NASDAQ · Technology
Apple Stock Research: AAPL Earnings, Business Mix, Valuation and Risks
Apple sells iPhone, Mac, iPad, wearables, and services, with profitability shaped by hardware cycles, ecosystem retention, services mix, and capital returns. This page connects filing evidence with ownership, insider activity, forecasts, ETFs, and peer context so each dataset can be checked against the others.
Company-specific research
What matters for AAPL right now
iPhone upgrade cycle
StrengtheningQ2 iPhone revenue reached $57.0B, up 21.7% YoY and 51.3% of sales.
Next checkpoint: Next-quarter iPhone growth and mixServices growth and margin mix
StrengtheningServices revenue was $31.0B, up 16.3%; gross margin was 76.7%.
Next checkpoint: Services growth and regulatory changesGreater China demand
Recently ChangedGreater China revenue rose 28.1% to $20.5B after a weak comparison period.
Next checkpoint: Durability beyond one product cycleApple AI monetization
UnresolvedR&D rose to $11.4B, but disclosed revenue does not isolate AI monetization.
Next checkpoint: Adoption, device upgrades and paid Services usageBuybacks and per-share growth
StableApple authorized another $100B of repurchases; diluted shares fell 2.2% YoY.
Next checkpoint: Actual repurchase pace and price paidValuation expectations
UnresolvedThe May 14 research snapshot used $298.87 and 36.2x trailing earnings.
Next checkpoint: EPS revisions, FCF yield and multipleSource: Apple Q2 FY2026 Form 10-Q · period ended 2026-03-28 · filed 2026-05-01
Investment snapshot
The current Apple investment read
Q2 FY2026 · USD millions
Apple business model and revenue mix
Revenue by business line
| Business line | Revenue | YoY | Mix | Main driver |
|---|---|---|---|---|
| iPhone | $57.0B | +21.7% | 51.3% | iPhone 17 demand and premium mix |
| Services | $31.0B | +16.3% | 27.9% | Installed-base monetization |
| Mac | $8.4B | +5.7% | 7.6% | Product refresh and demand |
| iPad | $6.9B | +8.0% | 6.2% | M4 iPad Air and replacement demand |
| Wearables, Home and Accessories | $7.9B | +5.0% | 7.1% | Watch, AirPods and accessories |
Profitability structure
| Category | Revenue | Gross profit | Gross margin |
|---|---|---|---|
| Products | $80.2B | $31.0B | 38.7% |
| Services | $31.0B | $23.8B | 76.7% |
| Total company | $111.2B | $54.8B | 49.3% |
Apple reports gross margin for Products and Services, but does not disclose gross profit or operating profit by individual product line.
Geographic revenue
| Region | Revenue | YoY | Mix |
|---|---|---|---|
| Americas | $45.1B | +11.9% | 40.6% |
| Europe | $28.1B | +14.7% | 25.2% |
| Greater China | $20.5B | +28.1% | 18.4% |
| Japan | $8.4B | +15.1% | 7.6% |
| Rest of Asia Pacific | $9.1B | +25.3% | 8.2% |
Latest evidence
What changed in the latest quarter
What improved
- Revenue rose 17% to $111.2B; diluted EPS rose 22% to $2.01.
- iPhone set a March-quarter record and Services reached an all-time high.
- Every geography grew double digits; Greater China rose 28.1%.
What remains unresolved
- Whether iPhone strength lasts beyond the current cycle.
- Whether AI spending becomes measurable device or Services revenue.
- Whether premium valuation remains supported by EPS and FCF growth.
Previous view: Growth depended mainly on Services while iPhone and China were uncertain.
New evidence: iPhone, Services and every geography grew strongly.
Updated conclusion: Near-term growth broadened, but durability and valuation still need proof.
Eight-quarter record
Historical earnings and quarterly archive
Each row preserves the values reported for that fiscal quarter. A new report is appended instead of replacing prior evidence; unavailable guidance and cash-flow fields remain blank rather than being inferred.
