Apple posts record $479 billion year as iPhone and Mac sales climb and iPad slips
Refunds of tariffs struck down by the Supreme Court added about a point to Apple's profit margin. The results follow 147 Apple layoffs in Cupertino and Sunnyvale.
Apple sold a record $478.8 billion in the fiscal year that ended Sept. 26, up 15%, the Cupertino company reported Monday. September-quarter revenue rose 12% to $114.5 billion and profit rose to $30.7 billion from $27.5 billion, according to its release and financial statements.
The iPhone, half of the quarter's sales, grew about 17% to $57.6 billion. Mac sales rose about 24% to $10.8 billion, and services such as the App Store and iCloud rose about 10% to a record $31.6 billion. Two lines shrank: iPad sales fell about 10% to $6.2 billion, and wearables, home and accessories, which include Apple Watch and AirPods, fell about 8% to $8.3 billion.
Refunds of import taxes helped. In February the U.S. Supreme Court struck down some tariffs imposed under a 1977 emergency-powers law, and Apple applied for refunds of what it had paid, counting the money as lower product costs, the annual report says. The refunds added about 1 percentage point to gross margin, the share of sales left after the cost of making products, which was 47.9%, and 5 cents to earnings per share of $2.10.
The record came after layoffs nearby. Apple told the state in August it would cut 79 jobs in Cupertino and 68 in Sunnyvale as of Oct. 19, according to the California Employment Development Department's WARN list, which tracks notices under the law requiring most large employers to give 60 days' warning of mass layoffs. Apple had about 167,000 full-time-equivalent employees worldwide.
Source: Apple news release, Nov. 2, 2026; Apple condensed financial statements, fiscal 2026 fourth quarter; Apple Form 10-K, fiscal 2026; California EDD WARN report, July 1 to Oct. 28, 2026 via the EDD WARN page. Percent changes by product and region calculated by the Daily News from Apple's statements.