Apple has delivered a stronger-than-expected second quarter for fiscal 2026, beating its own guidance and market forecasts, with growth powered largely by iPhone demand and continued momentum in services.
Financial Highlights
The company reported revenue of $111.2 billion for the March quarter, up 17% year on year, comfortably above its earlier projection of 13–16% growth. Net profit came in at $29.58 billion, while earnings per share stood at $2.01, ahead of analyst expectations of $1.94 on $109.73 billion in revenue.
Category Performance
At a category level, the iPhone once again did the heavy lifting, generating $56.99 billion in revenue. Services followed with $30.98 billion, underlining Apple’s ongoing shift towards recurring, high-margin income streams. Mac revenue stood at $8.40 billion, iPad at $6.91 billion, and Wearables, Home and Accessories brought in $7.90 billion.
The numbers suggest a business that is not just growing, but doing so across the board. Apple said it saw double-digit expansion in every geographic segment, with particularly strong performance in emerging markets, including India.
Growth Beats Guidance
CEO Tim Cook framed the quarter as a record-setter. He highlighted that the iPhone achieved its best-ever March quarter, driven by demand for the iPhone 17 lineup. Services, too, hit an all-time high, reinforcing its role as a stabilising force in Apple’s revenue mix. Cook also pointed to new product additions—including the iPhone 17e, M4-powered iPad Air and the MacBook Neo—as part of what he described as Apple’s “strongest lineup ever.”
CFO Kevan Parekh added that operating cash flow crossed $28 billion during the quarter, setting another March-period record. He also noted that Apple’s installed base of active devices reached a new all-time high, a metric closely watched as it feeds into long-term services growth.
India Remains Key Market
Apple said India remained a key growth market in the March quarter, with double-digit revenue expansion continuing across categories. While iPhone demand stayed strong, the company also saw rising traction for Mac and iPad, helped by new launches and improving adoption in both urban and emerging markets. Apple’s growing retail presence, including its sixth store, signals a broader push as demand widens beyond smartphones into computing devices.
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