My notes on Apple. Lost count of how many times they said "record" on the call...record sales, record earnings, record installed base, record iPhone sales, record Services sales... ;-)

Apple delivered record-breaking fourth-quarter and full-year fiscal 2026 results, capping off the best fiscal year in the company's history under new CEO John Temus.

Q4 Fiscal 2026 Financial Highlights

• Revenue: Increased 12% year-over-year to $114.5 billion.
• Net Income: Rose 12% year-over-year to $30.7 billion.
• Earnings Per Share (EPS): Up 14% to $2.10.

Q4 Segment & Product Performance

• iPhone: Surged 18% to a record $57.6 billion, led by the transformational, supply-constrained iPhone Duo and the powerful iPhone 18 Pro and Pro Max.
• Services: Climbed 10% to an all-time high of $31.6 billion, supported by an active installed base of over 2.5 billion devices.
• Mac: Soared 24% to $10.8 billion, driven by the launch of Touch on Mac for the first time.
• Wearables, Home, and Accessories: Fell 8% to $8.3 billion due to tough prior-year launch comparisons.
• iPad: Declined 10% to $6.2 billion on difficult prior-year comparisons.
• Siri AI: Launched ahead of the holiday season, positioning the iPhone as an intelligent, private personal hub.

Q4 Regional Growth

• Greater China: Led geographic performance with 21% growth.
• Global Markets: Achieved double-digit sales growth across all segments except Japan.

Full Year Fiscal 2026 Overview

• Total Revenue: Reached an all-time high of $478.8 billion (up 15%).
• Full Year Net Income: Climbed 18% to $132.2 billion.
• Full Year EPS: Increased 20% to $8.98.
• Return on Equity (ROE): Achieved an exceptional 118%.
• Free Cash Flow: Jumped 38% to $136 billion.

Capital Allocation & Balance Sheet Strength

• Shareholder Returns: Paid $15.7 billion in dividends and repurchased $86.4 billion in common stock.
• Allocation Strategy: Consistent focus on reinvesting in the business first, then returning excess cash to shareholders via strategic cash and debt optimization.
• Cash and Marketable Securities: Closed the year at $136.9 billion.
• Long-Term Debt: Stood at $68.2 billion.
• Shareholders' Equity: Ended at $112.1 billion.

December Quarter Outlook

• Total Revenue Growth: Expected to be 7% to 10%, making it the highest-revenue quarter in Apple’s history.
• Services Revenue Growth: Projected at 8% to 9%.
• Gross Margin: Forecasted to sequentially drop to 45%–46% due to persisting high memory costs.
• Operating Expenses: Anticipated in the range of $20.4 target billion to $20.8 billion.
• Tax Rate: Estimated at 17%.