Apple earnings November 2026 take centre stage on Monday, as the iPhone maker reports fiscal fourth-quarter results after the United States market closes, opening a week packed with big technology results. Wall Street expects revenue of about $113.4 billion, up roughly 11 percent from $102.47 billion a year earlier, and earnings of $1.99 per share, up from $1.85, according to analyst consensus cited by TipRanks and other previews.
The report covers the three months ended in late September, and it will be the first earnings presentation led by chief executive John Ternus, who succeeded Tim Cook in September, Yahoo Finance reported. The company will hold its conference call at 2 p.m. Pacific time, or 5 p.m. Eastern, following the release, according to 9to5Mac. Investors will be listening as much for the December-quarter outlook as for the September figures themselves, because the holiday quarter is Apple’s largest selling period.
The margin question
Gross margin is the central question. Apple guided in July to a gross margin of 47 to 48 percent for the quarter, down from 50.1 percent in the June quarter, including a benefit of about one percentage point from tariff refunds, according to Zacks Investment Research. Rising memory costs and reduced tariff-refund benefits are squeezing profitability even as demand holds up, analysts said, and management previously flagged greater supply constraints on iPhone, Mac and iPad.
Analysts expect iPhone revenue of about $56.4 billion to $56.5 billion, up about 15 percent from a year earlier, and Services revenue above $31.5 billion, according to Visible Alpha and TipRanks data. Mac revenue is projected at about $9.7 billion, with wearables and iPad at about $9.0 billion and $6.8 billion respectively. The quarter includes early sales of the iPhone 18 Pro models, while the new foldable iPhone Duo went on sale on October 23, after the fiscal quarter ended, so its fuller contribution belongs to the following reporting period.
A fragile market backdrop
Apple reports into a fragile market. United States equities suffered their worst session in four months on Friday, Saxo Bank reported, with the S&P 500 falling 1.8 percent, the Dow declining 1.1 percent and the Nasdaq dropping 2.9 percent, ending its weakest month since early 2025. Technology led the sell-off after disappointing earnings, with Intel plunging 28.6 percent and AMD falling 10.9 percent, as investors reassessed the costs and returns of AI investment.
Goldman Sachs expects hyperscaler capital expenditure to approach $800 billion in 2026 and rise to $1.2 trillion in 2027, Saxo noted, a reminder of how much spending is riding on the AI cycle. Against that backdrop, Apple’s commentary on iPhone demand, product availability and holiday-quarter margins may matter more for market sentiment than any single headline number — a beat that comes with a cautious outlook could still disappoint a market already on edge.
