Apple posts first close above $5 trillion, joining Nvidia
Key Facts
Apple recorded its first close with a market value above $5 trillion on Wednesday, October 14, 2026, joining Nvidia as the second company to achieve the milestone, according to The Wall Street Journal. Its market capitalization stood at $5.005 trillion at the end of the session, according to Dow Jones data cited by the newspaper for that day's close. The newspaper described Apple as the "second company to close above the $5 trillion mark," after Nvidia reached that level first. Apple had crossed the threshold during trading on 6 previous occasions but had failed to retain that valuation through the end of any of those sessions. The company's shares ended Wednesday at a record close, this time with its market value holding above the threshold it had previously touched during trading.
The milestone followed Apple's results for its fiscal June quarter ended June 27, 2026, which showed year-on-year increases in revenue and earnings. The company said in its earnings release that quarterly revenue totaled $109.4 billion, up 16% from the same period a year earlier. Diluted earnings per share were $2.02 for the same quarter, up 29% year on year, according to the company's release. Apple reported net income of $29,789 million for the period ended in June, according to the consolidated financial statements accompanying its earnings announcement. That compared with net income of $23,434 million in the fiscal quarter ended June 28, 2025, as revenue growth coincided with increases in earnings and earnings per share.
Across the company's businesses, iPhone sales increased in the June quarter alongside higher services revenue, according to Apple's published consolidated financial statements. iPhone revenue totaled $54,252 million in the fiscal quarter ended June 27, 2026, as part of the company's overall business during that period. Revenue from the phones had totaled $44,582 million in the comparable period ended June 28, 2025, before the increase recorded in the latest reported quarter. The services business generated revenue of $30,739 million in the fiscal June quarter, according to the figures the company reported for that business in its financial statements. That revenue rose from $27,423 million in the same period a year earlier, alongside the increase in phone sales.
On profitability, Apple's gross margin was 50.1% in the fiscal June quarter, according to the company's earnings release for the period ended June 27, 2026. The margin benefited from tariff refunds the company received, a factor Apple identified in presenting its quarterly results and explaining its gross profitability. The company estimated that the refunds contributed about 2 percentage points to the margin reported for the period. Meanwhile, Apple's research and development spending totaled $11,729 million in the June quarter, according to its consolidated financial statements. That spending rose from $8,866 million in the quarter ended June 28, 2025, during a period in which the company also recorded increases in revenue and net income.
On management, the close above the threshold came under John Ternus, who became Apple's chief executive effective September 1, 2026. The company had set that date for his appointment in its official announcement of the executive leadership transition. On products, Apple announced its new Home View device as part of its expansion into smart home products, according to the device's launch announcement. The company said Home View runs on Apple Intelligence, with the AI-powered Siri assistant, in its description of the technology underpinning the product. Apple presented the device as a way to enjoy entertainment content and manage the home in its announcement of the new product, which expands its presence in the field.
On its product rollout schedule, Apple set Friday, October 16, as the date for iPhone Duo pre-orders to open, according to its announcement for the phone. The company set 5 a.m. Pacific Time as the start time for accepting orders from customers wishing to reserve the device. For Home View, Apple announced the start of pre-orders for the new device in its introduction announcement, alongside the date it would become available in the announced markets. The company said in its statement: "Pre-orders begin today, with availability starting November 13." Apple's announced schedule thus includes the opening of phone reservations in October, followed by the smart home device's availability starting November 13, as part of its product rollout under the new leadership.