Apple reported CY Q1 2026 revenue of US$111.2 billion, up 17% YoY. The company witnessed double-digit growth across nearly all emerging markets, with India specifically called out, highlighting the importance of the country for Apple.
Exhibit 1: Apple Segment Revenue as % of Total Q1 2024-Q1 2026
iPhone Performance Overview
Demand for iPhone has been strong among consumers, driven by the new design language of the Pro models since the iPhone 11 Pro series in 2019. This translated into iPhone revenue growing an impressive 22% YoY for the quarter. This is super impressive especially when we are hearing so much on memory shortage and hike and the same is indicated by chipset players. iPhone generated US$57 billion in revenue, contributing 51% of Apple’s total revenue, once again underlining its importance to the company’s financials. Notably, Apple achieved a record CY Q1 iPhone revenue despite supply constraints.
However, it is worth noting that while Apple highlighted the strong response to the MacBook Neo, there was no similar commentary around the iPhone 17e, which launched around the same time, indicating a relatively softer response. iPhone revenue grew in double digits in multiple markets including US, Latin America, Greater China, Western Europe, India, Japan, and Southeast Asia. iPhone active installed base reached an all time high.
Services Overview
Services continued its strong trajectory, reaching an all-time high of US$31 billion, up 16% YoY. This growth is largely driven by the expanding iPhone and other hardware installed base, with the success of the iPhone 17 series further supporting it. Services remain Apple’s second-largest revenue stream after iPhone, contributing 28% of total revenues.
Mac Overview
Mac revenue grew 6% YoY to US$8.4 billion. Apple managed supply constraints effectively through its vertical integration and strategic agreements with memory players, while demand exceeded expectations which made Apple face supply constraints for the model. The newly launched MacBook Neo was well received, exceeded demand expectations and appears to have expanded Apple’s consumer base. The company also set March quarter records for both upgraders and new Mac users, and Neo is expected to contribute meaningfully in the coming quarters.
iPad, Wearable, Home and Accessories Overview
iPad revenue increased 8% YoY to US$6.9 billion in CY Q1 2026. iPad installed base reached an all time high in Q1 2026. In emerging markets like India, Thailand and Mexico, the iPad revenue grew in double digits. Meanwhile, the wearables, home, and accessories segment grew 5% YoY to US$7.9 billion, indicating steady performance across the broader portfolio.
On the investment front, Apple announced plans as part of its US$600 billion commitment in the US. This includes bringing Mac Mini production to the country and expanding its Houston operations with a new facility. Additionally, at TSMC’s Arizona facility, Apple plans to source over 100 million advanced chips, further strengthening its supply chain.
Analyst from SAG has been tracking Apple from quite long time and though the blog focusses on insights based on public release we do have hard coded numbers like iPhone volumes, Apple watch volumes, model level split. Please reach out to us for our estimates and deeper insights.