Apple Inc. (AAPL) Earnings
Apple Inc. is expected to report next earnings on October 29, 2026 (in NaN days), with a consensus EPS estimate of $1.99. AAPL has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +5.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.89 | $2.02 | +6.9% | $109.4B | +0.5% |
| Apr 30, 2026 | $1.95 | $2.01 | +3.2% | $111.2B | +1.8% |
| Jan 29, 2026 | $2.67 | $2.84 | +6.4% | $143.8B | +4.1% |
| Oct 30, 2025 | $1.78 | $1.85 | +3.9% | $102.5B | +0.3% |
| Jul 31, 2025 | $1.44 | $1.57 | +8.9% | $94.0B | +5.0% |
| May 1, 2025 | $1.63 | $1.65 | +1.2% | $95.4B | +0.9% |
| Jan 30, 2025 | $2.36 | $2.40 | +1.7% | $124.3B | +0.1% |
| Oct 31, 2024 | $1.60 | $1.64 | +2.5% | $94.9B | +0.7% |
| Aug 1, 2024 | $1.35 | $1.40 | +3.6% | $85.8B | +1.8% |
| May 2, 2024 | $1.50 | $1.53 | +1.8% | $90.8B | +0.2% |
| Feb 1, 2024 | $2.10 | $2.18 | +4.0% | $119.6B | +1.5% |
| Nov 2, 2023 | $1.39 | $1.46 | +5.2% | $89.5B | +6.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q3 FY2026 · July 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### CEO Transition - This was outgoing CEO Tim Cook's final earnings call; incoming leadership transition is proceeding seamlessly, and Cook expressed full confidence in the new executive team to lead Apple into its next era. ### Product & Customer Metrics - All core product categories (iPhone, iPad, Wearables) reached all-time high active install bases, with strong new customer acquisition: over half of iPad and Apple Watch purchasers were first-time buyers. - Industry surveys rank iPhone as the top-selling model in the U.S., urban China, the UK, France, Australia, and Japan, with very high U.S. customer satisfaction across all product lines (99% for iPhone, 95% for Mac and Apple Watch, 98% for iPad). ### Enterprise & Education Adoption - Enterprise clients are increasingly adopting Apple products for on-device AI benefits, including lower costs, improved performance, and stronger privacy/security. Recent large deployments include 20,000 iPhone 17 devices at Morgan Stanley, expanded AI workflows at Disney, and streamlined regulatory work at Credit Agricole. - The new MacBook Neo is driving large-scale adoption in U.S. education, with multiple large school districts transitioning students from Windows and Chromebook devices to MacBook Neo; roughly half of large U.S. education MacBook Neo purchases displaced competing devices in the quarter. ### Capital Return - Ended the quarter with $147 billion in cash and marketable securities and $84 billion in total debt. The board of directors declared a $0.27 per share cash dividend payable August 13, 2026.
Guidance
- September quarter total year-over-year revenue growth is projected between 9% and 11%, a deceleration from the June quarter driven by two key sequential headwinds: a 2.5 percentage point drag from foreign exchange, and significantly worsening supply constraints affecting iPhone, Mac, and iPad. - Gross margin is expected to be between 47% and 48%, including a 1 percentage point benefit from tariff refunds. - Operating expenses are projected between $19.1 billion and $19.4 billion, other income/expense is expected to be ~$350 million (excluding minority investment mark-to-market impacts), and the effective tax rate is projected to be ~16.5%. - No additional guidance is provided for quarters beyond September.
Segment performance
- iPhone: Revenue of $54.3 billion, up 22% year-over-year. This represented 53.2% of total company revenue, and the segment hit June quarter revenue records across developed and emerging markets, with an all-time high active install base. iPhone 17 family drove growth, with 99% U.S. customer satisfaction.
Risks & headwinds
- Persistent and growing supply constraints related to availability of advanced semiconductor nodes for Apple's system-on-chips (SOCs), driven by stronger-than-expected demand for iPhone and Mac that outpaced prior forecasts, with limited supply chain flexibility to resolve the constraints in the near term. - Global memory pricing inflation, which is expected to continue increasing beyond the September quarter and put upward pressure on bill of materials costs. - Ongoing foreign exchange headwinds that disproportionately impact the services business, with a projected 5 percentage point year-over-year growth headwind for services in the September quarter. - Regulatory headwinds affecting App Store operations in multiple jurisdictions, including a pending U.S. Supreme Court appeal of a court ruling impacting link-out transactions, and regulatory delays launching Siri AI/Apple Intelligence in the European Union. - Uncertainty around pricing elasticity following recent price increases for iPad and Mac, with early data not yet sufficient to assess consumer demand response.
Analyst Q&A
Q: Analyst Amit Daryanani asked how much of the September quarter growth deceleration is from supply constraints versus FX, and what is driving the broadening supply constraints. /
A: CFO Kevin explained FX creates a 2.5 percentage point sequential headwind, and the remaining deceleration comes from sharply worsening supply constraints. CEO Tim Cook added that in June, constraints were primarily on Mac, driven by high demand and limited availability of advanced nodes for SOCs, with even more significant constraints expected in September due to sustained high demand and limited supply chain flexibility to address shortages.
Q: Daryanani followed up on memory inflation and Apple's evaluation of new memory sourcing options, asking if this is for supply security or to preserve customer value. /
A: Cook confirmed memory prices have risen sequentially for multiple quarters, and market pricing is expected to continue increasing beyond September. The DRAM market currently has 3 suppliers, and Apple is evaluating all additional sourcing options to improve supply security, with potential but uncertain benefits for pricing.
Q: Michael Eng of Goldman Sachs asked about early performance of the Apple Upgrade Program, and if it will shorten replacement cycles across iPhone, Mac and iPad. /
A: Management explained the program offers flexible leasing to make upgrading easier, leveraging Apple products' strong residual values. It is currently only available in the U.S. through Apple retail channels, so broad adoption data is not yet available, but early customer feedback has been very positive.
Q: Eric Woodring of Morgan Stanley asked why services growth decelerated to 12% in June, and what to expect for September. /
A: CFO Kevin explained FX was the main driver of sequential deceleration, with additional headwinds from the lack of a major theatrical film release (vs a strong one year prior), softness in mobile gaming, and regulatory changes to the App Store model in some regions. Despite these headwinds, the App Store set a June quarter revenue record, and double-digit growth continues in cloud, payments, advertising and video. A 2.5 percentage point sequential FX headwind is expected for services in September.