Apple (AAPL) Q3 2026 Earnings Report

The call highlighted strong demand and multiple record results — total company revenue (+16%), iPhone (+22%), Mac (+29%), and services (+12%) — along with robust profitability, cash generation, strategic U.S. investments and major AI product momentum (Siri AI). Key challenges include intensifying supply constraints tied to advanced SoC nodes, pronounced memory price inflation that pressures gross margins, FX headwinds, and some services/App Store softness (mobile gaming and regulatory impacts). Management provided conservative near-term guidance (September growth 9%-11%) reflecting these headwinds but emphasized continuing strong underlying demand and long-term AI and ecosystem opportunities.

For the September quarter Apple guided total company revenue growth of 9%–11% year‑over‑year, noting a ~2.5 percentage‑point sequential foreign‑exchange headwind from the June quarter and that supply constraints (impacting iPhone, Mac, and iPad) are expected to increase significantly; iPhone revenue was forecast to grow in the mid‑teens Y/Y (despite FX and supply headwinds) while services growth was expected to be largely similar to the June quarter after removing the ~2.5 percentage‑point FX drag. They forecast company gross margin of 47%–48% (including an expected ~1 percentage‑point benefit from tariff refunds), operating expenses of $19.1B–$19.4B, other income/expense around $350M (excluding mark‑to‑market on minority investments), and a tax rate near 16.5%, and reiterated that guidance assumes current tariff policies and no worsening of the global macro outlook.