Apple (AAPL) Q3 2026 earnings summary

Executive summary

• Revenue reached $109.4 billion, up 16% year-over-year, setting a June quarter record despite supply constraints and FX headwinds.

• Net income was $29.8 billion, up 27% year-over-year, with diluted EPS of $2.02, up 29% year-over-year, both benefiting from tariff refunds.

• Growth was driven by strong iPhone, Mac, and Services sales, with double-digit increases in most emerging markets and records in every geographic segment.

• Installed base of active devices reached an all-time high across all major product categories and regions.

• Announced new OS versions, Siri AI, and Apple Intelligence, with strong developer and user response.

Financial highlights

• Gross margin was 50.1%, up 80 bps sequentially, including a two-point benefit from tariff refunds.

• Net income for the quarter was $29.8 billion; diluted EPS was $2.02, up from $1.57 year-over-year, including $0.11 from tariff refunds.

• Operating income reached $35.7 billion (+27% YoY); operating cash flow set a new June quarter record.

• Cash and marketable securities ended at $147 billion.

• Returned $33 billion to shareholders via dividends and buybacks in Q3; $61.8 billion in share repurchases over nine months.

Outlook and guidance

• September quarter revenue expected to grow 9%-11% year-over-year, impacted by a 2.5 percentage point FX headwind and increased supply constraints on iPhone, Mac, and iPad.

• iPhone growth expected in the mid-teens; services growth rate to be similar to June quarter after adjusting for FX.

• Gross margin guided to 47%-48%, with a one-point benefit from tariff refunds; OpEx expected at $19.1-$19.4 billion.

• Management expects continued supply constraints and rising component costs, especially for semiconductors and memory, which may intensify and negatively impact revenue and margins.

• Board declared a $0.27 per share dividend, payable August 13, 2026.