What to expect from Apple’s Q4 2026 results on November 2

Apple will be releasing its fourth-quarter financial results on November 2, the first under CEO John Ternus. Here’s what happened during the quarter, what you can expect, and what analysts think will be reported.

After every quarter, Apple has a regulatory duty to issue a quarterly report for its financial performance. Following the end of the fourth quarter, the results are arriving on November 2.

As usual, the results will then be followed by the usual conference call at 5 p.m. EDT. CEO John Ternus and CFO Kevan Parekh will be on the call to provide commentary for the figures.

AppleInsider will be analyzing the results as they are released, along with the questions and answers from the conference call.

Apple’s Q4 expectations

During its Q3 2026 results, Apple doled out its fourth-quarter revenue expectations. While analysts forecasted 12.1% growth in Q4 at the time of Apple’s guidance, Apple itself expected 9% to 11% year-over-year growth.

Revenue from iPhone is expected to go up by a mid-teens percentage, while Services growth should be the same as Q3.

Then-CEO Tim Cook also shared that there could be problems supplying iPhones to consumers. Demand was so high that the supply chain wouldn’t be able to keep up with it.

Currency changes are also a worry for revenue growth in the period. The memory crisis will also be a touchy subject.

Q4 Product Changes

While the fourth quarter is a big one for Apple, the timing of product launches means the quarter won’t fully benefit from them. Instead, you can expect the following Q1 quarter to get the bulk of the sales bump.

As for what Apple launched in the quarter, that list is extensive:

• Mac mini M6 and M5 Pro (Released September 22, 5 availability days in the quarter)
• Mac Studio M5 Max and M5 Ultra (Released September 22, 5 availability days in the quarter)
• iPhone 18 Pro and Pro Max (Released September 18, 9 availability days in the quarter)
• iPhone Duo (Released October 23, unavailable during the quarter)
• Apple Watch Series 12 (Released September 18, 9 availability days in the quarter)
• Apple Watch Ultra 4 (Released September 18, 9 availability days in the quarter)
• HomePod mini 2 (Released October 30, unavailable during the quarter)
• Apple TV 4K Gen 4 (Release on November 13, unavailable during the quarter)
• HomeView (Release on November 13, unavailable during the quarter)
• iPad mini (Release on November 6, unavailable during the quarter)
• M6 iMac (Release on November 6, unavailable during the quarter)
• M6 MacBook Pro (Release on November 6, unavailable during the quarter)
• PROLED MacBook Pro (Release on November 6, unavailable during the quarter)

Availability in the quarter is based on the Q4 end of September 26, 2026.

Last Quarter: Q3 2026

The Q3 2026 results on July 30 was a record-breaker for Apple. The revenue of $109.4 billion was up 16 percent year-over-year, and smashed the Wall Street Consensus of $108.96 billion.

iPhone revenue of $54.25 billion was up 21.7%, with Mac up 28.7% to $10.35 billion, and Wearables, Home, and Accessories up 6.5% to $7.88 billion.

The iPad revenue was a black mark on the results, dipping 5.9% year-over-year to $6.19 billion. Services maintained its growth once again, going up 12.7% to $30.73 billion.

The quarter was full of challenges for Apple, caused by the ongoing memory crisis. Apple eventually had to raise prices across most of its catalog. The iPhone 17 generation was spared, but it was only a matter of time before the newer models were hit.

Year Ago Quarter: Q4 2025

The Q4 2025 results are what the Q4 2026 figures will be directly compared against. They were also record-setting, with $102.5 billion revenue being up from Q4 2024’s $94.93 billion figure.

The Wall Street consensus was a bit higher, at $107.79 billion.

On a per-product basis, iPhone revenue of $49.02 billion was up from $46.22 billion in the same quarter of the previous year. Mac revenue reached $8.73 billion, up from $7.74 billion. iPad revenue was $ 6.952 billion, barely up from the $6.95 billion previously reported.

Wearables, Home, and Accessories landed at $9.04 billion, practically flat from the year-over-year $9.01 billion. Services, meanwhile, shifted from $24.9 billion to $28.75 billion.

