A new note from Bernstein analysts says Apple posted a surprisingly strong February for the iPhone sales business in 2026, with global unit sales up 26% year over year. The report also says performance improved by about 20% compared with the same point in the iPhone 16 cycle, while China stood out as the main driver behind the momentum.
Breaking the gains down by model, the standard iPhone 17 was said to account for 39% of the growth, while the iPhone 17 Pro Max contributed another 21%. That matters because it suggests Apple’s latest sales lift was not driven only by the highest-end models. Instead, the lineup appears to be pulling demand from multiple price tiers at the same time.
Another big takeaway from the report is the rise in average selling price. Bernstein says the average price of the iPhone 17 increased 7% year over year in February and has continued climbing every month since launch. China was especially notable on that front, with the report saying average prices in the market climbed 20% from a year earlier, reinforcing Apple’s premium positioning there.
The stronger mix also feeds into Apple’s broader financial picture. According to the report, the company’s most recent quarter delivered a record $85.3 billion in iPhone revenue, well above Wall Street expectations of $78.3 billion and sharply higher than the $69.1 billion posted a year earlier. Investors are now watching Apple’s next earnings release, which is scheduled for April 30.
The market response has been broadly positive so far. The report notes that 24 Wall Street analysts currently rate the stock at a moderate buy, including 14 buy recommendations and 9 hold calls. Their average target price is $304.66, implying roughly 22% upside from current levels.
None of that changes the fact that this is still an analyst report rather than an official Apple sales breakdown. Even so, the numbers paint a clear picture: Apple appears to be getting both stronger shipment volume and richer pricing from the current iPhone generation, and China remains a crucial part of that story.
