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3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp
US Treasury par yield curve · Jul 30 · Source: U.S. Treasury
Thursday, July 30, 2026
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About two points of Apple's 50.1 percent gross margin came from tariff refunds, and 11 cents of its $2.02 in earnings per share

Money & World
The Editorial Team ·
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Photo: Atlantic Opus / Pexels

The refund line is in the second sentence of the release, not in a footnote. Apple reported gross margin of 50.1 percent for the June quarter and said in the same breath that it includes a favourable impact of approximately 2 percentage points from tariff refunds. Diluted earnings per share of $2.02, up 29 percent, included eleven cents of the same thing.

Revenue was $109.4 billion, up 16 percent. Net income was $29,789 million against $23,434 million. Those are the numbers the quarter will be remembered by.

The subtraction Apple does not do

Eleven cents out of $2.02 leaves $1.91. Against the $1.57 reported a year earlier that is growth of 22 percent rather than 29 percent.

That calculation is this desk's, on two figures Apple published, and it is worth being clear about what it is not. It is not an adjusted measure the company presents, it is not audited, and it says nothing about whether the refunds repeat. The release gives no dollar total for them, names no programme, and does not say which duties or which periods they relate to.

What it does establish is that the amount was large enough to disclose twice, once as a margin effect and once per share.

Where the growth came from

Greater China revenue rose to $18,816 million from $15,369 million, the fastest gain of the five reporting segments, ahead of Europe at $29,395 million from $24,014 million. Americas, the largest, went to $45,781 million from $41,198 million.

By product, iPhone rose to $54,252 million from $44,582 million and Mac to $10,352 million from $8,046 million. Services reached $30,739 million against $27,423 million.

One line fell. iPad revenue was $6,191 million, down from $6,581 million, and it is the only category in the table that went backwards.

A running thread, and the biggest name in it yet

Two other companies have put refund figures into results this month. Starbucks said on 29 July that it had received substantially all of the refunds it sought. Electrolux booked refunds on one set of American tariffs in the same week that it raised prices because of another.

Apple is the largest company so far to attach a per share number to the effect, and it did so without naming what it is being refunded under. The board also declared a dividend of $0.27 a share, payable 13 August to holders of record on 10 August.

The document: Apple Inc., Form 8-K, accession 0000320193-26-000018, accepted by EDGAR 2026-07-30 at 16:30:28 Eastern, CIK 0000320193. Items 2.02 and 9.01. Exhibit 99.1, the earnings release for the fiscal 2026 third quarter ended 27 June 2026, was retrieved from EDGAR, extracted to text and read including the condensed consolidated statements of operations and the segment and category tables. No fetch-tool summary was relied on. Sentences verbatim from the release: 'The Company posted quarterly revenue of $109.4 billion, up 16 percent year over year'; 'Company gross margin was 50.1 percent, including a favorable impact of approximately 2 percentage points from tariff refunds'; 'Diluted earnings per share was $2.02, up 29 percent year over year, and included a favorable impact of $0.11 from tariff refunds'; and 'Apple's board of directors has declared a cash dividend of $0.27 per share of the Company's common stock. The dividend is payable on August 13, 2026, to shareholders of record as of the close of business on August 10, 2026.' Chief executive and chief financial officer quotations in the release are attributed there to Tim Cook and Kevan Parekh; neither is quoted in this brief. Line items read directly off the condensed consolidated statements of operations, three months ended 27 June 2026 against three months ended 28 June 2025, in millions: products net sales 78,678 against 66,613; services net sales 30,739 against 27,423; total net sales 109,417 against 94,036; total cost of sales 54,647 against 50,318; gross margin 54,770 against 43,718; research and development 11,729 against 8,866; operating income 35,695 against 28,202; net income 29,789 against 23,434; basic earnings per share 2.03 against 1.57; diluted earnings per share 2.02 against 1.57. Net sales by reportable segment, same periods, in millions: Americas 45,781 against 41,198; Europe 29,395 against 24,014; Greater China 18,816 against 15,369; Japan 6,554 against 5,782; Rest of Asia Pacific 8,871 against 7,673. Net sales by category, same periods, in millions: iPhone 54,252 against 44,582; Mac 10,352 against 8,046; iPad 6,191 against 6,581; Wearables, Home and Accessories 7,883 against 7,404; Services 30,739 against 27,423. The statement that gross margin equals 50.1 percent was checked against the table: 54,770 divided by 109,417 is 50.06 percent. The $1.91 figure in the summary and body is a subtraction of the company's own $0.11 from its own $2.02 and is labelled in the copy as a calculation by this desk, not a company figure. The release does not name the statutory authority for the refunds; this brief therefore does not name one either..

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