What is Wall Street expecting to see in Apple’s Q3 2026 financial report?

The Wall Street consensus refers to a survey of analysts. The results are averaged out to give a general opinion of where investors and analysts are leaning in their quarterly forecasts.

Yahoo Finance

Yahoo Finance’s revenue estimate for Apple in Q4 stems from 16 analysts. As of November 1, the average estimate is $152.75 billion, with a low of $135.68 billion and a high of $1162.52 billion.

For the earnings per share estimate, 20 analysts put it at an average of $2.90. The low is $2.59, and the high is $3.42.

TipRanks

TipRanks also does its own analyst polling on Apple’s quarter. In its forecast as of November 1, its consensus is for revenue at $113.40 billion, with a high of $112.53 billion and a low of $117.63 billion.

On earnings per share, the consensus is $1.99, with a low of $1.93 and a high of $2.08.

As the financial results get closer, expect these collective forecasts to change and converge.

Analyst Expectations

Ahead of the results and call, analysts offer their own forecasts of what they think Apple will be declaring in its financials. Depending on the firm and the analyst, these hot takes include both positive and negative opinions about Apple.

Evercore

In a preview provided on October 30, Evercore ISI models revenue at about $113 billion with an earnings per share estimate of $1.97, implying 10% year-over-year growth.

There are expectations of 14% iPhone revenue growth, thanks to intra-quarter price increases to offset memory headwinds and a stronger-than-average refresh cycle.

It also includes about 100 basis points of tariff refunds, a gross margin of 46.5%, and smaller than expected Services growth.

Evercore designates Apple’s shares as “Outperform” and maintains a price target of $380.

Loop Capital

On October 20, Loop Capital downgraded its projections for Apple stock, oveer claims of lowered production plans due to memory and processor shortages. Loop initially expected Apple to recover many of the lost shipments in 2027, but supply chain checks indicate that the outlook was optimistic.

With estimates of Apple reducing September and December quarter shipments by about 10%, the forecasted recovery is no longer certain.

In the same report, Loop cut the 2027 earnings per share forecast from $10.11 to $9.76, with a warning that memory price rises could hurt profits. It also cut projected iPhone revenue from $315 billion for the year to $285 billion.

Overall, Loop has set its AAPL price target at $330.

UBS

The October 20 prediction from UBS expects Apple to reach a revenue of $112.8 billion, with a diluted earnings per share of $1.97.

The expected iPhone revenue of $56 billion implies annual growth of 14%, which would be a growth slowdown from 22% to 23% seen in the previous three quarters.

Services revenue is forecast at $31.6 billion, also slowing down but still growing at 10% annually. This is due in part to things like single-digit App Store growth in the quarter.

There could be a modest earnings beat if operating expenses come in below expectations, though UBS doubts investors will reward upside caused by decreased spending.

UBS maintains a Neutral rating for Apple, with a price target of $296.

Morgan Stanley

On October 21, Morgan Stanley expected Apple to report September-quarter results that are broadly in line with expectations. As for December, it thinks Apple will get low-to-mid single-digit percentage growth year-over-year.

The earnings per share will also be fairly limited, and with near record-high shares, the results won’t tip the scales for bulls nor bears.

Morgan Stanley maintains an “Overweight” rating and a $355 price target.

Bank of America

The Bank of America view on Apple on October 30 was one that proposed investors are getting Apple wrong. The consensus expectations for the quarter may be modelled incorrectly, as they may not take into account Apple’s decision to split its iPhone rollout into fall and spring launches.

This matters as it could pull premium device revenue into one period, while lower-priced volume sales can be pushed into another. Furthermore, BOA thinks Wall Street is too optimistic about the December quarter revenue, while also underestimating the June quarter results.

Overall, Bank of America believes Apple will reach $113 billion in revenue for Q4, with an EPS of $1.97. This is slightly below its consensus estimates of $114 billion and $1.99, respectively.

BOA maintains a Buy rating and a $370 price target.