Filing Flows › Apple (AAPL) › Q4 FY26 › vs Q3 FY26
Apple (AAPL) Q4 FY26 vs Q3 FY26 (quarter over quarter)
Apple's revenue rose $5.1B (+5%) from $109.4B in Q3 FY26 to $114.5B in Q4 FY26. The biggest changes: Products +$4.2B (+5%); Services +$834M (+3%). Gross margin 47.9% against 50.1% (-2.2 pts).
Apple, Q4 FY26: revenue $114.5B (+12% year over year), operating margin 31.1%, net earnings $30.7B, operating cash flow $28.1B. The chart draws each line against Q3 FY26, the increases inside each band.
Margins
| Q4 FY26 | Q3 FY26 | Change | |
|---|---|---|---|
| Gross margin | 47.9% | 50.1% | -2.2 pts |
| Operating margin | 31.1% | 32.6% | -1.5 pts |
| Net margin | 26.8% | 27.2% | -0.4 pts |
| Free cash flow margin | 22.6% | 29.2% | -6.6 pts |
Every line
| Line | Q4 FY26 | Q3 FY26 | Change | % |
|---|---|---|---|---|
| iPhone | $57.6B | $54.3B | $3.3B | +6% |
| Mac | $10.8B | $10.4B | $440M | +4% |
| Wearables, Home and Accessories | $8.3B | $7.9B | $417M | +5% |
| iPad | $6.2B | $6.2B | $38.0M | +0.6% |
| Products | $82.9B | $78.7B | $4.2B | +5% |
| Services | $31.6B | $30.7B | $834M | +3% |
| Revenue | $114.5B | $109.4B | $5.1B | +5% |
| Gross profit | $54.8B | $54.8B | $50.0M | +0.1% |
| Cost of revenue | $59.7B | $54.6B | $5.0B | +9% |
| Other income, net | $504M | $572M | −$68.0M | -12% |
| Operating profit | $35.6B | $35.7B | −$64.0M | -0.2% |
| Operating expenses | $19.2B | $19.1B | $114M | +0.6% |
| Pre-tax earnings | $36.1B | $36.3B | −$132M | -0.4% |
| Research & development | $11.7B | $11.7B | $1.0M | 0% |
| Sales & marketing | $5.5B | $5.0B | $468M | +9% |
| General & admin | $2.0B | $2.3B | −$355M | -15% |
| Net earnings | $30.7B | $29.8B | $922M | +3% |
| Income tax | $5.4B | $6.5B | −$1.1B | -16% |
| Depreciation & amortization | $3.5B | $3.3B | $130M | +4% |
| Share-based compensation | $3.3B | $3.4B | −$135M | -4% |
| Working capital & other | $9.3B | $2.1B | $7.2B | +336% |
| Operating cash flow | $28.1B | $34.4B | −$6.3B | -18% |
| Free cash flow (OCF − capex) | $25.9B | $31.9B | −$6.1B | -19% |
| Capital expenditures | $2.2B | $2.5B | −$213M | -9% |
Questions
How much did Apple's revenue grow quarter over quarter in Q4 FY26?
Apple's revenue rose $5.1B (+5%) from $109.4B in Q3 FY26 to $114.5B in Q4 FY26.
What drove Apple's revenue change in Q4 FY26?
Products +$4.2B (+5%); Services +$834M (+3%).