$AAPL · Apple Inc.
Apple filed its FY2026 10-K for the fiscal year ended September 26, 2026. Total net sales rose 15.1% to $478.834B, with Products contributing $355.533B and Services $123.301B. Net income reached $132.175B, producing diluted EPS of $8.98. Gross margin was 48.8% and operating margin 33.0%.
- Total net sales reached $478.834B in FY2026, up 15.1% from $416.161B in FY2025.
- Net income grew to $132.175B from $112.010B, with diluted EPS rising to $8.98 from $7.46.
- Greater China net sales surged 28% to $82.378B, reversing a 4% decline in FY2025.
- iPhone revenue jumped 21% to $254.098B, the largest product-line gain.
- R&D spending increased 32% to $45.765B, reflecting heavy AI and product development investment.
Extended-hours trading shows AAPL at $325.31, down 3.85% vs the regular close of $338.32 and down 5.61% from the filing-time price of $344.63. Despite record FY2026 results, the after-hours selloff suggests the market may have priced in even stronger numbers or is reacting to tariff risk disclosures and elevated R&D spend.
Apple's FY2026 results show accelerating growth across every segment, with the biggest Greater China turnaround in years — but the after-hours selloff signals the market wanted more.
Apple's 15.1% revenue growth and 48.8% gross margin reinforce its premium positioning against competitors who compete primarily on aggressive pricing. The 28% Greater China rebound is a standout in an otherwise challenged region for Western consumer-tech peers.
The 10-K flags U.S. tariff and retaliatory trade measures as a material risk that could adversely impact consumer spending, macroeconomic conditions, and Apple's results. Supply concentrations remain a concern, with certain components sourced from single or limited suppliers, and the company competes for components with rivals in smartphones, PCs, and wearables.