Apple posts all-time revenue record in India as iPhone, Mac and Services grow

Key takeaways

• Apple achieved its highest-ever September-quarter revenue in India during fiscal 2026.
• India recorded a September-quarter high for iPhone upgraders.
• Apple’s Mac and Services businesses also reached all-time revenue records in India.
• Global iPhone revenue increased 17% year on year to $57.6 billion.
• Global Mac revenue rose 24% to $10.8 billion, while Services revenue grew 10% to $31.6 billion.
• Apple has not disclosed the exact revenue generated in India or the contribution of individual products to the country’s record.

Apple expands its business in India

Apple’s latest performance indicates that India is becoming a broader growth market for the company. Historically, the iPhone has been the most visible part of Apple’s business in the country. However, the latest earnings commentary points to growing contributions from Mac computers and digital services.

CEO John Ternus announced the India revenue milestone during Apple’s September-quarter earnings call. He said the company had achieved revenue records across several developed and emerging markets, including India.

The company did not provide a separate India revenue figure or a detailed country-level breakdown. Therefore, the announcement confirms record performance but does not establish the exact size of Apple’s Indian business or its growth rate.

The quarter ended September 26, 2026, and was part of Apple’s fiscal 2026 fourth-quarter results. The results also marked Ternus’s first earnings call as CEO after succeeding Tim Cook.

iPhone upgrades drive demand

The iPhone remained an important contributor to Apple’s performance. India recorded its highest-ever number of iPhone upgraders for a September quarter, according to Ternus and CFO Kevan Parekh.

An upgrade refers to an existing smartphone customer moving to a newer iPhone model. A growing number of upgrades can indicate stronger customer retention and an expanding installed base of users who may purchase other Apple products and services.

Globally, iPhone revenue reached $57.6 billion in the September quarter, an increase of 17% from the corresponding period a year earlier. Apple also recorded quarterly upgrade records in the United States and mainland China.

Parekh said the active installed base of iPhones had reached an all-time high. A larger installed base is important because it creates opportunities for future device upgrades and recurring purchases through Apple’s ecosystem.

Market research also points to Apple’s growing position in India. Counterpoint Research said the iPhone 17 was the country’s top-shipped smartphone model in the September quarter.

Research director Tarun Pathak attributed Apple’s momentum to consumer demand for premium devices, financing options, trade-in programmes, wider retail distribution and local manufacturing.

According to Pathak, Apple’s average selling price in India crossed $1,000 during the quarter, reaching a record level even as iPhone shipments declined year on year. This distinction matters: higher average selling prices can support revenue even when shipment volumes are not increasing.

Mac business records its strongest India quarter

Apple’s growth in India was not limited to smartphones. The company also reported an all-time revenue record for its Mac business in the country.

Globally, Mac revenue increased 24% year on year to $10.8 billion. Demand for MacBook Neo and MacBook Pro models supported the performance, although Apple acknowledged supply constraints.

Parekh said the company recorded double-digit growth across developed and emerging markets, with India and Southeast Asia achieving all-time Mac revenue records.

The performance suggests that Apple is attracting customers beyond its traditional iPhone audience. Students, professionals, developers and businesses are potential customers for Mac computers, although Apple did not disclose how much each customer segment contributed to India’s record.

The Mac business also provides Apple with another way to deepen relationships with existing iPhone users. Customers who own multiple Apple devices can use connected features and services across the company’s ecosystem.

Services revenue reaches a record

Services was another major contributor to Apple’s global performance and its India growth story.

The company’s global Services revenue reached $31.6 billion in the September quarter, increasing 10% year on year. Apple said India was among the markets where Services revenue reached an all-time high.

The Services segment includes businesses such as the App Store, Apple Music, iCloud, Apple TV and other digital offerings. These services allow Apple to generate recurring revenue from customers after they purchase hardware.

Parekh said Apple had more than 1.5 billion paid subscriptions globally, with both paid and transacting accounts reaching new highs.

For Apple, a growing installed base in India creates opportunities to expand subscriptions and digital purchases. However, the company has not disclosed the number of Indian paid subscribers or the revenue generated by individual services in the country.

Apple Pay adds another dimension to its India strategy

Apple is also expanding its payments presence in India. Ternus highlighted the launch of Apple Pay in the country through a partnership with Axis Bank.

The launch adds a financial-services component to Apple’s ecosystem strategy. Apple Pay is designed to enable customers to make payments using compatible Apple devices, with security and authentication features built into the service.

Ternus said Apple Pay was available in more than 90 markets globally. Its entry into India gives the company another opportunity to strengthen engagement with customers who already use its devices.

The payments opportunity is significant because India has a large digital payments market. However, Apple Pay’s local rollout and adoption will depend on participating banks, merchant acceptance, compatible devices and customer usage. The announcement alone does not establish its market share or transaction volume in India.

Apple’s global results provide context

The India milestone came alongside a strong global quarter for Apple.

Global financial metric	Q4 FY2026	Year-on-year change
Total revenue	$114.48 billion	+12%
iPhone revenue	$57.6 billion	+17%
Mac revenue	$10.8 billion	+24%
Services revenue	$31.6 billion	+10%
Diluted earnings per share	$2.10	+14%

Apple’s global results demonstrate that the September-quarter record was supported by multiple business segments rather than iPhone sales alone.

However, the company also faces cost and supply challenges. Management warned that rising memory prices could put pressure on margins in the December quarter. Supply constraints could also limit the availability of some Mac and iPad products.

These pressures are relevant to India because the company’s ability to maintain product availability and manage pricing will influence its performance in the market.

The Bigger Picture

Apple’s latest India milestone reflects a gradual shift in the country’s role within its global business. The company is no longer relying only on premium iPhone demand to expand its presence. Mac sales, Services subscriptions and payments are becoming increasingly important parts of its ecosystem strategy.

India’s growing premium-device market, wider retail distribution, financing options and local manufacturing provide opportunities for further expansion. At the same time, Apple faces competition from established smartphone and computer brands, as well as domestic digital payments and subscription platforms. The record quarter is an important indicator of momentum, but it does not yet reveal the precise scale or profitability of Apple’s India operations.

Looking Ahead

Apple’s next challenge will be converting its expanding installed base into sustained growth across hardware and services. The performance of upcoming iPhone and Mac models, the adoption of Apple Pay and the growth of paid subscriptions will help determine whether the company can maintain its momentum in India.

Investors and industry observers will also watch how memory costs, supply constraints and pricing affect Apple’s global margins and product availability. While the company has not disclosed a specific India revenue target, its latest results show that the country is increasingly contributing to growth across several parts of Apple’s business.