Atlas Research Note

Apple FQ4 FY26: More New Customers, Less Margin per Device

Ben Bajarin · November 3, 2026

Creative Strategies earnings read | November 2, 2026 | Apple fiscal fourth-quarter 2026 results and conference call, November 2, 2026 Apple grew revenue 12% from a year ago to $114.5 billion, closed fiscal 2026 at $478.8 billion, up 15%, and guided the December quarter to 7% to 10% growth with gross margin of 45% to 46% as memory costs rise again. Operating view: Apple's growth is coming from the parts of our flywheel thesis that bring new customers onto the platform. iPhone grew 17% with a record for upgraders, Mac grew 24% with a record for customers new to the Mac, and Apple said it has never sold more Macs in a fiscal year, in a PC market we expect to fall about 12% in 2026. The cost of that growth is showing up in gross margin.

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Notes

Apple FQ4 FY26: More New Customers, Less Margin per Device

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