Apple Quarterly Results: Latest Earnings, 10-Quarter and 10-Year Financial Performance
Introduction
Apple is one of the world's best-known technology companies, but its business is much broader than the iPhone alone. The company develops and sells products such as the iPhone, Mac, iPad, Apple Watch, AirPods and Apple Vision Pro. Alongside its hardware business, Apple also operates a large Services business that includes the App Store, Apple Music, Apple Pay, iCloud and Apple TV, among other services.
Because Apple operates across both hardware and services, its quarterly results can tell us more than simply how many iPhones the company is selling. Revenue growth, net income, earnings per share, operating performance and the contribution from Services all help in understanding how the business is performing.
What Does Apple Do?
At its core, Apple designs technology products and builds an ecosystem around them. The iPhone remains its largest individual product category, while Mac and iPad serve the personal computing and tablet markets. Wearables, Home and Accessories includes products such as Apple Watch and AirPods.
The Services business has become another important part of Apple's model. Services revenue includes areas such as the App Store, advertising, cloud services and other digital offerings. In fiscal 2025, Apple's Services revenue reached $109.2 billion, compared with $96.2 billion in fiscal 2024.
This combination of products and recurring services gives Apple several different sources of revenue rather than relying on a single product.
Purpose of This Article
The purpose of this article is to provide a clear view of Apple's quarterly financial performance and its longer-term earnings trend.
We will look at Apple's latest quarterly result, the previous 10 quarters, and the last 10 fiscal years. The focus is on three basic financial measures — revenue, net income and diluted EPS — along with Apple's latest operating margin, business developments, outlook and major risks.
The idea is not to predict where Apple's stock price will go. Instead, this article is designed as a straightforward financial reference for readers who want to understand how Apple's business has been performing over time.
Latest Quarterly Results
Apple's latest reported quarter is fiscal Q3 2026, which ended on June 27, 2026.
The company generated $109.4 billion in quarterly revenue, up 16% from the same quarter a year earlier. Apple also reported $29.8 billion in net income and $2.02 in diluted earnings per share. The quarter set new June-quarter records for total revenue and EPS.
| Metric | Fiscal Q3 2026 |
| Revenue | $109.42 billion |
| Net Income | $29.79 billion |
| Diluted EPS | $2.02 |
| Operating Margin | 32.6% |
The operating margin shown above is calculated from Apple's reported operating income of $35.695 billion divided by revenue of $109.417 billion.
Apple's gross margin was 50.1% during the quarter. However, gross margin and operating margin are different measures. Gross margin is calculated after the cost of sales, while operating margin also takes operating expenses such as research and development and selling, general and administrative expenses into account.
One unusual factor also affected the quarter. Apple said tariff refunds had a favorable impact of approximately two percentage points on gross margin and about $0.11 on diluted EPS. Therefore, the reported EPS should be viewed with that benefit in mind when comparing the quarter with future periods.
The quarter was nevertheless strong across several parts of the business. Apple said iPhone, Mac and Services revenue each reached new June-quarter records.
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Last 10 Quarters — Financial Snapshot
The table below shows Apple's latest 10 reported fiscal quarters, using reported revenue, net income and diluted EPS.
The quarterly figures show a clear seasonal pattern. Apple's fiscal first quarter is normally its biggest quarter because it includes the holiday shopping period. That is why revenue reached $143.8 billion in Q1 FY2026, considerably above the following quarters.
The more interesting part is what happened outside the holiday quarter. Revenue increased from $90.75 billion in Q2 FY2024 to $109.42 billion in Q3 FY2026. Over the same period, diluted EPS moved from $1.53 to $2.02.
There is also an important point about Q4 FY2024. The reported diluted EPS was only $0.97 because Apple recognized a significant one-time tax-related charge connected with the reversal of the European General Court's State Aid decision. Apple also presented an adjusted diluted EPS figure of $1.64 for that quarter excluding the one-time impact.
So, when comparing Apple's quarterly EPS history, Q4 FY2024 should not be treated as a completely normal quarter.
