Apple has released its results for the second quarter of fiscal year 2026 – exceeding its own guidance with $111.2 billion in revenue. Several March quarter records were broken, the services division reached a new all-time high, and the board of directors approved a fresh $100 billion share buyback program.
Expectations were high: Wall Street analysts and Apple's own guidance had projected revenue for the March quarter at $107.8 billion to $110.7 billion. Apple not only met this target but exceeded it. This makes it clear: Cook's penultimate earnings call as CEO ends with a record quarter – and sends a strong signal to investors who are closely watching the company ahead of the leadership change on September 1st.
Key data at a glance
In the second fiscal quarter of 2026, which ended on March 28, Apple generated revenue of $111.2 billion – a 17 percent increase compared to the same quarter of the previous year. Diluted earnings per share came in at $2.01, a jump of 22 percent. This set three new records for a March quarter: total revenue, iPhone revenue, and earnings per share.
Operationally, the company generated over $28 billion in cash flow – also a new record for the second fiscal quarter. The services segment also reached a new all-time high, confirming the long-term trend: Recurring service revenues are becoming an increasingly reliable pillar of Apple's business.
iPhone lineup as a growth engine
In his official statement, Tim Cook particularly emphasized the strong demand for the iPhone 17. The model family delivered a new iPhone sales record for the March quarter – a remarkable figure, as the second fiscal quarter is traditionally considered a quieter quarter following the strong Christmas season. The fact that the iPhone division is setting new records precisely during this seasonal period indicates an exceptionally strong product cycle.
The newly launched iPhone 17e and the new iPad Air with M4 chip are also fully included in the quarterly results for the first time. In addition, there's the MacBook Neo, which Cook explicitly mentions as a highlight in his statement – Apple's more affordable MacBook with the A18 Pro chip, according to Cook, is "receiving worldwide acclaim."
Services at a new all-time high
The services division – encompassing the App Store, Apple Music, iCloud, Apple TV, Apple Arcade, AppleCare, advertising, and payment services – broke another record in the March quarter. This is crucial for Apple for two reasons: First, services generate higher margins than hardware; second, they make the company less dependent on hardware cycles. In the first quarter of 2026, Apple had already generated $30 billion in revenue from this segment – the Q2 all-time high suggests that this figure has now been surpassed.
Dividend and $100 billion share buyback
Apple's board of directors has approved a quarterly dividend of $0.27 per share – an increase of 4 percent. The payment will be made on May 14, 2026, to all shareholders registered in the stock register as of the close of trading on May 11, 2026.
The second capital measure is considerably more significant: The board of directors has authorized an additional share buyback program of up to $100 billion. A buyback program of this magnitude is remarkable even by Apple's standards and underscores the board's confidence in the company's long-term financial strength. For shareholders, this means a reduced number of outstanding shares – and thus potentially a positive effect on earnings per share.
Growth in all regions
Cook emphasized that Apple achieved double-digit growth in every geographic region during the March quarter. This statement is particularly relevant because China, in particular, had been considered a problem area in recent quarters. Apple will provide detailed regional figures, as usual, in its consolidated financial statements and during the conference call. However, the core message of today's press statement is clear: global demand is picking up everywhere.
Furthermore, Apple reports a new all-time high in its active installed base – that is, the number of Apple devices in use worldwide. This metric is particularly important for investors because it forms the basis for future service revenues.
What the quarterly figures mean for Apple
Today's figures are significant for several reasons. First, they demonstrate that Apple's product offensive of recent months – iPhone 17, iPhone 17e, iPad Air with M4, MacBook Neo, and new Studio Displays – is resonating with the market. Second, Apple proves that margin pressure from increased memory prices and tariffs can be managed without hindering growth. Third, the combination of a record quarter, a new $100 billion share buyback program, and an increased dividend should bolster the confidence of many institutional investors in the upcoming transition from Tim Cook to John Ternus.
The subsequent conference call with Cook and CFO Kevan Parekh, which begins at 11:00 PM German time, will be interesting. Analysts are likely to demand more concrete statements regarding the impact of the component shortages, performance in China, the AI strategy, and, last but not least, the transition at the top of the company.
Cook's penultimate balance sheet as CEO
For Tim Cook, this is his penultimate earnings call as CEO. On September 1, 2026, John Ternus, currently Senior Vice President of Hardware Engineering, will assume operational responsibility. Cook marking his tenure with a record quarter is symbolic – and it gives his successor a strong starting point. Cook is expected to lead his last regular earnings call at the end of July 2026, when Apple presents its Q3 results.
Apple publishes detailed figures for individual product lines and regions in its consolidated financial statements – we will report further as soon as the key statements from the conference call are available. (Image: Shutterstock / Kaspars Grinvalds)
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