Apple Inc. (AAPL) Earnings
Apple Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $1.86. AAPL has beaten EPS estimates in 12 of its last 12 reported quarters (average surprise +5.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $1.95 | $2.01 | +3.1% | $111.2B | +1.6% |
| Jan 29, 2026 | $2.67 | $2.84 | +6.4% | $143.8B | +3.9% |
| Oct 30, 2025 | $1.78 | $1.85 | +3.9% | $102.5B | +0.2% |
| Jul 31, 2025 | $1.44 | $1.57 | +9.0% | $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 | +0.0% |
| Oct 31, 2024 | $1.60 | $1.64 | +2.5% | $94.9B | +0.4% |
| Aug 1, 2024 | $1.35 | $1.40 | +3.7% | $85.8B | +1.6% |
| May 2, 2024 | $1.50 | $1.53 | +2.0% | $90.8B | +0.4% |
| Feb 1, 2024 | $2.10 | $2.18 | +3.8% | $119.6B | +1.3% |
| Nov 2, 2023 | $1.39 | $1.46 | +5.0% | $89.5B | +6.3% |
| Aug 3, 2023 | $1.19 | $1.26 | +5.9% | $81.8B | +0.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · April 30, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Product innovation: MacBook Pro with M5 Pro and M5 Max, iPad lineup led by M4-powered iPad Air, new audio experiences with AirPods Max 2 and AirPods Pro 3. Services: Set all-time revenue record at $31 billion with double-digit growth in developed and emerging markets. Supply chain: Mac Mini production coming to America, new companies joined American Manufacturing Program. Sustainability: Use of recycled content in products, removal of plastic from packaging.
Guidance
Expect June quarter total company revenue to grow by 14 to 17% year over year. Services revenue growth similar to March quarter after removing FX tailwinds. Gross margin expected to be between 47.5% and 48.5%. Operating expenses between $18.8 billion and $19.1 billion. OINE around $250 million, tax rate around 17%.
Segment performance
iPhone revenue was $57 billion, up 22% year-over-year, accounting for about 51.26% of total revenue. Mac revenue was $8.4 billion, up 6% year-over-year, making up approximately 7.55%. iPad revenue was $6.9 billion, up 8% year-over-year, contributing around 6.21%. Wearables, home, and accessories revenue was $7.9 billion, up 5% year-over-year, representing about 7.1%. Services revenue reached an all-time high of $31 billion, up 16% year-over-year, with a proportion of approximately 27.88%.
Risks & headwinds
Supply constraints on iPhone and Mac in March quarter, higher memory costs impacting future margins, constraints on Mac models in June quarter due to higher demand.
Analyst Q&A
Q: How much did demand outpace supply for iPhone and Mac in March quarter and does June quarter guidance reflect supply constraints?
A: Constraints on iPhone and Mac in March, June quarter guidance reflects supply constraints on several Mac models like Mac Mini, Mac Studio, and MacBook Neo due to higher than expected demand.
Q: Talk about agentic smartphone and AI on edge?
A: Don't get into future roadmap but iPhone is doing well with strong growth.
Q: Impact of memory costs on margins beyond June?
A: Memory costs will drive increasing impact, will evaluate options.
Q: MacBook Neo's impact on new customer segments?
A: Driving penetration with new customers in education, value, and emerging markets.
Q: Advertising in services and Maps ads?
A: Advertising business growing, new ads on App Store, Maps ads in US and Canada this summer.
Q: Apple's strategy on product position and pricing vs competitors?
A: Will look at range of options with memory costs increasing.
Q: Levers driving iPhone growth despite constraints?
A: iPhone 17 family with design, performance, durability, camera, and Apple intelligence.
Q: Advice to John on leading Apple?
A: Spend time where greatest benefit to company and users, focus on making best products.
Q: Supply chain for iPhone and memory sources?
A: Primary constraint on advanced nodes for SOCs, not memory, constraint on Mac models in June.
Q: Services gross margin and scalability?
A: Services portfolio has varied models, Q2 margin driven by mix, encouraged by trajectory.
Q: Balance between Google collaboration and internal AI work?
A: Investing more, R&D scaled, collaboration with Google going well.
Q: China and India market performance?
A: Strong in China with March quarter revenue record, huge opportunity in India with growing install base.