Apple Q3 revenue +16% on Siri AI launch; gross margin expands 360bp on tariff refunds

Filed July 31, 2026 · Period ending June 27, 2026 · Compared to 10-Q Aug 1, 2025 · ~2 min read

Key Changes

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  Revenue grew 16.4% YoY to $109.4B; operating income +27% to $35.7B. Products gross margin expanded 360bp driven by tariff refunds (Supreme Court struck down prior tariffs) and product mix, partially offset by higher memory costs.

  MD&A: Results of Operations verify on EDGAR →
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  Introduced Siri AI during Q3 FY26, a material expansion of AI capabilities. R&D expense surged 33% YoY to $11.7B, explicitly driven by AI infrastructure investments alongside headcount.

  MD&A: Product Announcements & R&D verify on EDGAR →
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  Disclosed supply constraints and rising costs for advanced semiconductors, NAND, and DRAM that the company expects to intensify, with potential material negative impacts on revenue, costs, and margins. Price increases may not fully mitigate pressures and could reduce demand.

  MD&A: Supply Chain & Risk Factors verify on EDGAR →