Apple earnings: guidance and results

Apple's next results are expected on November 2, 2026. Watch Apple's completed deliveries after tariff refunds.

What has Apple guided for the September 2026 quarter?

Management guides to revenue growth of 9–11% for the September 2026 quarter and iPhone revenue growth in the mid-teens. It forecasts gross margin of 47–48%, including about one percentage point from tariff refunds, while rising memory costs could pressure the underlying margin. Forecast operating expenses are $19.1–19.4 billion.

Has Apple kept its past promises?

Apple’s cash plan gives equal weight to net sales and operating income. Its 2025 maximum goals were US$402 billion and US$124 billion. Apple delivered US$416.2 billion and US$133.1 billion. Those measures reward scale and operating profit, but they do not directly measure free cash flow per share.

Finally, Apple promised a more personalized Siri in 2024, acknowledged a delay in March 2025 and introduced Siri AI for developer testing on June 8, 2026. A beta is a testing release, not full delivery. Apple’s leaders are therefore on shareholders’ side only if strong returns, disciplined dilution and reliable products arrive together.

What are the last eight quarters of Apple results?

For the quarter ended June 27, 2026, revenue reached $109,417 million, up about 16.4%. Growth was broad: iPhone, Mac, Services and Wearables, Home and Accessories increased, while iPad declined. Pro iPhones and Mac laptops helped drive the result, and Services continued to benefit from advertising and cloud spending.

Cash remained powerful. Operations generated $34,369 million, and free cash flow reached $31,914 million after capital spending. During the first nine months of fiscal 2026, free cash flow totalled $110,197 million, while Apple completed another $8.8 billion of US deemed-repatriation tax payments. The quarter supports genuine growth, but not the assumption that a 50.1% margin is permanent.