Tim Cook's last Apple report card: $109.4 billion quarter and a '100-year flood'

Tim Cook closed out 15 years of Apple earnings calls on Thursday the way he ran most of them: heavy on numbers, light on drama, and a thank-you note right before the analysts got their turn. Apple posted its strongest June quarter ever, with revenue of $109.4 billion, up 16% year on year, and diluted earnings per share of $2.02, up 29%. Net income came in at $29.8 billion.Then the stock dropped as much as 8% in after-hours trading. The distance between those two facts is the actual story of Apple's Q3 2026—and it's the inheritance John Ternus picks up when he takes over on September 1.iPhone crossed $54 billion and the Mac grew 29%, but one product line went backwardsiPhone revenue hit $54.25 billion, up 22% and roughly half of everything Apple sold.