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# Apple set a September-quarter record in John Ternus's first results as chief executive
- URL: https://www.sharespective.com/stories/apple-set-september-quarter-record-john-2026-11-03/
- Published: 2026-11-02T22:15:01.000Z
- Updated: 2026-11-02T22:50:43.000Z
- Description: Apple reported revenue of US$114.5 billion for the September quarter, up 12% on a year earlier. Analysts had expected about US$113.4 billion. Earnings came in at US$2.10 a share, against the US$1.99 expected.
- Author: Shaun Botha
- Tags: Big tech, #story, #group-other, Apple

Apple reported revenue of US$114.5 billion for the September quarter, up 12% on a year earlier. Analysts had expected about US$113.4 billion. Earnings came in at US$2.10 a share, against the US$1.99 expected.

**So what happened to the memory squeeze?** It arrived, and Apple absorbed it. Gross margin was 47.9%, at the top of the 47% to 48% Apple forecast in July. About one percentage point of that came from tariff refunds, and the margin was 50.1% in the June quarter.

iPhone revenue was US$57.6 billion, a September-quarter record and ahead of the roughly US$56.5 billion expected. The quarter caught barely a week of iPhone 18 Pro sales, which began on 18 September.

![Chart: Apple's value raced ahead of its sales. Revenue by financial year to September, left scale, and market value at each year end and on 2 November 2026, right scale; two scales, both US$bn from zero.](https://storage.ghost.io/c/02/71/0271df32-cec6-421f-9f13-b06ab90e54c1/content/images/2026/11/apple-set-september-quarter-record-john-2026-11-03-chart.jpg)

This story’s chart of the day.

Services revenue reached an all-time high. Apple had also lifted the starting prices of the iPhone 18 Pro and Pro Max when they went on sale, which puts part of the higher memory bill on the customer.

Our take 

the margin is the number we'd follow from here. Memory prices are set by what AI data centres will pay, and 47.9% already leans on a tariff refund that will not come round again.

[ This story ran in Talking Oil Down Tuesday 3 November’s edition, with the market snapshot, the other two stories, the numbers and the week ahead. Read the whole edition → ](https://www.sharespective.com/sharespective-2026-11-03/)