Apple reported record revenue of $109.4 billion for its June 2026 quarter, beating Wall Street expectations and marking strong growth in iPhone, Mac and services sales. The result is significant because it is Tim Cook’s final quarterly earnings report before he steps down as chief executive in September, with hardware chief John Ternus set to succeed him.

Revenue rose 16% year on year, while net income increased 27% to $29.8 billion and diluted earnings per share reached $2.02, including an 11-cent boost from tariff refunds. iPhone revenue climbed 22% to $54.3 billion, while services revenue rose 12.1% to a record $30.7 billion but fell short of analysts’ $31.2 billion forecast.