Apple Revenue Hits $109.4 Billion Ahead of Ternus’s First Earnings Call
Key Facts
Apple is preparing to discuss results for the fourth quarter of its 2026 fiscal year on a call scheduled for Monday, November 2, John Ternus’s first as chief executive. The company set the call for 2:00 p.m. Pacific time, or 5:00 p.m. Eastern time, according to its investor relations page. It comes after Ternus took the role on September 1, succeeding Tim Cook, whose third-quarter results call was his last appearance in that role. The date gives investors their first opportunity to hear Ternus present the company’s results and outlook as chief executive. Attention is focused on device performance, revenue expectations and how management is handling the supply constraints the company has disclosed.
Ternus took the helm after Apple announced a transition in April, under which Cook would become executive chairman of the board; the company said its board had unanimously approved the arrangement. Ternus joined Apple’s product design team in 2001, then became vice president of hardware engineering in 2013. In 2021, he joined the executive team as senior vice president of hardware engineering before taking over as chief executive in September. He also joined the board on the same date, under the succession plan announced by the company. His long career at Apple puts the call in the context of an internal leadership transition, while the results and outlook will be his first public test before investors as chief executive.
In the fiscal third quarter ended June 27, Apple posted revenue of $109.4 billion, up 16% from the same period a year earlier. iPhone revenue was $54.252 billion, compared with $44.582 billion a year earlier, while services revenue rose to $30.739 billion from $27.423 billion. The company said iPhone, Mac and services revenue reached June-quarter records, and its installed base of active devices reached an all-time high across product categories and geographic regions. Cook called the results “the strongest June quarter in our history,” citing double-digit growth in iPhone, Mac and services revenue and in every geographic region. The results give Ternus a strong base to present on his first call, while attention remains on whether sales momentum will continue in the next quarter.
Gross margin was 50.1% in the third quarter, including a positive impact of about two percentage points from tariff refunds, according to Apple’s statement. Diluted earnings per share rose 29% year over year to $2.02, also including a positive impact of $0.11 per share from those refunds. In its guidance for the quarter ended in September, management forecast revenue growth of between 9% and 11% from a year earlier. It said supply constraints would affect iPhone, Mac and iPad, with the impact becoming more apparent compared with the prior quarter. Apple attributed the constraints to strong demand, limited flexibility in the supply chain and the availability of advanced chip manufacturing capacity, while Cook said the company was evaluating alternative memory suppliers.
Supply constraints also featured in the market’s reaction to the third-quarter results: Apple shares fell $7.52, or 2.3%, to $325.91 in after-hours trading following the July 30 results announcement, according to the Associated Press. On October 27, the shares closed at $347.1, according to EL7 data. The next call will take place after leadership formally passed to Ternus, but will cover results for a quarter that ended in September and the company’s outlook for the following period. It is scheduled to begin on November 2 at 2:00 p.m. Pacific time, or 5:00 p.m. Eastern time. Apple will present its fourth-quarter 2026 fiscal-year results on the call.