Quarterly earnings summary
| Fiscal quarter | Revenue | YoY | EPS | Gross margin | Operating margin | Diluted shares | Report date |
|---|---|---|---|---|---|---|---|
| Q2 FY20262026-03-28 | $111.2B | +17.0% | $2.01+22% | 49.3% | 32.3% | 14.73B | 2026-04-30 |
| Q1 FY20262025-12-27 | $143.8B | +15.7% | $2.84+18% | 48.2% | 35.4% | 14.81B | 2026-01-29 |
| Q4 FY20252025-09-27 | $102.5B | +7.9% | $1.85+91% GAAP | 47.2% | 31.4% | 14.86B | 2025-10-30 |
| Q3 FY20252025-06-28 | $94.0B | +9.6% | $1.57+12% | 46.5% | 30.0% | 14.95B | 2025-07-31 |
| Q2 FY20252025-03-29 | $95.4B | +5.1% | $1.65+8% | 47.1% | 31.0% | 15.06B | 2025-05-01 |
| Q1 FY20252024-12-28 | $124.3B | +4.0% | $2.40+10% | 46.9% | 34.5% | 15.15B | 2025-01-30 |
| Q4 FY20242024-09-28 | $94.9B | +6.1% | $0.97GAAP tax effect | 46.2% | 31.2% | 15.24B | 2024-10-31 |
| Q3 FY20242024-06-29 | $85.8B | +4.9% | $1.40+11% | 46.3% | 29.6% | 15.35B | 2024-08-01 |
Business-line history
| Fiscal quarter | iPhone | Mac | iPad | Wearables | Services | Services mix |
|---|---|---|---|---|---|---|
| Q2 FY2026 | $57.0B | $8.4B | $6.9B | $7.9B | $31.0B | 27.9% |
| Q1 FY2026 | $85.3B | $8.4B | $8.6B | $11.5B | $30.0B | 20.9% |
| Q4 FY2025 | $49.0B | $8.7B | $7.0B | $9.0B | $28.8B | 28.1% |
| Q3 FY2025 | $44.6B | $8.0B | $6.6B | $7.4B | $27.4B | 29.2% |
| Q2 FY2025 | $46.8B | $7.9B | $6.4B | $7.5B | $26.6B | 27.9% |
| Q1 FY2025 | $69.1B | $9.0B | $8.1B | $11.7B | $26.3B | 21.2% |
| Q4 FY2024 | $46.2B | $7.7B | $7.0B | $9.0B | $25.0B | 26.3% |
| Q3 FY2024 | $39.3B | $7.0B | $7.2B | $8.1B | $24.2B | 28.2% |
Quarterly records and source links
Q2 FY2026Reported 2026-04-30
Headline results: $111.2B · +17.0% YoY · EPS $2.01 · gross margin 49.3%.
Business drivers: iPhone $57.0B · Services $31.0B · Services mix 27.9%.
Q1 FY2026Reported 2026-01-29
Headline results: $143.8B · +15.7% YoY · EPS $2.84 · gross margin 48.2%.
Business drivers: iPhone $85.3B · Services $30.0B · Services mix 20.9%.
Q4 FY2025Reported 2025-10-30
Headline results: $102.5B · +7.9% YoY · EPS $1.85 · gross margin 47.2%.
Business drivers: iPhone $49.0B · Services $28.8B · Services mix 28.1%.
Q3 FY2025Reported 2025-07-31
Headline results: $94.0B · +9.6% YoY · EPS $1.57 · gross margin 46.5%.
Business drivers: iPhone $44.6B · Services $27.4B · Services mix 29.2%.
Q2 FY2025Reported 2025-05-01
Headline results: $95.4B · +5.1% YoY · EPS $1.65 · gross margin 47.1%.
Business drivers: iPhone $46.8B · Services $26.6B · Services mix 27.9%.
Q1 FY2025Reported 2025-01-30
Headline results: $124.3B · +4.0% YoY · EPS $2.40 · gross margin 46.9%.
Business drivers: iPhone $69.1B · Services $26.3B · Services mix 21.2%.
Q4 FY2024Reported 2024-10-31
Headline results: $94.9B · +6.1% YoY · EPS $0.97 · gross margin 46.2%.
