Record $111.2B quarter and $100B buyback at Apple (NASDAQ: AAPL)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Apple Inc. reported record March-quarter results for its fiscal second quarter ended March 28, 2026, with revenue of $111.2 billion, up 17% year over year. Diluted EPS was $2.01, up 22%.
Products generated $80.2 billion and Services $31.0 billion in net sales, with Services reaching an all-time high. Net income was $29.6 billion, and operating cash flow exceeded $28 billion for the quarter, setting new March‑quarter records for both operating cash flow and EPS.
Apple’s board raised the quarterly cash dividend to $0.27 per share, a 4% increase, and authorized an additional $100 billion share repurchase program. The company highlighted double‑digit growth across every geographic segment and record iPhone March‑quarter revenue driven by the iPhone 17 lineup.
Positive
- Record financial performance: Fiscal Q2 2026 revenue reached $111.2 billion, up 17% year over year, with diluted EPS of $2.01 up 22% and record March‑quarter operating cash flow and earnings.
- Strength in iPhone and Services: iPhone delivered a March‑quarter revenue record at $56.994 billion, while Services hit an all‑time high of $30.976 billion, supporting a larger, higher‑margin recurring revenue base.
- Large capital return program: Apple raised its quarterly dividend 4% to $0.27 per share and received board authorization for an additional $100 billion share repurchase program, signaling confidence in future cash generation.
Negative
- None.
Insights
Apple posts record March quarter, boosts dividend and adds $100B buyback.
Apple delivered fiscal Q2 2026 revenue of $111.2 billion, up 17% year over year, with diluted EPS of $2.01, up 22%. Growth was broad-based, with double‑digit increases across all geographic segments and record March‑quarter iPhone revenue.
Services revenue reached an all‑time high of $30.976 billion, reinforcing Apple’s higher‑margin recurring revenue base. Quarterly net income of $29.578 billion and operating cash flow over $28 billion underline strong profitability and cash generation in a competitive hardware and services market.
The board increased the quarterly dividend to $0.27 per share, a 4% rise, and authorized an additional $100 billion share repurchase program. These capital-return actions, alongside record March‑quarter EPS, indicate confidence in ongoing cash generation, while future performance will be reflected in subsequent 2026 filings and calls.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Quarterly revenue: $111.2B
Diluted EPS: $2.01
Net income: $29.578B
+4 more
7 metrics
Quarterly revenue
$111.2B
Fiscal Q2 2026, up 17% year over year
Diluted EPS
$2.01
Fiscal Q2 2026, up 22% year over year
Net income
$29.578B
Fiscal Q2 2026
Services revenue
$30.976B
Fiscal Q2 2026 all-time high
iPhone revenue
$56.994B
Fiscal Q2 2026 March‑quarter record
New buyback authorization
$100B
Additional share repurchase program approved by board
Quarterly dividend
$0.27/share
Cash dividend per share, 4% increase
Key Terms
diluted earnings per share, operating cash flow, share repurchase program, deferred revenue, +1 more
5 terms
operating cash flow financial
"Our strong business performance during the March quarter generated over $28 billion in operating cash flow"
Operating cash flow is the amount of money a company earns from its main business activities, like selling products or services. It shows how well the company can generate cash to pay bills, invest in growth, or return money to shareholders. This figure helps investors understand if the company’s core operations are healthy and sustainable.
deferred revenue financial
"Deferred revenue | 9,331 | | | 9,055 |"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
forward-looking statements regulatory
"This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Earnings Snapshot
Revenue: $111.2B
Q2 2026
Revenue
$111.2B
+17% year over year
Diluted EPS
$2.01
+22% year over year
Net income
$29.578B
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of Registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
(408 ) 996-1010
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 30, 2026, Apple Inc. (“Apple”) issued a press release regarding Apple’s financial results for its second fiscal quarter ended March 28, 2026. A copy of Apple’s press release is attached hereto as Exhibit 99.1.
The information contained in this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
| Exhibit Number | Exhibit Description | |||||||
| 99.1 | Press release issued by Apple Inc. on April 30, 2026. | |||||||
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K. | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: | April 30, 2026 | Apple Inc. | |||||||||||||||
| By: | /s/ Kevan Parekh | ||||||||||||||||
| Kevan Parekh | |||||||||||||||||
| Senior Vice President, Chief Financial Officer | |||||||||||||||||
Exhibit 99.1
Apple reports second quarter results
March quarter records for total company revenue, iPhone revenue, and EPS
Services revenue reaches new all-time high
CUPERTINO, CALIFORNIA — Apple® today announced financial results for its fiscal 2026 second quarter ended March 28, 2026. The Company posted quarterly revenue of $111.2 billion, up 17 percent year over year. Diluted earnings per share was $2.01, up 22 percent year over year.
“Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” said Tim Cook, Apple’s CEO. “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup. During the quarter, Services achieved yet another all-time record, and we were excited to introduce remarkable new products to our strongest lineup ever. That included the addition of the iPhone 17e and the M4-powered iPad Air, along with the launch of MacBook Neo, which is captivating customers all around the world.”
“Our strong business performance during the March quarter generated over $28 billion in operating cash flow and drove new March quarter records for both operating cash flow and EPS,” said Kevan Parekh, Apple’s CFO. “Continued strong customer demand for our products and services once again helped us achieve a new all-time high for our installed base of active devices across all major product categories and geographic segments.”
Apple’s board of directors has declared a cash dividend of $0.27 per share of the Company’s common stock, an increase of 4 percent. The dividend is payable on May 14, 2026, to shareholders of record as of the close of business on May 11, 2026. The board of directors has also authorized an additional program to repurchase up to $100 billion of the Company’s common stock.
Apple will provide live streaming of its Q2 2026 financial results conference call beginning at 2:00 p.m. PT on April 30, 2026, at apple.com/investor/earnings-call. The webcast will be available for replay for approximately two weeks thereafter.
Apple periodically provides information for investors on its corporate website, apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, reports filed or furnished with the SEC, information on corporate governance, and details related to its annual meeting of shareholders.
This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include without limitation those about the Company’s plan for return of capital, payment of the Company’s quarterly dividend and future business plans. These statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by the forward-looking statements. Risks and uncertainties include without limitation: effects of global and regional economic conditions, including as a result of government policies, trade and other international disputes, geopolitical tensions, conflict, terrorism, natural disasters, and public health issues; risks relating to the design, manufacture, introduction, and transition of products and services in highly competitive and rapidly changing markets, including from reliance on third parties for components, technology, manufacturing, applications, services, support, and content; risks relating to information technology system failures, network disruptions, and failure to protect, loss of, or unauthorized access to, or release of, data; and effects of unfavorable legal proceedings, government investigations, and complex and changing laws and regulations. More information on these risks and other potential factors that could affect the Company’s business, reputation, results of operations, financial condition, and stock price is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
Press Contact:
Josh Rosenstock
Apple
jrosenstock@apple.com
(408) 862-1142
Investor Relations Contact:
Suhasini Chandramouli
Apple
suhasini@apple.com
(408) 974-3123
NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.
© 2026 Apple Inc. All rights reserved. Apple and the Apple logo are trademarks of Apple. Other company and product names may be trademarks of their respective owners.
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and per-share amounts)
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||
| March 28, 2026 | March 29, 2025 | March 28, 2026 | March 29, 2025 | ||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||
| Products | $ | 80,208 | $ | 68,714 | $ | 193,951 | $ | 166,674 | |||||||||||||||
| Services | 30,976 | 26,645 | 60,989 | 52,985 | |||||||||||||||||||
Total net sales (1) | 111,184 | 95,359 | 254,940 | 219,659 | |||||||||||||||||||
| Cost of sales: | |||||||||||||||||||||||
| Products | 49,179 | 44,030 | 116,657 | 103,477 | |||||||||||||||||||
| Services | 7,224 | 6,462 | 14,271 | 13,040 | |||||||||||||||||||