Last 10 Years — Annual Financial Snapshot
Apple's annual numbers provide a better view of the company's longer-term growth because they remove some of the seasonality that is visible in individual quarters.
| Fiscal Year | Revenue | Net Income | Diluted EPS |
| 2025 | $416.16B | $112.01B | $7.46 |
| 2024 | $391.04B | $93.74B | $6.08 |
| 2023 | $383.29B | $97.00B | $6.13 |
| 2022 | $394.33B | $99.80B | $6.11 |
| 2021 | $365.82B | $94.68B | $5.61 |
| 2020 | $274.52B | $57.41B | $3.28 |
| 2019 | $260.17B | $55.26B | $2.97 |
| 2018 | $265.60B | $59.53B | $2.98 |
| 2017 | $229.23B | $48.35B | $2.30 |
| 2016 | $215.64B | $45.69B | $2.08 |
Apple's fiscal 2025 results show how much the business has expanded over the longer term. Revenue reached $416.16 billion and net income reached $112.01 billion, both above fiscal 2024. Diluted EPS increased to $7.46 from $6.08. Apple's 2025 Form 10-K reports these figures directly.
Looking further back, Apple's revenue was about $215.6 billion in fiscal 2016. By fiscal 2025, it had grown to more than $416 billion. Net income also increased from about $45.7 billion to $112.0 billion over the same period. Historical figures are consistent with Apple's reported financial statements and long-term financial data.
The EPS trend is particularly interesting because Apple's share count has declined substantially over the years due to share repurchases. As a result, earnings per share have grown faster than revenue in some periods. Apple's diluted share count was about 15.0 billion on a weighted-average basis in fiscal 2025, compared with much higher levels in earlier years.
Overall, the 10-year numbers show a business that has not grown in a perfectly straight line, but has nevertheless expanded its revenue and profit base considerably.
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Business Overview
Apple's business can broadly be understood through five product and service categories.
iPhone
The iPhone is Apple's largest individual product category and remains the main driver of the company's hardware revenue. In fiscal 2025, iPhone revenue was approximately $209.6 billion.
In fiscal Q3 2026, iPhone revenue reached a new June-quarter record, supported by strong demand for the iPhone lineup. Apple's SEC filing said the increase was primarily related to higher iPhone revenue, particularly from Pro models.
Mac
Mac covers Apple's computers, including MacBook and desktop products. The business is smaller than iPhone in terms of revenue, but it remains an important part of Apple's ecosystem.
Mac revenue reached a new June-quarter record in Q3 FY2026. Apple said the increase was primarily driven by higher sales of laptops.
iPad
The iPad business includes Apple's tablet lineup. Its revenue tends to move more sharply depending on product launches and comparisons with the previous year.
In Q3 FY2026, iPad revenue declined year over year, with Apple attributing the decline primarily to lower sales of iPad mini and iPad Air.
Wearables, Home and Accessories
This category includes products such as Apple Watch, AirPods and other accessories.
The category is smaller than iPhone and Services but plays an important role in strengthening Apple's wider ecosystem. In Q3 FY2026, revenue in this category increased year over year, with Apple pointing to higher sales of Accessories and Wearables.
Services
Services has become one of Apple's most important growth areas. It includes the App Store, advertising, cloud services, Apple Music, Apple Pay and other services.
Services revenue reached $109.16 billion in fiscal 2025, up from $96.17 billion in fiscal 2024. Apple said the 2025 increase was primarily driven by higher revenue from advertising, the App Store and cloud services.
In Q3 FY2026, Services revenue reached $30.74 billion and set a new June-quarter record. Apple said the increase was primarily driven by higher revenue from advertising and cloud services.
Key Updates
Strong June-quarter performance
Apple's fiscal Q3 2026 was its strongest June quarter on record in terms of total revenue and EPS. Revenue increased 16% year over year to $109.4 billion, while diluted EPS increased 29% to $2.02.
iPhone, Mac and Services all reached June-quarter records
One of the more encouraging aspects of the result was that growth was not limited to one part of the business. Apple reported new June-quarter revenue records for iPhone, Mac and Services.
Services continued to expand
Services revenue reached $30.7 billion during the quarter. This gives Apple a growing revenue stream that is less directly tied to the launch cycle of a particular iPhone model.
Apple continued pushing its AI strategy
At WWDC26, Apple introduced the new Siri AI alongside other software updates. AI has become an increasingly important area for the technology industry, so Apple's progress in bringing AI features into its device ecosystem will remain an important area to watch.
