Apple revenue reaches $114.5 billion as China sales miss estimates

Apple reported fiscal fourth-quarter revenue of $114.5 billion for the period ended Sept. 26, up 12% from a year earlier and slightly above the $113.5 billion analyst estimate compiled by Bloomberg. The result was the first quarterly report under new Chief Executive Officer John Ternus.

The beat was modest against a slower growth rate: revenue had increased 16% in the June quarter. China was the clearest weak spot, with sales falling short of projections, while the iPad and wearables businesses also contributed to the mixed picture described in the report.

The regional miss matters because China is a key market for Apple’s hardware and services ecosystem. The company’s broader fiscal-year 2025 revenue was $416.2 billion, with gross margin of 46.9% and net margin of 26.9%, providing context for the scale of the quarterly result without replacing the current-period figures.

The report leaves the balance between the revenue beat and the China shortfall unresolved. The evidence establishes the size of the quarterly result and the slowdown from June, but not the causes of the regional miss or how long it may persist.

The next earnings report will provide the dated test for China demand, the pace of consolidated growth and the contribution from iPad and wearables under Ternus.