蘋果 (AAPL) 2026 Q4 法說會逐字稿

Good afternoon, and welcome to the Apple Q4 fiscal year 2026 earnings conference call. My name is Suhasini Chandramouli, Head of Investor Relations. Today's call is being recorded.

下午好，歡迎參加 Apple 2026 會計年度第四季財報電話會議。我是 Suhasini Chandramouli，投資人關係主管。今天的電話會議將進行錄音。

Speaking first today is Apple's CEO, John Ternus, and he'll be followed by CFO, Kevan Parekh. After that, we'll open the call to questions from analysts.

今天首先發言的是 Apple 執行長 John Ternus，接著由財務長 Kevan Parekh 發言。之後，我們將開放分析師提問。

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, taxes and future business outlook. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecast, including risks related to the potential impact to the company's business and results of operations from macroeconomic conditions, tariffs and other measures and legal and regulatory proceedings.

請注意，今天討論中您將聽到的部分資訊將構成前瞻性陳述，包括但不限於有關營收、毛利率、營業費用、其他收入與費用、稅項以及未來業務展望等內容。這些陳述涉及風險與不確定性，可能導致實際結果或趨勢與我們的預測出現重大差異，其中包括與總體經濟狀況、關稅及其他措施，以及法律與監管程序可能對公司業務與營運結果造成之潛在影響相關的風險。

For more information, please refer to the risk factors discussed in Apple's most recently filed reports on Form 10-Q and Form 10-K and the Form 8-K filed with the SEC today, along with the associated press release. Additional information will also be in our report on Form 10-K for the year ended September 26, 2026, to be filed tomorrow and in other reports and filings we make with the SEC. Apple assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.

如需更多資訊，請參閱 Apple 最近提交的 Form 10-Q 與 Form 10-K 報告中所討論的風險因素，以及我們今天向美國證券交易委員會（SEC）提交的 Form 8-K（連同相關新聞稿）。其他資訊亦將載於我們明日將提交、截至 2026 年 9 月 26 日止年度的 Form 10-K 報告，以及我們向 SEC 提交的其他報告與文件中。Apple 不承擔更新任何前瞻性陳述之義務；該等陳述僅截至其作成之日有效。

I'd now like to turn the call over to John for introductory remarks.

現在我想把電話會議交給 John，請他先做開場說明。

Thank you, Suhasini. Hello, everyone, and thanks for joining us. It's a privilege to be with you for the first time as Apple's CEO. I'm honored to represent our teams and the work they do every day. Today, Apple is pleased to report $114.5 billion in revenue, up 12% from a year ago and a September quarter record. These results helped Apple achieve its best ever fiscal year for revenue and EPS. This is an amazing time at Apple. We just completed one of the most prolific launch periods in our history.

謝謝你，Suhasini。各位好，感謝大家加入我們。能夠首次以 Apple 執行長的身分與各位同在，是我的榮幸。我很榮幸能代表我們的團隊，以及他們每天所投入的工作。今天，Apple 很高興報告營收達 1,145 億美元，較去年同期成長 12%，並創下 9 月季度新高紀錄。這些成果也協助 Apple 達成史上最佳的會計年度營收與每股盈餘（EPS）。這是 Apple 令人振奮的時刻。我們剛完成公司史上最豐碩的產品發表期之一。

It's been a remarkable time for innovation across all of our categories. One of the greatest testaments to that is the all-new iPhone Duo, the most transformational iPhone since the original. We're also incredibly excited about iPhone 18 Pro and 18 Pro Max, which take massive leaps forward on camera, battery life and performance, features that our users care deeply about.

在我們所有產品類別中，創新都處於一個非凡的時期。其中最能證明這一點的，就是全新 iPhone Duo——自初代 iPhone 以來最具變革性的 iPhone。我們也對 iPhone 18 Pro 與 18 Pro Max 感到無比興奮，它們在相機、電池續航與效能方面實現了巨大躍進，而這些正是使用者非常在意的功能。

Meanwhile, touch has arrived on Mac for the first time with the all-new MacBook Pro, and we were excited to announce the new iMac and 14-inch MacBook Pro. The all-new iPad Mini features a stunning new OLED display and brings a super thin design to the smallest member of the iPad family. Apple Watch now offers users the clearest window yet into their heart health. We introduced AirPods 5, which feature industry-leading active noise cancellation in an open ear design.

同時，觸控首次來到 Mac，全新 MacBook Pro 率先搭載；我們也很高興宣布推出新款 iMac 與 14 吋 MacBook Pro。全新 iPad mini 配備令人驚豔的 OLED 顯示器，並將超薄設計帶到 iPad 家族中最小的成員。Apple Watch 現在為使用者提供迄今最清晰的心臟健康觀測視窗。我們推出了 AirPods 5，在開放式耳機設計中提供業界領先的主動式降噪。

And we've laid the foundation for an even more intelligent smart home with the all-new HomeView, Apple TV 4K and HomePod Mini. On top of it all, we're unlocking more powerful AI experiences across our lineup, including with the all-new Siri AI, a profoundly capable and deeply personal assistant seamlessly integrated across our platforms. And like everything we make, Siri AI is built with essential privacy protections, so no one can access users' data, not even Apple. We launched Siri AI in beta for US English users in September and expanded to French, Japanese, Korean, Portuguese and Spanish in October.

此外，我們也透過全新 HomeView、Apple TV 4K 與 HomePod mini，為更智慧的智慧家庭奠定基礎。除此之外，我們也在整個產品陣容中解鎖更強大的 AI 體驗，包括全新 Siri AI——一位能力極其強大、且高度個人化的助理，能在我們各平台間無縫整合。如同我們打造的所有產品一樣，Siri AI 內建關鍵的隱私保護，因此沒有人能存取使用者資料，甚至連 Apple 也不行。我們於 9 月為美式英文使用者推出 Siri AI 的 beta 版本，並在 10 月擴展至法文、日文、韓文、葡萄牙文與西班牙文。

We're really excited to have rolled all these innovations out, and there's still so much more we plan to do. I'm feeling great about the opportunities ahead for Apple from our product road map and broad range of services to promising areas like health, emerging markets, enterprise and education. As one example, we recently secured our biggest education deal ever for Mac with the Department of Education in the Philippines. They're going to deploy 170,000 MacBook Neos to teachers and staff. Opportunities like this bring more users into our ecosystem and help fuel growth across our business.

我們非常興奮能推出這些創新，而我們仍有更多計畫要完成。我對 Apple 未來的機會感到非常樂觀，這些機會來自我們的產品藍圖、廣泛的服務組合，以及健康、新興市場、企業與教育等充滿潛力的領域。舉例來說，我們最近與菲律賓教育部簽下迄今規模最大的 Mac 教育採購案。他們將向教師與職員部署 170,000 台 MacBook Neo。像這樣的機會能讓更多使用者進入我們的生態系，並協助推動整體業務成長。

Apple is the greatest company in the world. We've assembled an extraordinary collection of talent, the best engineers, designers, developers and experts in every corner of our business, from our supply chain to our stores. Every day, we bring the right people together with the best ideas to build products and services that change lives, guided by a foundational set of values and a belief that the best technology should make a better world. We do that by making products that are powerful and intuitive and meet Apple's uncompromising standards for quality, performance, design and durability. That's the Apple experience customers love. And with our latest lineup, people have even more reasons than ever to upgrade or switch to an Apple product.

Apple 是世界上最偉大的公司。我們匯聚了一群非凡的人才——最優秀的工程師、設計師、開發者，以及遍布業務各個角落的專家，從供應鏈到零售門市皆然。每天，我們把對的人與最好的想法聚在一起，在一套根本性的價值觀引導下，並秉持「最好的科技應該讓世界更美好」的信念，打造能改變生活的產品與服務。我們透過打造強大且直覺的產品來實現這一點，並符合 Apple 對品質、效能、設計與耐用度毫不妥協的標準。這就是客戶喜愛的 Apple 體驗。而隨著我們最新的產品陣容，人們比以往任何時候都有更多理由升級或改用 Apple 產品。

At the same time, Apple services amplify the experience of every device, helping people work, play, listen, watch and stay connected to the world around them. I'm delighted with where our services business is today and where it's going. And with an installed base of more than 2.5 billion active devices, I'm looking forward to expanding our offerings and improving the lives of users around the world.

同時，Apple 的服務也放大了每一台裝置的體驗，協助人們工作、娛樂、聆聽、觀看，並與周遭世界保持連結。我對我們服務業務目前的表現以及未來走向感到非常欣喜。而在超過 25 億台活躍裝置的安裝基礎之上，我期待擴展我們的產品與服務內容，並改善全球使用者的生活。

We see tremendous opportunity in AI as well. Siri AI marks a new chapter in AI at Apple. It is a completely reimagined assistant that is powerful, personal, private and deeply relevant to our users' daily lives. Siri AI picks up what's relevant to our users, understands what's on their screen and holds a natural conversation, all to help them with the things they do every day. It's the Siri we've always wanted. We are very pleased with the reviews and feedback we've received, and we're so excited that more and more users are getting to experience it.

我們也在 AI 領域看見巨大的機會。Siri AI 標誌著 Apple AI 的新篇章。它是一位徹底重新構想的助理，強大、個人化、重視隱私，並與使用者的日常生活高度相關。Siri AI 能捕捉對使用者重要的內容、理解螢幕上的資訊，並進行自然對話，協助他們完成每天要做的事情。這就是我們一直想要的 Siri。我們對收到的評測與回饋感到非常滿意，也非常興奮看到越來越多使用者能親身體驗它。

iPhone remains at the center of our opportunity as the intelligent personal hub. It's always with you and understands your personal context from your messages to your photos, notes and apps to deliver powerful intelligence right when you need it.

iPhone 仍然是我們機會的核心，作為智慧個人中樞。它始終隨身相伴，並能從你的訊息、照片、備忘錄與 App 等理解你的個人情境，在你需要的時刻提供強大的智慧能力。

Then there's Mac, which is having an AI moment all its own. Mac is what brought me to Apple. And through the years, it has opened a world of possibilities. More than 40 years after the first Mac, the category is having its biggest moment yet with every Mac in our latest lineup, a powerful platform for AI. Mac Mini and Mac Studio in particular, are pushing the boundaries of local private AI, giving users the ability to do things once considered impossible.

接著是 Mac，它也正迎來屬於自己的 AI 高光時刻。Mac 是讓我加入 Apple 的起點。多年來，它開啟了一個充滿可能性的世界。在第一台 Mac 問世 40 多年後，這個產品類別正迎來迄今最重要的時刻——我們最新產品陣容中的每一台 Mac，都是強大的 AI 平台。尤其是 Mac mini 與 Mac Studio，正在推進本地端私密 AI 的邊界，讓使用者得以完成過去被認為不可能的事情。

From Mac to iPhone to iPad, we are proud that our products are the best platforms in the industry for AI for both first-party and third-party applications, and we're excited about the opportunities that creates. Ultimately, everything we do at Apple is for our users. The success of every innovation is best measured by its impact on people's lives, and that's what drives us to keep building great products and to get them into the hands of people all around the world.

