Apple reports record September-quarter revenue, aided by tariff refunds
Apple posted a 12% year-over-year revenue increase to $114.5 billion for its fiscal 2026 fourth quarter, while one-time tariff refunds boosted earnings per share.
Apple (NASDAQ:AAPL) announced record September-quarter revenue of $114.5 billion for its fiscal 2026 fourth quarter, a 12% increase from a year earlier. The company said diluted earnings per share rose 14% to $2.10, with $0.05 of that gain attributed to tariff refunds. Gross margin reached 47.9%, including roughly one percentage point from the same refunds, and operating cash flow was $28 billion, all of which was returned to shareholders.
Analysts noted that the tariff refunds are a one-time item and should be excluded from trend analysis. Removing the refunds reduces EPS growth to about 11%, slightly below the revenue growth rate. The company’s regular share buybacks have historically helped per-share earnings outpace sales growth.
Looking ahead, Apple faces a critical holiday quarter with a broad product launch that includes new iPhone models, home hardware, updated Mac touch features, and a revamped Siri. While early-stage designs can increase production costs and pressure margins, maintaining a gross margin near the underlying 47% level would indicate the new lineup is not eroding profitability.
Investors are awaiting guidance for the December quarter, as the company did not provide forecasts during the earnings call.