苹果 2026 财年第四季度财报：营收与 EPS 对比市场预期、12 月季度业绩指引及股价反应

Apple reported fiscal 2026 fourth-quarter results on November 2: revenue of $114.48 billion, up 12% year-over-year and above the $113.39 billion LSEG estimate; diluted earnings per share (EPS) came in at $2.10, above the expected $1.99.

What moved the stock was not the earnings beat. Apple expects gross margin for the December quarter to fall from 47.9% to 45%–46% due to rising memory chip costs, and services growth of 8%–9%, below analysts' expectations of about 10.7%.

According to Reuters, Apple's stock was little changed after the results were released, then fell about 4% during the earnings call.

On MEXC, the AAPLUSDT perpetual contract was down 2.8% as of 21:00 ET.

Apple Fiscal 2026 Q4 Results vs. Market Expectations

• Revenue: $114.48 billion vs. $113.39 billion expected (LSEG). Beat.
• EPS: $2.10 vs. $1.99 expected. Beat, including a $0.05 contribution from tariff refunds; still above expectations excluding that.
• iPhone: $57.58 billion vs. $56.54 billion expected (LSEG). Beat, up 17.5% year-over-year.
• Services: $31.57 billion vs. $31.58 billion expected (LSEG). In line, up 9.8% year-over-year.
• Gross margin: 47.9% vs. 47.5% expected (LSEG), with tariff refunds contributing about 1 percentage point.
• December quarter guidance: Revenue growth of 7%–10%, services growth of 8%–9%, gross margin of 45%–46%. Services guidance below expectations.

Key Takeaways

• 13 consecutive beats: Apple beat on both revenue and EPS in each of its last 13 reports, but the stock fell after 8 of the previous 12.
• Guidance is what matters: In all 5 prior reports where guidance came in below expectations, the stock fell each time; this report followed the same pattern.
• Memory costs: John Ternus, participating in the earnings call as CEO for the first time, said the current shift in memory chip prices is unprecedented and expects costs to keep rising.
• Strong iPhone and Mac: iPhone grew 17.5% and Mac grew 23.7%, while iPad and wearables declined.
• MEXC market reaction: During the hour of the earnings call, AAPLUSDT swung sharply between 348.44 and 324.23 USDT and closed the hour at 327.86, down 3.3% from the 16:00 ET price.

Why Did Apple Stock Fall Despite an Earnings Beat?

Apple's stock fell because the outlook was weaker than this quarter's performance. The December quarter gross margin guidance of 45%–46% is 2 to 3 percentage points below the fourth quarter's 47.9% and below the 50.1% Apple reported for its June quarter.

CFO Kevan Parekh said on the earnings call that the gross margin guidance mainly reflects higher memory costs, with some additional cost from the Siri AI ramp. Ternus said the company is seeing higher memory costs than in the June quarter and expects them to continue rising after December.

Services guidance matters because services is Apple's highest-margin business; growth of 8%–9% would be below the 9.8% just reported this quarter.

Tariff refunds also made this quarter's results look better. Apple said tariff refunds contributed about 1 percentage point to gross margin and $0.05 to EPS, and that it has now recovered the vast majority of refunds, so this support will not recur.

iPhone, Mac and Services: Fiscal 2026 Q4 Revenue by Segment

All figures below are from Apple's fiscal 2026 fourth-quarter earnings press release.

• iPhone: $57.58 billion, up 17.5% year-over-year, a September-quarter record.
• Mac: $10.79 billion, up 23.7% year-over-year.
• iPad: $6.23 billion, down 10.4% year-over-year.
• Wearables, Home and Accessories: $8.30 billion, down 7.9% year-over-year.
• Services: $31.57 billion, up 9.8% year-over-year, an all-time high.

By region, Greater China revenue rose 21.0% to $17.54 billion, the Americas grew 10.2%, Europe grew 11.5%, and Japan edged down 1.4%.

Net income rose 11.8% to $30.71 billion. Apple returned $28 billion to shareholders this quarter and declared a dividend of $0.27 per share, payable November 16 to shareholders of record on November 12.

Full-year fiscal 2026 revenue rose 15.1% to a record $478.83 billion; diluted EPS rose 20.4% to $8.98.

