Today, Apple is pleased to report $109.4 billion in revenue, up 16% from a year ago and a June quarter record. We continue to see enormous customer enthusiasm for our most popular lineup ever, with iPhone revenue growing 22% from a year ago to reach a June quarter record. We saw so much excitement around the best Mac lineup we've ever had, growing a strong 29% to achieve a June quarter revenue record. Services also set a June quarter record with $30.7 billion in revenue.
We also achieved June quarter revenue records in both developed and emerging markets and saw double-digit growth in most emerging markets. These new tools integrate guidance from leading clinical and child development research, including the American Academy of Pediatrics. iPhone revenue for the June quarter was $54.3 billion, up 22% from a year ago. We achieved June quarter records in every geographic segment and set a June quarter record for upgraders.
Mac delivered its best June quarter yet with $10.4 billion in revenue, growing an impressive 29% from a year ago despite significant supply constraints. This revenue growth was driven by the incredible strength of our latest lineup with MacBook Pro and the all-new MacBook Neo. We also set a June quarter revenue record in developed markets and an all-time record in emerging markets with particular strength in Greater China, where we had an all-time revenue record. MacBook Neo has been especially popular with its distinctive design and excellent value resonating with customers around the world, we're continuing to work hard to meet demand.
| Metric | Period | Current guidance |
|---|---|---|
| Total company revenue growth | Q4 FY2026 (September) | 9%-11% year-over-year (supply constraints plus ~2.5-pt sequential FX headwind) |
| iPhone revenue growth | Q4 FY2026 | Mid-teens year-over-year (high demand, impacted by FX and supply constraints) |
| Services growth | Q4 FY2026 | Largely similar to June-quarter reported growth after a ~2.5-pt sequential FX headwind (~5-pt total FX headwind vs March quarter) |
| Gross margin | Q4 FY2026 | 47%-48% (includes ~1 pt tariff-refund benefit; ~46.5% midpoint excluding it, sequential decline driven by memory) |
| Operating expenses | Q4 FY2026 | $19.1B-$19.4B |
| Other income/expense | Q4 FY2026 | ~$350M (excluding minority-investment mark-to-market) |
| Tax rate | Q4 FY2026 | ~16.5% |
| Dividend | Q4 FY2026 | $0.27 per share, payable August 13, 2026 |
| Metric | YoY | Note |
|---|---|---|
| Total revenue | +16% to $109.4B | June-quarter record with double-digit growth in every geographic segment, achieved despite supply constraints and FX headwinds. |
| iPhone | +22% to $54.3B | iPhone 17 family strength, global share gains, and a June-quarter upgrader record across developed and emerging markets. |
| Mac | +29% to $10.4B | MacBook Neo and MacBook Pro drove Apple's best-ever June quarter for Mac despite significant supply constraints; records for new-to-Mac and upgraders. |
| iPad | -6% to $6.2B | Difficult comparison against the prior-year A16-powered iPad launch; install base still reached an all-time high with over half of buyers new to iPad. |
| Wearables, Home & Accessories | +6% to $7.9B | Strength in wearables and accessories with an Apple Watch June-quarter upgrader record; over half of Apple Watch buyers were new to the product. |
| Services | +12% to $30.7B | June-quarter record with records in every category and all-time records in cloud and payment services, despite significant FX headwinds and softer mobile gaming. |
| Company gross margin | 50.1% (+80 bps sequential) | Included ~2 points from tariff refunds; ex-refund would have been at the guidance midpoint, with memory costs the main sequential drag. |
| Diluted EPS | +29% to $2.02 | Net income of $29.8B, including $0.11 of favorable tariff-refund impact; a June-quarter record even excluding the refund. |
| Topic | Previous mention | Current period | Trend |
|---|---|---|---|
| CEO transition | Tim Cook as CEO | This was Tim Cook's final earnings call; incoming CEO John Ternus joined the call, with Cook describing a seamless transition and high confidence in Ternus and the executive team. | — |
| Supply constraints from advanced SoC nodes | Advanced-node constraints flagged last quarter | Cook stressed the root cause is a demand-forecast issue, not a supplier/partner problem -- iPhone (+22%) and Mac (+29%) are far exceeding even high expectations -- with less-than-normal supply-chain flexibility; constraints expected to worsen sequentially in the September quarter across iPhone, Mac, and iPad. | — |
| Memory-cost inflation | Rising memory costs noted last quarter | Described as a '100-year flood' with exponential DRAM price increases; more than 100% of the sequential gross-margin decline is explained by memory, partly offset by carry-in inventory, lower non-memory component costs, and favorable mix; Apple is evaluating supply options given only three DRAM suppliers. | — |
| Siri AI and Apple Intelligence | Apple Intelligence rollout | The all-new, reimagined Siri AI in developer and public betas drew overwhelmingly positive feedback; built around private, personal-context, cross-platform AI running on-device and via private cloud compute, with potential iCloud+ upgrade monetization and a hybrid (own data centers plus third-party cloud) compute model. | — |
| Pricing strategy | Historically avoided disproportionate price increases | Apple reluctantly raised iPad and Mac prices due to the memory 'flood,' evaluating units, revenue, and margin together over the long term rather than a fixed formula; also launched the U.S.-only Apple Upgrade leasing program (with Klarna) leveraging high residual values. | — |
| Enterprise, education, and on-device AI | — | On-device AI is driving Mac enterprise adoption (Morgan Stanley 20,000+ iPhone 17s, Disney, Credit Agricole cutting regulatory processing time 80%+) and education wins, with about half of U.S. education MacBook Neo large purchases displacing Windows and Chromebook devices. | — |