Apple reported fiscal Q4 2026 revenue of $114.48 billion on November 2, up 12% from a year earlier and ahead of the $113.39 billion LSEG estimate, with diluted EPS of $2.10 against $1.99 expected.The Apple reported fiscal Q4 2026 revenue of $114.48 billion on November 2, up 12% from a year earlier and ahead of the $113.39 billion LSEG estimate, with diluted EPS of $2.10 against $1.99 expected.The
Apple Q4 2026 Earnings Results: Revenue vs Estimates, December-Quarter Guidance and Stock Reaction
Apple reported fiscal Q4 2026 revenue of $114.48 billion on November 2, up 12% from a year earlier and ahead of the $113.39 billion LSEG estimate, with diluted EPS of $2.10 against $1.99 expected.
The beat was not what moved the stock. Apple guided December-quarter gross margin to 45%–46%, down from 47.9%, because of higher memory-chip costs, and Services growth to 8%–9%, below the roughly 10.7% analysts expected.
Shares were little changed after the release, then fell about 4% during the conference call, Reuters reported.
On MEXC, the AAPLUSDT perpetual contract was down 2.8% at 9:00 p.m. ET.
Apple Q4 2026 Results vs Estimates
- Revenue: $114.48 billion vs $113.39 billion expected (LSEG). Beat.
- EPS: $2.10 vs $1.99 expected. Beat, including $0.05 from tariff refunds; it still beats without them.
- iPhone: $57.58 billion vs $56.54 billion expected (LSEG). Beat, up 17.5%.
- Services: $31.57 billion vs $31.58 billion expected (LSEG). In line, up 9.8%.
- Gross margin: 47.9% vs 47.5% expected (LSEG), including about 1 percentage point from tariff refunds.
- December-quarter guidance: revenue growth of 7%–10%, Services growth of 8%–9% and gross margin of 45%–46%. Services came in below expectations.
Key Takeaways
- 13 for 13: Apple has now beaten revenue and EPS estimates in each of its last 13 reports, but the stock has fallen after 8 of the previous 12.
- Guidance decides: in the five previous reports where guidance came in below expectations, the stock fell every time; this report fits that pattern.
- Memory costs: CEO John Ternus, on his first call in the role, called current memory price moves unprecedented and expects costs to keep rising.
- iPhone and Mac strong: iPhone grew 17.5% and Mac 23.7%, while iPad and Wearables declined.
- MEXC reaction: AAPLUSDT swung between 348.44 and 324.23 USDT during the call hour and closed it at 327.86, down 3.3% from the 4:00 p.m. ET price.
Why Did Apple Stock Fall After Q4 2026 Earnings?
Apple stock fell because the outlook was weaker than the quarter. The December-quarter gross margin guide of 45%–46% is two to three points below Q4's 47.9% and below the 50.1% Apple reported in the June quarter.
On the call, CFO Kevan Parekh said the margin guide mainly reflects higher memory costs, plus some costs from the ramp of Siri AI. Ternus said the company saw higher memory costs than in the June quarter and expects them to keep rising after December.
The Services guide matters because Services is Apple's highest-margin business; growth of 8%–9% would be slower than the 9.8% just reported.
Tariff refunds also flattered the quarter. Apple said the refunds added about 1 point to gross margin and $0.05 to EPS, and that it has now received the vast majority of them, so that support will not repeat.
iPhone, Mac and Services: Q4 2026 Revenue by Segment
All figures come from Apple's Q4 2026 earnings release.
- iPhone: $57.58 billion, up 17.5%, a September-quarter record.
- Mac: $10.79 billion, up 23.7%.
- iPad: $6.23 billion, down 10.4%.
- Wearables, Home and Accessories: $8.30 billion, down 7.9%.
- Services: $31.57 billion, up 9.8%, an all-time high.
By region, Greater China revenue rose 21.0% to $17.54 billion, the Americas 10.2% and Europe 11.5%, while Japan slipped 1.4%.
Net income rose 11.8% to $30.71 billion. Apple returned $28 billion to shareholders in the quarter and declared a $0.27 dividend, payable November 16 to holders of record on November 12.
For fiscal 2026 as a whole, revenue rose 15.1% to a record $478.83 billion and diluted EPS rose 20.4% to $8.98.
What Is Apple's Guidance for the December Quarter?
- Revenue: up 7% to 10% from a year earlier, which Parekh said would be the best revenue quarter in Apple's history.