What Is Apple's Guidance for the December Quarter (Fiscal 2027 Q1)?

• Revenue: Up 7% to 10% year-over-year. Parekh said this would be Apple's highest-revenue quarter ever.
• Services: Up 8% to 9%.
• Gross margin: 45% to 46%.
• Operating expenses: $20.4 billion to $20.8 billion.
• Tax rate: About 17%.

Ternus said higher memory costs will be partly offset by price increases and inventory purchased earlier at lower prices. He also called the new iPhone Duo the most transformative iPhone since the original and said supply is currently constrained.

How Does This Compare With Apple's Past Post-Earnings Stock Reactions?

Our Apple earnings dates and historical results cover the 12 reports before this one.

• Beats: Apple beat on both revenue and EPS in all 12 reports.
• Stock reaction: The stock rose the next day only 4 times and fell 8 times, with an average move of 2.3%.
• Guidance pattern: In all 5 reports where guidance came in below expectations, the stock fell each time.

The previous report is the most comparable. In July, Apple beat expectations but guided September-quarter revenue growth of 9%–11%, below expectations of about 12%, and the stock fell 7.4% the next day.

This time the revenue guidance was better, but gross margin and services guidance fell short, so the stock reaction began during the earnings call rather than at the results release.

How AAPL Contracts Reacted on MEXC

AAPLUSDT on MEXC supports 24/7 trading, so moves during the earnings call can be tracked all the way into the Asian morning.

Hourly closing prices and turnover for the MEXC AAPLUSDT perpetual contract from 8:00 to 21:00 ET on November 2, 2026. Source: MEXC public futures API.

Price: The contract closed the 15:00–16:00 ET hour at 339.02 USDT and was flat at 339.28 in the hour after the results were released. During the hour of the earnings call, the contract rose as much as 2.8% to 348.44, then fell to a low of 324.23, a 4.4% drop, and closed the hour at 327.86. As of 21:00 it was at 329.42, down 2.83%.

Trading activity: Turnover was about $1.67 million USDT in the hour the results were released and about $2.53 million USDT in the hour of the earnings call, 6.5x and 9.9x the average hourly level over the prior 24 hours, respectively.

Premium to index price: Hourly closing prices deviated from the index price by no more than about 15 basis points, indicating the contract tracked Apple's after-hours stock move.

Funding rate: AAPLUSDT settles every eight hours, and every settlement over the past two days was 0%, including the first settlement at 00:00 UTC on November 3 after the results.

Track AAPL via MEXC

The AAPLUSDT perpetual contract on MEXC offers 24/7 markets for tracking Apple around earnings and outside Nasdaq trading hours; see the MEXC stock futures trading guide for details.

In MEXC's spot market, you can also gain Apple-related exposure through AAPLON, a tokenized form of Apple stock.

For eligible users interested in holding the stock itself, MEXC RealStocks is another route; please check availability and supported securities directly.

Perpetual contracts do not confer any shareholder rights (including dividends) and involve funding rates, leverage and forced liquidation risk.

FAQ

Did Apple's fiscal 2026 Q4 results beat market expectations?

Yes. Revenue of $114.48 billion came in above the $113.39 billion LSEG estimate; EPS was $2.10 versus $1.99 expected. iPhone revenue also beat, while services were in line.

Why did Apple stock fall despite an earnings beat?

Due to rising memory costs, Apple expects December-quarter gross margin to fall from 47.9% to 45%–46%, and services growth of 8%–9% is below analysts' expectations of about 10.7%. The stock fell about 4% during the earnings call.

What is Apple's revenue guidance for fiscal 2027 Q1?

Apple expects December-quarter revenue to grow 7% to 10% year-over-year, services to grow 8% to 9%, and gross margin of 45% to 46%.

How much did tariff refunds contribute to Apple's results?

Apple said fourth-quarter tariff refunds contributed $0.05 to EPS and about 1 percentage point to gross margin, and that it has now recovered the vast majority of refunds.

How does Apple stock typically move after earnings?

In the 12 reports before this one, Apple beat every time, but the stock fell the next day 8 times. In all 5 reports where guidance came in below expectations, the stock fell.