Apple forecasts record revenue for fiscal Q4 2026 (ending in September), CFO Kevan Parekh said on an earnings call on November 2, but rising RAM prices and supply constraints will squeeze profit margins.

The company expects holiday-quarter revenue between $153.82 billion and $158.13 billion, about $10 billion to $14.4 billion more than a year earlier.

Apple said services revenue should rise about 8% to 9%, contributing to that increase.

Parekh told investors gross margin is expected to be 45% to 46% and operating expenses between $20.4 billion and $20.8 billion.

Apple said stronger-than-expected demand for Mac, iPad and the new iPhone Duo caught the company off guard and produced inventory shortages that could constrain shipments through December.

Profit margins are at risk from rising RAM prices and ongoing supply-chain constraints, the company said. Apple also flagged currency exchange as a significant uncertainty.

The forecast follows Apple’s record-breaking fiscal Q3 2026 results reported earlier. Apple said macroeconomic factors remain hard to predict.