Apple’s best September quarter ever came with an all-time revenue record in India, but rising memory prices are the number to watch before your next upgrade.
Key takeaways
- Apple reported revenue of $114.5 billion (about ₹10.84 lakh crore) for the September quarter, up 12% year on year.
- India set an all-time quarterly revenue record for Apple, with a September-quarter record for iPhone and all-time highs for Mac and services.
- Mac revenue rose 24% to $10.8 billion; iPhone grew 17% to $57.6 billion.
- Full-year FY26 revenue reached about $479 billion (roughly ₹45.4 lakh crore), a company record.
- Apple guided for 7% to 10% growth in the December quarter but warned of “unprecedented” memory prices.
How did Apple do in India this quarter? Apple said India delivered its all-time revenue record in the quarter ended 26 September 2026. iPhone posted a September-quarter record in India, and both Mac and services hit all-time highs. Apple did not disclose an India revenue figure, but the records came in a quarter where global revenue rose 12% to $114.5 billion.
What were Apple’s headline numbers?
Apple reported its fiscal fourth quarter results on 2 November 2026 (US time), the early hours of 3 November in India. CEO John Ternus and CFO Kevan Parekh presented the numbers. Rupee figures below use the 3 November closing rate of ₹94.71 to the US dollar and are rounded.
| Metric | Q4 FY26 | Approx. in ₹ | Change YoY |
|---|---|---|---|
| Total revenue | $114.48 billion | ₹10.84 lakh crore | Up 12% |
| Net profit | $30.71 billion | ₹2.91 lakh crore | Up from $27.47 billion |
| Earnings per share | $2.10 | n/a | Up from $1.85 |
| iPhone | $57.58 billion | ₹5.45 lakh crore | Up 17% |
| Services | $31.57 billion | ₹2.99 lakh crore | Up 10%, a record |
| Mac | $10.79 billion | ₹1.02 lakh crore | Up 24% |
| Wearables, Home and Accessories | $8.30 billion | ₹78,600 crore | Down 8% |
| iPad | $6.23 billion | ₹59,000 crore | Down 10% |
Revenue beat Apple’s own guidance of 9% to 11% growth. For the full fiscal year, Apple booked roughly $479 billion, up 15%, its highest ever.
Why is India such a bright spot for Apple?
India showed up repeatedly in Apple’s results commentary. Beyond the overall revenue record, Apple highlighted:
- iPhone: a September-quarter record in India and a record for upgraders, meaning existing iPhone users moving to newer models. Research firm Worldpanel listed iPhone among top-selling models in India.
- Mac: all-time records in India and Southeast Asia, alongside a September-quarter high for first-time Mac buyers.
- Services: all-time revenue records in several emerging markets, including India and Latin America.
- Apple Pay: launched in India on 30 September 2026 with Axis Bank as the first banking partner.
Apple Pay’s India debut is worth a closer look. At launch it works with Axis Bank-issued Visa and Mastercard credit cards, not RuPay, with Juspay, Cashfree and PayU as payment partners. That makes it a card-tap and online checkout option rather than a UPI rival for now.
How does India compare with Apple’s other markets?
Apple does not report India as a separate segment, so there is no rupee revenue number to compare. But the company set September-quarter records across most of its regions.
| Region or market | What Apple reported |
|---|---|
| India | All-time revenue record; iPhone September-quarter record; Mac and services all-time highs |
| Greater China | Revenue up 21% to a September-quarter record; up 28% for the full year |
| Americas, Europe, rest of Asia Pacific | September-quarter revenue records |
| Installed base | More than 2.5 billion active devices, an all-time high |
| Paid subscriptions | More than 1.5 billion, up double digits |
What did Apple warn about?
The cautionary note was memory. Apple’s management called current memory chip pricing unprecedented. Memory costs were higher in the September quarter than in June and are expected to rise further in the December quarter and beyond.
As a result, Apple guided gross margin of 45% to 46% for the December quarter, which includes higher memory costs and spending tied to its Siri AI ramp. It also expects total revenue to grow 7% to 10% year on year, which it said reflects constrained supply, and services revenue to grow 8% to 9%. Apple still expects the December quarter to be its biggest revenue quarter ever.
Apple said price increases taken on some products earlier in the year are partly offsetting the higher component costs.
What does it mean for Indian buyers?
For Indian consumers, the results point to a few practical things.
- Demand is strong, so discounts may be thinner. Record upgrades and first-time Mac buyers suggest Apple does not need deep price cuts to move units in India.
- Watch prices on memory-heavy models. Apple has not announced any India price changes, but it has flagged memory as a growing cost pressure. Higher-storage iPhones and Macs are the variants most exposed to memory costs.
- Supply may be tight around the holidays. Apple itself said its December-quarter outlook reflects constrained supply, so if you are planning a year-end purchase, popular configurations could be harder to find.
- Apple Pay is limited for now. Unless you hold an Axis Bank Visa or Mastercard credit card, you will need to wait for more banks and RuPay support.
For Indian retailers, service providers and app developers, the services record is a signal that Indian users are paying for subscriptions, iCloud storage and apps at a growing rate.
This article is for information only and is not investment advice.
FAQs
Did Apple reveal its India revenue figure?
No. Apple said India hit an all-time revenue record in the September quarter, but it does not break out India as a separate reporting segment, so no rupee or dollar figure was disclosed.
How much did Apple earn in the September quarter?
Apple reported revenue of $114.48 billion and net profit of $30.71 billion. At ₹94.71 to the dollar, that is roughly ₹10.84 lakh crore in revenue and ₹2.91 lakh crore in profit.
Why did Mac sales jump 24%?
Apple reported double-digit Mac growth in both developed and emerging markets, all-time highs in India and Southeast Asia, and a September-quarter record for first-time Mac buyers. Apple did not attribute the jump to a single model.
Will iPhone prices go up in India?
Apple has not announced any India price changes. It has warned that memory costs are rising and will keep rising, which is a cost pressure to watch, but any pricing decision would be Apple’s to announce.
Which cards work with Apple Pay in India?
At launch on 30 September 2026, Apple Pay in India supports Axis Bank-issued Visa and Mastercard credit cards. RuPay cards were not supported at launch.
When is Apple’s next big quarter?
The December quarter, which covers the holiday season. Apple expects revenue growth of 7% to 10% and says it should be its best revenue quarter ever.
Sources
- Apple reports Q4 2026 earnings: $114.5 billion in revenue, up 12%, 9to5Mac
- Apple (AAPL) Q4 2026 Earnings Call Transcript, The Motley Fool
- Apple Logs Record India Revenue, Mac And Services Hit New Highs, Inc42
- Rupee rises 13 paise to settle at 94.71 against US dollar, HDFC Sky
