March quarter records for total company revenue, iPhone revenue, and EPS
Services revenue reaches new all-time high
CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2026 second quarter ended March 28, 2026. The Company posted quarterly revenue of $111.2 billion, up 17 percent year over year. Diluted earnings per share was $2.01, up 22 percent year over year.
“Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” said Tim Cook, Apple’s CEO. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup. During the quarter, Services achieved yet another all-time record, and we were excited to introduce remarkable new products to our strongest lineup ever. That included the addition of the iPhone 17e and the M4-powered iPad Air, along with the launch of MacBook Neo, which is captivating customers all around the world.”
“Our strong business performance during the March quarter generated over $28 billion in operating cash flow and drove new March quarter records for both operating cash flow and EPS,” said Kevan Parekh, Apple’s CFO. “Continued strong customer demand for our products and services once again helped us achieve a new all-time high for our installed base of active devices across all major product categories and geographic segments.”
Apple’s board of directors has declared a cash dividend of $0.27 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 14, 2026, to shareholders of record as of the close of business on May 11, 2026. The board of directors has also authorized an additional program to repurchase up to $100 billion of the Company’s common stock.
Apple will provide live streaming of its Q2 2026 financial results conference call beginning at 2:00 p.m. PT on April 30, 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 the Company’s plan for return of capital, 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.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
Three Months Ended
Six Months Ended
March 28, 2026
March 29, 2025
March 28, 2026
March 29, 2025
Net sales:
Products
$
80,208
$
68,714
$
193,951
$
166,674
Services
30,976
26,645
60,989
52,985
Total net sales (1)
111,184
95,359
254,940
219,659
Cost of sales:
Products
49,179
44,030
116,657
103,477
Services
7,224
6,462
14,271
13,040
Total cost of sales
56,403
50,492
130,928
116,517
Gross margin
54,781
44,867
124,012
103,142
Operating expenses:
Research and development
11,419
8,550
22,306
16,818
Selling, general and administrative
7,477
6,728
14,969
13,903
Total operating expenses
18,896
15,278
37,275
30,721
Operating income
35,885
29,589
86,737
72,421
Other income/(expense), net
(52)
(279)
98
(527)
Income before provision for income taxes
35,833
29,310
86,835
71,894
Provision for income taxes
6,255
4,530
15,160
10,784
Net income
$
29,578
$
24,780
$
71,675
$
61,110
Earnings per share:
Basic
$
2.02
$
1.65
$
4.87
$
4.06
Diluted
$
2.01
$
1.65
$
4.85
$
4.05
Shares used in computing earnings per share:
Basic
14,673,278
14,994,082
14,710,718
15,037,903
Diluted
14,725,873
15,056,133
14,768,115
15,103,499
(1) Net sales by reportable segment:
Americas
$
45,093
$
40,315
$
103,622
$
92,963
Europe
28,055
24,454
66,201
58,315
Greater China
20,497
16,002
46,023
34,515
Japan
8,401
7,298
17,814
16,285
Rest of Asia Pacific
9,138
7,290
21,280
17,581
Total net sales
$
111,184
$
95,359
$
254,940
$
219,659
(1) Net sales by category:
iPhone
$
56,994
$
46,841
$
142,263
$
115,979
Mac
8,399
7,949
16,785
16,936
iPad
6,914
6,402
15,509
14,490
Wearables, Home and Accessories
7,901
7,522
19,394
19,269
Services
30,976
26,645
60,989
52,985
Total net sales
$
111,184
$
95,359
$
254,940
$
219,659
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
March 28, 2026
September 27, 2025
ASSETS:
Current assets:
Cash and cash equivalents
$
45,572
$
35,934
Marketable securities
22,935
18,763
Accounts receivable, net
30,339
39,777
Vendor non-trade receivables
23,172
33,180
Inventories
6,747
5,718
Other current assets
15,349
14,585
Total current assets
144,114
147,957
Non-current assets:
Marketable securities
78,088
77,723
Property, plant and equipment, net
50,116
49,834
Intangible assets, net
21,334
11,093
Other non-current assets
77,430
72,634
Total non-current assets
226,968
211,284
Total assets
$
371,082
$
359,241
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities:
Accounts payable
$
57,349
$
69,860
Other current liabilities
57,654
66,387
Deferred revenue
9,331
9,055
Commercial paper
1,997
7,979
Term debt
8,310
12,350
Total current liabilities
134,641
165,631
Non-current liabilities:
Term debt
74,404
78,328
Other non-current liabilities
55,546
41,549
Total non-current liabilities
129,950
119,877
Total liabilities
264,591
285,508
Commitments and contingencies
Shareholders’ equity:
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,667,688 and 14,773,260 shares issued and outstanding, respectively
99,507
93,568
Retained earnings/(Accumulated deficit)
12,359
(14,264)
Accumulated other comprehensive loss
(5,375)
(5,571)
Total shareholders’ equity
106,491
73,733
Total liabilities and shareholders’ equity
$
371,082
$
359,241
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
March 28, 2026
March 29, 2025
Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances
$
35,934
$
29,943
Operating activities:
Net income
71,675
61,110
Adjustments to reconcile net income to cash generated by operating activities:
Depreciation and amortization
6,653
5,741
Share-based compensation expense
7,122
6,512
Other
(1,717)
(2,217)
Changes in operating assets and liabilities:
Accounts receivable, net
9,295
7,266
Vendor non-trade receivables
10,008
9,171
Inventories
(1,084)
858
Other current and non-current assets
(14,329)
(4,371)
Accounts payable
(12,297)
(14,604)
Other current and non-current liabilities
7,301
(15,579)
Cash generated by operating activities
82,627
53,887
Investing activities:
Purchases of marketable securities
(32,432)
(12,442)
Proceeds from maturities of marketable securities
18,691
26,587
Proceeds from sales of marketable securities
8,615
5,210
Payments for acquisition of property, plant and equipment
(4,344)
(6,011)
Other
(1,584)
(635)
Cash generated by/(used in) investing activities
(11,054)
12,709
Financing activities:
Payments for taxes related to net share settlement of equity awards
(3,252)
(3,205)
Payments for dividends and dividend equivalents
(7,743)
(7,614)
Repurchases of common stock
(36,989)
(49,504)
Repayments of term debt
(7,914)
(4,009)
Repayments of commercial paper, net
(5,911)
(3,968)
Other
(126)
(77)
Cash used in financing activities
(61,935)
(68,377)
Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents
9,638
(1,781)
Cash, cash equivalents, and restricted cash and cash equivalents, ending balances