Apple Beats Revenue Forecasts in First Earnings Report Under CEO John Ternus

Apple’s first report under a new CEO beats expectations

November 2, 2026

Apple brought in $114.5 billion in revenue in its latest quarter, beating Wall Street’s forecast in its first earnings report since John Ternus took over as chief executive.

Revenue rose nearly 12% from $102.5 billion a year earlier, according to Apple’s earnings release filed with the Securities and Exchange Commission. Analysts had expected about $113.4 billion, The Associated Press reported, citing FactSet.

The result gives investors an early look at Apple under its first new CEO in 15 years. Ternus became chief executive on September 1; longtime CEO Tim Cook moved to executive chair. Most of the fiscal quarter had already passed by the time Ternus took the job.

iPhone and services drove the gains

iPhone revenue rose to $57.6 billion from $49.0 billion in the year-earlier quarter, an increase of about 17%. The figures measure revenue, not the number of phones sold.

Services, which include businesses such as the App Store and subscriptions, reached a record $31.6 billion, up from $28.8 billion. Mac revenue climbed to $10.8 billion from $8.7 billion. iPad revenue moved in the other direction, falling to $6.2 billion from $7.0 billion. Apple’s release

Greater China revenue rose to $17.5 billion from $14.5 billion. That regional figure covers more than mainland China, so it should not be read as sales in the mainland alone.

Profit rose, with a tariff-related boost

Net income increased to $30.7 billion from $27.5 billion. Diluted earnings per share were $2.10, compared with $1.85 a year earlier. AP reported that analysts had expected $1.99 per share.

Apple said the result included a benefit of about five cents per share from tariff refunds. That makes the headline earnings figure more than a simple measure of the quarter’s underlying sales growth. Apple’s release · AP

What the transition does and does not show

The quarter ended September 26, less than a month after the leadership change. The results therefore reflect business decisions and product work that began before Ternus became CEO; one report cannot establish the effect of his leadership.

Apple’s next reports will show whether the growth in iPhone and services revenue continues. For the full fiscal year, Apple reported $478.8 billion in revenue. Apple’s release

Key dates

1. September 1, 2026 Ternus becomes Apple CEO as Cook moves to executive chair. AP
2. September 26, 2026 Apple’s fiscal fourth quarter ends. Apple / SEC
3. November 2, 2026 Apple releases its results. Apple / SEC

CNBC’s earnings update

CNBC reported the revenue beat in this post about Apple’s first results under Ternus. The company’s filing supplies the financial figures above.

Read CNBC’s Apple earnings update on X

Open the original CNBC post on X if the embed does not load.

Sources and visual credits

Apple earnings release filed with the SEC · Associated Press: Apple earnings · CNBC on X.

Hero and thumbnail: generated conceptual editorial illustration. The phone and chart are illustrative, not a photograph or a display of actual market data.