Constraints on advanced nodes are easing, but memory remains a constraint for Mac and iPad in the December quarter.
What to watch before the next call
- Memory cost trends and their impact on gross margins.
- Supply-demand balance for the new iPhone Duo.
- The impact of AI-related compute costs on services cost of sales.
