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Apple Beats Forecasts, Stock Dips After Hours

Apple beat Wall Street forecasts for revenue and earnings on record iPhone and Services sales, yet the shares slipped after hours, with a tariff refund flattering part of the profit upside.

Apple (NASDAQ: AAPL) beat Wall Street’s September-quarter revenue and earnings forecasts, but shares fell about 0.7% in after-hours trading. The iPhone maker reported revenue of $114.5bn, up 12% from $102.5bn a year earlier.

Analysts had expected $113.35bn on average, so Apple came in about 1.0% ahead. Diluted earnings per share (EPS) of $2.10, up 14% from $1.85, compared with an average forecast of $1.99 from 28 analysts, and matched the top of the $1.93 to $2.10 range. Apple has beaten EPS estimates in each of the last four reported quarters.

The shares closed today’s regular session down 1.8% at $338.32.

AAPL.US

Apple said iPhone revenue of $57.6bn, against $49.0bn a year ago, was a September-quarter record, and Services, its subscriptions and software arm, reached an all-time high of $31.6bn from $28.8bn. Greater China sales rose about 21% to $17.5bn. Mac also grew, while iPad and Wearables, Home and Accessories fell.

Grouped bar chart comparing Apple revenue by product category in the September 2026 quarter and a year earlier; iPhone and Services up, iPad and Wearables down
Apple revenue by category, September quarter 2026 versus a year earlier ($ million). Source: Apple.

John Ternus, Apple’s chief executive, framed the quarter this way:

Today, Apple is proud to report a September quarter revenue record of $114.5 billion, up 12 percent from a year ago, with iPhone reaching a September quarter record and Services reaching an all-time high, capping off our best fiscal year ever

John Ternus, Apple

Part of the profit upside came from tariff refunds. Apple said they added about one percentage point to its 47.9% gross margin and $0.05 to EPS. Without them, EPS would have been about $2.05, still above the consensus. Inventories as of 26 September stood at $14.5bn, up from $5.7bn a year earlier.

For the December quarter, analysts forecast $153.15bn revenue and $2.91 EPS, up from $143.76bn and $2.84 a year ago. Those are analyst estimates, not Apple’s own targets.

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