Apple Reports Record Q2 2026 Earnings Amid CEO Transition and Supply Constraints

Apple posted fiscal Q2 revenue of $111.2 billion, up 17 % YoY, and EPS of $2.01, beating LSEG consensus of $1.95 and $109.66 billion. All product categories set March-quarter records, though iPhone revenue fell slightly short of the $57.21 billion estimate.

9to5Mac

The quarter followed the March launch of the iPhone 17 family, iPhone 17e, M4-powered iPad Air, and $599 MacBook Neo. Global memory-chip shortages, driven by AI workloads, limited components for iPhones and Macs. Apple’s prior quarter had already shifted focus toward services and announced a $100 billion share-repurchase plan.

Booming iPhone sales fuel Apple’s latest record-breaking quarter

Tim Cook, outgoing chief executive, presented the results and announced his move to executive chairman. John Ternus, senior vice-president of hardware engineering, will assume the CEO role on 1 September. CFO Kevan Parekh supplied the financial details and highlighted the iPhone 17 lineup’s market performance. Product teams behind the iPhone 17, MacBook Neo, and Services divisions were also referenced.

Associated Press

iPhone $56.99 B (22 % YoY), Mac $8.40 B (6 % YoY), iPad $6.91 B (8 % YoY), Wearables $7.90 B (5 % YoY), Services $30.98 B (16 % YoY), gross margin 49.3 %, dividend $0.27, buyback $100 B.

Apple beats second quarter results with record quarterly revenue of $111.2 billion

The results show Apple can grow despite supply constraints, supporting confidence in its hardware-services dual engine and capital-return policy. Yet the modest iPhone shortfall and rising memory costs raise margin concerns as AI competition intensifies.

Apple FY26Q2 Earnings Review: Margin Expansion and Buybacks in Focus — What’s Driving Apple Now?

Cook called the quarter Apple’s best March quarter ever, citing double-digit growth and extraordinary iPhone 17 demand, while noting supply-chain limits. Parekh said the iPhone 17 family is the most popular line-up and that AI investment will be incremental. The board approved a higher dividend and a $100 billion buyback.

AppleInsider

Analysts warned that rising memory-chip costs could pressure margins and questioned whether the low-priced MacBook Neo might dilute Apple’s premium image. Concerns also linger about Apple’s modest AI spending and the timing of the CEO handover amid macro uncertainty.

The Globe and Mail (Toronto)

Sources differ on iPhone revenue: some cite a beat at $56.99 B, others note a miss versus the $57.21 B consensus. Regional data show the Americas and Europe lagged forecasts, while Greater China exceeded them, but detailed country breakdowns are missing.

Apple FY26Q2 Earnings Review: Margin Expansion and Buybacks in Focus — What’s Driving Apple Now?

• “Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment,” — Tim Cook, CEO

MacRumors

• “iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup.” — Tim Cook, CEO

AppleInsider

• “most popular lineup in our history” — Kevan Parekh, CFO

CNBC

• “We’re all in, and personalized Siri is on schedule for this year.” — Tim Cook, CEO

The Globe and Mail (Toronto)

Apple forecast 14 %–17 % revenue growth for the June quarter and guided gross margin to 47.5 %–48.5 %. The company will detail its AI roadmap and the upcoming transition to John Ternus during the September earnings call and at the WWDC developer conference.

The Wrap