| Total cost of sales | 56,403 | 50,492 | 130,928 | 116,517 | |||||||||||||||||||
| Gross margin | 54,781 | 44,867 | 124,012 | 103,142 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 11,419 | 8,550 | 22,306 | 16,818 | |||||||||||||||||||
Selling, general and administrative | 7,477 | 6,728 | 14,969 | 13,903 | |||||||||||||||||||
Total operating expenses | 18,896 | 15,278 | 37,275 | 30,721 | |||||||||||||||||||
Operating income | 35,885 | 29,589 | 86,737 | 72,421 | |||||||||||||||||||
Other income/(expense), net | (52) | (279) | 98 | (527) | |||||||||||||||||||
Income before provision for income taxes | 35,833 | 29,310 | 86,835 | 71,894 | |||||||||||||||||||
Provision for income taxes | 6,255 | 4,530 | 15,160 | 10,784 | |||||||||||||||||||
Net income | $ | 29,578 | $ | 24,780 | $ | 71,675 | $ | 61,110 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 2.02 | $ | 1.65 | $ | 4.87 | $ | 4.06 | |||||||||||||||
Diluted | $ | 2.01 | $ | 1.65 | $ | 4.85 | $ | 4.05 | |||||||||||||||
Shares used in computing earnings per share: | |||||||||||||||||||||||
Basic | 14,673,278 | 14,994,082 | 14,710,718 | 15,037,903 | |||||||||||||||||||
Diluted | 14,725,873 | 15,056,133 | 14,768,115 | 15,103,499 | |||||||||||||||||||
(1) Net sales by reportable segment: | |||||||||||||||||||||||
Americas | $ | 45,093 | $ | 40,315 | $ | 103,622 | $ | 92,963 | |||||||||||||||
Europe | 28,055 | 24,454 | 66,201 | 58,315 | |||||||||||||||||||
Greater China | 20,497 | 16,002 | 46,023 | 34,515 | |||||||||||||||||||
Japan | 8,401 | 7,298 | 17,814 | 16,285 | |||||||||||||||||||
Rest of Asia Pacific | 9,138 | 7,290 | 21,280 | 17,581 | |||||||||||||||||||
Total net sales | $ | 111,184 | $ | 95,359 | $ | 254,940 | $ | 219,659 | |||||||||||||||
(1) Net sales by category: | |||||||||||||||||||||||
iPhone | $ | 56,994 | $ | 46,841 | $ | 142,263 | $ | 115,979 | |||||||||||||||
Mac | 8,399 | 7,949 | 16,785 | 16,936 | |||||||||||||||||||
iPad | 6,914 | 6,402 | 15,509 | 14,490 | |||||||||||||||||||
Wearables, Home and Accessories | 7,901 | 7,522 | 19,394 | 19,269 | |||||||||||||||||||
Services | 30,976 | 26,645 | 60,989 | 52,985 | |||||||||||||||||||
Total net sales | $ | 111,184 | $ | 95,359 | $ | 254,940 | $ | 219,659 | |||||||||||||||
Apple Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except number of shares, which are reflected in thousands, and par value)
| March 28, 2026 | September 27, 2025 | ||||||||||
| ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 45,572 | $ | 35,934 | |||||||
Marketable securities | 22,935 | 18,763 | |||||||||
Accounts receivable, net | 30,339 | 39,777 | |||||||||
Vendor non-trade receivables | 23,172 | 33,180 | |||||||||
Inventories | 6,747 | 5,718 | |||||||||
Other current assets | 15,349 | 14,585 | |||||||||
Total current assets | 144,114 | 147,957 | |||||||||
Non-current assets: | |||||||||||
Marketable securities | 78,088 | 77,723 | |||||||||
Property, plant and equipment, net | 50,116 | 49,834 | |||||||||
| Intangible assets, net | 21,334 | 11,093 | |||||||||
Other non-current assets | 77,430 | 72,634 | |||||||||
Total non-current assets | 226,968 | 211,284 | |||||||||
Total assets | $ | 371,082 | $ | 359,241 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY: | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 57,349 | $ | 69,860 | |||||||
Other current liabilities | 57,654 | 66,387 | |||||||||
Deferred revenue | 9,331 | 9,055 | |||||||||
Commercial paper | 1,997 | 7,979 | |||||||||
Term debt | 8,310 | 12,350 | |||||||||
Total current liabilities | 134,641 | 165,631 | |||||||||
Non-current liabilities: | |||||||||||
Term debt | 74,404 | 78,328 | |||||||||
Other non-current liabilities | 55,546 | 41,549 | |||||||||
Total non-current liabilities | 129,950 | 119,877 | |||||||||
Total liabilities | 264,591 | 285,508 | |||||||||
Commitments and contingencies | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock and additional paid-in capital, $0.00001 par value: 50,400,000 shares authorized; 14,667,688 and 14,773,260 shares issued and outstanding, respectively | 99,507 | 93,568 | |||||||||
| Retained earnings/(Accumulated deficit) | 12,359 | (14,264) | |||||||||
