Apple Sales Rise 16% in June Quarter to Record $109 Billion, Services Revenue Falls Short of Forecasts

Apple turned in another solid earnings report for the June 2026 quarter, which marks the last earnings period for outgoing CEO Tim Cook.

For the three months ended June 27, Apple’s Q3 of fiscal 2026, the tech giant reported total revenue of $109.4 billion, up 16%. Net income came in at $29.8 billion, an increase of 27%, translating to diluted earnings per share of $2.02. The results topped Wall Street expectations.

Helping drive the top line again was Apple’s services business, which turned in a new quarterly revenue record with $30.7 billion (up 12.1%). However, financial analysts were expecting a stronger showing, forecasting $31.36 billion in sales. The services segment includes the App Store, Apple TV, Apple Music, Apple Pay, AppleCare, iCloud and advertising. The company’s core iPhone biz also turned in healthy growth, up 22% to $54.3 billion for the June quarter.

Cook will step down as Apple CEO after 15 years as of Sept. 1, when John Ternus, senior VP of hardware engineering, will succeed him in the role. Cook will become executive chairman of Apple’s board.

“Today, Apple is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment,” said Cook in prepared remarks.

For the June quarter, Wall Street analysts had expected overall revenue of $108.65 billion and earnings per share of $1.89, according to data provider LSEG.

(Pictured above: Apple’s John Ternus and Tim Cook at the premiere of Apple TV’s “Ted Lasso” Season 4 at the Academy Museum of Motion Pictures in Los Angeles on July 27)