Apple · Q2 FY2026 · April 30, 2026
Apple (AAPL) Q2 FY2026 Earnings: Record Revenue, iPhone Demand and Services Growth
A structured quarterly research file based on the earnings release and cited primary documents. Consensus, transcript, Q&A, and price-reaction fields are shown only when verified data are available.
Q2 FY2026
Year over year
Q2 FY2026
Year over year
March-quarter record
Per share
Board approved
Additional authorization
Investment read
Apple delivered a record March quarter, led by iPhone and Services, with revenue rising 17% and diluted EPS increasing 22%. The next investment checkpoint is whether strong device demand, Services growth, and a record installed base can continue supporting durable earnings and cash flow growth.
Results check
Reported results
| Metric | Reported | YoY |
|---|---|---|
| Revenue | $111.2BRecord March-quarter revenue. Source | +17% |
| Diluted EPS | $2.01Diluted earnings per share. Source | +22% |
| Operating cash flow | >$28BMarch-quarter record. Source | — |
| iPhone revenue | RecordMarch-quarter revenue record. Source | Positive |
| Services revenue | RecordNew all-time high. Source | Positive |
| Installed base | RecordNew all-time high across major products and geographies. Source | Positive |
Investor focus
What investors are likely to focus on
Potential result drivers
- Revenue increased 17% year over year to $111.2B.
- Diluted EPS increased 22% year over year to $2.01.
- iPhone reached a March-quarter revenue record.
- Services revenue reached a new all-time high.
- Every geographic segment delivered double-digit growth.
- The active-device installed base reached a new all-time high.
- Operating cash flow exceeded $28B.
- The board raised the dividend 4%.
- Apple authorized $100B of additional share repurchases.
Verified after-hours, next-day, and benchmark-relative price data are not stored in this record. The factors above are research considerations, not a measured attribution of the stock move.
Management commentary
Management highlights
Company-specific evidence
Business drivers
| Driver | Current evidence | Investor relevance | Source |
|---|---|---|---|
| iPhone | March-quarter revenue record | Product-cycle durability | Official release |
| Services | All-time revenue record | Higher ecosystem monetization | Official release |
| Geographic growth | Double-digit growth in every region | Broad growth quality | Official release |
| Installed base | New all-time high | Larger future monetization base | Official release |
| Operating cash flow | More than $28B | Supports investment and returns | Official release |
| Capital returns | Dividend +4%; $100B buyback | Shareholder return capacity | Official release |
Cash deployment
Capital allocation
| Metric | Reported | Detail | Source |
|---|---|---|---|
| Quarterly dividend | $0.27 | Per share | Official release |
| Dividend change | +4% | Board-approved increase | Official release |
| New repurchase authorization | $100B | Additional authorization | Official release |
| Operating cash flow | >$28B | March-quarter record | Official release |
SnowballHare: Apple continues to combine strong cash generation with large-scale capital returns. The next checkpoint is the actual pace of repurchases and whether cash generation remains elevated.
Quarterly change
What changed this quarter
Improved
- Revenue increased 17% year over year.
- Diluted EPS increased 22% year over year.
- iPhone reached a March-quarter revenue record.
- Services reached a new all-time revenue record.
- Every geographic segment delivered double-digit growth.
- The installed base reached a new all-time high.
- Operating cash flow set a March-quarter record.
Unresolved
- Whether iPhone 17 demand remains elevated next quarter.
- Whether Services can maintain its growth trajectory.
- How quickly the record installed base translates into higher monetization.
- The actual pace of the new $100B repurchase authorization.
Next quarter
What to watch next
| Indicator | Current baseline | Next check | Source |
|---|---|---|---|
| Total revenue | $111.2B · +17% YoY | Whether double-digit growth continues | Primary source |
| Diluted EPS | $2.01 · +22% YoY | Earnings-growth durability | Primary source |
| iPhone | March-quarter record | Whether iPhone 17 demand remains elevated | Primary source |
| Services | All-time revenue record | Growth durability and business-mix contribution | Primary source |
| Installed base | All-time high | Continued expansion and ecosystem monetization | Primary source |
| Operating cash flow | >$28B | Cash-conversion sustainability | Primary source |
| Capital returns | +4% dividend · $100B authorization | Repurchase pace and cash deployment | Primary source |
Primary documents
Sources and documents
FAQ
Reader questions
How much revenue did Apple report in Q2 FY2026?
Apple reported $111.2B of revenue, up 17% year over year.
What was Apple's diluted EPS in Q2 FY2026?
Apple reported diluted EPS of $2.01, up 22% year over year.
What drove Apple's Q2 FY2026 growth?
Growth was led by record March-quarter iPhone revenue, an all-time Services revenue record, and double-digit growth across every geographic segment.
What did Apple say about iPhone demand?
Tim Cook said the iPhone 17 lineup drove extraordinary demand and helped iPhone reach a March-quarter revenue record.
How much operating cash flow did Apple generate?
Apple generated more than $28B of operating cash flow in the March quarter.
How large was Apple's new share repurchase authorization?
Apple's board authorized an additional $100B for share repurchases.
What should investors watch next quarter?
Key indicators include iPhone demand, Services growth, installed-base expansion, operating cash flow, and the pace of share repurchases.
Demand and geographic growth
PositiveManagement viewManagement highlighted strong customer demand and double-digit revenue growth across every geographic segment.
Supporting evidenceTotal revenue increased 17% year over year to $111.2B.
SnowballHare readGrowth was broad rather than dependent on one geography, improving the quality of the top-line result.
Open primary sourceiPhone demand
StrongManagement viewTim Cook said the iPhone 17 lineup drove extraordinary demand and helped iPhone reach a March-quarter revenue record.
Supporting evidenceApple reported record March-quarter iPhone revenue.
SnowballHare readThe next test is whether demand stays elevated beyond the initial product-cycle strength and keeps expanding the installed base.
Open primary sourceServices
StrongManagement viewManagement reported another all-time revenue record for Services.
Supporting evidenceServices revenue reached a new all-time high during the quarter.
SnowballHare readServices raises monetization across the installed base without relying entirely on new hardware sales.
Open primary sourceInstalled base
ImprovingManagement viewThe active-device installed base reached a new all-time high across major product categories and geographic segments.
Supporting evidenceApple reported record installed-base levels across its products and regions.
SnowballHare readA larger installed base supports future Services revenue, upgrades, accessories, and ecosystem retention.
Open primary sourceCash flow and capital returns
StrongManagement viewApple generated more than $28B in operating cash flow, raised its dividend 4%, and authorized another $100B of repurchases.
Supporting evidenceOperating cash flow exceeded $28B; the dividend rose to $0.27 per share; the board authorized a new $100B repurchase program.
SnowballHare readThe quarter reinforced Apple's ability to return substantial capital while investing in products and its ecosystem.
Open primary source