{
  "schemaVersion": 1,
  "compiledAt": "2026-11-05T04:52:56.845Z",
  "publication": "GlobalPulse",
  "responsibleAuthor": "Bono Fei Jin",
  "id": "business-apple-quarterly-revenue-bridge-2026-11-05",
  "desk": "Business",
  "category": "Business",
  "byline": "Bono Fei Jin",
  "suggestedTitle": "Where Apple's extra $12 billion in quarterly revenue came from",
  "suggestedExcerpt": "iPhone supplied 71.3% of Apple's year-on-year revenue increase. Our category bridge also shows the iPad and wearables declines that reduced the total gain by $1.436 billion.",
  "chartKind": "diverging-horizontal-bar",
  "chartTitle": "Contribution to Apple's quarterly revenue change",
  "chartSubtitle": "Three months ended 26 September 2026 versus 27 September 2025; US$bn; GlobalPulse calculations from unaudited issuer statements",
  "unit": "US$ million in raw rows; divide by 1000 for chart values in US$ billion",
  "labelKey": "category",
  "xKey": "changeMillions",
  "periodCurrent": {
    "ended": "2026-09-26",
    "duration": "three months"
  },
  "periodPrevious": {
    "ended": "2025-09-27",
    "duration": "three months"
  },
  "rawRows": [
    {
      "category": "iPhone",
      "currentMillions": 57583,
      "previousMillions": 49025,
      "changeMillions": 8558,
      "changeBillions": 8.558,
      "growthPercent": 17.45639979602245,
      "shareOfNetIncreasePercent": 71.25135292648406,
      "sourceId": "apple-financials"
    },
    {
      "category": "Mac",
      "currentMillions": 10792,
      "previousMillions": 8726,
      "changeMillions": 2066,
      "changeBillions": 2.066,
      "growthPercent": 23.676369470547787,
      "shareOfNetIncreasePercent": 17.20089917575556,
      "sourceId": "apple-financials"
    },
    {
      "category": "iPad",
      "currentMillions": 6229,
      "previousMillions": 6952,
      "changeMillions": -723,
      "changeBillions": -0.723,
      "growthPercent": -10.399884925201386,
      "shareOfNetIncreasePercent": -6.0194821413704105,
      "sourceId": "apple-financials"
    },
    {
      "category": "Wearables, Home and Accessories",
      "currentMillions": 8300,
      "previousMillions": 9013,
      "changeMillions": -713,
      "changeBillions": -0.713,
      "growthPercent": -7.910795517585711,
      "shareOfNetIncreasePercent": -5.9362251269669475,
      "sourceId": "apple-financials"
    },
    {
      "category": "Services",
      "currentMillions": 31573,
      "previousMillions": 28750,
      "changeMillions": 2823,
      "changeBillions": 2.823,
      "growthPercent": 9.819130434782618,
      "shareOfNetIncreasePercent": 23.503455166097744,
      "sourceId": "apple-financials"
    }
  ],
  "derivedMetrics": [
    {
      "name": "Total current-quarter revenue",
      "formula": "57583 + 10792 + 6229 + 8300 + 31573",
      "value": 114477,
      "unit": "US$ million"
    },
    {
      "name": "Total comparison-quarter revenue",
      "formula": "49025 + 8726 + 6952 + 9013 + 28750",
      "value": 102466,
      "unit": "US$ million"
    },
    {
      "name": "Net revenue increase",
      "formula": "114477 - 102466",
      "value": 12011,
      "unit": "US$ million"
    },
    {
      "name": "Revenue growth",
      "formula": "(114477 / 102466 - 1) * 100",
      "value": 11.721937032771844,
      "displayValue": "+11.7%",
      "unit": "percent"
    },
    {
      "name": "iPhone share of net increase",
      "formula": "8558 / 12011 * 100",
      "value": 71.25135292648406,
      "displayValue": "71.3%",
      "unit": "percent of net revenue increase"
    },
    {
      "name": "iPad and wearables combined reduction",
      "formula": "-723 + -713",
      "value": -1436,
      "unit": "US$ million"
    },
    {
      "name": "Bridge reconciliation",
      "formula": "8558 + 2066 - 723 - 713 + 2823",
      "value": 12011,
      "unit": "US$ million; equals total revenue change"
    }
  ],
  "methodNotes": [
    "Use the first two columns of the category sales table, which cover comparable three-month quarters. Do not use the twelve-month columns or annual cash-flow table as quarterly data.",
    "For each category, change equals current-quarter sales minus comparison-quarter sales; growth equals change divided by comparison-quarter sales; share of net increase equals change divided by 12011.",
    "Category contributions are signed. Positive contributions sum above 100% because two declining categories offset part of the gain. These shares are not shares of total current revenue.",
    "The source is Apple's unaudited financial statement. This bridge is an arithmetic decomposition of reported sales, not an independent audit or a price/volume analysis.",
    "The revenue table cannot establish why sales changed, whether customers bought more devices or whether a product launch caused the increase. Any causal claim requires separate evidence.",
    "The press release's rounded 12% headline is consistent with the 11.7219% calculation from unrounded millions; do not present the difference as a discrepancy."
  ],
  "editorialAngle": "Replace the broad growth headline with a reconciled category bridge. The iPhone contribution is much larger than the Services contribution, while two hardware categories subtract from growth. That is a description of this quarter's mix, not a forecast or an investment recommendation.",
  "sources": [
    {
      "id": "apple-financials",
      "title": "Apple Q4 FY2026 consolidated financial statements",
      "url": "https://www.apple.com/newsroom/pdfs/fy2026q4/FY26_Q4_Consolidated_Financial_Statements.pdf",
      "publisher": "Apple",
      "publishedAt": "2026-11-02",
      "locator": "PDF page 1 of 3, Condensed Consolidated Statements of Operations (Unaudited), Net sales by category, first two three-month columns.",
      "dateBasis": "Publication date from the parent release; period-end dates appear in the PDF.",
      "verifiedBy": "Primary PDF category rows and total; screenshot requested; arithmetic reconciled to total net sales."
    },
    {
      "id": "apple-release",
      "title": "Apple reports fourth quarter results",
      "url": "https://www.apple.com/newsroom/2026/11/apple-reports-fourth-quarter-results/",
      "publisher": "Apple",
      "publishedAt": "2026-11-02",
      "locator": "Reported quarterly revenue, rounded growth and fiscal-quarter end; links to the financial statements."
    }
  ],
  "weeklyFollowUp": "Choose one newly released company statement or economic table and publish a reconciled change bridge. Retain the previous period, reported total and formula so every component can be checked."
}