Revenue Hits $102.5 Billion as iPhone 17 Demand Outpaces Supply
Apple reported fourth quarter earnings on Thursday that beat Wall Street expectations on both revenue and earnings per share, though the company fell slightly short in iPhone sales and revenue from China. The results come as Apple joins Microsoft and Nvidia in the $4 trillion market capitalization club — a milestone few companies have achieved.
For the quarter, Apple reported earnings per share of $1.85 on revenue of $102.5 billion, exceeding analyst forecasts of $1.77 per share and $102.2 billion in revenue. iPhone sales totaled $49.03 billion, just below the expected $49.3 billion. Despite this, CEO Tim Cook maintained an optimistic outlook for the months ahead, citing exceptional demand for the new iPhone 17.
Cook Projects Record-Breaking Holiday Quarter
On the company’s earnings call, Cook said Apple’s December quarter could deliver “the best ever” results for both overall revenue and iPhone sales. He added that the iPhone 17 lineup is experiencing supply constraints due to high demand, suggesting strong consumer interest despite a challenging macroeconomic environment.
“We expect the December quarter’s revenue to be the best ever for the company and the best ever for iPhone,” Cook said. He also projected that Apple’s business in China will return to growth in the first quarter, noting that early sales trends for the iPhone 17 have been encouraging in the region.
Strong Fiscal Year Closes with Record Installed Base
Apple CFO Kevan Parekh described the September quarter as the close of a record-breaking fiscal year, with annual revenue reaching $416 billion and double-digit earnings growth. “Our installed base of active devices also reached a new all-time high across all product categories and geographic segments,” Parekh said, crediting high customer satisfaction and loyalty.
The quarter reflects solid performance across Apple’s ecosystem, including its services and wearables segments, which continue to diversify the company’s revenue base beyond hardware sales. Analysts note that Apple’s long-term growth remains tied to its ability to innovate within the iPhone lineup while expanding into new categories like mixed reality and AI-driven services.
iPhone 17 Marks a Transition Year
The iPhone 17 family introduces notable design and performance improvements, particularly in the Pro and Pro Max models. Apple also replaced its iPhone Plus model with the new iPhone Air, featuring a thinner and lighter frame aimed at broadening appeal among mainstream buyers. Because the devices launched just weeks before the end of the fiscal quarter, their full impact will be reflected in upcoming reports.
Apple shares were little changed following the results, holding around $270 in after-hours trading. Investors appear confident in Cook’s forecast for a strong holiday season and continued momentum heading into 2026.