Apple (AAPL) Q4 Revenue Rises 12% to $114.5B

What happened

Apple reported Q4 revenue of $114.5B, up 12% from a year earlier, and diluted EPS of $2.10, up 14%. Gross margin was 47.9%, including a roughly 1 percentage-point favorable tariff-refund impact, and EPS included a favorable $0.05 tariff-refund impact.

Confirmed

Global impact / market context

Revenue and EPS both grew at double-digit rates, but part of the profit boost came from tariff refunds, which are one-time cash returns on past import duties. Stripping that out, the underlying profit per sale was lower than the reported 47.9% gross margin suggests, so investors should judge growth quality carefully.

Analyst inference

Apple also reported fiscal 2026 revenue of $479B, an all-time record, without a prior-year growth comparison, and declared a quarterly dividend of $0.27 per share. The release offers no forward guidance, so demand trends and underlying margins remain unclear until the earnings call or later filings.

Analyst inference

What to watch

1. Apple's quarterly dividend was declared at $0.27 per share, which returns cash to shareholders; the release gives no prior dividend figure, so year-over-year dividend growth cannot be assessed from this text alone. Confirmed
2. Watch the earnings call and later filings for forward guidance, which is management's outlook for future sales and profit, plus detail on underlying demand and margins excluding the tariff-refund benefit. Proposed
3. Track whether future gross margin holds near 47.9% without tariff refunds; if the roughly 1-point benefit fades, reported profit per sale would likely fall unless sales growth or cost cuts offset it. Analyst inference

Evidence

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