Apple Inc. (AAPL) · Nov 2, 2026 · Earnings

Apple earnings beat estimates as iPhone growth offsets weaker iPad, wearables

Beat — Diluted EPS $2.10 vs ~$1.99 consensus; revenue $114.5B vs ~$113.3B

Apple’s Q4 earnings beat consensus on stronger iPhone and Services revenue, though tariff refunds boosted margins and EPS.

Apple enters this report with its core hardware engine being refreshed by the iPhone 18 lineup and first foldable iPhone Duo, while Siri AI is meant to re-energize the broader device ecosystem. Those launches were already public before the filing, so the new information is whether demand is converting into results. Apple’s current business story is still led by iPhone scale, Services monetization, and a push to make AI a reason to upgrade.

The quarter cleared expectations, but not by a wide revenue margin. Revenue reached $114.5 billion, about 1% above the published consensus near $113.3 billion, while diluted EPS of $2.10 was roughly 6% above the approximately $1.99 consensus. That is a genuine beat, but more an execution confirmation than a wholesale change in Apple’s trajectory.

Q4 FY26Q4 FY25Consensus
Revenue (Financial Highlights)$114.5B (+11.7%)$102.5B~$113.3B
Diluted EPS (Financial Highlights)$2.10 (+13.5%)$1.85~$1.99
iPhone revenue (Net sales by category)$57.6B (+17.5%)$49.0B
Services revenue (Net sales by category)$31.6B (+9.8%)$28.8B
Gross margin (Financial Highlights)47.9%47.2%

iPhone did the heavy lifting, while the softer categories remain unresolved. iPhone revenue rose nearly 18%, and the company described the quarter as an iPhone September-quarter record; Services also reached a record, supporting the ecosystem’s recurring-revenue story. 〔0〕 By contrast, iPad revenue fell about 10% and Wearables, Home and Accessories declined about 8%, so the result does not show broad strength across every hardware category.

The quality of the EPS beat is slightly less clean because tariffs helped. Apple said tariff refunds lifted gross margin by approximately one percentage point and diluted EPS by $0.05. Even excluding that disclosed benefit, EPS would have been about $2.05—still above consensus—but the refund means part of the quarter’s margin upside was nonrecurring rather than evidence of a permanently better cost structure. 〔1〕

The filing strengthens the existing growth story without rewriting it. Full-year revenue reached $478.8 billion, up 15%, and Services grew nearly 13%, but Apple provides no new forward revenue or margin outlook here. The result shows that the new iPhone cycle is starting from a position of strength; it does not yet prove that the foldable launch or Siri AI will create a durable second growth engine.

Bottom line: Apple beat a relatively high bar, led by a powerful iPhone quarter and steady Services growth. It modestly advances the current story, but the size of the surprise is limited and partly flattered by tariff refunds.

What to watch next

Holiday-quarter results, late January 2027

Original filing on SEC EDGAR

More Apple Inc. news

Apple earnings beat estimates as iPhone growth offsets weaker iPad, wearables | AAPL Stock News
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