Apple Posts Record $111 Billion Quarter as iPhone and Services Revenue Surge

Apple reported record fiscal second-quarter revenue of $111.2 billion on May 1, 2026, beating Wall Street expectations and triggering a new $100 billion share buyback.

Revenue rose 17% from the same quarter a year earlier. Diluted earnings per share came in at $2.01, up 22% year over year. Net profit reached $29.6 billion.

iPhone revenue hit $56.99 billion, driven by strong demand for the latest models. The Services segment, which includes the App Store, Apple Music, iCloud, and Apple TV+, set a new record at nearly $31 billion, up 16% from a year ago.

The results came as major technology companies reported strong earnings driven by demand for artificial intelligence products and services.

Apple authorized a new $100 billion share buyback program, its latest in a series of large repurchases that have returned hundreds of billions of dollars to shareholders over the past decade.

The company did not break out specific figures for its AI-related products, but executives said AI features built into the iPhone and other devices are contributing to customer engagement and retention.

Apple's results stand out in a quarter when several other tech companies faced investor scrutiny over the return on their AI spending. Microsoft reported 40% growth in its Azure cloud business but saw its shares slip after capital expenditures surged 49% to $31.9 billion.

Amazon's AWS division grew 28% to $37.6 billion, its fastest growth in nearly four years, driven by demand for AI chips and cloud workloads.

Apple's stock rose in after-hours trading following the earnings release. Analysts said the Services business, which carries higher profit margins than hardware, is becoming an increasingly important driver of the company's overall financial performance.