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Apple reports first quarter results

All-time records for total company revenue and EPS

iPhone and Services revenue reach new all-time highs

CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2026 first quarter ended December 27, 2025. The Company posted quarterly revenue of $143.8 billion, up 16 percent year over year. Diluted earnings per share was $2.84, up 19 percent year over year.

“Today, Apple is proud to report a remarkable, record-breaking quarter, with revenue of $143.8 billion, up 16 percent from a year ago and well above our expectations,” said Tim Cook, Apple’s CEO. “iPhone had its best-ever quarter driven by unprecedented demand, with all-time records across every geographic segment, and Services also achieved an all-time revenue record, up 14 percent from a year ago. We are also excited to announce that our installed base now has more than 2.5 billion active devices, which is a testament to incredible customer satisfaction for the very best products and services in the world.”

“During the December quarter, our record business performance and strong margins led to EPS growth of 19 percent, setting a new all-time EPS record,” said Kevan Parekh, Apple’s CFO. “These exceptionally strong results generated nearly $54 billion in operating cash flow, allowing us to return almost $32 billion to shareholders.”

Apple’s board of directors has declared a cash dividend of $0.26 per share of the Company’s common stock. The dividend is payable on February 12, 2026, to shareholders of record as of the close of business on February 9, 2026.

Apple will provide live streaming of its Q1 2026 financial results conference call beginning at 2:00 p.m. PT on January 29, 2026, at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.

Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.


This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, services, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142

Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123


NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2026 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended
December 27,
2025		December 28,
2024
Net sales:
   Products$113,743 $97,960 
   Services30,013 26,340 
Total net sales (1)
143,756 124,300 
Cost of sales:
   Products67,478 59,447 
   Services7,047 6,578 
Total cost of sales74,525 66,025 
Gross margin69,231 58,275 
Operating expenses:
Research and development
10,887 8,268 
Selling, general and administrative
7,492 7,175 
Total operating expenses
18,379 15,443 
Operating income
50,852 42,832 
Other income/(expense), net
150 (248)
Income before provision for income taxes
51,002 42,584 
Provision for income taxes
8,905 6,254 
Net income
$42,097 $36,330 
Earnings per share:
Basic
$2.85 $2.41 
Diluted
$2.84 $2.40 
Shares used in computing earnings per share:
Basic
14,748,158 15,081,724 
Diluted
14,810,356 15,150,865 
(1) Net sales by reportable segment:
Americas
$58,529 $52,648 
Europe
38,146 33,861 
Greater China
25,526 18,513 
Japan
9,413 8,987 
Rest of Asia Pacific
12,142 10,291 
Total net sales
$143,756 $124,300 
(1) Net sales by category:
iPhone
$85,269 $69,138 
Mac
8,386 8,987 
iPad
8,595 8,088 
Wearables, Home and Accessories
11,493 11,747 
Services
30,013 26,340 
Total net sales
$143,756 $124,300 



Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)

December 27,
2025		September 27,
2025
ASSETS:
Current assets:
Cash and cash equivalents
$45,317 $35,934 
Marketable securities
21,590 18,763 
Accounts receivable, net
39,921 39,777 
Vendor non-trade receivables
30,399 33,180 
Inventories
5,875 5,718 
Other current assets
15,002 14,585 
Total current assets
158,104 147,957 
Non-current assets:
Marketable securities
77,888 77,723 
Property, plant and equipment, net
50,159 49,834 
Other non-current assets
93,146 83,727 
Total non-current assets
221,193 211,284 
Total assets
$379,297 $359,241 
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$70,587 $69,860 
Other current liabilities
68,543 66,387 
Deferred revenue
9,413 9,055 
Commercial paper
1,997 7,979 
Term debt
11,827 12,350 
Total current liabilities
162,367 165,631 
Non-current liabilities:
Term debt
76,685 78,328 
Other non-current liabilities
52,055 41,549 
Total non-current liabilities
128,740 119,877 
Total liabilities
291,107 285,508 
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,702,703 and 14,773,260 shares issued and outstanding, respectively
95,221 93,568 
Accumulated deficit(2,177)(14,264)
Accumulated other comprehensive loss(4,854)(5,571)
Total shareholders’ equity
88,190 73,733 
Total liabilities and shareholders’ equity
$379,297 $359,241 



Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)

Three Months Ended
December 27,
2025		December 28,
2024
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances$35,934 $29,943 
Operating activities:
Net income42,097 36,330 
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization3,214 3,080 
Share-based compensation expense3,594 3,286 
Other(528)(2,009)
Changes in operating assets and liabilities:
Accounts receivable, net(153)3,597 
Vendor non-trade receivables2,781 3,166 
Inventories(211)215 
Other current and non-current assets(10,250)939 
Accounts payable848 (6,671)
Other current and non-current liabilities12,533 (11,998)
Cash generated by operating activities53,925 29,935 
Investing activities:
Purchases of marketable securities(12,693)(6,124)
Proceeds from maturities of marketable securities7,510 15,967 
Proceeds from sales of marketable securities2,824 3,492 
Payments for acquisition of property, plant and equipment(2,373)(2,940)
Other(154)(603)
Cash generated by/(used in) investing activities(4,886)9,792 
Financing activities:
Payments for taxes related to net share settlement of equity awards(2,922)(2,921)
Payments for dividends and dividend equivalents(3,921)(3,856)
Repurchases of common stock(24,701)(23,606)
Repayments of term debt(2,164)(1,009)
Repayments of commercial paper, net(5,910)(7,944)
Other(38)(35)
Cash used in financing activities(39,656)(39,371)
Increase in cash, cash equivalents, and restricted cash and cash equivalents9,383 356 
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances$45,317 $30,299 
Supplemental cash flow disclosure:
Cash paid for income taxes, net$3,434 $18,651