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How Apple (AAPL) makes money

Apple (AAPL) made $114.5B of revenue in the fourth quarter fiscal 2026 (Q4 FY26). Products brought in $82.9B (72%); Services brought in $31.6B (28%). Of every dollar of revenue, 48¢ was left as gross profit, 31¢ was left as operating profit, 27¢ was left as net earnings.

Drawing the Sankey…

Apple revenue by segment, Q4 FY26Apple revenue by segment, Q4 FY26Products$82.9BServices$31.6B
Apple: revenue by line, Q1 FY25 to Q4 FY26Apple: revenue by line, Q1 FY25 to Q4 FY26ProductsServicesProducts: $82.9B latest$82.9BServices: $31.6B latest$31.6BQ1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Services went from 21% of revenue in Q1 FY25 to 28% in Q4 FY26, the largest shift in the mix.
Apple revenue by quarterApple revenue by quarter$124.3BQ1 FY25$95.4BQ2 FY25$94.0BQ3 FY25$102.5BQ4 FY25$143.8BQ1 FY26$111.2BQ2 FY26$109.4BQ3 FY26$114.5BQ4 FY26
Apple: where each dollar of revenue goesApple: where each dollar of revenue goesCost of revenue52¢Gross profit48¢Operating expenses17¢Operating profit31¢Income tax5¢Net earnings27¢Operating cash flow25¢Free cash flow23¢

Revenue by segment, Q4 FY26

SegmentRevenueShareQ/QY/Y
Products$82.9B72.4%+5%—
  ↳ iPhone$57.6B50.3%+6%—
  ↳ Mac$10.8B9.4%+4%—
  ↳ Wearables, Home and Accessories$8.3B7.3%+5%—
  ↳ iPad$6.2B5.4%+0.6%—
Services$31.6B27.6%+3%—

Where each dollar of revenue goes

LineQ4 FY26% of revenue
Revenue$114.5B100.0%
Cost of revenue$59.7B52.1%
Gross profit$54.8B47.9%
Operating expenses$19.2B16.8%
Operating profit$35.6B31.1%
Income tax$5.4B4.7%
Net earnings$30.7B26.8%
Operating cash flow$28.1B24.5%
Free cash flow$25.9B22.6%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q4 FY26$114.5B+12%
Q3 FY26$109.4B+16%
Q2 FY26$111.2B+17%
Q1 FY26$143.8B+16%
Q4 FY25$102.5B+8%
Q3 FY25$94.0B+10%
Q2 FY25$95.4B+5%
Q1 FY25$124.3B+4%

From Apple's 10-K filed Nov 3, 2026 (on EDGAR).

Questions

How does Apple make money?

Apple (AAPL) made $114.5B of revenue in the fourth quarter fiscal 2026 (Q4 FY26). Products brought in $82.9B (72%); Services brought in $31.6B (28%). Of every dollar of revenue, 48¢ was left as gross profit, 31¢ was left as operating profit, 27¢ was left as net earnings.

What is Apple's biggest business?

Products: $82.9B in the fourth quarter fiscal 2026, 72% of revenue.

What is Apple's profit margin?

Net earnings were $30.7B, 26.8% of revenue, in the fourth quarter fiscal 2026; the operating margin was 31.1%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.