Apple posted a stronger March quarter than expected, with revenue reaching $111.2 billion for its fiscal second quarter of 2026, up 17% from the same period last year. The company also reported $29.58 billion in net profit and $2.01 in diluted earnings per share, helped by record March quarter revenue for iPhone, total company revenue, and EPS.
Apple had previously guided for year-over-year revenue growth between 13% and 16%, but the final numbers came in above that range. The result gives investors a clearer look at where Apple’s business is strongest right now: iPhone demand remains high, Services keeps expanding, and the company’s active device base continues to grow across major product categories and regions.
Record March quarter revenue
Apple’s iPhone business delivered $56.99 billion in revenue, making it the largest contributor to the quarter. Services followed with $30.98 billion, setting another all-time record for the category. Mac revenue reached $8.40 billion, iPad revenue came in at $6.91 billion, and Wearables, Home, and Accessories brought in $7.90 billion.
Yahoo Finance had reported that analysts expected Apple to post average earnings per share of $1.94 on revenue of $109.73 billion. Apple cleared both estimates with $2.01 in EPS and $111.2 billion in revenue.
Apple CEO Tim Cook said the quarter reflected broad demand across regions and product lines.
“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. 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.”
Cook’s comments point to a quarter where Apple did not rely on one product line alone. The iPhone 17 lineup drove hardware demand, while Services continued to add recurring revenue on top of Apple’s installed base.
Kevan Parekh points to cash flow and device growth
Apple CFO Kevan Parekh focused on cash flow, earnings growth, and the company’s expanding device base.
“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. 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.”
That installed base matters because it supports Apple’s Services revenue, including App Store purchases, iCloud, Apple Music, Apple TV+, AppleCare, and other subscriptions. A larger active device base gives Apple more room to grow paid services even when hardware sales move unevenly between quarters.
Apple also raised its quarterly dividend by 4% to $0.27 per share, payable on May 14, 2026, to shareholders of record as of May 11. The board also approved another share repurchase program of up to $100 billion, showing that Apple still has enough cash strength to return capital while funding product development and services growth.