從 Mac 到 iPhone 再到 iPad，我們很自豪我們的產品是業界針對 AI、無論是第一方或第三方應用程式而言，最出色的平台，而我們也對這所帶來的機會感到振奮。歸根結底，我們在 Apple 所做的一切都是為了使用者。每一項創新的成功，最好的衡量方式是它對人們生活所帶來的影響，而這正是驅動我們持續打造卓越產品，並將它們交到全球各地人們手中的動力。

Now let's take a deeper dive into our results for the quarter. As I mentioned earlier, we had an excellent quarter at Apple. In addition to September quarter and fiscal year records in total company revenue, iPhone set a September quarter revenue record, capping its best fiscal year ever. Services achieved an all-time record during the quarter to close out our best year ever there, too. We grew in the vast majority of markets we track, setting September quarter records in the Americas, Europe, Greater China and the rest of Asia Pacific. We also set September quarter revenue records in both developed and emerging markets, in addition to an all-time record in India.

現在讓我們更深入檢視本季的業績表現。如我先前提到的，Apple 本季表現非常出色。除了在公司總營收創下 9 月季度與會計年度紀錄之外，iPhone 也創下 9 月季度營收紀錄，並以此為其史上最佳會計年度畫下句點。服務業務在本季創下歷史新高紀錄，也為我們在該業務的史上最佳年度收官。在我們追蹤的絕大多數市場中都實現成長，並在美洲、歐洲、大中華區以及亞太其他地區創下 9 月季度紀錄。我們也在已開發與新興市場雙雙創下 9 月季度營收紀錄，此外在印度更創下歷史新高紀錄。

Turning to our lineup. iPhone revenue was $57.6 billion for the September quarter, up 17% from a year ago despite supply constraints and foreign exchange headwinds. We grew strong double digits in the US and Greater China to achieve September quarter revenue records. We also set a September quarter record for upgraders worldwide as well as in the US, China Mainland and India, helping to deliver our best fiscal year ever for upgraders globally.

接著看我們的產品陣容。iPhone 在 9 月季度的營收為 576 億美元，儘管面臨供應限制與外匯逆風，仍較去年同期成長 17%。我們在美國與大中華區均實現強勁的兩位數成長，並創下 9 月季度營收紀錄。我們也在全球，以及美國、中國大陸與印度的升級換機用戶數創下 9 月季度紀錄，協助我們在全球升級換機用戶方面締造史上最佳會計年度。

At the launch in September, we introduced the all-new iPhone Duo. From the very beginning, we knew what we wanted to create, a foldable form factor with a larger display that feels as natural and intuitive as iPad. We designed the hardware and software together to make it unmistakably iPhone, while enabling entirely new ways to use it. The result is a series of remarkable innovations that we believe will redefine what a foldable phone can be. We're so proud of what our teams have built. Developers have been quickly adapting to this new form factor, and we're excited to see more and more apps optimized for iPhone Duo. We've been thrilled with the early response from reviewers and customers, and we are working hard to get iPhone Duo into customers' hands as quickly as we can.

在 9 月的發表會上，我們推出了全新的 iPhone Duo。從一開始，我們就清楚想打造什麼：一種可摺疊的外型設計，搭配更大的顯示器，使用起來像 iPad 一樣自然直覺。我們將硬體與軟體一體設計，讓它毫無疑問就是 iPhone，同時也能帶來全新的使用方式。最終成果是一系列令人驚豔的創新，我們相信這將重新定義摺疊手機的可能性。我們為團隊所打造的一切感到無比自豪。開發者也正快速適應這種新外型，我們很期待看到越來越多為 iPhone Duo 最佳化的 App。我們對評測者與顧客的早期回饋感到非常振奮，也正全力以赴，盡快把 iPhone Duo 交到顧客手中。

We have also been thrilled with the response to iPhone 18 Pro and Pro Max. It's easy to see why customers are embracing them. Our latest models feature a dramatically improved camera system with breakthrough upgrades like variable aperture and all new photographic styles. The A20 Pro and next-generation vapor chamber together deliver the highest sustained performance in iPhone history. And iPhone 18 Pro MAX delivers the biggest increase in battery life ever on an iPhone. A20 Pro also features a new dual 16-core neural engine, accelerating on-device AI and computational photography.

我們也對 iPhone 18 Pro 與 Pro Max 的市場反應感到非常振奮。很容易理解為什麼顧客會熱烈擁抱它們。我們最新機型配備大幅升級的相機系統，帶來可變光圈與全新攝影風格等突破性升級。A20 Pro 與新一代均熱板（vapor chamber）相結合，帶來 iPhone 史上最高的持續效能表現。而 iPhone 18 Pro MAX 則帶來 iPhone 史上最大幅度的電池續航提升。A20 Pro 也配備全新的雙 16 核心神經網路引擎，加速裝置端 AI 與運算攝影。

Turning to Mac. Revenue was $10.8 billion, up 24% from a year ago despite supply constraints. We had double-digit growth in the majority of markets we track and particularly strong performance in our emerging markets, where we set a September quarter revenue record. We also set a September quarter record for customers new to the Mac. According to IDC, we gained share globally during the quarter and for the full fiscal year, and we have never sold more Macs in a fiscal year than we did this time, which is a truly remarkable testament to these incredible products.

接著看 Mac。營收為 108 億美元，儘管面臨供應限制，仍較去年同期成長 24%。在我們追蹤的大多數市場都實現兩位數成長，且在新興市場表現尤其強勁，並在該市場創下 9 月季度營收紀錄。我們也創下 9 月季度「首次購買 Mac」顧客數的紀錄。根據 IDC 的資料，我們在本季以及整個會計年度的全球市占率都有所提升，而且我們在本會計年度售出的 Mac 數量創下歷史新高，這是對這些卓越產品的真正非凡肯定。

Last week, we introduced a whole new way for people to experience Mac. The all-new MacBook Pro with PROLED XDR brings touch to the Mac for the first time. It also boasts the best Pro laptop display we have ever shipped plus all-day battery and our most immersive laptop audio. And it all comes together in a thinner and lighter design. We also brought the power of M6 to the new 14-inch MacBook Pro and the new iMac. This latest generation of Apple Silicon includes the world's fastest CPU core to speed up everyday tasks in addition to a dual 16-core neural engine to drive private on-device AI tasks.

上週，我們為人們帶來體驗 Mac 的全新方式。全新的 MacBook Pro 搭載 PROLED XDR，首次為 Mac 帶來觸控功能。它同時擁有我們迄今出貨過最出色的 Pro 級筆電顯示器、全天電池續航，以及我們最具沉浸感的筆電音訊體驗。而這一切都整合在更薄、更輕的設計之中。我們也將 M6 的強大效能帶到全新的 14 吋 MacBook Pro 與全新 iMac。這一代 Apple Silicon 包含全球最快的 CPU 核心，可加速日常工作，同時也配備雙 16 核心神經網路引擎，以驅動私密的裝置端 AI 任務。

Now turning to iPad, where revenue was $6.2 billion for the September quarter. Last week, we introduced the all-new iPad Mini with an amazing new OLED display, super thin design and the power of A20 Pro. With the newest addition, our iPad lineup is more capable and versatile than ever before. Anywhere our users go, there's a place for iPad, like a classroom where it helps students explore the world in amazing ways. We're a design studio, giving artists and creatives an expansive canvas to explore their ideas.

接著看 iPad，9 月季度營收為 62 億美元。上週，我們推出全新的 iPad mini，配備令人驚豔的全新 OLED 顯示器、超薄設計，以及 A20 Pro 的強大效能。隨著最新成員加入，我們的 iPad 產品線比以往任何時候都更強大、更全方位。無論使用者走到哪裡，iPad 都有它的位置，例如在教室裡，它能以令人驚嘆的方式幫助學生探索世界。在設計工作室裡，它為藝術家與創作者提供寬廣畫布，盡情探索他們的想法。

In Wearables, Home and Accessories, revenue was $8.3 billion for the September quarter. Apple Watch makes the simple act of wearing a watch a powerful way to help take care of your health. We were thrilled to introduce our all-new health sensing system to help our users get the most out of health tracking. Paired with the S11 chip, Apple's most powerful wearable chip, the health sensing system delivers the most accurate heart rate sensing in a wearable.

在穿戴裝置、居家與配件方面，9 月季度營收為 83 億美元。Apple Watch 讓「戴手錶」這個簡單動作，成為協助照顧健康的強大方式。我們很高興推出全新的健康感測系統，幫助使用者更充分發揮健康追蹤的價值。搭配 S11 晶片（Apple 最強大的穿戴式晶片），健康感測系統可在穿戴裝置上提供最精準的心率感測。

We were also happy to unveil new features like health age and readiness, which will tell you when to push forward or hold back as well as the all-new health app redesign. And we're excited for audio intelligence, which will be coming in a future software update and will help you remember moments you might otherwise miss. Apple Watch Series 12 brings it all together in a beautifully light design, while Apple Watch Ultra 4 goes further with longer battery life compared to the previous generation and the most accurate on-device GPS in a sports watch.

我們也很高興揭曉健康年齡與就緒度等新功能，這些功能會告訴你何時該加把勁、何時該放慢腳步，並帶來全新的健康 App 重新設計。我們也期待音訊智慧功能，它將在未來的軟體更新中推出，並幫助你記住那些你可能會錯過的時刻。Apple Watch Series 12 以優雅輕盈的設計將這一切融為一體；而 Apple Watch Ultra 4 則更進一步，相較前一代提供更長的電池續航，以及運動手錶中最精準的裝置端 GPS。

Meanwhile, AirPods 5 offers best-in-class open ear active noise cancellation at an incredible price, while improving sound quality, battery life and durability. With iPhone and Apple Intelligence, including Siri AI, AirPods allow users to do remarkable things. like connect with someone who's speaking another language with live translation or get answers with broad world knowledge entirely hands-free.

同時，AirPods 5 以令人驚豔的價格提供同級最佳的開放式耳機主動降噪，並提升音質、電池續航與耐用性。結合 iPhone 與 Apple Intelligence（包括 Siri AI），AirPods 讓使用者能做到許多非凡的事。例如透過即時翻譯與說不同語言的人交流，或在完全免持的情況下，取得涵蓋廣泛世界知識的答案。

And just a few weeks ago, we introduced a whole new generation of hardware for the home. That includes Apple HomeView, which was designed to be central to the home and personal to everyone in it, bringing entertainment, connection and home management together in one place. We announced this alongside the new Apple TV 4K, now smarter with Apple Intelligence, the all-new HomePod Mini and Apple Home Collection, a new program that extends Apple Home beyond our own products through deep collaboration with key partners. All of it, as always, is built on Apple's approach to privacy.

就在幾週前，我們也為居家推出了全新一代硬體。其中包括 Apple HomeView，它被設計為家庭的核心，並能對家中每個人都具個人化特質，將娛樂、連結與居家管理整合於同一處。我們也同步發表全新的 Apple TV 4K，如今透過 Apple Intelligence 變得更智慧；全新的 HomePod mini；以及 Apple Home Collection——一項新計畫，透過與關鍵合作夥伴的深度協作，將 Apple Home 延伸至我們自家產品之外。而這一切，一如既往，皆建立在 Apple 對隱私的理念之上。

Now let's turn to services. Revenue was $31.6 billion, up 10% from a year ago and an all-time record. We saw double-digit growth in the majority of markets that we track, and we set all-time revenue records in the Americas and Europe as well as the September quarter record in the rest of Asia Pacific. The 78th Primetime Emmy Awards were a night to remember for Apple TV with our shows earning more awards than any other network. Widow's Bay, the show of the summer, became the most awarded comedy ever in a single year with 14 wins. We're very excited about our programming from fan favorites like Slow Horses and Ted Lasso to the upcoming film Being Heumann. To date, Apple TV productions have earned more than 900 wins and over 3,800 nominations.

