Apple Posts Record Q2 2026 Results: $111.2B Revenue, +17% Growth

Apple reported fiscal second-quarter 2026 revenue of $111.2 billion for the period ended March 28, up 17 percent year over year. Diluted earnings per share reached $2.01, up 22 percent from the same quarter a year earlier.

A note on the calendar helps here. Apple’s fiscal year ends in late September, which makes the January-to-March period its fiscal second quarter rather than its first, and each quarter runs 13 weeks rather than three calendar months. That is why the period closed on March 28 instead of March 31, and why Apple’s records are phrased the way they are: the March quarter always sits in the shadow of the holiday quarter, so it is measured against previous March quarters rather than against the year’s peak.

In its press release and financial statements, Apple said the March quarter set records for company revenue, iPhone revenue for a March quarter, and Services revenue, which reached $30.976 billion. Tim Cook also pointed to double-digit growth in every geographic segment, while highlighting recent launches including iPhone 17e, iPad Air with M4, and MacBook Neo.

The emphasis on Services is not incidental. Over the past decade Apple has assembled the App Store, iCloud, Apple Music, Apple TV+, advertising, and payment services into a second business with a very different cost structure from hardware. Apple reports products and services gross margins separately in its financial statements, and the services line has consistently carried the higher of the two. A dollar of Services growth therefore does more for profit than a dollar of hardware revenue, which is why a Services record draws as much attention as an iPhone one.

Chief financial officer Kevan Parekh said Apple generated more than $28 billion in operating cash flow during the quarter. The company also said its installed base of active devices reached a new all-time high across product categories and geographies.

The products Cook singled out are worth reading in the same light. Apple has long used the spring for mid-cycle refreshes rather than flagship launches, which places whatever it introduces in that window squarely inside the March quarter’s results. Naming iPhone 17e, iPad Air with M4, and MacBook Neo in a release about record March-quarter iPhone revenue is a way of attributing the quarter to that cadence — though Apple gives no revenue split by model, so the connection is an assertion in the release rather than a figure a reader can verify.

That installed-base figure plays a particular role in how Apple presents itself. The company stopped disclosing unit sales for iPhone, iPad, and Mac at the start of fiscal 2019, arguing that unit counts had become a poor proxy for the health of the business. What replaced them was the count of active devices, which Apple uses to frame Services as recurring revenue drawn from hardware already in customers’ hands. Read that way, an all-time high across every category and geography is a claim about future Services revenue as much as a summary of past sales.

Operating cash flow is the hinge between the two halves of the release. Apple reinstated its dividend and launched a formal capital-return program in 2012, and has since made the March quarter its habitual moment to raise the payout and top up the buyback authorization. More than $28 billion of cash generated in a single quarter is what turns a $100 billion repurchase authorization into a routine piece of balance-sheet housekeeping rather than a leveraged bet on the share price.

Apple’s board approved a quarterly cash dividend of $0.27 per share, up 4 percent, payable on May 14, 2026, and authorized an additional $100 billion for share repurchases. Together, those announcements framed the quarter as both an operational and capital-return milestone for the company.

It is worth noting how repurchases feed back into the headline numbers. Buying back stock shrinks the share count, so earnings per share rise faster than net income for reasons that have nothing to do with selling more devices. Some of the gap between 17 percent revenue growth and 22 percent EPS growth is that mechanical effect; the rest reflects margin and product mix. Neither is a criticism of the quarter, but readers parsing the release are better served by separating the two.

One thing the release does not contain is a forecast. Apple has not issued formal quarterly revenue guidance since 2020, offering directional commentary on the earnings call instead of a published range. Double-digit growth in every geographic segment simultaneously is unusual by any standard, and Apple did not claim it would repeat. The open question is what happens as the comparison base hardens: a quarter that sets records for total revenue, March-quarter iPhone, and Services at once raises the bar for everything that follows it.