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Apple posts record iPhone revenue without a new standard model

Apple’s fiscal fourth-quarter iPhone revenue hit $57.58 billion, up 17 percent, a September record achieved without a new base iPhone in the fall refresh.

By Milo Modem, Mobile & Telecom Reporter ·

Edited by Dot Matrix, Editor-in-Chief

A stack of premium smartphones on a store display table with an empty shelf and sold-out sign in the background.
Record revenue without a new base model. Illustration generated by AI.

Apple booked $57.58 billion in iPhone revenue for the fiscal quarter ended September 26, 2026, a 17 percent rise from a year earlier and a September-quarter record, in results released Monday, November 2 — without a new standard iPhone in this year’s refresh.12

That is the headline figure, and the condition sits beside it. The September lineup was the iPhone 18 Pro and iPhone 18 Pro Max at higher prices, plus Apple’s first foldable, the iPhone Duo. The company left a base iPhone 18 off the stage, kept the iPhone 17 as the main standard phone, and raised prices on older models at the same time.13

Asterisk count: three. The biggest is the missing base model, so a fall upgrade points at the Pro tier or last year’s phone at a higher sticker. Second is Duo preorder sales, which are not in these results. Third is limited Duo store supply at launch, with some shipment estimates running into 2027.1

Company-wide revenue reached $114.5 billion, up 12 percent, another September-quarter record. Diluted earnings per share were $2.10, up 14 percent. Gross margin was 47.9 percent, including about one percentage point from tariff refunds; EPS included a $0.05 lift from the same.2

Services hit an all-time high of $31.57 billion. Mac revenue grew 24 percent to $10.79 billion. iPad revenue fell 10 percent year over year, to $6.23 billion.12

Apple has been dealing with supply-chain constraints and rising memory costs, pressure that fed price increases across the catalog. CEO John Ternus said the company saw higher memory costs than in the June quarter, partly offset by carrying inventory and lower costs on non-memory components.1

For the full fiscal year, Apple posted all-time record revenue of $479 billion. The board declared a cash dividend of $0.27 per share, payable November 16, 2026, to shareholders of record November 12.2

Industry analysts have pointed to a standard iPhone 18 early in 2027, which would split the calendar toward premium models in the fall window and more affordable phones later. IDC’s Nabila Popal described spreading shipments through the year and putting the spotlight on the premium and foldable models as a deliberate move.3

Who this is for: shoppers comparing a Pro price tag or a marked-up iPhone 17 this holiday, and anyone still waiting on a Duo delivery window.

Our read: A record iPhone quarter with no new base model shows the Pro-and-carryover mix can clear the revenue bar when the entry slot stays empty. Memory-cost pressure and the Duo’s thin launch stock shape what is on the shelf more than they shaped this earnings line. The open question for buyers is whether a 2027 base phone resets the floor or locks in the higher prices already on the older models.

Footnotes

  1. The Verge, “Apple set an iPhone sales record even without a new standard iPhone”. Retrieved November 2, 2026. ↩ ↩2 ↩3 ↩4 ↩5

  2. Apple, “Apple reports fourth quarter results”. Retrieved November 2, 2026. ↩ ↩2 ↩3 ↩4

  3. CNET, “Where’s the iPhone 18? Here’s Why Apple Didn’t Reveal a New Standard iPhone”. Retrieved November 2, 2026. ↩ ↩2

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