Apple Delivers Record Q2 2026 Earnings with $111.2B Revenue, Strongest iPhone Growth in Two Quarters
Apple reported record Q2 2026 revenue of $111.2 billion, up 17% year-over-year, with iPhone sales jumping 22% despite supply constraints. The company issued strong Q3 guidance despite warnings about rising memory costs. Apple also announced an incoming CEO transition with John Ternus set to replace Tim Cook in September.
Apple Q2 2026 Earnings Highlights
Apple reported its second quarter earnings on Thursday, topping analysts' estimates with earnings per share of $2.01 on revenue of $111.2 billion. Apple's iPhone revenue came in at $56.99 billion, just ahead of Wall Street's projections, marking the second consecutive quarter of more than 20% revenue growth in the segment.
Services and Strategic Milestones
The company's second-largest business, Services, generated revenue of $30.97 billion versus an expected $30.37 billion, with Apple seeing Services revenue of $26.64 billion in Q2 last year. The company authorized $100B share repurchase program and increased dividend 4%, marking 14th consecutive year of dividend growth.
Supply Constraints and Cost Concerns
Apple has warned that increased memory prices could hurt margins. For the June quarter, the majority of supply constraints will be on several Mac models due to high demand and less flexibility in the supply chain.
Leadership Transition
Apple announced in April that Cook will step down in September and become executive chairman, with longtime Apple hardware executive John Ternus succeeding him to lead the $4 trillion company.