# Apple stock Q3 2026: a record $114.5bn quarter, iPhone up 17% and Siri AI
> Apple stock Q3 2026: revenue up 12% to $114.5bn, iPhone up 17% and Services at a record. Our DCF value is $116.01 vs a $338.32 price. Here is why.

Agent brief for this QSI Labs research article. Prefer this file for quick facts; use the HTML page for the full human layout, or article.md for the full text.

## Facts
- Ticker: AAPL
- QSILabs fair value: $116.01 USD
- Price: $338.32 (as of 2026-11-02)
- As of: Fiscal Q4 2026 results (quarter ended 2026-09-26)
- Published: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/apple-q3-2026-earnings-ai-iphone-valuation/

## Short answer
Apple stock Q3 2026 results landed on 2 November 2026, after the market close, and they were Apple's best September quarter ever. In the quarter to 26 September 2026, which is Apple's fiscal fourth quarter of 2026 and calendar Q3 2026, revenue rose 12% to $114.5bn, iPhone revenue rose 17% to $57.6bn and Services reached an all-time high of $31.6bn. Fiscal 2026 revenue was a record $478.8bn, up 15%. All figures in this article are as of Apple's fiscal Q4 2026 results (Form 8-K filed 2 November 2026), and share prices are as of the 2 November 2026 close of $338.32, set before the results were released.

## Key takeaways
- Revenue: Apple's net sales rose 12% to $114,477m in the quarter to 26 September 2026 (fiscal Q4 2026, calendar Q3 2026), above the 9% to 11% growth Apple had guided to in July (Apple 8-K, 2 November 2026).
- iPhone and Mac: iPhone revenue rose 17% to $57,583m, a September-quarter record, and Mac revenue rose 24% to $10,792m. iPad fell 10% and Wearables, Home and Accessories fell 8%.
- Margins: gross margin was 47.9%, including about 1 percentage point from tariff refunds, down from 50.1% in the June quarter. Diluted EPS was $2.10, up 14%, including $0.05 from tariff refunds.
- Fiscal 2026: revenue $478.8bn (+15%), operating income $158.1bn (+19%), EPS $8.98 (+20%), free cash flow $136.1bn, and $102.1bn returned through buybacks and dividends.
- Valuation: the QSILabs discounted cash flow value for Apple (AAPL) is $116.01 per share as of 2 November 2026, against a $338.32 close, about 66% lower. The price implies a discount rate of about 5.2% on our cash flows, versus our 10.9%.

## Full versions
- [HTML](https://www.quantitativesuperintelligencelabs.com/research/apple-q3-2026-earnings-ai-iphone-valuation/)
- [Markdown](https://www.quantitativesuperintelligencelabs.com/research/apple-q3-2026-earnings-ai-iphone-valuation/article.md)
- [PDF](https://www.quantitativesuperintelligencelabs.com/research/apple-q3-2026-earnings-ai-iphone-valuation/apple-q3-2026-earnings-ai-iphone-valuation.pdf)
- [This agent brief](https://www.quantitativesuperintelligencelabs.com/research/apple-q3-2026-earnings-ai-iphone-valuation/llms.txt)

Publisher: QSI Labs (Quantitative Super Intelligence Labs)
Site index: https://www.quantitativesuperintelligencelabs.com/llms.txt