Apple Inc.
Revenue
$109B
Net Income
$30B
Apple Inc.
Revenue
$109B
Net Income
$30B
Apple Inc.
CIK: 0000320193
Earnings Analysis
Analyzed 11 of 12 reports
Performance Summary - Q2 2026bullish (70)not_provided
Reality-Based Sentiment Analysisbullish70/100
Based on actual market data, not just management spin. Weighted score: 10% management tone + 40% earnings beat/miss + 30% price action + 20% guidance accuracy.
Financial Performance Trend
Overall Analysis & Outlook
Over the past 5 quarters, Apple Inc. has been showing mixed sentiment with stable guidance. Revenue has declined 8.5% during this period. The latest quarter shows neutral sentiment with cautious tone from management.
Latest Quarter Highlights:
Apple delivered Q3 2026 revenue of $109.4B (16% YoY growth) with net income of $29.8B (27% YoY growth), driven by strong iPhone (+22%) and Mac (+29%) sales across all geographic segments. However, management tone is notably defensive due to significant supply chain headwinds (advanced semiconductors, NAND, DRAM constraints expected to intensify), substantial R&D investments in AI infrastructure (+32% YoY), and mounting regulatory pressures including DMA fines, antitrust litigation, and tariff uncertainty that could materially impact margins and business operations.
Detailed Quarterly Reports
In-depth analysis of each quarter's earnings filing
Q2 2026
10-Q • Filed 7/31/2026
Summary
Apple delivered Q3 2026 revenue of $109.4B (16% YoY growth) with net income of $29.8B (27% YoY growth), driven by strong iPhone (+22%) and Mac (+29%) sales across all geographic segments. However, management tone is notably defensive due to significant supply chain headwinds (advanced semiconductors, NAND, DRAM constraints expected to intensify), substantial R&D investments in AI infrastructure (+32% YoY), and mounting regulatory pressures including DMA fines, antitrust litigation, and tariff uncertainty that could materially impact margins and business operations.
Revenue
$109.42B
Net Income
$29.79B
Guidance
Tone
Capex
$6.80B(-28.2% YoY)
Partnerships
Key Quotes
"The Company is experiencing a period of supply constraints and increasing costs for components driven by factors such as industry supply-demand imbalances for components, including advanced semiconductors, storage (NAND) and memory (DRAM). The Company expects these trends to intensify, which may materially negatively impact the Company's revenue, costs, gross margin, results of operations and financial condition."
"Research and development expense increased during the third quarter and first nine months of 2026 compared to the same periods in 2025 primarily due to higher infrastructure-related costs, including investments in artificial intelligence, and headcount-related expenses."
"If the Company is unable to obtain adequate compute capacity in a timely manner or at commercially reasonable rates, this can limit the functionality and availability of its products and services, delay the deployment of new features or offerings, or cause the Company to incur significantly higher costs to operate its business."
Q1 2026
10-Q • Filed 5/1/2026
Summary
Apple delivered strong Q2 2026 results with revenue of $111.2B (+17% YoY) and net income of $29.6B (+19% YoY), driven by robust iPhone sales (+22%) and Services growth (+16%). However, the company faces significant macroeconomic headwinds including supply constraints, rising component costs, widespread tariffs, and intense regulatory scrutiny globally. Management's tone remains cautious despite solid execution, emphasizing downward pressure on gross margins and uncertain tariff impacts.
Revenue
$111.18B
Net Income
$29.58B
Guidance
Tone
Capex
$4.34B(-27.7% YoY)
Partnerships
Key Quotes
"The Company is experiencing a period of supply constraints and increasing costs for components driven by factors such as industry supply-demand imbalances for components, including advanced semiconductors, storage (NAND) and memory (DRAM). The Company expects these trends to intensify."
"Tariffs and other measures that are applied to the Company's products or their components can have a material adverse impact on the Company's business, results of operations and financial condition, including impacting the Company's supply chain, the availability of rare earths and other raw materials and components, pricing and gross margin."
