Apple beats Q4 forecasts under new CEO Ternus: record $114.5B revenue, $2.10 EPS (Nov 2)
What happened
Apple reported fiscal Q4 results after Monday's close — its first under new CEO John Ternus — with revenue of $114.5 billion (+12% YoY), a September-quarter record that beat the ~$113.35B consensus. EPS was $2.10 (+14% YoY), ahead of the $1.99 consensus, though 5 cents came from tariff refunds and EPS excluding them ($2.05) missed the $2.07 whisper. iPhone revenue hit a September-quarter record of $57.6B (+17%), Mac rose 24% to $10.8B, and Services set an all-time high of $31.6B (+10%); the iPad was the quarter's weak spot, coming in around $6.2B and missing estimates. The stock barely moved in after-hours trading. The board declared a $0.27 quarterly dividend payable November 16.
Why it matters & what’s next are part of Pro, along with the audio summary.
Start your free 14-day trialWho’s affected
- Apple (AAPL): beat on revenue and EPS with record iPhone and Services quarters under new CEO; supports its 'disciplined vs AI-capex' premium
- Nvidia/Microsoft/Amazon/Alphabet/Meta: Apple's valuation gap vs Nvidia and the AI-capex-heavy peers makes its clean-cash-flow report a relative-strength datapoint in the AI-spend debate
- Supply chain (memory, component makers): Ternus flagged higher memory costs as the key margin pressure point
- iPad line / tablet competitors: iPad down ~10% was the quarter's blemish