Apple's first report under CEO John Ternus: $114.5B revenue, record iPhone sales, and why the iPhone Duo is not in the numbers yet.
Apple said Monday, Nov. 2, 2026, that it earned $114.5 billion in revenue in its fiscal fourth quarter, up 12% from a year ago, in the first earnings report under CEO John Ternus. According to Apple's press release, iPhone sales hit a September-quarter record and Services reached an all-time high. The headline catch for U.S. buyers: the foldable iPhone Duo is not in these numbers at all.
How much did Apple make last quarter?
The quarter ended Sept. 26, 2026. Apple reported diluted earnings per share of $2.10, up 14%, and gross margin of 47.9%. Both figures include a boost from tariff refunds: about one percentage point of margin and $0.05 of earnings per share, according to Apple. Variety adds that the refunds followed a Supreme Court ruling that invalidated the tariffs.
Here is the segment breakdown as 9to5Mac listed it from Apple's figures:
- iPhone: $57.58 billion, up 17%
- Services: $31.57 billion, up 9.8%, a record
- Mac: $10.79 billion
- iPad: $6.23 billion
- Wearables, Home and Accessories: $8.30 billion
Net profit was $30.71 billion, per 9to5Mac. For the full fiscal year, CFO Kevan Parekh said revenue reached a record $479 billion. Apple generated $28 billion in operating cash flow in the quarter and returned $28 billion to shareholders. The board also declared a $0.27 per share dividend, payable Nov. 16 to shareholders of record on Nov. 12.
Is the iPhone Duo in these results?
No. The foldable went on sale in October, after the quarter closed, so its sales will first show up in the December quarter. Deadline notes that the quarter did include eight days of iPhone 18 Pro sales, and that Apple raised iPhone prices by $100 this year.
9to5Mac reports that Ternus told Reuters the Duo is supply constrained and that Apple cannot predict when supply and demand will balance. Apple Store shipping estimates have stayed at late January since the first pre-orders sold out on Oct. 16, according to 9to5Mac. If you want one for the holidays, that is the number that matters.
On the cracked-screen reports, Ternus said "a very small percentage" of Duo units came back with display issues, and Apple is replacing them, per the same report.
What is not confirmed yet?
A few things are still open. Apple has not said how many Duos it has sold or how many it can build. It has not said what share of units is affected by the display problem beyond "a very small percentage." And it has not said when delivery times will come down.
The forward guidance is also modest. Variety reports that Parekh expects December-quarter revenue to grow 7% to 10% and Services to grow 8% to 9%, which Variety describes as lower than analyst forecasts. Deadline notes that analysts see the December quarter as the real test, since it covers the first full stretch of iPhone 18 demand plus the Duo launch.
Our take: a strong quarter with a supply question attached
This is analysis, not reporting. The September numbers are good by any measure, and the tariff refund flatters them a little, so the cleaner story is the iPhone growth. The more interesting question is the next one. A phone people want, but cannot get until late January, is a nice problem to have for about a month. After that it becomes a risk that buyers drift to other foldables or simply wait.
For U.S. readers, the practical read is simple. If you are eyeing an iPhone 18 Pro, the quarter shows demand is healthy. If you want the Duo, expect to wait, and keep an eye on Apple's order page rather than third-party rumors.
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Picture credit: Apple