- Services: up 8% to 9%.
- Gross margin: 45% to 46%.
- Operating expenses: $20.4 billion to $20.8 billion.
- Tax rate: about 17%.
Ternus said higher memory costs will be partly offset by price increases and inventory bought earlier at lower prices. He also called the new iPhone Duo the most transformational iPhone since the original, and said supply is constrained.
How Does This Compare With Apple's Past Earnings Reactions?
Our Apple earnings date and results history tracks the last 12 reports before this one.
- Beats: Apple beat revenue and EPS estimates in all 12.
- Reaction: the stock rose the next day only 4 times and fell 8 times, with an average move of 2.3% either way.
- Guidance pattern: in the five reports where guidance came in below expectations, the stock fell every time.
The last report is the closest comparison. In July, Apple beat estimates but guided September-quarter revenue growth of 9%–11% against about 12% expected, and the stock fell 7.4% the next day.
This time the revenue guide held up better, but the margin and Services guides fell short, so the reaction began on the call rather than at the release.
How AAPL Futures Reacted on MEXC
AAPLUSDT on MEXC trades 24/7, so the call-time move could be followed through the Asian morning.
MEXC AAPLUSDT hourly closes and turnover from 8:00 a.m. to 9:00 p.m. ET on November 2, 2026. Source: MEXC public futures API.
Price: the contract closed the 3:00–4:00 p.m. ET hour at 339.02 USDT and was flat at 339.28 an hour later, after the release. During the call hour it reached 348.44, up 2.8%, then fell as low as 324.23, down 4.4%, and closed the hour at 327.86. It stood at 329.42 at 9:00 p.m., down 2.83%.
Trading activity: turnover was about 1.67 million USDT in the release hour and 2.53 million USDT in the call hour, 6.5 and 9.9 times the hourly average of the preceding 24 hours.
Premium to index: hourly closes stayed within about 15 basis points of the index price, so the contract followed the stock's after-hours move.
Funding: AAPLUSDT settles every eight hours, and every settlement over the past two days was 0%, including the first one after the release at 00:00 UTC on November 3.
Following AAPL Through MEXC
The AAPLUSDT perpetual contract on MEXC offers a 24/7 market to follow Apple around earnings and outside Nasdaq hours, as covered in this guide to trading stock futures on MEXC.
Apple exposure is also available on MEXC spot through AAPLON, a tokenized representation of Apple stock.
For eligible users considering share ownership, MEXC RealStocks is a separate route; check availability and supported securities directly.
Perpetual contracts do not confer shareholder rights, including dividends, and carry funding, leverage and liquidation risks.
FAQ
Did Apple beat earnings expectations in Q4 2026?
Yes. Revenue of $114.48 billion beat the $113.39 billion LSEG estimate, and EPS of $2.10 beat the $1.99 expected. iPhone revenue also beat, while Services was in line.
Why is Apple stock down after earnings?
Apple guided December-quarter gross margin to 45%–46%, down from 47.9%, because of higher memory costs, and Services growth to 8%–9%, below the roughly 10.7% analysts expected. Shares fell about 4% during the call.
What is Apple's revenue guidance for Q1 fiscal 2027?
Apple expects December-quarter revenue to grow 7% to 10% from a year earlier, with Services up 8% to 9% and gross margin of 45% to 46%.
How much did tariff refunds add to Apple's earnings?
Apple said tariff refunds added $0.05 to EPS and about 1 percentage point to gross margin in Q4, and that it has now received the vast majority of the refunds.
How does Apple stock usually react to earnings?
Over the 12 reports before this one, Apple beat estimates every time but the stock fell the next day 8 times. It fell after all five reports where guidance came in below expectations.
How did AAPL futures react on MEXC?
AAPLUSDT was flat after the release, swung between 348.44 and 324.23 USDT during the call and stood at 329.42 USDT at 9:00 p.m. ET, down 2.83%, with funding unchanged at 0%.
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The articles shared on this page are sourced from public platforms and are provided for reference only. They do not represent the position or views of MEXC. All rights belong to James Mitchell. If you believe any content infringes upon the rights of a third party, please contact service@support.mexc.com for prompt removal. MEXC does not guarantee the accuracy, completeness, or timeliness of any content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be interpreted as a recommendation or endorsement by MEXC. For expert insights and in-depth analysis, visit MEXC Learn.
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