Apple (AAPL) reported fiscal fourth-quarter revenue of $114.48B for the quarter ended Sept. 26, 2026, ahead of the analyst estimate of $113.40B, and EPS (earnings per share) of 2.05 against an estimate of 1.99. The detail worth a closer look is profitability: gross margin was 47.9%, lower than in the prior quarter. With a P/E of 39.47, the market is already paying a high price for steady results.
Key facts
- Nov. 2, 2026: Apple reported EPS of 2.05 against an analyst estimate of 1.99, a difference of +$0.06, or 3.0%.
- Nov. 2, 2026: Revenue of $114.48B compared with an analyst estimate of $113.40B, a difference of +$1.07B, or 0.9%.
- Quarter ended Sept. 26, 2026: Revenue rose 11.7% and net income rose 11.8% from the year-ago quarter.
- Nov. 11, 2026: The stock traded at 355.63 USD on the latest quote, up 2.04%. The 52-week range is 243.42-355.9 USD.
- Nov. 11, 2026: China Renaissance upgraded the stock from Hold to Buy.
- Next earnings date: Feb. 4, 2027, with an EPS estimate of 2.94 and a revenue estimate of $156.08B.
| Metric (Q4 FY2026, ended Sept. 26, 2026) | Latest | Year-ago quarter or estimate |
|---|---|---|
| Revenue | $114.48B | $102.47B year-ago |
| Operating income | $35.63B | $32.43B year-ago |
| Net income | $30.71B | $27.47B year-ago |
| Diluted EPS | 2.1 | 1.85 year-ago |
| Reported EPS | 2.05 | 1.99 analyst estimate |
What happened
Apple released its fiscal fourth-quarter results on Nov. 2, 2026, and filed its report the next day. Both revenue and EPS came in above analyst estimates, and both grew from the same quarter a year earlier.
The product detail shows where the growth came from. According to FMP's segment data, iPhone revenue was $57.58B, against $49.02B in the year-ago quarter. Mac revenue was $10.79B, against $8.73B. Those two lines moved up, and Service revenue also rose from the year-ago quarter.
Not every line grew. Wearables, Home and Accessories revenue was $8.30B, against $9.01B a year earlier. iPad revenue was $6.23B, against $6.95B.
By region, the Americas Segment brought in $48.68B, Europe $32.01B, and Greater China $17.54B. Japan contributed $6.54B and Rest of Asia Pacific $9.71B.
We were not given the company release for this piece, so we do not attribute management's reasons for the quarter's mix or margin here. The figures above come from FMP's financial data.
Why it matters for investors
The margin trend is the main story. Here is the five-quarter path, oldest to newest:
| Quarter | Revenue | Gross margin | Operating margin |
|---|---|---|---|
| Q4 FY2025, ended Sept. 27, 2025 | $102.47B | 47.2% | 31.6% |
| Q1 FY2026, ended Dec. 27, 2025 | $143.76B | 48.2% | 35.4% |
| Q2 FY2026, ended March 28, 2026 | $111.18B | 49.3% | 32.3% |
| Q3 FY2026, ended June 27, 2026 | $109.42B | 50.1% | 32.6% |
| Q4 FY2026, ended Sept. 26, 2026 | $114.48B | 47.9% | 31.1% |
Gross margin, the share of each sales dollar left after the direct cost of making products and delivering services, rose for three straight quarters and then dropped in the latest one. It is also higher than a year earlier. Operating margin in the latest quarter was 31.1%, lower than the 31.6% of the year-ago quarter even though revenue grew. In other words, operating income grew more slowly than revenue, while net income grew roughly in line with it. FMP's data does not say why.
Cash flow was solid but lower than the June quarter. Free cash flow, the cash left after capital spending, was $25.86B in the quarter ended Sept. 26, 2026. That compares with $31.91B in the quarter ended June 27, 2026, and $26.49B in the year-ago quarter. Operating cash flow was $28.10B and capital expenditure was -$2.24B.
Apple kept returning cash to shareholders. The cash flow statement shows buybacks of -$24.30B and dividends of -$3.94B in the quarter. A negative sign here means cash went out the door to shareholders. The dividend yield is only 0.3%, so buybacks are the larger channel.
