Apple earned $111.2 billion in a quarter — but not everything is as smooth as it seems. The company reported record revenue for the second quarter of fiscal year 2026, with growth of 17% year over year. But behind the impressive numbers lies a shortage of key products and unexpected iPhone records. We already covered how iPhone delivered Apple’s best quarter — now let’s break it all down.
iPhone 17 became the best lineup in Apple’s history
How Much Apple Earned in Q2 2026
The market expected Apple to report revenue of around $109.73 billion and earnings per share of $1.94. The company exceeded both forecasts. Here are the key figures from the quarterly report:
Apple delivered its best second quarter ever
- Total revenue — $111.2 billion
- Net income — $29.58 billion
- Earnings per share — $2.01
- iPhone revenue — $56.99 billion
- Mac revenue — $8.40 billion
- iPad revenue — $6.91 billion
- Wearables, Home, and Accessories — $7.90 billion
- Services — $30.98 billion
Back in January, Apple had forecasted growth of 13% to 16%. The actual result was 17% — above the company’s own expectations. Tim Cook called this quarter the best March quarter in Apple’s history. Double-digit growth was recorded across all geographic segments. Services once again set an all-time revenue record — nearly $31 billion.
CFO Kevan Parekh emphasized that operating cash flow exceeded $28 billion. This is also a record for a March quarter. The installed base of active Apple devices hit a new all-time high across all major product categories and regions.
iPhone 17 — The Most Popular iPhone in History
iPhone deserves special attention. Revenue of $56.99 billion is a record for a March quarter. But Apple went beyond simple numbers and made a bold statement.
iPhone 17 significantly boosted Apple’s sales
CFO Kevan Parekh reported that the iPhone 17 lineup became the most popular in the company’s history. According to him, Apple also increased its smartphone market share during the quarter — meaning iPhone is growing faster than Android competitors.
We previously covered in detail why everyone loves the iPhone 17 Pro. But it’s not just the Pro version setting records. iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and iPhone Air — all four contributed to the overall result. Even if iPhone Air didn’t meet certain individual expectations, the lineup as a whole works as a unified mechanism.
The statistics speak for themselves
Tim Cook specifically noted that the quarter also saw the release of iPhone 17e and iPad Air with the M4 chip. Additionally, the MacBook Neo launched, which, according to Cook, is winning over users around the world.
Why Mac mini and Mac Studio Are Out of Stock
Against the backdrop of record results, Apple has a serious problem — a shortage of desktop Mac computers. Many Mac mini and Mac Studio configurations are currently completely out of stock in Apple’s online store.
Tim Cook explained the reason during the investor call. According to him, interest in AI tools like OpenClaw turned out to be significantly higher than forecasts. Mac mini and Mac Studio became platforms for working with agentic AI, and users recognized this faster than the company expected.
Some Mac mini and Mac Studio configurations are impossible to get until fall
The problem lies in manufacturing capacity. Apple Silicon chips are produced using cutting-edge process nodes, and access to them is limited across the entire industry. On top of that, memory component prices are rising. Apple admitted it underestimated the required production volume, and it will now take several months to balance supply and demand.
We previously wrote about why Mac delivery times have already grown. The situation hasn’t changed yet — expect to wait until fall.
The shortage affected not just desktop Macs. MacBook Neo is also in short supply — Cook called demand for this laptop “off the charts.” At the same time, it was MacBook Neo that helped Apple set a record for attracting new Mac users.
Apple’s Forecast for the Next Quarter
The quarter turned out to be a mixed bag for Apple — in a good way. Record revenue and profit, the most popular iPhone in history, an all-time services record. But at the same time, the company cannot meet demand for its own computers. A paradoxical situation: Apple is earning more than ever, but would sell even more if it had enough inventory.
The company is already looking for ways to mitigate rising memory prices and ramp up chip production. But results won’t come immediately. So if you’re eyeing a Mac mini or Mac Studio — it’s better not to delay your order. The queue is only growing.
