Apple Stock Hits $320 as Tariff Refunds Boost Q3 Earnings

Apple's stock price has reached $320 per share as of August 28, 2026, following a strong fiscal third quarter that was boosted by tariff refunds. The company generated quarterly revenue of $109.4 billion, with a gross margin of 50.1% that benefited from tariff-related refunds.

The favorable impact of the refunds added two percentage points to Apple's gross margin, resulting in an estimated gross recovery of $2.19 billion. This amount is substantial and provides investors with a quantified sense of how much the refunds contributed to Apple's profitability in the latest quarter.

The Q3 2026 figures also give a current benchmark for Apple's earnings power, which is operating at a massive scale and undergoing a product refresh cycle. With a $109.4 billion top line and a 50.1% gross margin, Apple has a substantial gross profit pool that can be deployed into research and development, marketing, and shareholder returns.