Today, Apple is proud to report $111.2 billion in revenue, up 17% from a year ago, and a March quarter record, which was above the high end of our guidance range despite supply constraints. Customer enthusiasm for iPhone has been extraordinary, with revenue growing 22% year-over-year to achieve a March quarter record. Services reached an all-time revenue record, growing 16% from a year ago, while EPS set a March quarter record of $2.01, up 22% year-over-year. We set March quarter revenue records and grew double digits in every geographic segment, including strong double-digit growth in Greater China and the rest of Asia Pacific.
We also achieved March quarter revenue records in both developed and emerging markets and saw double-digit growth in nearly every emerging market we track, including India. As I mentioned earlier, iPhone had an excellent quarter with $57 billion in revenue, a March quarter record despite supply constraints. Mac revenue was $8.4 billion for the March quarter, up 6% from a year-ago, despite supply constraints driven by higher-than-expected levels of demand. Turning to iPad, revenue was $6.9 billion, up 8% from a year ago.
Across wearables, home, and accessories, revenue for the March quarter came in at $7.9 billion, up 5% from a one year ago. Now let's turn to services, which set an all-time revenue record with $31 billion. We saw double-digit growth in both developed and emerging markets and set new all-time revenue records across most of the services categories. Audiences are applauding the return of shows like Your Friends & Neighbors, Shrinking, and For All Mankind, while discovering new favorites like Widow's Bay.
| Metric | Period | Current guidance |
|---|---|---|
| Total company revenue growth | Q3 FY2026 (June quarter) | 14%-17% YoY, comprehending constrained supply |
| Services revenue growth | Q3 FY2026 (June quarter) | similar YoY rate to March quarter after removing the favorable FX tailwind (FX was ~2.5 points in Q2, slightly more for services) |
| Gross margin | Q3 FY2026 (June quarter) | 47.5%-48.5%, reflecting significantly higher memory costs partly offset by carry-in inventory |
| Operating expenses | Q3 FY2026 (June quarter) | $18.8B-$19.1B |
| OINE | Q3 FY2026 (June quarter) | around $250M, excluding mark-to-market of minority investments |
| Tax rate | Q3 FY2026 (June quarter) | around 17% |
| iPad | Q3 FY2026 (June quarter) | difficult compare driven by prior-year launch of the A16-powered iPad |
| Metric | YoY | Note |
|---|---|---|
| iPhone revenue | +22% | iPhone 17 family strength (design, performance, durability, camera, Center Stage, integrated Apple Intelligence); double-digit growth in the majority of markets and a March quarter upgrader record; gained share per IDC, despite supply constraints |
| Mac revenue | +6% | Recent launches including MacBook Neo; March quarter records for upgraders and customers new to Mac; gained share per IDC, despite supply constraints |
| iPad revenue | +8% | Continued strength of the A16-powered iPad and M5-powered iPad Pro; over half of buyers new to the product; double-digit emerging-market growth |
| Wearables, home and accessories revenue | +5% | Strength in wearables and accessories; new March quarter emerging-market revenue record; over half of Apple Watch buyers new to the product |
| Services revenue | +16% | Broad-based with all-time records in developed and emerging markets and across most categories; FX slightly more favorable than the company-level ~2.5-point tailwind |
| Greater China revenue | +28% | iPhone-driven March quarter revenue record; iPhone top-selling model, Mac mini top desktop, MacBook Air top laptop in urban China; store traffic up double digits |
| Company gross margin | 49.3% (up 110bps sequentially) | Favorable mix and lower tariff-related costs, partly offset by seasonal loss of leverage and higher memory costs; products gross margin down 200bps to 38.7% |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| CEO transition | Not previously announced | Tim Cook to become Executive Chairman on September 1st; John Ternus (SVP Hardware Engineering) to become CEO, pledging continued financial discipline | — |
| Supply constraints | Primarily advanced-node SoC capacity affecting iPhone (and some Mac) | June-quarter constraints shift primarily to Mac (Mac mini, Mac Studio, MacBook Neo) on higher-than-expected AI/agentic and Neo demand; may take several months to balance | — |
| Memory costs | A bit more of an impact expected in March quarter | Saw higher memory costs in March (partly offset by carry-in inventory); significantly higher expected in June; increasing impact beyond June; will evaluate a range of options | — |
| Capital structure / net cash neutral | Net cash neutral was a formal target since 2018 | No longer a formal target; will evaluate cash and debt independently; additional $100B buyback authorization and a 4% dividend increase to $0.27; over $1T returned since program start (>$850B via buybacks) | — |
| AI investment / Google collaboration | Google collaboration announced for Apple Foundation Models | Collaboration going well; R&D accelerating faster than the company; more personalized Siri still coming this year; growing agentic-AI developer interest on Apple platforms | — |
| Tariffs | ~$1.4B in December quarter | Lower in March on lower product volume, a full-quarter IEEPA reduction and reduced Section 122 global rate; pursuing tariff refunds to reinvest in U.S. innovation/manufacturing | — |
| MacBook Neo | Newly introduced | Off-the-charts demand; driving new-to-Mac customers (e.g., Kansas City Public Schools switching from Windows/Chromebooks); supply-constrained | — |