AAPL · Apple · Q4 FY2026
Apple Sees Growth Slow and Margins Narrow
Revenue growth moderated to 11.7% from 16.4%, and operating margin narrowed 52 basis points to 31.1%.
- Published
- Nov 6, 2026
- Event
- Nov 2, 2026
- Quarter ended
- Sep 26, 2026
- Data as of
- Nov 3, 2026
Published becauseBlockhaven's first note on Q4 FY2026, whose results were filed Nov 2, 2026: the latest reported quarter showed a weaker trajectory.
The Blockhaven read
Apple's quarter softened on the measures that moved: revenue growth moderated to 11.7% from 16.4% and operating margin narrowed 52 basis points to 31.1%. GAAP operating income rose 9.9% against 11.7% revenue growth, so profit tracked sales. A single quarter shows a direction, not yet a trend.
Latest reported quarter
13-week quarter · Earnings release filed Nov 2, 2026
RevenueGAAP
- Latest
- $114.5 billion
- Year ago
- $102.5 billion
- Change
- +11.7% (Up year over year)
Derived from year-to-date filings
Operating incomeGAAP
- Latest
- $35.6 billion
- Year ago
- $32.4 billion
- Change
- +9.9% (Up year over year)
Derived from year-to-date filings
Net incomeGAAP
- Latest
- $30.7 billion
- Year ago
- $27.5 billion
- Change
- +11.8% (Up year over year)
Derived from year-to-date filings
Diluted EPSGAAP
- Latest
- $2.10
- Year ago
- $1.85
- Change
- +13.5% (Up year over year)
From the earnings release
Operating margin (GAAP)Derived
- Latest
- 31.1%
- Year ago
- 31.6%
- Change
- −52 bp (Down year over year)
| Measure | Basis | Latest quarter | Year ago | Change |
|---|---|---|---|---|
| RevenueDerived from year-to-date filings | GAAP | $114.5 billion | $102.5 billion | +11.7% (Up year over year) |
| Operating incomeDerived from year-to-date filings | GAAP | $35.6 billion | $32.4 billion | +9.9% (Up year over year) |
| Net incomeDerived from year-to-date filings | GAAP | $30.7 billion | $27.5 billion | +11.8% (Up year over year) |
| Diluted EPSFrom the earnings release | GAAP | $2.10 | $1.85 | +13.5% (Up year over year) |
| Operating margin (GAAP) | Derived | 31.1% | 31.6% | −52 bp (Down year over year) |
Revenue growth +11.7% against +16.4% in the prior quarter (year over year, GAAP).
Trend: Deteriorating. Revenue growth slowed and operating margin narrowed; GAAP operating income was roughly steady.
GAAP unless labelled. Non-GAAP and company-defined measures are labelled.
What changed
- Revenue growth slowed to 11.7% from 16.4%.
- Operating margin narrowed 52 basis points year over year, to 31.1% from 31.6% (GAAP).
- GAAP operating income rose 9.9% year over year, with net income 11.8% and diluted EPS 13.5% moving the same way.
Why it matters
The measures that moved (revenue growth slowed and operating margin narrowed) point the same way and none moved against them, so the picture is consistent rather than mixed.
What to watch
- Operating margin at the next report against 31.1% this quarter: a further move in the same direction would confirm this reading, and a reversal would weaken it.
- Year-over-year revenue growth against 11.7% now and 16.4% before: a stabilisation would ease the tension with the outlook, and a further slowdown would sharpen it.
Data and sources
Figures come from the company's SEC filings and its own 8-K earnings release, filed Nov 2, 2026. GAAP figures are labelled as such. Blockhaven used no outside forecasts, so no figure here is measured against market expectations.
Descriptive company facts. Not investment advice, a rating or a recommendation.