Business drivers: iPhone $46.2B · Services $25.0B · Services mix 26.3%.
Q3 FY2024Reported 2024-08-01
Headline results: $85.8B · +4.9% YoY · EPS $1.40 · gross margin 46.3%.
Business drivers: iPhone $39.3B · Services $24.2B · Services mix 28.2%.
Guidance history
Apple does not consistently provide a formal absolute revenue guide. The archive keeps management commentary separate from reported results and marks unavailable fields as — rather than substituting analyst consensus.
| Issued in | Guided quarter | Revenue guidance | Gross-margin guidance | Outcome |
|---|---|---|---|---|
| Q1 FY2026 | Q2 FY2026 | — | — | Not comparable |
| Q4 FY2025 | Q1 FY2026 | — | — | Not comparable |
Bull case versus bear case
AAPL investor debates
| Debate | Bull case | Bear case | Status |
|---|---|---|---|
| China demand | Revenue recovery and premium-user loyalty | Local competition, macro and regulatory pressure | Recently Changed |
| Services | Recurring, high-margin ecosystem revenue | App Store regulation and a higher base | Strengthening |
| Apple AI | Could support upgrades and ecosystem retention | Monetization remains unquantified | Unresolved |
| Buybacks | Shrinking share count supports per-share growth | High valuation can reduce repurchase efficiency | Stable |
| Valuation | Durable cash flow and ecosystem quality | Growth may not justify a premium multiple | Unresolved |
Scenario analysis · market snapshot 2026-05-14
Valuation and scenario analysis
The dated research snapshot used a $298.87 price, $4.40T market cap, 36.2x trailing P/E and $8.26 EPS. These are not live quotes; refresh market inputs before using the scenarios.
| Scenario | Revenue / EPS assumption | Multiple assumption | Illustrative range |
|---|---|---|---|
| Bear | Growth slows; margin or estimates weaken | Multiple compresses | $235–265 |
| Base | Moderate growth and resilient margins | Premium broadly holds | $285–330 |
| Bull | Higher estimates, AI proof and margin resilience | Premium supported | $350–400 |
Illustrative scenarios, not price targets or investment advice. Assumptions must be updated with current price and forward estimates.
Monitoring checklist
AAPL-specific risks and upcoming checks
Next checkpoints
- Next earnings: iPhone, Services, Greater China and gross-margin mix.
- Product and developer events: AI features, supported devices and monetization.
- Regulatory decisions affecting App Store distribution and economics.
- Repurchase pace, diluted share count and price paid.
Sources and data dates
AAPL research sources
- Apple ecosystem, Services and AI deep research
- Apple Q2 FY2026 Form 10-Q · period ended March 28, 2026 · filed May 1, 2026
- Apple Q2 FY2026 earnings release · 2026-04-30
- SnowballHare AAPL earnings research
- AAPL valuation scenarios · market snapshot checked May 14, 2026
13F-HR
13F institutional holdings
2 tracked institutional managers currently report AAPL, representing $57.97B of aggregate value. The top five account for 100% of tracked value. This concentration is calculated only within SnowballHare's manager universe, not across every institutional owner.
Top institutional holders
| Holder | Shares | Value | Portfolio weight | QoQ |
|---|---|---|---|---|
| Berkshire Hathaway | 227,917,808 | $57.84B | 21.99% | 0.0% |
| Soros Fund Management | 500,534 | $127.03M | 1.39% | +20.3% |
Form 4
Form 4 insider activity
The current Form 4 window contains 1 transactions: 0 open-market purchases and 1 sales. Grants, tax withholding, option exercises, and gifts are separated because they do not carry the same discretionary signal as an open-market trade.
Recent transactions
| Date | Insider | Role | Type | Shares | Value |
|---|---|---|---|---|---|
| 2026-08-11 | Newstead Jennifer | SVP, GC and Secretary | Open-market sale | 1,439 | $442,852 |
Insider activity pattern
The current window is sale-heavy. Check trading-plan context, grants, tax withholding, and ownership after each transaction before drawing a conclusion.
