Q3 2026 · call Jul 31, 2026

Apple Q3 FY2026 Results: Record Quarter, Weaker Margin Guide

Share reaction

▼ −9.0%Jul 30 → Aug 3 · #8 of 8 this season

The gist

Apple shares fell 9% close-to-close around the call, from $333.43 to $303.42, despite record quarterly results. Revenue rose 16.4% year over year to $109.42B, and GAAP earnings per share rose 28.7% to $2.02, about 7% above the consensus of $1.89. Investors sold because management guided to a sharp slowdown: September-quarter revenue growth of 9% to 11% year over year, and gross margin, the share of revenue left after direct production and delivery costs, slipping to 47% to 48% from 50.1% this quarter, squeezed by surging memory chip costs and tight component supply.

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Revenue$109.4B+16% y/y

Services$30.7B+12% y/y

Net income$29.8B+27% y/y

Share price, 3 months, log scaleline: call Jul 31

Full report: 9 sectionsthe first sentence of each section is public, the rest with a free account

🔒Takeaways from the whole briefApple delivered a record Q3 FY2026 quarter, with revenue up 16.4% year over year and EPS up 28.7%.

🔒Management commentaryApple reported a 16% increase in total net sales for the quarter, driven by strong demand for iPhone Pro models, laptops, and services like advertising and cloud computing.

🔒Guidance qualityApple initiated September-quarter guidance for 9% to 11% revenue growth and 47% to 48% gross margin.

🔒Capital allocationApple is still returning very large amounts of cash to shareholders, but it is also putting more money behind growth and supply security.

🔒Accounting qualityThe quarter looks mostly clean, and management's revenue, gross margin, and diluted earnings per share matched the filed 10-Q.

🔒Quarter-to-quarter continuityAcross Q1 FY2026 to Q3 FY2026, the key continuity is strong customer demand, but the key change is that supply limits and memory costs have moved from manageable risks to the main cap on near-term results.

🔒Earnings scorecardResults against expectations, line by line

🔒Analyst Q&AWhat analysts asked and how concretely management answered

🔒Management toneApple reported its strongest June quarter ever: fiscal third-quarter 2026 revenue of $109.4 billion and earnings per share of $2.02, both ahead of expectations (apple.com).

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Questions and answers

What did Apple report for Q3 2026?

Revenue: $109.4B; Services: $30.7B; Net income: $29.8B.

How did Apple shares react?

Down 9.0%: from the close on Jul 30, 2026 (before call day) to the close on Aug 3, 2026. That is #8 of 8 companies this season.

What is in the full report?

Takeaways from the whole brief, Management commentary, Guidance quality, Capital allocation, Accounting quality, Quarter-to-quarter continuity, Earnings scorecard, Analyst Q&A, Management tone.

How to read it

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