Apple Q2 2026 reports record $111.2B revenue up 17% YoY; Cook's final earnings before Ternus succession

Apple posted its best March quarter ever with $111.2 billion revenue (up 17% YoY) and $2.01 EPS (up 22%). iPhone revenue was $56.99B (up 22% YoY), Services hit a record $30.98B. This was Apple's first earnings since the April 20 announcement that Tim Cook will become Executive Chairman and hardware chief John Ternus will become CEO effective September 1, 2026. Cook called it the greatest privilege of my life to be the CEO of Apple during the transition announcement. Apple authorized an additional $100 billion in stock buybacks and increased the dividend by 4% to $0.27 per share. Cook warned of extended memory crunch driven by AI demand.