Apple posted fiscal Q2 2026 revenue of $111.18 billion, up 17% from $95.4 billion a year ago, beating analyst estimates of $109.66 billion. The stock rose around 3% in after-hours trading.
Apple $AAPL Q2'26 EARNINGS HIGHLIGHTS
Revenue: $111.184B (Est. $109.66B)
; +16.6% YoY
Segment Revenue:
— Wall St Engine (@wallstengine) April 30, 2026
EPS came in at $2.01, ahead of the $1.95 consensus. It was a clean beat across most lines — except one.
iPhone revenue landed at $56.99 billion, just below the $57.21 billion estimate. It’s the second miss in three quarters for Apple’s biggest product line. That said, iPhone sales still grew 21.7% year-over-year, the second straight quarter of more than 20% growth.
The miss was largely absorbed by strength elsewhere. Mac revenue hit $8.4 billion versus an $8.02 billion estimate. iPad brought in $6.91 billion, above the $6.66 billion expected. Services revenue reached $30.98 billion, topping the $30.39 billion forecast.
Gross margin came in at 49.3%, ahead of the 48.4% estimate and up from 48.2% the prior quarter.
Apple’s board also approved a new $100 billion share buyback and raised its quarterly dividend to 27 cents per share, a 4% increase.
The biggest surprise may have been the forward outlook. Apple said it expects June quarter revenue to grow between 14% and 17% from a year ago. Wall Street had penciled in growth of just 9.5%, to around $103 billion. That gap between guidance and estimates is what sent the stock higher.
CEO Tim Cook noted the quarter’s results came despite ongoing supply constraints, driven by a global memory chip shortage tied to surging AI demand. He said the memory cost impact was “minimal” in December, a bit more in March, and expects it to be “significantly higher” in the current quarter.
Cook said on the call that the company is looking at “a range of options” as memory costs continue to rise — a dynamic it shares with rivals including Samsung, which also flagged worsening memory supply conditions.
This earnings report was the first since Apple announced on April 20 that Cook will step down as CEO, becoming executive chairman on September 1. John Ternus, who has run Apple’s hardware engineering for years, will take over.
Ternus joined the earnings call and was introduced by Cook. He said the company has an “incredible roadmap ahead” but declined to offer specifics. Cook expressed confidence in the transition, calling Ternus the “right leader.”
Wall Street had flagged concerns after the CEO announcement, particularly around Apple’s AI direction. The company is partnering with Google to integrate Gemini into Siri — a move Cook described as going “well” on the call.
Services revenue grew 16.3% year-over-year to $30.98 billion, another all-time record for the segment. Apple’s installed base now exceeds 2.5 billion active devices globally.
Greater China revenue rose 28% to $20.5 billion, up from $16 billion a year ago.
R&D spending climbed 33% in the quarter to $11.42 billion, with Cook and CFO Kevan Parekh both pointing to AI as a key investment priority going forward.
Cook said the iPhone 17 lineup is now the “most popular in Apple’s history,” and according to Counterpoint Research, Apple led global smartphone shipment market share in Q1 for the first time ever.
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