---
title: "Apple Q3 FY2026: the strongest June quarter ever — iPhone up 22%, a 50% gross margin, and a tariff asterisk worth reading"
description: "Apple's filed Q3 FY2026: revenue up 16% to $109.4B with June-quarter records for iPhone, Mac and Services, EPS up 29% to $2.02, and gross margin at 50.1% — including roughly 2 points and $0.11 of EPS from tariff refunds the filing itemizes."
canonical: https://evidinvest.com/blog/aapl-q3-fy2026-earnings-results-record-june-quarter-2026-07-31
date: "2026-07-31"
last_updated: "2026-07-31"
author: "EvidInvest Team"
publisher: "EBD Sweden AB (EvidInvest)"
tags: ["AAPL", "Apple", "Q3 FY2026", "earnings", "iPhone", "Services", "gross margin", "SEC filings", "Aether"]
---

# Apple Q3 FY2026: the strongest June quarter ever — iPhone up 22%, a 50% gross margin, and a tariff asterisk worth reading

- Published: 2026-07-31
- Author: EvidInvest Team, EvidInvest (published by EBD Sweden AB)
- Canonical URL: https://evidinvest.com/blog/aapl-q3-fy2026-earnings-results-record-june-quarter-2026-07-31
- Research, not investment advice.

> Apple's filed Q3 FY2026: revenue up 16% to $109.4B with June-quarter records for iPhone, Mac and Services, EPS up 29% to $2.02, and gross margin at 50.1% — including roughly 2 points and $0.11 of EPS from tariff refunds the filing itemizes.

*Figures trace to Apple's Q3 FY2026 results release, filed July 30, 2026 as
Exhibit 99.1 (accession `0000320193-26-000018`), with management color from
the same-day earnings call, both indexed and retrieved via Aether. Research,
not investment advice.*

While its megacap peers spent the week filing the costs of the AI build-out,
[Apple](https://evidinvest.com/valuation/AAPL) (**[$AAPL](https://evidinvest.com/valuation/AAPL)**) filed something much
simpler: the **strongest June quarter in its history**. Revenue of **$109.4
billion, up 16 percent**, with June-quarter records for total revenue and
EPS, records across iPhone, Mac and Services — and, per the release, records
**in every geographic segment**, China included.

The growth engine is the one everyone had written off: on the earnings call,
management put **iPhone revenue at $54.3 billion, up 22 percent**, driven by
the iPhone 17 family, with the active installed base at an all-time high and
a June-quarter record for upgrades. Mac grew 29 percent. Services set another
record at **$30.7 billion, up 12 percent** despite currency headwinds.

## The margin, and its asterisk

The headline profitability is striking: **gross margin of 50.1 percent** and
**diluted EPS of $2.02, up 29 percent** — earnings growing nearly twice as
fast as revenue. But this filing does something worth respecting: it
itemizes its own asterisk. Roughly **2 percentage points of that gross
margin and $0.11 of that EPS came from tariff refunds** — a one-time
favorable settlement, not run-rate economics. Back it out and the underlying
quarter is still excellent — margin around 48 percent, EPS growth around 21
percent on our arithmetic — but the 50-handle margin is not the new
baseline, and Apple says so itself in the second sentence of the release.

CFO Kevan Parekh's statement adds the cash dimension: June-quarter records
for **both EPS and operating cash flow**, with the installed base of active
devices at a new all-time high across every major product category and
geography. The board declared a $0.27 dividend payable August 13.

## The quiet contrast with the rest of the week

Read against the other filings of the last nine days, Apple is running a
different business model in the same industry. [Meta](https://evidinvest.com/valuation/META)
(**[$META](https://evidinvest.com/valuation/META)**) filed a 12-point margin compression and $784
million of free cash flow after $31 billion of quarterly capex.
[Alphabet](https://evidinvest.com/valuation/GOOGL) (**[$GOOGL](https://evidinvest.com/valuation/GOOGL)**) raised $49.6
billion of equity to fund compute. Apple filed record margins, record cash
flow, and — its main AI disclosure — Tim Cook pointing to the **all-new Siri
AI introduced at WWDC26**, delivered on devices customers already paid for.

Whether that is discipline or delay is the live debate, and this filing
won't settle it. What it does establish: the installed-base flywheel —
2 billion-plus devices pulling Services at 12 percent growth and hardware
records at 50-percent-adjacent gross margins — is intact, growing
double-digits, and funding itself. No equity raises, no margin give-up, no
borrowed money. In a week where the AI capex bill dominated every other
exhibit, the most valuable company filed a quarter that didn't need one.

The numbers, the trajectory and the fair-value math are on the
[Apple valuation dashboard](https://evidinvest.com/valuation/AAPL), updated as filings land.

*Source: Apple Inc. Form 8-K Exhibit 99.1, July 30, 2026 (accession
`0000320193-26-000018`),
[sec.gov](https://www.sec.gov/Archives/edgar/data/320193/000032019326000018/a8-kex991q3202606272026.htm),
and the Q3 FY2026 earnings call of the same day, retrieved via Aether.
EvidInvest provides information and analysis for educational purposes only
and is not investment advice.*

---

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