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Summary
Apple reported fiscal fourth-quarter 2026 revenue of $114.5 billion for the quarter ended September 26, 2026, up 12% from a year earlier, with diluted earnings per share of $2.10, up 14%, and gross margin of 47.9%.
For the full fiscal year 2026, Apple's revenue rose 15% to a record $478.8 billion and diluted earnings per share rose 20% to $8.98, led by iPhone revenue of $254.1 billion, up 21% from fiscal 2025.
At Nasdaq's official closing price of $350.69 on November 9, 2026, Apple traded at about 39.1 times its four-quarter diluted GAAP earnings per share, against 22.6 times for Nvidia and 15.0 times for Alphabet on the same basis.
Apple's board declared a quarterly cash dividend of $0.27 per share, payable on November 16, 2026, to shareholders of record as of the close of business on November 12, 2026.
Apple stock is in focus after Apple (AAPL) reported fiscal fourth-quarter 2026 results on November 2, 2026. Revenue for the quarter ended September 26, 2026 rose 12% to $114.5 billion, diluted earnings per share (EPS) rose 14% to $2.10, and the full fiscal year closed at a record $478.8 billion in revenue. AAPL closed at $350.69, Nasdaq's official closing price on November 9, 2026. For US-stock investors, the question is how the record year and the new iPhone cycle compare with the valuation of Apple and its largest peers.
Figures in this article were updated on November 10, 2026, after Apple reported its fiscal fourth-quarter 2026 results on November 2, 2026.
Apple Fiscal Q4 2026 Results: $114.5 Billion Revenue and $2.10 EPS
According to Apple's fiscal fourth-quarter 2026 results release filed with the SEC, products brought in $82.9 billion and Services $31.6 billion in the quarter. Gross margin was 47.9%, compared with 47.2% a year earlier, and Apple said it included a favorable impact of about 1 percentage point from tariff refunds. Net income rose 12% to $30.7 billion. Diluted EPS of $2.10 compared with $1.85 a year earlier and included a $0.05 benefit from tariff refunds. Apple said the quarter set September-quarter records for total revenue, iPhone revenue and EPS, and that Services revenue reached an all-time high.
By reportable segment, Greater China grew fastest, up 21% to $17.5 billion. The Americas rose 10% to $48.7 billion, Europe rose 12% to $32.0 billion and Rest of Asia Pacific rose 15% to $9.7 billion, while Japan slipped 1% to $6.5 billion.
The quarter held only a short stretch of the new iPhone cycle. Per Apple Newsroom, iPhone 18 Pro starts at $1,199 and iPhone 18 Pro Max at $1,299 in the US, with availability from September 18, eight days before the quarter ended. Apple's first foldable, iPhone Duo, starts at $1,999 in the US and became available on October 23, so its sales are not in these results.
Fiscal 2026 vs Fiscal 2025: Apple's Record $478.8 Billion Year
The Form 10-K Apple filed on November 3, 2026 sets the full year against fiscal 2025. Revenue rose 15%, led by iPhone, which the 10-K says grew on higher sales of Pro models, while iPad and Wearables, Home and Accessories were roughly flat.
Greater China was also the fastest-growing segment for the year, up 28% to $82.4 billion. Spending rose too: research and development expense climbed 32% to $45.8 billion, which the 10-K attributes mainly to higher infrastructure costs, including investments in artificial intelligence, and headcount. The 10-K also says Apple faces supply constraints and rising costs for key components, including advanced semiconductors, memory and storage, and that it expects these trends to intensify for memory and storage.
Apple Returned $28 Billion in Q4 and Declared a $0.27 Dividend
Apple said it generated $28 billion of operating cash flow in the September quarter and returned $28 billion to shareholders. For the full year, the 10-K shows $85.8 billion of share repurchases and $15.7 billion of dividends and dividend equivalents. Shares outstanding fell 1.6% over the year, to about 14.53 billion on September 26, 2026 from about 14.77 billion a year earlier. At year end, Apple had $14.0 billion left under its May 2025 repurchase program, plus a further program of up to $100 billion announced on April 30, 2026.
The board declared a quarterly cash dividend of $0.27 per share, the rate Apple has paid since it raised the dividend from $0.26 in May 2026. Cash, cash equivalents and marketable securities totaled $136.9 billion on September 26, 2026, against $78.1 billion of term debt and $2.0 billion of commercial paper on the balance sheet.
AAPL Valuation vs Nvidia and Alphabet at November 9 Closes
Based on the November 9 close and the company's filings, Apple traded at about 39 times its diluted GAAP EPS of $8.98 over the four quarters to September 26, 2026, and about 10.6 times its revenue over the same period. Its market value was about $5.10 trillion, using the 14,532,182,000 shares outstanding on October 23, 2026 from the 10-K cover page. Nvidia and Alphabet are measured the same way, on their own latest four reported quarters.
Company
Nov 9, 2026 close
Four quarters to
Revenue (four quarters)
Diluted GAAP EPS (four quarters)
P/E
P/S
Market cap
Apple (AAPL)
$350.69
Sep 26, 2026
$478.8 billion
$8.98
39.1x
10.6x
$5.10 trillion
Nvidia (NVDA)
$178.67
Jul 26, 2026
$303.0 billion
$7.91
22.6x
14.2x
$4.31 trillion
Alphabet (GOOGL)
$288.15
Sep 30, 2026
$471.1 billion
$19.16
15.0x
7.5x
$3.54 trillion
Method: prices are Nasdaq's official closing prices on November 9, 2026 for AAPL, NVDA and GOOGL. P/E is the close divided by diluted GAAP EPS over the last four reported quarters, and P/S is market cap divided by revenue over the same quarters. Nvidia's latest reported quarter ended July 26, 2026, and its market cap uses the 24.1 billion shares its 10-Q reported as of August 21, 2026. Alphabet's market cap applies the GOOGL close to all 12,294 million Class A, B and C shares outstanding on October 21, 2026, per its 10-Q. Alphabet's GAAP earnings in the first nine months of 2026 included a $127.3 billion net gain on equity securities, which raises its four-quarter EPS and lowers its P/E on this basis.
What to Watch: Apple's November 12 Record Date and November 16 Dividend Payment
Dividend dates. Apple's $0.27 dividend goes to shareholders of record at the close of business on November 12, 2026, and is payable on November 16, 2026.
The fiscal first-quarter 2027 report. The release and the 10-K do not give a date for Apple's next quarterly report. It will be the first quarter that includes iPhone Duo sales, which began on October 23, 2026.
The 2027 proxy statement. The 10-K says Apple will file its proxy statement for the 2027 annual meeting of shareholders within 120 days after September 26, 2026, which means by January 24, 2027.
This article is for education and information only and is not investment advice. Investment decisions are your own after doing your own research.
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