Apple brought in $109.4 billion in total revenue during its third quarter of 2026. The biggest piece was iPhone sales, which reached $54.25 billion, up 22 percent from $44.58 billion the same quarter a year earlier. That makes it the highest third-quarter iPhone revenue Apple has ever recorded. Mac revenue also grew, climbing 29 percent to $10.35 billion from $8.05 billion a year earlier. The Verge

Tim Cook said the iPhone jump came from customers upgrading their phones throughout the quarter. The earnings call was scheduled for 2:00 PM ET on Thursday, July 30, 2026. The Verge

The quarter was also Cook's last as CEO. He has led Apple since 2011 and is set to step down on September 1, 2026. John Ternus, who currently leads Apple's hardware engineering team, will take over. The Q3 2026 report was Cook's final earnings release in the role. The Verge

The Mac growth came alongside a pricing shift. In June 2026, Apple raised prices on its Macs, iPads, and other devices, pointing to a global shortage of RAM, the memory chips that electronics use to handle active tasks. The shortage is expected to last into 2027 and beyond. The MacBook Neo, a lightweight laptop that launched in March 2026 at $599, had its price raised to $699. iPhone prices have not changed as of July 2026, but analysts predict the iPhone 18 could cost up to $200 more when it goes on sale in fall 2026. The Verge

Apple also announced a new Upgrade program. Instead of paying full price for a device, customers can pay a set monthly fee to lease an iPhone, iPad, Apple Watch, or Mac. The program launches ahead of the iPhone 18, which is expected to bring a smarter Siri, Apple's voice assistant. The new version of Siri is expected to answer questions about what is on your screen, search across apps, and do things like add events to your calendar. The Verge

The timing of these moves is worth thinking through. A leasing program that launches alongside a new iPhone and a smarter Siri makes it easier for people to stay on the latest devices, while also giving Apple a steady, recurring monthly income instead of one-time purchase payments. The RAM shortage adds a complication: if memory chip costs stay high through 2027, Apple's profit on leased devices could be different from what it earns on outright sales. And customers who were drawn to the MacBook Neo at $599 may not be as willing to pay $699 or more.

The CEO change raises the stakes. Ternus takes over a company coming off record iPhone sales, but he faces several challenges at once: rising costs from the memory shortage, an iPhone 18 that analysts expect to be more expensive, and the investment in a smarter Siri that Apple is counting on to make the iPhone 18 stand out. Cook's final quarter leaves the company in strong shape. Ternus's job is to keep that momentum going while component costs rise and prices go up.

For context, Apple's Services revenue, which includes things like the App Store and subscriptions, stood at $27.4 billion in Q3 2025. That gives a sense of the kind of steady, repeating income the Upgrade program could eventually bring to Apple's hardware business. AppleInsider

The broader picture is that Apple is managing several big changes at the same time: a new CEO, price increases caused by a parts shortage, a new way to pay for devices through leasing, and an AI update tied to the next iPhone. Any one of these on its own would be a major story. All of them landing in the same quarter is what makes Q3 2026 more than a typical earnings report.