Last quarter — Q3 2026
June-quarter results leaned on services and a wide earnings beat while revenue only edged past estimates, so the margin story carried the quarter more than unit demand did. That sets a narrow path tonight: with memory costs climbing and the iPhone cycle under scrutiny, John Ternus needs the same services strength to offset hardware pressure in his first earnings call as CEO.
next print Mon, Nov 2
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That wraps up our initial coverage of Apple’s Q4 results. Thank you for stopping by!
4:30pm ET
Today, Apple is proud to report a September quarter revenue record of $114.5 billion, up 12 percent from a year ago, with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever.
Ternus closes his first fiscal year as CEO with double-digit growth across both iPhone and Services, the combination investors had doubted Apple could still deliver at a $4.9 trillion market cap. The September quarter sets the bar for the holiday guide.
Q4 2026
4:30pm ET
John Ternus opened his tenure as CEO with a September quarter record, iPhone revenue of $57.58 billion and Services at an all-time high topping expectations on both lines. Tariff refunds drove part of that, so the underlying beat is thinner than it looks, and the holiday setup rides on iPhone Duo and the revamped Siri.
Apple just reported Q4 FY2026 earnings, with shares initially down just 1% in after-hours trading, a relatively small reaction compared to concerns heading into the report.
Apple beat Wall Street’s revenue and earnings expectations, with iPhone sales showing particularly impressive growth. Here are the key numbers:
Revenue by Business:
Quick Read:
Apple also returned $28 billion to shareholders during the quarter and reported record September-quarter revenue, iPhone sales, and EPS.
Bottom Line: Despite concerns about Apple’s valuation and rising costs, shares are down only about 1% following a strong earnings report. The relatively modest decline suggests the initial market reaction has been less negative than some investors feared.
Valuation · as of Nov 2
4:15pm ET
Apple heads into tonight's Q4 report at 39x trailing earnings, priced within 4% of its $351.73 52-week high, with revenue up 16.4% year over year carrying the weight. The $332.39 consensus target sits below the $339.31 price, and 19 holds, sells, and strong sells against 25 buy ratings say the room is split.
Thesis check
4:05pm ET
The margin streak is the load-bearing piece and it remains intact, so the thesis holds into John Ternus's first call. Consensus sits at $1.98 EPS on $113.36B in revenue, and as we flagged at 3:10pm, a gross margin below 50% would be the crack that flips this to weakening.
Earnings preview · Q4 2026
3:43pm ET
Eight straight beats is the streak John Ternus inherits, and tonight he has to extend it while the global smartphone market just posted its worst third quarter since 2013 on memory shortages. Apple's own China momentum has been the offset, so the December-quarter guide and any commentary on component costs will decide whether the $4.9 trillion valuation holds.
Margin story · Q3 2024 – Q2 2026
3:10pm ET
Gross margin has climbed six straight quarters to 50.1% in Q2 2026, the first time it has cracked 50 in this stretch. That is the number to test tonight, because rising memory and component costs are the one thing that could stall the streak just as Apple's new CEO takes his first earnings call.
35.8%32.7%29.6%
Tracked 13F positioning
3:05pm ET
$66B0.0%
$2.6B—
$1.6B-0.2%
$1.2B-0.3%
$828M-0.0%
$459M-0.5%
$390M-0.4%
$219M-0.8%
+ 9 more tracked holders
As of Jun 30, 2026 quarter end · 13F disclosures lag ~45 days — long positions only, tracked filers only.
Among 16 filers, eight trimmed Apple and only two added in the quarter ended June 30, with one exiting entirely. Berkshire Hathaway held its stake flat and still accounts for the bulk of the roughly $73.8 billion disclosed, while quant shops including Millennium and Renaissance cut hardest. These 13F snapshots are about 45 days stale, leaving current positioning into tonight's report unknown.
Technical setup
2:45pm ET
Apple goes into tonight's report at $337.07, sitting just $3.48 above its 50-day average at $333.59 and roughly 4% under the $351.73 52-week high that doubles as first resistance. A beat puts that high in play immediately, while a stumble sends the stock toward support at $325.81, with $300.28 and the 200-day at $296.95 below it.
Prediction markets
2:40pm ET
Polymarket traders are pricing an Apple earnings beat as the most likely outcome into tonight's report, with the odds barely budging over the past week despite memory cost and AI questions hanging over John Ternus's first call. Thin volume means this reflects sentiment, and the crowd clearly expects the services-led beat streak to hold.
85.4%82.3%79.1%
Options positioning
2:35pm ET
A 1.83 put/call ratio into tonight's report, with 6,659 puts stacked at the $350 strike against 1,511 calls, says traders paid up for downside protection ahead of John Ternus's first call. Positioning is defensive, and hedging is heavily skewed to the put side. The 46.4% at-the-money implied volatility at $345 shows how much movement the market is pricing either way.
1.1k / 119
2.5k / 204
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Apple heads into a pivotal earnings report tonight as new CEO John Ternus prepares to lead his first earnings call.
Investors have plenty of questions heading into tonight.
Apple’s installed base exceeds 2.5 billion devices, offering an enormous opportunity to monetize artificial intelligence through Siri and other services.
But rising memory costs, chip shortages, and questions about Apple’s AI strategy in China threaten to complicate the company’s growth outlook.
With Apple valued at approximately $4.93 trillion, investors are looking for a credible AI roadmap and a reassuring margin outlook. Anything less could raise fresh questions about its next phase of growth.
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