| Accumulated other comprehensive loss | (5,375) | (5,571) | |||||||||
Total shareholders’ equity | 106,491 | 73,733 | |||||||||
Total liabilities and shareholders’ equity | $ | 371,082 | $ | 359,241 | |||||||
Apple Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
| Six Months Ended | |||||||||||
| March 28, 2026 | March 29, 2025 | ||||||||||
| Cash, cash equivalents, and restricted cash and cash equivalents, beginning balances | $ | 35,934 | $ | 29,943 | |||||||
| Operating activities: | |||||||||||
| Net income | 71,675 | 61,110 | |||||||||
| Adjustments to reconcile net income to cash generated by operating activities: | |||||||||||
| Depreciation and amortization | 6,653 | 5,741 | |||||||||
| Share-based compensation expense | 7,122 | 6,512 | |||||||||
| Other | (1,717) | (2,217) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable, net | 9,295 | 7,266 | |||||||||
| Vendor non-trade receivables | 10,008 | 9,171 | |||||||||
| Inventories | (1,084) | 858 | |||||||||
| Other current and non-current assets | (14,329) | (4,371) | |||||||||
| Accounts payable | (12,297) | (14,604) | |||||||||
| Other current and non-current liabilities | 7,301 | (15,579) | |||||||||
| Cash generated by operating activities | 82,627 | 53,887 | |||||||||
| Investing activities: | |||||||||||
| Purchases of marketable securities | (32,432) | (12,442) | |||||||||
| Proceeds from maturities of marketable securities | 18,691 | 26,587 | |||||||||
| Proceeds from sales of marketable securities | 8,615 | 5,210 | |||||||||
| Payments for acquisition of property, plant and equipment | (4,344) | (6,011) | |||||||||
| Other | (1,584) | (635) | |||||||||
| Cash generated by/(used in) investing activities | (11,054) | 12,709 | |||||||||
| Financing activities: | |||||||||||
| Payments for taxes related to net share settlement of equity awards | (3,252) | (3,205) | |||||||||
| Payments for dividends and dividend equivalents | (7,743) | (7,614) | |||||||||
| Repurchases of common stock | (36,989) | (49,504) | |||||||||
| Repayments of term debt | (7,914) | (4,009) | |||||||||
| Repayments of commercial paper, net | (5,911) | (3,968) | |||||||||
| Other | (126) | (77) | |||||||||
| Cash used in financing activities | (61,935) | (68,377) | |||||||||
| Increase/(Decrease) in cash, cash equivalents, and restricted cash and cash equivalents | 9,638 | (1,781) | |||||||||
| Cash, cash equivalents, and restricted cash and cash equivalents, ending balances | $ | 45,572 | $ | 28,162 | |||||||
| Supplemental cash flow disclosure: | |||||||||||
| Cash paid for income taxes, net | $ | 20,397 | $ | 31,683 | |||||||
FAQ
How did Apple (AAPL) perform in its fiscal Q2 2026 quarter?
Apple reported strong fiscal Q2 2026 results, with revenue of $111.2 billion, up 17% year over year, and diluted EPS of $2.01, up 22%. Net income reached $29.6 billion, and the company set March‑quarter records for operating cash flow and earnings.
How did iPhone and Services contribute to Apple’s Q2 2026 revenue?
In fiscal Q2 2026, Apple’s iPhone revenue reached $56.994 billion, a March‑quarter record driven by iPhone 17 demand. Services revenue was $30.976 billion, an all‑time high, underscoring the growing importance of recurring, higher‑margin services in Apple’s business mix.
What were Apple’s key profitability metrics for fiscal Q2 2026?
Apple generated $35.885 billion in operating income and $29.578 billion in net income for fiscal Q2 2026. Gross margin was $54.781 billion on total net sales of $111.184 billion, supporting record March‑quarter diluted EPS of $2.01 per share.
How did Apple’s geographic segments perform in fiscal Q2 2026?
All major regions grew year over year in fiscal Q2 2026. Americas revenue was $45.093 billion, Europe $28.055 billion, Greater China $20.497 billion, Japan $8.401 billion, and Rest of Asia Pacific $9.138 billion, reflecting broad-based double‑digit growth.
What does Apple’s balance sheet look like as of March 28, 2026?
As of March 28, 2026, Apple reported $45.572 billion in cash and cash equivalents and $22.935 billion in current marketable securities. Total assets were $371.082 billion, with total liabilities of $264.591 billion and shareholders’ equity of $106.491 billion.