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Apple Sets Records in Q4, But Growth Still Hinges on iPhone and Services

Record revenue and margins, but limited diversification keeps the long-term debate alive

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Attila
May 04, 2026
∙ Paid
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Estimated reading time: 6 minutes

Apple delivered a record-breaking quarter, with all-time highs in revenue, profit, and cash flow.

Execution remains flawless. The ecosystem is stronger than ever.

But the underlying story hasn’t changed.

The key question: can Apple diversify its growth or will it remain dependent on iPhone and Services?

K…

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