Apple FY2026: $478.83B revenue, $8.98 EPS, inventory swells
Apple closed fiscal 2026 with $478.83 billion of revenue, up 15.1%, and $8.98 of diluted EPS, up 20.4% — a strong year, but not a spotless finish. Three things decide how you read this filing: Q4 gross margin slipped to 47.9% with roughly a point of help from tariff refunds, inventory jumped to $14.54 billion, and there is no numeric guidance anywhere in the release. Start with the scorecard, then the balance sheet.
1 · Expected vs. Actual
Free preview belowFull-year diluted EPS was $8.98 against $7.46, up 20.4%, and Q4 came in at $2.10 versus a $2.03 consensus — a beat of about $0.07, or 3.6%. EPS outgrew net income growth of 18.0% because the diluted share count fell to 14.72 billion from 15.00 billion. The Q4 number includes a $0.05 benefit from tariff refunds, so the underlying beat was thinner than it looks.
Full-year revenue was $478.83 billion against $416.16 billion, a 15.1% increase, and the September quarter set a record at $114.48 billion, up 11.7%. iPhone carried the quarter at $57.58 billion, up 17.5%, while iPad and Wearables each shrank slightly. Note that the structured feed carries a conflicting $114.48 billion 'full year' revenue figure; the income statement and the CFO's '$479 billion' comment support $478.83 billion, which is what I use here.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-03
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