Apple’s second fiscal quarter of 2026 was widely expected to be a big one, fueled by unusually strong demand for the iPhone 17 lineup and the company’s recent sales momentum. Based on the latest earnings release, Apple didn’t just meet the moment—it turned in another record-setting quarter, topping analyst expectations across every major revenue line.
For Q2 2026, Apple posted total revenue of $111.18 billion, up 16.6% year over year from $95.36 billion in Q2 2025. That figure also came in ahead of the Wall Street consensus estimate of $109.7 billion, reinforcing just how much strength Apple is seeing across its hardware and services businesses.
The iPhone remained the main engine of growth. iPhone revenue reached $56.994 billion, climbing 21.7% from $46.84 billion a year earlier. Expectations had been set around $56.70 billion, so even with a high bar, Apple still edged past forecasts—an outcome that points to sustained consumer demand and a strong product cycle.
Apple’s other product categories also moved higher year over year. Mac revenue came in at $8.399 billion, up 5.7% compared with $7.949 billion in the prior-year quarter, beating the consensus estimate of $8.16 billion. iPad revenue rose 8% to $6.914 billion versus $6.402 billion a year ago, outpacing expectations near $6.71 billion. Wearables, Home and Accessories delivered $7.901 billion, up 5% year over year from $7.522 billion, also slightly above the $7.8 billion estimate.
One of the biggest highlights was Services, which continues to be an increasingly important growth driver for Apple. Services revenue hit $30.976 billion, rising 16.3% from $26.645 billion in Q2 2025 and beating expectations that hovered around $30.4 billion. Apple also notched a new all-time record in Services revenue—an important milestone for investors watching the company’s recurring revenue streams and long-term margins.
In total, Apple generated $80.208 billion from its products segment and $30.976 billion from services, translating to year-over-year growth of 16.7% and 16.3%, respectively. The key takeaway: this quarter wasn’t carried by just one standout category. Apple showed broad-based strength, with every major segment exceeding estimates.
Profitability also stood out. Apple reported gross margin of $54.781 billion, or 49.27%, topping expectations of roughly 48.4%. The company spent $11.419 billion on research and development, reported net income of $29.578 billion, and ended the quarter with $45.572 billion in cash and cash equivalents.
Apple’s earnings per share for the quarter landed at $2.02, above the consensus expectation of $1.95. Combined with a revenue beat and stronger-than-expected margins, the results underline a quarter where Apple executed cleanly and benefited from strong demand trends—especially around the iPhone 17 lineup—while also extending its services growth streak.
Author note: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025.
As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover.
When I’m not writing, I’m traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