Open full Form 4 historyEarnings & filings
AAPL earnings calls, releases, and filing evidence
Earnings calls
Apple Q2 FY2026 Earnings Call Analysis: iPhone Demand, Services Mix, and the Next Check
Apple reported Q2 FY2026 revenue of $111.184B, up 17% year over year.; Diluted EPS was $2.01, up 22% year over year.; iPhone revenue reached a March-quarter record and Services revenue reached a new all-time high.
Summary derived from transcript metadata/sourceFilings & announcements
Q2 FY2026 · Earnings Release Summary
Revenue: $111.2B; EPS: $2.01 diluted EPS; Profit signal: $29.6B net income
Source: Apple Q2 FY2026 results · 2026-04-30Earnings history
| Date | Period | Status | Revenue | EPS | Source |
|---|---|---|---|---|---|
| 2026-04-30 | Q2 FY2026 | Reported | $111.184B | $2.01, | Apple Q2 FY2026 official financial results conference call |
| 2026-04-30 | Q2 FY2026 | Reported | $111.2B | $2.01 | Apple Q2 FY2026 results |
Capital and holders
Ownership structure
- Tracked 13F value: $57.97B
- Tracked active holders: 2
- Top-five concentration: 100%
- Shares outstanding: 14,687,356,000
Tracked 13F value is not the same as institutional ownership of float because the manager universe is intentionally limited. Insider ownership also requires the latest proxy statement and is not inferred from short Form 4 windows. This section therefore separates observed data from estimates instead of presenting false precision.
CY2026Q1
Earnings analysis
| Period | Revenue | Net income | EPS | Operating margin |
|---|---|---|---|---|
| CY2026Q1 | $111.18B | $29.58B | 2.01 | 32.3% |
| TTM | $444.34B | $119.89B | 8.07 | 32.5% |
| CY2025 | $416.16B | $112.01B | See filing | 32% |
Apple's fiscal Q2 2026 report was a AAPL-specific repricing event because revenue reached $111.2B (+17% YoY), earnings came in at $2.01 diluted EPS, and the real debate moved to business quality: Can Apple turn record iPhone and Services demand into a visible AI-era upgrade cycle rather than only a mature hardware cycle? The clean read is not simply beat or miss. Investors should separate the reported numbers, the segment engine, the AI/capex burden, margin durability, and what the stock had already priced in before the release.
Read detailed earnings analysisScenario analysis
Forecast range
2026 forecast range: $235-265 bear case, $285-330 base case, and $350-400 bull case. At about $298.87, Apple trades near $4.40T, with a trailing P/E around 36.2x and EPS around $8.26. The analyst snapshot is Buy: 27 analysts; average target $303.39; median $310; low $200; high $400.
Forecast assumptions
- Revenue growth must be checked against the latest filing and management guidance.
- Current reported operating margin is 32.5%.
- TTM free-cash-flow margin is 32.2%.
- Discount rates and valuation multiples should move when risk-free rates, business risk, or estimate confidence changes.
This is not a buy or sell recommendation. Forecasts are conditional ranges whose assumptions can fail.
Open forecast methodology and scenariosTechnology
Peer comparison
| Company | TTM revenue | Revenue growth | Operating margin | Tracked holders |
|---|---|---|---|---|
| AAPLApple Inc. | $444.34B | 16.6% | 32.5% | 2 |
| MSFTMicrosoft | $311.9B | 18.3% | 47% | 7 |
| AVGOBroadcom | $65.18B | 29.5% | 40.7% | 6 |
| ORCLOracle Corporation | $62.3B | 21.7% | 30.2% | 0 |
| CSCOCisco | $60.22B | 12% | 23.8% | 0 |
| MUMicron Technology | $54.86B | 196.3% | 47.8% | 0 |
| INTCIntel | $52.76B | 7.2% | -11.2% | 2 |
AAPL's 16.6% revenue growth and 32.5% operating margin should be read against peers using the same reporting definitions. A higher margin may reflect pricing power or business mix, while a lower margin can reflect investment, cyclicality, or weaker economics.
