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Apple Posts Record Fourth-Quarter Revenue and Profit in First Earnings Call Under CEO John Ternus; Says Siri AI Is "the Siri We've Always Wanted"

DevicesNovember 3, 20261 min read

Apple reported its fiscal fourth-quarter results (July to September 2026). Sales and profit hit record highs for a fourth quarter, and it was the first earnings call for new CEO John Ternus.

Record quarter for Apple

Apple said on November 2 (US time) that revenue rose 12% from a year earlier to $114.777 billion. That is the highest fourth-quarter revenue ever. Net profit rose 12% to $30.711 billion, or $2.10 per share, also a fourth-quarter record. In the full year, revenue rose 15% and profit rose 18%. Ternus, who took over from Tim Cook on September 1, talked about the new Siri AI and the iPhone Duo, a foldable phone.

Key numbers

iPhone sales: up 17% to $57.583 billion, a fourth-quarter record
Services: up 10% to $31.573 billion, the best quarter ever for this group
Mac: up 24% to $10.792 billion
iPad: down 10% to $6.229 billion
Wearables, home and accessories: down 8% to $8.3 billion

Why some products fell

The CFO, Kevan Parekh, said that supply was limited for iPhone, Mac and iPad. The iPad and wearables drop also came from a tough comparison. Last year at this time, Apple had just launched a new iPad and new Apple Watch SE 3 and AirPods Pro 3 models.

Why it matters

Apple is doing very well even with high memory costs. Memory chips now cost much more, and Ternus said costs will rise further in October to December. Apple raised prices on some Macs, iPads and iPhones to soften the blow. Its guidance for the next quarter is for record sales, but supply problems could slow growth.

What to watch

Siri AI usage limits: heavy users may later pay for extra access
Whether the iPhone Duo supply catches up with demand
Memory prices and how they affect Apple's profit margin, expected at 45% to 46%
Apple's acknowledged display problem on some iPhone Duo units, which the call did not address
Next quarter: Apple expects revenue up 7% to 10%

Glossary

Siri AI: Apple's new AI version of its voice assistant Siri, which answers requests and is planned to gain more abilities.
iPhone Duo: Apple's new foldable iPhone, which opens and closes like a book.
CFO: Chief Financial Officer, the company leader in charge of money matters.
Memory: Computer chips that store data for devices; their higher prices raise the cost of making phones and computers.

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