Published: May 2026 | Ticker: AAPL | Quarter: Q2 FY2026 (March 28, 2026)

Apple has just delivered its best-ever March quarter, and the numbers are stunning. If you missed the Q2 2026 earnings call — or want to revisit the key highlights — this summary covers everything that was said, from record iPhone sales to a major CEO transition announcement.

You can listen to the full Apple Q2 2026 earnings call audio and read the complete transcript on EarningsCall.

Apple Q2 2026 Earnings at a Glance

Apple beat Wall Street expectations on both revenue (estimated $108.92B) and EPS (estimated $1.93), sending shares up roughly 3% in after-hours trading.

Official Source: Read Apple's official Q2 2026 earnings press release on the Apple Newsroom.

What Tim Cook Said on the Earnings Call

Apple CEO Tim Cook opened the call by calling it Apple's best March quarter ever. He highlighted extraordinary demand for the iPhone 17 lineup, noting that supply constraints actually held back revenue — meaning results could have been even higher.

Cook also confirmed that the Google Gemini collaboration powering Siri is going well, and emphasized that AI is a key investment area for Apple, with R&D spending jumping 33% year-over-year to $11.42 billion.

On the topic of global growth, Cook pointed to double-digit growth across every geographic segment — a remarkable achievement given ongoing macroeconomic uncertainties.

iPhone — The Star of the Quarter

iPhone revenue hit $57 billion, up 22% year-over-year, marking a new March quarter record. The iPhone 17 lineup drove the bulk of this growth, with Cook describing demand as extraordinary.

Despite supply constraints — particularly around advanced memory and SOC components — Apple still managed to achieve record iPhone sales. CFO Kevan Parekh noted that memory inflation is expected to have a more significant impact in Q3.

New additions to the lineup, including the iPhone 17e, were warmly received by customers globally.

Services — Another All-Time Record

Apple's high-margin Services segment reached an all-time high of $31 billion, up 16% from the same period last year. This includes iCloud storage subscriptions, Apple Music and Apple TV+, as well as Apple Pay and AppleCare.

With over 2.5 billion active Apple devices in the market, the services flywheel continues to spin faster. Apple's gross margin expansion — now at 49.3% — is largely a result of this services growth.

Mac — MacBook Neo Drives Growth

Mac revenue grew 6%, driven by strong customer demand for the newly launched MacBook Neo. Cook called it a product that is captivating customers all around the world. The M4-powered iPad Air also launched during the quarter, adding further momentum to Apple's product lineup.

Geographic Highlights

Apple recorded March quarter revenue records in every geographic segment. Greater China reached $20.5 billion, up 28%, driven by record iPhone sales and surging store traffic. India also delivered strong double-digit growth as Apple continues to expand its retail and manufacturing presence across the region.

CEO Transition: Tim Cook Steps Down

Perhaps the biggest news from the earnings call: Tim Cook announced he will step down as CEO on September 1, 2026, after 15 years leading Apple. He will become Executive Chairman.

John Ternus, Apple's Senior Vice President of Hardware Engineering, will succeed Cook as CEO. Ternus joined the earnings call and stated the company has an incredible roadmap ahead.

This marks one of the most significant leadership transitions in Apple's recent history.

                                                               Apple CEO transition: Tim Cook steps down September 1, 2026 — John Ternus takes over

Capital Returns

Apple's board approved a new $100 billion share buyback program and raised its quarterly cash dividend by 4% to $0.27 per share, payable May 14, 2026.

Q3 2026 Guidance

Apple guided for revenue growth of 14–17% in the next quarter — far exceeding analyst expectations of 9.5% growth. This strong outlook reflects continued iPhone demand, services growth, and confidence in Apple's new product pipeline.

Q1 2026 Recap — How Apple Set the Stage

Before diving into Q2, it's worth revisiting Apple's Q1 2026 results, which set an incredibly strong foundation.

Q1 2026 Key Numbers

Apple Q1 vs Q2 FY2026 revenue comparison across Total Revenue, iPhone and Services (USD billions)

Q1 2026 was Apple's best-ever quarter at the time — powered by record iPhone 17 demand during the holiday season. Greater China alone grew 38%, with CEO Tim Cook attributing it to significant customer enthusiasm for the iPhone 17 lineup.

The company returned nearly $32 billion to shareholders in Q1, while its installed base crossed 2.5 billion active devices for the first time.

Listen to the Full Apple Earnings Calls on EarningsCall

Want to hear exactly what Tim Cook and CFO Kevan Parekh said — word for word? You can access the full audio and transcripts of both Apple's Q1 and Q2 2026 earnings calls on EarningsCall:

Listen to Apple Q2 2026 Earnings Call on EarningsCall

Listen to Apple Q1 2026 Earnings Call on EarningsCall

EarningsCall gives you instant access to earnings call audio and transcripts for thousands of public companies — all in one place.

Related Data & Statistics

To put Apple's Q2 2026 results in broader context, here are key data points from leading research sources.

Apple's Growth by the Numbers

Apple registered a revenue of $416.16 billion in full-year 2025 — its highest ever annual revenue, making Q2 2026's $111.2B a continuation of that record-breaking momentum. There are around 2.5 billion active Apple devices worldwide, which is a key reason Services revenue keeps hitting all-time highs every quarter. iPhone is the largest category by sales, accounting for 59.31% of Apple's total quarterly revenue in Q1 FY2026.

Apple Music now has an estimated 108 million subscribers worldwide as of 2026, up from 95 million in June 2024. Apple is also forecasted to bring in over $10 billion in ad revenue worldwide in 2026, with US ad revenue alone estimated at $8.53 billion — a 14.96% increase year-over-year.

Market Position

iPhone continues to be the main revenue generator, responsible for around 50% of Apple's total revenue, while Services has seen the highest percentage increase over the past five years. Apple's revenue has grown at a compound annual growth rate of approximately 21% over more than two decades. Apple reached a new peak of net profit in 2025, reporting $112 billion — a 19.5% increase on the previous year.

Sources: Statista — Apple Statistics | Business of Apps — Apple Statistics 2026 | Backlinko — Apple Statistics 2026

Key Takeaways

• Apple posted record Q2 revenue of $111.2 billion, up 17% year-over-year
• iPhone revenue grew 22% despite supply constraints
• Services hit an all-time high of $31 billion
• Tim Cook steps down as CEO on September 1, 2026 — John Ternus takes over
• AI investment is surging with R&D up 33% year-over-year
• Q3 guidance of 14–17% growth is well above analyst expectations
• Q1 2026 was equally strong with $143.8 billion in revenue and record iPhone sales

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