Fund ownership
ETF exposure
AAPL appears among the disclosed top holdings of 10 tracked ETFs shown below. ETF weights change with price movement, rebalancing, creations, redemptions, and issuer methodology.
| ETF | AAPL weight | AUM | Holdings date |
|---|---|---|---|
| VOOVanguard S&P 500 ETF | 7.04% | $1.03T | May 31, 2026 |
| IVViShares Core S&P 500 ETF | 6.58% | $832.92B | Jun 26, 2026 |
| SPYState Street SPDR S&P 500 ETF | 6.47% | $783.07B | Jun 29, 2026 |
| VTIVanguard Total Stock Market ETF | 6.29% | $653.54B | May 31, 2026 |
| QQQInvesco QQQ Trust Series I | 6.80% | $480.53B | Jun 26, 2026 |
| VUGVanguard Growth ETF | 12.31% | $222.23B | May 31, 2026 |
| IWFiShares Russell 1000 Growth ETF | 6.73% | $125.59B | Jun 26, 2026 |
| VGTVanguard Information Technology ETF | 15.26% | $142.67B | May 31, 2026 |
| SPYMState Street SPDR Portfolio S&P 500 ETF | 6.46% | $150.38B | Jun 29, 2026 |
| VIGVanguard Dividend Appreciation ETF | 4.55% | $107.94B | May 31, 2026 |
Research workflow
Common research questions about AAPL
Who is the largest tracked institutional holder of AAPL?
Berkshire Hathaway is the largest active holder in SnowballHare's current sample, with $57.8B reported. See every named manager on the AAPL ownership page.
What does recent insider activity show for AAPL?
Newstead Jennifer's filing dated 2026-08-11 is among the larger disclosed transactions in the current window. Review the AAPL Form 4 history to distinguish purchases, sales, grants, and exercises.
What business does Apple Inc. operate?
Apple sells iPhone, Mac, iPad, wearables, and services, with profitability shaped by hardware cycles, ecosystem retention, services mix, and capital returns. The AAPL company snapshot connects that business description with reported revenue, profit, and cash flow.
How does AAPL compare with a close operating peer?
AAPL's revenue growth is 16.6% and its operating margin is 32.5%. Compare those figures with MSFT research using the same definitions.
What do the latest financials say about AAPL?
10-Q reports $444.3B of trailing revenue, with revenue growth of 16.6% and an operating margin of 32.5%. The supporting period and source are listed in the AAPL filing section.
How strong is AAPL's cash return profile?
Apple Inc. reported $13.0B of trailing dividends paid alongside $143.0B of free cash flow. The AAPL capital-return section separates company cash outflows from a forward per-share yield.
Which assumptions matter most for the AAPL outlook?
The AAPL range depends on revenue growth, operating margin, cash conversion, and the risk assumptions in each new filing. Recheck them in the AAPL forecast section.
Primary and reference data
Sources and methodology
- Filings: SEC EDGAR CompanyFacts, 10-K, 10-Q, 8-K, Form 4, 13F-HR.
- Fundamentals: SEC EDGAR CompanyFacts; market references may use yfinance and Finnhub where explicitly available.
- ETF: Issuer disclosures and the locally dated ETF holdings snapshot.
Methodology: How SnowballHare parses and validates data.
Editorial standards: How research is published.
Disclaimer: Informational only; not investment, legal, or tax advice. Cross-check material facts against original filings before acting.
Reference notes
Data notes
Reporting dates
Use filing dates, report periods, and source links together for AAPL. A company filing, a 13F disclosure, a Form 4 transaction, and an earnings release can describe different time windows, so the date beside each row matters before comparing signals.
Ownership context
13F rows are delayed public long-equity snapshots from a selected manager universe. They are useful for seeing which tracked institutions reported exposure, but they do not show every hedge, short position, cash balance, or trade made after the quarter ended.
Insider transactions
Form 4 activity should be read by transaction type, role, value, and remaining ownership. Open-market purchases and sales are different from grants, option exercises, gifts, or tax withholding, and the original SEC filing is still the controlling document.
Earnings and forecasts
Earnings pages and forecast pages are linked when a supported article exists. Treat those pages as context for reported numbers, guidance, margins, and scenario assumptions, then return to the table data when you need the underlying source date or filing trail.