現在讓我們把焦點轉向服務業務。營收為316億美元，較去年同期成長10%，並創下歷史新高。在我們追蹤的大多數市場中都看到兩位數成長，且我們在美洲與歐洲創下歷史營收新高，亞太其他地區也創下9月季度營收紀錄。第78屆黃金時段艾美獎對 Apple TV 而言是令人難忘的一夜，我們的節目獲得的獎項數超過任何其他電視網。《Widow's Bay》作為今夏最受矚目的作品，以14項得獎成為單一年份獲獎最多的喜劇作品。我們對節目內容感到非常振奮，從《Slow Horses》和《Ted Lasso》等粉絲最愛，到即將上映的電影《Being Heumann》。截至目前，Apple TV 的製作已累計獲得超過900項獎項，並獲得超過3,800項提名。

Turning to Apple Pay. We recently launched in India with Axis Bank, bringing a seamless, safe and secure way to pay in one of the biggest markets in the world. Today, Apple Pay is available in over 90 markets, giving customers around the world peace of mind built into every transaction.

接著談 Apple Pay。我們近期與 Axis Bank 合作在印度推出，為全球最大市場之一帶來順暢、安全且可靠的支付方式。

Apple Music was created to bring artists and fans closer together. And with the opening of Apple Music Hall, we have a beautiful new venue for intimate shows that bring them even closer. To celebrate the opening of the site in London, we hosted an unforgettable performance by Elton John.

Apple Music 的創立，是為了讓藝人與粉絲更緊密連結。隨著 Apple Music Hall 的啟用，我們擁有一個全新且美麗的場地，可舉辦更親密的演出，讓彼此距離更近。為慶祝倫敦場地開幕，我們邀請 Elton John 帶來一場令人難忘的演出。

People love Apple products and services for the countless ways they make life easier, more enjoyable and just plain better. They also count on Apple to create technology responsibly, built the right way, not the easy way. That means building products with even more recycled content to take less from the earth and with even better durability so they last longer. It means developing intelligent capabilities like sound recognition on Apple Watch to alert users who are deaf or hard of hearing to what's happening around them. It means designing privacy protections like on-device processing, so personal data stays on a user's device. And it means introducing new child safety features to make it easier for parents to manage when and how their kids can use their devices.

人們喜愛 Apple 的產品與服務，因為它們以無數方式讓生活更輕鬆、更愉快，也更美好。他們也信賴 Apple 以負責任的方式打造科技，走正確的路，而不是走最省事的路。這意味著在產品中使用更多再生材料，從地球取用更少資源，並提升耐用性，讓產品使用壽命更長。這也意味著開發智慧功能，例如 Apple Watch 的聲音辨識，可提醒聽障或重聽使用者周遭正在發生的事情。這意味著設計如裝置端處理等隱私保護機制，讓個人資料留在使用者的裝置上。也意味著推出新的兒童安全功能，讓家長更容易管理孩子何時以及如何使用其裝置。

We're also pleased to be doing more and more manufacturing in the United States. Through our American manufacturing program, we're deepening partnerships with suppliers across the country. including Perryman, a titanium producer now supplying iPhone Duo; and Qnity Electronics, which is producing the camera technology behind iPhone 18 Pro's new variable aperture system. Nearly 100 components in our newest iPhones come from American companies in more than a dozen states.

我們也很高興在美國進行越來越多的製造。透過我們的美國製造計畫，我們正深化與全國各地供應商的合作夥伴關係。其中包括鈦金屬製造商 Perryman，現已供應 iPhone Duo；以及 Qnity Electronics，正在生產支撐 iPhone 18 Pro 全新可變光圈系統的相機技術。我們最新款 iPhone 中，近100個零組件來自分布於十多個州的美國公司。

All told, Apple supports more than 450,000 American jobs with thousands of suppliers and partners across all 50 states. It's all part of our $600 billion 4-year commitment to US innovation and advanced manufacturing. I am proud of what we've accomplished this quarter, and I'm excited for what's ahead. We have everything we need to be extraordinarily successful. And with this team, this vision, this mission and these values, I have no doubt that we will.

總體而言，Apple 透過遍及全美50州的數千家供應商與合作夥伴，支持超過450,000個美國工作機會。這一切都是我們對美國創新與先進製造的4年6,000億美元承諾的一部分。我為我們本季度的成果感到自豪，也對未來充滿期待。我們具備取得非凡成功所需的一切。有了這個團隊、這個願景、這個使命與這些價值觀，我毫不懷疑我們一定能做到。

With that, I'll hand it over to Kevan.

接下來，我把時間交給 Kevan。

Thanks, John, and good afternoon, everyone. Here's a quick rundown of our key financial metrics. Our revenue of $114.5 billion was up 12% year-over-year, a September quarter revenue record. This strong performance was despite sequential foreign exchange headwinds of nearly 2 percentage points as well as supply constraints on iPhone, Mac and iPad. Products revenue was $82.9 billion, up 12% year-over-year, driven by strong double-digit growth on iPhone and Mac.

謝謝你，John，各位下午好。以下快速概述我們的主要財務指標。我們的營收為1,145億美元，較去年同期成長12%，並創下9月季度營收紀錄。儘管外匯因素帶來接近2個百分點的連續性逆風，以及 iPhone、Mac 與 iPad 的供應限制，我們仍取得這樣的強勁表現。產品營收為829億美元，較去年同期成長12%，主要由 iPhone 與 Mac 的強勁兩位數成長所帶動。

Our installed base of over 2.5 billion active devices has reached another all-time high across all major product categories and geographic segments. Services revenue was $31.6 billion, up 10% year-over-year. We saw strong performance in many services categories with all-time records in video, cloud services, payment services and advertising and a September quarter record in music.

我們超過25億台活躍裝置的安裝基數，在所有主要產品類別與地理區隔均再創歷史新高。服務營收為316億美元，較去年同期成長10%。我們在多個服務類別表現強勁，影片、雲端服務、支付服務與廣告均創下歷史新高，音樂則創下9月季度紀錄。

Company gross margin was 47.9% and products gross margin was 37.2%. These both included a benefit from tariff refunds, which had a favorable impact of approximately 1 percentage point in the September quarter. When you remove the tariff refunds from both the June and September quarter, both company and products gross margin would be down about 1 point sequentially, primarily driven by higher memory costs. As of the September quarter, we have received the vast majority of the refunds related to tariffs paid. Services gross margin was 76%, up 40 basis points sequentially. Operating expenses came in at $19.2 billion, up 21% year-over-year as we continue to make investments in R&D.

公司毛利率為47.9%，產品毛利率為37.2%。兩者皆包含關稅退稅帶來的利益，在9月季度約帶來1個百分點的正面影響。若將6月與9月季度的關稅退稅影響剔除，公司與產品毛利率皆會較前一季度下降約1個百分點，主要原因是記憶體成本上升。截至9月季度，我們已收到與已支付關稅相關的絕大部分退稅。服務毛利率為76%，較前一季度上升40個基點。營運費用為192億美元，較去年同期增加21%，因我們持續加大研發投資。

Net income was $30.7 billion. Diluted earnings per share was $2.10, up 14% year-over-year and included $0.05 of favorable impact from tariff refunds. Both net income and EPS set September quarter records even when excluding the tariff refund benefit. Operating cash flow was also very strong at $28.1 billion. This performance marked our best fiscal year yet with $478.8 billion in revenue, up 15% year-over-year and a fiscal year record for EPS of $8.98, up 20% year-over-year.

淨利為307億美元。稀釋後每股盈餘為2.10美元，較去年同期成長14%，其中包含關稅退稅帶來的0.05美元正面影響。即使不計入關稅退稅利益，淨利與每股盈餘仍雙雙創下9月季度紀錄。營運現金流同樣非常強勁，達281億美元。這項表現也使本財年成為我們迄今最佳的一年：營收4,788億美元，較去年同期成長15%；每股盈餘創下財年紀錄達8.98美元，較去年同期成長20%。

Now I'm going to provide some more details for each of our revenue categories. iPhone revenue was $57.6 billion, up 17% year-over-year despite supply constraints. We grew double digits in the majority of markets we track, and we also reached September quarter revenue records across both developed and emerging markets. As John mentioned, it was a record year for the total company, and we also had our best year ever for iPhone, both worldwide and in every geographic segment.

接下來我將針對各項營收類別提供更多細節。iPhone 營收為576億美元，儘管有供應限制，仍較去年同期成長17%。在我們追蹤的大多數市場中均實現兩位數成長，且在成熟市場與新興市場皆創下9月季度營收紀錄。如 John 所提，這是公司整體的創紀錄年度，而 iPhone 也創下史上最佳年度表現，無論在全球或各個地理區隔皆然。

The iPhone active installed base grew to an all-time high, and iPhone had a record year for upgraders globally and in several markets, including the US, China Mainland, India and Japan. According to a recent survey from Worldpanel, iPhone was a top-selling model in the US, Urban China, India, the UK, Germany, Australia and Japan.

iPhone 的活躍安裝基數成長至歷史新高；此外，iPhone 在全球以及包括美國、中國大陸、印度與日本等多個市場的換機用戶數也創下年度紀錄。根據 Worldpanel 近期的一項調查，iPhone 在美國、中國城市市場、印度、英國、德國、澳洲與日本均為最暢銷機型之一。

Mac revenue was $10.8 billion, up 24% year-over-year despite supply constraints. This performance was driven by the strength of the MacBook Neo and MacBook Pro. We saw double-digit growth in both developed and emerging markets with all-time records in markets like India and Southeast Asia. Emerging markets continued to see strong performance on Mac, resulting in Mac's best fiscal year there, driven by record upgraders and customers new to the Mac.

Mac 營收為108億美元，儘管有供應限制，仍較去年同期成長24%。此表現主要由 MacBook Neo 與 MacBook Pro 的強勁需求所帶動。我們在成熟市場與新興市場皆看到兩位數成長，並在印度與東南亞等市場創下歷史新高。新興市場的 Mac 表現持續強勁，使 Mac 在當地創下最佳財年表現，主要由創紀錄的換機用戶與首次購買 Mac 的新客戶所驅動。

iPad revenue was $6.2 billion, down 10% year-over-year, driven by the supply constraints I mentioned earlier as well as a continued difficult compare against the launch of the A16-powered iPad in the prior year. The iPad installed base reached an all-time high during the quarter and over half of the customers who purchased an iPad were new to the product. Wearables, Home and Accessories revenue was $8.3 billion, down 8% year-over-year as we faced a difficult compare against the launch of the Watch SE 3 and the AirPods Pro 3 in the prior year. The wearables installed base reached a new all-time high and over half of customers who bought an Apple Watch in the quarter were new to the product.

iPad 營收為 62 億美元，年減 10%，主要受我先前提到的供應限制影響，以及相較於前一年推出搭載 A16 的 iPad，仍面臨較為艱難的比較基期。本季 iPad 裝置安裝基數創下歷史新高，且購買 iPad 的客戶中有超過一半為首次購買該產品的新客戶。穿戴裝置、家居與配件營收為 83 億美元，年減 8%，因我們面臨前一年推出 Watch SE 3 與 AirPods Pro 3 所帶來的艱難比較基期。穿戴裝置的安裝基數也創下新的歷史新高，且本季購買 Apple Watch 的客戶中有超過一半為首次購買該產品的新客戶。

Services revenue set an all-time record of $31.6 billion, up 10% year-over-year despite over 1.5 points of sequential FX headwinds. We set all-time revenue records in the majority of markets we track, including several emerging markets like Latin America and India. We are optimistic about the long-term future of our services business. With our large installed base of over 2.5 billion active devices, we have an incredibly strong foundation for growth opportunities.

