Apple reported $111.2 billion in revenue for its fiscal second quarter on April 30, delivering growth, record March-quarter results, and a new $100 billion share buyback.
"Today Apple is proud to report our best March quarter ever, with revenue of $111.2 billion and double-digit growth across every geographic segment," CEO Tim Cook said. "iPhone achieved a March quarter revenue record, fueled by such extraordinary demand for the iPhone 17 lineup."
Results for the quarter ended March 28, 2026, beat expectations, with earnings per share of $2.01, up 22% year over year. The company posted growth across every geographic segment, with iPhone revenue setting a March-quarter record on demand for the iPhone 17 lineup, while Services reached a new all-time high.
"During the quarter, Services achieved yet another all-time record," Cook said. "We were excited to introduce remarkable new products to our strongest lineup ever."
Apple also generated more than $28 billion in operating cash flow during the quarter. Earnings grew faster than revenue, showing Apple's cost structure held as the business expanded.
"The demand was off the charts," Cook told Reuters. "And there's just a little less flexibility in the supply chain at the moment for getting more parts."
The iPhone result confirms the latest lineup is driving demand in Apple's largest business. Apple's board authorized an additional $100 billion share repurchase program and raised its quarterly dividend to $0.27 per share, a 4% increase.
The dividend will be paid on May 14 to shareholders of record as of May 11. Shareholders must own the stock before the record date to be eligible for the payment.
Apple kept its capital return structure unchanged, continuing to prioritize buybacks and dividends over shifting spending to new initiatives.
Services and installed base continue to grow
Services hit another all-time high during the quarter, showing Apple is continuing to expand revenue beyond hardware sales. Apple also reported a record installed base, giving the company more users it can reach with services, upgrades, and accessories.
"We are investing a lot," Cook said. "We see it as a huge opportunity, both for consumer and for business. We're all in, and personalized Siri is on schedule for this year."
The quarter didn't include any clear increase in AI-related spending or a shift in priorities. Questions remain about how aggressively the company plans to compete in that area.
For now, Apple is still growing at a pace that supports its current strategy, even as attention shifts to what comes next. The results show the company hasn't needed to change course to keep delivering growth.