"The Company believes, in general, gross margins will be subject to volatility and downward pressure."
Q4 2025
10-Q • Filed 1/30/2026
Summary
Apple delivered strong Q1 FY2026 results with 16% revenue growth to $143.8B and 16% net income growth to $42.1B, driven by 23% iPhone growth and broad geographic strength, particularly in Greater China (+38%). Operating cash flow of $53.9B demonstrates robust cash generation; however, significant regulatory headwinds including EU DMA fines and ongoing DOJ antitrust litigation create uncertainty ahead.
Revenue
$143.76B
Net Income
$42.10B
Guidance
Tone
Capex
$2.37B(-19.3% YoY)
Key Quotes
"R&D expense growth during the first quarter of 2026 compared to the same quarter in 2025 was primarily driven by increases in infrastructure-related costs, headcount-related expenses and engineering program costs."
"Tariffs and other measures that are applied to the Company's products or their components can have a material adverse impact on the Company's business, results of operations and financial condition, including impacting the Company's supply chain, the availability of rare earths and other raw materials and components, pricing and gross margin."
"Products gross margin and gross margin percentage increased during the first quarter of 2026 compared to the same quarter in 2025 primarily due to a different mix of products, partially offset by tariff costs."
Q3 2025
10-K • Filed 10/31/2025
Summary
Apple delivered full-year FY2025 revenue of $416.2B (+6% YoY) and net income of $112.0B (+19% YoY), with strong Services growth (+14%) offsetting flat iPhone growth. However, the company faces significant macro headwinds including new U.S. tariffs, EU regulatory pressure (€500M DMA fine), DOJ antitrust litigation, and ongoing supply chain concentration risks. Capital expenditure surged 35% to $12.7B, signaling AI infrastructure investments, yet management maintains a cautious outlook given geopolitical tensions, pricing pressure, and regulatory uncertainty.
Revenue
$102.47B
Net Income
$27.47B
Guidance
Tone
Capex
$12.71B(+34.6% YoY)
Partnerships
Key Quotes
"Beginning in the second quarter of 2025, new tariffs were announced on imports to the U.S., including additional tariffs on imports from China, India, Japan, South Korea, Taiwan, Vietnam and the European Union. The ultimate impact remains uncertain and will depend on several factors."
"The Company believes its balances of cash, cash equivalents and marketable securities, which totaled $132.4 billion as of September 27, 2025, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond."
"On April 23, 2025, the Commission fined the Company €500 million in the Article 5(4) Investigation and issued a cease and desist order requiring the Company to remove technical and commercial restrictions that prevent developers from steering users to alternative distribution channels outside the App Store."
Q2 2025
10-Q • Filed 8/1/2025
Summary
Apple delivered Q3 2025 revenue of $94.0B (+10% YoY) and net income of $23.4B (+9% YoY), driven by strong iPhone (+13%) and Services (+13%) growth, offset by weakness in iPad and Wearables. Operating cash flow of $81.8B reflects solid underlying business quality, though the company faces significant regulatory headwinds from EU DMA investigations, DOJ antitrust litigation, and emerging tariff uncertainties that could pressure future margins.
Revenue
$94.04B
Net Income
$23.43B
Guidance
Tone
Capex
$9.47B(+45% YoY)
Key Quotes
"Products gross margin percentage decreased during the third quarter of 2025 compared to the third quarter of 2024 due primarily to tariffs and a different mix of products, partially offset by favorable costs."
"Tariffs and other measures that are applied to the Company's products or their components can have a material adverse impact on the Company's business, results of operations and financial condition, including impacting the Company's supply chain, the availability of rare earths and other raw materials and components, pricing and gross margin."
"The Company believes its balances of cash, cash equivalents and marketable securities, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond."
