Apple’s fiscal Q4 2026 iPhone revenue, covering the September quarter, faces scrutiny ahead of the November 2 earnings report under new CEO John Ternus. The company guided for mid-teens year-over-year growth despite a roughly 2.5 percentage point foreign-exchange headwind and tightening advanced-node chip supply that constrained builds across iPhone, Mac, and iPad lines. The iPhone 18 Pro and Pro Max launched in mid-September with stronger early demand than the prior Pro generation, particularly in China and India, where the models captured notable share gains amid a 20% industry-wide smartphone shipment decline. Higher average selling prices from the Pro-focused lineup and sustained iPhone 17 momentum support the outlook, though rising memory costs and the absence of a standard iPhone 18 model introduce downside risks to volume. Traders are watching initial sell-through data and any updated December-quarter commentary for signals on whether results exceed or fall short of consensus expectations.