On July 30, Eastern Time, Apple released its third fiscal quarter results as of June 27, 2026. The results showed that Apple achieved revenue of 109.42 billion US dollars in the third fiscal quarter, an increase of 16.4% compared to the previous year, higher than the analysts' expectation of 108.65 billion US dollars. This was the strongest performance in June for the company in its history. Net profit rose from 24.43 billion US dollars in the same period last year to 29.79 billion US dollars, an increase of 27%, with a diluted earnings per share of 2.02 US dollars, higher than the analysts' expectation of 1.89 US dollars. This included a favorable impact of 0.11 US dollars from US government tariff refunds. The gross margin reached 50.1%, higher than the market expectation of 47.9%, also including the positive contribution of tariff refunds. As of the end of the quarter, the company had 146.52 billion US dollars in cash and securities.

Revenue and profit both exceeded expectations, with iPhone and Mac achieving record levels for the same period

By product category, Apple CEO Tim Cook stated in the press release that the revenue of iPhone, Mac, and services business all showed double-digit growth, and all market regions achieved growth.

 iPhone revenue was 54.25 billion US dollars, an increase of 21.7% compared to the previous year, higher than the expected 53.86 billion US dollars, reaching a record high for the June quarter. The iPhone 17 series was the main driver.

 Mac revenue was 10.35 billion US dollars, an increase of 28.7% compared to the previous year, significantly higher than the expected 8.74 billion US dollars. It also reached a revenue record for the June quarter. The demand for MacBook Neo and MacBook Pro was strong, and Mac sales in emerging markets, especially in China, reached a record high.

 iPad revenue was 6.19 billion US dollars, a decrease of 5.9% compared to the previous year, lower than the expected 6.92 billion US dollars. Cook attributed this to the high base formed by the launch of budget-priced iPads last year.

 Wearable devices, home, and accessories revenue was 7.88 billion US dollars, an increase of 6.5% compared to the previous year, slightly higher than the expected 7.82 billion US dollars.

 Services revenue was 30.74 billion US dollars, an increase of 12.1% compared to the previous year, lower than the expected 31.22 billion US dollars, with a slowdown in growth compared to the previous fiscal quarter's 16%, but still reaching a record for the June quarter. Cloud services and payment services reached new highs.

By region, revenue in the Americas was 45.78 billion US dollars, an increase of 11% compared to the previous year; Europe was 29.4 billion US dollars, an increase of 22% compared to the previous year; the Greater China region was 18.82 billion US dollars, an increase of 22% compared to the previous year, lower than the expected 19.58 billion US dollars; Japan was 6.55 billion US dollars, an increase of 13.4% compared to the previous year; and the other regions in Asia-Pacific were 8.87 billion US dollars, an increase of 15.6% compared to the previous year. Apple stated that all geographical regions achieved double-digit growth and reached revenue records for the June quarter in each region.

Apple Chief Financial Officer Kevin Parekh stated that the earnings per share and operating cash flow in the third fiscal quarter were both at record highs for the same period in the company's history, with operating cash flow reaching 34.4 billion US dollars. The Apple Board announced a cash dividend of 0.27 US dollars per share.

Cook handed over to the supply chain response and the Siri AI and Apple Upgrade plans were advancing.

This earnings call was Tim Cook's last as the CEO. In his opening remarks, Cook said he was "never more confident about the company's future", and the senior vice president of hardware engineering, John Thunus, attended the call as the interim CEO, taking over such meetings from the next quarter. Cook said the handover was going smoothly, and Thunus was "an exceptional talent", the most suitable person to lead Apple.

Regarding the market's concern about supply chain issues, Cook said Apple was facing "a once-in-a-century flood of storage pricing environment", with storage prices increasing exponentially, which was the reason for Apple's price hikes for Mac and iPad. Cook disclosed that Apple is evaluating all supply source options, including seeking new DRAM suppliers, stating, "If there are more suppliers, it will be beneficial for us on the supply side as well as in terms of pricing." Apple's CFO, Kevin Parekh, said that the memory cost for the September quarter will further increase, and supply restrictions will "significantly intensify" the impact on iPhones, Macs, and iPads.

In terms of AI progress, Cook said that the developer test version and public test version of Siri AI received "extremely enthusiastic" user feedback, and the early users' evaluations were very good. Apple will offer an upgrade option for iCloud Plus, allowing users to purchase a more advanced package to use more AI functions. In the Chinese market, Apple was approved to launch the initial functions of Apple Intelligence last week and is advancing the related release; for Siri AI, more work needs to be done in the future. In the EU, Apple is closely cooperating with the European Commission to seek a plan to launch Siri AI locally.

Apple also announced the launch of a new device leasing program, Apple Upgrade, which is in collaboration with Klarna, allowing users to obtain Apple's latest products more conveniently through a leasing plan. Currently, it is only available in retail stores in the United States. In terms of investment, Apple announced this month a multi-year agreement of over 30 billion US dollars with Broadcom to jointly design and produce custom silicon components and wireless connection technologies. This is the largest single investment commitment for Apple's US manufacturing plan to date. Apple's advanced manufacturing center in Houston has begun assembling AI servers and will produce Mac Minis later this year.

Apple expects revenue in the fourth fiscal quarter to increase by 9% to 11% year-on-year, lower than analysts' expectations of 12.1%, mainly due to a 2.5 percentage point drag from foreign exchange headwinds and a significant intensification of supply restrictions. The expected gross margin for the fourth fiscal quarter is between 47% and 48%, with tariff refunds contributing approximately 1 percentage point. After the earnings report, Apple's post-market share price dropped by more than 8%. 

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