Apple Beats as iPhone Revenue Hits $57.6B and EPS Reaches $2.10, but Wearables and China Miss

Apple (AAPL) reported fiscal fourth-quarter 2026 earnings of $2.10 per share on revenue of $114.48 billion, above Wall Street estimates of $2.00 and $113.47 billion. iPhone revenue of $57.58 billion beat the $56.49 billion estimate, while Wearables, Home and Accessories and Greater China fell short. It is the first earnings report under CEO John Ternus, who succeeded Tim Cook on Sept. 1. The company reported after the close on Monday, Nov. 2, and Apple shares were down about 1.7% before the release.

Results versus estimates

By our calculation, EPS beat by about 5%, revenue by about 0.9% and iPhone by about 1.9%, while Wearables missed by about 7.8% and Greater China by about 6.5%. Against the year-ago quarter, which had revenue of about $102.46 billion and EPS of $1.85, revenue rose about 11.7% and EPS about 13.5%. Pre-earnings estimates implied roughly 15% iPhone growth.

What drove the quarter

• iPhone. About 50% of revenue, helped by the first nine days of iPhone 18 Pro and Pro Max sales, which fell inside the quarter. The iPhone Duo went on sale Oct. 23, after the quarter ended, so it will count in the December quarter.
• Services. $31.57 billion, matching the estimate and about 28% of revenue by our calculation, so Services did not add upside.
• Mac and iPad. By our calculation, the remainder after the other lines, which is Mac and iPad, was about $17.03 billion, versus pre-earnings estimates of roughly $16.5 billion for the two.
• Wearables. $8.30 billion, about $700 million below the $9 billion estimate.
• Greater China. $17.54 billion, about 6.5% below the estimate, which keeps attention on demand in the region.

The stock into the report

Apple traded about 1.7% lower, near $338.70, late Monday afternoon before the release, and is up about 27% for the year. The iPhone beat and in-line Services number set up a debate on whether Wearables and China weakness offsets the strength, and the market reaction will follow management's December-quarter outlook on the call.

What to watch

• The call. The 5:00 p.m. ET call is Ternus's first as CEO. Listen for December-quarter revenue growth, gross margin and operating expense guidance.
• iPhone 18 cycle. Early demand for iPhone 18 Pro and the iPhone Duo.
• Greater China. Whether the shortfall reflects timing or share loss.
• Margins. Gross margin guidance for the December quarter.
• Market context. See our Week Ahead preview, the analysis of the tech selloff, and our report on Palantir.

Sources: Apple's investor relations site and its fourth-quarter fiscal 2026 results release. Estimates come from FactSet and Bloomberg and may differ by source. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.