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Apple Posts Record September Quarter in John Ternus’s First Earnings Report

The results show Apple protected profit as higher memory and flash costs were partly offset by device price increases and tariff refunds.

Overview

  • On Monday, Nov. 2, Apple reported fiscal Q4 revenue of $114.5 billion and diluted EPS of $2.10, capping its best fiscal year on record.
  • iPhone sales set a September‑quarter record at $57.58 billion and Services reached an all‑time high of $31.57 billion, together driving most of the profit gains.
  • Apple generated about $28 billion in operating cash flow for the quarter and the board declared a $0.27 per share cash dividend payable Nov. 16.
  • The newly released iPhone Duo sold out quickly but remains supply‑constrained; Apple said a very small share of Duo units were returned for inner‑display cracks and are being replaced.
  • Apple warned that memory and flash price spikes tied to AI demand are a near‑term margin risk but said price increases, inventory actions and tariff refunds partially offset those costs as investors watch holiday‑quarter guidance and the Duo supply ramp.