服務營收創下 316 億美元的歷史新高，年增 10%，儘管仍受到超過 1.5 個百分點的匯率（FX）連續季逆風影響。我們在所追蹤的大多數市場都創下歷史營收新高，其中也包括拉丁美洲與印度等多個新興市場。我們對服務業務的長期未來保持樂觀。憑藉超過 25 億台活躍裝置的龐大安裝基數，我們擁有極其強大的基礎，可把握成長機會。

Our services continue to attract more customers and both transacting and paid accounts reached new all-time highs in the quarter. We also have over 1.5 billion paid subscriptions, which grew double digits during the quarter, reaching an all-time high. And we continue to improve and expand our services offerings from iCloud+ plans that now include Apple TV and Apple Arcade in more than 100 countries and regions to Ads and Apple Maps now live in the US and Canada, which will give local businesses a new way to reach customers while respecting our users' privacy.

我們的服務持續吸引更多客戶，本季交易帳戶與付費帳戶數皆創下新的歷史新高。我們也擁有超過 15 億個付費訂閱，本季以雙位數成長並達到歷史新高。此外，我們持續改善並擴展服務內容：從 iCloud+ 方案（目前在超過 100 個國家與地區納入 Apple TV 與 Apple Arcade），到廣告與 Apple 地圖現已在美國與加拿大上線，將在尊重使用者隱私的同時，為在地商家提供觸及客戶的新方式。

Turning now to enterprise. Organizations are continuing to expand their fleets of Apple devices to transform operations and drive productivity. Duke Health performed the first surgical procedure using Apple Vision Pro for hip arthroscopy with an FDA-authorized app from Stryker.

接下來談企業市場。各組織持續擴大其 Apple 裝置部署規模，以轉型營運並提升生產力。Duke Health 使用 Apple Vision Pro 進行了首例髖關節鏡手術，並採用 Stryker 提供、經 FDA 授權的 App。

American Airlines is deploying over 37,000 iPhone 17 devices to flight attendants for in-flight purchases with tap to pay in addition to 25,000 iPads for pilots and mechanics. And more companies are choosing Mac across a growing range of use cases, including for on-device AI. For example, Gap Inc. is running AI entirely on Mac Mini for loss prevention across hundreds of stores, eliminating cloud token costs. Christie's, a world-leading auction house, is running local models on Mac Studio to improve core productivity workflows such as pricing estimates.

美國航空正在為空服員部署超過 37,000 台 iPhone 17 裝置，用於機上購物並支援「輕觸支付（tap to pay）」；此外也為飛行員與維修技師部署 25,000 台 iPad。同時，越來越多公司在更廣泛的使用情境中選擇 Mac，包括用於裝置端 AI。例如，Gap Inc. 在數百家門市以 Mac Mini 完全在本機端執行 AI 以進行損耗防範，並消除雲端 token 成本。全球領先的拍賣行佳士得（Christie's）在 Mac Studio 上執行本機模型，以改善核心生產力工作流程，例如估價定價。

Let's turn to our cash position and capital return program. We ended the quarter with $137 billion in cash and marketable securities and $80 billion in total debt. During the quarter, we returned $28 billion to shareholders. This included $3.9 billion in dividends and equivalents and $24 billion in share repurchases.

接著談我們的現金部位與資本回饋計畫。本季結束時，我們持有 1,370 億美元的現金與有價證券，總負債為 800 億美元。本季我們向股東回饋 280 億美元。其中包括 39 億美元的股利及等同項目，以及 240 億美元的庫藏股回購。

As we move ahead into the December quarter, I'd like to review our outlook, which includes the types of forward-looking information that Suhasini referred to. Importantly, the color we're providing assumes that global tariff rates, policies and their application remain in effect as of this call and the global macroeconomic outlook does not worsen from today.

展望接下來的 12 月季度，我想回顧我們的展望內容，其中包含 Suhasini 所提到的各類前瞻性資訊。重要的是，我們所提供的補充說明是假設截至本次電話會議時的全球關稅稅率、政策及其適用方式仍維持有效，且全球總體經濟展望不會較今日進一步惡化。

We expect our December quarter total company revenue to grow between 7% and 10% year-over-year, which reflects our best view of constrained supply. We expect this to be the best quarter for revenue in the history of the company. We expect services revenue to grow between 8% and 9% year-over-year in the December quarter. This contemplates sequential headwinds, primarily driven by third-party licensing and foreign exchange. We expect gross margin to be between 45% and 46%. This includes primarily the impact of higher memory costs as well as some costs related to the ramp of Siri AI.

我們預期 12 月季度公司整體營收將年增 7% 至 10%，此反映我們對供應受限情況的最佳判斷。我們預期這將是公司史上營收最高的一季。我們預期 12 月季度服務營收將年增 8% 至 9%。此展望納入連續季逆風，主要來自第三方授權與外匯。我們預期毛利率介於 45% 至 46%。其中主要包含記憶體成本上升的影響，以及與 Siri AI 擴產爬坡相關的部分成本。

We expect operating expenses to be between $20.4 billion and $20.8 billion. We expect OI&E to be around $300 million, excluding any potential impact from the mark-to-market of minority investments and our tax rate to be around 17%. Finally, today, our Board of Directors has declared a cash dividend of $0.27 per share of common stock payable on November 16, 2026, to shareholders of record as of November 12, 2026.

我們預期營業費用介於 204 億至 208 億美元。我們預期其他收入與費用（OI&E）約為 3 億美元（不含少數股權投資按市價評價的任何潛在影響），稅率約為 17%。最後，今天我們董事會已宣告每股普通股 0.27 美元的現金股利，將於 2026 年 11 月 16 日支付給截至 2026 年 11 月 12 日登記在冊的股東。

With that, I'll hand it back to John.

接下來我把時間交還給 John。

Thanks, Kevan. Before we get into questions, I'd like to introduce Sabih Khan, Apple's Chief Operating Officer. Many of you know Sabih from his work with worldwide operations and supply chain, leading many important functions at Apple, including manufacturing, AppleCare, environmental efforts and supplier partnerships around the world. Sabih and his team are the reason we're able to build and deliver products at a scale and of a caliber unlike anyone else out there. I've asked Sabih to join Kevan and me on these calls as we take your questions.

謝謝你，Kevan。在進入提問之前，我想先介紹 Apple 的營運長 Sabih Khan。你們許多人都因他在全球營運與供應鏈方面的工作而認識 Sabih；他在 Apple 領導多項重要職能，包括製造、AppleCare、環境相關工作，以及全球供應商夥伴關係。Sabih 與他的團隊是我們能以無人能及的規模與品質打造並交付產品的原因。我已邀請 Sabih 與 Kevan 和我一起參與這些電話會議，以回應各位的提問。

Thank you, John. We ask that you limit yourself to two questions. Operator, may we have the first question, please?

謝謝你，John。請各位將問題限制在兩題。接線員，請問可以進行第一個問題嗎？

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Hey, good afternoon. Thank you for the questions. I have two. First, on the iPhone 18, the standard model was left out of the September lineup. I was just wondering if you could share some of the reasons why, whether there were some supply constraints and component-related things that led to that decision or if it had to do with the launch of the Duo? Any color there would be helpful. And then I have a follow-up. Thank you.

嗨，午安。謝謝讓我提問。我有兩個問題。第一個關於 iPhone 18，標準機型沒有納入 9 月的產品陣容。我想請問你們是否能分享一些原因：是否因供應受限與零組件相關因素而做出此決定，或是與 Duo 的推出有關？若能提供一些補充說明會很有幫助。接著我還有一個追問。謝謝。

Yeah, Thanks, Michael. Look, we were thrilled to introduce the iPhone Duo and 18 Pro earlier this year in September. And we have iPhone 17, iPhone Air and 17e continuing to kind of round out this incredibly strong lineup for the holidays. So obviously, we don't make any comments about future road map, but we're excited about where we're at.

好的，謝謝你，Michael。你看，我們很高興在今年 9 月較早時推出 iPhone Duo 與 18 Pro。同時，我們也有 iPhone 17、iPhone Air 與 17e，持續完善這個在假期期間極具競爭力的產品陣容。所以很明顯地，我們不會對未來產品路線圖發表任何評論，但我們對目前的進展感到振奮。

Great. And then my second question is just around iCloud+. It seems like it's becoming a more strategic product just given the tie-in with home security as well as the potential monetization opportunity for Apple Intelligence. So I was just wondering, what are you seeing on iCloud+? Are there any tailwinds in terms of attach rates, just particularly given the rising cost for increased storage options on iPhone and the company's push into home products?

了解。那我的第二個問題是關於 iCloud+。看起來它正成為更具策略性的產品，考量到它與居家安全的連結，以及 Apple Intelligence 的潛在變現機會。所以我想請問，你們在 iCloud+ 上看到了什麼趨勢？在綁定率（attach rates）方面是否有任何順風，特別是在 iPhone 提供更大儲存容量選項而成本上升，以及公司推進居家產品的背景下？

Yes. Thanks for the question. I think we just, in the September quarter, had an all-time record for our cloud services for revenue. And you mentioned iCloud+. This is something we're very excited about. We have these iCloud+ plans that now include Apple TV and Apple Arcade in more than 100 countries and regions where we think we can really reach new potential subscribers.

是的。謝謝你的提問。我認為我們在 9 月季度的雲端服務營收創下歷史新高。你也提到了 iCloud+。這是我們非常振奮的一項業務。我們的 iCloud+ 方案現在在超過 100 個國家與地區納入 Apple TV 與 Apple Arcade，我們認為在這些市場中確實能觸及新的潛在訂閱用戶。

And then as you mentioned, we think there's good opportunities on Apple Intelligence. There's going to be some usage limits on features that rely on server side models, which include Siri AI and intelligent photo editing and some other things like that. And so anyone who needs greater capacity will be able to purchase expanded access in the future. So kind of to your point, in the beginning, iCloud tiers were largely about storage, but we've been adding more capabilities and features to it.

接著如你所提到的，我們認為在 Apple Intelligence 上有很好的機會。對於依賴伺服器端模型的功能，將會有一些使用限制，其中包括 Siri AI、智慧照片編輯以及其他類似功能。因此，任何需要更大容量的用戶，未來都可以購買擴充存取權限。所以呼應你的觀點，一開始 iCloud 的分級主要是圍繞儲存空間，但我們一直在為其加入更多能力與功能。

Thank you so much, John.

非常感謝你，John。

Awesome. Thank you, Mike. Operator, could we get the next question, please.

太棒了。謝謝你，Mike。接線員，請幫我們接下一個問題。

Erik Woodring, Morgan Stanley.

Erik Woodring，摩根士丹利。

Hey guys, thank you for taking my questions and John, congrats on your first quarter here. So as the world of AI evolves from chatbots to consumer agents, it seems like there are growing opportunities for Apple. It also seems like there are risks. And John, I'd just love to get your perspective on what role you want Apple and Siri AI to play in kind of this consumer-agentic AI landscape? And just how you look at any potential risks of some of these agents trying to encroach on your services business? And then a quick follow-up, please. Thank you.

