Originally published on ColdCaseTech.

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Then vs. Now (News report): Then: Apple announced fiscal 2026 fourth quarter revenue of $114.5 billion, up 12 percent year over year, with a September quarter record for iPhone revenue. Now: Apple's CEO told Reuters the iPhone Duo is constrained and that the company is not able to predict when supply and demand will be in balance.

Apple reported fiscal 2026 fourth quarter results on November 2, 2026, with quarterly revenue of $114.5 billion, up 12 percent year over year (Apple). The company described records for total revenue, iPhone revenue and EPS for a September quarter (Apple). The iPhone Duo contributed no sales to the period, because it went on sale in October (9to5Mac).

Key Facts

Item Detail Source
Quarterly revenue $114.5 billion, up 12 percent year over year Apple
Diluted EPS $2.10, up 14 percent, including a $0.05 benefit from tariff refunds Apple
iPhone revenue $57.58 billion The Verge
iPhone Duo price $1,999 The Verge
iPhone Duo supply Constrained, no date for balance TechCrunch

Timeline

  • 2026-09-26: Apple's fiscal 2026 fourth quarter ended (Apple).
  • 2026-10-16: The first iPhone Duo preorders sold out (9to5Mac).
  • 2026-11-02: Apple reported its fourth quarter results and held its earnings call (Apple).
  • 2026-11-12: Record date for Apple's $0.27 per share dividend (Apple).
  • 2026-11-16: Payment date for the dividend (Apple).

Details (as Reported)

Apple stated that company gross margin was 47.9 percent, including a favorable impact of approximately 1 percentage point from tariff refunds (Apple). Fiscal 2026 revenue reached an all-time record of $479 billion, according to CFO Kevan Parekh, who also reported $28 billion in operating cash flow and $28 billion returned to shareholders in the quarter (Apple). Services revenue reached a new all-time high (Apple).

The Verge reported that Apple posted record iPhone revenue even without a standard iPhone 18 model (The Verge). CEO John Ternus named the iPhone Duo, iPhone 18 Pro and iPhone 18 Pro Max in Apple's release (Apple).

In an interview with Reuters, Ternus stated that the Duo is constrained as of today and that Apple is not able to predict when supply and demand will be in balance (9to5Mac). On the earnings call, Chief Operating Officer Sabih Khan gave a similar assessment (TechCrunch). Apple Store shipping estimates have stayed at late January since the first preorders sold out on October 16 (9to5Mac). The Verge reported that the foldable launched for $1,999 with a 5.4 outer display and a 7.6-inch inner screen (The Verge).

Ternus told Reuters that a very small percentage of Duo units were returned with display issues and that Apple is replacing them (9to5Mac). TechCrunch reported that Verizon has offered gift cards to customers over the delays and that Apple is deepening its partnership with the titanium producer Perryman (TechCrunch).

On memory costs, Ternus described current pricing as unprecedented during the call and expects even higher memory costs in the December quarter, partly offset by recent price increases (The Verge). Khan noted that Apple raised prices on a number of products reluctantly (TechCrunch).

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What Is Not Yet Confirmed

  • When iPhone Duo supply and demand will be in balance, which Apple's CEO told Reuters the company is not able to predict (The Verge).
  • How many iPhone Duo units were returned with display issues, which Apple described only as a very small percentage (9to5Mac).

Sources

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