Q1 2025
10-Q • Filed 5/2/2025
Summary
Apple reported Q2 2025 revenue of $95.4B (+5% YoY) and net income of $24.8B (+4.8% YoY), with solid growth in Services (+12%) and Mac/iPad (+7-15%), offset by iPhone momentum flattening YoY and Greater China declining -7% YoY for the first half. The company faces significant regulatory headwinds including a €500M EU DMA fine, pending antitrust litigation from DOJ and Epic Games, and emerging tariff uncertainties that could impact gross margins, though strong cash generation and expanded capex signal confidence in long-term investments.
Revenue
$95.36B
Net Income
$24.78B
Guidance
Tone
Capex
$6.01B(+37% YoY)
Key Quotes
"Tariffs and other measures that are applied to the Company's products or their components can have a material adverse impact on the Company's business, results of operations and financial condition, including impacting the Company's supply chain, the availability of rare earths and other raw materials and components, pricing and gross margin."
"On April 23, 2025, the Commission fined the Company €500 million in the Article 5(4) Investigation and issued a cease and desist order requiring the Company to remove technical and commercial restrictions that prevent developers from steering users to alternative distribution channels outside the App Store."
"Services net sales increased during the second quarter and first six months of 2025 compared to the same periods in 2024 due primarily to higher net sales from advertising, the App Store and cloud services."
Q4 2024
10-Q • Filed 1/31/2025
Summary
Apple reported Q1 FY2025 revenue of $124.3 billion (+4% YoY) and net income of $36.3 billion (+7% YoY), with strong Services growth of 14% offset by flat iPhone sales and Greater China decline of 11%. The company maintains robust cash generation ($29.9B operating cash flow) and continued shareholder returns ($23.3B in buybacks and $3.9B in dividends), but faces significant regulatory headwinds from DMA compliance, antitrust litigation, and a €3.3 billion remaining State Aid tax obligation.
Revenue
$124.30B
Net Income
$36.33B
Guidance
Tone
Capex
$2.94B(+22.9% YoY)
Partnerships
Key Quotes
"The Company believes its balances of unrestricted cash, cash equivalents and marketable securities, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond."
"Services net sales increased during the first quarter of 2025 compared to the same quarter in 2024 due primarily to higher net sales from advertising, the App Store and cloud services."
"Greater China net sales decreased during the first quarter of 2025 compared to the same quarter in 2024 due to lower net sales of iPhone."
Q3 2024
10-K • Filed 11/1/2024
Summary
Apple delivered stable full-year FY2024 results with $391.0B revenue (+2% YoY) and $93.7B net income (-3% YoY), driven by Services growth (+13% YoY to $96.2B) offsetting flat iPhone sales and weakness in Greater China (-8% YoY). The company faces significant regulatory headwinds including EU Digital Markets Act compliance investigations and DOJ antitrust litigation, while maintaining strong gross margins at 46.2% and generating robust operating cash flow of $118.3B. Capital expenditures declined 13.8% YoY to $9.4B, and the company recorded a one-time $10.2B tax charge related to the EU State Aid Decision.
Revenue
$94.93B
Net Income
$14.74B
Guidance
Tone
Capex
$9.45B(-13.8% YoY)
Partnerships
Key Quotes
"The Company believes its balances of unrestricted cash, cash equivalents and marketable securities, which totaled $140.8 billion as of September 28, 2024, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program."
"Services gross margin percentage increased during 2024 compared to 2023 due to a different Services mix, with Services net sales increasing 13% driven primarily by higher net sales from advertising, the App Store and cloud services."
"On September 10, 2024, the ECJ announced that it had set aside the 2020 judgment of the General Court and confirmed the Commission's 2016 State Aid Decision, resulting in a one-time income tax charge of $10.2 billion, net."
Q2 2024
10-Q • Filed 8/2/2024
Summary
Apple reported Q3 2024 revenue of $85.8 billion (up 5% YoY) and net income of $21.4 billion (up 8% YoY), demonstrating solid operational performance driven by Services growth (14% YoY) and iPad strength (24% YoY), offset by iPhone softness (-1% YoY). However, the company faces significant regulatory headwinds from multiple EU Digital Markets Act investigations and US DOJ antitrust litigation, while Greater China sales declined 7% due to iPhone weakness and FX headwinds. The company announced Apple Intelligence integration across iOS, macOS, and iPadOS but did not provide forward guidance.