各位好，謝謝讓我提問，John，也恭喜你在這裡的第一個季度。隨著 AI 的世界從聊天機器人演進到面向消費者的代理（consumer agents），看起來 Apple 的機會正在增加。同時似乎也存在風險。John，我很想聽聽你的看法：在這個以消費者代理為核心的 AI 生態中，你希望 Apple 與 Siri AI 扮演什麼角色？以及你如何看待某些代理可能試圖侵蝕你們服務業務的任何潛在風險？然後我還有一個簡短的追問。謝謝。

Sure. Thanks, Erik. Look, we -- first and foremost, we are incredibly excited to launch Siri AI alongside the latest generation of Apple Intelligence features. Siri has long been popular with our users with more than 2.5 billion requests every day. And with Siri AI, we really have the kind of the Siri that we always wanted. It's primarily request-based today. But as we talked about at WWDC, it's built on a modern orchestrator-driven architecture that gives us real room to expand its capabilities over time.

當然。謝謝你，Erik。你看，我們——首先也是最重要的——我們對於在最新一代 Apple Intelligence 功能旁推出 Siri AI 感到無比興奮。Siri 長期以來深受用戶歡迎，每天有超過 25 億次請求。而有了 Siri AI，我們真正擁有了我們一直想要的那種 Siri。目前它主要仍是以「請求」為主的互動。但正如我們在 WWDC 所談到的，它建立在現代化、由協調器（orchestrator）驅動的架構之上，讓我們有很大的空間能隨時間擴展其能力。

As far as agentic capabilities, we think these are promising tools for users. We just want to make sure that users are aware of what they're giving access to. We want to make sure this is done in a way that protects security and privacy. So we're pushing really hard on that with Siri AI, but we're also really encouraged the fact that Apple devices, we think, are the best places to use all forms of AI.

就代理式（agentic）能力而言，我們認為這些對用戶來說是很有前景的工具。我們只是希望確保用戶清楚自己授予了哪些存取權限。我們希望確保以能保護安全與隱私的方式來完成這件事。因此我們在 Siri AI 上非常努力推進這一點，同時我們也很受鼓舞，因為我們認為 Apple 裝置是使用各種形式 AI 的最佳場所。

Okay. Awesome. I appreciate that, John. And then just quickly as a follow-up, how should we -- if we take a big step back, how should we think about the durability of services growth? Just I realize that was 10% in the September quarter. We're a little bit below that in the December quarter. As certain things like search evolves and regulatory changes impact App Store monetization, are there new services that we should be looking towards that you believe can become a more sizable offset to maybe take some pressure off these historically important revenue streams? Thanks so much, guys.

好的。太棒了。我很感謝你的說明，John。接著很快追問一下：如果我們拉遠一點來看，我們應該如何看待服務業務成長的持久性？我知道 9 月季度是 10%。而 12 月季度會略低於那個水準。隨著搜尋等領域演進、以及監管變化影響 App Store 的變現能力，是否有新的服務值得我們關注——你認為它們可以成為更具規模的抵消來源，或許能減輕這些歷來重要營收來源的壓力？非常感謝，各位。

Hey, Erik, it's Kevan. Thanks for the question. Let me take this one. Let me start by just talking through kind of what we did -- we talked about during the December quarter. Services grew by 10% year-over-year. And we look at that relative to the June quarter, foreign exchange was the main driver in that change on year-on-year growth rate sequentially. We saw -- we continue to see strong performance in September in many of our service categories, all-time records in video, cloud services, payment services and advertising, including our first-party Apple Ads and September quarter record in music.

嗨，Erik，我是 Kevan。謝謝你的提問。這題我來回答。我先從我們在 12 月季度所做的——以及我們在 12 月季度期間所談到的內容——來說明。服務業務年增 10%。而我們把它與 6 月季度相比，匯率是造成年度成長率按季變動的主要驅動因素。我們看到——也持續看到——9 月在多個服務類別表現強勁：影片、雲端服務、支付服務與廣告（包括我們第一方的 Apple Ads）都創下歷史新高，音樂也在 9 月季度創下紀錄。

But I think it's important to kind of step back also and look at the progression of what we've seen in our services business over the last several quarters. I think it's an important backdrop. And so we spoke about on the last call, we expected foreign exchange to be the largest driver of the change in the year-on-year growth rate from the March to September quarter. This ended up being a significant headwind of about 4 percentage points, and we expect additional sequential headwind of about another 0.5 percentage point for the services business as we go into the December quarter.

但我認為同樣重要的是退一步，看看過去幾個季度我們在服務業務上所看到的發展軌跡。我認為這是一個重要的背景。因此我們在上一次電話會議中提到，我們預期從 3 月到 9 月季度，匯率會是年度成長率變動的最大驅動因素。結果確實如此，形成約 4 個百分點的顯著逆風；而隨著我們進入 12 月季度，我們預期服務業務還會再面臨約 0.5 個百分點的額外按季逆風。

We've also seen some factors that impacted the performance of the App Store. And during the September quarter, the performance on the App Store was similar to the prior year, and we had a record number of paid subscriptions with double-digit growth for third-party apps on the App Store. At the same time, we did see some headwinds in mobile gaming that we've talked about before and expect to see those continue into the December quarter. And keep in mind, we also made some changes to the App Store business model in certain countries. And in the US, we continue to operate under a court ruling impacting the link-out transactions.

我們也看到一些影響 App Store 表現的因素。在 9 月季度，App Store 的表現與前一年相近，而我們的付費訂閱數量創下新高，App Store 上第三方 App 的付費訂閱呈現雙位數成長。同時，我們確實看到一些我們之前談過的行動遊戲逆風，並預期這些逆風會延續到 12 月季度。另外請記得，我們也在某些國家對 App Store 的商業模式做了一些調整。而在美國，我們仍在一項法院裁決之下運作，該裁決影響到導出連結（link-out）交易。

As we move ahead, we expect services growth to be between 8% to 9%, as I mentioned in the prepared remarks, in the December quarter, and this outlook contemplates our best estimates on sequential headwinds, primarily from third-party licensing and the additional 0.5 percentage point of foreign exchange I just mentioned. And I'll turn it over to John to talk about some perspectives as we look ahead.

展望未來，如我在事先準備的發言中提到的，我們預期 12 月季度的服務業務成長會在 8% 到 9% 之間；這個展望納入了我們對按季逆風的最佳估計，主要來自第三方授權，以及我剛提到的額外 0.5 個百分點匯率影響。接下來我把時間交給 John，請他談談我們往前看的幾點觀察。

Yeah, Thanks. I guess I'd like to add to that, Erik. I think fundamentally, we feel really good about the long-term opportunity that we have in our services business. We see continued growth in the installed base of over 2.5 billion active devices, which is fundamentally the foundation for future growth as more customers are able to experience our products and services. Example of this during the September quarter, App Store saw a record number of nearly 1 billion average weekly visitors, and we saw growth in the number of users who are paying for at least one service, reaching an all-time high.

好的，謝謝。Erik，我想在此補充一下。我認為從根本上來說，我們對服務業務的長期機會感到非常樂觀。我們看到活躍裝置安裝基礎持續成長，已超過 25 億台；這從根本上構成未來成長的基礎，因為會有更多客戶能體驗我們的產品與服務。9 月季度就是一個例子：App Store 的平均每週訪客數接近 10 億，創下紀錄；而我們也看到至少付費使用一項服務的用戶數成長，達到歷史新高。

Another good example of this in India, we recently launched Apple Pay with Axis Bank, bringing the seamless, safe, secure way to pay to one of the biggest markets in the world. And then on top of all this, as we talked about, we think intelligence is going to be another opportunity as well. So overall, we're feeling really good about where we're headed in the long term.

另一個很好的例子是在印度：我們最近與 Axis Bank 一起推出 Apple Pay，將順暢、安全、可靠的支付方式帶到全球最大的市場之一。此外，在這一切之上，正如我們所談到的，我們也認為「智慧」將會是另一個機會。因此整體而言，我們對長期發展方向感到非常樂觀。

Thank you, Erik. Operator, could we take the next question, please.

謝謝你，Erik。接線員，請問可以進行下一個問題嗎？

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Thanks a lot and congrats on mine as well, John, on your first earnings call here. John, you sort of described the iPhone as an intelligent personal hub in your opening comments. And as personal AI agents become more prominent, do you see the potential for the primary customer relationship to shift from the device to the agent over time? And really, given Apple's integration of silicon, hardware and software, where do you see the greatest opportunity to combine things like personal context and on-screen awareness into an agent that can perhaps move beyond answering questions? And how far along do you think Siri is in bringing those pieces together right now?

非常感謝，也恭喜你，John，也恭喜你首次在這裡主持財報電話會議。John，你在開場談話中把 iPhone 描述為一個智慧個人樞紐。隨著個人 AI 代理變得更為重要，你是否看到主要的客戶關係有可能隨時間從裝置轉移到代理上？另外，鑑於 Apple 在晶片、硬體與軟體的整合，你認為最大的機會在哪裡，能把個人情境與螢幕感知等要素結合到一個代理中，使其或許能超越單純回答問題？以及你認為 Siri 目前在把這些要素整合起來方面進展到什麼程度？

Yeah, Thank you, Amit, for the question. Like as I said before, and we said in our announcement, we really do think of the iPhone as the intelligent personal hub. I mean if you think about it, so much of your personal data is on your iPhone, whether it's your contacts, your communications, health data, financial data, all of that. And Siri can tap into that and help you access it in a way that's very secure and private and that nobody else has access to, even Apple doesn't have access to it. And so we think that is a core kind of differentiator that we're excited about. And we're going to continue to push on that. And so I think this is an area that we feel really, really good about.

是的，Amit，謝謝你的問題。就像我之前說的，以及我們在公告中提到的，我們確實把 iPhone 視為智慧個人樞紐。如果你想想看，你的許多個人資料都在 iPhone 上，不論是聯絡人、通訊、健康資料、財務資料等等。而 Siri 可以運用這些資料，協助你以非常安全且注重隱私的方式存取；其他任何人都無法存取，甚至 Apple 也無法存取。因此我們認為這是一個核心的差異化優勢，我們對此感到非常興奮。我們也會持續在這方面推進。所以我認為這是我們感覺非常、非常好的領域。

Got it. And then, Kevan, the December quarter gross margin, I'm wondering if you could spend a bit of time on that. I think if I exclude all the tariff refunds, you start of implying gross margins will be down about 140 basis points sequentially at least. Can you just separate how much of this is maybe commodity memory inflation versus mix versus -- you called out Siri AI ramp costs as well. Can you just talk about what the different moving parts are as we think about the sequential gross margins, that would be helpful.

了解。接著，Kevan，關於 12 月季度的毛利率，我想請你多花一點時間談談。我想如果我排除所有關稅退稅，你們似乎暗示毛利率至少會季比下降約 140 個基點。你能否拆解一下，這其中有多少可能是記憶體等大宗商品成本上漲、多少是產品組合因素，另外你也提到 Siri AI 的擴張成本。能否談談我們在看季比毛利率變動時，各個不同的驅動因素是什麼？這會很有幫助。

Yes, Amit, sounds good. Let me try to address that for you. So as you alluded for the December quarter, we talked about a gross margin outlook of between 45% and 46%. As you said, when you remove the benefit of the tariff refunds in September, the midpoint of the range is a decline sequentially in the magnitude you mentioned.

好的，Amit，沒問題。我來試著為你說明。如你所提到的，針對 12 月季度，我們談到的毛利率展望是 45% 到 46%。如你所說，當你把 9 月季度關稅退稅的利益拿掉後，區間中點的季比下降幅度大致就是你提到的那個量級。

We expect most of that decline to be driven by higher memory costs, and I'll give John kind of the mic here to give you a perspective on that, and then I'll take the balance of your question.

