Apple turned in another solid earnings report overall for the June 2026 quarter, which marks the last earnings period for outgoing CEO Tim Cook.

For the three months ended June 27, Apple’s Q3 of fiscal 2026, the tech giant reported total revenue of $109.4 billion, up 16% — a new record for the June quarter. Net income came in at $29.8 billion, an increase of 27%, translating to diluted earnings per share of $2.02. The results topped Wall Street expectations.

Apple’s earnings per share were lifted 5% by tariff refunds, which represented 11 cents of the EPS. That came after the U.S. Supreme Court struck down President Donald Trump’s previously implemented global tariffs policy in February 2026.

Helping drive the top line again was Apple’s services business, which turned in a new June quarter revenue record with $30.7 billion (up 12.1%). However, financial analysts were expecting a stronger showing, forecasting $31.2 billion in sales. In the March 2026 quarter, Apple services sales hit $30.98 billion. The services segment includes the App Store, Apple TV, Apple Music, Apple Pay, AppleCare, iCloud and advertising.

The company’s core iPhone biz turned in better-than-expected growth, with revenue up 22% to $54.3 billion for the June quarter.

Cook will step down as Apple CEO after 15 years as of Sept. 1, when John Ternus, senior VP of hardware engineering, will succeed him in the role. Cook will become executive chairman of Apple’s board.

“Today, Apple is proud to report our strongest June quarter ever, with double-digit revenue growth across iPhone, Mac and Services, and in every geographic segment,” said Cook in prepared remarks.

For the June quarter, Wall Street analysts had expected overall revenue of $108.65 billion and earnings per share of $1.89, according to data provider LSEG.

(Pictured above: Apple’s John Ternus and Tim Cook at the premiere of Apple TV’s “Ted Lasso” Season 4 at the Academy Museum of Motion Pictures in Los Angeles on July 27)