Apple today released iOS 26.7, an update to its iOS 26 software. When checking for new software, you will see iOS 26.7 as the default update, with iOS 27 (which was also released today) listed as an option at the bottom of the Software Update interface.
Eventually, iOS 27 will be shown as the main update for the iPhone, but that likely won’t occur for a few weeks. Those of you that don’t want to update to iOS 27 can stay on iOS 26 for the time being by selecting for iOS 26.7 instead of iOS 27.
iOS 27 runs on all of the same iPhones that support iOS 26, and Apple’s release notes for iOS 26.7 say it includes security fixes, but it does not mention any other features.