Active device installed base reached another record
Apple said its installed base of active devices reached a new all-time high across major product categories and geographic regions. A larger installed base can be valuable for Apple because it provides a wider customer base for future hardware upgrades and Services.
Outlook
Apple's management provided a more cautious outlook for the following quarter.
For fiscal Q4 2026, Apple expects total company revenue growth of approximately 9% to 11% year over year. Management also expects foreign exchange to create a headwind of around 2.5 percentage points to the year-over-year growth rate.
Apple also expects supply constraints to become more significant in the September quarter, affecting iPhone, Mac and iPad. Despite those constraints, management said it continues to see high levels of demand for iPhone.
For gross margin, Apple expects a range of approximately 47% to 48%, including an estimated one-percentage-point benefit from tariff refunds. The company expects operating expenses of approximately $19.1 billion to $19.4 billion and a tax rate of around 16.5%.
This outlook suggests that demand remains healthy, but Apple's near-term growth could be restricted by supply availability, foreign exchange movements and cost pressures.
Key Risks
Apple has a very large and diversified business, but it still faces several meaningful risks.
Supply Chain Risk
Apple depends on a global network of suppliers and manufacturers. Supply shortages involving advanced chips, memory and other components can limit the company's ability to meet customer demand. Management specifically highlighted increased supply constraints for the September quarter.
Tariffs and Trade Policy
Changes in tariffs and international trade policies can affect Apple's costs and supply chain. The latest quarter itself benefited from tariff refunds, which means future comparisons may be affected if similar benefits do not recur.
Foreign Exchange
Apple generates significant revenue outside the United States. Currency movements can therefore affect reported revenue and earnings. Management expects foreign exchange to be a meaningful headwind for the September quarter.
Competition
Apple operates in highly competitive markets, including smartphones, computers, tablets, wearables and digital services. Changes in consumer preferences or stronger products from competitors could affect Apple's growth.
Regulation and Legal Issues
Apple also faces regulatory scrutiny in several markets. Changes in laws governing app stores, digital platforms, competition and consumer protection can potentially affect its business model and Services revenue.
Dependence on Major Product Categories
Although Services has become increasingly important, the iPhone remains Apple's largest individual product category. A prolonged slowdown in iPhone demand could therefore have a meaningful impact on the company's overall financial performance.
Conclusion
Apple's latest fiscal Q3 2026 result was a strong quarter from a financial perspective. Revenue reached $109.4 billion, net income was $29.8 billion, and diluted EPS was $2.02. The company also reported new June-quarter records for total revenue and EPS, while iPhone, Mac and Services each reached June-quarter revenue records.
The longer-term numbers also show a substantial expansion in Apple's financial base. Revenue has grown from about $215.6 billion in fiscal 2016 to $416.2 billion in fiscal 2025, while annual net income increased from about $45.7 billion to $112.0 billion over the same period.
At the same time, the outlook is not completely risk-free. Apple expects slower year-over-year revenue growth in the September quarter because of foreign exchange headwinds and increasing supply constraints. Tariffs, regulation, competition and the company's ability to maintain strong demand across its major product categories will remain important factors to watch.
Overall, Apple's latest results show a business that continues to generate very large amounts of revenue and profit, with Services becoming an increasingly important part of the overall mix. The next few quarters will be particularly useful for judging whether the current growth rate can continue as Apple manages supply constraints, AI investments, product launches and changing market conditions.
Disclaimer
This article has been prepared by Somnath Das for www.QuarterlyResult.com with the purpose of providing general financial and educational information about Apple Inc. and its reported quarterly and annual financial performance.
The financial figures and company-related information presented in this article are based on publicly available information, including Apple's reported financial results, regulatory filings and other official company disclosures. While reasonable care has been taken to present the information accurately, readers should independently verify important financial information before making any investment decision.
This article is not financial advice, investment advice, or a recommendation to buy, sell, or hold Apple Inc. shares or any other security. Any discussion of financial performance, business developments, outlook or risks is provided for informational purposes only and should not be considered a prediction of future stock performance.
Financial markets involve risk, and the value of investments can rise or fall. Past financial performance does not guarantee future results. Readers should consider their own financial situation, investment objectives and risk tolerance and, where appropriate, consult a qualified financial professional before making investment decisions.
Author: Somnath Das
Website: QuarterlyResult.com
