Apple Q2 Revenue Reaches $111.2 Billion with Significant Profit Surge
Apple Inc. released its financial report for the second quarter of fiscal year 2026 (ending March 28), with total revenue reaching $111.2 billion, a 17% year-on-year increase, setting a new record for the March quarter.
Net profit was $29.58 billion, with earnings per share of $2.01, both significantly exceeding analysts' expectations. iPhone revenue was $56.99 billion, a 22% year-on-year increase, while revenue from Greater China was $20.5 billion, up 28% year-on-year.
Service revenue reached $30.98 billion, setting a new record. Apple also announced a new $100 billion stock buyback plan and a slight increase in dividends.
Source: Public Information
ABAB AI Insight
苹果自2024财年起持续受益于iPhone 17系列换机周期与AI功能驱动，此次Q2中国市场28%暴增延续其从供应链调整后快速复苏的路径，早前服务业务已连续多季创纪录，成为高毛利增长引擎。
资本路径上，苹果将强劲现金流用于1000亿美元回购与股息提升，同时加速AI硬件（如MacBook Neo、iPhone 17e）与服务生态投入，动机在于锁定高端用户续航并通过生态粘性维持定价权，在内存短缺等成本压力下仍实现19%+净利润增长。
类似此前iPhone超级周期带动业绩爆发，或服务业务从App Store向订阅云服务转型，苹果当前处于硬件+服务双轮驱动的成熟扩张阶段，重点在大中华区反弹与AI产品供不应求环境下维持高增长。
本质属于资本集中：通过iPhone换新与服务生态将全球消费者支出集中至高毛利产品线，机制在于品牌溢价与生态锁定让营收与利润同步高增，同时巨额回购将现金流向股东集中，进一步提升每股价值与长期股东回报。