AAPL · News · 20261103N

Gross Margin Drivers

Apple Inc. · 2026-11-03 · Importance 56 · Surprise 42 · In source text

Fiscal Q4 2026 gross margin was 47.9%, including an approximately 1 percentage-point benefit from tariff refunds. Products gross margin was 37.2%, also including an approximately 1-point tariff-refund benefit, while Services gross margin was 76%, up 40 basis points sequentially. Apple forecast December-quarter gross margin of 45%–46%, below analyst expectations of about 46.7%–47.5%. Higher memory prices and expenses associated with rolling out Siri AI were cited as pressures on holiday-quarter profitability.

Key facts

Impact estimates

metricdirectionstageexpectedbasis
operating_incomenegativeprobable—Apple expects higher memory prices and expenses tied to rolling out Siri AI features to weigh on profitability.
marginnegativeprobable—Apple forecast that gross margin would drop in October-December.