我們預期這個下降的大部分將由較高的記憶體成本所驅動。我先把麥克風交給 John，請他就此提供一些觀點，然後我再回答你問題的其餘部分。

Yes. Let me give you an overall view on memory. What we're seeing with memory pricing right now is unprecedented. And as we said earlier in the September quarter, we did see higher memory costs as compared to the June quarter, which were partly offset by the benefit of carrying inventory and lower costs on certain non-memory components. Now for the December quarter, we expect even higher memory costs, partly offset by a few factors.

好的。我先給你一個關於記憶體的整體看法。我們目前看到的記憶體定價情況是前所未見的。正如我們先前在 9 月季度所說，相較於 6 月季度，我們確實看到更高的記憶體成本，其中一部分被期初結轉庫存的利益，以及某些非記憶體零組件較低的成本所抵銷。而對於 12 月季度，我們預期記憶體成本會更高，但也會被幾個因素部分抵銷。

So as you know, we changed the price on many of our products, including Mac and iPad at the end of June and iPhone in September, and these price increases provided some offset. We also expect to see some benefit from carry-in inventory in the December quarter as well, as well as lower costs on certain non-memory components. And looking beyond the December quarter, we see the pricing for memory purchases continuing to increase. As we've said before, we do believe we'll see a decreasing benefit from the carry-in inventory on memory over time.

如你所知，我們在 6 月底調整了許多產品的價格，包括 Mac 和 iPad，並在 9 月調整了 iPhone 的價格；這些漲價提供了一些抵銷效果。我們也預期在 12 月季度仍會從期初結轉庫存中獲得一些利益，同時某些非記憶體零組件的成本也會較低。再往 12 月季度之後看，我們看到記憶體採購的價格仍將持續上升。如我們之前所說，我們確實相信，隨著時間推移，期初結轉庫存在記憶體方面帶來的利益會逐漸減少。

And there's one more thing I wanted to add, as we work to improve supply, our manufacturing purchase obligations have increased by $33 billion from June to the September quarter, which you'll see in our annual filing when it comes out tomorrow.

另外我還想補充一點：在我們努力改善供應的同時，我們的製造採購承諾自 6 月到 9 月季度增加了 330 億美元；你們會在明天發布的年度申報文件中看到這一點。

Now back to Kevan for the other parts of it.

接下來把其他部分交回 Kevan。

Yes, Amit, you mentioned Siri AI and what I alluded to in the prepared remarks. So as we continue to roll out Siri AI to more customers, the associated cloud costs will be recognized through services cost of sales. And consistent with how we've always accounted for Mac, Siri and iCloud for the devices we sell that include these bundled services, we defer a portion of the revenue and recognize it over the life of the device. So our hardware deferrals as of the December quarter will reflect the addition of Siri AI. Both of these items will have an impact to the gross margin.

好的，Amit，你提到了 Siri AI，以及我在事先準備的發言中提到的內容。隨著我們持續把 Siri AI 推廣給更多客戶，相關的雲端成本將透過服務的銷貨成本認列。而且依照我們一貫對 Mac、Siri 與 iCloud 的會計處理方式，對於我們所銷售、且包含這些綁定服務的裝置，我們會遞延一部分收入，並在裝置的使用年限內認列。因此，截至 12 月季度，我們的硬體遞延將反映 Siri AI 的加入。這兩項都會對毛利率造成影響。

But as always, we look to continue to make the investments necessary to support the business. And we also see a wide range of ways that AI can contribute to revenue growth over time. So on the product side, we feel AI offers a compelling reason for customers to upgrade and switch in order to get the latest capabilities. And we also feel there's opportunities across third-party apps and partnerships as well as first-party opportunities, as John highlighted earlier, with the expanded access to server side features of Siri AI and Apple Intelligence features as well.

但一如既往，我們會持續進行支持業務所需的投資。我們也看到 AI 隨時間推移能以多種方式促進營收成長。在產品面，我們認為 AI 為客戶升級與轉換提供了很有吸引力的理由，以取得最新的能力。我們也認為在第三方 App 與合作夥伴方面，以及第一方機會方面都有空間；正如 John 先前強調的，包含擴大對 Siri AI 伺服器端功能的存取，以及 Apple Intelligence 功能也是如此。

Thank you, Amit. Operator, could we have the next question, please.

謝謝你，Amit。接線員，請問可以進行下一個問題嗎？

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Hey, guys. Thanks. Hey, John, my first question, I wanted to ask you about your cash-neutral policy. On one of the previous calls, you guys said that you weren't going to focus on that anymore and that, that was not no longer the policy. What do you -- how -- under your leadership, what do you mean by that? Do you mean like you may go to net debt to buy back stock or do some M&A or go the opposite way and hoard some cash again? Your thoughts on that would be welcome.

嗨，各位。謝謝。嗨，John，我的第一個問題想問你們的「現金中性」政策。在之前的一次電話會議上，你們說你們不會再以此為重點，而且那已不再是政策。在你的領導之下，你所說的這句話是什麼意思？你的意思是你們可能會轉為淨負債來回購股票、做一些併購，或是反過來又開始囤積現金嗎？也希望聽聽你的想法。

Hey, Ben, it's Kevan. Let me take that one. As you know, we did talk about the fact that we were no longer using net cash neutral as a target. I think as we explained on the last call or the last time we talked about that was the fact that we think it makes sense to evaluate our cash and debt position independently and making sure we can optimize that and giving us the right flexibility.

嗨，Ben，我是 Kevan。這題我來回答。如你所知，我們確實談到我們不再以「淨現金中性」作為目標。我想我們在上一次電話會議、或上一次談到這件事時解釋過：我們認為分別評估我們的現金與負債部位是合理的，確保我們能加以最佳化，並給我們適當的彈性。

We remain committed to our capital allocation philosophy, which is we're going to invest everything we need to put -- invest in our business and return excess cash to shareholders. And so we continue to maintain that discipline. And we do think this removal of net cash neutral gives us flexibility to optimize so we can make the right investments for the company.

我們仍然致力於我們的資本配置理念，也就是：我們會投入所有必要的資源來投資於我們的業務，並把多餘的現金回饋給股東。因此我們會持續維持這樣的紀律。我們也認為，取消「淨現金中性」目標能讓我們有彈性去最佳化，以便為公司做出正確的投資。

All right. And then I wanted to ask about services. I realize you only guide one quarter at a time. But from the 8% to 9%, when you think long term, I was wondering if you're willing to say you think whether it can accelerate from there and whether AI could help you launch new services we haven't thought of yet that are accretive to the growth rate there?

好的。接著我想問一下服務業務。我知道你們一次只提供一個季度的指引。但從 8% 到 9% 這個區間來看，若以長期角度思考，我想請問你們是否願意談談：你們認為成長率是否有機會從這裡再加速？以及 AI 是否能幫助你們推出一些我們尚未想到、且能對成長率帶來增益的新服務？

Yeah, I think, Ben, on that one, I think you heard John talk about a lot of the long-term attributes that really feel give us optimism about the long-term opportunity in our services business. Again, I think we talked about things like the installed base of over 2.5 billion active devices. We obviously saw a record number of weekly visitors in the App Store in the September quarter. We also continue to see growth in users who are paying for at least a service, reaching an all-time high in both transacting and paid accounts. We're excited about emerging markets. We talked about the launch of Apple Pay in India, but we continue to see good momentum in emerging markets in our services business, where we had double-digit growth.

是的，我想，Ben，關於這一點，我想你也聽到 John 談到許多長期屬性，這些確實讓我們對服務業務的長期機會感到樂觀。再說一次，我們談到像是超過 25 億台活躍裝置的安裝基礎。我們也在 9 月季度看到 App Store 每週訪客數創下紀錄。此外，我們持續看到至少付費使用一項服務的使用者成長，在交易帳戶與付費帳戶兩者都達到歷史新高。我們對新興市場感到振奮。我們談到在印度推出 Apple Pay，但我們也持續在新興市場的服務業務看到良好動能，並且實現了雙位數成長。

And so we continue to feel really bullish about all the different elements as we look ahead over the longer arc of time. And I think as John mentioned, we are continuing to improve the features and reach of the existing and new services as well. The example was the expansion of iCloud plans to include Apple TV and Arcade, obviously reaching a lot of new potential subscribers. AppleCare One family is another example of that. And so we continue to look for opportunities to grow our services business.

因此，當我們以更長的時間弧線往前看時，對各個不同要素我們仍然非常看多。而且我想如同 John 提到的，我們也持續改善既有與新服務的功能與觸及範圍。其中一個例子是擴充 iCloud 方案，納入 Apple TV 與 Arcade，顯然能觸及許多新的潛在訂閱者。AppleCare One 家庭方案也是另一個例子。因此，我們會持續尋找機會來擴大我們的服務業務。

Thank you, Ben. Operator, could we have the next question, please.

謝謝你，Ben。接線員，請問可以進行下一個問題嗎？

Wamsi Mohan, Bank of America.

Wamsi Mohan，美國銀行。

Yes, thank you so much. And John, great to have you on the call as CEO. I appreciate the comments on memory. Clearly, you're now competing for memory more so versus historically from pretty well capitalized companies who are signing long-term agreements. So my question is, is Apple changing anything in the way that you are procuring memory? How do you think about the progression of memory over time? And if it continues to be a headwind, is pricing also going to remain dynamic and potentially move higher? And I have a follow-up.

是的，非常感謝。John，也很高興你以執行長身分參與這通電話會議。我很感謝你對記憶體的評論。很明顯地，現在你們在記憶體方面的競爭，比起過去更為激烈，對手多是資本相當雄厚、並且簽訂長期合約的公司。所以我的問題是：Apple 是否正在改變你們採購記憶體的方式？你們如何看待記憶體隨時間推進的走勢？如果它持續成為逆風，價格是否也會維持動態，並且可能進一步上升？我還有一個追問。

Good afternoon, Wamsi, this is Sabih. Let me take that one. So as you know, we have worked with many of our suppliers for decades, and we deeply value their partnership over the years. We know our products would simply not be possible without them, and we look forward to continuing to work together. We're always working hard to improve supply. And as John said earlier, we -- our manufacturing purchase obligations have increased by $33 billion from the June to the September quarter.

下午好，Wamsi，我是 Sabih。我來回答這題。如你所知，我們與許多供應商合作已數十年，我們非常重視多年來的夥伴關係。我們知道沒有他們，我們的產品根本不可能實現，我們也期待持續合作。我們一直努力改善供應。而且如同 John 先前所說，我們——我們的製造採購承諾（manufacturing purchase obligations）從 6 月季度到 9 月季度增加了 330 億美元。

And Wamsi, maybe I'll add here because you asked the question about pricing and how we're managing it. So look, we're trying to manage through this with a number of actions. You heard us talk about the fact we're continuing to pursue lower cost and non-memory components. John mentioned the fact that we have some benefit of carrying inventory. And we did reluctantly make the decision to change pricing in a number of our products, starting with the iPad and Mac in the June time frame and then iPhone more recently in September.

Wamsi，我也許再補充一下，因為你問到價格以及我們如何管理。你看，我們正透過多項行動來因應。你也聽到我們提到，我們持續追求降低非記憶體元件的成本。John 提到我們持有庫存帶來的一些好處。而且我們也在不得已的情況下，決定調整多項產品的定價，先是在 6 月期間從 iPad 與 Mac 開始，然後在 9 月較近期也調整了 iPhone。

I think what we try to do is evaluate in doing all that, we evaluate the unit revenue and margin. And we're really being thoughtful and deliberate at evaluating kind of the short-term and long-term considerations, and we really believe we're balancing this well.

