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Apple (AAPL) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed May 1, 2026
Apple (AAPL) reported revenue of $111.2B for the second quarter fiscal 2026 (Q2 FY26), +17% from a year earlier and -23% from the quarter before. Operating margin was 32.3%, net earnings $29.6B (26.6% of revenue).
Apple, Q2 FY26: revenue $111.2B (+17% year over year), operating margin 32.3%, net earnings $29.6B, operating cash flow $28.7B. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $111.2B | -23% | +17% |
| Gross profit | $54.8B | -21% | +22% |
| Operating profit | $35.9B | -29% | +21% |
| Net earnings | $29.6B | -30% | +19% |
| Operating cash flow | $28.7B | -47% | +20% |
| Free cash flow | $26.7B | -48% | +28% |
What changed
Revenue was $111.2B in Q2 FY26, up 17% year over year and down 23% from the previous quarter. iPhone was the largest line at 51% of revenue. iPhone added $10.2B year over year (up 22%), 64% of the total change.
Gross margin was 49.3%, up 2.2 points from Q2 FY25. Operating profit was $35.9B, a 32.3% margin (up 1.2 points year over year). Of the extra revenue versus Q2 FY25, 40% reached operating profit, above the 31% margin then. Operating expenses grew 24% against revenue growth of 17%. The fastest-growing cost line was Research & development (+34%). Net earnings were $29.6B, up 19% year over year. The effective tax rate was 17.5%.
Operating cash flow was $28.7B (up 20% year over year), 97% of net earnings. Non-cash charges added back $3.4B of depreciation and amortization and $3.5B of share-based compensation. Working capital and other items used $7.8B. Capital expenditures of $2.0B left free cash flow of $26.7B.
Questions
What was Apple's revenue in the second quarter fiscal 2026?
Apple (AAPL) reported revenue of $111.2B for the second quarter fiscal 2026 (Q2 FY26), +17% from a year earlier and -23% from the quarter before.
Was Apple profitable in the second quarter fiscal 2026?
Operating profit was $35.9B (32.3% of revenue) and net earnings $29.6B.
Source: Apple 10-Q on SEC EDGAR.