Apple reported diluted earnings of $2.10 per share for its fiscal fourth quarter ended September 26, 2026. Its November 2 release says tariff refunds contributed $0.05 per share.⁠1

The unaudited statements show $1.85 for the comparable quarter ended September 27, 2025.⁠2 The reported rise is therefore 25 cents; the disclosed refund effect equals one-fifth of that gap.

That's a comparison of magnitudes, not a complete explanation of the increase. It doesn't strip out every other moving part or establish an Apple-defined adjusted EPS measure. Investors still need to judge which benefits might recur, rather than treating the refund as the entire growth story.

Bloomboff's take

Five cents isn't the plot. It's the bloody footnote.