Apple CEO John Ternus gets his first report card, and one number is hard to ignore

John Ternus’ first earnings report as Apple CEO is out. Apple’s Q4 2026 revenue hit $114.5 billion, with iPhone sales up 17 percent to $57.58 billion and Mac having its best year ever. But rising memory costs will pull gross margin down to 45 to 46 percent in the holiday quarter, and iPhone Duo supply remains tight. Here is what Apple’s Q4 2026 results mean.