Filing Flows › Apple (AAPL) › Q3 FY26 › vs Q2 FY26
Apple (AAPL) Q3 FY26 vs Q2 FY26 (quarter over quarter)
Apple's revenue fell $1.8B (-2%) from $111.2B in Q2 FY26 to $109.4B in Q3 FY26. The biggest changes: Products −$1.5B (-2%); Services −$237M (-0.8%). Gross margin 50.1% against 49.3% (+0.8 pts).
Apple, Q3 FY26: revenue $109.4B (+16% year over year), operating margin 32.6%, net earnings $29.8B, operating cash flow $34.4B. The chart draws each line against Q2 FY26, the increases inside each band.
Margins
| Q3 FY26 | Q2 FY26 | Change | |
|---|---|---|---|
| Gross margin | 50.1% | 49.3% | +0.8 pts |
| Operating margin | 32.6% | 32.3% | +0.3 pts |
| Net margin | 27.2% | 26.6% | +0.6 pts |
| Free cash flow margin | 29.2% | 24.0% | +5.1 pts |
Every line
| Line | Q3 FY26 | Q2 FY26 | Change | % |
|---|---|---|---|---|
| iPhone | $54.3B | $57.0B | −$2.7B | -5% |
| Mac | $10.4B | $8.4B | $2.0B | +23% |
| Wearables, Home and Accessories | $7.9B | $7.9B | −$18.0M | -0.2% |
| iPad | $6.2B | $6.9B | −$723M | -10% |
| Products | $78.7B | $80.2B | −$1.5B | -2% |
| Services | $30.7B | $31.0B | −$237M | -0.8% |
| Revenue | $109.4B | $111.2B | −$1.8B | -2% |
| Gross profit | $54.8B | $54.8B | −$11.0M | 0% |
| Cost of revenue | $54.6B | $56.4B | −$1.8B | -3% |
| Other income, net | $572M | −$52.0M | $624M | — |
| Operating profit | $35.7B | $35.9B | −$190M | -0.5% |
| Operating expenses | $19.1B | $18.9B | $179M | +0.9% |
| Pre-tax earnings | $36.3B | $35.8B | $434M | +1% |
| Research & development | $11.7B | $11.4B | $310M | +3% |
| Sales & marketing | $5.0B | $5.2B | −$167M | -3% |
| General & admin | $2.3B | $2.3B | $36.0M | +2% |
| Net earnings | $29.8B | $29.6B | $211M | +0.7% |
| Income tax | $6.5B | $6.3B | $223M | +4% |
| Depreciation & amortization | $3.3B | $3.4B | −$119M | -3% |
| Share-based compensation | $3.4B | $3.5B | −$127M | -4% |
| Working capital & other | $2.1B | $7.8B | −$5.7B | -73% |
| Operating cash flow | $34.4B | $28.7B | $5.7B | +20% |
| Free cash flow (OCF − capex) | $31.9B | $26.7B | $5.2B | +19% |
| Capital expenditures | $2.5B | $2.0B | $484M | +25% |
Questions
How much did Apple's revenue grow quarter over quarter in Q3 FY26?
Apple's revenue fell $1.8B (-2%) from $111.2B in Q2 FY26 to $109.4B in Q3 FY26.
What drove Apple's revenue change in Q3 FY26?
Products −$1.5B (-2%); Services −$237M (-0.8%).