我想我們在做這些事情時，會評估單位營收與毛利。我們非常審慎且有計畫地評估短期與長期的各項考量，我們確實相信我們在這之間取得了良好的平衡。

Thanks, Kevin. Thanks, Okay. And I guess my follow-up is on Siri AI. In the early days of launching this, can you give us some sense of how the token consumption associated with Siri AI is being done on-device versus private cloud compute versus GCP? And have you started to see any acceleration of usage? And if it does accelerate really fast globally, would it change your outlook on what you need to spend for compute?

謝謝你，Kevin。謝謝，好。我想我的追問是關於 Siri AI。在剛推出的早期階段，你能否讓我們了解一下：與 Siri AI 相關的 token 消耗，有多少是在裝置端處理、多少是在你們所說的私有雲端運算（private cloud compute）處理、以及多少是在 GCP 上處理？你們是否已開始看到使用量加速？如果它在全球非常快速地加速，是否會改變你們對運算支出需求的展望？

Yes, Wamsi, I can take that one as well. So we do envision Siri AI to kind of have queries that kind of are managed on device and also in the private cloud compute environment that we've outlined. The mix of that is still very early days, and so it's hard to predict exactly what the mix of those costs are going to look like. Obviously, on device -- it's very, very efficient.

是的，Wamsi，我也可以回答這題。我們確實設想 Siri AI 的查詢會有一部分在裝置端管理，另一部分則在我們所說明的私有雲端運算環境中處理。目前這個比例仍在非常早期階段，因此很難精準預測這些成本組合最終會是什麼樣子。很明顯地，在裝置端——效率非常、非常高。

No real costs associated with that. But on the server side, we would have some inference costs, and that's really the connection of the Siri AI-related costs that I mentioned that will be recognized as services cost of sales. But I think, again, we've just recently launched it and made it available to more users. And so in very, very early stages of understanding the kind of mix of those costs as well as any further requirements we might have on the compute side.

幾乎沒有任何實質成本。但在伺服器端，我們會有一些推論（inference）成本，而這正是我先前提到、與 Siri AI 相關的成本連結，將會認列為服務的銷貨成本（services cost of sales）。不過我想，再次強調，我們是最近才推出並讓更多使用者可用。因此，我們仍處於非常、非常早期的階段，正在理解這些成本的組合，以及在運算端可能還需要的進一步需求。

Thank you, Wamsi. Operator, could we have the next question, please.

謝謝你，Wamsi。接線員，請問可以進行下一個問題嗎？

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

Hi, thanks for taking my question and John, Sabih, good to get a chance to talk to you guys and Kevan, same there. Maybe on the Duo, can I just ask in terms of maybe your thoughts in terms of our learnings from the launch of the Duo and the demand that you've seen on that front?

嗨，謝謝讓我提問。John、Sabih，很高興有機會和你們交流，Kevan 也同樣。也許先談 Duo，我想請教一下：就你們從 Duo 的上市所得到的學習，以及你們在那方面看到的需求而言，你們有什麼想法？

And what are the sort of supply chain-related issues that you're facing right now that you probably need to iron out if you're trying to meet demand on that front? Any more visibility there? And when you reach supply-demand balance on the Duo as well will be helpful. And I have a quick follow-up.

另外，你們目前面臨哪些與供應鏈相關的問題，若要滿足那方面的需求，可能需要加以解決？在這方面是否有更多能見度？以及你們何時能在 Duo 上達到供需平衡，也會很有幫助。我還有一個簡短的追問。

Hi, Samik, this is Sabih. Let me start with that question. So we're thrilled with the initial response on the iPhone Duo. iPhone Duo is constrained as of today. The ramp is going well, and we're working hard to get this revolutionary new product into the hands of our customers as quickly as possible. But at this time, it's really hard to predict when supply and demand will be in balance.

嗨，Samik，我是 Sabih。我先回答這個問題。我們對 iPhone Duo 的初期反應感到非常振奮。iPhone Duo 目前仍然供應受限。產能爬坡進展良好，我們正努力盡快把這款革命性的新產品交到客戶手中。但就目前而言，仍然很難預測供需何時會達到平衡。

Okay. Perfect. Got it. And then maybe, Kevan, for you, just in terms of -- you have mentioned supply chain constraints impacting September quarter and going into December, but any way to sort of help us think about whether those are getting overall for the company, are those increasing in terms of magnitude relative to sort of the impact on revenue? And if you are willing to sort of quantify those impacts for September and December?

好的。完美。了解。接著也許想請教你，Kevan，就供應鏈限制而言——你先前提到供應鏈限制影響了9月季度並延續到12月，但你能否幫我們理解一下，從公司整體來看，這些限制是否在幅度上相對於對營收的影響正在加劇？以及如果你願意的話，能否量化9月與12月這些影響？

Yes. Let me start with that. This is Sabih. So during the September quarter, we experienced supply constraints on iPhone, Mac and iPad. And this was driven by the high levels of demand. And as we have said before, we're seeing less flexibility in the supply chain than normal. The Q4 constraints were primarily driven by the availability of the advanced nodes our SoCs are produced on. But as we have transitioned more of our lineup to the latest 2-nanometer technology nodes, our constraints on advanced nodes are easing. And for the December quarter, we expect constraints on Mac and iPad, primarily driven by memory as demand has been higher than what we expected.

可以。我先從這個開始。我是Sabih。因此在9月季度，我們在iPhone、Mac與iPad上都遇到了供應限制。這主要是由於需求水準很高所致。而且如同我們先前所說，我們看到供應鏈的彈性比平常更低。第四季的限制主要是由於我們SoC所使用的先進製程節點供給可用性所驅動。但隨著我們將更多產品線轉移到最新的2奈米製程節點，我們在先進節點上的限制正在緩解。至於12月季度，我們預期Mac與iPad仍會有供應限制，主要由記憶體所驅動，因為需求高於我們原先的預期。

Thank you.

謝謝。

Thank you, Samik. Operator, could we take the next question, please.

謝謝你，Samik。接線員，請讓我們進行下一個問題。

Krish Sankar, TD Cowen.

Krish Sankar，TD Cowen。

Yeah, hi, thanks for taking my question. First one is for either Kevan or Sabih. I understand the memory price inflation. Kevan, it seems like it's probably hike 1 to 1.5 or 2 percentage points. A, is that true? And Sabih, I'm just wondering, I understand that -- is there an availability issue with memory? Are you signing LTAs with memory suppliers so that availability is not an issue even though pricing could still be an issue down the road? And then I had a quick follow-up.

是的，你好，謝謝讓我提問。第一個問題想問Kevan或Sabih都可以。我理解記憶體價格上漲的情況。Kevan，看起來可能會上升1到1.5或2個百分點。A，這樣的理解正確嗎？另外Sabih，我想確認一下——我理解的是：記憶體是否存在供應可得性問題？你們是否正在與記憶體供應商簽訂長期協議（LTA），以確保供應可得性不是問題，即便未來價格仍可能成為問題？然後我還有一個簡短的追問。

Yeah, Thanks, Krish. So as we said earlier, we are continuing to work to improve supply, and you'll see that our manufacturing purchase obligations have increased by $33 billion from the June to the September quarter.

好的，謝謝你，Krish。如同我們先前所說，我們持續努力改善供應，你也會看到我們的製造採購承諾自6月季度到9月季度增加了330億美元。

Got it. Got it. And any comments on the margin impact to think about going forward, Kevan, or?

了解。了解。那麼，Kevan，對於未來要如何看待毛利率影響，有沒有任何評論？

Well, I think, Krish, let me maybe take that one. I know you asked about it. So when we look at the margin change from the June quarter to the September quarter and you remove the impact of the tariffs from both the June quarter and September quarter, we saw about a 1 point sequential change in margin, and that was driven entirely by memory impacts.

嗯，我想，Krish，這題也許我來回答。我知道你問到這個。因此當我們看6月季度到9月季度的毛利率變化，並把6月與9月兩個季度的關稅影響都剔除後，我們看到毛利率環比大約變動了1個百分點，而這完全是由記憶體影響所造成的。

Now we did have some offsets because the gross memory impact was larger than that, but we had some offsets as John talked about earlier, driven by the benefit of carrying inventory, some offsets from nonmemory costs as well as some of the benefits of pricing.

當然我們也有一些抵銷因素，因為記憶體的毛影響其實比這更大，但如同John先前提到的，我們有一些來自持有庫存所帶來的好處的抵銷，另外也有一些來自非記憶體成本的抵銷，以及部分來自定價的效益。

And so as we talked about, we expect the memory costs to continue to be a challenge for us as we look in the December quarter, and our guide contemplates that right now. If you look at the midpoint, most of the sequential decline we're expecting for the December quarter, we expect to be driven by higher memory costs.

因此如同我們所談到的，當我們展望12月季度時，我們預期記憶體成本仍會持續對我們構成挑戰，而我們目前的財測也已將此納入考量。如果你看中位數，我們預期12月季度大部分的環比下滑，將由更高的記憶體成本所驅動。

Just a quick follow-up for John. And John, congrats on the first call. It seems like consumer AI agent space is seeing increasing competition with several app-based options. I'm just wondering, when you look at the agentic capability of Siri built into the OS platform versus AI agents that are confined within an app architecture, how do you see that evolving?

再快速追問John一題。John，恭喜你第一次參與電話會議。看起來消費者AI代理（AI agent）領域的競爭正在加劇，出現了多種以App為基礎的選項。我想請教，當你比較整合在作業系統平台中的Siri代理式能力（agentic capability），與受限於App架構內的AI代理時，你認為這個演進會如何發展？

Yeah, Thanks, Krish. I think as I said before, Siri right now is primarily request-based. And as we talked about before, it is built on a modern orchestrator-driven architecture. So we see opportunity to expand its capabilities over time. We think fundamentally, what's most important to us is that we're giving people these capabilities that are private and secure, and we're really focused on protecting people's data.

好的，謝謝你，Krish。我想如同我之前說的，Siri目前主要是以請求為基礎（request-based）。而且如同我們先前談到的，它是建立在一個現代化、由協調器（orchestrator）驅動的架構之上。因此我們看到隨時間推進擴展其能力的機會。我們認為從根本上來說，對我們最重要的是提供人們這些具備隱私與安全性的能力，而我們也非常專注於保護人們的資料。

Thank you, Krish. Operator, could we take the next question, please?

謝謝你，Krish。接線員，請讓我們進行下一個問題。

David Vogt, UBS.

David Vogt，UBS。

Great. Thanks, guys, for taking my questions, and congrats, John. And maybe one to start with Kevan. If I kind of unpack the comments around supply chain about availability of components and your outlook for the December quarter, can you help us understand sort of the difference or maybe the delta of quantity versus price across sort of the product lineup?

太好了。謝謝各位回答我的問題，也恭喜你，John。先從Kevan開始問一題。如果我把你們對供應鏈、零組件可得性以及對12月季度展望的評論拆解來看，你能否幫我們理解一下，在整個產品線中，數量（出貨量）與價格之間的差異，或說兩者的變化幅度（delta）？

Because it certainly looks like you're looking at double-digit growth across the iPhone and the Mac business. And we all know, I think, in the industry that there's been pretty strong price inflation across the PC Mac ecosystem, and you guys mentioned that you're reluctantly taking price as well. So can you help us understand kind of what's the driving dynamics in that market? And then I have a follow-up.

