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Apple Set to Report Fiscal Fourth-Quarter Results Monday Evening in First Earnings Call for CEO John Ternus

Apple reports its fiscal fourth-quarter results after the market closes Monday, with analysts expecting about $113.4 billion in revenue. The call will be John Ternus's first as chief executive, and investors will look to the holiday-quarter outlook for signs on iPhone demand and rising component costs.

By admin Nov. 2, 2026 · 3:43 PM ET 2 min read

A dark smartphone lying face down on a light wooden desk beside a laptop keyboard

Apple reports its fiscal fourth-quarter results after the market closes on Monday, November 2, in the first earnings call hosted by John Ternus since he succeeded Tim Cook as chief executive in September.

Analysts expect revenue of about $113.4 billion for the three months ended September 26, up nearly 11% from $102.47 billion a year earlier, according to EBC Financial Group, citing FactSet and Visible Alpha estimates. Diluted earnings per share are expected at $1.99, compared with $1.85 in the same quarter a year earlier.

The revenue estimate sits near the top of Apple’s own guidance for 9% to 11% annual growth. Apple closed October 30 at $344.63 per share, near a $5 trillion market value, according to EBC.

iPhone sales and the holiday quarter

IPhone revenue is expected at about $56.4 billion, up about 15% from a year earlier. That growth would be slower than the roughly 22% rise to $54.3 billion in the June quarter. The September quarter included only nine days of sales of the iPhone 18 Pro and Pro Max, which went on sale September 18.

Rows of smartphones on display tables inside a bright electronics store with blurred shoppers in the background

Apple’s first foldable phone, the iPhone Duo, went on sale October 23, after the quarter ended, so its early sales will show up in the December-quarter results rather than in Monday’s report. Analysts expect about $88.9 billion in iPhone revenue in the December quarter, according to EBC, as Apple enters its main holiday selling period.

The back of a dark smartphone showing three camera lenses on a plain light surface

Services revenue, which covers the App Store, iCloud and subscriptions, is expected at about $31.7 billion, up almost 10% from a year earlier. In the June quarter, Services revenue was about $30.7 billion, up 12% from a year earlier.

Margins under pressure from costs

Apple has guided for a gross margin of 47% to 48% in the September quarter, down from 50.1% in the June quarter. EBC said rising memory prices and a smaller benefit from tariff refunds are pressing on profitability. The June-quarter margin included about two percentage points of tariff-refund benefits, while the September guidance assumes about one percentage point.

Services carries a higher margin than hardware. In the June quarter, its gross margin was 75.6%, compared with about 40.1% for products, according to EBC. How the two parts of the business mix in the September quarter will affect the overall margin result.

A modern curved glass office building with green lawns and walkways in front on a clear day

For the December quarter, Visible Alpha expects total revenue of about $153 billion and diluted earnings per share of $2.93, according to EBC. What Ternus says about holiday demand, production capacity and costs will give investors the clearest read yet on whether iPhone sales can offset higher component costs at the company’s current valuation.

Reporting based on coverage by EBC Financial Group.

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