Apple inc（AAPL.US AI Earnings Summary）
AAPL AI Earnings Summary (In-Depth)
2026 Q4 (Fiscal Year)
Core Highlights
Five out of seven revenue and profit indicators exceeded expectations; the primary gap was the rise in memory costs squeezing the gross margin outlook, shifting market focus toward earnings pressure.
- Stock Price Reaction: Apple announced its Q4 results. Although EPS of $2.10 and revenue of $114.5B both beat market expectations, rising memory chip costs lowered gross margins. Combined with a cautious gross margin outlook for the next quarter, this sparked market concerns about profitability. The stock price fell 2.48% to $329.94 at one point (some reports indicated the drop widened to 4%).
- Against Market Expectations: Revenue of $114.5B was approximately 1.0% higher than the market expectations of $113.4B; diluted EPS of $2.10 was approximately 5.5% higher than market expectations of $1.99.
- Against Previous Guidance: Revenue grew 12% YoY, exceeding the upper limit of guidance (9%–11%); gross margin of 47.9% landed at the upper-middle end of the guidance range (47%–48%); operating expenses of $19.2B were within the guidance range ($19.1B–$19.4B).
- In One Sentence: Strong demand for iPhone and Mac pushed Q4 revenue to a record high for the period, but rising memory costs dragged down the gross margin outlook, leading to a 2.48% after-hours decline.
Quarterly Highlights
Both revenue and EPS exceeded market expectations this quarter, with iPhone and Mac as the primary drivers.
Company-wide revenue set a September quarter record, EPS beat market expectations by ~5.5%: Revenue was $114.5B, up 12% YoY, 1.0% above market expectations of $113.4B. Diluted EPS was $2.10, up 14% YoY, 5.5% above market expectations of $1.99. Full fiscal year revenue reached $478.8B (up 15% YoY), and full-year EPS was 8.98 (up 20% YoY), both hitting record highs.
iPhone set a September quarter revenue record, global upgrades hit record high: iPhone revenue was $57.6B, up 17% YoY, achieving a September quarter record despite supply constraints and an nearly 2-percentage-point foreign exchange headwind. Both the US and Greater China saw strong double-digit growth. Global upgrade numbers set a September record, with individual records set in the US, Mainland China, and India.
Mac grew 24% YoY, record fiscal year, touchscreens arrive on Mac: Mac revenue was $10.8B, up 24% YoY. Despite supply constraints, it was the best fiscal year for Mac ever. Emerging markets set a September quarter revenue record, with all-time records in markets like India and Southeast Asia; new-to-Mac customers also set a September quarter record. The new MacBook Pro announced last week features a PROLED XDR display, bringing touch functionality to the Mac for the first time.
Services revenue hit record high, paid subscriptions surpassed 1.5B: Services revenue was $31.6B, up 10% YoY, a record high. Video, cloud services, payment services, and advertising all set historical records, while Music set a September record. Paid subscriptions exceeded 1.5B, with double-digit growth. Both paid and transacting accounts reached all-time highs.
Siri AI officially launched, iCloud+ expands to over 100 countries/regions: Siri AI entered beta in September in US English and expanded to French, Japanese, Korean, Portuguese, and Spanish in October. CEO John Ternus noted Siri AI is "the Siri we've always wanted" and emphasized that future server-side features with usage caps (including Siri AI and smart photo editing) will offer paid expansion plans. iCloud+ plans now include Apple TV and Apple Arcade in over 100 countries and regions.
Greater China up 28% YoY, India hits all-time high: Greater China revenue grew 21% YoY this quarter, a September record, and 28% for the full fiscal year. India reached an all-time high, and Apple Pay officially launched in India in partnership with Axis Bank. According to Worldpanel, iPhone held the top three best-selling spots in urban China, with MacBook Air and MacBook Neo as the top two best-selling laptops.
Enterprise adoption accelerates, Duke Health completes first surgery with Vision Pro: Duke Health used Apple Vision Pro with Stryker's FDA-authorized app to complete the first-ever hip arthroscopy. American Airlines deployed over 37,000 iPhone 17 units for flight attendants and 25,000 iPads for pilots and mechanics. Gap Inc. is running local AI on Mac mini in hundreds of stores for loss prevention, saving on cloud token costs.
Strong shareholder returns, solid cash position: $28.0B was returned to shareholders this quarter, including $24.0B in stock buybacks and $3.9B in dividends and equivalents. Cash and marketable securities ended at $137.0B, with operating cash flow of $28.1B. The Board declared a cash dividend of $0.27 per share.