The balance sheet is strong. Cash and short-term investments were $56.72B and total debt was $80.11B as of Sept. 26, 2026. FMP reports net debt of $43.81B. Shareholders' equity was $112.09B and debt/equity is 0.71. Financial strength scores are high: a Piotroski score of 9 on a 0-9 scale and an Altman Z of 13.13, where higher means lower bankruptcy risk.
Valuation versus peers. On a trailing 12-month basis Apple has a P/E of 39.47, price/sales of 10.79, EV/EBITDA of 30.19, and a net margin of 27.6%. The peers FMP lists are not close matches, since they are mostly broader electronics makers:
| Company | P/E | Net margin |
|---|---|---|
| Samsung Electronics (SSNLF) | 6.55 | 35.9% |
| Xiaomi (XIACF) | 20.24 | 7.5% |
| Panasonic Holdings (PCRFF) | 23.54 | 3.9% |
| Sony Group (SONY) | -208.35 | -1.0% |
Apple's P/E is the highest in this group. Its net margin is below Samsung's but well above the others.
What analysts say. Of 112 ratings, 1 is strong buy, 70 are buy, 32 are hold, 9 are sell and none are strong sell, for a consensus of Buy. The analyst consensus price target averages 341.94 USD, with a median of 352.50 USD, a high of 400.00 USD and a low of 245.00 USD. The latest quote of 355.63 USD is above both the average and the median target. Recent actions include Bernstein, JP Morgan and Argus Research each maintaining positive ratings on Nov. 3 and Nov. 4, UBS staying Neutral, and Barclays staying Underweight.
Our MoonshotScore. Stock Expert AI's MoonshotScore V2 for Apple is 90.5, rated Exceptional. The pillars, scored relative to the sector, are quality 96, momentum 88, growth 81, safety 68 and valuation 29. In plain terms, the business scores very well on profitability and price strength, while the price paid for it is the weak spot.
What could go wrong.
- Margins: gross margin is lower than in the prior quarter and operating margin is lower than a year earlier. If that continues, earnings could grow more slowly than revenue.
- Valuation: a P/E of 39.47 and a valuation pillar of 29 mean expectations are high. FMP's own discounted cash flow model, a model estimate and not a forecast from us, gives a value of 159.49 USD per share, far below the latest quote.
- Uneven products: Wearables, Home and Accessories and iPad revenue were lower than a year earlier.
- Insiders: among the 30 most recent Form 4 filings, those in the last 90 days show 0 open-market purchases and 18 sales. Insider sales are common at large companies and are not a signal on their own.
What to watch next
- Feb. 4, 2027: the next earnings date. The analyst estimates are EPS of 2.94 and revenue of $156.08B.
- Gross margin: whether it recovers toward the levels of the prior three quarters or stays lower.
- Longer-range estimates: for the period ending Dec. 26, 2027, the analyst consensus estimate is revenue of $170.58B and EPS of 3.25 from 6 analysts. For the period ending March 26, 2028, the estimate is revenue of $134.50B and EPS of 2.44 from 10 analysts.
- Free cash flow and buybacks: whether cash returns stay near the recent pace.
Frequently asked questions
Q: Did Apple beat earnings estimates in its latest quarter?
Yes. For the quarter ended Sept. 26, 2026, Apple reported EPS of 2.05 against an analyst estimate of 1.99, and revenue of $114.48B against an analyst estimate of $113.40B. Both were reported on Nov. 2, 2026.Q: Is Apple stock expensive compared with its peers?
On FMP's trailing 12-month data, Apple's P/E is 39.47, higher than Xiaomi (XIACF) at 20.24, Panasonic (PCRFF) at 23.54 and Samsung (SSNLF) at 6.55. Apple's net margin is 27.6%. Stock Expert AI's valuation pillar for Apple is 29, the lowest of its five pillars. This is a description of the data, not advice.Q: What do analysts expect for Apple's price?
The analyst consensus price target averages 341.94 USD, with a range from a low of 245.00 USD to a high of 400.00 USD. The stock traded at 355.63 USD on the latest quote on Nov. 11, 2026. Analyst targets are opinions and can change.This is educational content, not investment advice. Past performance does not guarantee future results.