因為看起來你們在iPhone與Mac業務上都在看雙位數成長。而且我想大家都知道，整個PC／Mac生態系的價格通膨相當強，你們也提到你們也在不情願地調漲價格。所以你能否幫我們理解一下，該市場背後的驅動動態是什麼？然後我還有一個追問。

Yes, David, thanks for the question. This is Kevan. We don't normally provide that level of detail or color as we look at the outlook other than to say, again, we did guide to the 7% to 10% year-on-year. And again, just as a reminder, that is on top of a phenomenal December quarter last year where revenue grew 16% -- and so we don't provide the level of detail, but I would say it's early to really read price elasticity at this point in time.

好的，David，謝謝你的問題。我是Kevan。我們通常不會在展望上提供那麼細的細節或補充說明；我們能說的是，如同先前所述，我們確實給出了年增7%到10%的指引。另外提醒一下，這是在去年12月季度表現非常亮眼的基礎上——當時營收成長了16%——因此我們不會提供那樣層級的細節；但我會說，目前這個時間點要解讀價格彈性還為時過早。

The iPad and Mac were constrained since kind of we have made those adjustments. And again, we just recently just adjusted the price on iPhone. So it's really early to really assess any elasticity impact at this stage.

iPad與Mac先前受到供應限制，而我們也已做出那些調整。另外，我們也才剛調整iPhone的價格。所以在這個階段要評估任何彈性影響，確實還太早。

Great. And then maybe just as a follow-up, going back to the investment cycle, whether it's agentic, Siri related. It looks like you guys had -- you're coming off of a year of very aggressive investments in R&D to fund the business going forward and to grow the business. If I just think about kind of the commentary on Q1 of fiscal '27, it certainly sounds like that spending is moderating a little bit. Can you maybe walk through some of the puts and takes in terms of what's driving that moderation in spend across the operating line items?

很好。那再追問一下，回到投資循環，不論是代理式（agentic）或與Siri相關。看起來你們剛結束一個在研發（R&D）上非常積極投資的一年，以支撐未來業務並推動成長。如果我從你們對2027會計年度第一季（Q1）的評論來看，聽起來那樣的支出正在稍微趨緩。你能否說明一下，在營運各項費用科目上，哪些因素的拉鋸（puts and takes）導致支出增速放緩？

Yeah, David, again, here, we don't break out detail on our outlook, but I would reiterate the fact that for the December quarter, we do expect OpEx to grow between 11% and 13% year-over-year, which is driven by increased and continued investment in R&D, in particular, AI. This growth rate is coming down, as you alluded, from the levels of growth that we had in FY '26. But as we've said before, we continue to significantly increase our overall investments in AI while continuing to invest in the product road map. And our December guide is a continued reflection of that.

是的，David，再次說明一下，我們在展望中不會拆分更細的明細，但我想重申的是，對於 12 月季度，我們確實預期營業費用（OpEx）將年增 11% 到 13%，主要是由研發（R&D）投資增加且持續投入所帶動，特別是在 AI 方面。正如你所提到的，這個成長率相較於我們在 26 財年的成長水準正在下降。但如同我們之前所說，我們在持續投資產品路線圖的同時，也在顯著提高我們在 AI 方面的整體投資。而我們對 12 月的指引也持續反映了這一點。

Yeah, And I'll just add, we feel confident that we're spending what we need to spend to achieve our road map.

是的，我再補充一下，我們有信心，我們的支出水準正是達成我們路線圖所需要的。

Awesome. Thank you, David. Operator, could we have the next question, please.

太棒了。謝謝你，David。接線員，請問可以進行下一個問題嗎？

Richard Kramer, Arete Research.

Richard Kramer，Arete Research。

Thanks very much, John, your latest MacBook Pros included more iOS features like touch and dynamic island as well as obviously Siri AI. Should we anticipate further close linking of Mac OS and iOS features, maybe even pointing at some point to a single unified OS either for simplicity or to reduce costs? And then I have a follow-up.

非常感謝，John。你們最新的 MacBook Pro 加入了更多 iOS 功能，例如觸控與動態島，當然也包含 Siri AI。請問我們是否應該預期 Mac OS 與 iOS 的功能會進一步更緊密連結，甚至在某個時間點走向單一統一的作業系統，以求簡化或降低成本？然後我還有一個追問。

Yeah, Thanks for the question, Richard. Look, we are very proud of both the Mac and the iPad. And I think what you've seen over the years is we've really enjoyed the ability to bring features and capabilities across the ecosystem and create really compelling features that span things between -- handoff between iPhone and Mac and iPad.

是的，謝謝你的問題，Richard。你看，我們對 Mac 和 iPad 都非常自豪。而我想你多年來看到的是，我們非常享受能夠在整個生態系中移植功能與能力，並打造跨裝置的、非常有吸引力的功能——例如 iPhone 與 Mac、iPad 之間的接力（handoff）。

And so when we design the product, we're looking at how can we make the best version of each and every product. And if you look at what we just did last week with the MacBook Pro, we took a huge leap forward. These MacBook Pros are better in every way than the ones that came before them. And we're really proud of that. And so we don't have any fundamentally different changes that we're planning right now nor would we talk about it anyway.

因此在設計產品時，我們會思考如何把每一項產品都做到最好版本。如果你看我們上週剛推出的 MacBook Pro，我們有非常大的躍進。這些 MacBook Pro 在各方面都比前一代更好。我們對此感到非常自豪。所以我們目前沒有規劃任何根本性的不同變更，而且即使有，我們也不會在這裡談。

Okay. And then we saw two years of declines in China sales. And then this year, Apple obviously grew very healthy 28% in FY '26. Can you talk through to what you attribute that recovery and whether you think Greater China can sustain these sort of elevated levels of growth, which are really leading the company regionally now? Thanks.

好的。接著我們看到中國銷售連續兩年下滑。而今年，Apple 在 26 財年顯然有非常健康的 28% 成長。你能否談談你把這次復甦歸因於哪些因素，以及你是否認為大中華區能夠維持這種偏高的成長水準——目前在區域表現上確實正帶動公司成長？謝謝。

Yeah, Let me give you some color on China. We were very pleased with the performance in Greater China, right? Revenue was up 21% during the September quarter, which was a quarterly record. The performance was primarily driven by iPhone, where we set a September quarter record and by Mac, where we saw very strong double-digit growth.

好的，我來補充一些中國的情況。我們對大中華區的表現非常滿意，對吧？9 月季度營收年增 21%，創下單季新高紀錄。這項表現主要由 iPhone 帶動，我們創下 9 月季度 iPhone 的新高紀錄；同時 Mac 也呈現非常強勁的雙位數成長。

And taking a step back, Greater China was up 28% for the full year. Tim and Sabih were just in China meeting with customers and developers and partners, and it has been wonderful to see the customer reaction to our latest lineup of products, including iPhone Duo. Our installed base of active devices has reached an all-time high, and we had a record year for iPhone upgraders in Mainland China.

從更宏觀來看，大中華區全年成長 28%。Tim 和 Sabih 剛到中國與客戶、開發者與合作夥伴會面；看到客戶對我們最新產品陣容（包括 iPhone Duo）的反應非常令人振奮。我們的活躍裝置安裝基數已達到歷史新高，而且我們在中國大陸的 iPhone 升級用戶數也創下年度新高。

According to a survey from Worldpanel, iPhone models were the top 3 selling smartphones in urban China. and we think we gained share on iPhone and Mac. A couple of other really compelling things. On Mac, we had a record year for both upgraders and customers new to the product. And according to Counterpoint, MacBook Air and MacBook Neo were the top 2 selling laptop models and Mac Mini was the top-selling desktop model in the September quarter. So I guess to answer your question, we think the success comes from having really great products.

根據 Worldpanel 的一項調查，iPhone 機型在中國城市市場的智慧型手機銷售排行中占據前三名。我們也認為我們在 iPhone 與 Mac 的市占率有所提升。還有幾點同樣非常有說服力。在 Mac 方面，無論是升級用戶或首次購買 Mac 的新客戶，我們都創下年度新高。並且根據 Counterpoint 的資料，MacBook Air 與 MacBook Neo 在 9 月季度是最暢銷的前兩大筆電機型，而 Mac Mini 則是最暢銷的桌上型電腦機型。所以回到你的問題，我想我們認為成功來自於擁有非常出色的產品。

Awesome. Thank you, Richard. Operator, may we have our last question, please?

太棒了。謝謝你，Richard。接線員，請問可以進行我們最後一個問題嗎？

Ben Bollin, Cleveland Research.

Ben Bollin，Cleveland Research。

Good evening, everyone. Thanks for getting me in. John, I'm interested in your thoughts with higher device prices, how you think about the environment around affordability programs and the importance to volumes with respect to trade-ins, subsidies and other options and what Apple can do to encourage more of that independently of funding it yourselves?

各位晚安。謝謝讓我提問。John，我想聽聽你的看法：在裝置價格更高的情況下，你如何看待可負擔性方案（affordability programs）的環境，以及就出貨量而言，舊換新、補貼與其他選項的重要性？另外，Apple 能做些什麼來鼓勵更多這類方案，而不必由你們自己出資？

Yeah, look, when we're building products and then when we're pricing them, we're always focused on building the best products and services in the world and delivering incredible value to our customers. Obviously, as we talked about, these memory prices are unprecedented, and so that has put pressure on our prices. But it's been great to see the success of the products. And we have been investing in programs like Apple, the Apple upgrade program, which is a great way to help affordability. And so these affordability programs are definitely an important factor.

是的，你看，當我們打造產品、以及為產品定價時，我們始終專注於打造世界上最好的產品與服務，並為客戶提供卓越的價值。顯然，如同我們談到的，這些記憶體價格前所未見，因此對我們的定價造成壓力。但看到產品的成功表現令人振奮。我們也一直在投資像是 Apple（例如 Apple 升級計畫）這類方案，這是協助提升可負擔性的好方法。因此，這些可負擔性方案確實是一個重要因素。

And the last one for me would be, when you look at, I guess, the level of supply-demand balance, could you speak to where you see that at, not necessarily where it is, where you'd like it to be and how you're thinking about the opportunity to get there across the portfolio?

我最後一個問題是，當你們看供需平衡的程度時，你能否談談你認為目前所處的位置——不一定是現況，而是你希望達到的狀態——以及你們如何思考在整個產品組合中把握機會、朝那個方向前進？

Yes. Let me take that one, Ben. This is Sabih. So for the December quarter, we expect constraints on Mac and iPad, and it's primarily driven by memory. And that's because the demand has been higher than what we expected. And beyond December quarter, we're not providing an outlook.

可以。Ben，這題我來回答。我是 Sabih。就 12 月季度而言，我們預期 Mac 和 iPad 會有供應限制，主要是由記憶體所驅動。這是因為需求高於我們原先的預期。而在 12 月季度之後，我們不提供展望。

All right. Thank you, Ben. A replay of today's call will be available on Apple podcast and at apple.com/investor. Thanks again for joining us today, everyone.

好的。謝謝你，Ben。今天電話會議的重播將可在 Apple Podcast 以及 apple.com/investor 上收聽。再次感謝各位今天加入我們。

Once again, this does conclude today's conference. We do appreciate your participation.

再次提醒，今天的電話會議到此結束。我們非常感謝各位的參與。