Revenue
$85.78B
Net Income
$21.45B
Guidance
Tone
Capex
$6.54B(-25.6% YoY)
Partnerships
Key Quotes
"The Company announced Apple Intelligence™, a personal intelligence system that uses generative models, which will be available on certain iPhone, Mac and iPad devices. Apple Intelligence is deeply integrated into iOS 18, macOS Sequoia and iPadOS 18."
"Services gross margin increased during the third quarter and first nine months of 2024 compared to the same periods in 2023 due primarily to higher Services net sales."
"The growth in research and development expense during the third quarter and first nine months of 2024 compared to the same periods in 2023 was driven primarily by increases in headcount-related expenses."
Q1 2024
10-Q • Filed 5/3/2024
Summary
Apple reported Q2 2024 revenue of $90.8 billion (down 4% YoY) and net income of $23.6 billion (down 2% YoY), with notable weakness in iPhone (-10% YoY) and iPad (-17% YoY) offset partially by Services growth (+14% YoY). The company faces significant regulatory headwinds including two formal EU DMA investigations, a U.S. DOJ antitrust lawsuit, and ongoing Epic Games litigation, which could result in substantial fines and mandatory business practice changes. Strong cash generation of $62.6 billion in operating cash flow and aggressive capital returns ($44 billion in share repurchases YTD) demonstrate financial strength, though geographic exposure to China weakness (-8% Q2, -11% H1) and currency headwinds present near-term headlights.
Revenue
$90.75B
Net Income
$23.64B
Guidance
Tone
Capex
$4.39B(-34.5% YoY)
Partnerships
Key Quotes
"If the Commission concludes that there has been a violation, it can issue a cease and desist order and may impose fines up to 10% of the Company's annual worldwide net sales."
"The growth in research and development expense during the second quarter and first six months of 2024 compared to the same periods in 2023 was driven primarily by increases in headcount-related expenses."
"The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond."
Q4 2023
10-Q • Filed 2/2/2024
Summary
Apple reported Q1 2024 revenue of $119.6B (+2% YoY) with net income of $33.9B (+13% YoY), demonstrating strong profitability despite modest topline growth. Services delivered robust 11% growth while iPhone grew 6%, but Greater China declined 13% signaling regional weakness; gross margins expanded to 45.9% from 43.0% driven by cost savings and favorable product mix. The company faces significant regulatory headwinds including DMA compliance in EU, ongoing App Store litigation, and Masimo patent disputes, though management projects stable cash generation with capex declining 37% to $2.4B.
Revenue
$119.58B
Net Income
$33.92B
Guidance
Tone
Capex
$2.39B(-36.8% YoY)
Key Quotes
"Macroeconomic conditions, including inflation, changes in interest rates, and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company's results of operations and financial condition."
"The Company believes its balances of cash, cash equivalents and unrestricted marketable securities, along with cash generated by ongoing operations and continued access to debt markets, will be sufficient to satisfy its cash requirements and capital return program over the next 12 months and beyond."
"In January 2024, the Company announced changes to iOS, the App Store and Safari in the European Union to comply with the Digital Markets Act (the 'DMA'), including new business terms and alternative fee structures for iOS apps, alternative methods of distribution for iOS apps, alternative payment processing for apps across the Company's operating systems, and additional tools and application programming interfaces ('APIs') for developers."
Sector Comparison
How AAPL performs vs Technology sector and Enterprise Software peers
Sector Ranking (Technology)
Category Ranking (Enterprise Software)
Key Metrics vs Averages
AAPL
$109,417M
Enterprise Software Avg
$109,417M
Technology Avg
$40,813.995M
AAPL
-28.2%
Enterprise Software Avg
-28.2%
Technology Avg
56.5%
Guidance: not_provided • Tone: cautious