Apple Sets Record India Revenue in Dec Quarter

Apple has reported its strongest-ever performance in India during the December quarter of fiscal year 2026, underscoring the growing importance of the Indian market in the company’s global strategy. Speaking during the Q1 FY26 earnings call, CEO Tim Cook confirmed that Apple achieved record quarterly revenue in India, driven by strong demand across products and services.

Apple Q1 FY26 Earnings Touch Record High

Apple posted record global revenue of $144 billion, reflecting a 16% year-on-year (YoY) growth in the first quarter of FY26. The performance was primarily supported by a robust iPhone upgrade cycle, which helped iPhone revenue rise 23% YoY to an all-time high, according to Counterpoint Research.

Both key business segments also delivered historic highs:

• Hardware revenue grew 16% YoY

• Services revenue rose 14% YoY

For the full calendar year 2025, Apple’s total revenue crossed $435 billion, marking the highest annual revenue in the company’s history.

Apple Sets Quarterly Revenue Record in India

Commenting specifically on India, Tim Cook said Apple “set a quarterly revenue record during December”. While the company did not disclose India-specific revenue figures, Cook highlighted strong performance across categories.

“We set quarterly revenue records on iPhone, Mac and iPad, and an all-time revenue record on services. So it was a terrific quarter in India,” Cook said.

He further added, “We really like what we see there. It is the second-largest smartphone market in the world and the fourth-largest PC market. Despite a very nice growth history, we still have a modest share there, so we think there is a huge opportunity for us. We could not be more excited about it.”

Installed Base Growth Strengthens India Outlook

Apple CFO Kevan Parekh said the company is witnessing strong double-digit growth in its installed base in India, describing the trend as “really encouraging”. A growing installed base is critical for Apple as it fuels long-term services revenue, ecosystem stickiness, and repeat device upgrades.

Apple to Open Another Store in Mumbai Soon

Tim Cook also announced plans to open “another store in Mumbai soon”, signaling Apple’s continued retail expansion in India. Earlier reports suggested that the upcoming store will be located at Oberoi Sky City Mall in Borivali.

Apple opened its first India retail store at BKC, Mumbai, and recently inaugurated its fifth India store in Noida on December 11, reflecting a steady push to deepen its physical retail footprint.

Global iPhone Sales Hit Record Levels

Globally, Apple’s iPhone business delivered a standout quarter:

• iPhone revenue crossed $85 billion for the first time in a single quarter

• Marked the fourth consecutive quarter of growth

According to Counterpoint, Apple emerged as the world’s top smartphone brand in both full-year 2025 and the December quarter. Growth was observed across emerging markets, the US, and Japan, with China playing a key role.

Notably, iPhone shipments in China jumped 30% YoY, reversing a period of modest growth and strengthening Apple’s grip on the premium smartphone segment.

Performance Across Other Product Categories

Mac and iPad

• Mac revenue declined 7% YoY, largely due to a tough comparison with 2024, when sales were boosted by a major Mac refresh featuring M4 models

• iPad revenue increased, supported by new launches and higher average selling prices following the introduction of the iPad Pro

Services and Wearables

• Services revenue continued to grow at a double-digit rate

• Wearables, Home and Accessories revenue declined overall, though Apple Watch sales improved

Preliminary estimates from Counterpoint Research indicate Apple Watch shipments rose 15% YoY, marking a second consecutive quarter of growth.

Analyst View: Apple Shows Resilience Amid Challenges

Commenting on Apple’s performance, Tarun Pathak, Director at Counterpoint Research, said:

“Apple entered 2025 under a cloud of scepticism around perceived AI inertia, hardware stagnation and intensifying geopolitical and tariff pressures. However, the year’s conclusion tells a story of remarkable resilience.”

He added that Apple has once again reinforced its position as the world’s most resilient tech company, stating that it has proven its ecosystem strength and supply chain capabilities remain both a fortress and a growth engine.