India has demonstrated itself as a market with impressive growth for Apple in the fourth quarter of the 2026 fiscal year, achieving a historic revenue volume for the company in the country.
Apple CEO John Ternus stated that the company set revenue records in both developed and emerging markets, in addition to the record in India for the September quarter.
The growth in India was driven by a record iPhone upgrade rate in September, with Worldpanel survey data placing the iPhone among the best-selling smartphone models in the country. Furthermore, Mac sales also set a revenue record in India due to demand for the new MacBook Neo and MacBook Pro models.
During this quarter, Apple launched Apple Pay in India in partnership with Axis Bank, expanding the scope of digital payments into one of the world's largest consumer markets.
Apple CFO Kevin Parek noted optimism regarding the long-term future of the company's services business.
Turning to global figures, Apple generated total operating revenue of $114.48 billion for the quarter, an increase of 11.72% compared to $102.47 billion in the fourth quarter of the 2025 fiscal year. For the entire 2026 fiscal year, total revenue reached a historic high of $478.83 billion, which is 15.06% higher than $416.16 billion, and net income for the year amounted to $132.18 billion, an 18% year-over-year increase.
Quarterly revenue was divided into two main streams: product revenue of $82.90 billion (72.42% of the total) and services revenue of $31.57 billion (27.58% of the total).
In the product category, the iPhone brought in $57.58 billion (50.30% of total revenue), showing a year-over-year growth of 17.46% thanks to global upgrade records and demand for the iPhone 18 Pro and foldable iPhone Duo. Services reached a historic high of $31.57 billion, increasing by 9.82% year-over-year due to record revenues from cloud services, video, and payments, with paid subscriptions exceeding $1.5 billion.
Mac revenue grew by 23.68% year-over-year to $10.79 billion, driven by the active adoption of the MacBook Neo and increased market share globally. Conversely, the Wearables, Home, and Accessories segments decreased by 7.91% year-over-year to $8.30 billion amid challenging comparisons with the previous year, and iPad revenue fell by 10.40% year-over-year to $6.23 billion due to supply constraints.
Apple's earnings per share increased by 11.81% year-over-year to $30.71 billion compared to $27.47 billion in the fourth quarter of the 2025 fiscal year, aided by a tax refund benefit of $0.05 per share.
On an annual basis, EBITDA, reflecting operating cash flow, reached $171.49 billion, providing an EBITDA margin of 35.81% on $478.83 billion in revenue. Total operating expenses amounted to $59.66 billion, an increase of 10.22% year-over-year. Total operating expenses rose by 20.58% year-over-year to $19.19 billion.
Research and Development (R&D) became the largest cost center, totaling $11.73 billion (61.13% of total operating expenses), an increase of 32.30% year-over-year compared to $8.87 billion, as Apple accelerated investments in generative artificial intelligence (AI), such as Siri AI, and proprietary silicon.
Meanwhile, Apple's active installed base exceeded 2.5 billion devices, and quarterly operating cash flow was $28.10 billion, with company reserves reaching $137 billion.
However, rising memory prices created unprecedented pressure on profit margins, and supply constraints on advanced semiconductor chips limited device availability. Ternus explained that the current rise in memory prices is unprecedented, and although the September quarter saw a higher increase in memory costs compared to the June quarter, this was partially offset by the benefit of inventory and lower costs for some non-memory components.
Supply chains also hindered shipments. Sabih Khan, Apple's Chief Operating Officer, clarified that the constraints in the fourth quarter were mainly related to the availability of advanced nodes where their SoCs are manufactured, but as the company transitions more of its lineup to the latest 2nm generation technology nodes, advanced node constraints are easing.



